Collin Texas Promissory Note and Pledge Agreement regarding loan and grant of security interest in shares of the company's common stock

• Category: Corporations - Public - Pledge
• State: Multi-State
• County: Collin
• Control #: US-EG-9329
• Format: Word; Rich Text

Description

Promissory Note and Pledge Agreement between iPrint.Inc. and James P. McCormick regarding loan and grant to company a security interest in shares of the company's common stock dated October 13, 1999. 3 pages. The Collin Texas Promissory Note and Pledge Agreement is a legally binding document that outlines the terms and conditions of a loan and the grant of a security interest in shares of a company's common stock. This agreement is often used in financial transactions where a borrower requires funds and is willing to pledge their stocks as collateral. The agreement typically includes the following components: 1. Parties Involved: It identifies the lender and borrower involved in the transaction. 2. Loan Amount: It specifies the amount of the loan provided by the lender to the borrower. 3. Repayment Terms: It outlines the repayment schedule, including the principal amount, interest rate, due dates, and any late payment penalties. 4. Pledge of Stock: It details the shares of the company's common stock that the borrower pledges as collateral for the loan. 5. Security Interest: It establishes that the lender has a security interest in the pledged shares, giving them the right to take ownership of the shares if the borrower fails to meet their repayment obligations. 6. Default Clause: It outlines the conditions that would constitute a default, such as non-payment or breach of other clauses, and the consequences that follow in such cases. 7. Governing Law: It specifies the legal jurisdiction governing the agreement, which in this case is Collin County, Texas. 8. Amendments and Waivers: It outlines the process for making changes or modifications to the agreement and any waivers of rights. There may be different types of Collin Texas Promissory Note and Pledge Agreements depending on the specific loan and security arrangement involved. Some variations could include: 1. Collin Texas Secured Promissory Note and Pledge Agreement: This type of agreement may have additional clauses pertaining to the specific collateral being pledged, such as real estate, vehicles, or other assets. 2. Collin Texas Convertible Promissory Note and Pledge Agreement: In this case, the note allows for the conversion of the loan into shares of the company's common stock under certain predetermined conditions. 3. Collin Texas Revolving Promissory Note and Pledge Agreement: This agreement may establish a revolving credit facility, allowing the borrower to borrow, repay, and borrow again up to a pre-determined limit while continuously pledging the shares as collateral. It's important to note that while this description provides a general understanding of the Collin Texas Promissory Note and Pledge Agreement, it is essential to consult with legal professionals and review the specific agreement to fully comprehend its terms and implications.

The Collin Texas Promissory Note and Pledge Agreement is a legally binding document that outlines the terms and conditions of a loan and the grant of a security interest in shares of a company's common stock. This agreement is often used in financial transactions where a borrower requires funds and is willing to pledge their stocks as collateral. The agreement typically includes the following components: 1. Parties Involved: It identifies the lender and borrower involved in the transaction. 2. Loan Amount: It specifies the amount of the loan provided by the lender to the borrower. 3. Repayment Terms: It outlines the repayment schedule, including the principal amount, interest rate, due dates, and any late payment penalties. 4. Pledge of Stock: It details the shares of the company's common stock that the borrower pledges as collateral for the loan. 5. Security Interest: It establishes that the lender has a security interest in the pledged shares, giving them the right to take ownership of the shares if the borrower fails to meet their repayment obligations. 6. Default Clause: It outlines the conditions that would constitute a default, such as non-payment or breach of other clauses, and the consequences that follow in such cases. 7. Governing Law: It specifies the legal jurisdiction governing the agreement, which in this case is Collin County, Texas. 8. Amendments and Waivers: It outlines the process for making changes or modifications to the agreement and any waivers of rights. There may be different types of Collin Texas Promissory Note and Pledge Agreements depending on the specific loan and security arrangement involved. Some variations could include: 1. Collin Texas Secured Promissory Note and Pledge Agreement: This type of agreement may have additional clauses pertaining to the specific collateral being pledged, such as real estate, vehicles, or other assets. 2. Collin Texas Convertible Promissory Note and Pledge Agreement: In this case, the note allows for the conversion of the loan into shares of the company's common stock under certain predetermined conditions. 3. Collin Texas Revolving Promissory Note and Pledge Agreement: This agreement may establish a revolving credit facility, allowing the borrower to borrow, repay, and borrow again up to a pre-determined limit while continuously pledging the shares as collateral. It's important to note that while this description provides a general understanding of the Collin Texas Promissory Note and Pledge Agreement, it is essential to consult with legal professionals and review the specific agreement to fully comprehend its terms and implications.