Harris 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: Harris
• 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 Harris Texas Promissory Note and Pledge Agreement is a legally binding document that outlines the terms and conditions of a loan facility provided by Harris Texas Corporation. Specifically, it pertains to the loan and grant of a security interest in shares of the company's common stock as collateral. This agreement serves as a written commitment from the borrower to repay the loan amount within a specified period, along with any accrued interest. The promissory note acts as evidence of the borrower's commitment to repay the loan, while the pledge agreement establishes the security interest in the borrower's shares of the company's common stock. Under this agreement, the borrower pledges their shares as collateral, providing assurance to the lender that in the event of default, they can enforce their security interest in selling or transferring the pledged shares. This acts as a form of protection for the lender, minimizing the risk associated with the loan. It is important to note that there might be different types of Harris Texas Promissory Note and Pledge Agreements available depending on the specific circumstances or terms agreed upon between the parties involved. Some potential variations could include: 1. Fixed-Rate Promissory Note and Pledge Agreement: This type of agreement establishes a fixed interest rate for the loan, ensuring that the borrower's repayment remains consistent throughout the loan tenure. 2. Variable-Rate Promissory Note and Pledge Agreement: In this case, the interest rate on the loan may fluctuate over time, usually based on an agreed-upon reference rate such as the prime rate. 3. Convertible Promissory Note and Pledge Agreement: This agreement provides an option for the lender to convert the loan into shares of the company's common stock, typically at a predetermined conversion price or ratio. 4. Demand Promissory Note and Pledge Agreement: Here, the lender has the right to demand repayment of the loan at any time, without specifying a fixed repayment schedule. 5. Term Promissory Note and Pledge Agreement: This type of agreement sets a specific repayment schedule for the loan, typically with equal installments over a predetermined term. Regardless of the specific type of agreement, the Harris Texas Promissory Note and Pledge Agreement represents a formal commitment between the borrower and lender, protecting the interests of both parties involved in the loan transaction.

The Harris Texas Promissory Note and Pledge Agreement is a legally binding document that outlines the terms and conditions of a loan facility provided by Harris Texas Corporation. Specifically, it pertains to the loan and grant of a security interest in shares of the company's common stock as collateral. This agreement serves as a written commitment from the borrower to repay the loan amount within a specified period, along with any accrued interest. The promissory note acts as evidence of the borrower's commitment to repay the loan, while the pledge agreement establishes the security interest in the borrower's shares of the company's common stock. Under this agreement, the borrower pledges their shares as collateral, providing assurance to the lender that in the event of default, they can enforce their security interest in selling or transferring the pledged shares. This acts as a form of protection for the lender, minimizing the risk associated with the loan. It is important to note that there might be different types of Harris Texas Promissory Note and Pledge Agreements available depending on the specific circumstances or terms agreed upon between the parties involved. Some potential variations could include: 1. Fixed-Rate Promissory Note and Pledge Agreement: This type of agreement establishes a fixed interest rate for the loan, ensuring that the borrower's repayment remains consistent throughout the loan tenure. 2. Variable-Rate Promissory Note and Pledge Agreement: In this case, the interest rate on the loan may fluctuate over time, usually based on an agreed-upon reference rate such as the prime rate. 3. Convertible Promissory Note and Pledge Agreement: This agreement provides an option for the lender to convert the loan into shares of the company's common stock, typically at a predetermined conversion price or ratio. 4. Demand Promissory Note and Pledge Agreement: Here, the lender has the right to demand repayment of the loan at any time, without specifying a fixed repayment schedule. 5. Term Promissory Note and Pledge Agreement: This type of agreement sets a specific repayment schedule for the loan, typically with equal installments over a predetermined term. Regardless of the specific type of agreement, the Harris Texas Promissory Note and Pledge Agreement represents a formal commitment between the borrower and lender, protecting the interests of both parties involved in the loan transaction.