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COMMERCIAL TERM PROMISSORY NOTE

Promissory Note

COMMERCIAL TERM PROMISSORY NOTE | Document Parties: BONDS.COM GROUP, INC. | MBRO CAPITAL, LLC You are currently viewing:
This Promissory Note involves

BONDS.COM GROUP, INC. | MBRO CAPITAL, LLC

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Title: COMMERCIAL TERM PROMISSORY NOTE
Governing Law: Connecticut     Date: 4/1/2009

COMMERCIAL TERM PROMISSORY NOTE, Parties: bonds.com group  inc. , mbro capital  llc
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COMMERCIAL TERM PROMISSORY NOTE

 

$1,000,000.00

March 31, 2009

 

Boca Raton, Florida

 

1.           For value received, the undersigned, BONDS.COM GROUP, INC., a Delaware corporation with an address at 1515 South Federal Highway, Suite 212, Boca Raton, Florida 33432   (the “ Maker ”), promises to pay to MBRO CAPITAL, LLC , a Connecticut limited liability company   (the “ Lender ”), or order, at its office at 991 Ponus Ridge, New Canaan, Connecticut 06840, or at such other place as the holder hereof (including the Lender, hereinafter referred to as the “ Holder ”), may designate, the principal sum of ONE MILLION AND 00/100 DOLLARS ($1,000,000.00) , in lawful money of the United States of America in immediately available funds without counterclaim or setoff and free and clear of, and without any deduction or withholding for, any taxes or other payments, together with interest on the unpaid balance of this Note, beginning on the date hereof, before maturity, default or judgment, at an annual fixed interest rate of fifteen percent (15.0%) (the “ Note Rate ”) together with all taxes levied or assessed against the Holder on this Note or the debt evidenced hereby, and together with all costs, expenses, reasonable attorneys’ and professionals’ fees incurred in any action to collect the indebtedness of this Note, to foreclose any security agreement securing the indebtedness of this Note, or in protecting or sustaining the lien of any security agreement, or in any litigation or controversy arising from or connected with this Note or any security agreement or other agreement securing the indebtedness of this Note.

 

2.           All capitalized terms used herein and not defined herein shall have the meanings specified in the Commercial Term Loan Agreement between the Maker and the Lender of even date herewith (the “ Loan Agreement ”).

 

3.           Interest shall be computed daily on the basis of a 360-day year and the actual days elapsed, together with all taxes levied or assessed against the Holder on this Note or the debt evidenced hereby, and together with all costs, expenses, attorneys’ and professionals’ fees incurred in any action to collect the indebtedness of this Note, to foreclose any mortgage or security agreement securing the indebtedness of this Note, or in protecting or sustaining the lien of any mortgage or any security agreement, or in any litigation or controversy arising from or connected with this Note or any mortgage, security agreement or other agreement securing the indebtedness of this Note.

 

4.           The indebtedness of this Note, if not sooner paid, shall be due and payable in full on March 31, 2010 (the “ Maturity Date ”).

 

5.           The Maker may prepay the principal and interest due hereunder without penalty or premium.

 

6.           If this Note or any payment hereunder becomes due on a day which is not a Business Day (as defined in the Commercial Term Loan Agreement), the due date of this Note or payment shall be extended to the next succeeding Business Day and such extension of time shall be included in computing interest and fees in connection with such payment.

 

 

 


 

 

7.           The Maker agrees that if the Maker (i) shall fail to make payments required under this Note when due; or (ii) an Event of Default shall have occurred under the Loan Agreement (each an “ Event of Default ”) then, upon the occurrence of an Event of Default, the entire indebtedness with accrued interest thereon due under this Note shall, at the option of the Holder, accelerate and become immediately due and payable without notice.  The failure of the Holder to exercise such option shall not constitute a waiver of its right to exercise the same upon the occurrence of any subsequent Event of Default.

 

8.           The Maker agrees that upon the occurrence of an Event of Default, after judgment or on t


 
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