For value received, the undersigned (“Borrower”) hereby promises to pay to the order of ___________ (“Lender”), the principal sum of ___________________________________ ($_________________)
(the “Loan”) together with any accrued and unpaid interest thereon in the manner described below.
This Promissory Note (the “Note”) is referred to in and is executed and delivered in connection with that certain Security Agreement dates as of _______________________, 20____, and executed by Borrower in favor of Lender (the “Security Agreement”). Additional rights and obligations of Lender are set forth in the Security Agreement.
1. REPAYMENT: The outstanding principal amount of the Loan and any accrued interest shall be fully due and payable UPON DEMAND of any holder of this Note.
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