Document:

Exhibit 4.6

 

Unless this certificate is presented by an authorized representative
of The Depository Trust Company, a New York Corporation (“DTC”), to the Company or its agent for registration of transfer,
exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested
by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

This Security is a Book-Entry Security within the meaning of
the Indenture hereinafter referred to and is registered in the name of a Depositary or a nominee thereof. This Security may not
be transferred to, or registered or exchanged for Securities registered in the name of, any Person other than the Depositary or
a nominee thereof and no such transfer may be registered, except in the limited circumstances described in the Indenture. Every
Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, this Security shall be
a Book-Entry Security subject to the foregoing, except in such limited circumstances described in the Indenture.

 

HOWMET AEROSPACE INC.

 

6.875% Notes due 2025

 

	No. R-____	 	(U.S.) $__________

 

 

CUSIP# 443201 AA6

ISIN# US443201AA64

Howmet Aerospace Inc., a corporation duly
organized and existing under the laws of Delaware (herein called the “Company”, which term includes any successor Person
under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of __________ (United States) Dollars on May 1, 2025, and to pay interest thereon from April 24, 2020,
or from the most recent May 1 or November 1 (each, an “Interest Payment Date”) to which interest has been paid or duly
provided for, semi-annually in arrears on May 1 and November 1 in each year, commencing November 1, 2020, at the rate of 6.875% per
annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall
be the April 15 or October 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Interest
will be paid on the basis of a 360-day year consisting of twelve 30-day months. Except as otherwise provided in the Indenture,
any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities
of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.
Payment of the principal of and any premium and interest on this Security will be made (a) at the Corporate Trust Office of
the Trustee or such other office or agency of the Company as may be designated by it for such purpose in the Borough of Manhattan,
The City of New York, in such coin or currency of the United States of America as at the time of payment shall be legal tender
for the payment of public and private debts or (b) subject to any laws or regulations applicable thereto and to the right
of the Company (limited as provided in the Indenture) to rescind the designation of any such Paying Agent, at the main offices
of the Company in Pittsburgh, Pennsylvania, or at such other offices or agencies as the Company may designate, by United States
dollar check drawn on, or transfer to a United States dollar account maintained by the payee with, a bank in The City of New York;
provided, however, that at the option of the Company payment of interest may be made by United States dollar check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

    	 	 	 

     

    

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an Authenticating Agent, by manual,
facsimile or electronic signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed under its corporate seal.

 

Dated:                                    

 

	 	 	 	HOWMET AEROSPACE INC.
	 	 	 	 	 
	Attest:	 	 	By:	 
	 		 	 	
	 	Assistant Secretary	 	 	Vice President and Treasurer

 

    	 	2	 

     

    

 

CERTIFICATE OF AUTHENTICATION

This is one of the Securities of

the series designated therein

referred to in the within-

mentioned Indenture.

 

THE BANK OF NEW YORK MELLON

TRUST COMPANY, N. A., as Trustee

 

	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 		 	 	 
	 	Authorized Signatory	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Dated:	 	 	 	 

 

    	 	3	 

     

    

 

(Reverse of Global Note)

 

This Security is one of a duly authorized
issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series
under an Indenture, dated as of September 30, 1993 (herein, as supplemented by the First Supplemental Indenture dated as of
January 25, 2007 between the Company and the Trustee (as defined below), the Second Supplemental Indenture dated as of July 15,
2008 between the Company and the Trustee, the Fourth Supplemental Indenture dated as of December 31, 2017 between the Company and
the Trustee and the Fifth Supplemental Indenture dated as of April 16, 2020, called the “Indenture”), between the Company
and The Bank of New York Mellon Trust Company, N.A., as successor in interest to J. P. Morgan Trust Company, National Association
(formerly Chase Manhattan Trust Company, National Association, as successor to PNC Bank, National Association), as Trustee (herein
called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities (herein called the “Holders”) and of the terms
upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the
face hereof, initially issued in the aggregate principal amount of (U.S.) $1,200,000,000.

 

The Securities of this series are subject
to redemption, as a whole or in part, at the Company’s option, at any time or from time to time, on at least 15 days, but
not more than 60 days, prior notice to the Holders as described below. Any notice of redemption of the Securities of this series
to be redeemed at the option of the Company may state that such redemption shall be conditional, in the Company’s discretion,
on one or more conditions precedent, and that such conditional notice of redemption may be rescinded by the Company if it determines
that any or all such conditions will not be satisfied by the redemption date, and that in such event, such redemption notice shall
be of no further force or effect and the Company shall not be required to redeem the Securities on the redemption date or otherwise.

 

Prior to April 1, 2025, the date that is
one month prior to the maturity date of the Securities of this series (herein called the “Par Call Date”), the Securities
of this series will be redeemable at a redemption price equal to the greater of:

 

		·	100% of the principal amount of the Security to be redeemed, plus accrued interest, if any, to the redemption date; and

 

		·	the sum of the present values of the Remaining Scheduled Payments, as defined below, discounted, on a semiannual basis, assuming
a 360-day year consisting of twelve 30-day months, at the Treasury Rate, as defined below, plus 50 basis points, plus accrued interest
to the date of redemption which has not been paid.

 

At any time on or after the Par Call Date,
the Securities of this series will be redeemable, in whole or in part, at any time and from time to time, at the Company’s
option at a redemption price equal to 100% of the principal amount to be redeemed plus accrued interest to the date of redemption
which has not been paid.

 

For purposes of the foregoing discussion of an optional redemption,
the following definitions are applicable:

 

“Treasury Rate” means, with
respect to any redemption date for the Securities:

 

		·	the yield, under the heading which represents the average for the
immediately preceding week, appearing in the most recently published statistical release designated “H(519)” or any
successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields
on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,”
for the maturity corresponding to the Comparable Treasury Issue; provided that if no maturity is within three months before
or after the maturity date for this Security (assuming for these purposes that this Security matured on the Par Call Date), yields
for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury
Rate will be interpolated or extrapolated from those yields on a straight line basis rounding to the nearest month; or

 

    	 	4	 

     

    

 

		·	if that release, or any successor release, is not published during the week preceding the calculation date or does not contain
such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated
using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for that redemption date.

 

The Treasury Rate will be calculated on
the third Business Day preceding the redemption date.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining
term of this Security to be redeemed that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of this Security (assuming
for these purposes that this Security matured on the Par Call Date).

 

“Comparable Treasury Price”
means, with respect to any redemption date for this Security:

 

		·	the average of four Reference Treasury Dealer Quotations for that
redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations; or

 

		·	if the Trustee obtains fewer than four Reference Treasury Dealer Quotations,
the average of all quotations obtained by the Trustee.

 

“Independent Investment Banker”
means one of the Reference Treasury Dealers, to be appointed by the Company.

 

“Reference Treasury Dealer”
means J.P. Morgan Securities LLC and its successors and three other nationally recognized investment banking firms that are primary
U.S. Government securities dealers as selected by the Company; provided, however, that if any of the foregoing shall cease
to be a primary U.S. Government securities dealer, which is referred to as a “Primary Treasury Dealer,” the Company
will substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal
amount, quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time
on the third Business Day preceding such redemption date.

 

“Remaining Scheduled Payments”
means, with respect to each Security to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon
that would be due after the related redemption date but for such redemption (assuming for these purposes that this Security matured
on the Par Call Date); provided, however, that, if such redemption date is not an interest payment date with respect to such
Security, the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest
accrued thereon to such redemption date.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

 

Notice of optional redemption will be given
to Holders of Securities of this series, not less than 15 nor more than 60 days prior to the date fixed for redemption, all as
provided in the Indenture.

 

On and after the redemption date, interest
will cease to accrue on the Securities of this series or any portion thereof called for redemption, unless the Company defaults
in the payment of the redemption price and accrued interest. On or before the redemption date, the Company will deposit with a
paying agent (herein called the “Paying Agent”), or the Trustee, money sufficient to pay the redemption price of and
accrued interest on the Securities of this series to be redeemed on such date. If less than all of the Securities of this series
are to be redeemed, the Securities of this series to be redeemed shall be selected by the Trustee by such method as the Trustee
shall deem fair and appropriate.

 

    	 	5	 

     

    

 

If a Change of Control Repurchase Event
occurs, unless the Company has exercised its right to redeem this Security as described above, the Company will be required to
make an offer to each Holder of the Securities of this series to
repurchase all or any part (in denominations of $2,000 and integral multiples of $1,000 in excess thereof) of that Holder’s
Securities of this series at a repurchase price in cash equal to
101% of the aggregate principal amount of the Securities of this series repurchased plus any accrued and unpaid interest on the
Securities of this series repurchased to, but not including, the
date of repurchase. Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to
any Change of Control, but after the public announcement of the Change of Control, the Company will mail or otherwise distribute
a notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute
the Change of Control Repurchase Event and offering to repurchase Securities
of this series on the payment date specified in the notice, which date will be no earlier than 30 days and no later than
60 days from the date such notice is mailed, other than as may be required by law. The notice shall, if mailed prior to the date
of consummation of the Change of Control, state that the offer to purchase is conditioned on a Change of Control Repurchase Event
occurring on or prior to the payment date specified in the notice. Holders of the Securities
of this series electing to have the Securities of this series purchased
pursuant to a Change of Control Repurchase Event offer will be required to surrender their Securities
of this series, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Security completed,
to the Paying Agent at the address specified in the notice, or transfer their Securities
of this series to the Paying Agent by book-entry transfer pursuant to the applicable procedures of the Paying Agent, prior
to the close of business on the third Business Day prior to the repurchase payment date. The Company will comply with the requirements
of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations
are applicable in connection with the repurchase of the Securities of this series as a result of a Change of Control Repurchase
Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event
provisions of the Securities of this series, the Company will comply with the applicable securities laws and regulations and will
not be deemed to have breached the Company’s obligations under the Change of Control Repurchase Event provisions of the Securities
of this series by virtue of such conflict.

 

On the repurchase date following a Change
of Control Repurchase Event, the Company will, to the extent lawful:

 

		(1)	accept for payment all Securities of this series or portions of Securities of this series properly tendered pursuant to the
Company’s offer;

 

		(2)	deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Securities of this series or
portions of Securities of this series properly tendered; and

 

		(3)	deliver or cause to be delivered to the Trustee the Securities of this series properly accepted, together with an Officers’
Certificate stating the aggregate principal amount of the Securities of this series being purchased by the Company.

 

The Paying Agent will promptly mail to each
Holder of Securities of this series properly tendered the purchase price for the Securities of this series, and the Trustee will
promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Security of this series equal in
principal amount to any unpurchased portion of any Securities of this series surrendered; provided that each new Security of this
series will be in a minimum principal amount of $2,000 and integral multiples of $1,000 in excess thereof.

 

The Company will not be required to make
an offer to repurchase the Securities of this series upon a Change of Control Repurchase Event if a third party makes such an offer
in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party
purchases all Securities of this series properly tendered and not withdrawn under its offer.

 

For purposes of the foregoing discussion
of a repurchase at the option of Holders, the following definitions are applicable:

 

    	 	6	 

     

    

 

“Change of Control” means the
occurrence of any of the following:

 

		(1)	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the assets of the Company and its subsidiaries taken
as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Company
or one of its subsidiaries;

 

		(2)	the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that
any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner (as defined
in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the
Company’s Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged
or changed measured by voting power rather than number of shares;

 

		(3)	the Company consolidates with, or merges with or into, any “person” (as that term is used in Section 13(d)(3)
of the Exchange Act), or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction
in which any of the outstanding Voting Stock of the Company or such other person is converted into or exchanged for cash, securities
or other property, other than any such transaction where the shares of the Voting Stock of the Company outstanding immediately
prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person
immediately after giving effect to such transaction; or

 

		(4)	the adoption of a plan relating to the liquidation or
dissolution of the Company.

 

Notwithstanding the foregoing, a transaction
will not be deemed to involve a Change of Control if (1) the Company becomes a direct or indirect wholly-owned subsidiary
of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following
that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction
or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this
sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company.

 

“Change of Control Repurchase Event”
means, both (1) the rating on the Securities of this series is lowered by at least two of the three Rating Agencies and (2) the
Securities of this series are rated below Investment Grade by at least two of the three Rating Agencies, in each case on any date
during the 60-day period (which period shall be extended so long as the rating of the Securities of this series is under publicly
announced consideration for a possible downgrade by any of the Rating Agencies) (the “Trigger Period”) after the earlier
of (A) the occurrence of a Change of Control; or (B) public notice of the occurrence of a Change of Control or the intention
by the Company to effect a Change of Control. Unless at least two of the three Rating Agencies are providing a rating for the Securities
of this series at the commencement of any Trigger Period, the ratings on the Securities of this series will be deemed to have been
lowered by at least two of the three Rating Agencies, and the Securities of this series will be deemed to be rated below Investment
Grade by at least two of the three Rating Agencies during the Trigger Period. Notwithstanding the foregoing, no Change of Control
Repurchase Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change
of Control has actually been consummated

 

“Fitch” means Fitch Ratings
Inc. and its successors.

 

“Investment Grade” means a rating
of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s); a rating of BBB-
or better by S&P (or its equivalent under any successor rating categories of S&P); a rating of BBB- or better by Fitch
(or its equivalent under any successor rating categories of Fitch); and the equivalent Investment Grade credit rating from any
additional Rating Agency or Rating Agencies selected by the Company.

 

“Moody’s” means Moody’s
Investors Service Inc., a subsidiary of Moody’s Corporation, and its successors.

 

    	 	7	 

     

    

 

“Rating Agency” means each of
Moody’s, S&P and Fitch; provided, that if any of Moody’s, S&P or Fitch ceases to rate the Securities
of this series or fails to make a rating of the Securities of this series publicly available for reasons outside of the Company’s
control, the Company may select (as certified by a resolution of the Company’s board of directors) a “nationally recognized
statistical rating organization” within the meaning of Section 3(a)(62) under the Exchange Act as a replacement agency
for Moody’s, S&P or Fitch, or all of them, as the case may be, that is reasonably acceptable to the Trustee under the
Indenture.

 

“S&P” means Standard &
Poor’s Global Ratings, a division of S&P Global, Inc. 

 

“Voting Stock” of any specified
 “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date means the capital stock
of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture.

 

The provisions relating to defeasance and
discharge set forth in Section 1302 of the Indenture and covenant defeasance set forth in Section 1303 of the Indenture
are applicable to the Securities of this series.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of 50% in principal amount of the Securities at the time Outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing
Event of Default with respect to this series, the Holders of not less than 25% in principal amount of the Outstanding Securities
of this series shall have made written request, and offered reasonable indemnity, to the Trustee to institute such proceeding as
trustee, and the Trustee shall not have received from the Holders of a majority in principal amount of the Outstanding Securities
of this series a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days; provided,
however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal
of and any premium or interest on this Security on or after the respective due dates expressed herein.

 

No reference herein to the Indenture, and
no provision of this Security or of the Indenture, shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of (and premium, if any) and interest on this Security at the times, place(s) and rate, and in the coin or
currency, herein prescribed.

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable or, subject to any laws or regulations applicable thereto and to the right of
the Company (limited as provided in the Indenture) to rescind the designation of any such transfer agent, at the main offices of
the Company in Pittsburgh, Pennsylvania and in or at such other offices or agencies as the Company may designate, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed
by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of
like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees.

 

    	 	8	 

     

    

 

The Securities of this series are issuable
only in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same.

 

No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment of this Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

As used in this Security, “Business
Day” means any day other than a Saturday or Sunday, that is not a day on which banking institutions are authorized or obligated
by law or executive order to close in The City of New York. All other terms used in this Security which are defined in the Indenture
and are not defined herein shall have the meanings assigned to them in the Indenture.

 

    	 	9	 

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Security
purchased by the Company pursuant to the Change of Control Repurchase Event provisions of this Security, check the following box:

 

/      /  Purchase
pursuant to Change of Control Repurchase Event

 

If you want to elect to have only part of
this Security purchased by the Company pursuant to the Change of Control Repurchase Event provisions of this Security, state the
amount:

 

$                                         

 

	 	 	 	 	 
	Date:	 	 	Your Signature:	 
	 	 	 	 	 
	 	 	 	 (Sign exactly as your name appears on the other side of the Security)

 

 

	Signature Guarantee:	 	 
	 	 	 
	 	Signature must be guaranteed by a participant in a recognized signature guarantee medallion program or other signature guarantor
acceptable to the Trustee.	 

 

 

 

    	 	10ex_182545.htm

 

 

Exhibit 10.1

 

 

Silicon Valley Bank

 

 

U.S. Small Business Administration 

Paycheck Protection Program

Note

 

	
			SBA Loan No.

				**********
	
			SBA Loan Name

				
			Borrower Legal Name

				
			Avinger, Inc.

			
	 	
			DBA

				 
	
			Date

				
			4/20/2020

			
	
			Loan Amount

				
			$ 2329900

			
	
			Interest Rate

				
			1.0% Per Annum

			
	
			Borrower

				
			Avinger, Inc.

			
	
			Operating Company

				
			Not applicable

			
	
			Lender

				
			Silicon Valley Bank

			

 

 

	
			1.

				
			PROMISE TO PAY.

			

 

In return for the Loan, Borrower promises to pay to the order of Lender the amount of $ 2329900                                      Dollars, interest on the unpaid principal balance, and all other amounts required by this Note.

 

	
			2.

				
			DEFINITIONS.

			

 

“Collateral” means any property taken as security for payment of this Note or any guarantee of this Note. “CARES Act” means the Coronavirus Aid, Relief, and Economic Security Act.

 

“Guarantor” means each person or entity that signs a guarantee of payment of this Note. “Loan” means the loan evidenced by this Note.

 

“Loan Documents” means the documents related to this loan signed by Borrower, any Guarantor, or anyone who pledges collateral.

 

“Paycheck Protection Program” means loan program created by Section 1102 of the CARES Act.

 

1

 

 

“Per Annum” means for a year deemed to be comprised of 360 days.

 

“SBA” means the Small Business Administration, an Agency of the United States of America.

 

	
			3.

				
			PAYMENT TERMS: Borrower must make all payments at the place Lender designates. The payment terms for this Note are:

			

 

	
			A.

				
			Conditions Precedent to Disbursement of Loan Proceeds.

			

 

 

Before the funding of the Loan, the following conditions must be satisfied:

 

	 	
			1.

				
			Lender has approved the request for the Loan.

			

 

	 	
			2.

				
			Lender has received approval from SBA to fund the Loan.

			

 

	
			B.

				
			No Payments During Deferral Period. There shall be no payments due by Borrower during the six- month period beginning on the date of this Note (the “Deferral Period”). However, during the Deferral Period interest will accrue at the Interest Rate on the unpaid principal balance computed on the basis of the actual number of days elapsed in a year of 360 days.

			

 

	
			C.

				
			Principal and Interest Payments. Commencing one month after the expiration of the Deferral Period, and continuing on the same day of each month thereafter until the Maturity Date, Borrower shall pay to Lender monthly payments of principal and interest, each in such equal amount required to fully amortize the principal amount outstanding on the Note on the last day of the Deferral Period by the Maturity Date.

			

 

	
			D.

				
			Maturity Date. On the date which is twenty-four (24) months from the date of this Note (the “Maturity Date”), Borrower shall pay to Lender any and all unpaid principal plus accrued and unpaid interest plus interest accrued during the Deferral Period. This Note will mature on the Maturity Date.

			

 

	
			E.

				
			Not a Business Day. If any payment is due on a date for which there is no numerical equivalent in a particular calendar month then it shall be due on the last day of such month. If any payment is due on a day that is a Saturday, Sunday or any other day on which California chartered banks are authorized to be closed, the payment will be made on the next business day.

			

 

	
			F.

				
			Payment Allocation. Payments shall be allocated among principal and interest at the discretion of Lender unless otherwise agreed or required by applicable law (including the CARES Act). Notwithstanding, in the event the Loan, or any portion thereof, is forgiven pursuant to the Paycheck Protection Program under the federal CARES Act, the amount so forgiven shall be applied to principal.

			

 

	
			F.

				
			Prepayments. Borrower may prepay this Note at any time without payment of any penalty or premium.

			

 

2

 

 

	
			G.

				
			Borrower Certifications.

			

 

Borrower certifies to Lender as follows:

 

	 	
			1.

				
			Current economic uncertainty makes this Loan necessary to support the ongoing operations of Borrower.

			

 

	 	
			2.

				
			Loan funds will be used by Borrower to retain its workers and maintain its payroll or make its mortgage payments, lease payments, and utility payments.

			

 

	 	
			3.

				
			For the period beginning on February 15, 2020 and ending on December 31, 2020, Borrower did not receive, and agrees it will not apply for or receive, another loan under the Paycheck Protection Program.

			

 

	 	
			4.

				
			Borrower was in operation on February 15, 2020 and (i) had employees for whom it paid salaries and payroll taxes or (ii) paid independent contractors as reported on a 1099-Misc.

			

 

	 	
			5.

				
			Borrower has reviewed and understands Sections 1102 and 1106 of the CARES Act and the related guidelines and has completed the Application, including Borrower’s eligibility in conformity with those provisions.

			

 

	 	
			6.

				
			Borrower has taken its “affiliates” (as defined by the SBA) into account when determining the number of employees and the total amount of loans permitted under the Paycheck Protection Program.

			

 

	 	
			7.

				
			Borrower is a small business concern and is eligible to receive a covered loan.

			

 

	 	
			8.

				
			The person who has completed and signed the application, this Note and the Loan Documents has been validly authorized by Borrower to enter into borrowings on behalf of Borrower.

			

 

	
			H.

				
			Agreements.

			

 

Borrower understands and agrees, and waives and releases Lender, its affiliates and their respective directors, officers, agents and employees, as follows:

 

	 	
			1.

				
			The Loan will be made under the SBA’s Paycheck Protection Program. Accordingly, this Note and the other Loan Documents must be submitted to and approved by the SBA. There is limited funding available under the Paycheck Protection Program and accordingly, all applications submitted will not be approved by the SBA.

			

 

	 	
			2.

				
			Lender is participating in the Payroll Protection Program to help businesses impacted by the economic impact from COVID-19. However, Lender anticipates high volumes and there may be processing delays and system failures along with other issues that interfere with submission of Borrower’s application to SBA. Lender does not represent or guarantee that it will submit the application while SBA funding remains available under the Payroll Protection Program or at all. Borrower hereby agrees that Lender is not responsible or liable to Borrower or any of its affiliates (i) if the Lender does not submit Borrower’s application to the SBA until after the date that SBA stops approving applications under the Paycheck Protection Program, for any reason or (ii) if the application is not processed by Lender. Borrower forever releases and waives any claims against Lender, its affiliates and their respective directors, officers, agents and employees concerning failure to obtain the Loan. This release and waiver applies to, but is not limited to, any claims concerning Lender’s (i) pace, manner or systems for processing or prioritizing applications, or (ii) representations by Lender regarding the application process, the Paycheck Protection Program, or availability of funding. This agreement to release and waiver supersedes any prior communications, understandings, agreements or communications on the issues set forth herein.

			

 

3

 

 

	 	
			3.

				
			Forgiveness of the Loan is only available for principal that is used for the limited purposes that expressly qualify for forgiveness under SBA requirements, and that to obtain forgiveness, Borrower must request forgiveness from the Lender, provide documentation in accordance with the SBA requirements, and certify that the amounts Borrower is requesting to be forgiven qualify under those requirements. Borrower also understands that Borrower shall remain responsible under the Loan for any amounts not forgiven, and that interest payable under the Loan will not be forgiven, but that the SBA may pay the Loan interest on forgiven amounts.

			

 

	 	
			4.

				
			Forgiveness of the Loan is not automatic and Borrower must request forgiveness of the Loan from Lender. Borrower is not relying on Lender for its understanding of the requirements for forgiveness such as eligible expenditures, necessary records/documentation, or possible reductions due to changes in number of employees or compensation. Borrower agrees that will consult the SBA’s program materials and consult with its own counsel regarding the criteria forgiveness.

			

 

	 	
			5.

				
			The Loan Documents are subject to review, and Borrower may not receive the Loan. The Loan also remains subject to availability of funds under the SBA’s Payment Protection Program, and to the SBA issuing an SBA loan number.

			

 

	 	
			6.

				
			Borrower's liability under this Note will continue with respect to any amounts SBA may pay Bank based on an SBA guarantee of this Note. Any agreement with Bank under which SBA may guarantee this Note does not create any third party rights or benefits for Borrower and, if SBA pays Bank under such an agreement, SBA or Bank may then seek recovery from Borrower of amounts paid by SBA.

			

 

	 	
			7.

				
			Lender reserves the right to modify the Note Amount based on documentation received from Borrower.

			

 

	 	
			8.

				
			Borrower’s execution of this Note has been duly authorized by all necessary actions of its governing body. The person signing this Note is duly authorized to do so on behalf of Borrower.

			

 

	 	
			9.

				
			This Note shall not be governed by any existing or future credit agreement or loan agreement with Lender. The liabilities guaranteed pursuant to any existing or future guaranty in favor of Lender shall not include this Note. The liabilities secured by any existing or future security instrument in favor of Lender shall not include the Loan.

			

 

4

 

 

	 	
			10.

				
			The proceeds of the Loan will be used to retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments, as specified under the Paycheck Protection Program Rule. Borrower understands that if the funds are knowingly used for unauthorized purposes, the federal government may hold Borrower legally liable, such as for charges of fraud.

			

 

Electronic Execution of Loan Documents.

 

 

The words “execution,” “signed,” “signature” and words of like import in this Note and any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act.

 

	
			4.

				
			DEFAULT:

			

 

Borrower is in default under this Note if Borrower does not make a payment when due under this Note, or if Borrower or Operating Company:

 

	 	
			A.

				
			Fails to do anything required by this Note and other Loan Documents;

			

 

	 	
			B.

				
			Defaults on any other loan with Lender;

			

 

	 	
			C.

				
			Does not preserve, or account to Lender’s satisfaction for, any of the Collateral or its proceeds;

			

 

	 	
			D.

				
			Does not disclose, or anyone acting on their behalf does not disclose, any material fact to Lender or SBA;

			

 

	 	
			E.

				
			Makes, or anyone acting on their behalf makes, a materially false or misleading representation to Lender or SBA;

			

 

	 	
			F.

				
			Defaults on any loan or agreement with another creditor, if Lender believes the default may materially affect Borrower’s ability to pay this Note;

			

 

	 	
			G.

				
			Fails to pay any taxes when due;

			

 

	 	
			H.

				
			Becomes the subject of a proceeding under any bankruptcy or insolvency law;

			

 

	 	
			I.

				
			Has a receiver or liquidator appointed for any part of their business or property;

			

 

	 	
			J.

				
			Makes an assignment for the benefit of creditors;

			

 

	 	
			K.

				
			Has any adverse change in financial condition or business operation that Lender believes may materially affect Borrower’s ability to pay this Note;

			

 

	 	
			L.

				
			Reorganizes, merges, consolidates, or otherwise changes ownership or business structure without Lender’s prior written consent; or

			

 

5

 

 

	 	
			M.

				
			Becomes the subject of a civil or criminal action that Lender believes may materially affect Borrower’s ability to pay this Note.

			

 

	
			5.

				
			LENDER’S RIGHTS IF THERE IS A DEFAULT.

			

 

Without notice or demand and without giving up any of its rights, Lender may:

 

	 	
			A.

				
			Require immediate payment of all amounts owing under this Note;

			

 

	 	
			B.

				
			Collect all amounts owing from any Borrower or Guarantor;

			

 

	 	
			C.

				
			File suit and obtain judgment.

			

 

	 	
			D.

				
			Take possession of any Collateral; or

			

 

	 	
			E.

				
			Sell, lease, or otherwise dispose of, any Collateral at public or private sale, with or without advertisement.

			

 

	
			6.

				
			LENDER’S GENERAL POWERS.

			

 

Without notice and without Borrower’s consent, Lender may:

 

	 	
			A.

				
			Bid on or buy the Collateral at its sale or the sale of another lienholder, at any price it chooses;

			

 

	 	
			B.

				
			Incur expenses to collect amounts due under this Note, enforce the terms of this Note or any other Loan Document, and preserve or dispose of the Collateral. Among other things, the expenses may include payments for property taxes, prior liens, insurance, appraisals, environmental remediation costs, and reasonable attorney’s fees and costs. If Lender incurs such expenses, it may demand immediate repayment from Borrower or add the expenses to the principal balance;

			

 

	 	
			C.

				
			Release anyone obligated to pay this Note;

			

 

	 	
			D.

				
			Compromise, release, renew, extend or substitute any of the Collateral; and

			

 

	 	
			E.

				
			Take any action necessary to protect the Collateral or collect amounts owing on this Note.

			

 

	
			7.

				
			WHEN FEDERAL LAW APPLIES; GOVERNING LAW; FORUM SELECTION.

			

 

When SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.

 

6

 

 

	
			8.

				
			SUCCESSORS AND ASSIGNS.

			

 

Under this Note, Borrower and Operating Company includes its successors, and Lender includes its successors and assigns.

 

	
			9.

				
			GENERAL PROVISIONS.

			

 

	 	
			A.

				
			All individuals and entities signing this Note are jointly and severally liable.

			

 

	 	
			B.

				
			Borrower waives all suretyship defenses.

			

 

	 	
			C.

				
			Borrower must sign all documents necessary at any time to comply with the Loan Documents and to enable Lender to acquire, perfect, or maintain Lender’s liens on Collateral.

			

 

	 	
			D.

				
			Lender may exercise any of its rights separately or together, as many times and in any order it chooses. Lender may delay or forgo enforcing any of its rights without giving up any of them.

			

 

	 	
			E.

				
			Borrower may not use an oral statement of Lender or SBA to contradict or alter the written terms of this Note.

			

 

	 	
			E.

				
			If any part of this Note is unenforceable, all other parts remain in effect.

			

 

	 	
			F.

				
			To the extent allowed by law, Borrower waives all demands and notices in connection with this Note, including presentment, demand, protest, and notice of dishonor. Borrower also waives any defenses based upon any claim that Lender did not obtain any guarantee; did not obtain, perfect, or maintain a lien upon Collateral; impaired Collateral; or did not obtain the fair market value of Collateral at a sale.

			

 

	
			10.

				
			STATE-SPECIFIC PROVISIONS:

			

 

If the SBA is not the holder, this Note shall be governed by and construed in accordance with the laws of the State of California where the main office of Lender is located. MATTERS REGARDING INTEREST TO BE CHARGED BY LENDER AND THE EXPORTATION OF INTEREST SHALL BE GOVERNED BY FEDERAL LAW (INCLUDING WITHOUT LIMITATION 12 U.S.C. SECTIONS 85 AND 1831(u) AND THE LAW OF THE STATE OF CALIFORNIA. Borrower agrees that any legal action or proceeding with respect to any of its obligations under this Note may be brought by Lender in any state or federal court located in the State of California, as Lender in its sole discretion may elect. Borrower submits to and accepts in respect of its property, generally and unconditionally, the non-exclusive jurisdiction of those courts. Borrower waives any claim that the State of California is not a convenient forum or the proper venue for any such suit, action or proceeding. The extension of credit that is the subject of this Note is being made by Lender in California.

 

7

 

 

	
			11.

				
			BORROWER’S NAME(S) AND SIGNATURE(S).

			

 

BORROWER CERTIFIES THAT THE INFORMATION PROVIDED IN THIS APPLICATION AND THE INFORMATION PROVIDED IN ALL SUPPORTING DOCUMENTS AND FORMS IS TRUE AND ACCURATE IN ALL MATERIAL RESPECTS. BORROWER UNDERSTANDS THAT KNOWINGLY MAKING A FALSE STATEMENT TO OBTAIN A GUARANTEED LOAN FROM SBA IS PUNISHABLE UNDER THE LAW, INCLUDING UNDER 18 USC 1001 AND 3571 BY IMPRISONMENT OF NOT MORE THAN FIVE YEARS AND/OR A FINE OF UP TO $250,000; UNDER 15 USC 645 BY IMPRISONMENT OF NOT MORE THAN TWO YEARS AND/OR A FINE OF NOT MORE THAN $5,000; AND, IF SUBMITTED TO A FEDERALLY INSURED INSTITUTION, UNDER 18 USC 1014 BY IMPRISONMENT OF NOT MORE THAN THIRTY YEARS AND/OR A FINE OF NOT MORE THAN $1,000,000.

 

By signing below, each individual or entity becomes obligated under this Note as Borrower.

 

 

	 	BORROWER:
	 	 	 
	 	 	 
	 	By:	/s/ Mark Weinswig
	 	 	 
	 	Name:	Mark Weinswig
	 	 	 
	 	Title:	Authorized Signer
	 	 	 
	 	Date:	4/20/2020

 

8

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