### Question
Can you define what secured demand note agreement means?


### Answer
**Secured demand note agreement** is defined as the following in *17 CFR § 1.12*:

> an agreement (including the related secured demand note) evidencing or governing the contribution of a secured demand note to an applicant or registrant and the pledge of securities and/or cash with the applicant or registrant as collateral to secure payment of such secured demand note. 

#### Citation:
  - *17 CFR § 1.12*
