Exhibit 10.1
FORM OF NOTE
AMENDED AND RESTATED
PROMISSORY NOTE
(Line of Credit)
THIS AMENDED AND RESTATED PROMISSORY NOTE
REPLACES AND AMENDS AND RESTATES IN ITS ENTIRETY THAT CERTAIN
PROMISSORY NOTE (LINE OF CREDIT) EXECUTED BY BORROWER AND DELIVERED
TO LENDER IN THE ORIGINAL PRINCIPAL AMOUNT OF UP TO ONE MILLION TWO
HUNDRED THOUSAND DOLLARS ($1,200,000) DATED SEPTEMBER 15, 2005,
(THE “PRIOR NOTE”). BY ACCEPTANCE OF THIS
AMENDED AND RESTATED PROMISSORY NOTE, LENDER ACKNOWLEDGES AND
AGREES THAT THE PRIOR NOTE SHALL CEASE TO EVIDENCE ANY OBLIGATION
OF BORROWER TO LENDER.
FOR VALUE RECEIVED, PICOMETRIX, LLC, a Delaware
limited liability company (“Borrower”), promises to pay
to the order of THE MICHIGAN ECONOMIC DEVELOPMENT CORPORATION, a
public body corporate (“Lender” or “MEDC”),
at 300 North Washington Square, Lansing, Michigan or at such other
place as Lender may designate in writing, the principal sum of One
Million Two Hundred Thousand Dollars ($1,200,000) or such lesser
sum as shall have been advanced by Lender to Borrower under this
Note and as contemplated by that certain Loan Agreement between
Borrower and Lender, dated as of the date hereof (the “Loan
Agreement”), plus interest as hereinafter provided, all in
lawful money of the United States of America, in accordance with
the terms hereof. Capitalized terms used herein and not
otherwise defined shall have the meanings assigned to them in the
Loan Agreement.
All disbursements made under this promissory
note (“Note”) shall be charged to a loan account in
Borrower’s name on Lender’s books, and Lender shall
debit to such account the amount of each advance made to, and
credit to such account the amount of each repayment made by
Borrower. From time to time and upon Borrower's request,
Lender shall furnish Borrower a statement of Borrower’s loan
account, which statement shall be deemed to be correct, accepted
by, and binding upon Borrower, unless Lender receives a written
statement of exceptions from Borrower within ten calendar days
after such statement has been furnished.
The unpaid principal balance of this Note shall
bear interest from the date advanced at a per annum rate of seven
percent (7.0%). Interest shall be computed on the basis
of the actual number of days elapsed.
Borrower shall have no obligation to make any
payment of principal or accrued interest on this Note until October
1, 2009. As of such date, all accrued but unpaid
interest on this Note shall be added to then outstanding principal
of this Note, with such sum referred to herein as the
“Restated Principal.” Interest at the rate
provided above shall thereafter accrue on the Restated
Principal. Commencing with the first business day of the
calendar month first following October 1, 2009 continuing on the
first business day of each of the following Thirty Five calendar
months, Borrower shall pay Lender the Restated Principal and
accrued interest on any unpaid portion thereof in equal
installments until paid in full.
In the event that any payment under this Note is
not received by Lender within ten days of the date when due, a late
charge
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