EXHIBIT 10.6
PROMISSORY
NOTE
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$400,000.00
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Oklahoma City, Oklahoma
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March 26, 2008
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FOR
VALUE RECEIVED, APOTHECARYRX, LLC, an Oklahoma limited liability
company (the “Borrower”), promises to pay to the order
of NEWT’S DISCOUNT PHARMACY, INC., an Oklahoma corporation
(the “Lender”), at 102 W. Noble Avenue, Guthrie,
Oklahoma 73044, or at such other place as may be designated in
writing by the holder of this Note, the principal sum of Four
Hundred Thousand Dollars ($400,000), together with interest thereon
at the rate hereafter specified, payable as follows:
The unpaid
principal balance of this Note will bear interest from the date of
this Note until payment in full at a per annum rate equal to six
percent (6.0%). All interest will be computed as a per diem
charge for the actual number of days elapsed on the basis of a year
consisting of three hundred sixty-five (365) or three hundred
sixty-six (366) days, as the case may be.
Provided no
uncured default has occurred under this Note, the unpaid principal
balance of this Note plus accrued interest thereon will be paid by
the Borrower paying to the Lender twelve (12) blended quarterly
installments of principal and interest equal to Thirty Six Thousand
Six Hundred Seventy Two Dollars ($36,672.00), commencing on
June 26, 2008, and on the twenty sixth (26 th ) day
of each successive September, December, March and
June thereafter through March 26, 2011 (the
“Maturity Date”). In the event of an adjustment,
prepayment or set-off against the unpaid principal balance of this
Note, the annual payment will be recalculated to the amount which
would fully amortize the unpaid principal balance of this Note on
such date, together with accrued interest thereon, over a term
ending on the Maturity Date. Notwithstanding anything to the
contrary, the entire unpaid principal balance of this Note and all
accrued and unpaid interest will be due and payable on the Maturity
Date.
Ea
