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PROMISSORY NOTE

Promissory Note

PROMISSORY NOTE | Document Parties: MEDPRO SAFETY PRODUCTS, INC | TRADITIONAL BANK, INC You are currently viewing:
This Promissory Note involves

MEDPRO SAFETY PRODUCTS, INC | TRADITIONAL BANK, INC

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Title: PROMISSORY NOTE
Governing Law: Kentucky     Date: 5/20/2009

PROMISSORY NOTE, Parties: medpro safety products  inc , traditional bank  inc
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Exhibit 10.14

 

PROMISSORY NOTE

 

Principal

 

Loan Date

 

 

Maturity

 

 

Loan No

 

 

Call/Coll

 

Account

 

Officer

 

Initials

$1,500,000.00

 

03-31-2009

 

 

03-31-2010

 

 

1525548

 

 

4A/03

 

 

 

***

 

 

References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.  Any item above containing “***” has been omitted due to text length limitations.

 

Borrower:

MEDPRO SAFETY PRODUCTS, INC.

Lender:

TRADITIONAL BANK, INC.

 

817 WINCHESTER ROAD STE 200

 

PALOMAR BANKING CENTER

 

LEXINGTON, KY 40505

 

3720 Palomar Centre Drive

 

Lexington, KY 40513

 

 

 

Principal Amount:

$1,500,000.00

Date of Note:  March 31, 2009

 

PROMISE TO PAY.   MEDPRO SAFETY PRODUCTS, INC. (“Borrower”) promises to pay to TRADITIONAL BANK, INC. (“Lender”), or order, in lawful money of the United States of America, the principal amount of One Million Five Hundred Thousand & 00/100 Dollars ($1,500,000.00), together, with interest on the unpaid prinicipal balance from March 31, 2009, calculated as described in the “INTEREST CALCULATION METHOD” paragraph using an interest rate of 3.650% per annum based on a year of 360 days, until paid in full.  The interest rate may change under the terms and conditions of the “INTEREST AFTER DEFAULT” section.

 

PAYMENT. Borrower will pay this loan in one prinicipal payment of $1,500,000.00 plus interest on March 31, 2010.  This payment due on March 31, 2010, will be for all principal and all accrued interest not yet paid.  In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning April 30, 2009, with all subsequent interest payments to be due on the last day of each month after that.  Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal; then to any late charges; and then to any unpaid collection costs.  Borrower will pay Lender at Lender’s address shown above or at such other place as Lender may designate in writing.

 

INTEREST CALCULATION METHOD. Interest on this Note is computed on a 365/36-0 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.  All interest payable under this Note is computed using this method.  This calculation method results in a higher effective interest rate than the numeric interest rate stated in this Note.

 

PREPAYMENT PENALTY.   Borrower agrees that all loan fees and other prepaid finance charges are earned fully as of the date of the loan and will not be subject to refund upon early payment (whether voluntary or as a result of default), except as otherwise required by law.  Upon prepayment of this Note, Lender is entitled to the following prepayment penalty.  This loan contains no prepayment provisions.  Except for the foregoing.  Borrower may pay all or a portion of the amount owed earlier than it is due.  Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make payments under the payment schedule.  Rather, early payments will reduce the principal balance due.  Borrower agrees not to send Lender payments marked “paid in full”, “without recourse”, or similar language.  If Borrower sends such a payment, Lender may accept it without losing any of Lender’s rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender.  All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to TRADITIONAL BANK, INC.:  PALOMAR BANKING CENTER: 3720 Palomar Centre Drive; Lexington, KY 40513.

 

LATE CHARGE. If a payment is 15 days or more late, Borrower will be charged


 
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