Exhibit 10.2
PROMISSORY NOTE
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New York, New York
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May 28, 2009
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For value received, Counsel RB Capital LLC, a
Delaware limited liability company (“ Borrower
”), promises to pay to the order of Greystone & Co.
Holdings LLC, a Delaware limited liability company (“
Lender ”), the principal amount of One Million Three
Hundred Sixty Three Thousand Eight Hundred and Eighteen and 54/100
Dollars (US$1,363,818.45), plus interest.
1.
Interest . Simple interest on the unpaid
principal balance will accrue at the rate of 6% per annum,
calculated on the basis of a 365-day year.
2.
Maturity Date . All outstanding principal and all
accrued interest will be due and payable, if not sooner paid, on
May 28, 2010.
3.
Payments and Prepayments . All amounts payable by
Borrower to Lender hereunder will be paid to Lender at 152 W.
57 th
St., 60 th Floor, New York, NY 10019 (or at such other
address as Lender may from time to time designate in writing) in
immediately available funds. Borrower may prepay this
Promissory Note in whole or in part at any time without
penalty. Prepayments will be first applied to any and
all accrued and unpaid interest and then to principal.
4.
Defaults . Borrower will be in default under this
Promissory Note if any one or more of the following events occur
and is continuing (each, a “ Default
”):
(a) Borrower
fails to pay any amount of principal, interest, fees or other sums
when due under this Promissory Note;
(b) Borrower
becomes insolvent, or generally fails to pay, or is generally
unable to pay, or admits in writing its inability to pay, its debts
as they become due or applies for, consents to, or acquiesces in,
the appointment of a trustee, receiver or other custodian for
Borrower, or a substantial part of its property, or makes a general
assignment for the benefit of its creditors;
(c) Borrower
commences any bankruptcy, reorganization, debt arrangement, or
other case or proceeding under any state or federal bankruptcy or
insolvency law, or any dissolution or liquidation
proceeding;
(d) any
bankruptcy, reorganization, debt arrangement, or other case or
proceeding under any state or federal bankruptcy or insolvency law,
or any dissolution or liquidation proceeding, is involuntarily
commenced against Borrower and remains unstayed or undismissed for
60 days; or
(e) a
trustee, receiver, or other custodian is appointed for Borrower or
a substantial part of Borrower’s property.
5.
Default; Remedies . Upon Default the unpaid
principal balance of this Promissory Note and all accrued but
unpaid interest will immediately be due and payable in full at the
applicable rate specified above to the date of default and after
that date at a &ldqu
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