Exhibit
10.2
REVOLVING VARIABLE RATE
NOTE
Commitment
$1,000,000.00
Effective : April 17,
2007
Tucker, Georgia
This Revolving Variable Rate Note (this
“Note”) is issued pursuant to and is governed by that
certain Revolving Credit and Security Agreement dated as of
April 17, 2007 by and between Borrower and PHCC
(as amended, supplemented or otherwise modified and in effect from
time to time, the “Loan Agreement”). All capitalized
terms used and not otherwise defined herein shall have the same
meanings as given them in the Loan Agreement.
On April 17, 2010 (the
“Scheduled Maturity Date”), and for value received, the
undersigned (“Borrower”) promises to pay to the order
of Presidential HealthCare Credit Corporation at Tucker, Georgia
(with its successors and assigns, “PHCC”), or any other
place designated at any time by the holder hereof, in lawful money
of the United States of America and in immediately available
funds, the principal sum of $1,000,000.00 , or so
much thereof as is disbursed and remains outstanding hereunder on
such date, as shown by PHCC’s Register or on the reverse side
hereof, as the case may be, together with interest (computed on the
basis of actual days elapsed in a 365-day year) on the unpaid
balance hereof as it varies from time to time from the date hereof
until this Note is fully paid. The failure to record, or any error
in recording, any of the foregoing shall not, however, affect the
obligations of Borrower under the Loan Agreement, as defined herein
below, and this Note to repay the principal amount advanced
hereunder together with all interest accruing thereon. The Register
as maintained by PHCC shall constitute prima facie evidence of the
amount outstanding under this Note absent manifest
error.
Borrower further promises to pay interest on
each Interest Payment Date on the unpaid principal balance
outstanding from time to time on this Note and until the Scheduled
Maturity Date at a rate per annum equal to the Prime Rate
as published in The Wall Street Journal on
the date of such determination, plus two percent
(2.00%) , such rate to change simultaneously with any
change in the Prime Rate. The Prime Rate on the date hereof is
eight and one-quarter percent (8.25%) per annum
and, therefore, the rate of interest in effect hereunder on the
date hereof, expressed in simple interest terms, is ten and
one-quarter percent (10.25%) per
annum (the “Initial Rate”). Notwithstanding the
foregoing, the variable interest rate or rates provided for in this
Note will never be less than the Initial Rate.
In no contingency or event whatsoever, whether
by reason of advancement of the proceeds hereof or otherwise, shall
the amount paid or agreed to be paid to PHCC for the use,
forbearance or detention of money advanced hereunder exceed the
highest lawful rate permissible under any law which a court of
competent jurisdiction may deem applicable hereto; and, in the
event of any such payment inadvertently paid by Borrower or
inadvertentl
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