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REVOLVING VARIABLE RATE NOTE

Promissory Note

REVOLVING VARIABLE RATE NOTE | Document Parties: ASCENDANT SOLUTIONS INC | PARK INFUSIONCARE, LP, You are currently viewing:
This Promissory Note involves

ASCENDANT SOLUTIONS INC | PARK INFUSIONCARE, LP,

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Title: REVOLVING VARIABLE RATE NOTE
Governing Law: Georgia     Date: 4/20/2007
Industry: Business Services    

REVOLVING VARIABLE RATE NOTE, Parties: ascendant solutions inc , park infusioncare  lp
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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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