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AMENDED AND RESTATED REVOLVING CREDIT LOAN

Revolving Credit Agreement

AMENDED AND RESTATED REVOLVING CREDIT LOAN | Document Parties: AHPC Holdings, Inc. | GREENFIELD COMMERCIAL CREDIT, L.L.C You are currently viewing:
This Revolving Credit Agreement involves

AHPC Holdings, Inc. | GREENFIELD COMMERCIAL CREDIT, L.L.C

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Title: AMENDED AND RESTATED REVOLVING CREDIT LOAN
Governing Law: Michigan     Date: 10/14/2005
Industry: Medical Equipment and Supplies     Sector: Healthcare

AMENDED AND RESTATED REVOLVING CREDIT LOAN, Parties: ahpc holdings  inc. , greenfield commercial credit  l.l.c
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Exhibit 10.11

 

AMENDED AND RESTATED REVOLVING CREDIT LOAN NOTE*

 

*amending and restating Revolving Credit Loan Note dated September 9, 2004 in the amount of $3,000,000.00.

 

$5,000,000.00

 

Due Date: The earlier of Demand

or September 9, 2006

Dated: September 9, 2005

 

FOR VALUE RECEIVED, the undersigned ("Borrower"), promises to pay to the order of GREENFIELD COMMERCIAL CREDIT, L.L.C., a Michigan limited liability company (the "Lender"), at its office at 300 East Long Lake Road, Suite 180, Bloomfield Hills, Michigan 48304, or at such other place as Lender may designate in writing, the principal sum of Five Million and 00/100 Dollars ($5,000,000.00), or such lesser sum as shall have been advanced by Lender to Borrower pursuant to that certain Second Amendment To Loan and Security Agreement dated as of this date, between Borrower and Lender (which, together with all amendments and modifications thereof, is hereinafter referred to as the "Loan Agreement"), plus interest as hereinafter provided, in lawful money of the United States of America, in accordance with the terms hereof.

 

The unpaid principal balance of this Amended And Restated Revolving Credit Loan Note ("Note") shall bear interest computed upon the basis of a year of 360 days for the actual number of days elapsed in a month, at a rate of interest (the "Effective Rate") which is equal to four and one-half (4.5) percentage points above the prime rate (hereafter defined), as such rate shall vary from time to time, upwards and downwards, and each such Prime Rate change shall cause an identical change in the Effective Rate to occur effective immediately. "Prime Rate" means that rate of interest published from day to day in the WALL STREET JOURNAL in its Money Rates column as the "Prime Rate." Should such publication not continue to publish the Prime Rate or a substitute rate, then Lender will select a comparable announced rate.

 

Interest on all principal amounts advanced by Lender from time to time and unpaid by Borrower shall be paid on the first (1st) day of the month following execution of this Note, and on the same day of each month thereafter until the Due Date, upon which date the entire unpaid principal balance of this Note, together with all accrued and unpaid interest, shall be due and payable in full. Borrower shall pay to Lender a late charge of five percent (5%) of any monthly payment not received by Lender within ten (10) calendar days after said payment is due, which late charge shall be payable on the next monthly payment date or on demand. In addition to the foregoing, Borrower shall pay to Lender on the first day of each month with respect to the prior calendar month or portion thereof, the amount, if any, necessary to pay the fees as set forth in the Loan Agreement.

 

Advances of principal, repayment, and readvances may be made under this Note from time to time, upon the terms set forth in the Loan Agreement and said Loan Agreement is incorporated herein by reference. Mandatory repayments of principal before the Due Date shall be made by Borrower to Lender pursuant to the Loan Agreement. If, prior to the Due Date, Borrower pays the balance of the Note after Dem


 
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