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Title: |
Convertible Promissory Note |
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Date: |
2003 |
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$38 |
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#1596685 |
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5 file004.txt CONVERTIBLE PROMISSORY NOTE
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF
UNLESS THE COMPANY HAS RECEIVED A WRITTEN OPINION FROM COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE COMPANY STATING THAT SUCH TRANSFER IS BEING MADE
IN COMPLIANCE WITH ALL APPLICABLE FEDERAL AND STATE SECURITIES LAWS.
CONVERTIBLE PROMISSORY NOTE
$500,000 December 23, 2002
FOR VALUE RECEIVED, the undersigned, ONCURE TECHNOLOGIES CORP., a
Florida corporation ("Company"), hereby promises to pay to the order of ALPINE
VENTURE CAPITAL PARTNERS LP, a Delaware limited partnership ("Holder") and its
assigns, the principal sum of FIVE-HUNDRED THOUSAND DOLLARS ($500,000) on May
15, 2003 (the "Maturity Date"), with interest thereon from time to time as
provided herein.
This Convertible Promissory Note (this "Note") is issued in
connection with the execution of that certain Purchase Agreement, dated December
23, 2003 (the "Purchase Agreement"), between Company and Holder. All capitalized
terms used but not defined herein shall have the respective meanings assigned
thereto in the Purchase Agreement.
1. Purchase Agreement. This Note is issued by the Company, on the date
hereof, pursuant to the Purchase Agreement and is subject to the terms thereof.
The Holder is entitled to the benefits of this Note and the Purchase Agreement,
as it relates to this Note, and may enforce the agreements of the Company
contained in this Note and the Purchase Agreement and exercise the remedies
provided for in this Note and the Purchase Agreement or otherwise available in
respect hereto and thereto. Capitalized terms used herein and not defined herein
shall have the meanings ascribed to such terms in the Purchase Agreement.
2. Interest.
2.1. Generally. The Company promises to pay interest ("Interest") on
the principal amount of this Note at the rate of 8.00% per annum (the "Interest
Rate"). Interest on this Note shall accrue from the date hereof through and
until repayment of the principal amount of this Note and payment of all Interest
in full and shall be computed on the basis of a 360-day year of twelve 30-day
months. Interest shall be paid quarterly in arrears on each March 31, June 30,
September 30 and December 31 of each year or, if any such date shall not be a
Business Day (as defined below), on the next succeeding Business Day to occur
after such date (each date upon which interest shall be so payable, an "Interest
Payment Date"). In addition, in the event of any prepayment of principal of this
Note (in accordance with Section 3 below), such prepayment shall be accompanied
by the interest accrued on the amount so prepaid. Interest on this Note shall be
paid in cash by wire transfer of immediately available funds to an account at a
bank designated in writing by the Holder. The term "Business Day" shall mean any
day other than a Saturday, Sunday or other day on which commercial banks in West
Palm Beach, Florida are authorized or required by law or executive order to
close.
2.2. Default Rate of Interest. Notwithstanding the foregoing provisions
of this Section 2, but subject to applicable law, any overdue principal of and
overdue Interest on this Note shall bear interest, payable on demand in
immediately available funds, for each day from the date payment thereof was due
to the date of actual payment, at a rate equal to the sum of the Interest Rate
and an additional 2.00% per annum. Subject to applicable law, any interest that
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