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Term Promissory Note

 

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Title:

Term Promissory Note

Entities:

Numerex Corp.; Digilog, Inc.; Alethea Limited Partnership; Numerex Corp /pa/

Date:

2003

Size:

Preview shows 2KB of 8KB total

Price:

$38

ID:

#184032

 

 

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TERM PROMISSORY NOTE

Up to U.S.$1,000,000 March 28, 2003

FOR VALUE RECEIVED, the undersigned, DIGILOG, INC., a Pennsylvania
corporation ("Debtor"), hereby promises to pay to the order of Alethea Limited
Partnership, a Delaware limited partnership with an address located at 4193 Las
Palmas Way, Sarasota, Florida 34238 (together with any subsequent holder hereof,
the "Holder"), the principal sum of up to ONE MILLION and NO/100 UNITED STATES
DOLLARS (U.S.$1,000,000) and in such exact aggregate amount as shall be advanced
by Holder and notated on Schedule A attached hereto, together with interest
accrued on the principal amount outstanding from time to time under this Term
Promissory Note (the "Note").

This Note is issued pursuant to, and is the Note referred to, in that
certain Line of Credit Agreement dated of even date herewith by and between
Debtor and Holder (the "Line of Credit Agreement"), and is entitled to all of
the benefits, and subject to all of the terms and conditions, contained therein.
By this reference to the Line of Credit Agreement, all of such terms and
conditions shall be deemed incorporated hereby as if set forth in full herein.
Capitalized terms used but not defined herein shall have the meanings ascribed
thereto in the Line of Credit Agreement.

Interest shall accrue and be payable under this Note at such times and
at such rate as are set forth in the Line of Credit Agreement. All principal
sums outstanding hereunder, together with all interest accrued and unpaid in
respect thereof, shall be due and payable in full on the first anniversary of
the date hereof (the "Maturity Date") except to the extent accelerated pursuant

 

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