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Senior Subordinated Promissory Note

 

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Title:

Senior Subordinated Promissory Note

Entities:

Chemed Corp

Date:

2007

Size:

Preview shows 4KB of 22KB total

Price:

$41

ID:

#2862210

 

 

► Loans ► Promissory Notes ► Subordinated ► Senior Subordinated Promissory Notes

 

 

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THIS PROMISSORY  NOTE HAS NOT BEEN REGISTERED  UNDER THE SECURITIES ACT OF 1933,

AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR
TRANSFERRED WITHOUT COMPLIANCE WITH THE REGISTRATION OR QUALIFICATION PROVISIONS
OF APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR APPLICABLE EXEMPTIONS
THEREFROM.

THIS PROMISSORY NOTE IS SUBJECT TO A SUBORDINATION AND INTERCREDITOR AGREEMENT
DATED AS OF OCTOBER 11, 2002 BY AND AMONG CHEMED CORPORATION, PCI-A HOLDING
CORP., PCI HOLDING CORP. AND PNC BANK, NATIONAL ASSOCIATION.

AMENDED AND RESTATED
--------------------
SENIOR SUBORDINATED PROMISSORY NOTE
-----------------------------------

$12,500,000 Original Date: October 11, 2002
Amended and Restated as of February 23, 2007

FOR VALUE RECEIVED, PCI HOLDING CORP., a Delaware corporation (the
"Borrower") promises to pay to the order of Chemed Corporation, a Delaware
corporation (hereinafter referred to as the "Lender") on or before October 31,
2009 (the "Maturity Date"), the principal sum of TWELVE MILLION FIVE HUNDRED
THOUSAND DOLLARS ($12,500,000), or such part thereof as then remains unpaid, and
to pay interest from the date hereof on the whole amount of said principal sum
remaining from time to time unpaid at the rate of (i) seven and one-half percent
(7.5%) per annum for the period from October 11, 2002 through September 30,
2004; (ii) eight and one-half percent (8.5%) per annum for the period from
October 1, 2004 through September 30, 2005; (iii) nine and one-half percent
(9.5%) per annum for the period from October 1, 2005 through March 1, 2007; and
(iv) the greater of (1) the annual interest rate payable by the Borrower on its
senior credit facility with PNC Bank, National Association (or any successor
senior lender to the Borrower) plus 2.0% per annum or (2) eleven and one-half
percent (11.5%) per annum for the period from March 1, 2007 through the Maturity
Date. Such interest shall be payable quarterly in arrears on the last Business
Day of March, June, September and December in each year, the first such payment
to be due and payable on December 31, 2002. Principal, premium, if any, and
interest shall be payable in lawful money of the United States of America, in
immediately available funds, by wire transfer of funds to the account or
accounts designated in writing by the Lender or in such other manner as the
Lender may designate from time to time in writing to the Borrower.

Interest shall be computed on the basis of a 360-day year for the actual
number of days elapsed. Nothing in this Note shall require the Borrower to pay
interest at a rate in excess of the maximum rate permitted by applicable law.
Notwithstanding any other provision of this Note, the Lender does not intend to
charge and Borrower shall not be required to pay any interest or other fees or
charges in excess of the maximum permitted by applicable law; any payments in
excess of such maximum shall be credited to reduce principal hereunder. All
payments received by the Lender hereunder will be applied first to costs of
collection, if any, then to interest and the balance to principal.

The Borrower also promises to pay all taxes levied or assessed upon said
advances againstany holder of this Note and to pay all costs, including
attorneys' fees, costs relating to the appraisal and/or valuation of assets and
all costs incurred in the collection, defense, preservation, administration,
enforcement or protection of this Note or in any guaranty or endorsement of this
Note, or in any litigation arising out of the transactions of which this Note or
any guaranty or endorsement of this Note is a part.

This Note amends and restates in its entirety that certain Senior
Subordinated Promissory Note of the Borrower in favor of the Lender dated
October 11, 2002 in the original principal amount of $12,500,000.

 

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