|
|
|
|
Document Preview Promissory Note |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Promissory Note |
|||
|
Entities: |
||||
|
Date: |
2002 |
|||
|
Size: |
Preview shows 10KB of 69KB total |
|||
|
Price: |
$42 |
|||
|
ID: |
#325097 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
C#:18009
L#:17204
Ls#:FLP0011391
[LOGO]
Promissory Note
________________________________________________________________________________
$266,160.00 Funding Date:____________________/_____(Year)
FOR VALUE RECEIVED, READY MIX, INC., a Nevada corporation ("Maker"),
promises to pay to the order of Key Equipment Finance, a Division of Key
Corporate Capital Inc., ("Holder"), the sum of $266,160.00 in lawful money of
the United States of America (the "Principal"), with interest thereon as
hereafter provided ("Interest"), to be paid in the manner set forth herein. This
Note is executed pursuant to that certain security agreement (the "Security
Agreement") dated as of April 15, 2002 between Maker and Holder. Capitalized
terms used herein without definition shall have the meaning given them in the
Security Agreement.
1. Interest Rate; Place of Payment. Interest on the balance of the Principal
-------------------------------
outstanding on this Note shall accrue from the Funding Date of this Note and
shall be due and payable at a fixed rate of nine percent (9.00%) per annum (the
"Interest Rate"). Interest shall be calculated on the basis of a 360-day year
consisting of twelve 30-day months. Payment of the Principal and Interest
hereunder shall be made to Holder at 66 South Pearl Street, Post Office Box
1865, Albany, NY 12207-1865, or at such other place as Holder may designate from
time to time in writing. Holder reserves the right to require payment on this
Note to be made by wired federal funds or other immediately available funds.
2. Repayment Terms. The Principal and Interest shall be due and payable in
---------------
twenty four (24) consecutive monthly installments payable in advance, each in an
amount equal to $12,068.93 commencing and payable on the Funding Date and on the
same day of each month thereafter. In addition, Maker will pay a late payment
charge of five percent (5%) of any payment due hereunder that is not paid on or
before the date due hereunder.
3. Security. Payment of the Principal and Interest hereunder, and the
--------
performance and observance by Maker of all agreements, covenants and provisions
contained herein, is secured by a first priority security interest in the
Collateral.
4. Prepayment. Except as contemplated by clause (3) of section 10 of the
----------
Security Agreement, Maker may not prepay, in whole or in part, the principal
outstanding hereunder; provided, however, that Maker may prepay, in whole but
-------- -------
not in part, the principal outstanding hereunder by paying to Holder such
outstanding principal, together with all accrued and unpaid interest thereon,
plus a prepayment premium ("Prepayment Premium") equal to five percent (5%) of
such outstanding principal.
5. Transfer or Assignment. Holder may at any time assign or otherwise transfer
----------------------
or negotiate this Note in whole or in part, without any notice to Maker. The
rights and obligations of Maker may not be assigned or delegated.
6. Application of Payments. Prior to an Event of Default, each payment
-----------------------
received on this Note shall be applied first to all costs of collection, then to
unpaid late payment charges (if any) and Prepayment Premium (if any) hereunder,
then to Interest as of the payment due date and the balance, if any, to the
outstanding Principal as of the date received. Upon the occurrence, and during
the continuance, of an Event of Default, any payments in respect of the Secured
Obligations and any proceeds of the Collateral when received by Holder in cash
or its equivalent, will be applied first to costs of collection and, thereafter,
in reduction of the Secured Obligations in such order and manner as Holder may
direct in its sole discretion, and Maker irrevocably waives the right to direct
the application of such payments and proceeds and acknowledges and agrees that
Holder shall have the continuing and exclusive right to apply any and all such
payments and proceeds in the Holder's sole discretion, notwithstanding any entry
to the contrary upon any of its books and records.
7. Events of Default. (a) Maker shall be in default if any of the following
-----------------
happens (an "Event of Default"): (1) Maker fails to make any installment of the
Principal or Interest, or any other payment due and owing, under this Note
within ten (10) days after the same becomes due and payable; or (2) Maker fails
to perform any other obligation required to be performed by Maker under this
Note, the Security Agreement or any of the other Loan
________________________________________________________________________________
Page 1 of 3
{PAGE}
Documents for thirty (30) days after written notice from Holder of such failure;
or (3) any representation, warranty or other statement by or on behalf of Maker
in connection with this Note is false or misleading in any material respect; or
(4) an Event of Default has occurred and is continuing under the Security
Agreement.
(b) Notwithstanding anything to the contrary contained herein, upon the
occurrence of an Event of Default, Holder may declare the entire outstanding
balance of the Principal, together with all accrued and unpaid Interest
thereon, immediately due and payable without notice or demand which amounts
shall, together with all other sums due hereunder, accrue interest from such
acceleration until the date of actual payment at the Default Rate (provided,
however, that should there occur an Event of Default, and if a voluntary or
involuntary petition under the United States Bankruptcy Code is filed by or
against Maker while such default remains uncured, the entire outstanding balance
of the Principal automatically shall be accelerated and due and payable with
interest thereon at the Default Rate), and Holder may exercise any and all of
its remedies hereunder, under the other Loan Documents and under Applicable Law.
The remedies of Holder provided herein, in the Security Agreement and under
Applicable Law shall be cumulative and concurrent and may be pursued singly,
successively or concurrently at the sole discretion of Holder and may be
exercised as often as occasion therefor shall occur. The failure to exercise,
or any delay in the exercise of, any right or remedy shall in no event be
construed as a waiver, release or exhaustion of any such remedies.
8. Collection Costs. In addition to the Principal, Interest, Prepayment
----------------
Premium (if any), and late payment charges (if any), Maker shall pay Holder on
demand, and Holder shall be entitled to collect all costs and expenses of
collection, including, without limitation, reasonable attorney's fees, incurred
in connection with enforcement of its rights and remedies hereunder and under
the other Loan Documents, the protection or realization or the Collateral or in
connection with Holder's collection efforts, or in connection with any
bankruptcy or other judicial proceeding, whether or not suit on this Note or any
foreclosure proceeding is filed. All such costs and expenses shall be payable on
demand and, until paid, shall be Secured Obligations secured by the security
interest granted under the Security Agreement and all other collateral, if any,
held by Holder as security for Maker's obligations under this Note.
9. Governing Law; Binding Agreement. The provisions of this Note shall be
--------------------------------
binding upon, and shall inure to the benefit of, the parties hereto and their
respective successors and assigns. THIS NOTE IS BEING DELIVERED IN THE STATE OF
NEW YORK AND SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND
PERFORMANCE WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAWS
PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION)
THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE
STATE OF NEW YORK.
10. More than One Signer. If more than one person or entity signs this Note as
--------------------
a Maker, the obligations contained herein shall be deemed joint and several and
all references to "Maker" shall apply both jointly and severally.
11. General. Maker represents and warrants that this Note evidences a loan for
-------
business or commercial purposes. Prior to signing this Note, Maker read and
understood the provisions hereof, and agrees to all terms and conditions
contained herein.
12. Waiver. MAKER AND ALL ENDORSERS, SURETIES, AND GUARANTORS HEREOF HEREBY
------
JOINTLY AND SEVERALLY WAIVE PRESENTMENT FOR PAYMENT, DEMAND, NOTICE OF NON-
PAYMENT OR DISHONOR, NOTICE OF INTENTION TO ACCELERATE THE MATURITY, NOTICE OF
PROTEST AND PROTEST OF THIS NOTE, HOLDER AND MAKER HEREBY EACH WAIVE THEIR
RESPECTIVE RIGHTS TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF OR RELATED TO THIS NOTE, THE OTHER LOAN DOCUMENTS OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION OR PROCEEDING TO
WHICH HOLDER OR MAKER MAY BE PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS,
|
End of Preview |
Home Intelligence Services Subscriptions News About Us