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Renewal Promissory Note

 

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Title:

Renewal Promissory Note

Entities:

Date:

2003

Size:

Preview shows 4KB of 16KB total

Price:

$32

ID:

#875029

 

 

► Loans ► Promissory Notes ► Renewal Promissory Notes

 

 

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<SEQUENCE>6

<FILENAME>ex104-603.txt
<DESCRIPTION>RENEWAL PROMISSORY NOTE
<TEXT>
RENEWAL PROMISSORY NOTE


$501,000.00 May 28, 2003
Orlando, Florida

FOR VALUE RECEIVED, the undersigned, GALAXY NUTRITIONAL FOODS, INC., a
Delaware corporation authorized to do business in the State of Florida
f/k/a GALAXY FOODS COMPANY, a Delaware corporation ("Maker"), promises to
pay to the order of SOUTHTRUST BANK, (hereinafter called the "Bank" or,
together with any other holder of this note, the "Holder") or order, at its
place of business at 420 North 20th Street, Birmingham, Alabama 35203 Attn:
Florida Commercial Banking (Orlando), or at such other place as the Holder
of this Note may designate in writing, the principal sum of FIVE HUNDRED
ONE THOUSAND AND NO/100 DOLLARS ($501,000.00), together with interest
thereon at the Interest Rate, in lawful money of the United States, which
shall be legal tender in payment of all debts and dues, public and private,
at the time of said payment, said principal and interest to be payable as
set forth below.

1. INTEREST RATE.

a. The Interest Rate shall be a floating rate calculated at an annual
rate of the SOUTHTRUST BANK Base Rate of Interest in effect from time to
time calculated on a daily moving basis upon the principal balance hereof
from time to time outstanding, but in no event to exceed the maximum rate
allowed by Florida Law, as amended, or as preempted and prescribed from
time to time by the Laws of the United States of America or any rule or
regulation of any department or agency thereof. The Base Rate of Interest
of SOUTHTRUST BANK shall be that rate of interest (but not necessarily the
best or lowest rate charged borrowing customers of SOUTHTRUST BANK)
described by it as its Base Rate of Interest, whether or not such rate
shall be otherwise published, as such rate shall vary from time to time,
and each adjustment shall be effective on the day the change occurs.

b. Interest shall be calculated on the basis of a 360-day year, actual
days elapsed.

2. MATURITY DATE. March 1, 2004.

3. PAYMENTS. Principal and interest shall be repayable by monthly
payments each composed of: (i) $50,000.00 principal; plus (ii) accrued
interest at the Interest Rate, beginning on June 1, 2003 and payable on the
first day of each successive month thereafter until the Maturity Date at
which time all then unpaid principal and interest shall be payable in full.

4. SECURITY AGREEMENT. As security for the payment of the
indebtedness evidenced by this Note ("Liabilities"), the undersigned (among
other things) has granted or has caused to be granted to Holder a Security
Agreement dated March 10, 2000, as modified by Amendment of Security
Agreement dated of even date herewith encumbering and conveying the
property therein described ("Security Agreement"). Holder is given a lien
upon and a security interest in all property of the undersigned now or at

 

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