SECURED TERM NOTE. FOR VALUE RECEIVED, MICRO COMPONENT TECHNOLOGY, INC., a Minnesota corporation (the “Company”) hereby promises to pay to VALENS OFFSHORE SPV I, LTD. (the “Holder”) or its registered assigns or successors in interest, the sum of Two Million Nine Hundred Seventy Five Thousand Dollars ($2,975,000.00), together with any accrued and unpaid interest hereon, on November 30, 2008 (the “Initial Maturity Date”), subject to extension pursuant to Section 3.13 hereof (the Initial Maturity Date as extended hereunder, the “Maturity Date”), if not sooner indefeasibly paid in full. Capitalized terms used herein without definition shall have the meanings ascribed to such terms in that certain Securities Purchase Agreement dated as of the date hereof (as amended, restated, modified and/or supplemented from time to time, the “Purchase Agreement”) among the Company, the Holder, each other Purchaser and LV Administrative Services, Inc., as administrative and collateral agent for the Purchasers (the “Agent” together with the Purchasers, collectively, the “Creditor Parties”). The aggregate Principal Amount of this Secured Term Note, together with the Principal Amount (as defined in the applicable Note) of each other Note (as defined in the Purchase Agreement) that is deposited in the Restricted Account (as defined in the Restricted Account Agreement referred to in the Purchase Agreement) on the date of the issuance of this Secured Term Note is $2,303,500.00. The following terms shall apply to this Secured Term Note (this “Note”): CONTRACT RATE AND AMORTIZATION Contract Rate. Subject to Sections 2.2 and 3.9, interest payable on the outstanding principal amount of this Note (the “Principal Amount”) shall accrue at a rate per annum equal twelve percent (12%) (the “Contract Rate”). Interest shall be (i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September 1, 2008, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date, and on the Maturity Date, whether by acceleration or otherwise.
SECURED TERM NOTE. FOR VALUE RECEIVED, ELEC COMMUNICATIONS CORP., a New York corporation (the “Company”) hereby promises to pay to CALLIOPE CAPITAL CORPORATION (the “Holder”) or its registered assigns or successors in interest, the sum of Three Million Four Hundred Thousand Dollars ($3,400,000), together with any accrued and unpaid interest hereon, on September 28, 2010 (the “Maturity Date”) if not sooner paid. Capitalized terms used herein without definition shall have the meanings ascribed to such terms in that certain Securities Purchase Agreement dated as of the date hereof (as amended, restated, modified and/or supplemented from time to time, the “Purchase Agreement”) among the Company, the Holder, each other Purchaser and LV Administrative Services, Inc., as administrative and collateral agent for the Purchasers (the “Agent” together with the Purchasers, collectively, the “Creditor Parties”). The following terms shall apply to this Secured Term Note (this “Note”):
SECURED TERM NOTE. FOR VALUE RECEIVED, IWT TESORO CORPORATION, a Nevada corporation (the “Company”), promises to pay to LAURUS MASTER FUND, LTD., c/o M&C Corporate Services Limited, X.X. Xxx 000 XX, Xxxxxx House, South Church Street, Xxxxxx Town, Grand Cayman, Cayman Islands, Fax: 000-000-0000 (the “Holder”) or its registered assigns or successors in interest, the sum of Two Million Dollars ($2,000,000), together with any accrued and unpaid interest hereon, on May 3, 2007 (the “Maturity Date”) if not sooner paid. Capitalized terms used herein without definition shall have the meanings ascribed to such terms in that certain Securities Purchase Agreement dated as of the date hereof by and between the Company and the Holder (as amended, modified and/or supplemented from time to time, the “Purchase Agreement”). The following terms shall apply to this Secured Term Note (this “Note”):
SECURED TERM NOTE. FOR VALUE RECEIVED, CANCABLE INC., an Ontario corporation (the “Borrower”), hereby promises to pay to LAURUS MASTER FUND, LTD., M&C Corporate Services Limited, P.O. Box 309 GT, Xxxxxx House, South Church Street, Xxxxxx Town, Grand Cayman, Cayman Islands, Fax: 000-000-0000 (the “Holder”) or its registered assigns or successors in interest, on order, the sum of Six Million Eight Hundred Sixty-Five Thousand Dollars in lawful money of the United States (USD6,865,000), together with any accrued and unpaid interest hereon, on December 31, 2011 (the “Maturity Date”) if not sooner paid. Capitalized terms used herein without definition shall have the meanings ascribed to such terms in that certain Securities Purchase Agreement dated as of the date hereof between the Borrower and the Holder (as amended, modified or supplemented from time to time, the “Purchase Agreement”). The following terms shall apply to this Note:
SECURED TERM NOTE. FOR VALUE RECEIVED, DIGITAL ANGEL CORPORATON, a Delaware corporation f/k/a Applied Digital Solutions, Inc. (the “Company”), promises to pay to VALENS OFFSHORE SPV II, CORP. (the “Holder”) or its registered assigns or successors in interest, the sum of Two Million Dollars ($2,000,000), together with any accrued and unpaid interest hereon, on February 1, 2010 (the “Maturity Date”) if not sooner indefeasibly paid in full. Capitalized terms used herein without definition shall have the meanings ascribed to such terms in that certain Securities Purchase Agreement dated as of August 31, 2007 between the Company and Xxxxxxx Corporation (as amended, modified and/or supplemented from time to time, the “Purchase Agreement”). The following terms shall apply to this Secured Term Note (this “Note”):
