FORM OF LINE OF CREDIT GRID NOTE
FORM
OF LINE OF CREDIT GRID NOTE
Maximum
Principal Amount: $4,000, 000
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Date:
July 9, 2007
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FOR
VALUE
RECEIVED, the undersigned, Versadial, Inc. (formerly known as Xxxxxxxxxxxxx.xxx,
Inc.), a Nevada corporation (the “Borrower”), HEREBY PROMISES TO PAY to
the order of Fursa Alternative Strategies, LLC, a Delaware limited liability
company (the “Lender”), at its principal office located at 000 Xxxx
Xxxxxx, 00xx xxxxx, Xxx Xxxx, Xxx Xxxx, 00000, or at such other address as
it
may direct, in lawful money of the United States and in immediately available
funds the aggregate unpaid principal amount of all Advances made to the Borrower
by the Lender, plus interest thereon from the date of each such Advance on
the
unpaid principal amount of such Advance, in like money, at said office, at
a
rate per annum equal to the Interest Rate defined in the Secured Line of
Credit
Agreement dated February 1, 2007, as amended on July 9, 2007 between the
Lender
and the Borrower (in its original form and as it may be hereafter amended
or
otherwise modified, the “Agreement”). As provided in the Agreement,
Interest Payments shall be due on the first day of each and every month from
the
date hereof until the Maturity Date, as defined in the Agreement, when the
entire aggregate unpaid principal amount of all Advances, plus unpaid by
accrued
interest thereon shall be due and payable. Any amount of principal hereof
which
is not paid when due, whether at stated maturity, by acceleration, or otherwise,
shall bear interest from the date when due until said principal amount is
paid
in full, at a rate per annum equal at all times to the applicable interest
rate
set for such Advance plus 400 basis points (4%).
The
Borrower hereby authorizes the Lender to endorse on the Schedule annexed
to this
Line of Credit Grid Note (this “Note”) the principal amount of all
Advances made to the Borrower, the interest rate for each such Advance, and
all
payments of principal amounts in respect of such Advance, which endorsements
shall, in the absence of manifest error, be conclusive as to the outstanding
principal amount of all Advance and the interest rates thereon; provided,
however, that the failure to make such notation with respect to
any interest rate of an Advance, or payment shall not limit or otherwise
affect
the obligations of the Borrower under the Agreement or this Note.
If
any
payment hereunder or under the Note becomes due and payable on a day other
than
a business day, the maturity thereof shall be extended to the next succeeding
business day; provided, however, that if the date for any payments
of interest is extended as provided hereunder or by operation of law or
otherwise, interest shall continue to accrue and be payable at the then
applicable rate during such extension.
This
Note
is the Note referred to in the Agreement. Terms used herein which are defined
in
the Agreement shall have their defined meanings when used herein. This Note
is
secured by first priority lien and security interest in the Collateral defined
in the Agreement, reference to which is hereby made for a description of
the
Collateral provided for under such Agreement and the rights of the Borrower
and
the Lender with respect to such Collateral.
This
Note
shall be governed by the laws of the State of New York, provided that, as
to the
maximum rate of interest which may be charged or collected, if the laws
applicable to the Lender permit it to charge or collect a higher rate than
the
laws of the State of New York, then such law applicable to the Lender shall
apply to the Lender under this Note.
SCHEDULE TO
LINE OF CREDIT GRID NOTE
Date
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Amount
of
Advance |
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Interest
Rate
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Amount
of Principal
Prepaid
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Unpaid
Principal Balance of Line of Credit Grid Note |
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Name
of Person
Making Notation |
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Initials
of Such
Person |
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