Exhibit 10.24
JUNIOR SUBORDINATED NOTE
$ 43,000.00 Woodbury, N.Y. Dated: 9/25/96
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FOR VALUE RECEIVED, STANDARD FUNDING CORP. ("Company), a domestic
corporation, with its principal place of business at 000 Xxxxxxxxx Xxxx Xxxxx,
Xxxxxxxx, Xxx Xxxx 00000, promises to pay to the order of Xxxxxxxx Xxxx, 00 Xxxx
Xxxxx, Xxxxxxxx, X.X. 11782 at the office of the Company, on the Thirtieth day
of September 2001 and pay interest on the unpaid principal of the Note at Eleven
& One Quarter (11 1/4) percent per annum, based on 365-day year, semi-annually
with the first interest payment being due on the 31st day of December 1996.
Maker shall have the right to prepay the indebtedness evidenced by this
Note, in whole or in part, without penalty, charge or notice.
The payment of the principal and interest on this Note is expressly
subordinated in the right of payment, subject and junior to any and all
indebtedness of the Company by virtue of funds borrowed by the Company ("Senior
Indebtedness"). Upon any receivership, insolvency proceedings, bankruptcy,
assignment for the benefit of creditors, reorganization, dissolution or
liquidation, no amount shall be paid in respect to this Note unless and until
the Senior Indebtedness shall have been paid in full, together with interest
thereon and all other amounts in respect of such Senior Indebtedness.
This Subordinated Note has been issued by the Company and is on a
parity and equality in all respects with other Junior Subordinated Notes issued
and hereafter issued, except with respect to maturity and rate of interest of
such Junior Subordinated Notes. The holder of this Note by accepting the same,
agrees that while any Senior Indebtedness, including Senior Subordinated Notes
is outstanding, he will not make any demands for payment of the principal of the
debt evidenced hereby, or bring or maintain any action to enforce payment of the
principal of this Note. However, nothing contained herein shall prevent the
Company from paying the principal on the Note at maturity hereto, provided the
Company is not in default in payment of Senior Indebtedness.
STANDARD FUNDING CORP.
By /s/ Xxxx X. Xxxx
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By /s/ [ILLEGIBLE]
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