REVOLVING CREDIT NOTE
EXHIBIT
10.2
|
$5,000,000.00
|
September
20, 2007
|
FOR
VALUE RECEIVED,
New
York Health Care, Inc.,
a New
York corporation (“Borrower”),
hereby promises to pay to the order of CIT
Healthcare LLC,
a
Delaware limited liability company (the “Lender”),
the
principal amount of FIVE MILLION and No/100 DOLLARS ($5,000,000), or such lesser
amount as shall have been advanced as Revolving Loans under the Loan Agreement
referred to below and shall be outstanding, such payment to be made at such
time
or times and in the manner specified in the Loan Agreement; provided, however,
that all Revolving Loans shall be repaid in full on or before the Maturity
Date.
This
Revolving Credit Note (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the “Note”)
is
issued under and secured by that certain Loan and Security Agreement dated
as of
even date herewith among the Borrowers and the Lender (as from time to time
amended, restated, supplemented or otherwise modified, the “Loan
Agreement”).
Terms
used herein and not defined herein are used with the respective meanings set
forth in the Loan Agreement.
Interest
on the outstanding principal amount evidenced by this Note shall accrue at
the
rate or rates specified in, and be payable in accordance with the terms of,
the
Loan Agreement.
Borrower
may prepay this Note only in accordance with the terms and conditions of the
Loan Agreement.
The
Loan
Agreement provides for the acceleration of the payment of principal of and
interest on such Revolving Loans upon the happening of certain Events of Default
as defined in the Loan Agreement.
Borrower
waives presentment, demand for payment, notice of dishonor or acceleration,
protest and notice of protest, and any and all other notices or demands in
connection with this Note, except any notice expressly required by the Loan
Agreement.
This
Note
shall be governed by and construed in accordance with the internal laws of
the
State of New Jersey.
[SIGNATURE
PAGE FOLLOWS]
IN
WITNESS WHEREOF,
this
Revolving Credit Note has been duly executed as of the day and year first above
written.
| NEW YORK HEALTH CARE, INC. | ||
| |
|
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| By: | /s/ Xxxxx Xxxxxxx | |
|
Xxxxx Xxxxxxx |
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|
Chief
Executive Officer
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