EXIBIT 10.24
REVOLVING NOTE
$200,000 Dated: As of July 1, 2001
FOR VALUE RECEIVED, the undersigned, Xxxxxxx X. Xxxxx, M.D., P.C., a
professional corporation organized under the laws of the State of New York (the
"Borrower"), HEREBY PROMISES TO PAY to the order of ISOTOPE SOLUTIONS, INC., a
New York corporation (the "Lender"), the principal sum of Two Hundred Thousand
Dollars ($200,000), or, if less, the aggregate unpaid principal amount of all
Working Capital Advances (as defined in the Practice Management Services
Agreement by and between the Borrower and the Lender dated as of December 1,
1997) of the Lender to the Borrower.
The Borrower promises to pay interest on the unpaid principal amount of
the Working Capital Advances from the date made until such principal amount is
paid in full, at the rate of 8.00% per annum. Per annum shall mean a 360 day
year consisting of 30 days per month.
The unpaid principal and accrued interest shall be payable in full on
any future date on which the Lender demands repayment (the "Due Date").
All payments on this Revolving Note shall be applied first in payment of
accrued interest and any remainder in payment of principal.
The Borrower reserves the right to prepay this Revolving Note (in whole
or in part) prior to the Due Date with no prepayment penalty.
Both principal and interest are payable in lawful money of the United
States of America to the Lender, at its offices at 000 Xxxxxxx Xxxxxx, Xxxxxx
Xxxx, Xxx Xxxx 00000, or to such account as may be designated in writing from
time to time by the Lender, in immediately available funds. The Working Capital
Advances made by the Lender to the Borrower, and all payments made on account of
the principal thereof, shall be recorded by the Lender and, prior to any
transfer hereof, endorsed on this Revolving Note.
This Revolving Note is secured by the Security Agreement between the
Borrower and the Lender of even date herewith.
If any of the following events occur (each an "Event of Default"), this
Revolving Note and any other obligations of the Borrower to the Lender shall
become due immediately, without demand or notice:
1. the failure of the Borrower to pay the principal and any accrued
interest in full on or before the Due Date;
2. the death of the Borrower or Lender;
3. the filing of bankruptcy proceedings involving the Borrower as a
debtor;
4. the application for the appointment of a receiver for the
Borrower;
5. the making of a general assignment for the benefit of the
Borrower's creditors;
6. the insolvency of the Borrower;
7. a misrepresentation by the Borrower to the Lender for the
purpose of obtaining or extending credit.
If any one or more of the provisions of this Revolving Note are
determined to be unenforceable, in whole or in part, for any reason, the
remaining provisions shall remain fully operative.
All payments of principal and interest on this Revolving Note shall be
paid in the legal currency of the United States. The Borrower waives presentment
for payment, protest, and notice of protest and nonpayment of this Revolving
Note.
No renewal or extension of this Revolving Note, delay in enforcing any
right of the Lender under this Revolving Note, or assignment by the Lender of
this Revolving Note shall affect the liability or the obligations of the
Borrower. All rights of the Lender under this Revolving Note are cumulative and
may be exercised concurrently or consecutively at the Lender's option.
The Borrower agrees to pay all expenses, including reasonable attorney's
fees and legal expenses, incurred by the holder of this Revolving Note in
endeavoring to collect any amounts payable hereunder that are not paid when due
or upon an Event of Default, whether by acceleration or otherwise.
This Revolving Note shall be governed by, and construed and interpreted
in accordance with, the laws of the State of New York.
XXXXXXX X. XXXXX, M.D., P.C.
By:
--------------------------------------
Name:
Title:
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WORKING CAPITAL LOANS AND PAYMENTS OF PRINCIPAL
Amount of
Amount Principal Paid Notation
Date of Loan or Prepaid Made By
-------- -------- -------------- ---------
07/31/01 $22,000
08/29/01 $39,000
09/05/01 $10,000
09/19/01 $30,000
10/19/01 $25,000
11/26/01 $20,000
12/27/01 $23,000
02/13/02 $ 6,000
02/14/02 $12,000
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