Exhibit 10.62
ALL RIGHTS TO RECEIVE PAYMENTS UNDER THIS NOTE ARE SUBJECT TO A SUBORDINATION
AGREEMENT AMONG WTC INDUSTRIES, INC., XXXXXX XXXX, XX. AND U.S. BANK NATIONAL
ASSOCIATION.
REVOLVING NOTE
Date: December 28, 2000 Principal Sum: $1,250,000.00
For value received, the undersigned, WTC Industries, Inc., (the
"Maker"), promises to pay to the order of Xxxxxx X. Xxxx, Xx., (the "Holder"),
at 000 Xxxx Xxxxx Xxxxxx, Xxxx Xx. Xxxx, Xxxxxxxxx 00000, or at any other place
designated at any time by the holder hereof, in lawful money of the United
States of America, the principal sum of One Million Two Hundred Fifty Thousand
Dollars ($1,250,000.00) or, if less than such amount, the aggregate unpaid
principal amount of all advances made to Maker from time to time, with interest
(calculated on the basis of actual days elapsed in a 365 day year) thereon from
the date hereof on the unpaid balances from time to time remaining.
Interest shall accrue on the unpaid balance at an annual rate equal to
the Wall Street Journal prime rate of interest plus four (4) percent payable
monthly. Principal shall be payable on December 31, 2001.
All payments under this Note shall first be applied to interest on
unpaid principal and the balance to the amortization and reduction of principal.
The Maker hereof shall have the option to prepay the balance of this
Note in whole or in part, at any time, without penalty provided that any such
prepayment shall be applied against future payments and installments due under
this Note in the inverse order of maturity.
This Note shall become automatically due and payable, including unpaid
interest accrued thereon, without notice or demand, should a petition be filed
by or against the undersigned under the United States Bankruptcy Code.
If any payment under this Note is not paid when due, or if any other
indebtedness of the undersigned to the Holder is not paid when due, the Holder
hereof may, at its option, declare this Note to be immediately due and payable
and thereupon this Note shall be immediately due and payable, together with all
unpaid interest accrued hereon, without notice or demand; provided, however,
nothing herein
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contained shall preclude or limit the holder hereof from demanding payment of
this Note at any time and for any reason, without notice.
The undersigned agrees to pay all costs of collection, including
reasonable attorney's fees and legal expenses incurred by the holder hereof in
the event this Note is not duly paid.
Presentment or other demand for payment, notice of dishonor and protest
are hereby waived by the undersigned.
This Note shall be governed by the substantive laws of the State of
Minnesota.
Address of Maker: PentaPure Incorporated
WTC Industries, Inc. By: /s/ Xxxx Xxxxxx
000 Xxxxx Xxxxxx Xxxx -------------------------------------
Xxxx Xx. Xxxx XX 00000-0000 Xxxx Xxxxxx
Chief Financial Officer
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