Exhibit A LINE OF CREDIT GRID NOTE
Exhibit
4.2
Exhibit A
LINE
OF CREDIT
GRID NOTE
Maximum
Principal Amount: $3,000,000
Date:
February __, 2007
FOR
VALUE
RECEIVED, the undersigned, 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 __, 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.
Xxxxxxxxxxxxx.xxx,
Inc.
a
Nevada
corporation
By:
Name:
Title:
SCHEDULE TO
LINE OF CREDIT GRID NOTE
|
Date
|
Amount
of
Advance
|
Interest
Rate
|
Amount
of
Principal
Prepaid
|
Unpaid
Principal
Balance of Line of Credit Grid Note |
Name
of Person
Making Notation |
Initials
of
Such
Person
|
