Common Contracts
3 similar Loan Agreement contracts by Passport Brands, Inc
NOTELoan Agreement • February 11th, 2011 • Passport Brands, Inc • Knit outerwear mills
This note cancels and replaces a $250,000 Note dated August 12, 2010 and a $320,000 Note dated September 23, 2010 issued by Maker and is consolidated with advances made of $110,000 on September 30, 2010 and $100,000 on November 12, 2010 to Maker.
NOTELoan Agreement • February 11th, 2011 • Passport Brands, Inc • Knit outerwear mills
FOR VALUE RECEIVED, I.C. ISAACS & COMPANY, INC., a Delaware corporation with an address at 475 10th Avenue, 9th Floor, New York, NY 10018 (hereinafter referred to as "Maker") hereby promises to pay to the order of FREEDOM CAPITAL PARTNERS, LTD, a BVI business company with an address at 2600 N. Flagler Drive., Suite 909, West Palm Beach, FL 33407 (hereinafter referred to as the "Lender") the principal sum of Nine Hundred Thousand Dollars ($900,000.00) (the "Loan") with payment in kind (“PIK”) interest at the rate of ten percent (10%) per annum. Interest shall accrue until such time as Maker’s earnings before interest and taxes and depreciation and amortization (“EBITDA”) reaches a run rate for 3 months of $2 million dollars ($2,000,000) per year which is estimated to be in 2012. If the Maker does not convert to Cash pay in 2012 then the PIK Rate increases to 14 % until Cash Pay which shall remain 10 %. In the case of an Event of Default the Default Rate will be 16%.
NOTELoan Agreement • February 11th, 2011 • Passport Brands, Inc • Knit outerwear mills
FOR VALUE RECEIVED, I.C. ISAACS & COMPANY, INC., a Delaware corporation with an address at 475 10th Avenue, 9th Floor, New York, NY 10018 (hereinafter referred to as "Maker") hereby promises to pay to the order of Ernest K. Jacquet an individual with an address at 2600 N. Flagler Drive., Suite 909, West Palm Beach, FL 33407 (hereinafter referred to as the "Lender") the principal sum of Nine Hundred-thirty-six Thousand Dollars ($936,000.00) (the "Loan") with payment in kind (“PIK”) interest at the rate of ten percent (10%) per annum. Interest shall accrue until such time as Maker’s earnings before interest and taxes and depreciation and amortization (“EBITDA”) reaches a run rate for 3 months of $2 million dollars ($2,000,000) per year which is estimated to be in 2012. If the Maker does not convert to Cash pay in 2012 then the PIK Rate increases to 14 % until Cash Pay which shall remain 10 %. In the case of an Event of Default the Default Rate will be 16%.
