MAY DISCRETIONARY CREDIT NOTEMay Discretionary Credit Note • July 14th, 2003 • Medicalcv Inc • Orthopedic, prosthetic & surgical appliances & supplies
FOR VALUE RECEIVED, MEDICALCV, INC., a Minnesota corporation (the “Borrower”) promises to pay to the order of PKM PROPERTIES, LLC, a Minnesota limited liability company (the “Lender”) at its office in Minneapolis, Minnesota or at such other place as may be designated from time to time by the holder hereof, in lawful money of the United States of America, the principal sum of One Million Dollars ($1,000,000) or so much thereof as has been advanced by the Lender to or for the benefit of the Borrower pursuant to that certain May Discretionary Credit Agreement, dated as of the date hereof, as amended from time to time, between the Borrower and the Lender (the “Agreement”) and remains unpaid, together with interest on the unpaid principal balance hereof from May 28, 2003 until this Note is fully paid, at an annual rate of interest, calculated on the basis of actual number of days elapsed in a 360 day year, that shall at all times be equal to the Interest Rate, as provided in the Agreement,
