Agenda - 06-24-1986 - Laserfiche WebLink

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Exhibit A AFTER THE ENDORSEMENT AS HEREON PROVIDED AND PLEDGE OF THIS NOTE, THIS NOTE MAY NOT BE ASSIGNED, PLEDGED, ENDORSED OR OTHERWISE TRANSFERRED EXCEPT TO AN ASSIGNEE OF THE PURCHASER REFERRED TO IN THE AGREEMENT, WHERE SUCH TRANSFER IS MADE IN ACCORDANCE WITH SECTION 7 OF THE BOND PURCHASE AGREEMENT, BOTH REFERRED TO HEREIN. PROMISSORY NOTE July 1, 1986 FOR VALUE RECEIVED, ISOTECHNOLOGIES, INC. , a North Carolina corporation ( the "Company" ) , by this promissory note hereby prom- ises to pay to the order of The Orange County Industrial Facil- ities and Pollution Control Financing Authority ( the "Authority" ) the principal sum of One Million Five Hundred Thousand Dollars ( $1,500, 000) as hereinafter provided together with interest on the unpaid principal amount hereof, from the date shown in the Certificate of Disbursement endorsed on the Bond (hereinafter mentioned) until payment in full at a variable rate per annum (except as hereinafter provided) equal to seventy percent ( 70% ) of the rate of interest publicly announced by NCNB National Bank of North Carolina as its prime rate (the "Prime Rate" ) until January , 1987 and 65% of the Prime Rate thereafter ; provide , however, that such rate of interest shall not exceed twelve and one-half percent ( 12. 5%) per annum nor be less than four and one-half percent ( 4 . 5%) per annum. Interest shall be computed on the basis of a 360-day year for the actual number of days in each interest period. Interest only shall be payable monthly on the unpaid principal amount of this Note on the first day of each month from August 1, 1986 until July 1, 1987. From and after the first day of August, 1987, interest and principal shall be payable in 108 consecutive monthly installments, such installments to be initially $19,500, each installment to be applied first to interest and then to principal; provided, however, that in no event shall any such installment of principal and interest be less than the amount of interest due and owing in such month. On each January 1 and July 1, commencing January 1 , 1988, the monthly installments of principal and interest shall be adjusted to be equal to an amount sufficient to amortize on a monthly level debt service basis the then outstanding principal balance of this Note, assuming that 9 the interest rate hereon until maturity is the interest rate in effect on such January 1 or July 1 . If no prepayment of the principal hereof is made, the final installment of principal will become due on July 1, 1996 . A-1