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EXHIBIT 10.3
TERM NOTE
$10,000,000.00 May 31, 1995
FOR VALUE RECEIVED, the undersigned, MHI ACQUISITION CORPORATION I, a
Delaware corporation (to be merged with and into Milestone Healthcare, Inc.)
(the "Borrower"), promises to pay to the order of INTERNATIONALE NEDERLANDEN
(U.S.) CAPITAL CORPORATION, a Delaware corporation (the "Lender"), at the times
provided in the Credit Agreement referenced hereinafter, the principal sum of
TEN MILLION AND NO/100'S DOLLARS ($10,000,000.00) or, if less, the outstanding
principal amount of the Term Loan made by the Lender pursuant to the Credit
Agreement, dated as of May 31, 1995 (together with all amendments and other
modifications, if any, from time to time hereafter made thereto, the "Credit
Agreement"; capitalized terms used herein and not defined herein shall have the
meanings ascribed to them in the Credit Agreement), among the Borrower,
Milestone Healthcare, Inc., a Delaware corporation, Internationale Nederlanden
(U.S.) Capital Corporation, as Agent, and the various lenders (including the
Lender) as are, or may from time to time become, parties thereto. The unpaid
principal amount of this Note is subject to mandatory prepayment from time to
time as provided in Section 3.3.1 of that certain Credit Agreement. Notations
indicating the Term Loan made by the Lender pursuant to the Credit Agreement
and all payments on account of the principal thereof may be endorsed by the
holder hereof on the grid schedule attached to this Note, as provided in the
Credit Agreement.
The unpaid principal amount of this Note from time to time shall bear
interest as provided in Section 3.4 of the Credit Agreement. All payments of
principal of and interest on this Note shall be payable in lawful currency of
the United States of America to the account designated by the Agent (as to
which the Agent has notified the Borrower) in immediately available funds.
This Note is a Term Note referenced in, and evidences Indebtedness
incurred under, the Credit Agreement, to which reference is made for a
description of the security for this Note and for a statement of the terms and
conditions on which the Borrower is permitted and required to make prepayments
and repayments of principal of the Indebtedness evidenced by this Note and on
which such Indebtedness may be declared to be or may automatically become
immediately due and payable.
THIS NOTE SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW
YORK.
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The Borrower hereby waives all requirements as to diligence,
presentment, demand of payment, protest and notice of any kind with respect to
this Note. All amounts owing hereunder are payable by the Borrower without
relief from any valuation or appraisal laws.
MHI ACQUISITION CORPORATION I
(to be merged with and into
Milestone Healthcare, Inc.
By:/s/ William A. Brosius
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Name:
Title:
Upon the merger of MHI Acquisition
Corporation I with and into the
undersigned, the undersigned acknowledges
and agrees that it shall have assumed all
obligations of MHI Acquisition
Corporation I under this Term Note as
if the undersigned was a direct signatory
of this Term Note.
MILESTONE HEALTHCARE, INC.
By:/s/ William A. Brosius
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Name:
Title:
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SCHEDULE TO TERM NOTE
Schedule of Term Loans and Repayments
PERSON
AMOUNT OF AMOUNT OF OUTSTANDING MAKING
DATE TERM LOAN REPAYMENT BALANCE NOTATION
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