Careview Communications, Inc. 8-K


Exhibit 10.02


TRANCHE
ONE TERM NOTE


 


$20,000,000.00New
York, New York


October
7, 2015


FOR
VALUE RECEIVED, the undersigned, CAREVIEW COMMUNICATIONS, INC., a Texas corporation (the “Borrower”), hereby
unconditionally promises to pay to PDL BIOPHARMA, INC., a Delaware corporation (the “Lender”), or its registered
assigns at the address specified in the Credit Agreement (as hereinafter defined; each capitalized term used and not otherwise
defined herein having the meaning assigned to it in the Credit Agreement) in lawful money of the United States and in immediately
available funds, the unpaid amount of the Obligations relating to the Tranche One Loan outstanding under the Credit Agreement.
Amounts evidenced hereby shall be paid in the amounts and on the dates specified in Section 2 of the Credit Agreement. Any
principal amount of this Note prepaid or repaid may not be reborrowed. The outstanding principal balance of this Note together
with all accrued and unpaid interest thereon shall be due and payable on the Tranche One Maturity Date.


The
holder of this Note is authorized (but not required) to endorse on the schedules annexed hereto and made a part hereof or on a
continuation thereof which shall be attached hereto and made a part hereof the date, the type and amount of the Obligations relating
to the Tranche One Loan and the date, type and amount of each payment or prepayment in respect thereof. Each such endorsement
shall constitute prima facie evidence of the accuracy of the information endorsed. The failure of such holder to make any
such endorsement or any error in any such endorsement shall not affect the Obligations.


This
Note (a) is one of the Notes referred to in the Credit Agreement dated as of

June 26, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
by and among the Borrower, CareView Communications, Inc., a Nevada corporation and the direct parent of the Borrower (“Holdings”),
the Lender, as lender and as agent, and any other entities from time to time party thereto and (b) is subject to the provisions
of the Credit Agreement. This Note is secured and guaranteed as provided in the Loan Documents. Reference is hereby made to the
Loan Documents for a description of the properties and assets in which a security interest has been granted, the nature and extent
of the security and the guarantees, the terms and conditions upon which the security interests and each guarantee were granted
and the rights of the holder of this Note in respect thereof. Borrower acknowledges and agrees that Lender, as agent, may exercise
all rights provided in the Loan Documents with respect to this Note.


Upon
the occurrence and during the continuance of any one or more of the Events of Default, all Obligations under the Credit Agreement
as evidenced by this Note shall become, or may be declared to be, immediately due and payable, all as provided in the Credit Agreement.


All
parties now and hereafter liable with respect to this Note, whether as maker, principal, surety, guarantor, endorser or otherwise,
hereby waive presentment, demand, protest and all other notices of any kind.


 




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NOTWITHSTANDING
ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN THE CREDIT AGREEMENT, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AND
IN ACCORDANCE WITH THE CREDIT AGREEMENT.


This
Note shall be governed by, and construed and interpreted in accordance with, the internal laws of the State of New York, without
regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the State of
New York (other than Section 5-1401 of the New York General Obligations Law).


 


CAREVIEW
COMMUNICATIONS, INC.,

a Texas corporation


By:/s/
Steven Johnson

Name: Steven Johnson

Title: President and CEO


 




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SCHEDULE
TO TRANCHE ONE TERM NOTE


 


	Date	Type
    and Amount of Loan	Amount
    of Principal Paid or Prepaid	Unpaid
    Principal Amount of Note
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 


 


 


Schedule
to Term Note