Document:

Form of Comdial Corporation Term Loan Note

  
 Exhibit 10.32

  
 COMDIAL CORPORATION 
 TERM LOAN NOTE 
  

			
	 $800,000.00
	 	October 1, 2004
	 	 	[REDACTED]

  
 FOR VALUE RECEIVED,
[REDACTED], a [REDACTED] corporation (the “Borrower”) promises to pay to the order of COMDIAL CORPORATION, maintaining an office at 106 Cattlemen Road, Sarasota, Florida 34232 (“Lender”) or at such
other office or at such other place as Lender may designate in writing, the principal sum of Eight Hundred Thousand Dollars ($800,000.00), in lawful money of the United States of America, together with interest from the date hereof at the rates
specified below, payable as more fully provided below. 
  
 INTEREST RATE — The interest rate charged by Lender to Borrower on this Note is a fixed rate equal to eight percent (8%) per annum. 
  
 All interest shall be calculated on the basis of the actual number of days in the current calendar year, divided by 360. 
  
 PAYMENT OF PRINCIPAL AND INTEREST — Beginning on November 1, 2004 and
continuing on the first day of each successive month thereafter, Borrower shall repay principal and pay interest to Lender as follows: (i) eleven (11) consecutive monthly interest only payments in the amount of Five Thousand Three Hundred and
Thirty Three Dollars ($5,333.00) each; and (ii) a final payment in the amount of the entire unpaid principal balance plus interest due on this Note on or before September 30, 2005. The maturity date for this Note is September 30, 2005 (the
“Maturity Date”). 
  
 PREPAYMENT — Borrower may
prepay this Note at any time without premium or penalty. 
  
 DEFINITIONS — 
  
 The term
“Agreement” means the Business Loan and Security Agreement between Lender and Borrower also dated September                 , 2004. 

 
 The term “Collateral” includes all real
and personal property of any Obligor (as hereinafter defined) now or hereafter pledged, mortgaged, assigned or granted to Lender to secure payment of this Note. 
  
 The term “Liabilities” includes: (a) all amounts at any time owing under this Note
(including any past, present or future advances or re-advances and all substitutions, extensions, renewals and modifications hereof and all interest, late charges, penalties and fees of any and all types owing or payable hereunder); (b) all costs
and expenses incurred by Lender in the collection or enforcement of this Note; and (c) all future advances made by Lender for taxes, levies, insurance, and repairs to or maintenance of the Collateral. 
  
 The term “Obligor” means Borrower, each
surety or guarantor of this Note, and any other person or entity which has granted or in the future grants to Lender a security interest in, or lien upon, property to secure this Note. 
  

 COLLATERAL; INCORPORATION OF SECURITY DOCUMENTS RIGHTS AND REMEDIES — The Collateral shall secure
payment to Lender of any and all amounts due under this Note. Borrower hereby grants or confirms the grant to Lender of a security interest in, lien upon, and right to setoff against the Collateral. The holder of this Note shall be entitled to all
rights, remedies and benefits of any mortgages and other security documents and instruments executed and delivered to Lender with respect to the Collateral (the “Collateral Documents”), and all Collateral Documents are incorporated in this
Note by reference. 
  
 EVENTS OF DEFAULT AND UNCURED EVENTS OF
DEFAULT — The occurrence of an Event of Default as defined in the Agreement and the occurrence of an Uncured Event of Default as defined in the Agreement shall constitute an “Event of Default” under this Note and an
“Uncured Event of Default” under this Note. 
  
 ATTORNEYS’ FEES; EXPENSES — Borrower also agrees to pay to Lender, upon demand at any time, all costs and expenses (including reasonable attorneys’ fees and legal expenses) incurred by Lender in the enforcement of
Borrower’s liabilities to Lender under this Note. 
  
 ACCELERATION; RIGHTS OF LENDER – (a) Upon the occurrence of any Uncured Event of Default, Lender shall have the option to declare to be immediately due and payable the principal and interest accrued on this Note and any and all other
Liabilities. Whether or not it elects to accelerate the Liabilities, Lender may set off accounts and may exercise any rights and remedies against any Obligor or the Collateral as may be available to Lender under this Note, the Agreement, the
Collateral Documents, the Uniform Commercial Code or other applicable law. Setoff shall be deemed to have occurred immediately after any default in payment whether or not any book or accounting entry shall have been made. After the occurrence of an
Uncured Event of Default or maturity, whether by acceleration or otherwise, interest shall accrue, at the option of Lender at a rate of three percent (3%) per annum above the interest rate then applicable under this Note (the “Note Rate”)
until all amounts due under this Note are paid. Interest shall continue to accrue after entry of judgment by confession or otherwise at a rate of three percent (3%) per annum above the Note Rate until all amounts due under this Note and under any
judgment are paid. Lender reserves the right to proceed against any Obligor and to apply proceeds of Collateral to amounts due under this Note or to any other Liabilities in such amounts and in such order as Lender may in its sole discretion
determine. 
  
 (b) Upon the failure by Borrower to effectuate the
sale of the [REDACTED] (as defined in the Agreement) in accordance with the provisions of Section 3.1 of the Agreement, Interest shall accrue at a rate of 24% until all amounts due under this Note are paid. 
  
 MISCELLANEOUS — (a) Except as provided elsewhere in this Note, in the
Agreement or in any of the Collateral Documents, Borrower hereby waives presentment for payment, notice of demand, notice of nonpayment or dishonor, protest, notice of protest, and all other notices in connection with the delivery, acceptance,
performance or enforcement of payment of this Note; (b) Notwithstanding any other provision of this Note, at no time shall Borrower be obligated to pay interest hereunder at a rate which is in excess of the maximum rate permitted by law, and if, by
the terms of this Note, Borrower is at any time obligated to pay interest in excess of such maximum rate, the rate of interest hereunder shall be deemed immediately reduced to such maximum rate of interest; (c) If any provision of this Note is for
any reason held invalid or unenforceable, no other provision shall be affected thereby, and this Note shall be construed as if the invalid or unenforceable provision had never been a part of it; (d) The duties of Borrower shall be binding on
Borrower and all receivers, trustees, successors and assigns of Borrower, and each general partner of Borrower shall be bound hereby both in such general partner’s individual and partnership capacities; (e) This Note shall in all respects be
governed by and construed in accordance with the laws of the [REDACTED] without reference to choice of law principles; and (f) So 

  

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long as Lender is the holder hereof, Lender’s books and records shall be presumed (except in the case of manifest error) to accurately evidence at all
times all amounts due under this Note and the date and amount of all payments made pursuant hereto. 
  
 The following paragraph sets forth a warrant of attorney to confess judgment against Borrower. In granting this warrant of attorney to confess judgment
against Borrower, Borrower hereby knowingly, intentionally, voluntarily, and, with opportunity for advice of separate counsel, unconditionally waives any and all rights Borrower has or may have to prior notice and an opportunity for hearing under
the respective constitutions and laws of the United States and the [REDACTED]. 
  
 CONFESSION OF JUDGMENT — BORROWER HEREBY AUTHORIZES AND EMPOWERS IRREVOCABLY THE PROTHONOTARY OR ANY CLERK OR ATTORNEY OF ANY COURT OF RECORD TO APPEAR AND TO CONFESS JUDGMENT AGAINST BORROWER IN FAVOR
OF THE HOLDER OF THIS NOTE AT ANY TIME AFTER DEMAND AND AFTER THE EXPIRATION OF ANY APPLICABLE CURE PERIODS AS PROVIDED FOR IN THE AGREEMENT, AS OFTEN AS NECESSARY UNTIL ALL LIABILITIES HAVE BEEN PAID IN FULL, AS OF ANY TERM, FOR ALL AMOUNTS OWING
(WHETHER OR NOT THEN DUE) UNDER THIS NOTE, TOGETHER WITH COSTS OF LEGAL PROCEEDINGS AND A REASONABLE ATTORNEYS’ FEE FOR COLLECTION WITH RELEASE OF ALL ERRORS, WAIVER OF APPEALS, AND WITHOUT STAY OF EXECUTION. BORROWER HEREBY WAIVES ALL RELIEF
FROM ANY AND ALL APPRAISEMENT, STAY OR EXEMPTION LAWS OR RULES OF COURT NOW OR HEREAFTER IN EFFECT. 
  
 Signatures 
  
 Witness the due execution of this Note on the day and year first above written. 
  

			
	[REDACTED] CORPORATION
		
	By:	 	 
	 	 	 Name: [REDACTED]

	 	 	 Title: President

			
	 Attest:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 3Form of Warrant to Purchase Common Stock

  
 Exhibit 10.33

  
 WARRANT TO PURCHASE COMMON STOCK 
  
 OF 
  
 [REDACTED] 
  
 Warrant              
  
 This is to Certify That, FOR VALUE RECEIVED, COMDIAL CORPORATION, or assigns (“Holder”), is entitled to
purchase, subject to the provisions of this Warrant, from [REDACTED], a [REDACTED] corporation (the “Company”), Two Hundred and Sixty Three (263) fully paid, validly issued and nonassessable shares of Series A Common Stock of the
Company (“Common Stock”) at a price of $.01 per share at any time or from time to time on or after October 5, 2004 (the “Exercise Date”). The shares of Common Stock deliverable upon such exercise, and as adjusted
from time to time, are hereinafter sometimes referred to as “Warrant Shares” and the exercise price of a share Common Stock in effect at any time and as adjusted from time to time is hereinafter sometimes referred to as the
“Exercise Price.” 
  
 (a) EXERCISE OF WARRANT.

  
 (1) This Warrant may be exercised in whole or
in part at any time or from time to time on or after the Exercise Date; provided, however, that (i) if such day is a day on which banking institutions in the State of New York are authorized by law to close, then on the next succeeding day which
shall not be such a day, and (ii) in the event of any merger, consolidation or sale of substantially all the assets of the Company as an entirety, resulting in any distribution to the Company’s stockholders, the Holder shall have the right to
exercise this Warrant into the kind and amount of shares of stock and other securities and property (including cash) receivable by a holder of the number of shares of Common Stock into which this Warrant might have been exercisable immediately prior
thereto. This Warrant may be exercised by presentation and surrender hereof to the Company at its principal office with the Purchase Form annexed hereto duly executed and accompanied by payment of the Exercise Price for the number of Warrant Shares
specified in such form. As soon as practicable after each such exercise of this Warrant, following the receipt of good and available funds, the Company shall issue and deliver to the Holder a certificate or certificates for the Warrant Shares
issuable upon such exercise, registered in the name of the Holder or its designee and bearing a restrictive legend substantially similar to the one set forth on the front page of this Warrant. If this Warrant should be exercised in part only, the
Company shall, upon surrender of this Warrant for cancellation, execute and deliver a new Warrant evidencing the rights of the Holder thereof to purchase the balance of the Warrant Shares purchasable thereunder. As of the end of business on the date
of receipt by the Company of this Warrant at its office in proper form for exercise, the Holder shall be deemed to be the holder of record of the shares of Common Stock issuable upon such exercise, notwithstanding that the stock transfer books of
the Company shall then be closed or that certificates representing such shares shall not then be physically delivered to the Holder. 
  
 (b) RESERVATION OF SHARES. The Company shall at all times reserve for issuance and/or delivery upon exercise of the Warrants such number of shares of
Common Stock as shall be required for issuance and delivery upon exercise of the Warrants. 
  

 (c) EXCHANGE, TRANSFER, ASSIGNMENT OR LOSS OF WARRANT. This Warrant is exchangeable, without expense, at
the option of the Holder, upon presentation and surrender hereof to the Company or at the office of its stock transfer agent, if any, for other warrants of different denominations entitling the holder thereof to purchase in the aggregate the same
number of shares of Common Stock purchasable hereunder. Upon surrender of this Warrant to the Company at its principal office or at the office of its stock transfer agent, if any, with the Assignment Form annexed hereto duly executed by the Holder
and funds sufficient to pay any transfer tax delivered by the Holder, the Company shall, without charge, subject to the Holder’s compliance with the restrictive legend set forth on the front page of this Warrant, execute and deliver a new
Warrant in the name of the assignee named in such instrument of assignment and this Warrant shall promptly be cancelled. This Warrant may be divided or combined with other warrants that carry the same rights upon presentation hereof at the principal
office of the Company or at the office of its stock transfer agent, if any, together with a written notice specifying the denominations in which new warrants are to be issued to the Holder and signed by the Holder hereof. The term
“Warrants” as used herein includes any warrants into which this Warrant may be divided or exchanged. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and (in
the case of loss, theft or destruction) of reasonably satisfactory indemnification, and upon surrender and cancellation of this Warrant, if mutilated, the Company will execute and deliver a new Warrant of like tenor and date. Any such new Warrant
executed and delivered shall constitute an additional contractual obligation on the part of the Company, whether or not this Warrant so lost, stolen, destroyed, or mutilated shall be at any time enforceable by anyone. 
  
 (d) RIGHTS OF THE HOLDER. The Holder shall not, by virtue hereof, be entitled
to any rights of a shareholder in the Company, either at law or equity, and the rights of the Holder are limited to those expressed in this Warrant and are not enforceable against the Company except to the extent set forth herein. 
  
 (e) ADJUSTMENT PROVISIONS. The Exercise Price in effect at any time and the
number and kind of securities purchasable upon the exercise of the Warrants shall be subject to adjustment from time to time upon the happening of certain events as follows: 
  
 (1) In case the Company shall hereafter (i) declare a dividend or make a distribution on its outstanding
Common Stock in shares of Common Stock, (ii) subdivide or reclassify its outstanding Common Stock into a greater number of shares, or (iii) combine or reclassify its outstanding Common Stock into a smaller number of shares, the Exercise Price in
effect at the time of the record date for such dividend or distribution or of the effective date of such subdivision, combination or reclassification shall be adjusted so that it shall equal the price determined by multiplying the Exercise Price by
a fraction, the denominator of which shall be the number of shares of Common Stock outstanding after giving effect to such action, and the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such action.
Such adjustment shall be made successively whenever any event listed above shall occur. 
  
 (2) Whenever the Exercise Price payable upon exercise of each Warrant is adjusted pursuant to Subsection (1), the number of Warrant Shares
purchasable upon exercise of this Warrant shall simultaneously be adjusted to the number of Warrant Shares resulting from multiplying the number of Warrant Shares initially issuable upon exercise of this Warrant by the 

  

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Exercise Price in effect immediately prior to such adjustment and dividing the product so obtained by the Exercise Price, as adjusted. 
  
 (3) In the event that at any time, as a result of an
adjustment similar to any adjustment made pursuant to Subsection (1) above, the Holder of this Warrant thereafter shall become entitled to receive any shares of the Company, other than Common Stock, thereafter the number of such other shares so
receivable upon exercise of this Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Common Stock contained in Subsection (1) above. 

 
 (4) Irrespective of any adjustments in the Exercise Price
or the number or kind of shares purchasable upon exercise of this Warrant, Warrants theretofore issued may continue to express the same price and number and kind of shares as are stated in the similar Warrants initially issuable pursuant to this
Warrant. 
  
 (f) NOTICES TO WARRANT HOLDERS. So long as this
Warrant shall be outstanding, (i) if the Company shall pay any dividend or make any distribution upon the Common Stock or (ii) if the Company shall offer to the holders of Common Stock for subscription or purchase by them any share of any class or
any other rights or (iii) if any capital reorganization of the Company, reclassification of the capital stock of the Company, consolidation or merger of the Company with or into another corporation, sale, lease or transfer of all or substantially
all of the property and assets of the Company to another corporation, or voluntary or involuntary dissolution, liquidation or winding up of the Company shall be effected, then in any such case, the Company shall cause to be mailed by certified mail
to the Holder, at least fifteen days prior the date specified in (x) or (y) below, as the case may be, a notice containing a brief description of the proposed action and stating the date on which (x) a record is to be taken for the purpose of such
dividend, distribution or rights, or (y) such reclassification, reorganization, consolidation, merger, conveyance, lease, dissolution, liquidation or winding up is to take place and the date, if any is to be fixed, as of which the holders of Common
Stock or other securities shall receive cash or other property deliverable upon such reclassification, reorganization, consolidation, merger, conveyance, dissolution, liquidation or winding up. 
  
 (g) RECLASSIFICATION, REORGANIZATION OR MERGER. In case of any
reclassification, capital reorganization or other change of outstanding Common Stock of the Company, or in case of any consolidation or merger of the Company with or into another corporation (other than a merger with a subsidiary in which merger the
Company is the continuing corporation and which does not result in any reclassification, capital reorganization or other change of outstanding Common Stock of the class issuable upon exercise of this Warrant) or in case of any sale, lease or
conveyance to another corporation of the property of the Company as an entirety, the Company shall, as a condition precedent to such transaction and to the extent reasonably deemed necessary, cause effective provisions to be made so that the Holder
shall have the right thereafter by exercising this Warrant at any time prior to the expiration of the Warrant, to purchase the kind and amount of shares of stock and other securities and property receivable upon such reclassification, capital
reorganization and other change, consolidation, merger, sale or conveyance by a holder of the number of shares of Common Stock that might have been purchased upon exercise of this Warrant immediately prior to such reclassification, change,
consolidation, merger, sale or conveyance. Any such provision shall include provision for adjustments which shall be as nearly equivalent as may be practicable to the adjustments 

  

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provided for in this Warrant. The foregoing provisions of this Section (h) shall similarly apply to successive reclassifications, capital reorganizations and
changes of Common Stock and to successive consolidations, mergers, sales or conveyances. In the event that in connection with any such capital reorganization or reclassification, consolidation, merger, sale or conveyance, additional shares of Common
Stock shall be issued in exchange, conversion, substitution or payment, in whole or in part, for a security of the Company other than Common Stock, any such issue shall be treated as an issue of Common Stock covered by the provisions of Subsection
(1) of Section (f) hereof. 
  
 (h) MODIFICATION OF AGREEMENT. The
provisions of this Warrant may from time to time be amended, modified or waived, if such amendment, modification or waiver is applicable to all of the Warrants and is in writing and consented to by the Company and the holders of at least a majority
of the outstanding Warrants and Warrant Shares and such amendment, modification or waiver shall be binding upon the holder of this Warrant (and any assignee thereof) regardless of whether the holder consented to such amendment, modification or
waiver; provided that nothing shall prevent the Company and a Registered Holder from consenting to modifications to this Warrant which affect or are applicable to such Registered Holder only. 
  
 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed in its
name by its duly authorized officer. 
  

			
	 [REDACTED]

		
	By:	 	 

  
 Dated: October 1, 2004

  

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 PURCHASE FORM 
  
 Dated
                     
  
 (1) The undersigned hereby irrevocably elects to exercise the within Warrant to the extent of purchasing
                 shares of Common Stock of [REDACTED] (or such number of shares of Common Stock or other securities or property to which the undersigned is
entitled in lieu thereof or in addition thereto under the provisions of the Warrant). 
  
 (2) The undersigned elects to exercise the within Warrant on a cashless basis pursuant to the provisions of Section (a)(2) of the Warrant by checking below: 
  
              check if cashless exercise; or 

 
 (3) The undersigned encloses herewith a bank draft, certified check or money order payable
to the Company in payment of the exercise price determined under, and on the terms specified in, the Warrant. 
  
 (4) The undersigned hereby irrevocably directs that the said shares be issued and delivered as follows: 
  

							
	 Name(s) in Full

	 	 Address(es)

	 	 Number of Shares

	  	 S.S. or IRS #

	 _____________________
	 	_____________________	 	_____________________	  	_____________________
	 _____________________
	 	_____________________	 	_____________________	  	_____________________

  

	
	  
	 Signature of Subscriber

  

	
	
	  
	 Print Name

  

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 ASSIGNMENT FORM 
  
 FOR VALUE RECEIVED,
                                        
             hereby sells, assigns and transfers unto 
  

	
	
	 Name
                                        
                    

	 (Please typewrite or print in block letters)

  
 Address
                                        
                 
  
 the right to purchase Common Stock represented by this Warrant to the extent of          shares as to which such right is exercisable and does hereby irrevocably
constitute and appoint                      Attorney, to transfer the same on the books of the Company with full power of substitution in the
premises. 
  

	
	
	 Date
                                        
                    

	
	 Signature
                                        
                    

  

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