Document:

ex10_16.htm

 

PROMISSORY NOTE

Sacramento, California

February 1, 2011

 

1. Agreement to Pay.  For value received, STEM CELL ASSURANCE, INC., a Nevada corporation (“Maker”), hereby agrees and promises to pay to order of THERMOGENESIS CORP., a Delaware corporation, its endorsees, successors and assigns (hereinafter referred to as  “Holder”), at 2711 Citrus Road, Rancho Cordova, California 95742, or such other address as Holder may from time to time designate, the principal sum of Two Hundred Sixty-six Thousand, Fifty-five and 31/100 Dollars ($266,055.31) (the “Obligation”), together with any interest thereon as provided for herein, until such Obligation has been paid in full (the “Note”) subject to the terms and conditions set forth herein.

 

2. Background and Purpose.  This Note is made with reference to that certain Equipment Purchase Agreement dated February 1, 2011 ("Purchase Agreement") between Maker and Holder, pursuant to which Holder sold the Products (as defined in the Purchase Agreement) to Maker (the "Products").

 

3. Interest Rate.  Commencing on February 1, 2011, the outstanding principal balance shall bear interest at a rate of six percent (6.0%) per annum.

 

4. Payment Terms.  Payments shall be made by Maker under this Note on the terms and conditions set forth below:

 

a. Periodic Payments. Commencing on March 1, 2011, and on the first day of every month thereafter until the Maturity Date, Maker shall pay to Holder the amount of $8,093.92 per month.

 

b. Maturity Date.  Notwithstanding any other provision herein, and subject to the rights of Holder under Section 5 below, the entire unpaid principal balance of this Note and all accrued and unpaid interest shall be due and payable on the Maturity Date. The Maturity Date shall be February 1, 2014.

 

c. Payment Time and Form.  Maker shall make the payments required under this Note not later than 5:00 p.m. Pacific Standard Time on the required payment dates at the address specified above.  All amounts payable under this Note are payable in lawful money of the United States.

 

d. Application of Payments.  All payments shall be applied first to the payment of any costs, fees, late charges or other charges due under this Note; second to accrued interest; and third to the principal balance.  All payments hereunder which are due on a Saturday, Sunday or holiday shall be deemed to be payable on the next business day.

 

	
5.  

	
Default.

 

a. Any of the following shall constitute an “Event of Default” under this Note: (a) the failure by Maker to make any payment of interest or principal, or any other sum or charge when due in accordance with the terms and conditions of this Note, and the continuance thereof for a period of ten (10) days following receipt of written notice of default, or (b) the failure by Maker to pay in full the entire unpaid principal amount hereof not later than the Maturity Date and the continuance thereof for a period of ten (10) days following receipt of written notice of default.

 

  

  

  

b. Upon the occurrence of any Event of Default, the entire unpaid principal balance, along with all accrued interest and any other amounts owing under or evidenced by this Note, shall immediately become due and payable in full. The Holder shall have and may exercise any and all rights and remedies available at law or in equity.

 

c. If an Event of Default occurs, this Note shall thereafter bear interest at the rate of the lesser of (i) the Maximum Rate (as hereinafter defined) or (ii) ten percent (10%) per annum (which lesser rate is referred to as the "Default Rate") from the date of the Event of Default until payment in full of the Obligation.

 

6. Attorney Fees.  If any attorney is engaged by Holder to enforce or defend any provision of this Note, or as a consequence of any Event of Default, with or without the filing of any legal action or proceeding, then Maker shall pay to Holder immediately upon demand all reasonable attorneys’ fees and all costs incurred by Holder in connection therewith, together with interest thereon from the date of such demand until paid at the rate of interest applicable to the principal balance owing hereunder as if such unpaid attorneys’ fees and costs had been added to the principal.

 

7. Waivers and Consents.  Maker and all endorsers, guarantors, sureties, accommodation parties hereof, and all other persons liable or to become liable for all or any part of the indebtedness under this Note, waive all applicable exemption rights, whether under the laws of the State, homestead laws, or otherwise, and also waive valuation and appraisement, diligence, presentment, protest and demand, and also notice of protest, of demand, of nonpayment, of dishonor, of acceleration, of intention to accelerate and of maturity.  All endorsers, guarantors, sureties, and accommodation parties hereby consent to any and all renewals, extensions or modifications of the terms hereof, including time for payment.  Any such renewals, extensions or modifications may be made without notice to any of said parties.

 

8.  Prepayment.  Maker shall have the right at any time to prepay this Note in full or in part during the term hereof without penalty or premium with full payment of all accrued but unpaid interest with respect to such portion of the principal being repaid.

 

9. Governing Law.  This Note shall be governed by the laws of the State of California without reference to its conflict of laws provisions.

 

10. Time.  Time is of the essence of this Note and each of the provisions hereof.

 

11. Interest Limitation.  All agreements between Maker and Holder are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the indebtedness evidenced hereby or otherwise, shall the amount paid or agreed to be paid to Holder for the use, forbearance, loaning or detention of the indebtedness evidenced hereby exceed the maximum permissible under applicable law (“Maximum Rate”).  If from any circumstance whatsoever, fulfillment of any provision hereof at any time given the amount paid or agreed to be paid shall exceed the Maximum Rate permissible under applicable law, then, the obligation to be fulfilled shall automatically be reduced to the limit permitted by applicable law, and if from any circumstance Holder should ever receive as interest an amount which would exceed the highest lawful rate of interest, such amount which would be in excess of such highest lawful rate of interest shall be applied to the reduction of the principal balance evidenced hereby and not to the payment of interest.  This provision shall control every other provision of all agreements between Maker and Holder and shall be binding upon and available to any subsequent holder of this Note.

 

12.   No Waiver by Holder.  The remedies of Holder as provided herein shall be cumulative and concurrent, and may be pursued singularly, successively or together, at the sole discretion of Holder, and may be exercised as often as occasion therefore shall arise.  No delay or omission by Holder in exercising, or failure by Holder on any one or more occasions to exercise any right, remedy or recourse hereunder, or at law or in equity, including without limitation Holder’s right, after the occurrence of any Event of Default by Maker, to declare the entire indebtedness evidenced hereby due and payable, shall be construed as a novation of this Note or shall operate as a waiver or release or prevent the subsequent exercise of any or all such rights, such waiver or release to be effected only through a written document executed by Holder, and then only to the extent specifically recited therein. A waiver or release with reference to any one event shall not be construed as continuing, as a bar to, or as a waiver or release of any subsequent right, remedy, or recourse as to a subsequent event.

 

  

  

  

13. Captions.  The captions to the sections of this Note are for convenience only and shall not be deemed part of the text of the respective sections and shall not vary, by implication or otherwise, any of the provisions of this Note.

 

14. Notices.  All notices required or committed to be given hereunder to Maker or Holder shall be given at the addresses set forth in above with respect to Holder and in the Security Agreement with respect to Maker.

 

15. Assignment.  This Note inures to and binds the heirs, legal representatives, successors, and assigns of Maker and Holder.  This Note is not assignable by Maker, without the written consent of Holder.

 

16. Severability.  If any provision of this Note, or the application of it to any party or circumstance is held void, invalid, or unenforceable by a court of competent jurisdiction, the remainder of this Note, and the application of such provision to other parties or circumstances, shall not be affected thereby, the provisions of this Note being severable in any such instance.

 

17. Miscellaneous.  The provisions of this Note may not be waived, changed or discharged orally, but only by an agreement in writing signed by Maker and Holder; and any oral waiver, change or discharge of any term or provision of this Note shall be without authority and of no force or effect.

 

Maker has executed this Note as of the date and year first above written.

MAKER:

STEM CELL ASSURANCE, INC., a Nevada

corporation

By:                                                                      

Name:                                                                      

Title:ex10_36.htm

STEM CELL CAYMAN LTD.

 

NOVEMBER 4, 2011

 

PROMISSORY NOTE

 

DUE NOVEMBER 4, 2012

 

STEM CELL CAYMAN LTD., a Cayman Islands corporation (the “Company”), for value received, hereby promises to pay to WESTBURY (BERMUDA) LTD. or order (the “Holder”) on November 4, 2012 (the “Maturity Date’) at the offices of the Company, c/o Campbells, 4th Floor, Scotia Centre, Albert Panton Street, George Town, Grand Cayman, Cayman Islands, the principal sum of ONE MILLION ($1,000,000) DOLLARS and to pay interest on said principal sum at the rate of fifteen percent (15%) per annum through the Maturity Date.  Interest on the principal balance of this Promissory Note (“Note”) from the date hereof shall be payable on the first day of each month commencing on December 1, 2011.

 

1. Registered Owner.  The Company may consider and treat the person in whose name this Note shall be registered as the absolute owner thereof for all purposes whatsoever (whether or not this Note shall be overdue) and the Company shall not be affected by any notice to the contrary.  Subject to the provisions hereof, the registered owner of this Note shall have the right to transfer it by assignment and the transferee thereof, upon its registration as owner of this Note, shall become vested with all the powers and rights of the transferor.  Registration of any new owner shall take place upon presentation of this Note to the Company at its offices together with the Note Assignment Form attached hereto duly executed.  In case of transfers by operation of law, the transferee shall notify the Company of such transfer and of its address, and shall submit appropriate evidence regarding the transfer so that this Note may be registered in the name of the transferee.  This Note is transferable only on the books of the Company by the Holder on the surrender hereof, duly endorsed. Communications sent to any registered owner shall be effective as against all holders or transferees of this Note not registered at the time of sending the communication.

 

2. Right to Accelerate.  In the event that BioRestorative Therapies, Inc., a Nevada corporation and parent of the Company, receives net proceeds of at least $5,000,000 from an equity or debt financing, then, on or after the six (6) month anniversary of the date hereof, the Holder shall have the right, upon written notice to the Company, to accelerate the Maturity Date to the date thereof and demand that the entire unpaid principal amount of this Note then outstanding, together with accrued interest thereon, be forthwith due and payable whereupon the same shall become forthwith due and payable.

 

3. Events of Default.  If the Company shall (i) fail to make any payment due hereunder and such failure shall continue unremedied for a period of fifteen (15) days following receipt of written notice thereof from the Holder; (ii) admit in writing its inability to pay its debts generally as they mature; (iii) make a general assignment for the benefit of creditors; (iv) be adjudicated a bankrupt or insolvent; (v) file a voluntary petition in bankruptcy or a petition or an answer seeking an arrangement with creditors; (vi) take advantage of any bankruptcy, insolvency or readjustment of debt law or statute or file an answer admitting the material allegations of a petition filed against it in any proceeding under any such law; (vii) apply for or consent to the appointment of a receiver, trustee or liquidator for all or substantially all of its assets; or (viii) have an involuntary case commenced against it under any bankruptcy law, which case is not dismissed or stayed within sixty (60) days (each an “Event of Default”), then, at any time thereafter and unless such Event of Default shall have been cured or shall have been waived in writing by the Holder, the Holder may, by written notice to the Company, declare the entire unpaid principal amount of this Note then outstanding, together with accrued interest thereon, to be forthwith due and payable, whereupon the same shall become forthwith due and payable.

 

  

  

  

4. Applicable Law.  This Note is issued under and shall for all purposes be governed by and construed in accordance with the laws of the Cayman Islands, excluding choice of law rules thereof.

 

5. Notices.  Any notice required or permitted to be given pursuant to this Note shall be deemed to have been duly given when delivered by hand or sent by certified or registered mail, return receipt requested and postage prepaid, overnight mail or telecopier as follows:

 

If to the Holder:

Victoria Hall

11 Victoria Street

PO Box HM 1065

Hamilton HM EX

Bermuda

If to the Company:

c/o Campbells

4th Floor, Scotia Centre

Albert Panton Street

George Town, Grand Cayman

Cayman Islands

Attn:  John Wolf

Facsimile No.: (345) 949-8613

With a copy to

c/o Campbells

4th Floor, Scotia Centre

Albert Panton Street

George Town, Grand Cayman

Cayman Islands

Attn:  John Wolf

Facsimile No.: (345) 949-8613

  

  

  

or at such other address as the Holder or the Company shall designate by notice to the other given in accordance with this Section 5.

 

6. Miscellaneous.  This Note evidences the entire obligation of the Company with respect to the repayment of the principal amount hereof and the other matters provided for herein.  No provision of this Note may be modified except by an instrument in writing signed by  the Company and the Holder.  Payment of interest due under this Note prior to the Maturity Date shall be made to the registered Holder of this Note.  Payment of principal and interest due upon maturity shall be made to the registered Holder of this Note on or after the Maturity Date contemporaneous with and upon presentation of this Note for payment.  No interest shall be due on this Note for such period of time that may elapse between the Maturity Date and its presentation for payment.

 

 [Remainder of page intentionally left blank.  Signature page follows.]

 

 

  

  

  

IN WITNESS WHEREOF, the Company has caused this Note to be signed on its behalf, in its corporate name, by its duly authorized officer, all as of the day and year first above written.

 

	 	 
STEM CELL CAYMAN LTD.

	 
	 	 	 	 
	 	
By: 

	/s/ Mark Weinreb	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

  

  

  

STEM CELL CAYMAN LTD.

PROMISSORY NOTE

DUE NOVEMBER 4, 2012

NOTE ASSIGNMENT FORM

FOR VALUE RECEIVED

The undersigned _____________________________ (please print or typewrite name of assignor) hereby sells, assigns and transfers unto

(please print or typewrite name, address and social security or taxpayer identification number, if any, of assignee)  the within Promissory Note of Stem Cell Cayman Ltd., dated November 4, 2011, in the original principal amount of $1,000,000 and hereby authorizes the Company  to transfer this Note on its books.

	
If the Holder is an individual:

 

__________________________________

Name(s) of Holder

 

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Signature of Holder'

 

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Signature, if jointly held

 

__________________________________

Date

	
 

________________________________

Name of Holder

 

By:_____________________________

Signature of Authorized Representative

 

________________________________

Name and Title of Authorized

Representative

 

________________________________                                           

Date

 

(Signature(s) guaranteed)

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