Document:

Revolving Variable Rate Note

     

    

    Exhibit
      10.2

    REVOLVING
      VARIABLE RATE NOTE

     

    Commitment
      $1,000,000.00                                                    Effective:
      April 17, 2007

    Tucker,
      Georgia

     

    This
      Revolving Variable Rate Note (this “Note”) is issued pursuant to and is governed
      by that certain Revolving Credit and Security Agreement dated as of April
      17, 2007
      by and
      between Borrower and PHCC (as amended, supplemented or otherwise modified and
      in
      effect from time to time, the “Loan Agreement”). All capitalized terms used and
      not otherwise defined herein shall have the same meanings as given them in
      the
      Loan Agreement.

     

    On
      April
      17, 2010
      (the
“Scheduled Maturity Date”), and for value received, the undersigned (“Borrower”)
      promises to pay to the order of Presidential HealthCare Credit Corporation
      at
      Tucker, Georgia (with its successors and assigns, “PHCC”), or any other place
      designated at any time by the holder hereof, in lawful money of the
      United States of America and in immediately available funds, the principal
      sum of $1,000,000.00,
      or so
      much thereof as is disbursed and remains outstanding hereunder on such date,
      as
      shown by PHCC’s Register or on the reverse side hereof, as the case may be,
      together with interest (computed on the basis of actual days elapsed in a
      365-day year) on the unpaid balance hereof as it varies from time to time from
      the date hereof until this Note is fully paid. The failure to record, or any
      error in recording, any of the foregoing shall not, however, affect the
      obligations of Borrower under the Loan Agreement, as defined herein below,
      and
      this Note to repay the principal amount advanced hereunder together with all
      interest accruing thereon. The Register as maintained by PHCC shall constitute
      prima facie evidence of the amount outstanding under this Note absent manifest
      error.

     

    Borrower
      further promises to pay interest on each Interest Payment Date on the unpaid
      principal balance outstanding from time to time on this Note and until the
      Scheduled Maturity Date at a rate per annum equal to the Prime
      Rate as published in The
      Wall Street Journal
      on the
      date of such determination, plus two
      percent (2.00%),
      such
      rate to change simultaneously with any change in the Prime Rate. The Prime
      Rate
      on the date hereof is eight
      and one-quarter percent (8.25%)
      per
      annum and, therefore, the rate of interest in effect hereunder on the date
      hereof, expressed in simple interest terms, is ten
      and one-quarter percent (10.25%)
      per
      annum (the “Initial Rate”). Notwithstanding the foregoing, the variable interest
      rate or rates provided for in this Note will never be less than the Initial
      Rate.

     

    In
      no
      contingency or event whatsoever, whether by reason of advancement of the
      proceeds hereof or otherwise, shall the amount paid or agreed to be paid to
      PHCC
      for the use, forbearance or detention of money advanced hereunder exceed the
      highest lawful rate permissible under any law which a court of competent
      jurisdiction may deem applicable hereto; and, in the event of any such payment
      inadvertently paid by Borrower or inadvertently received by PHCC, such excess
      sum shall be, at Borrower’s option, returned to Borrower forthwith or credited
      as a payment of principal, but shall not be applied to the payment of interest.
      It is the intent hereof that Borrower not pay or contract to pay, and that
      PHCC
      not receive or contract to receive, directly or indirectly in any manner
      whatsoever, interest in excess of that which may be paid by Borrower under
      applicable law.

     

    
      
        
        

      

      
        -52-

        
          

        

      

      
        
        

      

    

    Borrower
      may at any time, without penalty, and in its discretion, prepay all or any
      part
      of the outstanding principal balance together with all accrued interest and
      all
      other Fees and Reimbursable Expenses then due under the Provider Agreements.
      Borrower shall immediately pay the Prepayment Amount in full upon demand of
      PHCC
      after the occurrence of an Event of Default.

     

    If
      an
      Event of Default occurs, the unpaid principal and interest due on this Note
      at
      maturity (whether this Note matures by acceleration or the lapse of time) shall
      bear interest until paid at the rate of the lesser of 3%
      per
      annum in excess of the rate stated above which is applicable to the principal
      balance outstanding or the maximum interest rate permitted by applicable law
      (the “Default Rate”), and Borrower shall be obligated to pay the same promptly
      following receipt of PHCC’s written invoice therefor.

     

    If
      principal or interest hereon is not paid when due, or if any other indebtedness
      of the undersigned to PHCC is not paid when due, or an Event of Default occurs
      under the Loan Agreement, or if the holder hereof shall at any time in good
      faith believe that the prospect of due and punctual payment of this Note is
      impaired, then, in any such event, the holder hereof may, at its option, declare
      this Note to be immediately due and payable and thereupon this Note shall be
      immediately due and payable, together with all unpaid interest accrued hereon
      and all Fees and Reimbursable Expenses, without notice or demand, in accordance
      with Section 10 of the Loan Agreement. If this Note is due (whether at
      maturity, upon acceleration or upon demand as specified above), PHCC shall
      also
      have the right to set off the indebtedness evidenced by this Note against any
      indebtedness of PHCC to the undersigned.

     

    This
      Note
      is the Note referred to in the Loan Agreement and is secured by the Collateral
      described in the Loan Agreement, reference to which is made for the purpose
      of
      information on the limitations on the availability of Advances, the amount
      of
      Advances under this Note and on the rights and remedies upon the occurrence
      of
      an Event of Default.

     

    The
      undersigned agrees to pay all costs of collection, including reasonable
      attorneys’ fees and legal expenses, reasonably incurred by the holder hereof in
      the event this Note is not duly paid as more fully set forth in the Loan
      Agreement. The holder hereof may at any time renew this Note or extend its
      maturity date for any period and release any security for, or any party to,
      this
      Note, all without notice to or consent of and without releasing any
      accommodation maker, endorser or guarantor from liability on this Note.
      Presentment or other demand for payment, notice of dishonor and protest are
      hereby waived. This Note shall be governed by the substantive laws of the State
      of Georgia except to the extent of applicable federal law.

     

    
      
        
        

      

      
        -53-

        
          

        

      

      
        
        

      

    

    This
      loan
      is for the purposes set forth in the Loan Agreement.

     

    PARK
      INFUSIONCARE, LP, A TEXAS LIMITED PARTNERSHIP, BORROWER

    

    By:
      Dougherty’s Operating GP, LLC,

    Its
      General Partner

    

    By:     
      /s/ David E. Bowe

    Name:
      David
      E. Bowe

    Title
      :
Managing
      Member, Chairman of the Board, President

     and
      Chief Executive Officer

     

    PARK
      INFUSIONCARE OF DALLAS, LP, A TEXAS LIMITED PARTNERSHIP,
      BORROWER

    

    By:
      Park
      InfusionCare Of Dallas, GP, LLC,

    Its
      General Partner

    

    By:    
      /s/ David E. Bowe

    Name:
      David
      E. Bowe

    Title
      :
Managing
      Member, Chairman of the Board, President

     and
      Chief Executive Officer

     

    PARK
      INFUSIONCARE OF HOUSTON, LP, A TEXAS LIMITED PARTNERSHIP, BORROWER

    

    By:
      Park
      InfusionCare Of Houston, GP, LLC, 

    Its
      General Partner

    

    By:    
      /s/ David E. Bowe

    Name:
      David
      E. Bowe

    Title
      :
Managing
      Member, Chairman of the Board, President

     and
      Chief Executive Officer

    
PARK
      INFUSIONCARE OF SAN ANTONIO, LP, A TEXAS LIMITED PARTNERSHIP,
      BORROWER

    

    By:
      Park
      InfusionCare Of San Antonio, GP, LLC, 

    Its
      General Partner

    By:    
      /s/ David E. Bowe

    Name:
      David
      E. Bowe

    Title
      :
Managing
      Member, Chairman of the Board, President

     and
      Chief Executive Officer

     

    -54-Form of Continuing Unlimited Guaranty

    EXHIBIT
      10.3

     

    GUARANTY

     

    CONTINUING
      UNLIMITED GUARANTY

     

    1. Guaranty.
      This Continuing Limited Guaranty (this "Guaranty") is made as of the
17th
      day of
April,
      2007,
      by
      _______________ a ________________________ (the "Guarantor"), whose address
      is
      16250 Dallas Parkway, Suite 100, Dallas, Texas 75248, in favor of Presidential
      HealthCare Credit Corporation ("Payee"). For good and valuable consideration,
      the receipt and sufficiency of which are hereby acknowledged, the undersigned
      Guarantor unconditionally guarantees and promises to pay to Payee or order,
      on
      demand, in lawful money of the United States, any and all Obligations as
      hereinafter defined, of Park InfusionCare, LP, a Texas limited partnership,
      formerly known as Park Infusion Services, LP, Park InfusionCare Of Dallas,
      LP, A
      Texas limited partnership, Park InfusionCare Of Houston, LP, a Texas limited
      partnership, and Park InfusionCare Of San Antonio, LP, a Texas limited
      partnership (together, jointly and severally, the "Company") to Payee. The
      word
      "Obligations" as used herein means and includes any and all debts, obligations
      and liabilities of Company to Payee, as the same may be modified, renewed or
      replaced, whether such debts, obligations and liabilities are now, or hereafter
      made, existing, incurred, or created, due or not due, absolute or contingent,
      liquidated or unliquidated, or determined or undetermined. This Guaranty is
      one
      of payment and not of collection. 

     

    2. Guaranty
      Continuing; Revocation. This is a continuing Guaranty relating to Obligations,
      including those arising under successive transactions which shall either
      continue the Obligations or from time to time renew any of the same. This
      Guaranty shall remain in effect until the expiration of thirty (30) days after
      Payee's receipt of written notice of revocation by Guarantor and even then
      and
      thereafter, this Guaranty shall be and remain effective as to (a) all
      Obligations then outstanding; (b) any Obligations incurred or arising subsequent
      thereto pursuant to any agreements or arrangements between Company and Payee
      in
      effect at the time of Payee's receipt of notice of revocation; (c) any renewals
      or extensions of any of the foregoing; and (d) all expenses and costs of
      collecting or enforcing any of the foregoing. This Guaranty may not be revoked
      or terminated except upon strict compliance with the conditions and requirements
      heretofore set forth in this Section 2. In the event any sums or other things
      of
      value that are paid or transferred to or otherwise received by the Payee are
      rescinded, recovered, required to be returned, set aside, rendered void or
      otherwise adversely affected in any legal proceeding or for any cause
      whatsoever, including under any law, rule or regulation relative to bankruptcy,
      insolvency, fraudulent transfers or other relief of debtors, then this Guaranty
      shall continue to be effective or shall be revived and reinstated, as necessary
      in order to give full effect to the Guarantor's liability hereunder, to the
      same
      extent as if such payment, transfer and/or receipt had never occurred.

     

    3. Guarantor's
      Obligations Independent; Statute of Limitations. The obligations of Guarantor
      hereunder are independent of the obligations of Company, and a separate action
      or actions may be brought and prosecuted against Guarantor whether action is
      brought against Company or whether Company is joined in any such action or
      actions. Guarantor waives the benefit
      of any statute of limitations, and all other defenses affecting its liability
      hereunder or the enforcement hereof.

     

    4. No
      Conditions Precedent. The obligations of Guarantor hereunder shall be and remain
      unaffected (a) by the existence or non-existence, validity or invalidity of
      any
      security; or (b) by any understanding or agreement that any other person, firm
      or corporation was or is to execute this or any other Guaranty, or any other
      document or instrument relating to or evidencing any Obligation(s), or any
      part
      thereof, or (c) by resort by Payee or failure by Payee to resort to or enforce
      any other security or remedy relating to the Obligations; or (d) by the
      dissolution, death or bankruptcy of any party, or by failure of the Payee to
      file claim against any estate.

     

    5. Authorization
      to Renew or Modify Obligations. Guarantor authorizes Payee, without notice
      or
      demand and without affecting its liability hereunder, from time to time to
      (a)
      renew, compromise, extend, accelerate or otherwise change the time for payment
      of, or otherwise change the terms of, any Obligations or any part thereof or
      any
      agreement or arrangement related to any of the foregoing; (b) take and hold
      security for the payment of this Guaranty or the Obligations guaranteed, and
      exchange, modify, enforce, waive and release any such security; (c) apply such
      security and direct the order or manner of sale thereof as Payee in its
      discretion may determine; and (d) release or substitute any one or more of
      the
      obligors, endorsers or guarantors of the Obligations. 

     

    6. Guarantor’s
      Representations and Warranties. Guarantor represents and warrants to Payee
      the
      following: (a) has full power and authority to make and deliver this Guaranty;
      and (b) the execution, delivery and performance of the Guaranty by Guarantor
      does not and will not violate any presently applicable laws or any agreement
      presently binding on it. In addition, if Guarantor is a corporation or other
      legal entity, Guarantor represents and warrants to Payee the following: (c)
      the
      Guarantor (if a corporation or other legal entity) is duly organized and
      existing in good standing; (d) the execution, delivery and performance of the
      Guaranty by Guarantor has been duly authorized by all necessary action of its
      principals and does not and will not violate the provision of, or constitute
      a
      default under, Guarantor’s organizational documents; and (e) this Guaranty has
      been duly executed and delivered by the authorized officers of the Guarantor
      and
      constitutes its lawful, binding, and legally enforceable
      obligation.

     

    
      
        
        

      

      
        -55-

        
          

        

      

      
        
        

      

    

     

    7. Waivers.
      Guarantor waives any right to require Payee to (a) proceed against Company;
      (b)
      proceed against or exhaust any security held from Company; or (c) pursue any
      other remedy in Payee's power whatsoever. Guarantor waives any defense arising
      by reason of any disability or other defense of Company or by reason of the
      cessation from any cause whatsoever of the liability of Company. Guarantor
      waives all rights of subrogation and contribution, and waives any right to
      enforce any remedy which Payee now has or may hereafter have against Company,
      and waives any benefit of, and any right to participate in, any security now
      or
      hereafter held by Payee. Guarantor waives all presentments, suretyship defenses,
      demands for performance, notices of non-performance, protests, notices of
      protest, notices of dishonor, and notices of acceptance of this Guaranty and
      of
      the existence, creation, or incurring of new or additional
      Obligations.

     

    8. Expenses
      of Collection. Notwithstanding the limitations in Section 2 hereof, Guarantor
      agrees to pay reasonable attorneys' fees and all other costs and expenses which
      may be incurred by Payee in the enforcement of this Guaranty. 

     

    9. Governing
      Law; Jurisdiction. This Guaranty and the rights and obligations of any party
      hereunder shall be governed by and construed in accordance with the laws of
      the
      State of Georgia. Guarantor agrees that it is foreseeable that Guarantor shall
      be subject to and Guarantor hereby submits to jurisdiction in the State of
      Georgia for any cause of action related to this Guaranty and agrees that venue
      for such action shall be in DeKalb County, Georgia. Guarantor waives any and
      all
      rights under the laws of any state or jurisdiction to object to venue or
      jurisdiction within DeKalb County, Georgia. Notwithstanding the foregoing,
      nothing contained in this section shall prevent Payee from bringing any action
      or exercising any rights in any other jurisdiction against Guarantor, or any
      of
      Guarantor's properties. Initiating any such action or proceedings or taking
      any
      such action in any other jurisdiction shall in no event constitute a waiver
      by
      Payee of any of the foregoing.

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Guaranty as of the
17th
      day of
April,
      2007.

     

     

    
      GUARANTOR:       

       

                                      (Guarantor)

      

      By:   
        /s/
        David E. Bowe

      Name:
        David
        E. Bowe   

      Its:     
        (Title)

    

    
 -56-

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