Attached files
file | filename |
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EX-10.5 - EXHIBIT 10.5 - Enveric Biosciences, Inc. | ex10_5.htm |
EX-10.4 - EXHIBIT 10.4 - Enveric Biosciences, Inc. | ex10_4.htm |
EX-10.3 - EXHIBIT 10.3 - Enveric Biosciences, Inc. | ex10_3.htm |
EX-10.1 - EXHIBIT 10.1 - Enveric Biosciences, Inc. | ex10_1.htm |
8-K - 8-K - Enveric Biosciences, Inc. | form8k.htm |
Exhibit 10.2
REVOLVING CREDIT MASTER
PROMISSORY NOTE
$10,000,000.00 |
Princeton, New Jersey
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January 23, 2019 |
FOR VALUE RECEIVED, the undersigned AMERI100 ARIZONA LLC, an Arizona limited liability company, AMERI100 GEORGIA
INC., a Georgia corporation, AMERI100 CALIFORNIA INC., a Delaware corporation, and AMERI AND PARTNERS INC, a Delaware corporation (individually and collectively, "Borrower"), jointly and severally, promise to pay
to the order of NORTH MILL CAPITAL LLC, a Delaware limited liability company ("Lender"), at 821 Alexander Road, Suite 130, Princeton, New Jersey 08540, or such other address as Lender may notify Borrower, such sum up to
Ten Million and 00/100 ($10,000,000.00) Dollars, together with interest as hereinafter provided, as may be outstanding on Advances by Lender to Borrower under Section 2.1 of the Loan and Security Agreement dated as of even date hereof, by and
between Lender and Borrower (as amended, modified, supplemented, substituted, extended or renewed from time to time, the "Loan Agreement"). Capitalized terms
not otherwise defined herein have the meanings set forth in the Loan Agreement. The Loan Agreement is incorporated herein as though fully set forth, and Borrower acknowledges its reading and execution thereof. The principal amount owing hereunder
shall be paid to Lender on the Termination Date, which is currently January 23, 2019, or as may otherwise be provided for in the Loan Agreement.
On the first day of each calendar month hereafter, Borrower shall pay to Lender accrued interest, computed on the basis of a 360 day
year for the actual number of days elapsed, on the Daily Balance, at the per annum rate of one and three-quarters (1.75%) percentage points above the Prime Rate in effect from time to time, but not less than seven and one-quarter percent (7.25%)
per annum. If there is a change in the Prime Rate, the rate of interest on the Daily Balance shall be changed accordingly as of the date of the change in the Prime Rate, without notice to Borrower.
To secure the payment of this Note and the Obligations, Borrower has granted to Lender a continuing security interest in and lien on the
Collateral.
In addition to all remedies provided by law upon default on payment of this Note, or upon the existence of an Event of Default, and to
the extent permitted by the Loan Agreement, Lender may, at its option:
(1) declare this Note and the Obligations immediately due
and payable;
(2) collect interest on this Note at the Default Rate set
forth in the Loan Agreement from the date of such Event of Default, and if this Note is referred to an attorney for collection, collect reasonable attorneys' fees; and
(3) exercise any and all remedies provided for in the
Loan Agreement.
BORROWER WAIVES PRESENTMENT FOR PAYMENT, PROTEST AND NOTICE OF PROTEST FOR NON-PAYMENT OF THIS NOTE AND TRIAL BY JURY
IN ANY ACTION UNDER OR RELATING TO THIS NOTE AND THE ADVANCES EVIDENCED HEREBY. THIS NOTE IS GOVERNED BY THE LAWS OF THE STATE OF NEW JERSEY WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.
[signatures on next page]
AMERI100 ARIZONA LLC
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By:
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/s/Brent Vernon Kelton
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Name:
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Brent Vernon Kelton
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Title:
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Chief Executive Officer
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AMERI100 CALIFORNIA INC.
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By:
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/s/Brent Vernon Kelton
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Name:
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Brent Vernon Kelton
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Title:
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Chief Executive Officer
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AMERI100 GEORGIA INC.
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By:
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/s/Brent Vernon Kelton
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Name:
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Brent Vernon Kelton
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Title:
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Chief Executive Officer
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AMERI AND PARTNERS INC
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By:
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/s/Brent Vernon Kelton
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Name:
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Brent Vernon Kelton
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Title:
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Chief Executive Officer
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