Clause Information
Purchase Price. The aggregate purchase price (the " Purchase Price ") payable by the Purchaser to the Vendor for the Purchased Assets shall be the issuance to the Vendor of a promissory note in the aggregate amount of $800,000 with an interest rate of prime (as posted by the banking institution where the Purchaser has its bank account) plus 1%, compounded annually for a term of five (5) years, renewable by the Purchaser, in the Purchaser's sole discretion, for an additional five (5) years, for a maximum 10 year term (the " Promissory Note "), the form of which is attached hereto at Schedule "B". The Promissory Note may be converted into securities of the Purchaser, at the Vendor's sole discretion, upon the occurrence of certain events, all as more particularly set out in the Promissory Note. The Purchaser's obligation under the Promissory Note shall be secured against the Purchased Assets pursuant to a general security agreement, the form of which is attached at Schedule "C" attached hereto.
| Clause Category: | Purchase Price |
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