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Promissory Note” in favor of Joyce Western for the balances of
the base purchase prices for the stock of SLPC, TBPC, and TPC.
The terms of the Non-Negotiable Promissory Note for the balance
of the base purchase price for the stock of SLPC required that
the principal amount bear interest at a rate of 9 percent, that a
$10,000 principal installment payment be made on January 31,
1987, and that the remaining principal balance plus accrued
interest become due and payable no later than February 15, 1987.
The terms of the Non-Negotiable Promissory Note for the balance
of the base purchase price for the stock of TBPC required that
the principal amount bear interest at a rate of 9 percent, that a
$185,000 principal installment payment be made on January 31,
1987, and that the remaining principal balance plus accrued
interest become due and payable no later than February 15, 1987.
The terms of the Non-Negotiable Promissory Note for the balance
of the base purchase price for the stock of TPC required that the
principal amount bear interest at a rate of 9 percent, that a
$5,000 principal installment payment be made on January 31, 1987,
and that the remaining principal balance plus accrued interest
become due and payable no later than February 15, 1987. These
promissory notes were subordinate to the indebtedness incurred by
PK Ventures, SLPC, TBPC, TPC, and TPTC to Norstar in connection
with PK Ventures’ acquisition of SLPC, TBPC, TPC, and TPTC.
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