EX-10.1
from 10-Q
6 pages
B. for Value Received, Borrower Agrees to Pay to the Order of Lender the Sum of Two Hundred and Fifty Thousand Dollars ($250,000,00), Together With Interest Thereon at a Rate of Twelve Percent 12% Per Year. This Note Will Be Due 36 Months From the Date of Execution of This Agreement Unless Mutually Extended by All Parties. Borrower Shall Pay Monthly Interest Payments of Two Thousand Five Hundred Dollars ($2,500,00 ) in Cash or at the Lender's Option, Shares of Scripsamerica at $.25 Per Share, Every 30 Days on the 3rd Day Following Each 30 Day Period Beginning With Receipt of Two Hundred and Fifty Thousand Dollars ($250,000,00). at the Maturity Date, the Borrower Shall Pay to Lender the Principal Amount and Final Interest Payment. This Note or Any Portion of the Note Is Convertible With Proper Written Notice at Any Time During the Term of the Loan Into Shares of ScripsAmerica, Inc. Common Stock at $.25 Per Share. the Loan Evidenced by This Note Is Referred to Herein as the "Loan." in Addition Borrower Shall Pay to the Lender a Royalty of Four Percent (4%) on All Sales of Rapi Med 8omg and 160mg Acetaminophen From January 1, 2012 on Until/Unless the Product Line of Rapi Med 80mg and 150mg Acetaminophen Be Sold to a Third Party. Payments Will Be Made by Borrower to Lender Quarterly Commencing September 30, 2012. 1. Payment. (A) Borrower Hereby Promises to Pay to the Order of Payee Without Offset, Counter-Claim or the Other Defense the Principal Sum of the Total Amount Loaned, Being Two Hundred and Fifty Thousand Dollars ($250,000.00)
12/34/56
