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| PESI > SEC Filings for PESI > Form 8-K on 30-Dec-2008 | All Recent SEC Filings |
30-Dec-2008
Creation of a Direct Financial Obligation or an Obligation u
In connection with Perma-Fix Environmental Services, Inc.'s acquisition of East Tennessee Materials & Energy Corporation ("M&EC") from Performance Development Corporation ("PDC") in June, 2001, M&EC issued to PDC a promissory note, dated June 7, 2001, in the principal sum of $3,673,732.56, together with variable interest on the unpaid principal balance at the rate and method set forth therein (the "Note"), representing the principal amount M&EC owed to PDC as of June 7, 2001. Pursuant to the terms of the Note, the principal amount of the Note was payable in installments, with the last installment, representing the remaining unpaid principal amount and all accrued interest due on the Note from the date of the Note through December 31, 2008, being payable on December 31, 2008. As of December 31, 2008, the unpaid principal and all accrued interest due on the Note was calculated to be $3,066,224.64 (the "Remaining Balance").
On December 29, 2008, our subsidiary, M&EC, and PDC entered into a First Amendment (the "Amendment") to the Note. According to the Amendment, the Remaining Balance will not be payable by M&EC on December 31, 2008, but will be payable by M&EC in the following installments:
$500,000.00 payable on December 31, 2008 prior to noon;
$100,000.00 payable on January 27, 2009;
$100,000.00 payable on February 27, 2009;
$100,000.00 payable on March 27, 2009;
$100,000.00 payable on April 27, 2009;
$100,000.00 payable on May 27, 2009;
The unpaid Remaining Balance, together with any accrued and unpaid interest due on the unpaid Remaining Balance as required under the Note and as computed by the IRS pursuant thereto, shall be payable by M&EC on June 30, 2009.
Pursuant to the terms of the Note, the Amendment and existing written instructions from PDC, M&EC is to make all payments in the amounts and on the dates set forth above directly to the Internal Revenue Service ("IRS") against certain of PDC's obligations to the IRS. All other terms and provisions of the Note remain unchanged.
Section 9 - Financial Statements and Exhibits.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
10.1 First Amendment to East Tennessee Materials & Energy Corporation Promissory Note, dated December 29, 2008.
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