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BERKSHIRE HOMES, INC. FILES (8-K) Disclosing Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits

June 19, 2014



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

On April 21, 2014, Berkshire Homes, Inc. (the "Company") sold a promissory note in the principal amount of $4,500,000 (the "Note") to Bay Capital A.G., the Company's majority shareholder and an accredited investor, pursuant to the terms of a Note Purchase Agreement (the "Purchase Agreement"). The Note accrues interest at the rate of 5% per annum and are due and payable twenty four months from the date of issuance, subject to acceleration in the event of default and may be prepaid in whole or in part without penalty or premium.

The foregoing is a summary description of the terms and conditions of the sale of the Note and the Purchase Agreement and does not purport to be complete and is qualified in its entirety by reference to the form of Note Purchase Agreement and the form of Note, which are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits

Exhibit No. Description 10.1 Form of Note Purchase Agreement 10.2 Form of Note 2


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Source: Edgar Glimpses


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