EXHIBIT 10.9
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LOAN AGREEMENT
WHEREAS, In Store Media Systems, Inc. ("ISMSI"), a Nevada corporation, needs
Thirty Thousand and 00/100 dollars ($30,000.00) to meet certain short term
obligations, and;
WHEREAS, Xxxxxx X. Xxx ("DPU") is willing to lend that sum of money to ISMSI
subject to certain terms and conditions;
NOW THEREFORE, DPU is willing to lend Thirty Thousand and 00/100 dollars
($30,000.00) ("the Funds") to ISMSI under the following terms and conditions:
1. The Funds provided by DPU shall be in the form of a DPU check
made payable to ISMSI.
2. ISMSI shall have complete discretion concerning the use of the
Funds.
3. An officer of ISMSI who is authorized to represent and bind
ISMSI in respect to financial transactions shall execute the
enclosed Promissory Note (the "Note") agreeing to repay the
Note upon receipt of new funds in excess of One Hundred
Thousand and 00/100 ($100,000) dollars or on October 31st,
2000 unless extended pursuant to its terms.
4. Interest shall accrue monthly during the term of the Note at
an annualized rate of 9.50%.
Agreed this 5th day of September, 2000
For In Store Media Systems, Inc. For Xxxxxx X. Xxx.
00000 Xxxx Xxxxxxx Xxxxx 0000X Xxxxxxxxx Xxxxxx
Xxxxxx, XX 00000 Xxxxxxxxx, XX 00000
/S/ Xxxxxx X. Xxxxx /S/ Xxxxxx X. Xxx
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Xxxxxx X. Xxxxx Xxxxxx X. Xxx
Vice President / Chief Financial Officer
PROMISSORY NOTE
In Store Media Systems, Inc. ("ISMSI") a Nevada corporation located at 00000
Xxxx Xxxxxxx Xxxxx, Xxxxxx, Xxxxxxxx, 00000 does hereby acknowledge receipt of
Thirty Thousand and 00/100 dollars ($30,000.00) which is a loan from Xxxxxx X.
Xxx ("DPU") whose address is 0000X Xxxx Xxxxxxxxx Xxxxxx, Xxxxxxxxx Xxxxxxxx
00000 and does promise to repay DPU the principal amount, plus interest computed
at an annual rate of 9.50% accrued on a monthly basis, upon receipt of funds in
excess of One Hundred Thousand and 00/100 dollars or on October 31, 2000,
whichever comes first.
DPU may, at his sole discretion, extend the term for repayment in increments of
30 days and interest shall continue to accrue at the specified rate during any
such extension.
In the event that ISMSI does not pay the Note and accrued interest as specified
above, ISMSI agrees to pay default interest at the rate of one and one-half
percent per month from the date of the maturity of the Note until it is paid in
full, and to pay the reasonable costs of collection and attorney's fees.
Signed this 5th day of September, 2000.
/S/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
Chief Financial Officer
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PROMISSORY NOTE
EXTENSION AGREEMENT
Pursuant to the Promissory Note ("Note") dated September 5, 2000, In Store Media
Systems Inc. ("ISMSI") a Nevada corporation located at 00000 Xxxx Xxxxxxx Xxxxx,
Xxxxxx, Xxxxxxxx, 00000 does hereby acknowledge receipt of Thirty Thousand and
00/100 dollars ($30,000.00) which is a loan from Xxxxxx X. Xxx ("DPU") whose
address is 0000X Xxxx Xxxxxxxxx Xxxxxx, Xxxxxxxxx Xxxxxxxx 00000.
WHEREAS, ISMSI does promise to repay DPU the principal amount, plus interest
computed at an annual rate of 9.50% accrued on a monthly basis, upon receipt of
funds in excess of One Hundred Thousand and 00/100 dollars or on October 31,
2000, whichever comes first and;
WHEREAS, DPU may, at its sole discretion, extend the term for repayment in
increments of 30 days and interest shall continue to accrue at the specified
rate during any such extension.
NOW THEREFORE, DPU agrees to extend the due date of the Note plus all accrued
interest to March 1, 2001, or until venture capital funding is received,
whichever comes first. In addition, the Note shall continue to accrue interest
in accordance with the original terms of the Note through February 28, 2001.
In the event that ISMSI does not pay the Note and accrued interest as specified
above, ISMSI agrees to pay default interest at the rate of one and one-half
percent per month from the date of the maturity of the Note until it is paid in
full, and to pay the reasonable costs of collection and attorney's fees.
Agreed this 1st day of February, 2001.
For In Store Media Systems For Xxxxxx X. Xxx
00000 X. Xxxxxxx Xx. 0000X Xxxx Xxxxxxxxx Xxxxxx
Xxxxxx, XX 00000 Xxxxxxxxx, XX 00000
/S/ Xxxxxx X. Xxxxx /S/ Xxxxxx X. Xxx
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Xxxxxx X. Xxxxx Xxxxxx X. Xxx
Chief Financial Officer
3
PROMISSORY NOTE
EXTENSION AGREEMENT
Pursuant to the Promissory Note ("Note") dated September 5, 2000, In Store Media
Systems Inc. ("ISMSI") a Nevada corporation located at 00000 Xxxx Xxxxxxx Xxxxx,
Xxxxxx, Xxxxxxxx, 00000 does hereby acknowledge receipt of Thirty Thousand and
00/100 dollars ($30,000.00) which is a loan from Xxxxxx X. Xxx ("DPU") whose
address is 0000X Xxxx Xxxxxxxxx Xxxxxx, Xxxxxxxxx Xxxxxxxx 00000.
WHEREAS, ISMSI does promise to repay DPU the principal amount, plus interest
computed at an annual rate of 9.50% accrued on a monthly basis, upon receipt of
funds in excess of One Hundred Thousand and 00/100 dollars or on October 31,
2000, whichever comes first and;
WHEREAS, DPU may, at its sole discretion, extend the term for repayment in
increments of 30 days and interest shall continue to accrue at the specified
rate during any such extension.
NOW THEREFORE, DPU agrees to extend the due date of the Note plus all accrued
interest to February 2, 2001, or until venture capital funding is received,
whichever comes first. In addition, the Note shall continue to accrue interest
in accordance with the original terms of the Note through February 1, 2001.
In the event that ISMSI does not pay the Note and accrued interest as specified
above, ISMSI agrees to pay default interest at the rate of one and one-half
percent per month from the date of the maturity of the Note until it is paid in
full, and to pay the reasonable costs of collection and attorney's fees.
Agreed this 1st day of January, 2001.
For In Store Media Systems For Xxxxxx X. Xxx
00000 X. Xxxxxxx Xx. 0000X Xxxx Xxxxxxxxx Xxxxxx
Xxxxxx, XX 00000 Xxxxxxxxx, XX 00000
/S/ Xxxxxx X. Xxxxx /S/ Xxxxxx X. Xxx
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Xxxxxx X. Xxxxx Xxxxxx X. Xxx
Chief Financial Officer
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