Exhibit 10.11
LINE OF CREDIT NOTE
$ 240,000.00 January 29, 1990
Newton, Massachusetts
FOR VALUE RECEIVED, Multitrak Software Development Corp., a Massachusetts
corporation with an address of, 000 Xxxxxxx Xxxxxx, Xxxxxx, XX, (the
"Borrower"), promises(s) to pay to the order of LRF Investments, Inc., (together
with any successor holder or holders of this Note, the "Lender") at 000 Xxxxx
Xxxxxx, #0, Xxxxxx, XX 00000, or such other place as Lender may designate, the
principal sum of Two Hundred Forty Thousand and no/00 Dollars ($240,000.00), or
so much thereof as shall be advanced hereunder, together with interest thereon,
as hereinafter set forth.
Interest on the principal balance of this Note from time to time
outstanding shall accrue from the date hereof at a variable annual rate which
shall equal the "Prime Rate," as hereinafter defined, plus Three and One-Half
percentage points (3 1/2). Interest only shall be payable monthly in arrears on
the 15th day of each month beginning with the 15th day of February, 1990.
Interest shall be computed on the basis of a three hundred and sixty (360)-day
year and shall be paid for the actual number of days on which principal is
outstanding.
This Note represents indebtedness for one or more advances of funds or
extensions of credit made by the Lender to the Borrower, upon request by the
Borrower and at the Lender's sole discretion.
In any event, the entire outstanding principal balance of this Note,
together with any accrued interest as may be due hereunder, shall be paid on
demand.
In the event that any payment due hereunder is not paid within fourteen
(14) days after the date it is due or upon a default under any instrument, if
any, executed by Borrower in connection with the loan evidenced by this Note
(together with this Note, the "Loan Documents") which default is not cured
within the applicable grace period, if any, Lender, at its option, may declare
immediately due and payable the entire outstanding balance of principal and
interest, together with all other charges to which Lender may be entitled.
As used herein, the term Prime Rate shall mean the rate of interest
announced or published by the Xxxxxxxxxx Bank and Trust Co. from time to time as
its prime Rate. In the event that the Prime Rate changes, the interest rate
under this Note shall be adjusted to reflect any change in the Prime Rate as of
the date of such change.
$240,000.00 Demand Note
Xxxxxxxx agrees to pay all charges (including reasonable attorney's fees)
of Lender in connection with the collection and/or enforcement of this Note or
any other Loan Document, whither or not suit is brought against Borrower.
The failure of Lender at any time to exercise any option or right
hereunder shall not constitute a waiver of Xxxxxx's right to exercise such
option or right at any other time.
This Note shall be governed by, construed, and enforced in accordance with
the laws in the State of Massachusetts. If any provision of this Note is held to
be invalid or unenforceable by a court of competent jurisdiction, the other
provisions of this Note shall remain in full force and effect.
This Note shall have the effect of an instrument under seal.
Multitrak Software
Development Corporation
By: /s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx, President
The above-stated terms and conditions have been reviewed and are accepted
by the Lender as the date first set forth above.
LRF INVESTMENTS, INC.
By: /s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx, President
