PROMISSORY NOTE
December 31, 2001 $120,822
This agreement is being made between APC Export, Inc. (hereafter referred
to as the Company or the Borrower) and Alaska Freightways, Inc. (hereafter
referred to as the Lender). For value received, the undersigned promises to pay
to the order of Alaska Freightways, Inc. the sum of One Hundred Thousand Eight
Hundred and Twenty Two Dollars ($120,822) together with interest at the rate of
8% per annum on the unpaid balance from date until paid, principal and interest
payable as follows:
Principal and interest shall be paid in full within (12) twelve months
which will be on or before December 31, 2002.
If default be made in the payment of any installment under this note and if
such default is not made good within 10 days, the entire principal sum and any
outstanding interest shall at once become due and payable without notice at the
option of the holder of this note. Failure to exercise this option shall not
constitute a waiver of the right to exercise the same in the event of any
subsequent default. Presentment for payment, notice of non-payment, protest and
notice of protest are each hereby expressly and severally waived by the makers
and all endorsers hereof and in case the payment shall not be made at maturity,
it is agreed by all parties hereto that all costs of collection and a reasonable
attorney's fee may be collected as a part hereof.
By Borrower:__/s/ Xxx Xxxxx
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Xxx Xxxxx,
APC Export, Inc.
