EXHIBIT 10.10
Exhibit 10.10
October 16, 1998
Xxxx Xxxx
00000 Xxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
BORROWER: Videonics, Inc.
LENDER: Xxxx Xxxx
This letter is our promise to repay.................................. $1,000,000
cash loaned to Borrower. This loan is due and payable on October 16, 1999.
Interest will be due on the outstanding balance for the actual days outstanding
at an annual interest rate of 8.0%. Quarterly interest payments will be made on
January 16, 1999, April 16, 1999, July 16, 1999 and October 16, 1999 on the
outstanding balance.
DEFAULT. Borrower will be in default if any of the following happens: (a)
Borrower fails to make any payment when due. (b) Borrower defaults under any
loan, extension of credit, security agreement, purchase or sales agreement, or
any other agreement, in favor of any other creditor or person that may
materially affect any of Borrower's property or Borrower's ability to repay this
loan or perform Borrower's obligations under this loan. (c) Borrower becomes
insolvent, a receiver is appointed for any part of Borrower's property, Borrower
makes an assignment for the benefit of creditors, or any proceeding is commenced
either by Borrower or against Borrower under any bankruptcy or insolvency laws.
LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal
balance of this loan and all accrued unpaid interest immediately due, without
notice, and then Borrower will immediately pay that amount. Lender may delay or
forgo enforcing any of its rights or remedies under this loan without losing
them.
GENERAL. This note has been delivered to Lender and accepted by Lender in the
State of California. If there is a lawsuit, Borrower agrees upon Lender's
request to submit to the jurisdiction of the courts of Santa Xxxxx County, the
State of California. This loan shall be governed by and construed in accordance
with the laws of the State of California.
BORROWER: Videonics, Inc.
By: /s/ Xxxxx XxXxxxx
Xxxxx X. XxXxxxx, Vice President, CFO
