EXHIBIT 10.1
PROMISSORY NOTE
$250,000 OCTOBER __, 1996
AUSTIN, TEXAS
On or before June 1, 1997, the undersigned, Diamond Tech One, Inc.
("Borrower"), promises to pay to the order of___________________________
_______________________________("Lender"), at __________________________
__________________________, or at such other place as the holder of this Note
may from time to time designate in writing, the principal sum of Two Hundred
Fifty Thousand Dollars ($250,000), together with interest thereon from the date
hereof at the rate of 15% per annum. Interest is payable on February 1, 1997 and
on June 1, 1997.
This Note may be prepaid in whole or in part without premium or penalty.
Payments and prepayments of this Note shall first be credited to interest and
the remainder to principal.
In the event any interest is not paid when due, or any default occurs
under the Loan and Security Agreement entered into between Borrower and Lender
on the date hereof (the "Loan Agreement"), Lender may, at its option, declare
the entire indebtedness due and payable. The Loan Agreement is incorporated by
reference into this Promissory Note.
The Borrower agrees to pay or reimburse Lender for its reasonable costs
incurred in connection with the collection of this Note, including, without
limitation, the fees and disbursements of counsel for Lender, whether or not
suit is brought.
All persons now or at any time liable for payment of this Note hereby
waive presentment, protest, notice of protest, and notice of dishonor.
This Note shall be governed by the laws of Texas, without application of
conflicts of law principles.
DIAMOND TECH ONE, INC.
By:________________________
President
