Ex. 10.07
T E R M N O T E
$ 100,000.00 Nashville, Tennessee
Date: October 2, 1997
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FOR VALUE RECEIVED, the undersigned, PLATINUM PLANET MUSIC, INC. (the
"Borrower") promises to pay to SONGS FOR THE PLANET, INC. (the "Holder"), the
sum of One Hundred Thousand Dollars and No Cents ($100,000.00) together with
interest thereon at the rate of ten percent (10.00%) per annum, as follows:
(a) interest shall be due and payable on each Interest Payment Date and
at maturity; and,
(b) the entire unpaid balance of this Note shall be due and payable in
full on December 31, 1999.
The term "Interest Payment Date" means June 30, 1998, and the last day of
each consecutive six-month period occurring thereafter until maturity.
Upon failure to make any payment of principal or interest when due, the
entire unpaid balance of both principal and interest to the due date shall
immediately become due and payable and the total of such unpaid balance shall
thereafter bear interest at the rate of ten percent (10.00%) per annum.
At any time, Borrower shall be entitled to prepay any part or all of the
unpaid principal balance hereof without penalty, provided that such
prepayment shall be applied first to any interest due and the remainder to
principal.
In the event this Note is referred to an attorney for collection or to
defend or enforce any of Xxxxxx's rights hereunder or under any instrument
securing this Note, Holder shall be entitled to his reasonable attorney's
fees allowable by law and all court costs and other expenses incurred in
connection with such collection, defense or enforcement.
No delay or omission on the part of Holder in exercising any remedy,
right or option under this Note shall operate as a waiver of such remedy,
right or option. In any event, a waiver on any one occasion shall not be
construed as a waiver or bar to any such remedy, right or option on a future
occasion.
The undersigned hereby waives presentment, demand or payment notice of
dishonor, notice of protest, and protest, and all other notices or demands in
connection with delivery, acceptance, performance, default or endorsement of
this Note.
Any notice to Xxxxxxxx provided for in this Note shall be in writing and
given by mailing such notice by certified mail, return receipt requested,
addressed to Borrower at 0000 Xxxxx Xxx Xxxxx, Xxxxxxxxx, XX 00000, or to
such other address as Borrower may designate by notice to Holder. Any notice
to Holder shall be in writing and given by mailing such notice by certified
mail, return receipt requested, addressed to Holder at 0000 Xxxxxxx Xxxxx,
Xxxxxxxxx, XX 00000 or to such other address as Holder may designate to
Borrower.
This Note shall be governed by and construed in accordance with the laws
of the State of Tennessee.
All payments hereunder shall be payable in lawful money of the United
States of America which shall be legal tender for public and private debts at
the time of payment.
PLATINUM PLANET MUSIC, INC.
By:_______________________________
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