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EXHIBIT 10.111
DEMAND NOTE
$250,000.00 New York, New York
March 10, 1998
FOR VALUE RECEIVED, the undersigned, Wilshire Technologies, Inc. a
California corporation (hereinafter referred to as "Borrower"), hereby
unconditionally PROMISES TO PAY to the order to TRILON DOMINION PARTNERS, LLC, a
Delaware limited liability company ("Lender"), at 000 Xxxx Xxxxxx, 00xx Xxxxx,
Xxx Xxxx, XX 00000, or at such other place as the holder of this Demand Note may
designate from time to time in writing, in lawful money of the United States of
America and in immediately available funds, the principal amount of Two Hundred
Fifty Thousand and 00/100, DOLLARS ($250,000.00), together with interest on the
unpaid principal amount of this Demand Note outstanding from time to time from
the date hereof, at a rate per annum equal to the Prime rate of interest of 8.5%
plus 3.75%, or the highest rate permitted by law, whichever shall be less.
The principal amount of the indebtedness evidenced hereby shall be payable
on demand. Interest thereon shall be paid when principal is paid from the date
hereof until such principal amount is paid in full at such interest rate as
specified above. Following failure to pay on demand, Xxxxxxxx agrees to pay
interest on any overdue payment of principal at a rate per annum equal to the
stated interest rate plus 5%, or the highest rate permitted by law, whichever
shall be less. All interest calculations shall be computed on the basis of a 360
day year.
Demand, presentment, protest and notice of nonpayment and protest are
hereby waived by Xxxxxxxx.
Borrower shall have no right to make any off-set against or deduct from
any payment due under this Demand Note.
Principal and interest may be prepaid at any time without penalty.
This Demand Note may not be changed orally, but only by an agreement in
writing and signed by the party against whom enforcement of such change is
sought.
All covenants of Borrower in this Demand Note and all rights of the holder
under this Demand Note shall bind Borrower and its successors and assigns, and
all such covenants and rights shall inure to the benefit of the holder of this
Demand Note and its successors and assigns.
This Demand Note has been delivered and accepted at New York, New York and
shall be interpreted, governed by, and construed in accordance with, the laws of
the State of New York.
Wilshire Technologies, Inc
By: /s/ Xxxxx X. Xxxxxxxx
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Name: Xxxxx X. Xxxxxxxx
Title: VP & CFO
