PROMISSORY NOTE
October 20, 1999
PROMISSSORY NOTE (the "AGREEMENT") between, XXXXXXX X. XXXXXXXXX (the 'LENDER'),
and, THE MAJESTIC COMPANIES, LTD. (the 'BORROWER'), dated, October 20, 1999:
The LENDER agrees to lend the BORROWER the amount of $186,680 U.S dollars.
The BORROWER acknowledges receipt of, and agrees to repay the $186,680 to the
LENDER upon demand.
Furthermore, the LENDER and the BORROWER agree that the amount shall accrue
interest at an annualized rate of 12%. Both principal and interest shall be paid
in full upon demand.
This note contains all terms and conditions of the advance between the LENDER
and the BORROWER, no other understandings or terms are implied unless previously
agreed to in writing between the two parties.
Signed this 20th day of October 1999 in the City of San Diego, CA.
BORROWER LENDER
/s/ Xxxx X. Xxxxx /s/ Xxxxxxx X. Zubrowksi
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Xxxx X. Xxxxx-Controller Xxxxxxx X. Xxxxxxxxx
The Majestic Companies, Ltd.
