ii) Demand note payable to James Gary May in the amount of $100,000.00;
81 ANNEX V 3.k. The Company is in default of the following agreements: (i) Note payable to Xxxxxxx Xxxxxx in the amount of $200,000.00 due September 29, 1996, interest at 10%; (ii) Demand note payable to Xxxxx Xxxx Xxx in the amount of $100,000.00; (iii) Lease agreement for National Solutions Corporation, Sarasota Quay, Florida location; and (iv) Other trade payables incurred in the ordinary course of business which do not exceed the amount of approximately $500,000.00 in the aggregate.