EXHIBIT 10.06
$366,858.00 PROMISSORY NOTE June 30, 1996
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FOR VALUE RECEIVED, KIDS STUFF, INC. a Delaware corporation, whose
address is 0000 Xxxxxx Xxxxxxx Xxxxxx, X.X., Xxxxx 000, Xxxxxx, Xxxx 00000
("Borrower") promises to pay to XXXXXX XXXX CO., LTD., an Ohio corporation
("Lender"), as hereinafter set forth, the principal sum of Three Hundred Sixty
Six Thousand Eight Hundred Fifty Eight and 00\100 Dollars ($366,858.00) with
interest thereon from the date hereof at the rate of eight percent (8%) per
annum.
Payments of principal and interest shall be made as follows: The
payment of the first installment of $66,858.00 in principal plus interest
accrued thereon to date shall be due and payable on June 30, 1997; the second
installment of $100,000.00 in principal plus interest accrued thereon to date
shall be due and payable on June 30, 1998; the third installment of $100,000.00
in principal plus interest accrued thereon to date shall be due and payable on
June 30,1999; and the final installment of $100,000.00 in principal plus
interest accrued thereon to date shall be due and payable on June 30, 2000.
If any of the following events shall occur and be continuing, it shall
constitute an Event of Default under this Note:
(a) Failure to make any payments of principal or interest required to
be made under this Note within thirty (30) days (excluding bank
holidays) after the same shall become due;
(b) Failure to perform or observe any covenant, term or condition
contained in this Note and such default shall not have been
remedied for a period of thirty (30) days following written
notice thereof by Xxxxxx.
Upon any Event of Default, and if such default shall continue for a
period of thirty (30) days, then the Lender may, at his option and without
further notice, declare the unpaid principal hereof and all accrued interest
thereon to be at once due and payable in full.
There shall be no prepayment penalty in the event that the undersigned
prepays all or a portion of the principal sum and accrued interest evidenced
hereby.
The Borrower and all indorsers, sureties, and guarantors hereof, jointly
and severally waive presentment, demand for payment, notice of dishonor, notice
of protest, and protest, and all other notices or demands in connection with the
delivery, acceptance performance, default, indorsement, or guaranty of this
instrument.
BORROWER:
KIDS STUFF, INC.
By: //S XXXXXXX X. XXXXXX, CHIEF EXECUTIVE OFFICER
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Xxxxxxx X. Xxxxxx, Chief Executive Officer
