EXHIBIT 10.14
This loan replaces the note dated October 16, 1998.
April 16, 1999
Xxxx Xxxx
00000 Xxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
BORROWER: Videonics, Inc.
LENDER: Xxxx Xxxx
This letter is our promise to repay.................................. $1,035,000
cash loaned to Borrower. This loan is due and payable on January 16, 2001.
Interest will be due on the outstanding balance for the actual days outstanding
from January 16, 1999 at an annual interest rate of 8.0%. Interest will be paid
at maturity on January 16, 2001.
DEFAULT. Borrower will be in default if any of the following happens: (a)
Borrower fails to make any payment when due. (b) Borrower defaults under
any loan, extension of credit, security agreement, purchase or sales
agreement, or any other agreement, in favor of any other creditor or
person that may materially affect any of Borrower's property or
Xxxxxxxx's ability to repay this loan or perform Borrower's obligations
under this loan. (c) Xxxxxxxx becomes insolvent, a receiver is appointed
for any part of Xxxxxxxx's property, Xxxxxxxx makes an assignment for the
benefit of creditors, or any proceeding is commenced either by Borrower
or against Borrower under any bankruptcy or insolvency laws.
LENDER'S RIGHTS. Upon default, Xxxxxx may declare the entire unpaid principal
balance of this loan and all accrued unpaid interest immediately due, without
notice, and then Borrower will immediately pay that amount. Lender may delay or
forgo enforcing any of its rights or remedies under this loan without losing
them.
GENERAL: This note has been delivered to Lender and accepted by Xxxxxx in the
State of California. If there is a lawsuit, Xxxxxxxx agrees upon Xxxxxx's
request to submit to the jurisdiction of the courts of Santa Xxxxx County, the
State of California. This loan shall be governed by and construed in accordance
with the laws of the State of California.
BORROWER: Videonics, Inc.
By: /s/ Xxxxx X. XxXxxxx
----------------------------------------
Xxxxx X. XxXxxxx, Senior Vice President
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