Exhibit 10.41
DEMAND NOTE
$1,600,000 EDEN PRAIRIE, MINNESOTA
SEPTEMBER 27, 1995
FOR VALUE RECEIVED, the undersigned, LaserMaster Corporation ("Maker"), hereby
agrees and promises to pay to the order of TimeMasters, Inc. a Minnesota
corporation ("Holder"), at its address of 0000 Xxxxx Xxxx, Xxxx Xxxxxxx,
Xxxxxxxxx or at any other place designated by the holder hereof, in lawful money
of the United States, the principal sum of One Million Six Hundred and no/100ths
Dollars ($1,600,000.00) together with interest on the principal amount at the
lesser of the Reference Rate at First Bank National Association plus one and
three-quarter percent per annum, or the maximum allowed by law. The principal
amount and interest shall be due and payable on demand. However, it is
understood that upon demand, the Maker may either repay the Note in full or
replace it with a Term Note, supported by additional consideration. The
additional consideration for a Term Note will be warrants for the purchase of
shares of LaserMaster Technologies, Inc. ("LMT"). The number of warrants will
be the principal amount of the Note divided by the warrant exercise price of
$6.35. The exercise price was determined by the net sale price of LMT shares on
the date that the commitment to loan was made. The interest rate on the Term
Note will be the same as this Note and the other terms, including payment dates,
of the Term Note will be mutually agreed upon. This Note may be prepaid without
penalty in whole at any time, or in part from time to time prior to the date of
demand.
This Note shall be due and payable (together with unpaid interest) immediately,
without demand or notice thereof, should a petition in bankruptcy be filed by
or against the Maker under the United States Bankruptcy Code, as amended, and
such petition not be withdrawn or dismissed within thirty days.
The Maker agrees to pay all costs of collection, including reasonable attorneys'
fees and legal expenses, in the event this Note is not paid when due, whether or
not legal proceedings are commenced. This Note is a Minnesota contract and
Holder may seek to enforce it in any court sitting in the State of Minnesota and
Maker specifically consents to both the subject matter and personal jurisdiction
of such courts. Service of process may be made by registered or certified mail
in addition to the methods allowed by law.
Maker waives its rights for presentment, demand for payment, notice of dishonor
or protest.
LASERMASTER CORPORATION
BY: /s/
--------------------------------
Xxxxxx X. Xxxxxx, President
Subscribed and sworn to before me a
Notary Public this ______ day of
September, 1995.
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Notary Public
My Commission Expires:
Seal
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