DEMAND PROMISSORY NOTE
Exhibit
10.7
This
Note
made on the 31st day of
March, 2006
between Accountabilities, Inc. (“Borrower”), a Delaware
corporation whose principal place of business is 000 Xxxxx Xxxx, Xxxxx 000,
Xxxxxxxxx, Xxx Xxxxxx 00000 and Washington Capital, LLC
(“Lender”), whose address is P. O. Xxx 000, Xxxxxxxx, Xxx Xxxxxx
00000. Borrower hereby agrees to Pay To The Order of Lender One
Hundred Fifty Thousand Dollars ($150,000.00), pursuant to the following
terms:
Terms
and Conditions:
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1.
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Amount
of Loan: $150,000.00 US hereunder (the
“Loan Amount”).
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2.
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Term: This
is a Demand Note. The Note and all amounts due hereunder shall
be due and payable in full on the date Lender demands payment in
full or
the date the Borrower pays all amounts due under the Loan in
full.
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3.
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Interest
Rate: Interest shall accrue on the Loan Amount and the
amounts due under this Note at the lesser of eight percent (8%) per
annum
or the maximum interest rate permitted by applicable law. Any
payment not received within ten (10) days of its due date shall be
subject
to a five percent (5%) late charge in addition to any other interest,
costs or fees that may be due.
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4.
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Prepayment: The
Note may be prepaid in whole or in part at any time prior to the
expiration of the Term.
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5.
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Default: It
shall be an Event of Default under this Note if Borrower fails to
make any
payment due within ten (10) days of its due date or if Borrower fails
to
comply with any other term of this Note and such default shall continue
for a period of thirty (30) days after written notice to the Borrower
of
such default In addition it shall be an Event of Default if any
of the following occur (a) application for, or the appointment of,
a
receiver in bankruptcy; (b) filing of any petition, or the commencement
of
any action or any proceeding against Borrower for relief under any
bankruptcy or insolvency laws or any laws relating to the relief
of
debtors, readjustment of indebtedness or reorganizations; or (c)
violation
of any of the foregoing provisions regarding repayment or the payment
of
interest or penalties, the waiver of which does not constitute a
waiver of
default.
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6.
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Remedies: Upon
the occurrence of an Event of Default under this Note unpaid
principal shall, at the option of the Lender, become immediately
due and
payable and interest will accrue at an annual rate equal to the lesser
of
eight percent (8%) or the maximum rate of interest permitted by applicable
law.
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1
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7.
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Waivers: As
to this Note and any other instruments securing the indebtedness,
the
Borrower waives all notice of acceleration, presentment, protest
and
demand, dishonor and non-payment of this
Note.
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| BORROWER: | ACCOUNTABILITIES, INC. | ||
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Date:
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By:
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/s/ Xxxxx Xxxxxxx | |
| Name: Xxxxx Xxxxxxx | |||
| Title: President | |||
| LENDER: | WASHINGTON CAPITAL, LLC | ||
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Date:
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By:
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/s/ Xxxxx Xxxxx | |
| Name: Xxxxx Xxxxx | |||
| Title: President | |||
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