DEMAND NOTE -----------Demand Note • August 14th, 2001 • Ap Holdings Inc • Services-auto rental & leasing (no drivers)
FOR VALUE RECEIVED, AP HOLDINGS INC., a Delaware Corporation, (the "Borrower"), hereby promises to pay to Facto Capital LLC (the "Lender"), or its successors or assigns, the principal sum of Three Hundred Thirty Thousand Dollars ($330,000) on demand, and to pay interest on said principal amount, from the date hereof until the payment of said principal amount, computed at a rate per annum which shall be the Prime Lending Rate plus two and one-half percent (2.5%); provided that if the Borrower fails to pay an amount of principal of, or interest on, this Note when due, the Borrower agrees to pay interest on such overdue amount at a rate per annum which shall be the Prime Lending Rate plus three and one- half percent (3.5%). Interest shall accrue from and including the date hereof to the date of repayment thereof and shall be payable at the time of any prepayment as provided below, on demand. Interest will be computed on the basis of a 360-day year of twelve 30-day months. For purposes of
