DEMAND TERM NOTEDemand Term Note • September 25th, 2007 • Nature Vision, Inc. • Photographic equipment & supplies
FOR VALUE RECEIVED, Nature Vision, Inc., Minnesota corporation, located at 1480 Northern Pacific Road, Brainerd, MN 56401 (the “Borrower”) hereby promises to pay upon demand to the order of M&I Business Credit, LLC, a Minnesota limited liability company, its successors and assigns (the “Lender”), located at Suite 450, 651 Nicollet Mall, Minneapolis, Minnesota 55402, the principal sum of Two Million Dollars ($2,000,000), in lawful money of the United States and immediately available funds, together with interest on the unpaid balance accruing as of the date hereof at an annual rate equal at all times to three quarters percent (3/4%) per annum, above the rate of interest publicly announced by M&I Marshall & Ilsley Bank from time to time as its prime rate (or any similar successor rate), each change in the interest rate shall take effect simultaneously with the corresponding change in such designated bank’s base rate or any similar successor rate.
