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SECURED PROMISSORY NOTE DUE

Note Purchase Agreement

SECURED PROMISSORY NOTE DUE | Document Parties: INTERACTIVE MOTORSPORTS & ENTERTAINMENT CORP | PERFECT LINE, INC You are currently viewing:
This Note Purchase Agreement involves

INTERACTIVE MOTORSPORTS & ENTERTAINMENT CORP | PERFECT LINE, INC

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Title: SECURED PROMISSORY NOTE DUE
Governing Law: Indiana     Date: 11/19/2007

SECURED PROMISSORY NOTE DUE, Parties: interactive motorsports & entertainment corp , perfect line  inc
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Exhibit 10.6

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ ACT ”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION THEREFROM UNDER THE ACT, THE RULES AND REGULATIONS THEREUNDER AND APPLICABLE STATE LAWS. THE TRANSFER OF THIS NOTE IS SUBJECT TO THE CONDITIONS AND RESTRICTIONS SPECIFIED IN THE NOTE PURCHASE AND SECURITY AGREEMENT DATED AS OF JULY 31, 2006 BY AND AMONG THE COMPANY AND THE PURCHASERS PARTY THERETO. EACH HOLDER HEREOF BY VIRTUE OF HOLDING THIS NOTE, SHALL COMPLY WITH, AND BE DEEMED TO HAVE AGREED TO COMPLY WITH SUCH CONDITIONS AND RESTRICTIONS.

 

PERFECT LINE, INC.

 

SECURED PROMISSORY NOTE DUE AUGUST 1, 2010

 

No. 2006-__

Issued: July 31, 2006

 

Matures: August 1, 2010

 

FOR VALUE RECEIVED, the undersigned, PERFECT LINE, INC., an Indiana corporation (the “ Company ”), hereby promises to pay to _________________________________(the “ Holder ”) or assigns, the principal sum of ________________________________ Dollars of the United States of America on August 1, 2010 (minus any portion of such principal amount prepaid prior to such date), together with interest on the unpaid principal balance existing from time to time prior to maturity at a rate per annum equal to Fifteen Percent (15.0%), together with reasonable attorneys’ fees and other costs incurred in collecting or enforcing payment hereof and without relief from valuation and appraisement laws. Capitalized terms used but not defined herein have the respective meanings given to such terms in the Note Purchase Agreement referenced below.

Such principle and interest shall be paid weekly, in arrears, on the balance of outstanding principal for the exact number of days such principal remains outstanding and shall be computed on the basis of a seven (7) day week.

 

Principal and interest under this Note shall be due and payable as follows:

1.           Weekly principle and interest payments of $__________ due under this Note shall be due and payable in arrears on Tuesday of each week, commencing ____________________ 2006; and

2.           the entire unpaid balance of principal and all accrued and unpaid interest, shall be due and payable on August __, 2010.

If any installment of princ


 
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