Exhibit 10.16
$250,000 NEGOTIABLE PROMISSORY NOTE
For value received, General DataComm Industries, Inc, having an
office at 6 Rubber Avenue, Naugatuck CT 06770
(“Payor”), promises to pay on demand to the order of
Howard S. Modlin, having an office at 445 Park Avenue, 15th floor,
New York, New York 10022 (“Payee”), with interest at
the rate of 10% per annum on the unpaid balance thereof from
October 1, 2008, the principal sum of $250,000 in lawful money of
the United States of America. This Note is payable on demand and
may be prepaid at any time without penalty or
premium. Interest which accrues during each calendar
month shall be paid on the first day of the following calendar
month during the term of this Note or date of payment or prepayment
if earlier. This Note evidences a loan made to Payor by
Payee on October 1, 2008 in the sum of $250,000.
1. Payment of this Note is unconditional and shall be
made without defense, counterclaim or offset, any defense to be
asserted in a separate suit. If payment is not made on
the installmen
|
