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PROMISSORY NOTE

Promissory Note

PROMISSORY NOTE | Document Parties: CHALLENGER POWERBOATS, INC. You are currently viewing:
This Promissory Note involves

CHALLENGER POWERBOATS, INC.

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Title: PROMISSORY NOTE
Governing Law: Missouri     Date: 2/8/2007

PROMISSORY NOTE, Parties: challenger powerboats  inc.
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EXHIBIT   10.9

                                 PROMISSORY NOTE
                                 ---------------

Date:     January   _29_,   2007
                   --

Note   Amount:     $670,000

     PROMISE   TO   PAY:   Challenger   Powerboats, Inc., ("Borrower"), 300 Westlink
     ----------------
Drive, Washington, Missouri, promises to pay to the order of Mark Overbye or his
assigns   (Noteholder),   in   lawful   money   of   the United States of America, the
principal amount of $670,000, together with interest at a fixed rate of interest
at   ten   percent   (10%)   per   annum.

     PAYMENT:   Borrower   will   pay   this   loan   in accordance with the following
     -------
payment   schedule:

     The   first   payment shall be due on February 28, 2007 and continuing on the
same day of each month thereafter until July 28, 2008, according to the attached
amortization   table,   at   which time the entire unpaid principal balance and all
accrued   interest   shall   be   due and payable.   Buyer shall have full prepayment
privileges   at   any   time   without prepayment penalty.   Interest on this Note is
computed   daily   on the basis of a 365-day year, for each day all or any part of
the   principal   balance   hereof   shall   remain   outstanding.   Borrower   will pay
Noteholder   at
________________________________________________________   or at such other place
as Noteholder may designate in writing.   Payments not received within 15 days of
due date shall be considered late and shall be subject to a late charge based on
the   rate   of   1%   per   month.

     DEFAULT:   Borrower   will   be   in   default   if any of the following happens:
     -------

     a.      Borrower   fails   to   make   any   payment   when   due;

     b.      A   receiver   is   appointed   for   any   part   of   Borrower's property,
Borrower   makes an assignment for the 


 
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