PROMISSORY NOTE
|
$77,500.00
|
January 23, 2009
|
1.
FOR VALUE RECEIVED, Caleco Pharma Corp., a Nevada corporation (the
“ Payor ”), hereby unconditionally promises to
pay to the order of NY Financial (International) Corp., a British
Virgin Islands corporation (the “ Payee ”), in
lawful money of the United States of America in immediately
available funds, on January 31, 2009 (the “ Scheduled
Maturity Date ”), the principal sum of Seventy-Seven
Thousand Five Hundred Dollars ($77,500.00), without interest except
as provided below. To the extent the foregoing principal amount is
not fully paid by the Scheduled Maturity Date, the unpaid portion
of such principal amount, together with any accrued but unpaid
interest as provided in this sentence, shall bear interest from and
after the Scheduled Maturity Date until paid in full, compounded
monthly on the last day of each calendar month at the rate of ten
percent (10%) per annum, calculated based on the actual number of
days elapsed and an assumed year of 360 days (the “
Default Rate ”). This note may be prepaid in whole or
in part at any time without a premium or penalty of any
kind.
2.
If the principal amount of this note is not fully paid by the
Scheduled Maturity Date, then, in addition to all rights and
remedies of the Payee under this note, under applicable law or
otherwise, all such rights and remedies being cumulative, not
exclusive and enforceable alternatively, successively and
concurrently, the Payor shall immediately reimburse to the Payee
upon demand all expenses incurred by the Payee in connection with
the collection or other enforcement of this note, including, but
not limited to, attorneys’ fees and expenses. If the
foregoing expenses of collectio
