PROMISSORY NOTE
August 27, 2009
$
456,920.66
FOR VALUE RECEIVED, the undersigned makers
(herein collectively referred to as “Maker,” whether
one or more parties) promise to pay to the order of MERIX
CORPORATION (herein “Holder”) at 15725 SW Greystone
Court, Suite 200, Beaverton, Oregon, 97006 or such other place as
Holder may direct, the principal sum of FOUR HUNDRED FIFTY SIX
THOUSAND NINE HUNDRED TWENTY AND 66/100 DOLLARS ($456,920.66),
together with interest as provided herein.
1.
Interest and Payment .
1.1
Interest Rate . Maker promises to pay
interest from and including the date of this Note until maturity on
the unpaid principal of this Note at the rate of ten percent (10%)
per annum.
1.2
Payments . Maker will pay to Holder all
sums due under this Note, including all principal and accrued
interest thereon no later than September 1, 2011 (the "Maturity
Date"), provided that this Note may be prepaid by the Maker at any
time prior to the Maturity Date in whole or in part without premium
or penalty.
1.3
Default; Default Interest Rate . If the
Maker fails to make a payment when due or fails to
comply with any other term of this promissory note, the loan will
be considered in default. After default or maturity, any principal
not paid shall bear interest at the annual rate of eighteen percent
(18%) per annum.
1.4
Place and Time of Payment . All payments
shall be made to Holder at its address set forth above, and shall
be made without prior notice or demand.
1.5
Form and Application of Payments .&nb
