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PROMISSORY NOTE
l.0
Promise to
Pav: Initial Interest Rate . FOR
VALUE RECEIVED, National Lampoon. Inc. ( "Maker "), binds
itself to pay to the order of Gerald J. Daigle, Jr. (
"Payee "), the principal sum of ONE HUNDRED FIFTY
THOUSAND AND NO/100 ($150,000) DOLLARS, together with interest
thereon at the rate often percent (10%) per annum from the date
hereof through the Maturity Date (as defined below).
2.0 Guaranty ,
In order to induce Payee to make the
loan evidenced by this Note, Daniel S. Laikin (" Guarantor
'*) hereby unconditionally and irrevocably, jointly and severally.,
guarantees to Payee and to its successors, endorsees and/or
assigns, the full and prompt payment of the principal sum of the
Note in accordance with its terms when due, by acceleration or
otherwise, together with all interest accrued thereon, and the full
and prompt payment of all other sums, together with all interest
accrued thereon, when, due under the terms of the Note.
3.1
Maker shall pay the loan evidenced
by this Promissory Note (this t4 Note ,: ) as
follows: Maker shall pay the principal balance and all accrued but
unpaid interest, and all other remaining unpaid fees and other
amounts due hereunder on January 15, 2009, the maturity date of
this Note (the " Maturity Date ").
3.2
Interest on this Note shall be
computed on a simple interest basis by applying the annual interest
rate to the actual number of days the principal balance is
outstanding.
3.3
Both the principal and interest
under this Note are payable at the offices of Payee at 909 Poydras
Street, S
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