Exhibit 10.37
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PROMISSORY NOTE
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$2,000,000 Norwich, Connecticut
June 30, 2003
FOR VALUE RECEIVED, Xxxxxxx International Ltd., a Delaware corporation
("Maker"), hereby promises to pay to the order of Xxxxxxx Partners, LLC
("Payee"), at 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, or at such other
place as Payee may designate in writing, the principal sum of Two Million
Dollars ($2,000,000) together with interest on the unpaid balance of this Note
from the date hereof until paid, at a fixed rate of eight percent (8%) per annum
and together with all costs of collection, including reasonable attorney's fees,
incurred in any action to collect this Note.
All principal, accrued interest, and any other amounts owed under this
Note shall be due and payable on demand at any time on or after April 1,2004.
Maker shall have the right, at any time and from time to time, to prepay
the principal amount of this Note, in whole or in part, without premium or
penalty.
Presentment, notice of dishonor, and protest are hereby waived.
Any notice to Maker shall be given by mailing such notice by regular mail,
addressed to Maker at Xxx Xxxxxxxxx Xxxx, Xxxxxxx, Xxxxxxxxxxx 00000-0000 or to
such other address as Maker may designate by notice to Payee. Any notice to
Payee shall be given by mailing such notice by regular mail, at the address
stated in the first paragraph of this Note, or at such other address as may have
been designated by notice to Maker.
The word "Maker" shall include the successors and assigns of Maker named
herein and the word "Payee" shall include the successors and assigns of Payee
named herein. This Note shall be governed by, and construed in accordance with,
the laws of the State of Connecticut.
XXXXXXX INTERNATIONAL LTD.
By: /s/ Xxxx X. Xxxxxxx
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Xxxx X. Xxxxxxx
President and Chief Executive Officer