NOTE AND SECURITY AGREEMENTNote and Security Agreement • September 12th, 2008 • Non Invasive Monitoring Systems Inc /Fl/ • Electromedical & electrotherapeutic apparatus • Florida
FOR VALUE RECEIVED, NON-INVASIVE MONITORING SYTEMS, INC., a Florida corporation with offices at 4400 Biscayne Boulevard, Miami, Florida 33137 (“NIMS” or “Borrower”), pursuant to this Note and Security Agreement (this “Note”) dated as of August 28, 2008, hereby promises to pay to each person (“Creditor”) listed in Attachment A hereto (collectively, the “Lender”), at such place as Lender may designate from time to time in writing, in lawful money of the United States of America, the principal amount of $300,000, or such lesser amount as shall equal the outstanding principal balance of the loan (the “Loan”) made to Borrower by Lender pursuant to this Note, and to pay all other amounts due with respect to the Loan on the dates and in the amounts set forth in this Note. Each Creditor will fund the amount detailed in Attachment A and Borrower shall repay the Loan to each Creditor in proportion to such funding amounts, plus applicable interest.
