NOTE AND SECURITY AGREEMENTNote and Security Agreement • April 6th, 2010 • 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 March 31, 2010, hereby promises to pay to FROST GAMMA INVESTMENTS TRUST (“Frost Gamma”), and HSU GAMMA INVESTMENTS, L.P., a Delaware limited partnership (“Hsu Gamma” and, together with Frost Gamma, “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 $1,000,000, 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. Frost Gamma will fund an aggregate amount equal to 50.00% of the Loan, and Hsu Gamma will fund an aggregate amount equal to 50.00% of the Loa
