PROMISSORY NOTE AND SECURITY AGREEMENTPromissory Note And • May 26th, 2010 • Bluegate Corp • Services-business services, nec • Texas
This note possesses a revolving or draw feature. Debtor shall be entitled to borrow up to the full principal amount of the note from time to time during the term of the note. It is agreed by the Debtor that in accordance with this note, as of May 1, 2010, the Secured Party has advanced the aggregate amount of approximately $1,200,000.00. Principal and interest due hereunder shall be payable on demand. Interest payments are due through October 31, 2009. Interest payments for the period from November 1, 2009 through January 31, 2010 have been eliminated. Effective February 1, 2010 interest payments resumed at the rate of 15% per annum.
