Sample Business Contracts

Promissory Note - Prosoft I-Net Solutions Inc. and Uday Pabrai

Sponsored Links

                            [LETTERHEAD OF PROSOFT]

                                PROMISSORY NOTE
                              Dated June 18, 1998

    FOR VALUE RECEIVED, the undersigned, Uday Pabrai ("Pabrai") an individual,
promises to pay to the order of Prosoft I-Net Solutions, Inc. ("Prosoft"), a
Nevada corporation, the sum of Three Hundred Thousand Dollars ($300,000) plus
interest thereon at the rate of 12% per annum or other maximum rate allowed by
law, whichever is less, on the unpaid balance.

     The entire sum of principal and accrued interest shall be fully payable
upon demand, (but no later than May 30, 1999) the termination of Uday Pabrai
from the employment with ProSoft I-Net Solutions, Inc., or the final payment by
Prosoft to Pabrai for his ownership in ICII.

     Pabrai agrees that Prosoft may maintain restrictions on his Prosoft I-Net
Solutions, Inc. stock until this loan is paid in full.  In addition, Pabrai
puts forth the Prosoft I-Net Solutions, Inc. stock as collateral to guarantee
this loan.

     In the event of default, the undersigned borrower agrees to pay all
reasonable attorney's fees and costs of collection and to submit any dispute to
binding arbitration before JAMS ("Judicial Arbitration Mediation Services") in
Orange County, California.

     Signed and effective June 18, 1998

Uday Pabrai
1861 Gregory Street
Aurora, IL 60504

     Uday Pabrai