Promissory Note - Abercrombie & Fitch Co. and Michael S. Jeffries
PROMISSORY NOTE
$1,500,000.00 MARCH 1, 2000
FOR VALUE RECEIVED, the undersigned, Michael S. Jeffries, promises to pay to the
order of Abercrombie & Fitch Co., a Delaware corporation, the principal sum of
One Million, Five Hundred Thousand Dollars ($1,500,000.00), with interest
thereon at the rate of six-and-one-half percent (6.5%) per annum, said principal
and all accrued interest thereon being payable in full on August 28, 2000.
The undersigned reserves the privilege of prepaying all or a portion of the
principal balance hereof at any time without penalty.
All persons now or hereafter liable for the principal amount due on this Note or
any part hereof do expressly waive presentment for payment, notice of dishonor,
protest and notice of protest and agree that the time for the payment of this
Note may be extended without releasing or otherwise affecting their liability on
this Note, or any other security agreements or guarantees, if any, securing this
Note.
This Note was signed at Reynoldsburg, Ohio and shall be construed in accordance
with and governed by the provisions of the laws of the State of Ohio. Any
failure of Abercrombie & Fitch Co. or the legal holder hereof to exercise any
option herein provided upon default shall not constitute a waiver of the right
to exercise such option in the event of any continuing or subsequent default.
The undersigned hereby agrees that the maturity of all or any part of the
indebtedness evidenced hereby may be postponed or extended without prejudice to
his liability on this Promissory Note.
If any provision of this Note is illegal, or hereafter rendered illegal, or is
for any other reason void, voidable or otherwise unenforceable or invalid, or
hereafter rendered void, voidable or otherwise unenforceable or invalid, the
remainder of this Note shall not be affected by, but shall be construed as if it
does not contain such provision.
/s/ Michael S. Jeffries
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Michael S. Jeffries