Promissory Note - GT Interactive Software Corp. and Andrew Gregor
PROMISSORY NOTE
$250,000 August 31, 1996
Principal Amount New York, New York
FOR VALUE RECEIVED, Andrew Gregor, an individual, whose residence is at 11
Lighthouse Lane, Greenwich, CT 06870 (the "Maker"), hereby promises to pay to
the order of GT Interactive Software Corp., a Delaware corporation (the
"Payee"), or its assigns, the sum of Two Hundred Fifty Thousand Dollars
($250,000) on August 31, 1998 (the "Maturity Date"), together with interest
accrued from the date hereof on the unpaid principal balance hereunder, at a
rate of six and fifteen one-hundredths percent (6.15%) per annum. Interest shall
be computed on the basis of a 365-day year and the actual number of days elapsed
and shall be due and payable on the Maturity Date.
This Note may be prepaid in full or in part (with interest to the date of
prepayment) at any time without premium or penalty.
All payments received hereunder shall be applied first to the payment of
accrued interest (if applicable) and any expenses or charges payable hereunder
(in such order as Payee may determine) and the balance, if any, to principal.
In the event of any failure to make a full and timely payment of any amount
due under this Note, Maker will pay to the holder such further amount as shall
be sufficient to cover all costs and expenses directly or indirectly incurred in
connection with any action relating to collection of this Note and/or the
enforcement of the holder's rights, including but not limited to attorneys'
fees, expenses and disbursements.
No course of dealing and no delay on the part of the holder of this Note in
exercising any right, power or remedy shall operate as a waiver thereof or
otherwise prejudice any of such holder's rights, powers and remedies, and no
single or partial exercise of a right, power or remedy shall preclude a further
exercise thereof or the exercise of another right, power or remedy.
The Maker hereby waives presentment, notice of demand for payment, protest,
notice of dishonor and any other notice of any kind with respect to this Note.
The Note shall be governed by and construed in accordance with the internal
laws of the State of New York without giving effect to the conflict of laws
principles thereof.
All of the terms and provisions of this Note shall be applicable to and
binding upon each and every maker, holder, endorser, surety, guarantor, and all
other persons who are or may become liable for the payment hereof and their
respective successors or assigns.
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Note as of the date and year first above written.
/s/ ANDREW GREGOR
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Andrew Gregor