Demand Promissory Note between Aura Systems, Inc. and Warren Breslow dated February 28, 2011

Contract Categories: Business Finance › Note Agreements
Summary

Aura Systems, Inc., through its CEO Melvin Gagerman, promises to pay Warren Breslow $250,000 plus 10% annual interest. The full amount, including any accrued interest, is due immediately upon demand by the lender. This is a legally binding loan agreement with no fixed repayment schedule, allowing the lender to request repayment at any time.

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EX-10.55 5 ex55.htm ex55.htm

 
Exhibit 10.55
 
DEMAND PROMISSORY NOTE
 
 

 
 

 
 
$250,000                                                                           Date: February 28, 2011
 
 

 
 
FOR VALUE RECEIVED, the undersigned jointly and severally promise to pay to the order of Warren Breslow, the sum of Two Hundred Fifty Thousand Dollars and no/100 ($250,000.00), together with interest of 10% per annum on the unpaid balance.
 
 
The entire principal and any accrued interest shall be fully and immediately payable UPON DEMAND of any holder thereof.
 
 

 
 
 
 
 
 
”Borrower”
 
Aura Systems, Inc.



____________________
Melvin Gagerman
Chief Executive Officer

 
Dated: February 28, 2011