Demand Promissory Note between Aura Systems, Inc. and Warren Breslow dated December 4, 2009

Contract Categories: Business Finance › Note Agreements
Summary

Aura Systems, Inc., through its CEO Melvin Gagerman, promises to repay Warren Breslow $250,000 with 10% annual interest. The full amount, including any accrued interest, is due immediately upon demand by the lender. This agreement is effective as of December 4, 2009, and is a binding obligation on the borrower until the debt is repaid.

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EX-10.40 15 ex40.htm ex40.htm
 
Exhibit 10.40
 
DEMAND PROMISSORY NOTE
 
 

 
 

 
 
$250,000                                                                           Date: December 4, 2009
 
 

 
 
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: December 4, 2009