Secured Promissory Note between Pro Tech Communications, Inc. and Holder

Summary

Pro Tech Communications, Inc. agrees to repay a specified loan amount to the Holder, with interest at 15% per year. The full amount, including interest, must be paid by a set date, but early repayment is allowed without penalty. If Pro Tech defaults, it must cover collection costs and attorney fees. The loan is secured by a security interest under a separate agreement. This note outlines the repayment terms and legal waivers by Pro Tech Communications, Inc.

EX-10.1(A) 2 exh-10_1a.txt FORM OF SECURED PROMISSORY NOTE Exhibit 10.1(a) SECURED PROMISSORY NOTE $__________ Dated as of ___________ FOR VALUE RECEIVED, Pro Tech Communications, Inc., a Florida corporation ("Maker"), promises to pay to the order of _____________ ("Holder"), at ___________________ or at such other place as Holder may from time to time designate in writing, the principal sum of ___________________________ ($___________), to be paid in lawful money of the United States of America. The unpaid principal balance on this Note shall bear interest at a rate of fifteen percent (15%) per annum. All interest charges shall be calculated on the basis of a 365-day year. Maker shall make payment in full of both principal and interest due to Holder no later than _____________________. Maker may make prepayments on the principal of this Note without penalty. In the event of default in any payment, Maker shall pay all costs and expenses of collection, including reasonable attorneys' fees. Maker hereby waives diligence, demand, presentment for payment, notice of nonpayment, protest and notice of protest, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time, all without in any way affecting the liability of Maker. The right to plead any and all statutes of limitations as a defense to any demand on this Note or to any agreement to pay the same is expressly waived to the extent permitted by applicable law. This Note is secured by a security interest granted to Holder pursuant to the Security Agreement dated at or about the date of this Note delivered by Maker to Holder. IN WITNESS WHEREOF, the undersigned has duly executed this Note as of the date first above written. PRO TECH COMMUNICATIONS, INC. By: ------------------------------ ------------------------------ Michael J. Parrella Witness Director