Promissory Note Between Home School, Inc. and David Nicholson Dated May 10, 2008
Home School, Inc., a Delaware corporation, has received a short-term, unsecured credit line of up to $20,000 from David Nicholson. The loan is for a maximum of 90 days. If repaid on time, no interest is charged; if not repaid by December 31, 2008, interest accrues at 1% per month. There is no penalty for early repayment, and the loan does not give David Nicholson priority over other creditors. The agreement is signed by both parties on May 10, 2008.
Exhibit 10.11
5/10/08
Good morning, Dave.
Below is a note memorializing your short-term credit line extended to the Company. Please sign and date as indicated below. Thanks so much for your help!
PROMISSORY NOTE
This note evidences a provision of a line of credit of a maximum of twenty thousand dollars ($20,000) for the benefit of Home School, Inc, a Delaware ‘C’ Corporation from David Nicholson of Palatine, IL. It is a short-term credit line of 90 days duration or less.
If the loan is repaid in a timely manner, no interest shall adhere. It the loan is still outstanding as of 12/31/08, it shall bear interest in cash at the rate of 1% per month from that time forward.
The debt shall be repaid with all due speed and no prepayment penalty shall adhere if Home School, Inc. repays it sooner than anticipated.
This debt is unsecured and confers no standing superior to other creditors.
Signed this day, May 10, 2008
| /s/ Thomas Morrow | /s/ David Nicholson | |||
| Thomas Morrow, CEO Home School, Inc | David Nicholson |
