Attached files
| file | filename |
|---|---|
| 10-K - POWER EFFICIENCY CORP | v179193_10k.htm |
| EX-31.1 - POWER EFFICIENCY CORP | v179193_ex31-1.htm |
| EX-32.1 - POWER EFFICIENCY CORP | v179193_ex32-1.htm |
| EX-32.2 - POWER EFFICIENCY CORP | v179193_ex32-2.htm |
| EX-31.2 - POWER EFFICIENCY CORP | v179193_ex31-2.htm |
EXHIBIT
10.47
PROMISSORY
NOTE – UNSECURED
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AMOUNT:
$125,000
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DATE
OF ISSUANCE: March 30, 2010
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INTEREST
RATE: 5%
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MATURITY
DATE: May 30, 2010
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NOTE
NUMBER: 1
FOR VALUE RECEIVED, Power Efficiency
Corporation (the “Borrower”), hereby promises to pay the order of Steven Z.
Strasser (the “Lender”) at 3960 Howard Hughes Parkway, Suite 460, Las Vegas, NV
89169, the principal sum of One Hundred Twenty Five Thousand Dollars ($125,000)
plus accumulated interest, no later than May 30, 2010.
THIS PROMISSORY NOTE is not
secured.
THE BORROWER MAY, at any time, without
notice, bonus or penalty, prepay or cause to be prepaid the whole or any part of
the principal amount and accumulated interest remaining unpaid
hereunder.
THE
PROMISSORY NOTE shall be governed by the laws of the State of Nevada, which laws
shall be applicable to the interpretation, construction and enforcement hereof.
The Borrower and the Lender each submit to the non-exclusive jurisdiction of the
courts of the State of Nevada and the United States courts located in the State
of Nevada in relation to any claim or dispute that may arise with respect to
this Promissory Note.
IN THE EVENT of the bankruptcy or
insolvency of the Borrower, or upon the filing of a petition in bankruptcy
against the Borrower, or upon the making of a proposal in bankruptcy by the
Borrower, the principal and interest under this Promissory Note remaining unpaid
shall, at the option of the Lender, immediately become due and
payable.
THE UNDERSIGNED may, at any time,
without notice, bonus or penalty, prepay or cause to be prepaid the whole or any
part of the principal amount remaining unpaid hereunder.
DATED this 30th day of
March, 2010.
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Lender
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Borrower
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Steven
Z. Strasser
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Power
Efficiency Corporation
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John
Lackland, CFO
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