EXHIBIT 10.8 PROMISSORY NOTE
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BORROWER: US GLOBAL AEROSPACE, INC. F/K/A CARING LENDER: WESTERN SECURITY BANK
PRODUCTS INTERNATIONAL, INC. ALSO KNOWN GREENWAY OFFICE
AS U.S. GLOBAL NANOSPACE, INC. 16277 GREENWAY HAYDEN LOOP
2633 NORTH CARSON STREET, STE. 610S SCOTTSDALE, AZ 85260
CARSON CITY, NV 89706
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Principal Amount: $1,650,000.00
Interest Rate: 13.000%
Date of Note: June 30, 2003
PROMISE TO PAY.
US GLOBAL AEROSPACE. INC. F/K/A CARING PRODUCTS INTERNATIONAL, INC. ALSO KNOWN AS U.S. GLOBAL NANOSPACE, INC. ("Borrower")
promises to pay to
WESTERN SECURITY BANK ("Lender"), or order, in lawful money of the United States
of America, the principal amount of One Million Six Hundred Fifty Thousand &
00/100 Dollars ($1,650,000.00), together with Interest at the rate of 13.000%
per annum on the unpaid principal balance from June 30, 2003, until paid in
full.
PAYMENT. Borrower will pay this loan in one principal payment of $1,650,000.00
plus Interest on August 31. 2003. This payment due on August 31, 2003, win be
for all principal and all accrued interest not yet paid. Unless otherwise agreed
or required by applicable law, payments will be applied first to any accrued
unpaid Interest; then to principal; than to any unpaid collection costs; and
than to any late charges. The annual Interest rate for this Note Is computed on
a 366/360 basis; that is, by applying the ratio of the annual Interest rate over
a year of 360 days, multiplied by the outstanding principal balance, multiplied
by the actual number of days the principal balance is outstanding. Borrower will
pay Lander at Lender's address shown above or at such other place as Lender may
designate in writing.
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JOHN O. ROBINSON, PRESIDENT of US GLOBAL AEROSPACE.
US Global Aerospace Inc · 10KSB/A · For 3/31/3 · EX-10.8 · p. 4
EX-10.8 4th "Page" of 12
/S/John Robinson
BORROWER:
US GLOBAL AER081J&CE(sic), INC. r/jf/A CARING PRODUCTS INTERNATIONAL, INC. ALSO KNOWN
AS U.S. GLOBAL NANOSPACE, INC.
JOHN O. ROBINSON, PRESIDENT of US GLOBAL AEROSPACE. INC. F/K/A CARING
PRODUCTS INTERNATIONAL, INC. ALSO KNOWN AS U.S. GLOBAL NANOSPACE, INC.
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