Installment Note ($306,180) By Hel

NAME OF PROMISSOR: Horizon Exploration LTD AMOUNT PROMISED: $306,180.00 U.S. Dollars INTEREST RATE: 11.25% PER ANNUM


Installment Note


1. For value received, the undersigned, Horizon Exploration LTD ("Borrower") promises to pay to TELEDYNE BROWN ENGINEERING MARINE PRODUCTS, A DIVISION OF TELEDYNE INDUSTRIES, INC. or its assignee, the principal sum of $306,180.00 U.S. Dollars, with interest at the rate of 11.25% per annum on the unpaid balance of that principal sum until paid. The Borrower promises to pay that principal sum and interest in installments as follows: $54,214.00 U.S. Dollars on the 10th day of April, 1977, and five (5) successive installments of $54,214.00 U.S. Dollars on the same day of each succeeding calendar month until all such installment payments have been made, on which date the entire unpaid balance of principal and interest shall be due and payable.


Allocation of Payments


2. Each installment, when paid, shall be credited first to the interest then due, and the remainder shall be credited to principal. Interest shall cease to accrue on the principal so credited.


Acceleration


3. In the event Borrower fails to make payment of any part or installment of principal or interest when due, th ...