1. Promise to Pay
FOR VALUE RECEIVED, the undersigned,
____________________. (the
“Borrower”), hereby
promises to pay, in the manner set out in Section 2 of this note, to or to the
order of ________________________________ (the “Holder”), the principal sum of
__________________ Rupees (Rs.)_______) in lawful money of Canada (the “Principal
Sum”) and interest thereon as hereinafter set forth.
2. Principal Repayments
The Principal Sum and any
interest thereon shall become due and be payable to the Holder on _____________
20 .
3. Interest Rate and Payments
(a)
The Principal Sum hereof
outstanding from time to time shall bear interest at the rate of ____ percent
(_%) per annum calculated annually, not in advance.
(b)
Interest begins accruing the
date at which both the loan monies are received, and all required signatures
are on the promissory note. Interest shall accrue and be payable before and
after maturity and before and after default and before and after judgment with
interest on overdue interest at the same rate as aforesaid.
4. Waiver of Notice
The Borrower hereby
waives presentment for payment, notice of non-payment, protest and notice of
protest and does hereby agree and consent to all extensions and renewals
hereof, without notice.
5. Repayment Right
The Borrower shall have
the right to prepay the Principal Sum, or any portion thereof, without notice,
bonus or penalty.
6. General
This Note shall be
binding upon the Borrower and its successors and assigns. This Note shall be
governed by and construed in accordance with the laws of the Province of
Ontario and the Borrower hereby attorns to and acknowledges the exclusive
jurisdiction of the Courts with respect to the subject matter hereof. The
Borrower shall not assign this Note without the prior written consent of the
Holder.
7. Default
Upon default in payment
of any indebtedness or liability of the Borrower, including principal or
interest due hereunder or upon default by the Borrower in the performance of
any other obligation to the Holder, or if the Borrower shall become insolvent
or bankrupt or make a proposal in bankruptcy or takes or commences any steps or
proceedings under the Companies' Act or the Bankruptcy and Insolvency Act or if the Borrower shall cease carrying on
its business or if the Borrower shall dispose of or encumber any of its assets
other than the ordinary course of the Borrower's business or a receiver or
receiver and manager shall be appointed or if any executions shall be filed
against or a distress or an analogous process shall be levied upon the Borrower
or any of the assets of the Borrower, the entire unpaid principal indebtedness
owing by the Borrower to the Holder evidenced hereby and all interest accrued
thereon to the date of payment shall become forthwith due and payable upon
demand by the Holder.
IN WITNESS
WHEREOF the Borrower has executed this Note.
____________________.
(Two authorized
signatures required.)
Per:
__________________________________
Date:
__________________________________
Per:
__________________________________
Date:
__________________________________
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