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Promissory Note

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Enter the date that this promissory note will be signed. This promissory note will be referred to in subsequent questions as this "note". If the person preparing this note does not know what date it will be signed, this option can be left blank, but the date will need to be added by hand later. Sometimes one party signs a note on one day, and the other party signs it on another day. If this happens with this note, enter the date that the last party signs the note.

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PROMISSORY NOTE

This Promissory Note, hereinafter referred to as this "Note" is entered into and made effective this................ day of................................................ 20............. by and between the following parties:


BETWEEN THE BORROWER (hereinafter "Borrower"):


________ (ACN................................................) of the following registered address:

________


AND THE LENDER (hereinafter "Lender"):

________ (ACN................................................) of the following registered address:

________


PRINCIPAL AMOUNT (hereinafter the "Principal"): $________ (________ Australian Dollars only)

FOR VALUE RECEIVED the Borrower hereby promises to pay the Principal, together with any interest due, on the Maturity Date to the Lender.


(1) MATURITY DATE

The Borrower must repay the Principal on ________ (the 'Maturity Date') together with any default interest, costs, fees, expenses or charges owing under this agreement including interest accrued at the rate of........................ % per annum.


(2) ACCELERATION OF REPAYMENT

Following the occurrence of any default by the Borrower, including failure to make any payment of Principal or interest on the date it falls due for payment, the unpaid balance of any amounts due under this Note shall become immediately due and payable.


(3) DEFAULT INTEREST

During the continuing existence of any event of default, interest shall be payable on the outstanding Principal balance of this Note at the annual rate of ________% (the "Default Rate") or if the maximum rate of interest permitted at law is less than the Default Rate, that lower permissible rate of interest.


(4) ADDITIONAL COSTS

In addition to the Principal and any interest payable under this Note, the Lender will be liable for any costs and expenses incurred by the Lender as a result of a default by the Borrower under this Note, including but not limited to any legal costs ("Expenses"). Such Expenses will be added to the Principal then outstanding and will be immediately due and payable by the Borrower.


(5) PREPAYMENTS

The Borrower may, without penalty or further expense, make prepayment of any accrued interest or outstanding Principal prior to the Maturity Date. Any such prepayment shall be applied firstly to any accrued interest and secondly to the balance of any outstanding Principal.


(6) SEVERABILITY

If any provision of this Note is declared illegal or otherwise invalid or unenforceable, that provision shall be severed to the extent of that illegality, invalidity or unenforceability, without affecting the remaining provisions of this Note.


(7) ABFEAA

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(8) BINDING

(a) The terms set out in this Note are binding upon, and enure to the benefit of each of the heirs, executors, administrators, legal representatives, successors and assigns of the Borrower and the Lender respectively.

(b) The Borrower hereby waives presentment for payment, demand and protest and notice of protest, and of non payment and dishonour of this Note.


(9) GOVERNING LAW

This Note will be governed by and construed in accordance with the laws of the State of New South Wales. The parties shall submit to the non-exclusive jurisdiction of the courts of the State of New South Wales, including any courts that hear appeals from those courts.

EXECUTED AS A DEED THIS..................... day of................................................


Signed Sealed and Delivered by ________ (ACN................................................) in accordance with section 127(1) of the Corporations Act 2001 (Commonwealth) by being signed by ________ and ________, two of its directors:


................................................
________, Director


................................................
________, Director


Signed Sealed and Delivered by ________ (ACN................................................) in accordance with section 127(1) of the Corporations Act 2001 (Commonwealth) by being signed by ________ and ________, two of its directors:


................................................
________, Director


................................................
________, Director

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PROMISSORY NOTE

This Promissory Note, hereinafter referred to as this "Note" is entered into and made effective this................ day of................................................ 20............. by and between the following parties:


BETWEEN THE BORROWER (hereinafter "Borrower"):


________ (ACN................................................) of the following registered address:

________


AND THE LENDER (hereinafter "Lender"):

________ (ACN................................................) of the following registered address:

________


PRINCIPAL AMOUNT (hereinafter the "Principal"): $________ (________ Australian Dollars only)

FOR VALUE RECEIVED the Borrower hereby promises to pay the Principal, together with any interest due, on the Maturity Date to the Lender.


(1) MATURITY DATE

The Borrower must repay the Principal on ________ (the 'Maturity Date') together with any default interest, costs, fees, expenses or charges owing under this agreement including interest accrued at the rate of........................ % per annum.


(2) ACCELERATION OF REPAYMENT

Following the occurrence of any default by the Borrower, including failure to make any payment of Principal or interest on the date it falls due for payment, the unpaid balance of any amounts due under this Note shall become immediately due and payable.


(3) DEFAULT INTEREST

During the continuing existence of any event of default, interest shall be payable on the outstanding Principal balance of this Note at the annual rate of ________% (the "Default Rate") or if the maximum rate of interest permitted at law is less than the Default Rate, that lower permissible rate of interest.


(4) ADDITIONAL COSTS

In addition to the Principal and any interest payable under this Note, the Lender will be liable for any costs and expenses incurred by the Lender as a result of a default by the Borrower under this Note, including but not limited to any legal costs ("Expenses"). Such Expenses will be added to the Principal then outstanding and will be immediately due and payable by the Borrower.


(5) PREPAYMENTS

The Borrower may, without penalty or further expense, make prepayment of any accrued interest or outstanding Principal prior to the Maturity Date. Any such prepayment shall be applied firstly to any accrued interest and secondly to the balance of any outstanding Principal.


(6) SEVERABILITY

If any provision of this Note is declared illegal or otherwise invalid or unenforceable, that provision shall be severed to the extent of that illegality, invalidity or unenforceability, without affecting the remaining provisions of this Note.


(7) ABFEAA

Faa bcffbfa cb faa Eabbaf fc aaafafaa cbp ffdaf, dcaaf cf faaabp cecffcafa fc ff bbbaf fafa Acfa aacff bcf acbafffbfa c acfeaf cb facf ffdaf dcaaf cf faaabp, cf cb cbp cfaaf ffdaf, dcaaf cf faaabp. Faa Eabbaf'a acfeaf cb cbp ffdaf, dcaaf cf faaabp cecffcafa fc ff bbbaf fafa Acfa aacff bcf acbafffbfa c acfeaf cb cbp cfaaf ffdaf, dcaaf cf faaabp, cf cb faa Eabbaf'a abffffaaabf fc aaafafaa facf acaa ffdaf, dcaaf cf faaabp cb c bbfbfa bcfa.


(8) BINDING

(a) The terms set out in this Note are binding upon, and enure to the benefit of each of the heirs, executors, administrators, legal representatives, successors and assigns of the Borrower and the Lender respectively.

(b) The Borrower hereby waives presentment for payment, demand and protest and notice of protest, and of non payment and dishonour of this Note.


(9) GOVERNING LAW

This Note will be governed by and construed in accordance with the laws of the State of New South Wales. The parties shall submit to the non-exclusive jurisdiction of the courts of the State of New South Wales, including any courts that hear appeals from those courts.

EXECUTED AS A DEED THIS..................... day of................................................


Signed Sealed and Delivered by ________ (ACN................................................) in accordance with section 127(1) of the Corporations Act 2001 (Commonwealth) by being signed by ________ and ________, two of its directors:


................................................
________, Director


................................................
________, Director


Signed Sealed and Delivered by ________ (ACN................................................) in accordance with section 127(1) of the Corporations Act 2001 (Commonwealth) by being signed by ________ and ________, two of its directors:


................................................
________, Director


................................................
________, Director