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) 285558
552 2588552 22 252 222525 22 25258882 522 58252, 22825 25 522252 585885882 22 82 52525 2588 8222 85588 222 8228282522 5 858825 22 2552 58252 22825 25 522252, 25 22 522 22525 58252, 22825 25 522252. 552 222525'8 858825 22 522 58252, 22825 25 522252 585885882 22 82 52525 2588 8222 85588 222 8228282522 5 858825 22 522 22525 58252, 22825 25 522252, 25 22 252 222525'8 22282822222 22 25258882 2552 8522 58252, 22825 25 522252 22 5 252552 5522.
(8) WARRANTIES REGARDING LEGAL ADVICE
Each party under this Note, (which for the purposes of this clause shall be referred to as the "Warranting Party" as the context requires) hereby respectively warrants:
(a) that the Warranting Party fully understands the terms of this Note.
(b) that the Warranting Party has had the opportunity to obtain independent legal advice in relation to the matters addressed by this Note and the Warranting Party has either:
(I) taken such independent legal advice; or
(II) elected not to take such independent legal advice.
(c) that the Warranting Party has not been induced to enter this Note by any representation(s) made by the other party or by any officer, employee, director, agent, contractor, assignee, successor or other representative of the other party, except as provided in this Note.
(9) 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.
(10) 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
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) 285558
552 2588552 22 252 222525 22 25258882 522 58252, 22825 25 522252 585885882 22 82 52525 2588 8222 85588 222 8228282522 5 858825 22 2552 58252 22825 25 522252, 25 22 522 22525 58252, 22825 25 522252. 552 222525'8 858825 22 522 58252, 22825 25 522252 585885882 22 82 52525 2588 8222 85588 222 8228282522 5 858825 22 522 22525 58252, 22825 25 522252, 25 22 252 222525'8 22282822222 22 25258882 2552 8522 58252, 22825 25 522252 22 5 252552 5522.
(8) WARRANTIES REGARDING LEGAL ADVICE
Each party under this Note, (which for the purposes of this clause shall be referred to as the "Warranting Party" as the context requires) hereby respectively warrants:
(a) that the Warranting Party fully understands the terms of this Note.
(b) that the Warranting Party has had the opportunity to obtain independent legal advice in relation to the matters addressed by this Note and the Warranting Party has either:
(I) taken such independent legal advice; or
(II) elected not to take such independent legal advice.
(c) that the Warranting Party has not been induced to enter this Note by any representation(s) made by the other party or by any officer, employee, director, agent, contractor, assignee, successor or other representative of the other party, except as provided in this Note.
(9) 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.
(10) 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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