Promissory Note Template Page 21
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28PLEASE NOTE THAT ITEMS HIGHLIGHTED IN YELLOW MAY BE VARIABLE BETWEEN
PROMISSORY NOTES, DEPENDING ON THE COMMERCIAL TERMS SET OUT
with its participation in this Note and has not relied exclusively on any information provided
to it by the Existing Lender in connection with this Note; and
(b) will continue to make its own independent appraisal of the creditworthiness of each Obligor
and its related entities whilst any amount is or may be outstanding under this Note.
29.6
Nothing in the Note obliges an Existing Lender to:
(a) accept a re-assignment from a New Lender of any of the rights assigned under this Clause;
or
(b) support any losses directly or indirectly incurred by the New Lender by reason of the non-
performance by any Obligor of its obligations under the Note or otherwise.
29.7
On the date of the assignment:
(a) each New Lender shall assume all rights of the Existing Lender as if the New Lender had
been the Original Lender and be bound by all provisions of this Note but shall not assume
any obligations of the Existing Lender. All existing obligations of the Existing Lender as at
the date of the assignment shall remain with the Existing Lender until the Principal has
been fully repaid under this Note.
(b) each of the Obligors shall assume obligations towards the New Lender in place of the
Existing Lender; and
(c) each of the Obligors and CM shall have the same rights as they would have had the New
Lender been an Original Lender. For the avoidance of doubt, CM shall be entitled to deduct
Commission from repayments received from the Borrower before remitting the remaining
balance to the New Lender.
30.
SEVERANCE
30.1
If any provision of this Note is, becomes, or shall be held to be illegal, invalid or unenforceable,
in whole or in part, in any respect under any law of any jurisdiction, the legality, validity and
enforceability of the remainder of this Note shall not be affected or impaired. To replace the
invalid or cannot be performed provision and to fill the omission an appropriate provision shall
apply which, to the extent legally possible, shall most nearly approximate to what the parties
would have intended had they considered the point concerned on conclusion of the Note. The
same shall also apply if the Note should be found to have any omissions.
31.
AMENDMENT AND WAIVERS
31.1
Any changes or additions to this Note shall only be valid if agreed to by the Obligor, CM and
the Lenders in writing (which shall include the electronic form). No term of this Note may be
waived without the prior consent in writing of CM and the relevant parties to this Note. Any such
amendment, addition or waiver effected under this Clause shall be binding on all parties.
32.
REMEDIES
32.1
No remedy conferred by any of the provisions of this Note is intended to be exclusive of any
other remedy which is otherwise available at law, in equity, by statute or otherwise, and each
and every other remedy shall be cumulative and shall be in addition to every other remedy
given hereunder or now or hereafter existing at law, in equity, by statute or otherwise. The
election of any partial, single or more of such rights or remedies by any of the parties hereto
shall not constitute a waiver by such party of the right to pursue any other available remedies.
Further, no failure to exercise, nor any delay in exercising, on the part of the parties any right
or remedy under this Note shall operate as a waiver of any such right or remedy under this Note.
33.
COUNTERPARTS AND COPIES
Page 21 of 28
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