Promissory Note Template Page 8
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28PLEASE NOTE THAT ITEMS HIGHLIGHTED IN YELLOW MAY BE VARIABLE BETWEEN
PROMISSORY NOTES, DEPENDING ON THE COMMERCIAL TERMS SET OUT
“assets” includes present and future properties, revenues and rights of every
(c)
description;
a “Clause” or a “Schedule” is a reference to a clause of, or a schedule to, this Note;
(d)
a “currency” is a reference to the lawful currency for the time being of the relevant
(e)
country;
“indebtedness” includes any obligation (whether incurred as principal or as surety) for
(f)
the payment or repayment of money, whether present or future, actual or contingent;
a “person” includes any individual, firm, company, corporation, government, state or
(g)
agency of a state or any association, trust, joint venture, consortium or partnership
(whether or not having separate legal personality);
a “regulation” includes any regulation, rule, official directive, request or guideline
(h)
(whether or not having the force of law but, if not having the force of law, being of a type
with which any person to which it applies is accustomed to comply) of any governmental,
intergovernmental or supranational body, agency, department or regulatory, self-
regulatory or other authority or organisation;
(i)
the singular includes the plural and vice versa;
(j)
a law or provision of law is a reference to that law or provision as extended, applied,
amended or re-enacted and includes any subordinate legislation implementing or
providing guidelines for the implementation of that law or provision;
(k)
Clause and Schedule headings are for ease of reference only;
(l)
unless a contrary indication appears, a term used in any other documents in connection
with this Note or in any notice given under or in connection with this Note has the same
meaning as in this Note; and
a default or Event of Default is “continuing” if it has not been remedied or expressly
(m)
waived in writing.
2.
THE PRINCIPAL
2.1
Purpose of the facility
The Borrower shall apply the Aggregate Principal for the purpose of financing the general
working capital and capital expenditure requirements of the Borrower.
2.2
Monitoring
Neither the Lender nor CM is bound to monitor or verify the application of the Aggregate
Principal borrowed pursuant to this Note.
2.3
Right of Review
Notwithstanding anything to the contrary, expressed or implied, in this Note, and without
prejudice to the rights of the Lender under this Note, CM shall have the right, at any time and
from time to time, to review the Aggregate Principal and/or to demand immediate repayment of
all or any part of the Aggregate Principal and/or amend any term of the Note.
3.
ISSUANCE OF NOTE AND TRANSFER OF FUNDS
3.1
The issuance of this Note is subject to each Lender presenting to CM their individual Principals
as pledged by way of a cheque, cashier’s order or bank transfer prior to the Date of the
Promissory Note.
Page 8 of 28
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