Promissory Note between BioShaft Water Technology, Inc. and Six Capital Ltd. dated July 7, 2014
BioShaft Water Technology, Inc. agrees to repay Six Capital Ltd. a loan of $1,047,390 with 7.5% annual interest, compounded monthly. Interest payments are due monthly, and the full principal plus any unpaid interest must be paid by July 7, 2015. The borrower can prepay the loan at any time without penalty. The note is governed by a related loan agreement, which may require early repayment under certain conditions. The borrower waives certain formalities related to payment demands and notices.
PROMISSORY NOTE
For value received, BIOSHAFT WATER TECHNOLOGY, INC., (the “Borrower”) promises to pay to the order of SIX CAPITAL LTD. (the “Lender”) in lawful money of the United States of America, the aggregate amount of $1,047,390 (the “Principal Amount”), plus interest at a rate of 7.5% per annum, calculated compounded monthly, both before and after maturity and default, as follows:
1.
Interest shall be payable monthly in arrears on the last business day of each month, commencing July 31, 2014 until the Principal Amount is paid in full.
2.
The Principal Amount and all accrued and unpaid interest shall be due and be paid in full on July 7, 2015.
3.
The Principal Amount may be prepaid in whole or in part at any time without notice, bonus or penalty, together with all interest accrued and unpaid to the date of such prepayment.
This Promissory Note is being delivered in accordance with a Loan Agreement between the Borrower and the Lender dated July 7, 2015. The Loan Agreement, among other things, contains provisions for the acceleration of the maturity of the Principal Amount and requirements for prepayment of the Principal Amount, in each case upon the happening of certain stated events.
The Borrower waives presentment, demand, notice of dishonour and protest or further notice of any kind and agrees that it shall remain liable in respect of this note as if presentment, demand, notice of dishonour and protest had been duly made or given.
Dated: July 7, 2014.
BIOSHAFT WATER TECHNOLOGY, INC.
By:
/s/ Imad Yassine
Authorized Signatory
