Promissory Note between NextDigital Corp. and Norpac Technologies, Inc. dated December 4, 2006
NextDigital Corp. has agreed to repay Norpac Technologies, Inc. $275,000 plus 8% annual interest by December 4, 2008. The note allows Norpac to transfer or assign the debt to another party, and NextDigital must pay whoever holds the note at the time of repayment. The agreement waives certain formalities, such as notice of default, and is governed by the terms set out in the note.
PROMISSORY NOTE
| EXECUTED BY: | NEXTDIGITAL CORP. |
| (the "Borrower") | |
| IN FAVOUR OF: | NORPAC TECHNOLOGIES, INC. |
| (the "Lender") | |
| PRINCIPAL AMOUNT: | $275,000 (U.S.) |
| DATE OF EXECUTION: | December 4, 2006 |
| PLACE OF EXECUTION: | Vancouver, BC, Canada |
FOR VALUE RECEIVED the Borrower hereby promises to pay to or to the order of the Lender on December 4, 2008, the principal sum of $275,000 (U.S.), together with interest thereon at the rate of 8% per annum, calculated and compounded annually, both before and after maturity from the date hereof.
The Borrower waives presentment, demand, notice, protest and notice of dishonour and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Promissory Note.
The Borrower agrees this Promissory Note may be negotiated, assigned, discounted, or pledged by the Lender and in every case payment will be made to the holder of this Promissory Note instead of the Lender upon notice being given by the holder to the undersigned, and no holder of this Promissory Note will be affected by the state of accounts between the undersigned and the Lender or by any equities existing between the undersigned and the Lender and will be deemed to be a holder in due course and for the value of the Promissory Note held by him.
DATED at Vancouver, BC this 4th day of December, 2006.
NEXTDIGITAL CORP.
by its authorized signatory:
/s/ Daniel S. Bland
________________________________
Daniel S. Bland, President
