Promissory Note between Clenergen Corporation and Mastreta Advisors Corp (February 16, 2010)

Contract Categories: Business Finance › Note Agreements
Summary

Clenergen Corporation, a Nevada-based company, has entered into a promissory note agreement with Mastreta Advisors Corp, a British Virgin Islands corporation. Under this agreement, Clenergen borrows $177,884 from Mastreta Advisors for working capital purposes. The loan carries a simple interest rate of 1% per month and must be repaid within three months from January 16, 2011. The agreement is signed by Clenergen's CEO, Tim Bowen.

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PROMISSORY NOTE

Feb 16, 2010

Borrower:
  
Clenergen Corporation, a Nevada corporation with principal offices at Bath House, Chapel Place, London, Great Britain EC2A 3DQ.
     
Lender:
  
 Mastreta Advisors Corp of Trident Chambers, P,O Box 146 ,Road Town, Tortola, BVI, a British Virgin Islands corporation.
     
Amount:
  
USD177,884.00
     
Duration:
  
Three months from January 16th “2011
     
Interest Rate:
  
1% simple interest per month
     
Use of Proceeds:
  
Working Capital
 
Borrower:
Clenergen Corporation
   
By:
/s/ Tim Bowen
 
Tim Bowen
 
Chief Executive Officer