“PROMISSORY NOTE Capital City US$113,489.00 January 16, 2020 1. For value received. Michael Millington, 85 A Cipriani Boulevard, Capital City, (Your Jurisdiction), until December 31, 2019. d/b/a CENTRAL RACING SERVICE, Capital City, and his successors and assignees, promise to pay in U.S. dollars THE SPORTS WIRE, INC., a U.S. corporation with offices at 318 Delaware Avenue, Delmar, New York 12054-1991, U.S.A., or order the principal sum of One Hundred Thirteen Thousand Four Hundred Eighty Nine U.S. Dollars [$113,,489.00] with interest on the unpaid principal amount owing from time to time at the rate of ten and a half percent per annum [10.5%], commencing on February 1, 2020, and continuing on the unpaid principal until paid. 2. This Note is payable in daily installments of Two Hundred Fifty U.S. Dollars [$250,00], due on every day of every week except Sundays, commencing on February 1, 2020 until this Note is fully paid. The daily payments shall be deposited by payor in a U.S. Dollar account, maintained by the holder of this note in a bank in (Your Jurisdiction). 3. All payments shall be applied first to accrued interest, and thereafter to principal. Any delinquent installment of interest shall bear interest at the same rate as principal bears interest. Notwithstanding anything to the contrary contained in this Note, in no event shall interest payable hereunder exceed the maximum amount of interest permissible under applicable U.S. and (Your Jurisdiction) law. 4. This Note may be paid in whole or in part at any time or from time to time, without penalty or additional fees. 5. If any payment of principal or interest is not paid when due and continues unpaid for a period of ten days after its scheduled due date, then at the option of the holder of this note, the entire unpaid balance of this Note and interest accrued thereon shall, at the option of the holder of this Note, become immediately due and payable. 6. Likewise if payment for current or future services, delivered by THE SPORTS WIRE, INC. or any of its associated or affiliated companies to Michael Millington or firms operated by him, his successors or assignees,are deemed to be past due by THE SPORTS WIRE, INC., the entire unpaid balance of this Note and interest accrued thereon shall, at the option of the holder of this Note, become immediately due and payable. 7. Payor hereby waives presentment, demand, protest or notice of any kind, and agrees to reimburse the holder of this Note for allreasonable attorney’s fees and court costs incurred by holder in enforcing and collecting this Note. 8. This note shall be construed in accordance with and governed by the laws of (Your Jurisdiction) and by the State of New York, U.S.A. 9. The undersigned Payor warrants and represents that he is duly authorized and empowered to execute and deliver this Note. 10. This Note supersedes a Promissory Note signed by Payor on October 28, 2019.” You are required to address the following issues and use at least 3 sections of your Bills of Exchange Act (or the BoEA of a neighbouring Caribbean jurisdiction) to assist you in determining the issue(s): (a) whether the Note is unconditional; (b) whether the Note is payable at a fixed or determinable future time; and (c) whether the Note is made payable to a specified person, or his order or to bearer (d) whether, in light of the above, the Note is valid. Give reasons for your answer. Answer question (c) and (d)
“PROMISSORY NOTE
Capital City
US$113,489.00
January 16, 2020
1. For value received. Michael Millington, 85 A Cipriani Boulevard, Capital City, (Your Jurisdiction), until December 31, 2019. d/b/a CENTRAL RACING SERVICE, Capital City, and his successors and assignees, promise to pay in U.S. dollars THE SPORTS WIRE, INC., a U.S. corporation with offices at 318 Delaware Avenue, Delmar, New York 12054-1991, U.S.A., or order the principal sum of One Hundred Thirteen Thousand Four Hundred Eighty Nine U.S. Dollars [$113,,489.00] with interest on the unpaid principal amount owing from time to time at the rate of ten and a half percent per annum [10.5%], commencing on February 1, 2020, and continuing on the unpaid principal until paid.
2. This Note is payable in daily installments of Two Hundred Fifty U.S. Dollars [$250,00], due on every day of every week except Sundays, commencing on February 1, 2020 until this Note is fully paid. The daily payments shall be deposited by payor in a U.S. Dollar account, maintained by the holder of this note in a bank in (Your Jurisdiction).
3. All payments shall be applied first to accrued interest, and thereafter to principal. Any delinquent installment of interest shall bear interest at the same rate as principal bears interest. Notwithstanding anything to the contrary contained in this Note, in no event shall interest payable hereunder exceed the maximum amount of interest permissible under applicable U.S. and (Your Jurisdiction) law.
4. This Note may be paid in whole or in part at any time or from time to time, without penalty or additional fees.
5. If any payment of principal or interest is not paid when due and continues unpaid for a period of ten days after its scheduled due date, then at the option of the holder of this note, the entire unpaid balance of this Note and interest accrued thereon shall, at the option of the holder of this Note, become immediately due and payable.
6. Likewise if payment for current or future services, delivered by THE SPORTS WIRE, INC. or any of its associated or affiliated companies to Michael Millington or firms operated by him, his successors or assignees,are deemed to be past due by THE SPORTS WIRE, INC., the entire unpaid balance of this Note and interest accrued thereon shall, at the option of the holder of this Note, become immediately due and payable.
7. Payor hereby waives presentment, demand, protest or notice of any kind, and agrees to reimburse the holder of this Note for allreasonable attorney’s fees and court costs incurred by holder in enforcing and collecting this Note.
8. This note shall be construed in accordance with and governed by the laws of (Your Jurisdiction) and by the State of New York, U.S.A.
9. The undersigned Payor warrants and represents that he is duly authorized and empowered to execute and deliver this Note.
10. This Note supersedes a Promissory Note signed by Payor on October 28, 2019.”
You are required to address the following issues and use at least 3 sections of your Bills of Exchange Act (or the BoEA of a neighbouring Caribbean jurisdiction) to assist you in determining the issue(s):
(a) whether the Note is unconditional;
(b) whether the Note is payable at a fixed or determinable future time; and
(c) whether the Note is made payable to a specified person, or his order or to bearer
(d) whether, in light of the above, the Note is valid. Give reasons for your answer.
Answer question (c) and (d)
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