PROMISSORY NOTE

Issued at ______________________ Execution]

[Date of

We promise to pay to the order of [Name of Payee], at [Place of Payment] the principal sum of ( ). We shall also pay interest on such principal at the rate of [18%] per annum from the date hereof until the due date. The principal and interest accrued thereon are payable monthly in ____ installments on the [25th] day of each month. Therefore, the total amount of principal and interest payable in each installment is ( ). If there is a default in the payment hereunder, the whole sum of principal and interest shall become immediately due and payable. In addition, the rate of interest on the outstanding principal from the date of default until payment in full shall be increased to the rate of 20% per annum. Any interest which is overdue for a period of not less than one year shall be included as a part of the principal and shall bear interest. All payments hereunder shall be made without set-off, deduction or withholding tax of any kind whatsoever. We shall also reimburse the [Name of Payee] for all costs, charges, fees and expenses (including, without limitation, legal fees and other professional fees) incurred by [Name of Payee] in recovering any sum due to [Name of Payee] under this promissory note.

For [Name of Payor]