LOAN COMMITMENT AND PROMISSORY NOTE
Exhibit 10.5
LOAN COMMITMENT
AND
PROMISSORY NOTE
Drax, Industries Inc., a Wyoming corporation ("Drax"), and Xxxxxx Xxxxxxxx ("Xxxxxxxx"), hereby agree upon and enter into this Loan Commitment and Promissory Note pursuant to the following terms.
1. Loan Commitment and Promissory Note. Xxxxxxxx hereby commits to pay the expenses of Drax in connection with its business development, as and when incurred, up to and including Ninety-five Thousand Dollars ($95,000.00 or Maximum Commitment.) Such expenses paid shall accrue to the outstanding principal balance of the Promissory Note stated herein (Principal Sum"). As of the date hereof, the Principal Sum is $0.
2. Interest. Interest on Principal Sum shall accrue simple interest at the rate of six percent (6%) per annum based on a 365 year ("Accrued Interest").
3. Maturity. The Principal Sum and Accrued Interest shall be due and payable on December 31, 2021.
4. Prepayment. Drax may prepay the Principal Sum, in whole or in part at any time, and from time to time, without being required to pay any penalty or premium.
5. Governing Law. This Agreement and Note shall be governed by the laws of the State of California. All legal proceedings concerning this Agreement and Note shall be commenced in the Courts of the State of California or the courts of the United States of America for the State of California, (the "California Courts"). Drax and Xxxxxxxx hereby irrevocably submit to the exclusive jurisdiction of the California Courts for the adjudication of any dispute hereunder.
Dated: December 31, 2020 | /s/ Xxxxxx Xxxxxxxx |
Xxxxxx Xxxxxxxx | |
Dated: December 31, 2020 | Drax By: /s/ Xxxxxx Xxxxxxxx |
Xxxxxx Xxxxxxxx as President of | |
Drax, Industries Inc.. |