PROMISSORY NOTE
Exhibit
4.5
PROMISSORY
NOTE
THIS
NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR, IF
APPLICABLE, STATE SECURITIES LAWS. THIS NOTE MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
AS
TO THIS NOTE UNDER SAID ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY
TO
ASIA CAPITAL, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.
NOTE
FOR
VALUE
RECEIVED, Xxxxxxx X. Xxxxxx, Xxxxx X. Xxxxxx and Xxxxxx Xxxxxx (collectively,
the “Borrowers”), with principal offices located at 0000 Xxxx Xxxx, Xxxxxxx,
Xxxxx 00000, hereby promises to pay to Omni U.S.A., Inc., a Nevada Corporation
(the “Holder”), or order, without demand, the sum of Six Hundred Seventy-Two
Thousand Dollars ($672,000). The remaining principal amount of the Note shall
be
due and payable on the Maturity Date (as hereinafter defined).
The
following terms shall apply to this Note:
ARTICLE
I
PAYMENT
Payment.
Borrowers shall pay to Holder the amount of $4,000 per month commencing on
February 1, 2006 and the first day of each month thereafter.
Maturity
Date.
On the
Maturity Date, the entire unpaid principal amount shall be paid to the Holder
without offset or deduction of any kind. The Maturity Date shall be December
29_, 2008.
Prepayment.
The Note
may be prepaid in whole or in part (subject to a minimum payment of $100,000),
without premium or penalty.
ARTICLE
II
EVENTS
OF
DEFAULT
Events
of Default.
The
occurrence of any of the following events of default (“Event of Default”) shall,
at the option of the Holder hereof, make the principal balance then remaining
unpaid hereon and all other amounts payable hereunder immediately due and
payable:
Failure
to Pay Principal.
The
Borrowers fail to pay any installment of principal hereon when due and such
failure continues for a period of five (5) days after the due date.
Breach
of Covenant.
The
Borrowers breach any material covenant or other term or condition of this Note
in any material respect and such breach, if subject to cure, continues for
a
period of five (5) days after written notice to the Borrowers from the
Holder.
1
Receiver
or Trustee.
The
Borrowers shall make an assignment for the benefit of creditors, or apply for
or
consent to the appointment of a receiver or trustee for it or for a substantial
part of its property or business; or such a receiver or trustee shall otherwise
be appointed.
Judgments.
Any
money judgment, writ or similar final process, shall be entered or filed against
any of the Borrowers or any of their property or other assets for more than
$250,000 collectively, and shall remain unvacated, unbonded or unstayed for
a
period of forty-five (45) days.
Bankruptcy.
Bankruptcy, insolvency, reorganization or liquidation proceedings or other
proceedings or relief under any bankruptcy law or any law for the relief of
debtors shall be instituted by or against the Borrowers and if instituted
against Borrowers are not dismissed within 60 days of initiation.
Enforcement.
Upon the
occurrence of any Event of Default, the Holder may thereupon proceed to protect
and enforce its rights either by suit in equity and/or by action at law or
by
other appropriate proceedings whether for the specific performance (to the
extent permitted by law) of any covenant or agreement contained in this Note
or
in aid of the exercise of any power granted in this Note, and proceed to enforce
the payment of this Note held by it, and to enforce any other legal or equitable
right of the Holder.
ARTICLE
III
MISCELLANEOUS
Failure
or Indulgence Not Waiver.
No
failure or delay on the part of Holder hereof in the exercise of any power,
right or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege. All
rights and remedies existing hereunder are cumulative to, and not exclusive
of,
any rights or remedies otherwise available.
Notices.
Any
notice herein required or permitted to be given shall be in writing and may
be
personally served or sent by fax transmission (with copy sent by certified
or
registered mail or by overnight courier). For the purposes hereof, the address
and fax number of the Holder is set forth on the signature page hereto. The
address and fax number of the Borrowers is 0000 Xxxx Xxxx, Xxxxxxx, Xxxxx 00000
facsimile (000) 000-0000. Both Xxxxxx and Borrowers may change the address
and
fax number for service by service of notice to the other as herein provided.
Amendment
Provision.
The term
“Note” and all reference thereto, as used throughout this instrument, shall mean
this instrument as originally executed, or if later amended or supplemented,
then as so amended or supplemented.
Assignability.
This
Note shall be binding upon the Borrowers and their successors and assigns,
and
shall inure to the benefit of the Holder and its successors and assigns, and
may
be assigned by the Holder.
Cost
of
Collection.
If
default is made in the payment of this Note, Borrowers shall pay the Holder
hereof reasonable costs of collection, including reasonable attorneys'
fees.
Maximum
Payments.
Nothing
contained herein shall be deemed to establish or require the payment of a rate
of interest or other charges in excess of the maximum permitted by applicable
law. In the event that the rate of interest required to be paid or other charges
hereunder exceed the maximum permitted by such law, any payments in excess
of
such maximum shall be credited against amounts owed by the Borrowers to the
Holder and thus refunded to the Borrowers.
Governing
Law and Venue.
This
Note shall be governed by and interpreted in accordance with the laws of the
State of California without regard to the principles of conflict of laws. In
the
event of any litigation regarding the interpretation or application of this
Note, the parties irrevocably consent to jurisdiction in any of the state or
federal courts located in the City of Los Angeles, State of California and
waive
their rights to object to venue in any such court, regardless of the convenience
or inconvenience thereof to any party. Service of process in any civil action
relating to or arising out of this Agreement or the transaction(s) contemplated
herein may be accomplished in any manner provided by law. The parties hereto
agree that a final, non-appealable judgment in any such suit or proceeding
shall
be conclusive and may be enforced in other jurisdictions by suit on such
judgment or in any other lawful manner.
IN
WITNESS
WHEREOF, each Borrower has caused this Note to be signed on this 29th day of
December, 2005.
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/S/ | XXXXXXX X. XXXXXX | |
Name: Xxxxxxx
X. Xxxxxx
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/S/ | XXXXX X. XXXXXX | |
Name: Xxxxx
X. Xxxxxx
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/S/ | XXXXXX XXXXXX | |
Name: Xxxxxx
Xxxxxx
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Address of Holder | ||
Omni
U.S.A., Inc.
0000
Xxxxxxxxxx Xxxx, Xxxxx 000
Xxxxxxxx,
Xxxxxxxxxx 00000
Attn:
Xxxx X. Xxxx
Facsimile:
000-000-0000
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