PROMISSORY NOTE
Principal Amount: US$100,000
Revolving Loan: January 1, 2002
FOR VALUE RECEIVED, E-Trend Networks, Inc. with a head office at 0000 0xx
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St. S.E. Calgary, Alberta (the "Borrower"), promises to pay to the order of
Wilmington Xxxxxxx, Inc. a Delaware corporation with a head office at 000
XxxXxxxxx Xxxx., Xxxxx 000 Xxxx Xxxxxxxxxx, Xxxxxxx 00000 (the "Lender"), on or
before December 31, 2002 (in accordance with the terms and conditions set forth
herein) the sum of ONE HUNDRED THOUSAND US DOLLARS ($100,000.00US) (the
"Principal Sum"), in lawful money of United States together with interest on the
Principal Sum from the date that the Principal Sum is advanced to the Borrower
at the Interest Rate (the "Loan"). "Interest Rate" means six percent (10%) per
annum.
This loan shall be a revolving loan and at no time exceed $100,000 USD. At
any time monies or services will be advanced to E-Trend Networks, Inc. by
Xxxxxxxxxx Xxxxxxx and paid back by E-Trend Networks, Inc.
All payments shall be applied first to accrued and unpaid interest due on
the unpaid Principal Sum.
The Borrower may repay the Loan in whole or in part at any time prior to
December 31, 2002 without penalty.
The Lender may demand repayment of the Loan upon the commencement by the
Borrower or any direct or indirect subsidiary of the Borrower of (i) a voluntary
case under Title 11 of the United States Code entitled "Bankruptcy," or any
successor thereto, or the commencement of an involuntary case thereunder which
is not controverted within 10 days and dismissed within 60 days after
commencement, or (ii) a proceeding under any reorganization, arrangement,
adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or
similar law of any jurisdiction whether now or hereafter in effect or the
commencement of such a proceeding which is not converted within 10 days and
dismissed within 60 days after commencement.
The makers, endorsers, and all parties to this Note hereby waive
presentment and notice of demand, protest and notice of protest and nonpayment
of this note.
The makers and endorsers hereby acknowledge and agree that they shall not
be entitled, at any time, to set off any amounts due hereunder, including any
accrued but unpaid interest against any amounts due and owing by E-Trend
Networks, Inc., its successors or assigns, to the Borrower, or its successors or
assigns.
Payment of this Note is secured by a first charge debenture in all assets
of Borrower.
Borrower and any guarantors hereof agree to pay all reason-able costs of
collection, including attorneys' fees, paid or incurred by Note Holder in
enforcing this Note on default.
This Promissory Note shall be governed by the laws of the State of Nevada,
and the parties hereto specifically attorn to the jurisdiction of the Courts in
the State of Nevada
E-TREND NETWORKS, INC.
Per: ________________________
Acknowledged and agreed to this 14th day of January, 2002
/s/ Wilmington Xxxxxxx, Inc.
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Wilmington Xxxxxxx, Inc.
Per: Xxxxxxx Xxxxxx, CEO
