Exhibit 4.2
Phoenix International Ventures,
Inc.
“Promissory Note Extension
Agreement”
|
NOTE
AMOUNT
|
_________ U.S. Dollar
|
|
ISSUANCE
DATE
|
_________, 2009
|
|
MATURITY
DATE
|
_________, 2010
|
FOR VALUE RECEIVED, Phoenix International
Ventures, Inc. , a Nevada Corporation (OTC BB:
PIVN) hereby promises to pay _______________. (the
“ Holder ”) on July 20, 2010 (the
“Maturity Date”), or earlier, the Note Amount of
__________ ($________) Dollars U.S. plus accrued and unpaid
interest thereon, in such amounts, at such times and on such terms
and conditions as are specified herein. The Company, and the Holder
are sometimes hereinafter collectively referred to as the “
Parties ” and each a “ Party ” to
this Promissory Note Extension Agreement (the
“Agreement”).
WHEREAS, on ____________ 2008, the Company
accepted financing from the Holder, for working capital needs, in
the Note Amount set forth above, which is due to mature on
_________, 2009 (the “Old Note”); and
WHEREAS, the Holder and the Company desire to
extend the maturity of the Old Note upon the terms and conditions
set forth in this Agreement.
In consideration of the above recitals, the
terms and covenants of this Agreement and other good and valuable
consideration, including the payment of money from Holder to
Company, the receipt of which is hereby acknowledged to be the date
of issuance, and intending to be bound hereby, the Parties agree as
follows:
Article
1
Payment; Repayment; Interest
Section
1.1
Interest
The Company shall pay interest on the Note
Amount (“ Note Amount Interest ”) at the rate of
fifteen percent (15%) per annum. Interest shall be accrued on a
monthly basis. The Company shall make mandatory quarterly payments
of interest (the “ Note Amount Interest Payments
”), in an amount equal to the interest accrued on the balance
of the Note. The Note Amount Interest Payments shall commence on
the third month following the Issuance Date (as defined in the Old
Note) and shall continue every three months until the Maturity
Date.
Section
1.2 Payment
and repayment
Payment.
The principal Note Amount of the Old Note paid
by the Holder in accordance with Section 1.2 of the Old Note
remains the principal Not
