Exhibit 4.2
Phoenix International Ventures,
Inc
“Promissory Note
Agreement”
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NOTE
AMOUNT
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|
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ISSUANCE
DATE
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__________, 2008
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MATURITY
DATE
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__________, 2009
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FOR VALUE RECEIVED, Phoenix International
Ventures, Inc. , a Nevada Corporation (OTC BB:
PIVN) hereby promises to pay __________ . (the
“ Holder ”) on ____, 2009 (the “Maturity
Date”), or earlier, the Note Amount of ___________
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 Agreement.
WHEREAS, the Company desires to accept finance,
from the Holder, for working capital needs.
WHEREAS, the Holder desires to finance the
Company 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 and shall continue
every three months until the Maturity Date.
Section 1.2 Payment and
repayment
The Holder encloses herewith a check payable to,
or will immediately make a wire transfer payment to, “Phoenix
International Ventures, Inc.” or to its wholly owned
subsidiary �
