Attached files
Exhibit
10.6
$190,000
PROMISSORY NOTE
| $190,000 | Philadelphia, Pennsylvania |
December
24, 2009
FOR VALUE
RECEIVED, the undersigned COVENANT GROUP HOLDINGS INC., a corporation
incorporated under the laws of the State of Delaware and its principal place of
business at 137 North 11th
Street, Philadelphia, Pennsylvania 19107, USA ("Maker"), hereby promises to pay
to the order of GARY SIDHU ("Payee"), in immediately available funds by cashiers
check or wire transfer to Payee as Payee may designate the principal sum of
One-Hundred Ninety Thousand Dollars ($190,000), payable as set forth
below.
The
entire principal balance will be payable in full ninety days from the date of
this note (the "Note"). No interest is due on payment of such
principal.
This Note
may be prepaid at any time, in whole or in part, without interest, penalty or
premium of any kind.
If any
payment of principal on this Note shall become due on a day which is a Saturday,
Sunday or holiday, such payment shall be made on the next succeeding business
day.
Maker
hereby waives presentment for payment, demand, notice of nonpayment or dishonor,
protest and notice of protest.
No delay
or omission on the part of Payee or any holder hereof in exercising its rights
under this Note, or course of conduct relating thereto, shall operate as a
waiver of such rights or any other right of Payee or any holder hereof, nor
shall any waiver by Payee or any holder hereof of any such right or rights on
any one occasion be deemed a bar to, or waiver of, the same right or rights on
any future occasion.
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Maker
shall pay Payee on demand any reasonable out-of-pocket expenses (including
reasonable legal fees) arising out of or in connection with any action or
proceeding (including any action or proceeding arising in or related to any
insolvency, bankruptcy or reorganization involving or affecting Maker) taken to
protect, enforce, determine or assert any right or remedy under this
Note.
This Note
shall bind Maker and the heirs and assigns of Maker, and the benefits hereof
shall inure to the benefit of Payee and the heirs and assigns of
Payee. All references herein to "Maker" shall be deemed to apply to
Maker and its heirs and assigns, and all references herein to "Payee" shall be
deemed to apply to Payee and his heirs and assigns.
This Note
and the rights and obligations of the parties hereto shall for all purposes be
governed by and construed and enforced in accordance with the substantive law of
the Commonwealth of Pennsylvania without giving effect to principles of conflict
of laws.
IN
WITNESS WHEREOF, Maker, intending to be legally bound, has executed this Note as
of the date and year first above written with the intention that this Note shall
constitute a sealed instrument.
COVENANT GROUP HOLDINGS
INC.
|
|
By
/s/ Kenneth
Wong
|
Kenneth
Wong, its President
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