HomeMy WebLinkAbout2026 EXHIBIT 8
PROMISSORY NOTE J
52,500,000.00 Toronto, Canada -
August 10, 1979
FOR VALUE ~tECEiVED the undersigned BURNAC PRODUCE INC..,
a Florida corporation, (the "Maker") hereby promises to pay to
the order of THE MERCANTILE BANK OF CANADA, a bank chartered
under the Bank Act of Canada (the "Payee"), at the offices
of Citibank, N.A. in New York, New York, or at such other
place or places as the Payee or holder hereof may designate
in writing, the principal sum of TWO MILLION. FIVE HUNDRED
THOUSAND DOLLARS ($2;500,000.00) in lawful money of the United
States of America, in annual instalments as follows:
August 10, 1980 - $400,000
August 10, 1981 - $500,000
August 10, 1982 - $500,000
August 10 , 1983 - $500, 000
August 10, 1984 - $600,000
together with interest accruing thereon from the date hereof
on sums advanced hereunder, at the rates and times hereinafter
provided, calculated on the daily outstanding principal balances
from time to time.
All payments of principal hereunder will be made in
such coin or money of the United States of America as at
the time of payment shall be legal tender for the payment of
public and private debts, upon presentation hereof for notation
of each payment or upon surrender hereof on payment in full;
provided that any payment which is received by the Payee after
11:30 a. m. on any day shall be deemed to have been received
on the next following day on which Citibank, N.A. is open for
business at its offices in New York, New York and interest
shall accrue on the amount of such payment until such date.
.The Maker promises to pay interest, both before and
after default and before and after maturity, on the principal
amount hereof from time to time outstanding at a rate expressed
as a percentage per annum (the "Loan Rate") equal to MBC Best
US $ Lending Rate + 1-1/2. Interest as aforesaid shall be
calculated and payable monthly on the 1st day of each calendar
month in each year until all obligations of the Maker to the
Payee have been satisfied in full. With each change in the
MBC Best US $ Lending Rate there shall be a corresponding change
in the Loan Rate. The Payee will promptly notify the Maker
of each change in the MBC Best US $ Lending Rate.
For the purposes hereof "MBC Best US $ Lending Rate"
shall mean the per annum rate of interest published, quoted and
known fn Toronto, Canada as the Payee's "MBC Best US ~ Lending
Rate", and the Maker acknowledges that the MBC Best US $ Lending
Rate in effect on the date hereof is ~ 13X.
All delinquent interest shall bear interest-from due
date at the same rate as set forth above and shall be paid on
the first day of each month during the term of delinquency.
Nothing herein contained, nor any transaction related
hereto, shall be construed or so operate as to require the Maker
to pay interest at a greater rate than is now lawful in such case
to contract for, or to make any payment, or to do any act contrary
aaoK 314 PaGE ~19
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