{"id":41217,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/promissory-note-anntaylor-global-sourcing-inc-and-the-hongkong.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"promissory-note-anntaylor-global-sourcing-inc-and-the-hongkong","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/finance\/promissory-note-anntaylor-global-sourcing-inc-and-the-hongkong.html","title":{"rendered":"Promissory Note &#8211; AnnTaylor Global Sourcing inc. and The Hongkong and Shanghai Banking Corp. Ltd."},"content":{"rendered":"<pre>                        PROMISSORY NOTE\n\n\n\n$8,000,000                                           September 20, 1996\n                                                     \n                                                     New York, New York\n\n\n\n           FOR  VALUE  RECEIVED, ANNTAYLOR GLOBAL SOURCING,  INC.\n\n(formerly  known  as CAT US, Inc.), a Delaware  corporation  (the\n\n'Company'),  hereby promises to pay to THE HONGKONG AND  SHANGHAI\n -------\nBANKING CORPORATION LIMITED, NEW YORK BRANCH (the 'Bank'), at its\n                                                   ----\noffice located at 140 Broadway, New York, NY 10005, the principal\n\nsum  of  Eight Million Dollars ($8,000,000) or such lesser amount\n\nas shall equal the aggregate unpaid principal amount of the Loans\n\nmade  by  the Bank to the Company under the Amended and  Restated\n\nCredit  Agreement  dated as of September  20,  1996  between  the\n\nCompany and the Bank (as modified and supplemented and in  effect\n\nfrom  time to time, the 'Credit Agreement'), in lawful  money  of\n                         ----------------\nthe  United States of America and in immediately available funds,\n\non  the  dates  provided  in the Credit  Agreement,  and  to  pay\n\ninterest  on  the unpaid principal amount of each such  Loan,  at\n\nsuch  office, in like money and funds, for the period  commencing\n\non  the date of such Loan until such Loan shall be paid in  full,\n\nat  the  rates per annum and on the dates provided in the  Credit\n\nAgreement.   In  no  event shall interest  hereunder  exceed  the\n\nmaximum rate allowed under New York law.\n\n          \n          \n          The date, amount and interest rate of each Loan made by\n\nthe  Bank to the Company, and each payment made on account of the\n\nprincipal  thereof, shall be recorded by the Bank on  its  books;\n\nprovided  that  the failure by the Bank so to record  such  Loans\n\nshall not affect the obligations of the Company hereunder.\n\n           \n           \n           This  Note  is  the Note referred  to  in  the  Credit\n\nAgreement and evidences Loans made by the Bank thereunder.   This\n\nNote  modifies that certain note dated as of August 4, 1995  (the\n\n'Existing Note') made by the Company in favor of the Bank in  the\n -------------\nprincipal  amount  of Eight Million Dollars ($8,000,000)  and  is\n\nhereby  delivered in substitution for the Existing Note, but  not\n\nin  payment,  satisfaction  or cancellation  of  the  outstanding\n\nobligations evidenced by the Existing Note.  This Note is subject\n\nto  the  terms and conditions set forth in the Credit  Agreement,\n\nwhich  terms and conditions are incorporated herein by reference.\n\nCapitalized terms used but not defined herein have the respective\n\nmeanings assigned to them in the Credit Agreement.\n\n           \n           \n           The  payment  of this Note is supported by  collateral\n\nsecurity provided under the Security Documents referred to in the\n\nCredit Agreement.\n\n           \n           \n           The Credit Agreement provides for the acceleration  of\n\nthe  maturity of this Note upon the occurrence of certain  events\n\nand  for  prepayments  of  Loans upon the  terms  and  conditions\n\nspecified therein.\n\n           \n           \n           THIS  NOTE  SHALL  BE GOVERNED BY, AND  CONSTRUED  AND\n           ------------------------------------------------------\nENFORCED  IN  ACCORDANCE WITH, THE LAW OF THE STATE OF  NEW  YORK\n- -----------------------------------------------------------------\nAPPLICABLE TO NOTES MADE AND TO BE PERFORMED THEREIN.\n- ----------------------------------------------------\n\n\n                              \n                              ANNTAYLOR GLOBAL SOURCING, INC.\n\n\n\n                              By \/s\/\n_                                   ---------------------------\n\n                              \n                              Name:\n                              \n                              \n                              Title:\n                            \n                            \n============================================================================\n                            \n                            SCHEDULE\n\n\n           This  Note  evidences  Loans  made  under  the  Credit\n\nAgreement to the Company, on the dates, in the principal  amounts\n\nand bearing interest at the rates set forth below, subject to the\n\npayments and prepayments of principal set forth below.\n\n\n           Principal                 Amount     Unpaid        \n Date       Amount       Interest    Paid or    Principal   Notation\n Made       of Loan        Rate      Prepaid     Amount     Made By\n ----      ---------     ---------   -------    ---------   -------           \n\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6710],"corporate_contracts_industries":[9494],"corporate_contracts_types":[9560,9567],"class_list":["post-41217","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-anntaylor-stores-corp","corporate_contracts_industries-retail__clothing","corporate_contracts_types-finance","corporate_contracts_types-finance__loan"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/41217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=41217"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=41217"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=41217"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=41217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}