Filed by Automated Filing Services Inc. (604) 609-0244 -  Carbiz, Inc. - Exhibit 10.4






THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED UNLESS SUCH SECURITIES ARE REGISTERED UNDER THE 1933 ACT
AND APPLICABLE STATE SECURITIES LAWS OR SUCH SECURITIES ARE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED IN A TRANSACTION THAT DOES NOT REQUIRE
REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE SECURITIES LAW AND THE
COMPANY WILL BE PROVIDED WITH AN OPINION OF COUNSEL IN A FORM REASONABLY
ACCEPTABLE TO THE COMPANY OR OTHER SUCH INFORMATION AS IT MAY REASONABLY REQUIRE
TO CONFIRM THAT SUCH EXEMPTIONS ARE AVAILABLE.

WITHOUT COMPLIANCE WITH ALL APPLICABLE CANADIAN SECURITIES
LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD,
TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED IN CANADA OR TO OR FOR THE BENEFIT
OF A CANADIAN RESIDENT UNTIL THE DATE THAT IS FOUR MONTHS AND ONE DAY FROM THE
DATE OF ISSUANCE OF THIS SECURITY. 

“This Debenture and the indebtedness evidenced hereby are
subordinate in the manner and to the extent set forth in that certain
Subordination and Intercreditor Agreement (the “Subordination Agreement”) dated
as of March 23, 2007 among Trafalgar Capital Specialized Investment Fund,
Luxembourg, the “Obligors” signatories thereto and SWC Services, LLC, as
Administrative Agent, to the Senior Indebtedness (as such terms are defined in
the Subordination Agreement), and each holder of this Debenture, by its
acceptance hereof, shall be bound by the provisions of the Subordination
Agreement.” 

SECURED DEBENTURE 

CARBIZ INC.


Secured Convertible Debenture 

September 26, 2007 

	No. ____	US$1,500,000 


     This Secured Debenture (the
“Debenture”) is issued on September 26, 2007 (the “Closing Date”) by Carbiz
Inc., an Ontario, Canada corporation (the “Company”), to Trafalgar Capital
Specialized Investment Fund, Luxembourg (together with its permitted successors
and assigns, the “Holder”) pursuant to exemptions from registration under the
Securities Act of 1933, as amended, (the “U.S. Securities Act”) and applicable
state securities laws. 




ARTICLE I. 

     Section 1.01 Principal and
Interest. For value received, the Company hereby promises to pay to the
order of the Holder on September 26, 2009 (the “Repayment Date”) in lawful money
of the United States of America and in immediately available funds the principal
sum of One Million Five Hundred Thousand U.S. Dollars (US$1,500,000)
together with accrued but unpaid interest on the unpaid principal of this
Debenture at the following rate: eleven percent (11%) per annum compounded
monthly, to the extent unpaid, from the date hereof until paid. Interest shall
be computed on the basis of a 365-day year and the actual days elapsed and the
Holder shall deduct two (2) interest payments at the Closing (as defined in the
Securities Purchase Agreement between the Company and the Holder (the
“Securities Purchase Agreement”)) on the then outstanding balance.

     Section 1.02 Optional
Conversion. The Holder is entitled, at its option, to convert, and sell on
the same day or at any subsequent time, at any time and from time to time, until
payment in full of this Debenture, all or any part of the principal amount of
the Debenture, plus accrued interest, into Common Shares at the price per share
(the “Conversion Price”) equal to the lesser of (a) an amount equal to
twenty-two cents (US$0.22) (the “Fixed Price”), or (b) an amount equal to
eighty-five percent (85%) of the lowest daily closing bid price (the “Closing
Bid Price”) of the Company’s Common Shares, as quoted by Bloomberg, L.P., both
for the five (5) trading days immediately preceding the Conversion Date (as
defined herein). As used herein, “Principal Market” shall mean The National
Association of Securities Dealers Inc.’s Over-The-Counter Bulletin Board, Nasdaq
Capital Market, Nasdaq Global Market or American Stock Exchange. If the Common
Shares are not traded on a Principal Market, the Closing Bid Price and/or the
VWAP shall mean, the reported Closing Bid Price or the VWAP for the Common
Shares, as furnished by the National Association of Securities Dealers, Inc.,
for the applicable periods. No fraction of shares or scrip representing
fractions of shares will be issued on conversion, but the number of shares
issuable shall be rounded to the nearest whole share. To convert this Debenture,
the Holder hereof shall deliver written notice thereof, substantially in the
form of “Exhibit A” to this Debenture, with appropriate insertions (the
“Conversion Notice”), to the Company at its address as set forth herein. The
date upon which the conversion shall be effective (the “Conversion Date”) shall
be deemed to be the date set forth in the Conversion Notice. Within three (3)
days of receipt of a Conversion Notice from the Holder, the Company may redeem
any conversion for cash in lieu of issuing the Conversion Shares by paying a 15%
redemption premium when the price of the Common Shares is below the Fixed Price.
Notwithstanding anything to the contrary herein, in no event shall the Holder be
entitled to convert this Debenture for a number of common shares of the Company
(“Common Shares”) in excess of that number of Common Shares which, upon giving
effect to such conversion, would cause the aggregate number of Common Shares
beneficially owned by the Holder and its affiliates to exceed 4.99% of the
outstanding shares of the Common Shares following such conversion. 

     This Debenture may not be converted
unless an exemption is available from the registration requirements under the U.
S. Securities Act, and the securities laws of all applicable states, and the
Company has received an opinion of counsel or other evidence to such effect
reasonably satisfactory to it; provided, however, that a holder who purchased
this Debenture in the Company’s private placement of such securities will not be
required to deliver an opinion of 

2 




counsel in connection with the conversion of this Debenture.
Upon conversion of this Debenture, the certificate representing the Conversion
Shares will bear a legend restricting transfer without registration under the
U.S. Securities Act and applicable state securities laws unless an exemption
from registration is available and will contain any other restrictions required
by applicable United States federal or state securities laws. Further,
without compliance with all applicable Canadian securities legislation, this
Debenture and any securities received upon conversion of this Debenture, may not
be sold, transferred, hypothecated or otherwise traded in Canada or to or for
the benefit of a Canadian resident until the date that is four months and one
day from the Closing Date. 

     Section 1.03 Reservation of
Common Shares. The Company shall reserve and keep available out of its
authorized but unissued Common Shares, solely for the purpose of effecting the
conversion of this Debenture, such number of Common Shares as shall from time to
time be sufficient to effect such conversion, based upon the Conversion Price.
If at any time the Company does not have a sufficient number of Conversion
Shares authorized and available, then the Company shall call and hold a special
meeting of its shareholders within thirty (30) days of that time for the sole
purpose of increasing the number of authorized Common Shares. 

     Section 1.04 Right of
Redemption. Provided that the Common Shares are trading below the Fixed
Price, the Company at its option shall have the right to redeem, with three (3)
business days advance written notice (the “Redemption Notice”), a portion or all
outstanding Debenture. For all amounts redeemed the redemption price shall be
one hundred fifteen percent (115%) of the amount redeemed including accrued
interest (the “Redemption Amount.”) The Company shall deliver to the Holder the
Redemption Amount on the third (3rd) business day after the
Redemption Notice. 

     Section 1.05 Mandatory
Redemption. The Company agrees to the mandatory redemption schedule attached
hereto as “Exhibit B.” The Company is required to redeem any and all amounts
that are not converted in accordance with Exhibit B and shall pay the Redemption
Premiums as set forth on Exhibit B. 

     Section 1.06 Interest
Payments. As set forth in Exhibit B, all interest accruing on five hundred
thousand dollars ($500,000) of the principal amount due hereunder for months
nine (9) through twenty-four (24) shall be paid in a lump sum due on the date of
payment of such principal amount at month twenty-four (24). The interest so
payable will be paid monthly (the “Interest Payment Date”) to the person in
whose name this Debenture is registered. Holder shall deduct two (2) interest
payments at the Closing. At the time such interest is payable, the Holder, in
its sole discretion, may elect to receive the interest in cash (via wire
transfer or certified funds) or in the form of Common Shares. In the event of
default, as described in Article III Section 3.01 hereunder, the Holder may
elect that the interest be paid in cash (via wire transfer or certified funds)
or in the form of Common Shares. If paid in the form of Common Shares, the
amount of stock to be issued will be calculated as follows: the value of the
stock shall be the Closing Bid Price on: (i) the date the interest payment is
due; or (ii) if the interest payment is not made when due, the date the interest
payment is made. A number of Common Shares with a value equal to the amount of
interest due shall be issued. No fractional shares will be issued; therefore, in
the event that the value of the Common Shares per share does not equal the total
interest due, the Company will pay the balance in cash. 

3 




     Section 1.07 Paying Agent and
Registrar. Initially, the Company will act as paying agent and registrar.
The Company may change any paying agent, registrar, or Company-registrar by
giving the Holder not less than ten (10) business days’ written notice of its
election to do so, specifying the name, address, telephone number and facsimile
number of the paying agent or registrar. The Company may act in any such
capacity. 

     Section 1.08 Secured Nature of
Debenture. This Debenture is secured by all of the assets and property of
the Company as set forth on Exhibit A to the Security Agreement dated the date
hereof between the Company and the Holder (the “Security Agreement”). As set
forth in the Security Agreement, Holder’s security interest shall terminate upon
the occurrence of an Expiration Event as defined in the Security Agreement. 

Section 1.09 Currency Exchange Rate Protections. 

     (a)
“Closing Date Exchange Rate”, as to the Closing Date, means the Euro to US
dollar spot exchange rate as quoted in the London edition of the Financial Times
on such Closing Date. 

     (b)
“Repayment Exchange Rate” means in relation to each date of a Conversion
Notice or date of a Redemption Notice, the Euro to US dollar spot
exchange rate as quoted by in the London edition of the Financial Times on such
date. 

     (c) If on
the date of any Conversion Notice or Redemption Notice, the Repayment Exchange
Rate is less than the corresponding Closing Date Exchange Rate for such
Convertible Debenture, then the number of Common Shares to be issued shall be
increased by the same percentage as results from dividing the Closing Date
Exchange Rate by the relevant Repayment Exchange Rate. By way of example, if the
number of Shares to be issued in respect of a particular Conversion Notice or
Redemption Notice would, but for this Section 1.09, be 1,000 and if the Closing
Date Exchange Rate is 1.80 and the relevant Repayment Exchange Rate is 1.75,
then 1,029 Shares will be issued in relation to that Conversion Notice or
Redemption Notice, as the case may be. 

     (d) If on
the Repayment Date or any Interest Repayment Date, the Cash Payment Date
Exchange Rate, as defined below is less than the Closing Date Exchange Rate then
the amount of cash required to satisfy the amounts due at such time shall be
increased by the same percentage as results from dividing the Closing Date
Exchange Rate by the relevant Cash Payment Date Exchange Rate. “Cash Payment
Date Exchange Rate” means in relation to each Repayment Date or
Interest Repayment Date the Euro to US dollar spot exchange rate
as quoted in the London edition of the Financial Times on such date. By way of
example, if the amount of cash required to repay all amounts due on such date
would, but for this Section 1.09, be $1,000 and if the Closing Date Exchange
Rate is 1.80 and the relevant Repayment Date Exchange Rate is 1.75 then the
amount of cash from the Cash Payment required to repay all amounts due on such
date will be $1,028.57.

4 




ARTICLE II. 

     Section 2.01 Amendments and
Waiver of Default. The Debenture may not be amended. Notwithstanding the
above, without the consent of the Holder, the Debenture may be amended to cure
any ambiguity, defect or inconsistency, or to provide for assumption of the
Company obligations to the Holder. 

ARTICLE III. 

     Section 3.01 Events of
Default. An Event of Default is defined as follows: (a) failure by the
Company to pay amounts due hereunder within fifteen (15) days of the date of
maturity of this Debenture; (b) failure by the Company to comply with the terms
of the Irrevocable Transfer Agent Instructions attached to the Securities
Purchase Agreement; (c) failure by the Company for ten (10) days after notice to
it to comply with any of its other agreements in the Debenture; (d) events of
bankruptcy or insolvency; (e) a breach by the Company of its obligations under
the Securities Purchase Agreement which is not cured by the Company within ten
(10) days after receipt of written notice thereof. Upon the occurrence of an
Event of Default, the Holder may, in its sole discretion, accelerate full
repayment of all debentures outstanding and accrued interest thereon or may,
notwithstanding any limitations contained in this Debenture and/or the
Securities Purchase Agreement, convert all debentures outstanding and accrued
interest thereon into Common Shares pursuant to Section 1.02 herein.

     Section 3.02 Failure to Issue
Unrestricted Common Shares. As indicated in Article III Section 3.01, a
breach by the Company of its obligations under the Securities Purchase Agreement
shall be deemed an Event of Default, which if not cured within ten (10) days,
shall entitle the Holder to accelerate full repayment of all debentures
outstanding and accrued interest thereon or, notwithstanding any limitations
contained in this Debenture and/or the Securities Purchase Agreement, to convert
all debentures outstanding and accrued interest thereon into Common Shares
pursuant to Section 1.02 herein. The Company acknowledges that failure to honor
a Notice of Conversion shall cause irreparable harm to the Holder.

ARTICLE IV. 

     Section 4.01 Rights and Terms
of Conversion. Subject to the terms hereof, this Debenture, in whole or in
part, may be converted at any time following the Closing Date, into Common
Shares at a price equal to the Conversion Price as described in Section 1.02
above. 

     Section 4.02 Re-issuance of
Debenture. When the Holder elects to convert a part of the Debenture, then
the Company shall reissue a new Debenture in the same form as this Debenture to
reflect the reduced original principal amount. 

     Section 4.03 Termination of
Conversion Rights. The Holder’s right to convert the Debenture into the
Common Shares in accordance with this Debenture shall terminate on the date that
is the third (3rd) year anniversary from the date hereof and this
Debenture shall be automatically converted on that date in accordance with the
formula set forth in Section 1.02 hereof, and the appropriate Common Shares and
amount of interest shall be issued to the Holder. 

5 




ARTICLE V. 

     Section 5.01 Anti-dilution.
In the event that the Company shall at any time subdivide the outstanding
Common Shares, or shall issue a stock dividend on the outstanding Common Shares,
the Conversion Price in effect immediately prior to such subdivision or the
issuance of such dividend shall be proportionately decreased, and in the event
that the Company shall at any time combine the outstanding Common Shares, the
Conversion Price in effect immediately prior to such combination shall be
proportionately increased, effective at the close of business on the date of
such subdivision, dividend or combination as the case may be. 

     Section 5.02 Consent of Holder to
Sell Capital Stock or Grant Security Interests.Except for the Securities
Purchase Agreement dated the date hereof between the Company and Trafalgar
Capital Specialized Investment Fund, Luxembourg, so long as any of the principal
of or interest on this Debenture remains unpaid and unconverted, the Company
shall not, without the prior consent of the Holder, issue or sell (i) any Common
Shares or Preferred Shares without consideration or for a consideration per
share less than its fair market value determined immediately prior to its
issuance, (ii) issue or sell any Preferred Shares, warrant, option, right,
contract, call, or other security or instrument granting the holder thereof the
right to acquire Common Shares without consideration or for a consideration per
share less than such Common Shares’ fair market value determined immediately
prior to its issuance, (iii) other than as in effect on the Closing Date, enter
into any security instrument granting the holder a security interest in any of
the assets of the Company, or (iv) file any registration statement on Form S-8
related to anything other than shares underlying an employee benefit plan that
have been or will be awarded to employees and/or directors of the Company and
its subsidiaries. 

ARTICLE VI. 

     Section 6.01 Notice.
Notices regarding this Debenture shall be sent to the parties at the
following addresses, unless a party notifies the other parties, in writing, of a
change of address: 

	If to the Company, to: 	Carbiz Inc. 
	  	7405 North Tamiami Trail 
	  	Sarasota, FL 34243 
	  	Attn: Mr. Carl Ritter, CEO 
	  	Telephone: (800) 547-2277 
	  	Facsimile: (941) 308-2718 
	  	 
	With a copy to: 	Shumaker, Loop & Kendrick, LLP
  
	  	101 E. Kennedy Blvd., Suite 2800
  
	  	Tampa, Florida 33602 
	  	Attn: Mr. Michael H. Robbins, Esq.
  
	  	Telephone: 	 (813) 227-2230 
	  	Facsimile: 	 (813) 229-1660 


6 





	If to the Holder: 	Trafalgar Capital Specialized
      Investment Fund, Luxembourg 
		 8-10 Rue Mathias
      Hardt  
	  	BP 3023 
	  	Luxembourg L-1030 
	  	Facsimile: 
		011-44-207-405-0161  
	  	and 
	  	001-786-323-1651 
	  	 
	With a copy to: 	James G. Dodrill II, P.A. 
	  	5800 Hamilton Way 
		 Boca Raton, FL
      33496  
	  	Attention: 	James Dodrill, Esq. 
	  	Telephone: 	(561) 862-0529 
	  	Facsimile: 	(561) 892-7787 


     Section 6.02 Governing Law.
This Debenture shall be deemed to be made under and shall be construed in
accordance with the laws of the State of Florida without giving effect to the
principals of conflict of laws thereof. Each of the parties consents to the
jurisdiction of the U.S. District Court sitting in the District of the State of
Florida or the state courts of the State of Florida sitting in Broward County,
Florida in connection with any dispute arising under this Debenture and hereby
waives, to the maximum extent permitted by law, any objection, including any
objection based on forum non conveniens to the bringing of any such proceeding
in such jurisdictions. 

     Section 6.03 Severability.
The invalidity of any of the provisions of this Debenture shall not
invalidate or otherwise affect any of the other provisions of this Debenture,
which shall remain in full force and effect. 

     Section 6.04 Entire Agreement
and Amendments. This Debenture represents the entire agreement between the
parties hereto with respect to the subject matter hereof and there are no
representations, warranties or commitments, except as set forth herein. This
Debenture may be amended only by an instrument in writing executed by the
parties hereto. 

     Section 6.05 Counterparts.
This Debenture may be executed in multiple counterparts, each of which shall
be an original, but all of which shall be deemed to constitute one instrument.


     IN WITNESS WHEREOF, with
the intent to be legally bound hereby, the Company as executed this Debenture as
of the date first written above. 

	 	CARBIZ INC.
  
	 	 	  
	 	 By:	 
	 	 Name: 	
	 	 Title: 	


7 




EXHIBIT A 

NOTICE OF CONVERSION 

(To be executed by the Holder in order to Convert the
Debenture) 

TO: 

     The undersigned hereby
irrevocably elects to convert US$ ________________ of the principal amount of
the above Debenture into Common Shares of CARBIZ INC., according to the
conditions stated therein, as of the Conversion Date written below. 

	Conversion Date: 	 
    
	 	 
	Applicable Conversion Price: 	 
	 	 
	Signature: 	 
    
	 	 
	Name: 	 
    
	 	 
	Address: 	 
    
	 	 
	Amount to be converted: 	US$
  
	 	 
	Amount of Debenture unconverted:
	US$  
	 	
	Conversion Price per share: 	US$
  
	 	 
	Number of Common Shares to
      be issued: 	
		  
	Please issue the Common Shares in
      the following name and to the following address:
    	 
	 	 
	Issue to: 	 
    
	 	 
	Authorized Signature: 	 
    
	 	 
	Name: 	 
    
	 	 
	Title: 	 
    
	 	 
	Phone Number: 	 
    
	 	 
	Broker DTC Participant Code: 	 
	 	 
	Account Number: 	 
    


     The undersigned represents,
warrants and certifies as follows (only one of the following must be checked):


A-1 





		A. [ ] 	
      The undersigned holder (a) purchased these Debentures
      directly from the Company pursuant to a written purchase agreement for the
      purchase of such securities, and (b) is converting these Debentures for
      its own account and not on behalf of any other person; or 

	 	  	
       

		B. [ ] 	
      The undersigned holder has delivered to the Company a
      written opinion of counsel of recognized standing or such other evidence
      in form and substance satisfactory to the Company to the effect that an
      exemption from the registration requirements of the United States
      Securities Act of 1933, as amended (the “U.S. Securities Act”), and
      applicable state securities laws is available for the issuance of the
      Conversion Shares. 



The undersigned holder understands that the certificate
representing the Conversion Shares will bear a legend restricting transfer
without registration under the U.S. Securities Act and applicable state
securities laws unless an exemption from registration is available and will
contain any other restrictions required by applicable United States federal or
state securities laws or Canadian securities laws. With respect to Box A above,
the undersigned holder agrees to provide any additional information that the
Company may reasonably request to establish that an exemption or exclusion from
registration under the U.S. Securities Act is available for the issuance of the
Conversion Shares. Unless Box B above is checked, certificates representing
Conversion Shares will not be registered or delivered to an address in the
United States. 

If Box B is checked, any opinion tendered or other evidence
delivered must be in form and substance reasonably satisfactory to the Company.
Holders planning to deliver such documentation in connection with the conversion
of a Debenture should contact the Company in advance to determine whether such
documentation will be acceptable to the Company. 

2 




EXHIBIT B 

MANDATORY REDEMPTION SCHEDULE 

	Carbiz 	MANDATORY REDEMPTION SCHEDULE 
	$1,500,000 Facility 




	Loan Amount 	$	1,500,000.00 	 
	Amount represented
      Month 9 	$	1,000,000.00 	 
	Lump Sum Payment
      Month 24 	$	500,000.00 	 
	Annual Interest Rate
      	 	11.00% 	 
	Amortized Payment On $1mm Beg Month 9 	$	71,659.61 	 





  	

        No. 	

        Ending Balance* 	

        Interest* 	

        Principal Due 	Redemption 

        Premium Amortized 	

        Payment 	Premium 

        Due 	

        Total Payable 
	Closing 

        1 

        2 

        3 

        4 

        5 

        6 

        7 

        8 

        9 

        10 

        11 

        12 

        13 

        14 

        15 

        16 

        17 

        18 

        19 

        20 

        21 

        22 

        23 

        24 	$1,500,000.00 

        $1,500,000.00 

        $1,500,000.00 

        $1,500,000.00 

        $1,500,000.00 

        $1,500,000.00 

        $1,500,000.00 

        $1,500,000.00 

        $1,500,000.00 

        $937,507.05 

        $874,441.25 

        $810,797.35 

        $746,570.04 

        $681,753.99 

        $616,343.79 

        $550,333.99 

        $483,719.10 

        $416,493.58 

        $348,651.82 

        $280,188.18 

        $211,096.96 

        $141,372.40 

        $71,008.70 

        $0.00 

        $500,000.00 	

        $13,750.00 

        $13,750.00 

        $13,750.00 

        $13,750.00 

        $13,750.00 

        $13,750.00 

        $13,750.00 

        $13,750.00 

        $9,166.67 

        $8,593.81 

        $8,015.71 

        $7,432.31 

        $6,843.56 

        $6,249.41 

        $5,649.82 

        $5,044.73 

        $4,434.09 

        $3,817.86 

        $3,195.98 

        $2,568.39 

        $1,935.06 

        $1,295.91 

        $650.91 

        $73,333.33 	

        $0.00 

        $0.00 

        $0.00 

        $0.00 

        $0.00 

        $0.00 

        $0.00 

        $0.00 

        $62,492.95 

        $63,065.80 

        $63,643.90 

        $64,227.31 

        $64,816.06 

        $65,410.20 

        $66,009.80 

        $66,614.89 

        $67,225.52 

        $67,841.76 

        $68,463.64 

        $69,091.22 

        $69,724.56 

        $70,363.70 

        $71,008.70 

        $500,000.00 	

        

        

        

        

        

        

        

        

        7% 

        8% 

        9% 

        10% 

        11% 

        12% 

        13% 

        14% 

        15% 

        16% 

        17% 

        18% 

        19% 

        20% 

        21% 

        15% 	

        

        

        

        

        

        

        

        

        $71,659.61 

        $71,659.61 

        $71,659.61 

        $71,659.61 

        $71,659.61 

        $71,659.61 

        $71,659.61 

        $71,659.61 

        $71,659.61 

        $71,659.61 

        $71,659.61 

        $71,659.61 

        $71,659.61 

        $71,659.61 

        $71,659.61 

        $573,333.33 	

        

        

        

        

        

        

        

        

        $5,016 

        $5,733 

        $6,449 

        $7,166 

        $7,883 

        $8,599 

        $9,316 

        $10,032 

        $10,749 

        $11,466 

        $12,182 

        $12,899 

        $13,615 

        $14,332 

        $15,049 

        $75,000 	

        $13,750.00 

        $13,750.00 

        $13,750.00 

        $13,750.00 

        $13,750.00 

        $13,750.00 

        $13,750.00 

        $13,750.00 

        $76,675.79 

        $77,392.38 

        $78,108.98 

        $78,825.58 

        $79,542.17 

        $80,258.77 

        $80,975.36 

        $81,691.96 

        $82,408.56 

        $83,125.15 

        $83,841.75 

        $84,558.35 

        $85,274.94 

        $85,991.54 

        $86,708.13 

        $648,333.33 
	Totals 	  	$258,228 	$1,500,000.00 	  	  	  	$1,983,712.74 






3