Document:

exv10w1

 

EXHIBIT 10.1

FOURTH AMENDMENT

TO LOAN AGREEMENT

     THIS FOURTH AMENDMENT to LOAN AGREEMENT is entered into as of the 17th day
of January, 2003, by and between AESP, INC. (formerly known as Advanced
Electronic Support Products, Inc.), a Florida corporation (the “Borrower”) and
COMMERCEBANK, N.A. (the “Bank”).

RECITALS:

	 	 	 
	A.	 	
Borrower and Bank entered into that certain loan agreement (the “Loan
Agreement”) dated September 23, 1999 under the terms of which Bank agreed
to lend Borrower $3,500,000.
	 
	B.	 	
Borrower and Bank executed and delivered that certain First Amendment to
Loan Agreement (the First Amendment”) dated September 2, 2000 between
them. In connection with the First Amendment, Borrower executed and
delivered to Bank that certain Renewal Promissory Note dated September 2,
2000 (the “Renewal Note”) in the original principal amount of $3,500,000.
	 
	C.	 	
Borrower and Bank executed and delivered that certain Second Amendment to
Loan Agreement (the Second Amendment”) dated March 16, 2001 between them.
In connection with the Second Amendment, Borrower executed and delivered
to Bank that certain Renewal Promissory Note dated March 16, 2001 (the
“Second Renewal Note”) in the original principal amount of $4,000,000.
	 
	D.	 	
Borrower and Bank executed and delivered that certain Third Amendment to
Loan Agreement (the Third Amendment”) dated September 21, 2001 between
them. In connection with the Third Amendment, Borrower executed and
delivered to Bank that certain Renewal Promissory Note dated September
21, 2001 (the “Third Renewal Note”) in the original principal amount of
$4,000,000.
	 
	E.	 	
Borrower and Bank executed and delivered that certain Extension Letter
Agreement (the “Letter Agreement”) dated September 18, 2002 between them,
which, among other things, extended the term of the Line of Credit until
January 23, 2003 and reduced the Maximum Line of Credit Amount to
$1,900,000.
	 
	F.	 	
Borrower and Bank desire to amend certain terms of the Loan Agreement, as
amended, pursuant to the terms hereof to among other things extend the
term of the Line of Credit.

     NOW, THEREFORE, in consideration of the agreements set forth herein and
other good and valuable consideration, the parties hereto hereby agree as
follows:

 

 

     Section 1. Definitions. All capitalized terms used herein shall have the
same meanings as used in Section 1 of the Loan Agreement, unless otherwise
defined in this Fourth Amendment.

     Section 2. Amendments to Loan Agreement. The Loan Agreement is hereby
amended in the following respects:

		
	 	     (a) Financial Information. The second sentence of Section 4.1 of
the Loan Agreement shall be amended and restated as follows:
“Additionally, the Borrower shall deliver to the Lender, within one
hundred twenty (120) days of its fiscal year end, its yearly 10-Ks, and
within forty five (45) days after the end of each calendar quarter, its
quarterly 10-Qs.”

		
	 	     (b) Periodic Borrowing Base Reports. Section 4.2 of the Loan
Agreement shall be amended and restated as follows: “Within ten (10) days
of the end of each month (or more frequently if required by the Lender),
a report listing Receivables and all Eligible Receivables of the Borrower
as of the last Business Day of such month (the “Accounts Receivable
Report”) which shall include the amount and age of each Receivable, the
name and mailing address of each Receivable Debtor and such other
information as the Lender may require in order to verify the Eligible
Receivables, all in reasonable detail and in form acceptable to the
Lender in its absolute discretion, and if requested by the Lender, in its
absolute discretion, a report listing all Inventory and all Eligible
Inventory of the Borrower as of the last Business Day of such month, the
cost thereof, and such other information as the Lender may require
relating thereto, all in form acceptable to the Lender (the “Inventory
Report”).” Said reports and information shall be certified by Borrower’s
C.F.O.

		
	 	     (c) Financial Covenants. Sub-sections 5.14 (a) and (b) of the Loan
Agreement shall be amended and restated as follows:

		
	 	     "(a) Debt to Tangible Net Worth. As of the end of
each quarter, the Borrower shall have a debt to
Tangible Net Worth ratio of not more than 3:1. Such
ratio shall be tested quarterly based on the Borrower’s
financial statements.

		
	 	     (b) Tangible Net Worth. Borrower shall at all
times maintain a Tangible Net Worth of not less than
$3,750,000.”

		
	 	     (d) Limitations on Advances. Section 2.2(b) of the Loan Agreement
shall be amended and restated as follows:

     "(b) Limitations on Advances. The outstanding balance of the Line of
Credit may increase and decrease from time to time, and Advances thereunder may
be repaid and reborrowed, but the total of Advances outstanding at any one time
under the Line of Credit shall never exceed the lesser of:

		
	 	     (i) The Maximum Line of Credit Amount; and

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	 	     (ii) The “Borrowing Base,” which shall be the aggregate of the following:

		
	 	     (1) Fifty percent (50%) of Eligible Domestic
Inventory; provided, however, that this portion
of the Borrowing Base, after the application of
such limitation, shall not exceed Six Hundred
Thousand Dollars ($600,000.00), and provided that
no advances are made against inventory in
transit, work in progress or raw materials;

		
	 	     (2) Ninety Percent (90%) of Eligible Insured
Domestic Accounts Receivable, not exceeding 90 days
from date of invoice;

		
	 	     (3) Seventy Five Percent (75%) of Domestic
Eligible Accounts Receivable, not exceeding 90 days
from date of invoice;

		
	 	     (4) Ninety Percent (90%) of Eligible Insured
Foreign Accounts Receivable, not exceeding 90 days from
date of invoice; and

		
	 	     (5) Fifty Percent (50%) of Eligible Foreign
Accounts Receivable, not exceeding 90 days from date of
invoice.

Notwithstanding the definition of Borrowing Base above, the portion of the
Borrowing Base under items (b)(ii)(3) and (5) above with respect to uninsured
Receivables shall not exceed Five Hundred Thousand Dollars ($500,000.00) (after
the application of the stated percentage limitation).

     In the event that the outstanding Advances exceed the lesser of (i) the Maximum
Line of Credit Amount, or (ii) the Borrowing Base, then the Borrower shall
within ten (10) calendar days cure such deficiency by either pledging
additional collateral to Lender or paying down the Line of Credit in an amount
at least equal to such deficiency.

     Accounts receivable from affiliates or related parties are ineligible for
financing. Ineligibles for financing are accounts receivable from third
parties originated by any other foreign affiliate. Financing of insured
accounts receivable is limited to the policy amount. Any Receivables from one
Receivable Debtor to the extent it is in excess of twenty percent (20%) of all
Receivables shall be discounted one hundred percent (100%) on the portion that
exceeds twenty percent (20%) of all Receivables. Existing cash collateral
shall remain in place.”

     (e)  Prepayments Permanently Reducing Principal: The following shall
be added to the Loan Agreement as a new Section 2.9:

3

 

     "Section 2.9 Prepayments Permanently Reducing Principal. Lender shall be
entitled to receive thirty percent (30%) of the net proceeds from any funds
received via the raising of capital by Borrower, including without limitation,
issuance of securities, including without limitation, stocks and bonds, and any
secured or unsecured debt. Said funds shall be used to permanently reduce the
Maximum Line of Credit Amount. The maximum cap on inventory will decrease
proportionately in an amount equal to the percentage decrease in the Maximum
Line of Credit Amount.”

     (f)  Other Conforming Changes: Article 1 of the Loan Agreement is
amended as follows:

		
	 	     (i) Definition of Line of Credit Note. The definition of Line
of Credit Note shall be amended and restated to read as follows:

		
	 	     "Line of Credit Note” shall mean that
certain fourth renewal promissory note,
dated January 17, 2003, of Borrower to
Lender in the aggregate principal amount
of One Million Nine Hundred Thousand
Dollars ($1,900,000) which fourth renewal
promissory note amended, renewed and
updated that certain third renewal
promissory note, dated September 21, 2001,
of Borrower to Lender in the aggregate
principal amount of Four Million Dollars
($4,000,000) which third renewal
promissory note amended, renewed and
updated that certain second renewal
promissory note, dated as of March 16,
2001, of Borrower to Lender in the
aggregate principal amount of Four Million
Dollars ($4,000,000) which second renewal
promissory note amended, renewed and
replaced that certain renewal promissory
note, dated as of September 2, 2000, of
Borrower to Lender in the aggregate
principal amount of Three Million Five
Hundred Thousand Dollars ($3,500,000), and
that certain promissory note, dated
September 23, 1999, of Borrower to Lender
in the aggregate principal amount of Three
Million Five Hundred Thousand Dollars
($3,500,000).

		
	 	     (ii) Definition of Line of Credit Maturity Date. The
definition of Line of Credit Maturity Date shall be amended and
restated to read as follows:

		
	 	     “Line of Credit Maturity Date” shall mean July 22, 2003 or such
earlier date as payment of the Line of Credit shall be due and
payable in full, whether by mandatory prepayment, acceleration or
otherwise.

4

 

		
	 	     (iii) Definition of Loan Documents. The definition of the
term “Loan Documents” in the Loan Agreement shall include this
Fourth Amendment, the Letter Agreement, the Third Amendment, the
Second Amendment, the First Amendment, the Line of Credit Note, the
Security Agreement, the Commitment Letter and all other documents
executed and delivered by the parties which evidence, secure or
otherwise relate to the transaction contemplated by this Fourth
Amendment.

		
	 	     (iv) Definition of Maximum Line of Credit Amount. The
definition of Maximum Line of Credit Amount shall be amended and
restated to read as follows: “Maximum Line of Credit Amount” shall
mean One Million Nine Hundred Thousand Dollars ($1,900,000) or such
greater amount as the Lender may consent to in writing from time to
time.

     Section 3. No Event of Default. Borrower hereby certifies to Bank that
(a) it has kept, observed, performed and fulfilled each and every covenant,
provision and condition of the Loan Agreement and the other Loan Documents on
its part to be performed, (b) that all representations and warranties of the
Borrower made in the Loan Agreement are true and correct as of the date hereof
except for those representations and warranties which are made as of a
particular date, which such representations and warranties are true and correct
as of such date, and (c) that no Event of Default or event which, with the
passage of time or the giving of notice or both, would constitute an Event of
Default has occurred and is continuing under the Loan Agreement, both before
and after giving effect to the amendment contemplated hereby, except any Event
of Default that has previously occurred and which has been specifically waived
in writing by the Bank, and except for the Event of Default caused by
Borrower’s failure to comply, as of December 31, 2002, with the Tangible Net
Worth and Debt to Tangible Net Worth ratios as stated under Sub-sections 5.14
(a) and (b) of the Loan Agreement, as amended.

     Section 4. Loan Agreement Confirmed. The Loan Agreement, as amended
hereby, is reaffirmed and restated herein by Borrower and Bank, and said Loan
Agreement is hereby incorporated herein by reference as fully as if set forth
in its entirety in this Fourth Amendment.

     Section 5. Conditions Precedent to Bank’s Obligations. Banks obligations
under this Fourth Amendment shall be subject to the satisfaction of each of the
following conditions precedent:

     (a)  Borrower shall have executed and deliver this Fourth Amendment, the
Fourth Renewal Note and all other documents requested by Bank and all Loan
Documents shall be in full force and effect.

     (b)  Bank shall have received (i) a certificate of the secretary of
Borrower certifying that attached thereto are true and correct copies of (A)
the bylaws of Borrower, as amended through the date of such certification and
(B) resolutions duly adopted by Borrower’ s board of directors authorizing the
execution, delivery and performance of the Loan Documents to which Borrower is
a party, which resolutions have not been altered or amended in any respect and
remain in full force and effect, (ii) the names of each of the officers of
Borrower authorized to execute and deliver the Loan Documents; (iii) a
certificate of the applicable State authority,

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dated as of a recent date, as to the good standing of Borrower; and (iv) a
certificate of the Florida Department of State, dated as of a recent date,
certifying that attached are true and correct copies of the articles of
incorporation of the Borrower filed with such agency.

     (c)  Borrower shall cause to be delivered to Bank such other documents,
certificates or affidavits as may be reasonably requested by Bank in connection
with consummating the transaction evidenced by this Fourth Amendment.

     (d)  An opinion of counsel from counsel to Borrower in a form reasonably
satisfactory to Lender.

     Section 6. Miscellaneous.

     (a)  Invalidity. In the event that any one or more of the provisions
contained in this Fourth Amendment shall, for any reason, be held invalid,
illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provision of this Fourth Amendment.

     (b)  Counterparts. This Fourth Amendment may be executed in several
counterparts, and it shall not be necessary that the signatures of all parties
hereto be contained on any one counterpart hereof; each counterpart shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

     (c)  Reference. From and after the effective date hereof, all references
to the Loan Agreement shall be deemed to be references to the Loan Agreement as
amended by this Fourth Amendment.

     (d)  GOVERNING LAW. THIS FOURTH AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF FLORIDA WITHOUT GIVING
EFFECT TO ITS CONFLICT OF LAW PRINCIPLES.

     (e)  Governing Document. In the event of a conflict between the terms and
conditions of this Fourth Amendment and the Commitment Letter, the terms and
conditions of this Fourth Amendment shall control in all respects.

SIGNATURE PAGE TO FOLLOW

     IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment
to Loan Agreement to be duly executed and delivered by their respective
representatives thereunto duly authorized as of the date first above written.

6

 

	 	 	 
	 	 	
Borrower:
	 
	 
	 
	 
	 	 	
AESP, INC.
	 
	 
	 	 	
By: /s/ Slav Stein
	 	 	

	 	 	
Name: Slav Stein

Its: President
	 
	 
	 
	 
	 	 	
Bank:

	 
	 
	 	 	
COMMERCEBANK, N.A.

	 
	 
	 	 	
By: /s/ David F. Sauers
	 	 	

	 	 	
Name: David F. Sauers

Its: Senior Vice President

7exv10w2

 

EXHIBIT 10.2

RENEWAL PROMISSORY NOTE

$1,900,000.00

Nassau, New Providence Island, Bahamas

as of January 17, 2003

     FOR VALUE RECEIVED, the undersigned, AESP, INC., a Florida corporation,
(the “Maker”), promises to pay to the order of COMMERCEBANK, N.A. and assigns
(collectively “Lender”), the principal sum of the lesser of (i) One Million
Nine Hundred Thousand and 00/100 DOLLARS ($1,900,000) on the terms set forth
herein, or (ii) the amount actually advanced to the Maker and outstanding in
accordance with the terms of the Line of Credit described in that certain loan
agreement (the “Loan Agreement”), dated September 23, 1999 between Maker and
the Lender, as it may be amended, supplemented, modified or restated from time
to time.

     All defined terms used herein shall have the meanings assigned in the Loan
Agreement except to the extent such terms are defined or limited herein.

     This renewal promissory note (this “Note”) renews the outstanding
principal amount of that certain renewal promissory note (the “Third Renewal
Note”) in the original principal amount of $4,000,000, from Borrower to Lender,
dated September 21, 2001, and is not intended to be a novation of the
obligations evidenced by the Original Note.

     Principal and interest shall be payable, as follows:

		
	 	     From the date of this Note until April 23, 2003, interest shall be
due on the outstanding principal amount of this Note at a floating
rate equal to the Wall Street Journal Prime Rate (hereinafter
defined) plus two percent (2%) (the “Initial Note Rate”).
Beginning on April 24, 2003 and continuing until July 22, 2003
(the “Maturity Date”), interest shall be due on the outstanding
principal amount of this Note at a floating rate equal to the Wall
Street Journal Prime Rate (hereinafter defined) plus three percent
(3%) (the “Final Note Rate”). The Initial Note Rate and the Final
Note Rate shall hereinafter be collectively referred to as the
“Note Rate”. The Note Rate shall be a floating rate and shall
initially be set as of the date of this promissory note and shall
be adjusted daily based on changes to the Wall Street Journal
Prime Rate as of such date. All changes in the Note Rate shall be
effective as of the date of change in the Wall Street Journal
Prime Rate. Interest shall be payable on the twentieth (20th) day
of each consecutive calendar month prior to the Maturity Date
(hereinafter defined), commencing February 20, 2003. All remaining
unpaid principal and interest due thereon and all other amounts
owing under this Note and the Loan Documents (hereinafter
defined), shall be due and payable in full in no event later than
the Maturity Date. “Wall Street Journal Prime Rate” shall mean
the prime rate as reported in the money rate column of the “Wall
Street Journal” on the date of determination. Interest shall be
computed on the basis of a 360 day year for the actual number of
days in the applicable period. Notwithstanding the foregoing, in
the event the principal

 

 

		
	 	amount due under this Note is permanently reduced to $1,400,000,
or less, as of March 31, 2003, and Borrower is not in default
under any of the “Loan Documents”, as that term is defined in the
Fourth Amendment to the Loan Agreement, dated January 17, 2003,
the Note Rate shall be equal to the Wall Street Journal Prime Rate
plus one-half of one percent (.5%).

     Prepayments shall be made and shall be applied as described in the Loan
Agreement. Maker may prepay the principal amount outstanding hereunder without
penalty.

     All installments of principal and/or interest are payable at the offices
of Commercebank, 220 Alhambra Circle, Coral Gables, FL 33134, or at such other
place as Lender hereof may, from time to time, designate in writing, in lawful
money of the United States of America, which shall be in legal tender for
public and private debts at the time of payment.

     Maker may prepay this Note at any time without penalty.

     If default is made in the payment of any part of the principal of or
interest due under the terms of this Note or upon an Event of Default under the
Loan Agreement (and such default is not cured after notice thereof, if required
under the applicable loan document, and the expiration of any applicable grace
period), then this Note shall be in default and the entire principal sum and
accrued interest shall become due and payable at once without notice and demand
at the option of Lender. While in default, the principal of this Note shall
bear interest at a rate equal to the maximum rate permitted under applicable
law (the “Default Rate”).

     In addition to the above, Lender may collect a late charge not to exceed
an amount equal to five percent (5%) of any installment which is not paid
within twenty (20) days of the due date thereof to cover the extra expense
involved in handling delinquent payments, provided that collection of said late
charge shall not be deemed a waiver by Lender of any of its other rights under
this Note and the Loan Agreement, the Security Agreement or any other
instrument given to secure this indebtedness.

     It is agreed that each maker and endorser, jointly and severally, shall
pay all reasonable costs of collection, including reasonable attorneys’ fees,
on failure to pay any principal or interest when due on this Note. Such costs
and attorneys’ fees shall include, but not be limited to, reasonable attorneys’
fees and paralegal fees incurred by Lender hereof in any and all judicial
proceedings, including appellate proceedings, arising out of enforcement and/or
collateral securing this indebtedness, whether such proceedings arise before or
after entry of final judgment.

     In case any provision (or any part of any provision) contained in this
Note shall for any reason be held to be invalid, illegal or unenforceable in
any respect, such invalidity, illegality or enforceability shall not affect any
other provision (or remaining part of the affected provision) of this Note, but
this Note shall be construed as if such invalid, illegal or unenforceable
provision (or part thereof) had never been contained herein, but only to the
extent it is invalid, illegal or unenforceable.

2

 

     Notwithstanding any provision of this Note and/or any instrument securing
payment of this Note to the contrary, it is the intent of the undersigned Maker
and Lender that Lender hereof shall never be entitled to receive, collect or
apply as interest on principal of the indebtedness any amount in excess of the
maximum rate of interest permitted to be charged by applicable law; and in the
event Lender ever receives, collects, or applies as interest any such excess,
such amount which should be excessive interest shall be deemed a partial
prepayment of principal and treated hereunder as such; and, if the principal of
the indebtedness secured hereby is paid in full, any remaining excess funds
shall forthwith be paid to Maker. In determining whether or not the interest
paid or payable under any specific contingency exceeds the highest lawful rate,
Maker and Lender shall, to the maximum extent permitted under applicable law
(a) characterize any non-principal payment as an expense, fee or premium rather
than as interest (b) exclude voluntary prepayments and the effects thereof, and
(c) amortize, prorate, allocate and spread, in equal parts, the total amount of
interest throughout the entire contemplated term of the indebtedness so that
the interest rate is uniform throughout the entire term of the indebtedness;
provided that if the indebtedness is paid and performed in full prior to the
end of the full contemplated term thereof, and if the interest received for the
actual period of existence thereof exceeds the maximum lawful rate, Lender
shall refund to Maker the amount of such excess or credit the amount of such
excess against the principal portion of the indebtedness, and in such event,
Lender shall not be subject to any penalties provided by any laws for
contracting for, charging, or receiving interest in excess of the maximum
lawful rate. In no contingency or event whatsoever shall the amount paid or
agreed to be paid to Lender for the use, forbearance or detention of the
indebtedness collateralized hereby exceed the maximum amount permissible under
applicable law. If, from any circumstances whatsoever, fulfillment of any
provision hereof or any provision of any instrument securing the primary
obligation at the time performance of such provision shall be due shall involve
transcending the limit of validity prescribed by applicable law, then, ipso
facto, the obligation to be fulfilled shall be reduced to the limit of such
validity. This provision shall control every other provision of this Note.

     Maker, and each surety, endorser, guarantor and other party liable for the
payment of any sums of money payable on this Note, severally waive the right of
exemption under the Constitution and Laws of Florida, presentment and demand
for payment, protest and notice of protest and nonpayment, notice of dishonor,
notice of demand or intent to demand, notice of maturity and all requirements
necessary to hold each of them liable as maker, surety, endorser, guarantor and
any other party liable for the payment of sums of money hereunder, and agree
that their liability on this Note shall not be affected by any renewal or
extension in the time of payment thereof or by any release or change in any
security for the payment of this Note, regardless of the number of such
renewals, extensions, releases or changes.

     Maker and Lender mutually understand, covenant and agree that the
provisions of this Note (i) shall be binding upon Maker and its successors and
assigns (except as herein otherwise set forth) and shall inure to the benefit
of Lender and its assigns including any subsequent holder of this Note and (ii)
shall be construed, governed and enforced in all respects by the laws of the
State of Florida, including the Usury Laws of said state.

     Time shall be of the essence of each and every covenant and promise
contained in this Note and every other instrument securing the repayment of
this Note.

3

 

     This Note is secured by that certain collateral described in that certain
Security Agreement (the “Security Agreement”) dated September 23, 1999 between
Maker and Lender and is to be construed according to the Laws of Florida. Any
default occurring under the Loan Agreement (which default is not cured after
notice thereof, if required under the applicable Loan Document, and the
expiration of any applicable grace period) shall constitute a default under
this Note, and Lender, at its option, may declare this Note due and payable in
full and may exercise its remedies under the Security Agreement.

     Maker hereby submits to the jurisdiction of the courts of the State of
Florida in the event any litigation arising from or related to this Note is
commenced. Maker agrees that the Lender may institute any cause of action
against Maker involving this Note in the courts of Miami-Dade County, Florida,
and hereby waives any venue privilege or right to be sued in any other forum.

     THE MAKER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION, PROCEEDINGS, OR
COUNTERCLAIMS ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS OR ANY OF THE
LOAN DOCUMENTS. FURTHER, THE MAKER HEREBY CERTIFIES THAT NO REPRESENTATIVES OR
AGENTS OF THE LENDER NOR THE MAKER’S OR THE LENDER’S COUNSEL HAS REPRESENTED,
EXPRESSED OR OTHERWISE, THAT THE LENDER WOULD NOT IN THE EVENT OF SUCH
LITIGATION SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION. MAKER
ACKNOWLEDGES THAT THE LENDER HAS BEEN INDUCED TO ENTER INTO THIS TRANSACTION
BY, INTER ALIA, THE PROVISIONS OF THIS SECTION. THE MAKERS AGREE NOT TO SEEK
TO CONSOLIDATE ANY SUCH ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY
OTHER ACTION BY WHICH A JURY TRIAL CANNOT BE WAIVED.

     IN WITNESS WHEREOF, the undersigned have executed and delivered this Note
the day and year first hereinabove provided.

	 	 	 	 	 	 	 
	 	 	 	 	 	 	AESP, INC.
	 
	 
	 
	 
	 	 	 	 	 	 	By: /s/ Slav Stein
	 	 	 	 	 	 	

	 	 	 	 	 	 	Name: Slav Stein

Title: President
	COMMONWEALTH OF THE BAHAMAS	 	
)

)
	 	 
ss:	 	 
	ISLAND OF NEW PROVIDENCE	 	
)	 	 	 	 

4

 

     The foregoing Promissory Note was sworn to before me this      day of
January, 2003, in the Commonwealth of the Bahamas, Island of New Providence.

	 	 	 
	 	 	
Notary Public, Commonwealth of the Bahamas

My commission expires:

5

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