Document:

zynx8kex102_6292007.htm

     

    
      

      

    

     

     

    Exhibit
      10.2

     

    
 

    
      

       

      $
        24,000                                                                               June
        15, 2007

       

       

      

       

       

      PROMISSORY
        NOTE

       

       

      ZYNEX
        MEDICAL HOLDINGS, INC.

       

      For
        value
        received, Zynex Medical Holdings, Inc. (“Zynex”) promises to pay to the order of
        Thomas Sandgaard (hereinafter "Holder"), in legal tender, the sum of $24,000
        with interest on the outstanding balance at the annual rate of 8.25%. This
        Note
        commences June 15, 2007 (hereinafter "Commencement Date"), and all obligations
        set forth herein are measured from this date. This Note will be repaid in
        equal
        monthly payments of principal and interest of $1,088.19, with the first payment
        due July 15, 2007, and each additional payment due on the 15th day of the
        next
        following month until paid in full; all principal and interest shall be fully
        repaid no later than 24 months after the Commencement Date. The note may
        be
        prepaid without penalty at Zynex’s option at any time.

      

      In
        the
        event of a default under the terms of this Note, upon ten days following
        written
        demand by Holder of this Note to cure such default, and such default having
        not
        been cured, Holder may, at Holder's sole and absolute discretion, declare
        all
        remaining principal and interest immediately due and payable. Waiver by Holder
        hereof to enforce any provisions of this Note shall not operate to bar Holder's
        rights to enforce any provisions of this Note at any later time or for any
        later
        default.

      

      All
        notices, payments and performance of the obligations under this Note shall
        be
        made at 1175 Castle Pointe Road, Castle Rock, CO 80104 or such other location
        as
        the holder may notify Zynex in writing. All notices or demands to the Company
        shall be given in writing to the Company’s principal office location at 8100
        Southpark Way, Suite A-9, Littleton, Colorado 80120.  Notices to all
        parties will be deemed provided when actually received by the other
        party.

      

      This
        Note
        shall be governed and interpreted under the laws of the State of
        Colorado.

      

           
         /s/ Fritz G. Allison_________

            
        Zynex Medical Holdings, Inc.

      
         

        Chief
          Financial OfficerExhibit
10.12

FIRST
AMENDMENT TO FOURTH AMENDED AND RESTATED

WAREHOUSING CREDIT AND SECURITY AGREEMENT

This First Amendment to Fourth Amended and Restated
Warehousing Credit and Security Agreement (this “Amendment”), is entered into
effective as of the 1st day of June, 2006, by and between SIRVA
MORTGAGE, INC., an Ohio corporation (“Company”) and WASHINGTON MUTUAL BANK, a federal association, (“Lender”).

Section 1.               Recitals.  Company and Lender entered into that certain
Fourth Amended and Restated Warehousing Credit and Security Agreement dated
June 1, 2006, (the “Credit Agreement”) for the purposes and consideration
therein expressed.  Company and the
Lender desire to make certain amendments to the Credit Agreement as more
particularly set forth herein.  Therefore,
Company and the Lender hereby agree as follows, intending to be legally bound:

Section 2.               Definitions and References.  Unless the context otherwise requires or
unless otherwise expressly defined herein, the terms in the Credit Agreement
shall have the same meanings whenever used in this Amendment.

Section 3.               Amendments.  The Credit Agreement is hereby amended, as
follows:

(a)           The following definitions are hereby
amended and restated to read and/or added to Section 1.1 Defined Terms
of the Credit Agreement for all purposes:

“Relocation Mortgage Loan” means a Mortgage
Loan (which is not a Single-family Mortgage Loan) made by the Company to Sirva
Relocation, LLC or its assignee that (a) is for the purposes of financing the
purchase by Sirva Relocation, LLC or its assignee of improved real property
containing one-to-four family residences under its relocation home purchase
program and (b) is secured by a First Mortgage in recordable form, but not
recorded.

Section 4.               Representations and Release of
Claims.  Except as otherwise
specified herein, the terms and provisions hereof shall in no manner impair,
limit, restrict or otherwise affect the Obligations of Company as evidenced by
the Loan Documents.  Company hereby
acknowledges, agrees, and represents that (i) Company is indebted to Lenders
pursuant to the terms of the Note; (ii) the liens, security interests and
assignments created and evidenced by the Loan Documents are, respectively,
first, prior, valid and subsisting liens, security interests and assignments
against the Collateral and secure all indebtedness and obligations of Company
to Lenders under the Note, the Credit Agreement, all other Loan Documents, as
modified herein; (iii) all of the representations and warranties contained in
the Credit Agreement and all instruments and documents executed pursuant
thereto or contemplated thereby are true and correct in all material respects
on and as of this date; (iv) the representations and warranties contained in
the Loan Documents are true and correct representations and warranties of
Company, as of the date hereof; and (v) Company is not in default and no event
has occurred which, with the passage of time, giving of notice, or both, would
constitute a default by Company of Company’s obligations under the terms and
provisions of the Loan Documents.

Section 5.               Severability.  In the event any one or more provisions
contained in the Credit Agreement or this Amendment should be held to be
invalid, illegal or unenforceable in any respect, the validity, enforceability
and legality of the remaining provisions contained herein 

and therein shall not be affected in any way or
impaired thereby and shall be enforceable in accordance with their respective
terms.

Section 6.               Fees and Expenses.  Company agrees to pay all out-of-pocket costs
and expenses (including reasonable attorney’s fees and expenses) of the Lender
in connection with the preparation, operation, administration and enforcement
of this Amendment.

Section 7.               Ratification of Agreements.  (a) Except as amended hereby, Company
ratifies and confirms that the Credit Agreement and all other Loan Documents
are and remain in full force and effect in accordance with their respective
terms and that all Collateral is unimpaired by this Amendment and secures the
payment and performance of all indebtedness and obligations of Company under
the Note, the Credit Agreement, and all other Loan Documents, as modified
hereby.

(b)           The
undersigned officer of the Company executing this Amendment represents and
warrants that he has full power and authority to execute and deliver this
Amendment on behalf of the Company this Amendment, that such execution and
delivery has been duly authorized by all necessary corporate action of Company,
and represents and warrants that the resolutions and affidavits previously
delivered to Lender, in connection with the execution and delivery of the
Credit Agreement, are and remain in full force and effect and have not been
altered, amended or repealed in anyway.

(c)           Any
reference to the Credit Agreement in any Loan Document shall be deemed to be
references to the Credit Agreement as amended hereby.

Section 8.               Authority.  The undersigned officer of the Company
executing this Amendment represents and warrants that he has full power and
authority to execute and deliver this Amendment on behalf of the Company this
Amendment, that such execution and delivery has been duly authorized by all
necessary corporate action of Company, and represents and warrants that the
resolutions and affidavits previously delivered to Lender, in connection with
the execution and delivery of the Credit Agreement, are and remain in full
force and effect and have not been altered, amended or repealed in anywise.

Section 9.               No Waiver.  Company agrees that no Event of Default and
no Default has been waived or remedied by the execution of this Amendment by
Lender, and any such Default or Event of Default heretofore arising and
currently continuing shall continue after the execution and delivery hereof.

Section 10.             Governing Law.  This Amendment shall be governed by and
construed in accordance with the laws of the State of Texas and, to the extent
applicable, by federal law.

Section 11.             Counterparts
and Gender.  This Amendment may be
executed in any number of counterparts and all of such counterparts taken
together shall be deemed to constitute one and the same instrument.  Each gender used herein shall include and
apply to all genders, including the neuter.

Section 12.             NO ORAL
AGREEMENTS.  THIS AMENDMENT,
THE CREDIT AGREEMENT, THE NOTE, AND 
THE  OTHER  LOAN 
DOCUMENTS, AS MODIFIED AND AMENDED HEREBY, REPRESENT  THE 
FINAL  AGREEMENT  BETWEEN 
THE  PARTIES  AND 
MAY  NOT  BE 
CONTRADICTED  BY  EVIDENCE 
OF  PRIOR,  CONTEMPORANEOUS  OR 
ORAL  AGREEMENTS  OF 
THE  PARTIES.

THERE  ARE 
NO  UNWRITTEN ORAL AGREEMENTS
BETWEEN THE PARTIES.

[Signature Pages
Follow]

EXECUTED this 25th day of October, 2006 to be
effective as of the date first written above.

	
  

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SIRVA MORTGAGE, INC.,

  
	
   

  	
  an Ohio corporation f/k/a

  
	
   

  	
  COOPERATIVE MORTGAGE SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Klemme

  
	
   

  	
   

  	
  PAUL KLEMME, President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WASHINGTON MUTUAL BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ben Culver

  
	
   

  	
  Name:

  	
  Ben Culver

  
	
   

  	
  Title:

  	
  Vice President

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