Document:

EX-10.10A

	

EXHIBIT 10.10A

Commercial Bank of
Kuwait

FACILITY(S)
CONTRACT

This contract is concluded
on 20/08/98 between: 

	1-The:	 	COMMERCIAL BANK OF KUWAIT	 		 
	   Address:	 	P.O BOX 2861, SAFAT 13029, KUWAIT	 	First Party: The Bank	 
	  
	2-Messrs:	 	TELESOURCE CNMI INC.	 		 
	   Address:	 	TI: 860 Parkview Blvd., Lombard,	 	Second Party: The Customer 	

	

Both being fully eligible
to agree and enter into contract agreed as follows: 

Item 1:
Description of Facilities & Limits

The Bank hereby agrees to
offer accommodation and banking facilities to the Customer unto the limit of USD
$25,000,000.00 $ TWENTY FIVE MILLION ) and an amount of — for foreign
exchange trading( ________________________ ) on his Account No. _______ with
______________________________ Branch and
__________________________________________________________________________
subject to the conditions stated below: 

Types of
Facilities

	1. 		LOAN
for USD25,000,000/ maximum to be used for a period of_________________________ at
3%+LIBOR p.a. _________________________________________________________________ 

	2. 		___________________
for _________________ maximum to be used for a period of_________________________ at
_____________% p.a.
___________________________________________________________________________ 

	3. 		___________________
for _________________ maximum to be used for a period of_________________________ at
_____________% p.a.
___________________________________________________________________________ 

	4. 		___________________
for _________________ maximum to be used for a period of_________________________ at
_____________% p.a.
___________________________________________________________________________ 

	5. 		___________________
for _________________ maximum to be used for a period of_________________________ at
_____________% p.a.
___________________________________________________________________________ 

	6. 		___________________
for _________________ maximum to be used for a period of_________________________ at
_____________% p.a.
___________________________________________________________________________ 

	7. 		___________________
for _________________ maximum to be used for a period of_________________________ at
_____________% p.a.
___________________________________________________________________________ 

	8. 		___________________
for _________________ maximum to be used for a period of_________________________ at
_____________% p.a.
___________________________________________________________________________ 

	

Item 2: Purpose
of Facilities

The Customer shall use the
facilities subject of this Contract for the purpose provided for i.e. Rescheduling of
exisiting loan.__________________________________________________________________ 

Item 3: Period
of Facilities

1. The facilities subject of this contract shall
become operative on  12/12/2001    and shall fall due for
repayment on 23/11/2005 without prejudice to the validity of this contract and the
enforceability of all the provisions herein contained upon the Customer until
the full satisfaction of all his obligations hereunder. 

2. The conditions contained
in the letter dated 12/12/2001 signed in acknowledgement of acceptance by the
Second Party shall form an integral part of this contract and complementary to
all terms and conditions herein contained. The Second Party’s default of
any such terms and conditions shall be deemed as default of this contract. 

Item 4:
Interests

1. The Bank will charge to
the daily balance of any overdrawn account related to the aforesaid facilities
the interest rate hereby specified in accordance with the Bank’s usual
practice, in the event that the daily overdrawn balances exceed the KD cash
limits agreed on hereunder, the Bank may calculate interest based on the maximum
limit of the contractual interest rate specified by the Central Bank of Kuwait
being on that date 4.25% p.s. or the rate to be specified, in future, by the
Central Bank of Kuwait, whichever higher. In respect of the daily overdrawn
foreign currency balances where the Customer exceed the agreed limits, interest
shall be at the rate of 4% p.a. over the rate stated in item (1) above. 

	

Interest shall be
calculated tram the date on which the facility limits were exceeded until lull
settlement without prejudice to the Bank’s right to take the necessary
action to recover the excess amount plus accrued interests. 

2. Interests calculated in
accordance with the preceding paragraph shall become payable and charged to the
Customer’s account quarterly/semi-annually/annually as per the applicable
banking regulations without prejudice to the conditions of the loan(s) stated in
paragraph(2) of item (6) below. 

3. It is explicitly agreed
that the Bank shall not pay any Interest to the Customer on the credit balances
of his accounts on which these facilities have been granted. 

4. It is explicitly agreed
that the Bank may in the event of agreement to a variable interest rate
reconsider the agreed interest rate when charged to customer’s account at
the beginning of each interest period. Should the Bank opt to amend this rate,
the advice of debit to customer’s account applying the new rate shall be
binding upon him and deemed as notification to the customer of this rate. 

5. The Bank may, in respect
of any amounts which the Customer defaults the timely payment thereof, calculate
delay interest based on the maximum contractual interest rate specified by the
Central Bank of Kuwait on the date of such default or the maximum limit
specified throughout this contract whichever higher. Delay interest for foreign
currencies shall be calculated at 4% p.a. over the interest rate herein stated.
Calculation of delay interest shall be in the same manner as applicable to the
contractual interest rate stipulated above in accordance with the applicable
banking practice without prejudice to the Bank’s right to stop or cancel
these facilities pursuant It 

Item 5:
Commissions

Without prejudice to the
other items herein stated, the Bank charges a front-end commitment fee
(commitment Interest) at % pa. on the entire amounts of the overdraft facilities
granted hereunder. The Bank shall also charge on the non-cash facilities the
commissions specified in accordance with the banking rules applicable in the
Bank and the Customer acknowledges his full agreement thereto. These commissions
shall be charged In advance upon the utilization and extension of these
facilities from the date of such utilization up to the expiry date. 

Item 6:
Repayment

1. The Customer undertakes
to repay the outstanding debt balance, interests, commissions and expenses owing
from him hereunder on the due date pursuant to the provisions of this contract
without prejudice to the following paragraph of this item. 

2. The Customer shall
settle the loan (a) covered by these facilities amounting to USD 25,000,000/
— (US Dollars TWENTY FIVE MILLION ONLY in the following manner or
according to the attached payment schedule which forms an integral part hereof:
In lump sum/by ______________________________installments for KD ________ each
 (________________________________________ _____________ The first installment
shall fall due on / / and the last installment for KD ________________ (            ) on
   /            /    .
Interests are payable on a monthly basis or _____________________. 

3. The Bank may claim the
Customer for any difference In exchange rates in addition to expenses,
compensations and others incurred as a result of being granted or utilizing the
facilities subject of this contract The Bank may, inrespect of entering into
foreign currency forward sale contracts, also decide at any time to cancel this
type of facility and claim the Customer to pay the difference in exchange rates
in addition to related expenses, compensations and any other dues. 

Item 7: Default

If the Customer defaults
the timely payment of any amount or the satisfaction of any other obligation
hereunder, whatsoever, the Bank may cease or cancel the accommodation and
facilities subject of this contact without notice or warning or any other
action, taking into consideration that all amounts incurred hereunder and owing
from the Customer shall become immediately payable and the Bank may charge delay
interests on the outstanding amounts pursuant to Item (4) above. 

Item 8:
Acknowledgement of Account Balance

The Customer acknowledges that the
balance of his account(s) No. ______________________ with the Bank is in on / / plus
interest accrued on the said overdrawn balance as of         /        /       . 

Item 9: Bank
Books & Entries

The Customer acknowledges
the correctness of the Bank’s books and accounts which he accepts as
conclusive evidence of his obligations hereunder. He may not oppose to their
correctness in any manner, whatsoever, and waives his right to request the
auditing of the Bank’s books, accounts and entries under these obligations
by force of a court order. 

Item 10:
Acknowledgement of Account Statements

1. In the event that the Bank had
not received a written objection from the Customer as to the correctness of the account
statement within 15 days from the date such statement has been forwarded to him by
ordinary mail It shall be deemed as an acknowledgement on his part of the correctness of
the details contained In this statement and a final agreement to ail the entries therein
contained. 

	

2. If the Customer had not received
the account statement within 15 days from the date of despatch (quarterly or as agreed)
and had not requested the Bank for same in writing within one week from that date, he may
not oppose against not having received it nor to the entries therein contained in any
manner, whatsoever. 

Item 11: Non
Assignment

The Customer may not assign
or waive his obligations hereunder In favor of others without the Bank’s
prior approval in writing. 

Item 11: Non
Assignment

The Customer may not assign
or waive his rights or obligations hereunder to others without the Bank’s
prior written approval. The customer acknowledges that the Bank may at any times
assign its rights hereunder without the customer’s prior consent. 

Item 12: Other
Conditions & Provisions

1. If there is any conflict
between the terms herein and the terms and conditions set out in the attached
Term sheet dated 12/12/2001, theTerm Sheet’s terms and conditions shall
prevail. 

2. All types of accounts,
whatsoever, opened and existing in the Customers name & to be opened in his
name in future with the Bank or any of Its branches whether In Kuwait or abroad
shall be deemed as securing each other, regardless of their titles. The Bank may
combine or consolidate all or any of these accounts or apply the credit balance
in any of them to set off a debit balance in another or freeze the credit
balance In any of these accounts until the Customer fulfills all his obligations
towards the Bank. The Customer shall authorize the Bank to effect any set-off
debit the credit balance and make any entries, settlements or transfers in any
accounts existing at present or to be opened in the Customers name with any of
the Batik’s branches in Kuwait or abroad. 

3. All monies, securities,
commercial papers, precious metals, goods and other rights, whatsoever,
registered or deposited at present or to be registered or deposited in future in
the Customers name with the Bank or any of its branches in Kuwait or abroad are
deemed as possessorily mortgaged in favor of the Bank against all the
obligations towards the Bank without the need to acknowledge same The Bank may
recover Its debt directly from the monies mentioned above by priority set-off
and precedence over any other creditor without any notice, warning or legs
proceeding. 

The Customer undertakes to
sign end execute alt transfers, assignments mortgages, powers of attorney and
any other documents which the Bank may require for perfecting the Bank’s
title to any securities subject of this contract. The Customer authorizes the
Bank to sign on his behalf in respect of any action required to finalize these
documents. 

4. The Customer undertakes
to provide the Bank within 3 months from the end of the fiscal year with his
annual balance sheet duly examined by an authorized auditor with his networth
declaration on a semi-annual or annual basis as may be determined by the Bank at
its sole discretion together with full reports on his financial status in the
forthcoming stage. He also undertakes to satisfy any queries made by the Bank it
this respect substantiated with evidencing documents. 

5. The Customer
acknowledges that he unconditionally and irrevocably assigns to CBK all his
rights in the compensation amounts owing to him at present or in future for the
damages he had incurred as a result of the Iraqi invasion. The Customer also
guarantees that the Public Authority for Assessment of Compensations shall
execute this assignment and settle all amounts owing from the Customer to the
Bank. 

Item 13:
Indulgence

The customer acknowledges
that any indulgence on part of the Bank in respect of the limits, terms or due
dates of the facilities hereby granted shall not affect the binding effect of
all the conditions and provisions of this contract upon the customer. Indulgence
on part of the Bank shall not be deemed a waiver of any of its rights nor shall
it diminish such rights. 

Item 14:
Related Parties

The Customer undertake to
submit to the Bank a statement of all accounts in which he is a part whether
opened and existing a present or to be opened in future, accounts held in his
capacity as natural guardian of his minor children, accounts of individual
companies where he is a joint partner and money companies where he owns more
than 50% of the capital or has control thereof, in addition to the accounts of
all natural persons or corporate bodies which he guarantees or is economically
or legally related to them, so the financial difficulties facing any of them
would adversely affect his ability to honor his credit obligations to the Bank.
The Customer shall also undertake to advise the Bank of any amendments or
changes made to that statement throughout the contract validity period or any
extension thereof for any reason. 

Item 15:
Selected Domicile

The Customer
acknowledges that all correspondence, account statements, legal and judicial
notices forwarded to him by the Bank to his address stated herein or to the
address last known to the Bank In a registered letter with acknowledgement of
receipt are correct and binding upon him and producing an legal effects.
Any change in the Customer’s address becomes effective only from the date
of receiving an advice from the Customer on changing this address. 

Item 15: Law & Judicial
Jurisdiction:

The Borrower irrevocably
agrees that the Courts of (New York) and/or the Courts of the State of Kuwait
shall have jurisdiction to settle any disputes, which may arise out or in
connection with this facility contract. Nothing in this clause limits the right
of the Bank to bring proceedings against the Borrower in any other court of
competent jurisdiction; nor shall bringing or continuing of proceedings in any
other jurisdiction preclude the bringing or continuing of proceedings in any
other jurisdiction, whether concurrently or otherwise. If any provision of this
Faciltiy(s) Contract is prohibited or non enforceable in Kuwait, such
prohibition or non-enforceability shall not invalidate the remaining provisions
hereof or affect the validity or enforceability of such provision in any other
jurisdiction. 

	

	 	
First
Party           
Second Party  TELESOURCE CNMI INC.

			
	 	 	Name: K.J. SEMIKIAN	 	Signature:/s/ K. J. Semikian	 
	 	 	Name:____________________________	 	Signature: ______________________	 
	 	 	Name:____________________________	 	Signature: ______________________	 
	 	 	Name:____________________________	 	Signature: ______________________	 

	

Loan
Installment Repayment Schedule

	Installment Amount (     )		Due Date		Installment Amount (   )		Due Date	
	US$ 2,500,000.00	 	18.02.2002	 	US$ 1,750,000.00	 	19.11.2004	 
	

	US$ 2,500,000.00	 	19.8.2002	 	US$ 1,500,000.00	 	21.02.2005	 
	

	US$ 1,750,000.00	 	19.2.2003	 	US$ 1,500,000.00	 	23.5.2005	 
	

	US$ 1,750,000.00	 	19.5.2003	 	US$ 1,500,000.00	 	23.8.2005	 
	

	US$ 1,750,000.00	 	19.8.2003	 	US$ 1,500,000.00	 	23.11.2005	 
	

	US$ 1,750,000.00	 	19.11.2003	 
	

	US$ 1,750,000.00	 	19.2.2004	 
	

	US$ 1,750,000.00	 	19.5.2004	 
	

	US$ 1,750,000.00	 	19.8.2004	 
	

	Name: Telesource CNMI, Inc.

Name:__________________________________
Name:__________________________________
Name:__________________________________	Signature: /s/ K.J. Semikian

Signature: ____________________________
Signature: ____________________________
Signature: ____________________________

	

Acknowledgement
of
Irrevocable
Joint and Several Guarantee

We have reviewed the conditions and
provisions of the Facility Contract dated 12/12/01 signed between the Commercial Bank of
Kuwait (hereinafter referred to as the “Bank”) and its customer Mr/Messrs TELESOURCE CNMI
INC. (hereinafter referred to as the “Debtor”). We hereby acknowledge that we agree to be
bound towards you jointly with the Debtor for all obligations and amounts, whatsoever,
owing to the Bank under the above contract for any reason, whatsoever. This guarantee
covers all amounts charged to the account(s) on which the facilities have been granted in
any form and the overdrawn balance existing in the account upon closing it or any other
account on which the facilities are being used. 

This guarantee is continuous,
unconditional and irrevocable. Under this guarantee, the Bank may claim us for the
outstanding debt balance arising from the above contract and all related interests,
expenses, commissions and others without us having the right to oppose thereto. Our
guarantee shall remain valid, continuous and legally binding in the event of renewal,
extension or amendment of the facility contract for any reason, whatsoever until the Bank
recovers all its rights from the guaranteed debtor.  

It is understood that all monies,
securities, commercial papers, precious metals, goods and other rights, whatsoever,
registered or deposited in our name at present or to be registered or deposited in our
name in future with the Bank or any of its branches in Kuwait or abroad guarantee the
fulfillment of our obligations hereunder without the need to acknowledge the same. The
Bank may recover its debt directly from me monies mentioned above byway of priority
set-off and precedence over any other creditor without notice, wanting or any other
action, whatsoever, and without prejudice to the Bank’s right to take the necessary
actions to recover its rights in full. The Bank may deduct the debt guaranteed by us from
any accounts open at present or to be opened in our name in future with any of Its
branches in Kuwait abroad without any notice, warning or any other action, whatsoever.  

We understand that we submit to all
the provisions stipulated in the facility contract mentioned above. We also undertake to
provide the Bank with any statements they may require at any time on current financial
position or balance sheet provided we substantiate our responses with evidencing
documents. 

The Borrower irrevocably agrees that
the Courts of (New York) and/or the Courts of the State of Kuwait shall have jurisdiction
to settle any disputes, which may arise out or in connection with this facility contract.
Nothing in this clause limits the right of the Bank to bring proceedings against the
Borrower in any other court of competent jurisdiction; nor shall bringing or continuing
of proceedings in any other jurisdiction preclude the bringing or continuing of
proceedings in any other jurisdiction, whether concurrently or otherwise. If any
provision of this Faciltiy(s) Contract is prohibited or non enforceable in Kuwait, such
prohibition or non-enforceability shall not invalidate the remaining provisions hereof or
affect the validity or enforceability of such provision in any other jurisdiction. 

Joint
Guarantor

	Name of Joint Guarantor(s)	Account No.		Signatures
	

	FOUAD SAUD HAMID BEHBEHANI	 	 	/s/ Fouad Saud Hamid Behbehani
	

	NASRALLAR SAUD HAMID BEHBEHANI	 	 	/s/ Nasrallar Saud Hamid Behbehani
	

	SAYED HAMID BEHBEHANI & SONS CO. W.L.L	 	 	/s/ Sayed Hamid Behbehani & Sons Co. W.L.L.
	

	

Guarantor(s) Address: 

______________________________________________________________________________ 

______________________________________________________________________________ 

______________________________________________________________________________ 

Date:EX-10.13A

	

EXHIBIT 10.13A

HSBC 

Our Ref GUM CBA 020287 

(Via Facsimile & Hand Delivery) 

	
PRIVATE AND CONFIDENTIAL 

Telesource CNMI, Inc. 

KS Sablan Bldg., Sadog Tasi 

Box 10000, PPP 402 PMB 

Saipan, MP 96950 	
26 March 2002 

	

Attn: Mr KJ Semikian, President 

Re: Renewal and Amendment of Credit
Facilities 

Dear Mr Semikian: 

With reference to our recent
discussions, we, The Hongkong Shanghai Banking Corporation Limited (the “Bank”), are
pleased to confirm the renewal and amendment of the undermentioned credit facilities to
Telesource CNMI, Inc. (the “Borrower”). These facilities are subject to review at any
time and in any event by 30 November 2002, and also subject to our overriding right of
withdrawl and repayment on demand, including the right to call for cash to cover on
demand for prospective and contingent liabilities. 

A.  

			FACILITY TYPE
		PRESENT LIMITS
		PROPOSED LIMTS
	
	 	 	1. Revolving Line	 	USD2,000,000.00	 	Nil.	 
	 	 	2. Commercial Loan	 	Nil.	 	USD7,500,000.00	 
				
	
		 	TOTAL FACILITIES	 		 	USD7,500,000.00	 

	B. 		PURPOSE: 

			1. 		To
finance operational costs for several ongoing projects.

	C. 		REPAYMENT
TERM: 

			1. 		Interest
and principal due 02 November 2002, 40 days prior to expiry of Standby Letter of Credit
on 12 December 2002.

	D. 		INTEREST
RATE: 

	 	     0.5%
over the “Bank’s Base Lending Rate” (BBLR).

	 	     The
“Bank’s Base Lending Rate” means the base index rate established by the New York Office
of the Bank from time to time in good faith in its discretion for general pricing of its
short term loans to ordinary commercial borrowers. Such rates may be established and
changed from time to time.

	 	     Interest
on overdue amounts, both principal and interest, will accrue additional interest at Five
Percent (5.0%) over the above rate.

	

	E. 		FEE: 

	 	     A
non-refundable front end Arrangement Fee of USD75,000, or 1% of the facility amount is
due upon acceptance of this Offer Letter, of which USD10,000 has been paid.

	F. 		SECURITY: 

			1. 		An
irrevocable standby letter of credit issued by Al Ahli Bank of Kuwait (AKBC) and
confirmed by Bank of New York, New York, USA (YORK) for not less than USD7,500,000,
naming the Bank as beneficiary.

			2. 		Assignment
of receivables and/or Promissory Notes from parties acceptable to the Bank, such as the
Commonwealth Utilities Corporation. The value of the security to be a minimum of 125% of
the total interest amount at maturity, based on the Net Present Value of the Security.

			3. 		Corporate
Guarantee from the Borrower’s parent company, Telesource International, Inc. securing the
full facility amount.

	G. 		COVENANTS: 

			1. 		Submission
of the Borrower’s audited financial statements within 120 days of the Borrower’s fiscal
year end and at least once a year.

			2. 		Submission
of Guarantor’s audited financial statements at least once a year and prior to the
designated review date.

			3. 		Submission
of other information as the Bank may reasonably request from time to time.

	H. 		CONDITIONS
PRECDENT: 

	 	
The
Bank will require the following:

			1. 		The
Bank shall be in receipt of the Standby Letter of Credit in form and content satisfactory
to the Bank.

			2. 		Audited
financial statements for Telesource CNMI, Inc. for fiscal years ending 31 December 1999
and 2000 (RECEIVED 20FEB02)

			3. 		Draft
copies of audited financial statements for Telesource CNMI, Inc. and Telesource
International, Inc. for fiscal year end 31 December 2001 to be submitted to the Bank no
latter than 15 April 2002.

	I. 		OTHER
TERMS AND CONDITIONS:) 

			1. 		This
facility will be subject to an annual review at any time and in any event by 30 November
2002 or 40 days before the expiry of the Standby Letter of Credit.

			2. 		All
expenses in respect of this facilities are to be for the account of the Borrower. All
processing/legal/recording/other fees, if any, shall be for your account and will be
automatically debited from your current account if no other arrangements are made.

	

If the effect of any, or a
change in any, law or regulation is to increase the cost to us of advancing
maintaining or funding this facility or to reduce the effective return to us, we
reserve the right to require payment on demand of such amounts as we consider
necessary to compensate us therefore. 

As stated above, the above
terms are for indication purposes only and are subject to formal approval by the
Bank. Should the above conditions be acceptable to the Borrower, please have the
Borrower sign the enclosed copy of this letter and return it to the Bank. This
letter of indication will remain open for acceptance until the close of business
on 10 April 2002 and if not accepted by that date will deemed to have lapsed. 

	

We hope you will find the above
terms of interest and look forward to your reply 

Yours sincerely, 

/s/Pilar O Pangelinan 

Pilar O Pangelinan 

AVP Corporate Banking 

POP/adlc 

BORROWER’S ACKNOWLEDGMENT AND
ACCEPTANCE 

On behalf of Telesource CNMI, Inc.,
I/We hereby accept the terms and conditions of this Letter of Indication.  

/s/ KJ Semikian 

By: KJ Semikian 

ITS: CEO and President 

Date: 3-25-02 

/s/ Bud Curley 

By: Bud Curley 

ITS: CFO 

Date: 3-25-02 

GUARANTOR’S ACKNOWLEDGMENT AND
ACCEPTANCE 

As Guarantor(s), I acknowledge the
terms and conditions of this Indication Letter for additional facilities, and I confirm
that the current standing or modification of Borrower’s loan agreement pursuant to
the terms of this letter is hereby authorized and shall in no way affect or impair
Guarantor’s liability under its guaranty, nor shall it affect or impair the pledge
of any security by Guarantor to secure Borrower’s performance.  

TELESOURCE INTERNATIONAL, INC. 

/s/ KJ Semikian 

By: KJ Semikian 

ITS: CEO and President 

Date: 3-25-02 

/s/ Bud Curley 

By: Bud Curley 

ITS: CFO 

Date: 3-25-02 

	

AUTHORIZATION TO DEBIT ACCOUNT 

Kindly debit account no.
_____________ for USD65,000.00 in respect of the remaining balance of the Bank’s
Arrangement Fee. 

/s/ KJ Semikian 

By: KJ Semikian 

ITS: CEO and President 

Date: 3-25-02 

DEMAND PROMISSORY NOTE 

(Corporation) 

Loan No. 002-014694 

Saipan Commonwealth of the Northern
Mariana Islands 

15 March 2002 

$ USD 7,500,000.00 

On demand or if no demand is made on
02 November 2002, for the value received, the undersigned promises to pay to the order of
The Hongkong and Shanghai Banking Corporation Limited (the “Bank”) at Saipan,
Mariana Islands, the principal sum of United States Seven Million Five Hundred Thousand
and No/100 Dollars (USD7,500,000.00) with interest thereon from date, payable at
USD7,500,000.00 plus accrued interest on 02 November 2002 at the rate of ONE HALF percent
(0.5%) per annum above the Bank’s prime rate which is defined as the normal rate of
interest then being offered by the Bank for loans to substantial and responsible
commercial borrowers as such rate shall change from time to time and computed on the
basis of a 360-day-year and actual days elapsed. The Bank shall not be required to notify
the undersigned of such rate fluctuations. The term “prime rate“as used in this
noted means the Bank’s primary base rate for pricing short term commercial loans
whose interest rate float with such prime rate. The Bank’s prime rate as defined
herein is subject to change from time to time and may be lowered, higher or equal to the
“prime rate“as used by other lending institutions. The interest rates charged
on commercial loans in the future by the Bank may be higher or lower than the prime rate
as defined herein. The interest rate applicable to this note shall be adjusted by the
Bank from time to time in accordance with the change and movements in the Bank’s
prime rate. All payments paid hereunder shall be credited first to accrued interest (and
to late payment charges, if any), and then to principal in lawful monthly of the United
States of American. If any interest due herein is not paid when due, it shall bear like
interest as the principal amount hereof.  

If any sum payable hereunder shall
not be paid when due, without limiting any other rights of the holder hereof, the
interest rate with respect to such sum shall automatically be increased by FIVE percent
(5.0%) per annum, effective on the date such sum is due. The undersigned jointly and
severally agree to pay all costs of collection (including attorney’s fee) incurred
by the holder of this Note, whether or not suit be brought. In any litigation arising out
of or relating to this Note, in which the holder of this Note is an adverse party, each
of the undersigned hereby waives trial by jury. Each of the undersigned hereby further
waives presentment, demand for payment, notice of dishonor, notice of nonpayment,
protest, notice of protest, and any and all other notices and demands in connection with
the delivery, acceptance, performance, default, or enforcement of this Note, and each of
the undersigned hereby waives the benefits of any statute of limitation with respect to
any action to enforce, or otherwise related to, this Note.  

In no event shall the undersigned be
obligated to pay any amount under the Note that exceeds the maximum amount allowable by
law. If any sum is collected in excess of the applicable maximum amount allowable by law,
the excess collected shall, at the Bank’s discretion, be applied to reduce the
principal balance of this Note or return to the undersigned.  

	

No waiver or modification of any of
the terms or provision of this Note shall be valid or binding unless set forth in writing
signed by the holder of this Note, and then only to the extent herein specifically set
forth. The holder of this Note is hereby authorized, without notice of the undersigned,
to cause or permit one or more co-makers to be added, released or withdrawn as parties
hereto, without relieving the other parties hereto of their liability and obligation
hereunder.  

	Address:		Box
10000, PPP 402 PMB 
Saipan, MP 96950  

	

Telesource CNMI, Inc. 

KJ Semikian 

By: Khajadour J. Semikian 

ITS: President

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