Document:

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                                                                   EXHIBIT 10.45

NEITHER THIS NOTE NOR ANY SECURITIES WHICH MAY BE ISSUED UPON CONVERSION HEREOF
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED
OR OTHERWISE QUALIFIED UNDER ANY STATE SECURITIES LAW. NEITHER THIS NOTE NOR ANY
SUCH SECURITIES MAY BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER SAID ACT AND REGISTRATION OR OTHER QUALIFICATION
UNDER ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION OR OTHER QUALIFICATION IS NOT
REQUIRED.

                                 DOVEBID, INC.

                   CONVERTIBLE SUBORDINATED PROMISSORY NOTE

$18,520.00                                                  July 6, 2000

     DoveBid, Inc., a Delaware corporation (the "Company"), with offices at 1241
East Hillsdale Blvd., Foster City, CA 94404, for value received, promises to pay
to the order of Strongland Investments Ltd. ("Payee"), or Payee's permitted
assigns (the "Noteholder") at such address as the Noteholder may designate,
Eighteen Thousand Five Hundred Twenty Dollars and No/100's ($18,520.00), plus
simple interest thereon calculated from the date hereof until paid at an annual
rate equal to the minimum rate established pursuant to Section 1274(d) of the
Internal Revenue Code of 1986, as amended, as of the date hereof, compounded
annually. Principal and accrued interest will be due and payable in lawful money
of the United States in full on the three year anniversary of the date of this
Note (the "Maturity Date"), unless this Note shall have been previously
converted pursuant to Section 2 below, in which case all outstanding principal
under this Note and all accrued interest thereon shall be satisfied in full by
virtue of such conversion and the issuance and delivery of fully paid and non-
assessable shares of Conversion Stock to the holder of this Note as set forth in
Section 2 below. Payments by the Company shall be applied first to any and all
accrued interest through the payment date and second to the principal remaining
due hereunder.

     The following is a statement of the rights of the holder of this Note and
the conditions to which this Note is subject, and to which the holder hereof, by
the acceptance of this Note, agrees:

     1.   Definitions. As used in this Note, the following terms, unless the
          -----------
context otherwise requires, have the following meanings:

          1.1  "Company" includes any corporation or other entity which succeeds
to or assume the obligations of the Company under this Note.

<PAGE>

          1.2  "Conversion Stock" shall mean shares of Common Stock of the
Company of the same class of common stock that is registered by the Company
pursuant to an Initial Public Offering.

          1.3  "Conversion Price" shall mean the price per share that is the
exact middle of the price range stated in the Company's final amended
registration statement on Form S-1, Form SB-1 or a similar successor form
pertaining to an Initial Public Offering that closes on before the Maturity
Date. No conversion shall occur and there is therefore no Conversion Price with
respect to an Initial Public Offering that closes after the Maturity Date.

          1.4  "Noteholder," "holder," or similar terms, when the context refers
to a holder of this Note, shall mean any person who shall at the time be the
registered holder of this Note.

          1.5  "Initial Public Offering" shall mean the closing of a sale of
Common Stock pursuant to a registration statement on Form S-1, Form SB-1 or SB-2
(or any similar or successor form) filed under the Securities Act, for an
underwritten initial public offering.

          1.6  "Securities Act" shall mean the United States Securities Act of
1993, as amended.

          1.7  "Subordination Agreement" shall mean the Subordination Agreement
attached hereto as Annex A and incorporated by reference herein.
                   -------

     2.   Conversion.
          ----------

          2.1  Mandatory Conversion. This Note and all of the outstanding
               --------------------
principal and accrued and unpaid interest on and under this Note shall be
converted into Conversion Stock at the Conversion Price immediately prior to the
first closing of an Initial Public Offering before the Maturity Date. For
informational purposes, the Company shall provide Noteholder with written notice
(at the most recent address for Noteholder provided to the Company by Noteholder
in writing) (i) within seven days after it files with the United States
Securities and Exchange Commission (the "SEC") any registration statement on
Form S-1, Form SB-1 or Form SB-2 (or any similar or successor form) for an
Initial Public Offering, and (ii) reasonably promptly following the closing of
an Initial Public Offering. Conversion as described in this Section 2.1 shall
occur only upon the closing of an Initial Public Offering, provided that (i)
upon the closing of an Initial Public Offering, the conversion shall be deemed
to have occurred immediately prior to the first closing of such Initial Public
Offering, and (ii) as a condition precedent or condition subsequent to
conversion (the election between which type of condition shall be at the
Company's sole election in the Company's sole discretion), Noteholder must
surrender this Note for conversion at the principal office of the Company.
Incident to any conversion, the Conversion Stock will have those rights and
privileges, and be subject to those restrictions, of the shares of Common Stock
as set forth in the Company's Certificate of Incorporation, and Noteholder will
receive the rights and be subject to the obligations applicable to the
purchasers of Common Stock, provided that the sale restriction specified in
Section 5.4 below shall apply to the Conversion Stock. This Note shall not be
convertible and shall not be

                                       2

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converted into Conversion Stock if there is not an Initial Public Offering on or
before the Maturity Date.

          2.2  No Fractional Shares. No fractional shares will be issued on
               --------------------
conversion of this Note. If, on any conversion of this Note, a fraction of a
share results, the Company will pay the cash value of that fractional share,
calculated on the basis of the applicable Conversion Price.

          2.3  Reservation of Stock. Prior to any conversion of this Note
               --------------------
pursuant to Section 2.1 above, the Company will take such corporate action and
obtain such government consents and approvals as may, in the reasonable opinion
of its counsel, be necessary to authorize the issuance of a sufficient number of
shares of Conversion Stock into which this Note is to convert pursuant to
Section 2.1 above.

          2.4  Fully Paid Shares; Certificates. All shares of Conversion Stock
               -------------------------------
issued upon the conversion of this Note shall be validly issued, fully paid and
non-assessable. The certificates representing the shares of Conversion Stock
issued upon conversion hereof shall be delivered to the holder against surrender
of this Note. The holder, by accepting this Note, undertakes and agrees to
accept such shares of Conversion Stock in full satisfaction of the outstanding
principal and accrued interest thereon in accordance with the terms of this
Note. Anything to the contrary in this Note notwithstanding, the Company's
obligation to issue shares of Conversion Stock to any holder of this Note is
expressly conditioned upon compliance of such issuance with applicable federal
and state securities laws without registration or other qualification
thereunder.

          2.5  No Rights or Liabilities as Shareholder. This Note does not by
               ---------------------------------------
itself entitle the Noteholder to any voting rights or other rights as a
shareholder of the Company. In the absence of conversion of this Note, no
provisions of this Note, and no enumeration herein of the rights or privileges
of the holder shall cause such holder to be a shareholder of the Company for any
purpose by virtue hereof.

          2.6  No Other Conversion. The conversion described in this Section 2
               -------------------
shall constitute the sole methods by which this Note will convert.

     3.   Subordination. This Note and the indebtedness evidenced by this Note
          -------------
are subordinated to the prior payment in full of all or substantially all other
indebtedness of the Company pursuant to the terms of a Subordination Agreement
in the form attached hereto as Annex A and incorporated herein by reference.
                               -------

     4.   Prepayment. This Note may be prepaid, in its entirety (including the
          ----------
principal sum and interest accrued to the date of payment) without penalty or
premium at any time; provided that prepayment cannot take place after the
Company has filed with the SEC a registration statement on Form S-1, Form SB-1
or Form SB-2 (or any similar or successor form) for an Initial Public Offering
and for so long as any such registration statement remains pending.

     5.   Restrictions on Transfers.
          -------------------------

          5.1  No Transfers Unless Registered or Exempt. Noteholder understands
               ----------------------------------------
that Noteholder may not transfer any shares of Conversion Stock unless such
shares are registered

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under the Securities Act and qualified under applicable state securities laws or
unless, in the opinion of counsel to the Company, exemptions from such
registration and qualification requirements are available. Noteholder
acknowledges that the Company's registration statement on Form S-1, that was
previously filed with the SEC on March 10, 2000, has been withdrawn prior to
becoming effective and that the shares of Conversion Stock issuable upon
conversion of this Note will not be registered under the Securities Act.
Noteholder further acknowledges that it will have no rights under Section 11 of
the Securities Act with respect to the issuance of the Conversion Stock upon
conversion of this Note. Noteholder understands that only the Company may file a
registration statement with the SEC and that the Company is under no obligation
to do so with respect to the Conversion Stock. Noteholder has also been advised
that exemptions from registration and qualification may not be available or may
not permit Noteholder to transfer all or any of the Conversion Stock in the
amounts or at the times proposed by Noteholder.

          5.2  Rule 144. In addition, Noteholder has been advised that SEC Rule
               --------
144 promulgated under the Securities Act, which permits certain limited sales of
unregistered securities, is not presently available with respect to the
Conversion Stock and, in any event, requires that the Conversion Stock be held
for a minimum of one (1) year, and in certain cases two (2) years, after they
have been purchased and paid for (within the meaning of Rule 144), before they
                    ------------
may be resold under Rule 144. Noteholder understands that Rule 144 may
indefinitely restrict transfer of the Conversion Stock so long as Noteholder
becomes and remains an "affiliate" of the Company or if "current public
information" about the Company (as defined in Rule 144) is not publicly
available.

          5.3  Disposition of Conversion Stock. Noteholder hereby agrees that
               -------------------------------
Noteholder will make no disposition of the Conversion Stock (other than as
permitted by this Agreement) unless and until: (a) Noteholder has notified the
Company of the proposed disposition and provided a written summary of the terms
and conditions of the proposed disposition; (b) Noteholder has complied with all
requirements of this Note applicable to the disposition of the Conversion Stock
(including the restrictions on transfer); and (c) Noteholder has provided the
Company with written assurances, in form and substance satisfactory to counsel
for the Company, that (i) the proposed disposition does not require registration
of the Conversion Stock under the Securities Act or applicable state securities
laws, or (ii) all appropriate actions necessary for compliance with the
registration requirements of the Securities Act or of any exemption from
registration available under the Securities Act (including Rule 144) and
applicable state securities laws has been taken.

          5.4  Restriction on Transfer and Sale. Noteholder shall not transfer,
               --------------------------------
assign, grant a lien or security interest in, pledge, hypothecate, encumber or
otherwise dispose of any of the Conversion Stock, except as permitted by this
Agreement. Upon and following any conversion of this Note, no holder of any
Conversion Stock shall effect any sale or distribution of any of the Conversion
Stock (which shall include any and all voting securities received by such holder
as or in connection with a stock dividend, stock split or other recapitalization
or similar distribution on or in respect of the Conversion Stock) or any of the
Company's other equity securities, or any securities convertible into or
exchangeable for such securities, during the period beginning on the closing of
the Initial Public Offering and ending 180 days after such closing. The
certificate(s) representing the shares of Conversion Stock issued upon the
conversion of this Note shall be legended to reflect such restrictions on sale.

                                       4

<PAGE>

          5.5  Legends. Noteholder understands and agrees that the Company will
               -------
place appropriate legends on any stock certificate(s) evidencing the Conversion
Stock that may be required by state or federal securities laws, the Company's of
Incorporation or Bylaws, this Note any other agreement. Noteholder agrees that,
to ensure compliance with the restrictions imposed by this Note, the Company may
issue appropriate "stop-transfer" instructions to its transfer agent, if any,
and if the Company transfers its own securities, it may make appropriate
notations to the same effect in its own records. The Company will not be
required (i) to transfer on its books any Conversion Stock that have been sold
or otherwise transferred in violation of any of the provisions of this Note, or
(ii) to treat as owner of such Conversion Stock, or to accord the right to vote
or pay dividends to any purchaser or other transferee to whom such Conversion
Stock have been so transferred.

          5.6  Disclosure. The Company agrees, for a period of two years
               ----------
following the date of this Agreement, to use reasonable commercial efforts to:

               (a)  make and keep material public information available within
the meaning of Rule 144(c) of the Securities Act at all times after ninety (90)
days after the closing of the Initial Public Offering; and

               (b)  file with the SEC in a timely manner all reports and other
material documents required of the Company under the Securities Act and the
United States Securities Exchange Act of 1934, as amended (the "Exchange Act").

     6.   Usury Savings Clause. The Company and the Noteholder intend to comply
          --------------------
at all times with applicable usury laws. If at any time such laws would render
usurious any amounts due under this Note under applicable law, then it is the
Company's and the Noteholder's express intention that the Company not be
required to pay interest on this Note at a rate in excess of the maximum lawful
rate, that the provisions of this Section 6 shall control over all other
provisions of this Note which may be in apparent conflict hereunder, that such
excess amount shall be immediately credited to the principal balance of this
Note (or, if this Note has been fully paid, refunded by the Noteholder to the
Company), and the provisions hereof shall immediately be reformed and the
amounts thereafter decreased, so as to comply with the then applicable usury
law, but so as to permit the recovery of the fullest amount otherwise due under
this Note.

     7.   General Provisions.
          ------------------

          7.1  Notices. All notices and other communications required or
               -------
permitted hereunder shall be effective upon receipt (or refusal of receipt) and
shall be in writing and delivered by depositing the same in United States mail,
addressed to the party to be notified, postage prepaid and registered or
certified with return receipt requested, by delivering the same in person to
such party or to an officer or agent of such party (or in the case of the Payee
by facsimile), as follows:

               (i)  If mailed or delivered to the Company, to each of the
following, using two separate mailings or deliveries:

                                       5

<PAGE>

               DoveBid, Inc.
               1241 East Hillsdale Blvd.
               Foster City, CA 94404
               Attn: Cory Ravid, Chief Financial Officer

               DoveBid, Inc.
               1241 East Hillsdale Blvd.
               Foster City, CA 94404
               Attn: Anthony Capobianco, General Counsel

               (ii) If mailed, delivered or faxed to the Payee, addressed or
faxed to it at the following address or fax number:

               Francis S.D. Yau
               Victor Morris & Yau Co. Ltd.
               19/F Morrison Commercial Building
               31 Morrison Hill Road
               Hong Kong, China
               Fax:  852-2834 6060

               or to such other address (or in the case of the Payee, the fax
number) as any party hereto shall specify in writing to the other parties hereto
pursuant to this Section 7.1 from time to time. Such notice shall be effective
only upon actual receipt.

          7.2  Severability; Headings. In case any provision of this Note shall
               ----------------------
be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired
thereby, unless to do so would deprive the Noteholder or the Company of a
substantial part of its bargain. All headings used herein are used for
convenience only and shall not be used to construe or interpret this Note.

          7.3  Noteholder Representations and Status. By accepting this Note,
               -------------------------------------
the Payee and any other Noteholder each acknowledges, represents and warrants
that (i) this Note is being acquired for investment, solely for its own account
and not as a nominee for any other person or entity, and that it will not offer,
sell or otherwise dispose of this Note except as expressly permitted by this
Note and under circumstances which will not result in a violation of the
Securities Act and (ii) it is an "accredited investor" with the meaning of Rule
501(a) of Regulation D promulgated under the Securities Act.

          7.4  Assignment. Neither this Note nor any right or obligation
               ----------
hereunder may be assigned or delegated by Payee without the prior written
consent of the Company. Neither this Note nor any right or obligation hereunder
may be assigned or delegated by the Company without the prior written consent of
Payee, except pursuant to a merger in which the Company is a party, or pursuant
to a sale or other transfer of substantially all of the assets of the Company.
Any purported assignment in violation of this paragraph shall be void.

                                       6

<PAGE>

          7.5  Amendment; Waiver. Any provision of this Note may be amended or
               -----------------
modified only by a writing signed by both the Company and Noteholder. Compliance
with any provision of this Note may be waived only by a writing signed by the
party against which enforcement of the change, waiver, discharge or termination
is sought.

          7.6  Governing Law. This Note shall be construed and enforced in
               -------------
accordance with, and governed by, the internal laws of the State of California,
excluding that body of law applicable to conflicts of laws.

          7.7  United States Dollars. All dollar amounts set forth in this
               ---------------------
Agreement are United States dollars.

             [The rest of this page is intentionally left blank.]

                                       7

<PAGE>

          IN WITNESS WHEREOF, each party has caused this Note to be executed as
of the date first set forth above.

                              DOVEBID, INC.

                              By: /s/ Anthony Capobianco
                                 ---------------------------------------
                              Name:  Anthony Capobianco
                              Title: Vice President and General Counsel

Acknowledged and Agreed to
by Payee:

STRONGLAND INVESTMENTS LTD.

By: /s/ Francis S. D. Yau
   -----------------------------
Name:
Title: Authorized Signatory

                                       8

<PAGE>

                                                                      Annex A to
                                        Convertible Subordinated Promissory Note

                            SUBORDINATION AGREEMENT

     This Subordination Agreement (this "Subordination Agreement") is made as of
July 6, 2000 by and between DoveBid, Inc. (the "Company") and Strongland
Investments Ltd. ("Creditor"), for the benefit of all holders of Senior Debt (as
defined below).

     A.   The Company concurrently herewith is issuing to Creditor its
Convertible Subordinated Promissory Note dated as of the same date as this
Subordination Agreement (the "Note");

     B.   It is a term of the Note that any and all amounts owing to Creditor
(or any subsequent holder of the Note) under or pursuant to the Note be
subordinated in right of payment to the prior payment in full of any and all
Senior Debt of the Company (as defined below); and

     C.   This Subordination Agreement sets forth the particular terms of such
subordination, and this Agreement is incorporated into and constitutes a part of
the Note.

     Now, therefore, the parties agree as follows:

        1.   Subordination; Note Subordinated to Senior Debt.
             -----------------------------------------------

     Notwithstanding anything to the contrary contained in the Note or in this
Annex A, the Company covenants and agrees and each holder of the Note, by such
holder's acceptance thereof likewise covenants and agrees, that the Note shall
be and is issued subject to the provisions of this Subordination Agreement; and
each person holding the Note, whether upon original issue or upon transfer,
assignment or exchange thereof accepts and agrees that all payments of
Subordinated Obligations (all capitalized terms used in this Subordination
Agreement that are not defined above are used as defined in Section 9 below) by
the Company shall, to the extent and in the manner set forth in this
Subordination Agreement, be subordinated and junior in right of payment, to the
prior payment in full in cash or cash equivalents of all amounts payable on or
under any and all Senior Debt (including principal, interest, fees, commissions,
expenses and indemnities in respect thereof and any interest accruing subsequent
to the commencement or filing of any petition in any bankruptcy or insolvency
proceeding at the rate provided for in the documents governing such Senior Debt,
whether or not such interest is an allowed claim enforceable against the debtor
in a bankruptcy case under Title 11 of the United States Code).

     To the extent any payment of Senior Debt (whether by or on behalf of the
Company, as proceeds of security or enforcement of any right of setoff or
otherwise) is declared to be fraudulent or preferential, set aside or required
to be paid to a trustee, receiver or other similar party under any bankruptcy,
insolvency, receivership, fraudulent conveyance or similar law, then if such
payment is recovered by, or paid over to, such trustee, receiver or other
similar party, the Senior Debt or part thereof originally intended to be
satisfied shall be deemed to be reinstated

<PAGE>

and outstanding as if such payment had not occurred. To the extent the
obligation to repay any Senior Debt is declared to be fraudulent, invalid or
otherwise set aside under any bankruptcy, insolvency, receivership, fraudulent
conveyance or similar law, then the obligations so declared fraudulent, invalid
or otherwise set aside (and all other amounts which would come due with respect
thereto had such obligations not been so affected) shall be deemed to be
reinstated and outstanding as Senior Debt for all purposes hereof as if such
declaration, invalidity or setting aside had not occurred.

          2.   No Payment on Securities in Certain Circumstances.
               -------------------------------------------------

                    (i)   No direct or indirect payment by or on behalf of the
Company of Subordinated Obligations, whether pursuant to the terms of the Note
or upon acceleration or otherwise shall be made if, at the time of such payment
there exists a default in the payment of all or any portion of the obligations
on any Senior Debt and such default shall not have been cured or waived or the
benefits of this sentence waived by or on behalf of the holder of such Senior
Debt.

                    (ii)  In the event of any other default with respect to any
Senior Debt pursuant to which the maturity thereof may be accelerated, upon the
receipt by the holder of the Note of written notice from a Designated Senior
Creditor or the Company, no payment of Subordinated Obligations may be made by
or on behalf of the Company for a period (a "Payment Blockage Period")
commencing on the date of receipt of such notice and ending 270 days thereafter
(unless such Payment Blockage Period shall be terminated by written notice to
the holder from a Designated Senior Creditor or all defaults with respect to
Senior Debt shall have been cured or waived). For purposes of this Section 2(b),
after the commencement of a Payment Blockage Period, no subsequent Payment
Blockage Period may be commenced unless a period of 30 consecutive days has
passed since the termination of the immediately preceding Payment Blockage
Period. Subject to the preceding sentence, successive Payment Blockage Periods
may be commenced hereunder.

                    (iii) In the event that, notwithstanding the foregoing, any
payment shall be received by any holder when such payment is prohibited by
Section 2(a) or 2(b) of this Subordination Agreement, such payment shall be held
for the benefit of, and shall be paid over or delivered to, the holders of
Senior Debt or their respective representatives, or to the trustee or trustees
under any indenture pursuant to which any of such Senior Debt may have been
issued, as their respective interests may appear.

          3.   Payment Over of Proceeds Upon Dissolution, Etc.
               -----------------------------------------------

                    (i)   Upon any payment or distribution of assets or
securities of the Company, as the case may be, of any kind or character, whether
in cash, property or securities, upon any dissolution or winding-up or total or
partial liquidation or reorganization of the Company, whether voluntary or
involuntary or in bankruptcy, insolvency, receivership or other proceeding, all
amounts due or to become due upon all Senior Debt (including interest accruing
subsequent to the commencement or filing of any petition in any bankruptcy or
insolvency proceeding at the rate provided for in the documents governing such
Senior Debt, whether or not such interest is an allowed claim enforceable
against the debtor in a bankruptcy case under Title

                                       2

<PAGE>

11 of the United States Code) shall first be indefeasibly paid in full in cash
or cash equivalents, before the holder of the Note shall be entitled to receive
any payment on account of the Subordinated Obligations, or any payment to
acquire the Note for cash, property or securities or any distribution with
respect to the Note of any cash, property or securities. Before any payment may
be made by or on behalf of the Company of the Subordinated Obligations, upon any
such dissolution, winding-up, liquidation or reorganization, any payment or
distribution of assets or securities of the Company of any kind or character,
whether in cash, property or securities, to which the holder of the Note would
be entitled, except for the provisions of this Subordination Agreement, shall be
made by the Company or by any receiver, trustee in bankruptcy, liquidating
trustee, agent or other Person making such payment or distribution, or by the
holder of the Note if received by it, directly to the holders of Senior Debt
(pro rata to such holders on the basis of the respective amounts of Senior Debt
held by such holders) or their respective representatives, or to the trustee or
trustees under any indenture pursuant to which any of such Senior Debt may have
been issued, as their respective interests may appear, to the extent necessary
to pay all such Senior Debt indefeasibly in full in cash or cash equivalents
after giving effect to any concurrent payment, distribution or provision
therefor to or for the holders of such Senior Debt.

                    (ii)  In the event that, notwithstanding the foregoing
provision prohibiting such payment or distribution, any payment or distribution
of assets or securities of the Company of any kind or character, whether in
cash, property or securities, shall be received by the holder of the Note at a
time when such payment or distribution is prohibited by Section 3(a) of this
Subordination Agreement and before all obligations in respect of Senior Debt are
indefeasibly paid in full in cash or cash equivalents, such payment or
distribution shall be received and held for the benefit of, and shall be paid
over or delivered to, the holders of Senior Debt (pro rata to such holders on
the basis of the respective amount of Senior Debt held by such holders) or their
respective representatives, or to the trustee or trustees under any indenture
pursuant to which any of such Senior Debt may have been issued, as their
respective interests may appear, for application to the payment of Senior Debt
remaining unpaid until all such Senior Debt has been indefeasibly paid in full
in cash or cash equivalents, after giving effect to any concurrent payment,
distribution or provision therefor to or for the holders of such Senior Debt.

                    (iii) For purposes of this Subordination Agreement, the
words "cash, property or securities" shall not be deemed to include, so long as
the effect of this Section 3(c) is not to cause the Note to be treated in any
case or proceeding or similar event described in this Subordination Agreement as
part of the same class of claims as the Senior Debt or any class of claims on a
parity with or senior to the Senior Debt for any payment or distribution,
securities of the Company or any other corporation provided for by a plan of
reorganization or readjustment which are subordinated, to at least the same
extent as the Note to the payment of all Senior Debt then outstanding; provided
that (i) if a new corporation or entity results from such reorganization or
readjustment, such corporation or entity assumes the Senior Debt and (ii) the
rights of the holders of the Senior Debt are not, without the consent of such
holders, altered by such reorganization or readjustment. The consolidation of
the Company with, or the merger of the Company with or into, a corporation (or
other entity) or the liquidation or dissolution of the Company following the
conveyance or transfer of its property as an entirety, or substantially as an
entirety, to another corporation or entity upon the terms and conditions, if
any, allowed by the Senior Debt shall not be deemed a dissolution, winding-up,
liquidation or reorganization for the

                                       3

<PAGE>

purposes of this Section if such other corporation shall, as a part of such
consolidation, merger, conveyance or transfer, comply with the conditions stated
in the Senior Debt.

          4.   Subrogation. Upon the indefeasible payment in full of all Senior
               -----------
Debt in cash or cash equivalents, the holder of the Note shall be subrogated to
the rights of the holders of Senior Debt to receive payments or distributions of
cash, property or securities of the Company made on such Senior Debt until the
principal of, premium, if any, and interest on the Note shall be paid in full;
and, for the purposes of such subrogation, no payments or distributions to the
holders of the Senior Debt of any cash, property or securities to which the
holder of the Note would be entitled except for the provisions of this
Subordination Agreement and no payment over pursuant to the provisions of this
Subordination Agreement to the holders of Senior Debt by the holder of the Note
shall, as between the Company, its creditors other than holders of Senior Debt,
and the holder of the Note, be deemed to be a payment by the Company to or on
account of the Senior Debt. It is understood that the provisions of this
Subordination Agreement are and are intended solely for the purpose of defining
the relative rights of the holder of the Note, on the one hand, and the holders
of the Senior Debt, on the other hand.

          5.   Obligations of Company Unconditional. Nothing contained in this
               ------------------------------------
Subordination Agreement is intended to or shall impair, as among the Company and
the holder of the Note, the obligation of the Company, which is absolute and
unconditional, to pay to the holder of the Note the principal of, premium, if
any, and interest on the Note as and when the same shall become due and payable
in accordance with its terms, or is intended to or shall affect the relative
rights of the holder of the Note and creditors of the Company other than the
holders of the Senior Debt.

          6.   Reliance on Judicial Order or Certificate of Liquidating Agent.
               --------------------------------------------------------------
Upon any payment or distribution of assets or securities referred to in this
Subordination Agreement, the holder of the Note shall be entitled to rely upon
any order or decree made by any court of competent jurisdiction in which
bankruptcy, dissolution, winding-up, liquidation or reorganization proceedings
are pending, or upon a certificate of the receiver, trustee in bankruptcy,
liquidating trustee, agent or other person making such payment or distribution,
delivered to the holder of the Note for the purpose of ascertaining the persons
entitled to participate in such distribution, the holders of the Senior Debt and
other indebtedness of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Subordination Agreement.

          7.   Subordination Rights Not Impaired by Acts or Omissions of the
               -------------------------------------------------------------
Company or Holders of Senior Debt. No right of any present or future holders of
---------------------------------
any Senior Debt to enforce subordination as provided herein will at any time in
any way be prejudiced or impaired by any act or failure to act on the part of
the Company or by any act or failure to act by any such holder, or by any
noncompliance by the Company with the terms of the Note, regardless of any
knowledge thereof which any such holder may have or otherwise be charged with.
The provisions of this Subordination Agreement are intended to be for the
benefit of, and shall be enforceable directly by, the holders of Senior Debt.

          8.   No Waiver of Subordination Provisions. Without in any way
               -------------------------------------
limiting the generality of Section 7, the holders of Senior Debt may, at any
time and from time to time, without the consent of or notice to the holder of
the Note, without incurring responsibility to the

                                       4

<PAGE>

holder of the Note and without impairing or releasing the subordination provided
in this Subordination Agreement or the obligations hereunder of the holder of
the Note to the holders of Senior Debt, do any one or more of the following: (a)
change the manner, place or terms of payment or extend the time of payment of,
or renew or alter, Senior Debt or any instrument evidencing the same or any
agreement under which Senior Debt is outstanding or secured; (b) sell, exchange,
release or otherwise deal with any property pledged, mortgaged or otherwise
securing Senior Debt; (c) release any Person liable in any manner for the
collection of Senior Debt and (d) exercise or refrain from exercising any rights
against the Company and any other Person.

          9.   Definitions. As used in this Subordination Agreement, the terms
               -----------
set forth below shall have the respective meanings set forth opposite such terms
below:

     "Designated Senior" means any holder of Senior Debt or any agent, trustee
or other similar representative for such a holder.

     "Note" shall mean the Convertible Subordinated Promissory Note to which
this Annex A is attached and all terms of this Annex A, which are incorporated
therein by reference.

     "Person" means an individual, a corporation, a partnership, an association,
a trust or any other entity or organization, including a government or political
subdivision or an agency or instrumentality thereof.

     "Senior Debt" means all debt and other monetary obligations of the Company
(including, without limitation, under any note, credit agreement, mortgage,
indenture, instrument or contract of any type or nature), and the Company's
guarantee of any debt or monetary obligation of any subsidiary of the Company,
in each case whether now existing or hereafter arising, and in each case
including all principal, interest, fees and expenses owing on or in connection
with such debt or other monetary obligations, as the same may be modified,
amended, restated or supplemented from to time; provided that the term "Senior
Debt" shall not include (a) any debt or other monetary obligation that expressly
provides in writing that it is subordinate to or pari passu with the Note, (b)
                                                 ---- -----
any debt of the Company which, when incurred and without respect to any election
under Section 1111(b) of Title 11, United States Code, was without recourse to
the Company, (c) any debt of the Company to a subsidiary of the Company, (d) any
debt for borrowed money to any employee or director of the Company, and (e) any
accounts payable to trade creditors created or assumed by the Company or any
subsidiary of the Company in the ordinary course of business in connection with
the obtaining of materials or services.

     "Subordinated Obligations" means principal and interest payable under or in
respect of the Note, any fees, expenses or rights of reimbursement under or in
respect of the Note, and all other claims, rights of rescission or other rights
of action under or in respect of the Note.

          10.  Suspension of Certain Remedies. Notwithstanding anything to the
               ------------------------------
contrary contained elsewhere in the Note, until all Senior Debt has been
indefeasibly repaid in full, no holder of the Note may commence or join with any
creditor in commencing, any bankruptcy, insolvency or similar proceeding with
respect to the Company or any of its subsidiaries.

                                       5

<PAGE>

          11.  Amendment, Supplement and Waiver. This Subordination Agreement
               --------------------------------
may only be amended, modified or supplemented by a written instrument executed
by the Company, the holder of the Note, and each holder of Senior Debt affected
thereby.

          12.  Successors and Assigns. This Subordination Agreement shall be
               ----------------------
binding upon and inure to the benefit of the successors and assigns of the
parties hereto.

          13.  Attorney's Fees. If the holder of the Note files any claim to
               ---------------
enforce its rights under the Note, the holder shall be entitled to recover its
reasonable attorney's fees from the Company; provided that the Company shall not
be required to reimburse the holder for any attorney's fees incurred or actions
taken at a time when payments are not permitted to be made on the Note pursuant
to this Subordination Agreement or for any assertion of rights by the holder
under the Note to the extent the rights being asserted are not permitted to be
exercised by virtue of the provisions of this Subordination Agreement.

          14.  Governing Law. This Subordination Agreement shall be construed
               -------------
and enforced in accordance with, and governed by, the internal laws of the State
of California, excluding that body of law applicable to conflicts of laws.

             [The rest of this page is intentionally left blank.]

                                       6

<PAGE>

      IN WITNESS WHEREOF, each party has caused this Subordination Agreement to
be executed as of the date first set forth above.

                              THE COMPANY:

                              DOVEBID, INC.

                              By: /s/ Anthony Capobianco
                                 -------------------------------------------
                              Name:  Anthony Capobianco
                              Title: Vice President and General Counsel

                              CREDITOR:

                              STRONGLAND INVESTMENTS LTD.

                              By: /s/ Francis S.D. Yau
                                 -------------------------------------------
                              Name: Francis S.D. Yau
                              Title: Authorized Signatory

                                       7<PAGE>

                                                                   EXHIBIT 10.46

NEITHER THIS NOTE NOR ANY SECURITIES WHICH MAY BE ISSUED UPON CONVERSION HEREOF
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED
OR OTHERWISE QUALIFIED UNDER ANY STATE SECURITIES LAW.  NEITHER THIS NOTE NOR
ANY SUCH SECURITIES MAY BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT AND REGISTRATION OR OTHER
QUALIFICATION UNDER ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION OR OTHER
QUALIFICATION IS NOT REQUIRED.

                                 DOVEBID, INC.

                   CONVERTIBLE SUBORDINATED PROMISSORY NOTE

NLG 1,265,000.00                                             Dated July 18, 2000

     DoveBid, Inc., a Delaware corporation (the "Company"), with offices at 1241
East Hillsdale Blvd., Foster City, CA 94404, for value received, promises to pay
to the order of Chalud Holding B.V. ("Payee"), or Payee's permitted assigns (the
"Noteholder") at such address as the Noteholder may designate, One Million, Two
Hundred Sixty-Five Thousand Dollars Dutch Guilders (NLG 1,265,000.00), plus
simple interest thereon calculated from the date hereof until paid at an annual
rate equal to the minimum rate established pursuant to Section 1274(d) of the
Internal Revenue Code of 1986, as amended, as of the date hereof, compounded
annually.  Principal and accrued interest will be due and payable in lawful
money of the Netherlands in full on the three-year anniversary of the date of
this Note (the "Maturity Date"), unless this Note shall have been previously
converted pursuant to Section 2 below, in which case all outstanding principal
under this Note and all accrued interest thereon shall be satisfied in full by
virtue of such conversion and the issuance and delivery of fully paid and non-
assessable shares of Conversion Stock to the holder of this Note as set forth in
Section 2 below.  Payments by the Company shall be applied first to any and all
accrued interest through the payment date and second to the principal remaining
due hereunder.

     Company will be deemed to be in default under this Note and the outstanding
unpaid principal balance of this Note, together with all interest accrued
thereon, will immediately become due and payable in full, without the need for
any further action on the part of Payee, upon the occurrence of any of the
following events: (a) upon Company's failure to make any payment when due under
this Note; (b) upon the filing by or against Company of any voluntary or
involuntary petition in bankruptcy or any petition for relief under the federal
bankruptcy code or any other state or federal law for the relief of debtors;
provided, however, with respect to an involuntary petition in bankruptcy, such
petition has not been dismissed within 30 days after the filing of such
petition; (c) upon the execution by Company of an assignment for the benefit of
creditors or the appointment of a receiver, custodian, trustee or similar party
to take possession of Company's assets or property; or (d) upon any breach by
the Company of that certain Stock Purchase Agreement dated July 18, 2000 and
entered into by and among the Company, C.L. Van

<PAGE>

Beusekom B.V., Payee and the other parties named therein, provided that such
breach is not cured within fifteen days after receipt by the Company of written
notice of such breach from the Payee.

     The following is a statement of the rights of the holder of this Note and
the conditions to which this Note is subject, and to which the holder hereof, by
the acceptance of this Note, agrees:

     1.   Definitions.  As used in this Note, the following terms, unless the
          -----------
context otherwise requires, have the following meanings:

          1.1  "Company" includes any corporation or other entity which succeeds
to or assume the obligations of the Company under this Note.

          1.2  "Conversion Stock" shall mean shares of Common Stock of the
Company of the same class of common stock that is registered by the Company
pursuant to an Initial Public Offering.

          1.3  "Conversion Price" shall mean the price per share that is the
exact middle of the price range stated in the Company's final amended
registration statement on Form S-1, Form SB-1 or Form SB-2 or a similar
successor form pertaining to an Initial Public Offering that closes on before
the Maturity Date.  No conversion shall occur and there is therefore no
Conversion Price with respect to an Initial Public Offering that closes after
the Maturity Date.

          1.4  "Noteholder," "holder," or similar terms, when the context refers
to a holder of this Note, shall mean any person who shall at the time be the
registered holder of this Note.

          1.5  "Initial Public Offering" shall mean the closing of a sale of
Common Stock pursuant to a registration statement on Form S-1, Form SB-1 or SB-2
(or any similar or successor form) filed under the Securities Act, for an
underwritten initial public offering.

          1.6  "Securities Act" shall mean the United States Securities Act of
1993, as amended.

          1.7  "Subordination Agreement" shall mean the Subordination Agreement
attached hereto as Annex A and incorporated by reference herein.
                   -------

     2.   Conversion.
          ----------

          2.1  Mandatory Conversion.  This Note and all of the outstanding
               --------------------
principal and accrued and unpaid interest on and under this Note shall be
converted into Conversion Stock at the Conversion Price immediately prior to the
first closing of an Initial Public Offering before the Maturity Date.  For
informational purposes, the Company shall provide Noteholder with written notice
(at the most recent address for Noteholder provided to the Company by Noteholder
in writing) (i) within seven days after it files with the United States
Securities and Exchange Commission (the "SEC") any registration statement on
Form S-1, Form SB-1 or Form SB-2 (or any similar or successor form) for an
Initial Public Offering, and (ii) reasonably promptly following the closing of
an Initial Public Offering. Conversion as described in this

                                       2

<PAGE>

Section 2.1 shall occur only upon the closing of an Initial Public Offering,
provided that (i) upon the closing of an Initial Public Offering, the conversion
shall be deemed to have occurred immediately prior to the first closing of such
Initial Public Offering, and (ii) as a condition precedent or condition
subsequent to conversion (the election between which type of condition shall be
at the Company's sole election in the Company's sole discretion), Noteholder
must surrender this Note for conversion at the principal office of the Company.
Incident to any conversion, the Conversion Stock will have those rights and
privileges, and be subject to those restrictions, of the shares of Common Stock
as set forth in the Company's Certificate of Incorporation, and Noteholder will
receive the rights and be subject to the obligations applicable to the
purchasers of Common Stock, provided that the sale restriction specified in
Section 5.4 below shall apply to the Conversion Stock. This Note shall not be
convertible and shall not be converted into Conversion Stock if there is not an
Initial Public Offering on or before the Maturity Date.

          2.2  No Fractional Shares.  No fractional shares will be issued on
               --------------------
conversion of this Note.  If, on any conversion of this Note, a fraction of a
share results, the Company will pay the cash value of that fractional share,
calculated on the basis of the applicable Conversion Price.

          2.3  Reservation of Stock.  Prior to any conversion of this Note
               --------------------
pursuant to Section 2.1 above, the Company will take such corporate action and
obtain such government consents and approvals as may, in the reasonable opinion
of its counsel, be necessary to authorize the issuance of a sufficient number of
shares of Conversion Stock into which this Note is to convert pursuant to
Section 2.1 above.

          2.4  Fully Paid Shares; Certificates.  All shares of Conversion Stock
               -------------------------------
issued upon the conversion of this Note shall be validly issued, fully paid and
non-assessable.  The certificates representing the shares of Conversion Stock
issued upon conversion hereof shall be delivered to the holder against surrender
of this Note.  The holder, by accepting this Note, undertakes and agrees to
accept such shares of Conversion Stock in full satisfaction of the outstanding
principal and accrued interest thereon in accordance with the terms of this
Note.  Anything to the contrary in this Note notwithstanding, the Company's
obligation to issue shares of Conversion Stock to any holder of this Note is
expressly conditioned upon compliance of such issuance with applicable federal
and state securities laws without registration or other qualification
thereunder.

          2.5  No Rights or Liabilities as Shareholders.  This Note does not by
               -----------------------------------------
itself entitle the Noteholder to any voting rights or other rights as a
shareholder of the Company.  In the absence of conversion of this Note, no
provisions of this Note, and no enumeration herein of the rights or privileges
of the holder shall cause such holder to be a shareholder of the Company for any
purpose by virtue hereof.

          2.6  No Other Conversion.  The conversion described in this Section 2
               -------------------
shall constitute the sole methods by which this Note will convert.

                                       3

<PAGE>

     3.   Subordination.  This Note and the indebtedness evidenced by this Note
          -------------
are subordinated to the prior payment in full of all or substantially all other
indebtedness of the Company pursuant to the terms of a Subordination Agreement
in the form attached hereto as Annex A and incorporated herein by reference.
                               -------

     4.   Prepayment.  This Note may be prepaid, in its entirety (including the
          ----------
principal sum and interest accrued to the date of payment) without penalty or
premium at any time; provided that prepayment cannot take place after the
Company has filed with the SEC a registration statement on Form S-1, Form SB-1
or Form SB-2 (or any similar or successor form) for an Initial Public Offering
and for so long as any such registration statement remains pending.

     5.   Restrictions on Transfers.
          -------------------------

          5.1  No Transfers Unless Registered or Exempt.  Noteholder understands
               ----------------------------------------
that Noteholder may not transfer any shares of Conversion Stock unless such
shares are registered under the Securities Act and qualified under applicable
state securities laws or unless, in the opinion of counsel to the Company,
exemptions from such registration and qualification requirements are available.
Noteholder acknowledges that the Company's registration statement on Form S-1,
that was previously filed with the SEC on March 10, 2000, has been withdrawn
prior to becoming effective and that the shares of Conversion Stock issuable
upon conversion of this Note will not be registered under the Securities Act.
Noteholder further acknowledges that it will have no rights under Section 11 of
the Securities Act with respect to the issuance of the Conversion Stock upon
conversion of this Note.  Noteholder understands that only the Company may file
a registration statement with the SEC and that the Company is under no
obligation to do so with respect to the Conversion Stock. Noteholder has also
been advised that exemptions from registration and qualification may not be
available or may not permit Noteholder to transfer all or any of the Conversion
Stock in the amounts or at the times proposed by Noteholder.

          5.2  Rule 144.  In addition, Noteholder has been advised that SEC Rule
               --------
144 promulgated under the Securities Act, which permits certain limited sales of
unregistered securities, is not presently available with respect to the
Conversion Stock and, in any event, requires that the Conversion Stock be held
(or deemed held pursuant to Rule 144(d)(3)) for a minimum of one (1) year, and
in certain cases two (2) years, after they have been purchased and paid for
                                                               ------------
(within the meaning of Rule 144), before they may be resold under Rule 144.
Noteholder understands that Rule 144 may indefinitely restrict transfer of the
Conversion Stock so long as Noteholder becomes and remains an "affiliate" of the
Company or if "current public information" about the Company (as defined in Rule
144) is not publicly available.

          5.3  Disposition of Conversion Stock.  Noteholder hereby agrees that
               -------------------------------
Noteholder will make no disposition of the Conversion Stock (other than as
permitted by this Agreement) unless and until Noteholder has complied with all
requirements of this Note applicable to the disposition of the Conversion Stock
(including the restrictions on transfer), and Noteholder has provided the
Company with written assurances, in form and substance satisfactory to counsel
for the Company, that (i) the proposed disposition does not require registration
of the Conversion Stock under the Securities Act or applicable state securities
laws, or (ii) all appropriate actions necessary for compliance with the
registration requirements of the

                                       4

<PAGE>

Securities Act or of any exemption from registration available under the
Securities Act (including Rule 144) and applicable state securities laws has
been taken.

          5.4  Restriction on Transfer and Sale.  Noteholder shall not transfer,
               --------------------------------
assign, grant a lien or security interest in, pledge, hypothecate, encumber or
otherwise dispose of any of the Conversion Stock, except as permitted by this
Agreement.  Upon and following any conversion of this Note, no holder of any
Conversion Stock shall effect any sale or distribution of any of the Conversion
Stock (which shall include any and all voting securities received by such holder
as or in connection with a stock dividend, stock split or other recapitalization
or similar distribution on or in respect of the Conversion Stock) or any of the
Company's other equity securities, or any securities convertible into or
exchangeable for such securities, during the period beginning on the effective
date of a registration statement of the Company filed under the Securities Act
and ending 180 days after such effective date.  The certificate(s) representing
the shares of Conversion Stock issued upon the conversion of this Note shall be
legended to reflect such restrictions on sale.

          5.5  Legends.  Noteholder understands and agrees that the Company will
               -------
place appropriate legends on any stock certificate(s) evidencing the Conversion
Stock that may be required by state or federal securities laws, the Company's of
Incorporation or Bylaws, this Note any other agreement.  Noteholder agrees that,
to ensure compliance with the restrictions imposed by this Note, the Company may
issue appropriate "stop-transfer" instructions to its transfer agent, if any,
and if the Company transfers its own securities, it may make appropriate
notations to the same effect in its own records.  The Company will not be
required (i) to transfer on its books any Conversion Stock that have been sold
or otherwise transferred in violation of any of the provisions of this Note, or
(ii) to treat as owner of such Conversion Stock, or to accord the right to vote
or pay dividends to any purchaser or other transferee to whom such Conversion
Stock have been so transferred.

          5.6  Disclosure.  The Company agrees, for a period of two years
               ----------
following the date of this Agreement, to use reasonable commercial efforts to:

               (a)  make and keep public information available within the
meaning of Rule 144(c) of the Securities Act at all times after ninety (90) days
after the closing of the Initial Public Offering; and

               (b)  file with the SEC in a timely manner all reports and other
material documents required of the Company under the Securities Act and the
United States Securities Exchange Act of 1934, as amended (the "Exchange Act").

          The Company shall furnish to Noteholder so long as Noteholder owns any
Conversion Stock promptly upon request (i) a written statement by the Company
that it has complied with the reporting requirements of SEC Rule 144 (at any
time after ninety days after the effective date of the first registration
statement filed by the Company), the Securities Act and the Exchange Act (at any
time after it has become subject to such reporting requirements), or that it
qualifies as a registrant whose securities may be resold pursuant to Form S-3
(at any time after it so qualifies), (ii) a copy of the most recent annual or
quarterly report of the Company and such other reports and documents filed by
the Company with the SEC, and (iii) such other information

                                       5

<PAGE>

as may be reasonably requested in availing any Noteholder of any rule or
regulation of the SEC that permits the selling of such securities without
registration.

     6.   Usury Savings Clause.  The Company and the Noteholder intend to comply
          --------------------
at all times with applicable usury laws.  If at any time such laws would render
usurious any amounts due under this Note under applicable law, then it is the
Company's and the Noteholder's express intention that the Company not be
required to pay interest on this Note at a rate in excess of the maximum lawful
rate, that the provisions of this Section 6 shall control over all other
provisions of this Note which may be in apparent conflict hereunder, that such
excess amount shall be immediately credited to the principal balance of this
Note (or, if this Note has been fully paid, refunded by the Noteholder to the
Company), and the provisions hereof shall immediately be reformed and the
amounts thereafter decreased, so as to comply with the then applicable usury
law, but so as to permit the recovery of the fullest amount otherwise due under
this Note.

     7.   General Provisions.
          ------------------

          7.1  Notices.  All notices and other communications required or
               -------
permitted hereunder shall be effective upon receipt (or refusal of receipt) and
shall be in writing and delivered by depositing the same in United States mail,
addressed to the party to be notified, postage prepaid and registered or
certified with return receipt requested, by delivering the same in person to
such party or to an officer or agent of such party as follows:

               (i)  If mailed or delivered to the Company, to each of the
following, using two separate mailings or deliveries:

                    DoveBid, Inc.
                    1241 East Hillsdale Blvd.
                    Foster City, CA 94404
                    Attn: Cory Ravid, Chief Financial Officer

                    DoveBid, Inc.

                    1241 East Hillsdale Blvd.
                    Foster City, CA 94404
                    Attn: Anthony Capobianco, General Counsel

               (ii) If mailed or delivered to the Payee, addressed to it at the
following address:

                    Chalud Holding B.V.
                    Energieweg 4
                    4231 DJ Meerkerk
                    The Netherlands

                                       6

<PAGE>

               with a copy to:

                    Nysingh Dijkstra de Graff
                    Huis De Vries Robbe
                    Izaak Evertslaan 1
                    Postbus 9220
                    6800 KA Arnhem
                    The Netherlands
                    Attn:  Adrian H. Bos

or to such other address as any party hereto shall specify in writing to the
other parties hereto pursuant to this Section 7.1 from time to time. Such notice
shall be effective only upon actual receipt.

          7.2  Severability; Headings.  In case any provision of this Note shall
               ----------------------
be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired
thereby, unless to do so would deprive the Noteholder or the Company of a
substantial part of its bargain.  All headings used herein are used for
convenience only and shall not be used to construe or interpret this Note.

          7.3  Noteholder Representations and Status.  By accepting this Note,
               -------------------------------------
the Payee and any other Noteholder each acknowledges, represents and warrants
that (i) this Note is being acquired for investment, solely for its own account
and not as a nominee for any other person or entity, and that it will not offer,
sell or otherwise dispose of this Note except as expressly permitted by this
Note and under circumstances which will not result in a violation of the
Securities Act and (ii) it is an "accredited investor" with the meaning of Rule
501(a) of Regulation D promulgated under the Securities Act.

          7.4  Assignment.  Neither this Note nor any right or obligation
               ----------
hereunder may be assigned or delegated by Payee without the prior written
consent of the Company, except to Frederik Abbink.  Neither this Note nor any
right or obligation hereunder may be assigned or delegated by the Company
without the prior written consent of Payee, except pursuant to a merger in which
the Company is a party, or pursuant to a sale or other transfer of substantially
all of the assets of the Company provided that the acquiring corporation assumes
the obligations of the Company under this Note.  Any purported assignment in
violation of this paragraph shall be void.

          7.5  Amendment; Waiver.  Any provision of this Note may be amended or
               -----------------
modified only by a writing signed by both the Company and Noteholder.
Compliance with any provision of this Note may be waived only by a writing
signed by the party against which enforcement of the change, waiver, discharge
or termination is sought.

          7.6  Governing Law.  This Note shall be construed and enforced in
               -------------
accordance with, and governed by, the internal laws of the State of California,
excluding that body of law applicable to conflicts of laws.

          7.7  Dispute Resolution.  Any dispute or controversy arising under,
               ------------------
out of, or in connection with this Note shall be resolved by binding arbitration
conducted in San Mateo

                                       7

<PAGE>

County, California in accordance with the commercial arbitration rules of the
American Arbitration Association from time to time in effect. Judgment upon the
award rendered by the arbitrator may be entered in any court having competent
jurisdiction. In any arbitration or court proceeding to enforce any arbitration
award made pursuant to this Section, the prevailing party shall be entitled to
recover from the other party its attorneys' reasonable fees and costs.

     IN WITNESS WHEREOF, each party has caused this Note to be executed as of
the date first set forth above.

                              DOVEBID, INC.

                              By: /s/ Anthony Capobianco
                                 ---------------------------------------
                              Name:  Anthony Capobianco
                              Title: Vice President and General Counsel

Acknowledged and Agreed to
by Chalud Holding B.V.:

By: /s/ Frederik Abbink
   -----------------------------
Name:  Frederik Abbink
Title: Director

                                       8

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