Document:

Kramerica August 21, 2006 Note

    

      THIS
        NOTE
        HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
        “ACT”), NOR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS AND HAS BEEN TAKEN
        FOR INVESTMENT PURPOSES ONLY. IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED
        OR
        HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO
        SUCH
        SECURITIES UNDER THE ACT AND QUALIFICATION UNDER APPLICABLE STATE LAW WITHOUT
        AN
        OPINION OF COUNSEL SATISFACTORY TO BORROWER THAT SUCH REGISTRATION AND
        QUALIFICATION ARE NOT REQUIRED.

       

      Kramerica

       

      NOTE

       

      $8,200                                                                                                                                                                                                                                                                                        
        August
        21, 2006

                                                                                                                                                                                                                                                                                                                      
        Dallas,
        TX

       

      FOR
        VALUE RECEIVED,
        IElement
        Corporation (“Maker”) promises to pay to the order of Kramerica (the “Lender”),
        at the offices located at 17194 Preston Road Ste 102, PMB 341 in Dallas,
        TX, the
        principal sum of Eight Thousand Two Hundred Dollars ($8,200), together with
        all
        accrued interest thereon, upon the terms and conditions specified
        below.

       

      1.  
        Interest.
        Interest
        shall accrue and be payable monthly on the balance outstanding under this
        Note
        at the rate of 10.0% per annum, compounded monthly, or at the maximum rate
        allowed by law, whichever is lower.

       

      2.  
Maturity.
        The full
        principle balance and interest will become due and payable six (6) months
        from
        the date funds are received.

       

      3.  
        Payment.
        Payment
        shall be made in lawful tender of the United States and shall be applied
        first
        to the payment of principal and then to all accrued and unpaid interest.
        Prepayment of the principal balance of this Note, together with all accrued
        and
        unpaid interest on the portion of principal so prepaid, may be made in whole
        or
        in part at any time without penalty.

       

      4.  
        Conversion.
        Lender
        shall have the right to convert the balance of this note to shares of Maker’s
        common stock at any time prior to maturity and at a rate equal to the lowest
        rate offered to any note holder within 6 (six) months after the date of this
        note.

       

      5.  
        Collateral. Lender
        shall have the right to file a UCC lien against Maker’s assets for the duration
        of the term.

       

      6.  
        Events
        of Acceleration.
        The
        entire unpaid principal balance of this Note, together with all accrued and
        unpaid interest, shall become immediately due and payable prior to the specified
        due date of this Note upon the occurrence of one or more of the following
        events: 

       

      A.  the
        expiration of the thirty (30)-day period following the date the Maker ceases
        for
        any reason to pay its monthly obligations to the Lender; or 

       

      B.  the
        insolvency of the Maker, the commission of any act of bankruptcy by the Maker,
        the execution by the Maker of a general assignment for the benefit of creditors,
        the filing by or against the Maker of any petition in bankruptcy or any petition
        for relief under the provisions of the Federal bankruptcy act or any other
        state
        or Federal law for the relief of debtors and the continuation of such petition
        without dismissal for a period of thirty (30) days or more, the appointment
        of a
        receiver or trustee to take possession of any property or assets of the Maker
        or
        the attachment of or execution against any property or assets of the Maker;
        or

       

      B.  an
        acquisition of the Company (whether by merger, sale of all or substantially
        all
        of the Company’s assets or sale of more than fifty percent (50%) of the
        Company’s outstanding voting securities) for consideration payable in cash or
        freely-tradable securities; provided,
        however, that if the Pooling of Interest Method, as described in Accounting
        Principles Board Opinion No. 16, is used to account for the acquisition for
        financial accounting purposes, then acceleration of this Note shall not occur
        until the end of the sixty (60)-day period immediately following the close
        of
        the applicable transfer restriction period required under Accounting Series
        Release Numbers 130 and 135.

       

      7.  
        Collection.
        If
        action
        is instituted to collect this Note, the Maker promises to pay all costs and
        expenses (including reasonable attorney fees) incurred in connection with
        such
        action.

       

      8.  
        Waiver.
        A waiver
        of any term of this Note or of any of the obligations secured thereby must
        be
        made in writing and signed by a duly-authorized officer of the Corporation
        and
        any such waiver shall be limited to its express terms.

       

      No
        delay
        by the Corporation in acting with respect to the terms of this Note shall
        constitute a waiver of any breach, default, or failure of a condition under
        this
        Note or the obligations secured thereby.

       

      9.  
        Construction.
        Each
        party acknowledges that it had the opportunity to have its legal counsel
        review
        this Note and, therefore, stipulates that the rule of construction that
        ambiguities are to be resolved against the drafting party shall not be applied
        in the interpretation of this Note to favor any party against the
        other.

       

      10.  
        Conflicting
        Agreements.
        In the
        event of any inconsistencies between the terms of this Note and the terms
        of any
        other document related to the loan evidenced by the Note, the terms of this
        Note
        shall prevail.

       

      11.  
        Governing
        Law.
        This
        Note shall be construed in accordance with the laws of the State of Texas
        without resort to that State’s conflict-of-laws rules.

       

      12.  
        Wire
        Transfer Instructions.

       

      Swift
        Code:                                
         BOFA
        AUS
        3N

       

      Bank
        ABA/Routing
        #:              
              
026
        00
        9593

       

      Account
        Number:                      
         0047
        8238
        4943

       

      Name
        on
        Bank Account:         
            
IElement

       

      Bank
        Name:                               
       Bank
        of
        America

       

      Bank
        Address:        
    901
        Main
        Street 16th
        Floor

                                                          
               Dallas,
        TX 75202

       

      Bank
        Contact:                           
Lauri
        Waisman

       

      Bank
        Telephone
        Number:                   (214)
        209-9523

       

      13.
        Signatures.

       

      
        Date: August
          21, 2006   

         

        /s/
          Ivan
          Zweig

        -----------------------

        Ivan
          Zweig,

        Director
          & Chief Executive Officer

        IElement
          Corporation

       

      
        
          /s/
            Ivan
            Zweig

          -----------------------

          Ivan
            Zweig,

          CEO
KramericaKramerica August 24, 2006 Note

    THIS
      NOTE
      HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), NOR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS AND HAS BEEN TAKEN
      FOR INVESTMENT PURPOSES ONLY. IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED
      OR
      HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH
      SECURITIES UNDER THE ACT AND QUALIFICATION UNDER APPLICABLE STATE LAW WITHOUT
      AN
      OPINION OF COUNSEL SATISFACTORY TO BORROWER THAT SUCH REGISTRATION AND
      QUALIFICATION ARE NOT REQUIRED.

     

    Kramerica

     

    NOTE

     

    $25,000                                                                                                                                                                                                                                                                                        August
      24, 2006

                                                                                                                                                                                                                                                                                                                      
      Dallas,
      TX

     

    FOR
      VALUE RECEIVED,
      IElement
      Corporation (“Maker”) promises to pay to the order of Kramerica (the “Lender”),
      at the offices located at 17194 Preston Road Ste 102, PMB 341 in Dallas, TX,
      the
      principal sum of Eight Thousand Two Hundred Dollars ($25,000), together with
      all
      accrued interest thereon, upon the terms and conditions specified
      below.

     

    1.  
      Interest.
      Interest
      shall accrue and be payable monthly on the balance outstanding under this Note
      at the rate of 10.0% per annum, compounded monthly, or at the maximum rate
      allowed by law, whichever is lower.

     

    2.  
      Maturity.
      The
      full
      principle balance and interest will become due and payable six (6) months from
      the date funds are received.

     

    3.  
      Payment.
      Payment
      shall be made in lawful tender of the United States and shall be applied first
      to the payment of principal and then to all accrued and unpaid interest.
      Prepayment of the principal balance of this Note, together with all accrued
      and
      unpaid interest on the portion of principal so prepaid, may be made in whole
      or
      in part at any time without penalty.

     

    4.  
      Conversion.
      Lender
      shall have the right to convert the balance of this note to shares of Maker’s
      common stock at any time prior to maturity and at a rate equal to the lowest
      rate offered to any note holder within 6 (six) months after the date of this
      note.

     

    5.  
      Collateral. Lender
      shall have the right to file a UCC lien against Maker’s assets for the duration
      of the term.

     

    6.  
      Events
      of Acceleration.
      The
      entire unpaid principal balance of this Note, together with all accrued and
      unpaid interest, shall become immediately due and payable prior to the specified
      due date of this Note upon the occurrence of one or more of the following
      events: 

     

    A.  the
      expiration of the thirty (30)-day period following the date the Maker ceases
      for
      any reason to pay its monthly obligations to the Lender; or 

     

    B.  the
      insolvency of the Maker, the commission of any act of bankruptcy by the Maker,
      the execution by the Maker of a general assignment for the benefit of creditors,
      the filing by or against the Maker of any petition in bankruptcy or any petition
      for relief under the provisions of the Federal bankruptcy act or any other
      state
      or Federal law for the relief of debtors and the continuation of such petition
      without dismissal for a period of thirty (30) days or more, the appointment
      of a
      receiver or trustee to take possession of any property or assets of the Maker
      or
      the attachment of or execution against any property or assets of the Maker;
      or

     

    B.  an
      acquisition of the Company (whether by merger, sale of all or substantially
      all
      of the Company’s assets or sale of more than fifty percent (50%) of the
      Company’s outstanding voting securities) for consideration payable in cash or
      freely-tradable securities; provided,
      however, that if the Pooling of Interest Method, as described in Accounting
      Principles Board Opinion No. 16, is used to account for the acquisition for
      financial accounting purposes, then acceleration of this Note shall not occur
      until the end of the sixty (60)-day period immediately following the close
      of
      the applicable transfer restriction period required under Accounting Series
      Release Numbers 130 and 135.

     

    7.  
      Collection.
      If
      action
      is instituted to collect this Note, the Maker promises to pay all costs and
      expenses (including reasonable attorney fees) incurred in connection with such
      action.

     

    8.  
      Waiver.
      A waiver
      of any term of this Note or of any of the obligations secured thereby must
      be
      made in writing and signed by a duly-authorized officer of the Corporation
      and
      any such waiver shall be limited to its express terms.

     

    No
      delay
      by the Corporation in acting with respect to the terms of this Note shall
      constitute a waiver of any breach, default, or failure of a condition under
      this
      Note or the obligations secured thereby.

     

    9.  
      Construction.
      Each
      party acknowledges that it had the opportunity to have its legal counsel review
      this Note and, therefore, stipulates that the rule of construction that
      ambiguities are to be resolved against the drafting party shall not be applied
      in the interpretation of this Note to favor any party against the
      other.

     

    10.  
      Conflicting
      Agreements.
      In the
      event of any inconsistencies between the terms of this Note and the terms of
      any
      other document related to the loan evidenced by the Note, the terms of this
      Note
      shall prevail.

     

    11.  
      Governing
      Law.
      This
      Note shall be construed in accordance with the laws of the State of Texas
      without resort to that State’s conflict-of-laws rules.

     

    12.  
      Wire
      Transfer Instructions.

     

    Swift
      Code:                                      
             
BOFA
      AUS
      3N

     

    Bank
      ABA/Routing
      #:                                        
026
      00
      9593

     

    Account
      Number:                                          
0047
      8238
      4943

     

    Name
      on
      Bank
      Account:                                          IElement

     

    Bank
      Name:                                                 
Bank
      of
      America

     

    Bank
      Address:                            
901
      Main
      Street 16th
      Floor

                                                                            Dallas,
      TX 75202

     

    Bank
      Contact:                                     
Lauri
      Waisman

     

    Bank
      Telephone
      Number:                                (214)
      209-9523

     

    13.  
      Signatures.

     

    August
      24, 2006

     

    
      /s/
        Ivan
        Zweig

      -----------------------

      Ivan
        Zweig,

      Director
        & Chief Executive Officer

      IElement
        Corporation

       

      
        
          /s/
            Ivan
            Zweig

          -----------------------

          Ivan
            Zweig,

          CEO
Kramerica

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