Document:

exv4w2

 

Exhibit 4.2

[FORM OF PREFERRED STOCK CERTIFICATE]

	 	 	 
	SERIES G PREFERRED STOCK	 	
SERIES G PREFERRED STOCK
	NUMBER	 	
SHARES
	-SPECIMEN-	 	
-SPECIMEN-

W HOLDING COMPANY, INC.

INCORPORATED UNDER THE LAWS OF THE COMMONWEALTH OF PUERTO RICO

6.90% NONCUMULATIVE MONTHLY INCOME PREFERRED STOCK, 2003 SERIES G

	 	SEE REVERSE SIDE FOR CERTAIN LEGENDS

CUSIP No. 929251809

THIS CERTIFIES THAT: -SPECIMEN-

is the owner of -SPECIMEN-

Fully Paid and Non-Assessable Shares of 6.90% Noncumulative Monthly Income Preferred Stock,

2003 Series G, Par Value $1.00 Per Share, Liquidation Preference $25.00 Per Share, of

W HOLDING COMPANY, INC., (the “Corporation”) a Puerto Rico corporation with its
principal executive office located in Mayaguez, Puerto Rico. This Certificate
is not valid unless countersigned by the Transfer Agent and Registrar. The
shares represented by this Certificate are transferable only on the stock
transfer books of the Corporation by the holder of record hereof or by his or
her duly authorized attorney or legal representative, upon surrender of this
Certificate properly endorsed.

     IN WITNESS WHEREOF, the Corporation has caused this Certificate to be
executed by the signatures of its duly authorized officers and its facsimile
seal to be affixed hereto.

	 	 	 	 	 
	Dated:	 	 	 	W HOLDING COMPANY, INC.
	 	 	 	 	BY:
	 	 	
[SEAL]	 	 
	 	 	 	 	 
	SECRETARY	 	 	 	CHAIRMAN OF THE BOARD
	 	 	 	 	PRESIDENT AND CHIEF
	 	 	 	 	EXECUTIVE OFFICER

Countersigned and Registered:

__________________________

Transfer Agent and Registrar

__________________________

Authorized Signature

 

 

W HOLDING COMPANY, INC.

     The shares represented by this Certificate are issued subject to all the
provisions of the Certificate of Incorporation and Bylaws of W Holding Company,
Inc. (the “Corporation”), as amended from time to time (copies of which are on
file at the principal executive office of the Corporation), to all of which the
holder by acceptance hereof assents.

     The Corporation is authorized to issue more than one class or series of
stock. The Corporation will furnish to any stockholder, upon request and
without charge, a list of the powers, designations, preferences and relative,
participation, optional or other special rights of each authorized class of
stock or series thereof and the conditions, limitations or restrictions of such
preferences and/or rights. Such request may be made to the Corporation at is
principal executive office.
The following abbreviations, when used in the inscription on the face of
this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

	 	 	 	 	 	 	 	 	 	 	 
	TEN COM -	 	
as tenants in common
	 	UNIF GIFT MIN ACT
	 	________
(Cust.)
	 	Custodian
	 	________
(Minor)
	 	 	 	 	 	 	 	 	 	 	 
	TEN ENT -	 	as tenants by the	 	under Uniform Gifts to Minors Act	 	_________________________
	 	 	
entireties
	 	 	 	 	 	(State)
	JT TEN -	 	
as joint tenants with	 	 	 	 	 	 	 	 
	 	 	
right of survivorship	 	 	 	 	 	 	 	 
	 	 	
and not as tenants in common	 	 	 	 	 	 	 	 

Additional abbreviations may also be used though not in the above list.

For value received, ___________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

[___________] _____________________________

PLEASE PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL CODE OF ASSIGNEE

___________Shares of the Capital Stock represented by the within Certificate,
and do hereby irrevocably constitute and appoint
__________________________________________ Attorney to transfer the said
shares on the books of the Corporation with full power of substitution in the
premises.

Dated:_________

	 	 	 
	___________	 	
_________________________________________
	NOTICE:	 	
THE SIGNATURE(S) TO THIS ASSIGNMENT
MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE CERTIFICATE
IN EVERY PARTICULAR, WITHOUT ALTERATION
OR ENLARGEMENT.<PAGE>
                                                                    EXHIBIT 4.38

                             BRIDGE PROMISSORY NOTE

$135,000.00                                                      August 14, 1997

FOR VALUE RECEIVED, the undersigned, Electronics Accessory Specialists Inc., a
Delaware corporation ("Maker"), promises to pay to the order of New Vistas
Investments Corporation ("Payee"), the principal sum of One Hundred Thirty Five
Thousand and no/100 ($135,000.00), together with interest accrued thereon
(calculated on the basis of a 365-day year) at a rate of 10% per annum from the
date hereof until this Note is paid in full.

         1. Payments: Conversion. Unless otherwise provided herein, the entire
principal balance of, and accrued interest on, this Note is due and payable in
full on demand, or if no demand is made, on or before December 31, 1998. Maker
is currently undertaking a private placement of up to $7,700,000 of its common
stock and warrants to purchase common stock (the "Private Placement
Securities"), with Paradise Valley Securities, Inc., Sentra Securities
Corporation and Spelman & Co., Inc., as the private placement agents (the
"Private Placement"). Prior to the consummation of the Private Placement, Payee
shall have the option of converting the principal of this Note into the Private
Placement Securities on the terms and conditions of the Private Placement.

         2. Optional Prepayment. Maker may at its sole option prepay all or any
part of the principal of this Note before maturity without penalty or premium.

         3. Events of Default and Remedies. At the option of Payee the entire
principal balance of, together with all accrued and unpaid interest on, this
Note shall at once become due and payable, without further notice or demand,
upon the occurrence at any time of any of the following events of default
("Events of Default"):

            (i) Failure of Maker to perform any covenant, agreement of condition
contained herein, including the failure of Maker to make any payment of
principal or interest when due hereunder, and such failure continues for a
period of 10 days after the receipt by Maker of written notice from Payee of the
occurrence of such failure; or

            (ii) Maker shall (a) become insolvent, (13) voluntarily seek,
consent to, acquiesce in the benefit or benefits of any Debtor Relief Law (as
hereinafter defined) or (c) become party to (or be made the subject of) any
proceeding provided by any Debtor Relief Law, other than as a creditor or
claimant, that could suspend or otherwise adversely affect the rights of Payee
granted hereunder (unless in the event such proceeding is involuntary, the
petition instituting the same is dismissed within 90 days of the filing of
same). As used herein, the term "Debtor Relief Law" means the Bankruptcy Code of
the United States of America and all other applicable liquidation,
conservatorship, bankruptcy, moratorium, rearrangement, receivership,
insolvency, reorganization or similar debtor relief laws from time to time in
effect affecting the rights of creditors generally.

<PAGE>

In the event any one or more of the Events of Default specified above shall have
happened, the holder of this Note may proceed to protect and enforce its rights
either by suit in equity and/or by action at law, or by other appropriate
proceedings, whether for the specific performance of any covenant or agreement
contained in this Note or in aid of the exercise of any power or right granted
by this Note, or to enforce any other legal and equitable right of the holder of
this Note.

         4. Waiver. Except as expressly provided herein, Maker, and each surety,
endorser, guarantor and other party ever liable for the payment of any sum of
money payable on this Note, jointly and severally waive demand, presentment,
protest, notice of non-payment, notice of intention to accelerate, notice of
protest and any and all lack of due diligence or delay in collection or the
filing of suit hereon which may occur.

         5. Cumulative Rights. No delay on the part of the holder of this Note
in the exercise of any power or right under this Note shall operate as a waiver
thereof, nor shall a single or partial exercise of any other power or right.
Enforcement by the holder of this Note of any security for the payment hereof
shall not constitute any election by it of remedies so as to preclude the
exercise of any other remedy available to it.

         6. Notices. Any notice or demand given hereunder by the holder hereof
shall be deemed to have been given and received (i) when actually received by
Maker, if delivered in person or by facsimile transmission, or (ii) if mailed,
on the earlier of the date actually received or (whether ever received or not)
three Business Days (as hereinafter defined) after a letter containing such
notice, certified or registered, with postage prepaid, addressed to Maker, is
deposited in the United States mail. The address of Maker is 7955 E. Redfield
Road, Scottsdale, Arizona 85260, or such other address as Maker shall advise
the holder hereof by certified or registered letter by this same procedure.
"Business Day" means every day which is not a Saturday, Sunday or legal holiday.

         7. Successors and Assigns. This Note and all covenants, promises and
agreements contained herein shall be binding upon and inure to the benefit of
the respective legal representatives, personal representatives, devisees, heirs,
successors and assigns of Payee and Maker.

         8. GOVERNING LAW. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. IN CASE ANY ONE OR MORE OF
THE PROVISIONS CONTAINED IN THIS NOTE SHALL FOR ANY REASON BE HELD TO BE
INVALID, ILLEGAL OR UNENFORCEABLE IN ANY RESPECT, SUCH INVALIDITY, ILLEGALITY OR
UNENFORCEABILITY SHALL NOT AFFECT ANY OTHER PROVISIONS HEREOF.

         9. Usury Savings Clause. Any provision in this Note or in any other
document executed in connection herewith, or in any other agreement or
commitment, whether written or oral, express or implied, to the contrary
notwithstanding, Payee shall not in any event be entitled

                                      -2-
<PAGE>
to receive or collect, nor shall or may amounts received hereunder be credited,
so that Payee shall be paid, as interest, a sum greater than the maximum rate of
interest permitted by applicable law. If any construction of this Note, or any
and all other papers, agreements or commitments, indicates a different right
given to Payee to ask for, demand or receive any larger sum as interest, such is
a mistake in calculation or wording, which this clause shall override and
control; it being the intention of the parties that this Note and all other
instruments relating to this Note shall in all things comply with applicable
law, and proper adjustment shall automatically be made accordingly. In the
event Payee ever receives, collects or applies as interest, any sum in excess of
the maximum rate of interest permitted by applicable law, such excess amount
shall be applied to the reduction of the unpaid principal balance of this Note
in the inverse order of maturity, and if this Note is paid in full, any
remaining excess shall be paid to Maker. In determining whether or not the
interest paid or payable, under any specific contingency, exceeds the maximum
rate of interest permitted by applicable law, Maker and Payee shall, the maximum
extent permitted under applicable law (i) characterize any nonprincipal payment
as an expense, fee or premium rather than as interest, (ii) exclude voluntary
prepayments and the effects thereof, and (iii) "spread" the total amount of
interest throughout the entire term of this Note so that the interest rate is
uniform throughout the entire term hereof.

         10. Attorney's Fees and Costs. In the event an Event of Default shall
occur, and in the event that thereafter this Note is placed in the hands of an
attorney for collection, or in the event this Note is collected in whole or in
part through legal proceedings of any nature, then and in any such case Maker
promises to pay all costs of collection, including, but not limited to,
reasonable attorneys' fees incurred by the holder hereof on account of such
collection, whether or not suit is filed.

         11. Headings. The headings of the sections of this Note are inserted
for convenience only and shall not be deemed to constitute a part hereof.

         EXECUTED as of the day and year first above written.

                                       ELECTRONICS ACCESSORY SPECIALISTS
                                       INTERNATIONAL, INC.

                                       By: /s/ CHARLES R. MOLLO
                                           ------------------------------
                                           Charles R. Mollo,
                                           Chief Executive Officer

                                       -3-

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