Document:

Exhibit 10.10

    
      

    

    Exhibit
      10.10

    

    SUPPLEMENTAL
      LIMITED JOINDER

    

    In
      order
      to induce Lender to make the Loan, the undersigned Net Worth Guarantor(s)
have
      agreed to enter into this Supplemental Limited Joinder in connection with that
      certain Loan Agreement
      (the "Loan Agreement") dated February 8, 2006, between
      ADRIAEN'S LANDING HOTEL, LLC,
      a
      Connecticut limited liability company ("Borrower"), and MERRILL
      LYNCH CAPITAL, a Division
      of Merrill Lynch Business Financial Services Inc., a Delaware corporation
      (collectively, with its successors
      and assigns, "Lender"). (All capitalized terms not otherwise
      defined herein shall have the meanings
      set forth in the Loan Agreement.) Each Principal acknowledges that without
      this
      Supplemental Limited Joinder, Lender would be unwilling to make the Loan. NOW,
      THEREFORE, in consideration of the
      foregoing and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby
      acknowledged, the undersigned hereby agree and covenant as follows:

    

    1.    Retained
      Liabilities.
      Except
      for the Retained Liabilities (defined below) and the obligations, if any, of
      any
      Principal under any separate guaranty provided to Lender in connection with
      the
      Loan,
      no Net Worth Guarantor shall be personally liable to pay the Loan, or any other
      amount due, or to
      perform any obligation, under the Loan Documents, and Lender agrees to look
      solely to all revenue and assets
      of
      Borrower, the Project and any other collateral heretofore, now, or hereafter
      pledged by any party to secure the Loan. The obligations of each Net Worth
      Guarantor hereunder are separate and independent obligations
      and are not secured by the grant or pledge by Borrower pursuant to the Mortgage.
      This Supplemental
      Limited Joinder is a guaranty of full and complete payment and performance
      and
      not of collectability.
      Each Net Worth Guarantor, jointly and severally, shall be personally liable
      for
      the following
      (the "Retained Liabilities"):

    

    (a)   All
      losses, damages, causes of actions, suits and Expenses incurred by Lender or
      any
      Affiliate or agent thereof as a result of (i) any failure after the occurrence
      and during the continuance of
      any
      default by Borrower (without benefit of any applicable grace or cure period)
      to
      apply any portion of
      the
      revenue from the Project to the Loan as required per the Loan Agreement or
      to
      customary operating expenses
      of the Project, (ii) fraud by any Borrower Party, (iii) misapplication,
      misappropriation or conversion
      by any Borrower Party of any rents, proceeds or funds deriving from (A) the
      Project, (B) any insurance
      proceeds paid by reason of any loss, damage or destruction to the Project and
      not used by Borrower
      for restoration or repair of the Project; and/or (C) any awards or amounts
      received in connection with condemnation of all or a portion of the Project
      and
      not used by Borrower or Operating Lessee for restoration or repair of the
      Project, (iv) material misrepresentation, (v) any material waste or abandonment
      of the Project, (vi) failure to keep the Project insured in accordance with
      the
      terms of the Loan Documents to
      the
      extent of Gross Revenue available therefore, (vii) any fees paid by Borrower
      or
      Operating Lessee to a
      Principal, Net Worth Guarantor, Manager, Asset Manager, Operating Lessee or
      any
      Affiliate after any default
      under the Loan Documents, (viii) any breach of the Environmental Obligations
      by
      Borrower or any Environmental Indemnitor or any representation or warranty
      contained in Article
      6
      of the
      Loan Agreement (Environmental Matters), (ix) Borrower's hiring of employees
      in
      violation of the Loan Documents,
      (x) voluntary termination of the License Agreement by Borrower or Operating
      Lessee, (xi)
      any
      failure of Borrower or any Principal (or any other holder of the liquor license
      or liquor permit) to fully cooperate with Lender in the transfer of the liquor
      license for the Project to Lender, or its designee, following a foreclosure
      or
      deed-in-lieu of foreclosure or in operating all bar and other facilities
      requiring a liquor
      license during such transition period; or (xi) any claim against Lender by
      any
      depository bank which is the holder of a Depository Account unless such claim
      is
      solely the result of Lender's gross negligence
      or willful misconduct; (xiii) the failure of Borrower to obtain the Final C/O
      on
      or before June
      30,
      2006, for any reason whatsoever; or (xiv) Lender becoming liable (by operation
      of law or pursuant
      to Lender's exercise of any rights or remedies under the Loan Documents or
      otherwise) for any of
      Borrower's liabilities under the Tax Assessment Fixing Agreement first arising
      prior to the date on which
      Lender (or its nominee) takes title to the Project whether by foreclosure of
      the
      Mortgage, deed-in-lieu
      thereof or otherwise.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)   Repayment
      of the Loan, the Exit Fee, all costs and expenses of Lender, and all
other
      payment obligations of Borrower under the Loan Documents in the event of (i)
      any
      breach by Borrower
      of any of the following covenants of the Loan Agreement in (A) Section
      4.2(b)
      (transfers and change
      of
      control), (B) Section
      4.2(l)
      (no
      additional debt or encumbrances), (C) Section
      4.2(m) (organizational
      documents), (D) Section 4.2(n) (single purpose entity), or (E) Section
      4.2(u) (depository accounts
      and credit card issuers), or (F) Section
      4.2(cc)
      (revocation of the temporary c/o), or (ii) the filing by
      Borrower or Operating Lessee or any Net Worth Guarantor or any Principal, or
      the
      filing against Borrower
      or Operating Lessee or any Net Worth Guarantor or any Principal by any Principal
      or any Net Worth
      Guarantor or any Affiliate of any Principal or any Net Worth Guarantor, of
      any
      proceeding for relief
      under any federal or state bankruptcy, insolvency or receivership laws or any
      assignment for the benefit
      of creditors made by Borrower or Operating Lessee.

    

    (c)   Satisfaction
      of the obligations of Net Worth Guarantors under the Net Worth Guaranty
      of even date herewith in favor of Lender.

    

    The
      liability of each Net Worth Guarantor shall be direct and immediate as a primary
      and not
      a
      secondary obligation or liability, and is not conditional or contingent upon
      the
      pursuit of any remedies
      against Borrower, or any other Net Worth Guarantor or any other person, or
      against any collateral
      or liens held by Lender.

    

    The
      foregoing shall in no way limit or impair the enforcement against the Borrower,
      Project
      or any other collateral security granted by the Loan Documents of any of the
      Lender's rights and remedies
      pursuant to the Loan Documents.

    

    "Borrower
      Party"
      means,
      collectively, Borrower, Operating Lessee, Manager, Asset Manager,
      Principal, Net Worth Guarantors and each of their agents and
      Affiliates.

    

    2.    Waivers.  To
      the
      fullest extent permitted by applicable law, each Net Worth Guarantor
      waives all rights and defenses of sureties, guarantors, accommodation parties
      and/or co-makers and
      agrees that its obligations under this Joinder shall be direct, primary,
      absolute and unconditional and that its obligations under this Joinder shall
      be
      unaffected by any of such rights or defenses, including,

    
      

      
        	 	
                (a)

              	
                Any
                  rights which it may have to require that (1) Lender first proceed
                  against
                  Borrower,
                  any other Net Worth Guarantor or any other person or entity with
                  respect
                  to the Retained Liabilities or (2) Lender first proceed against
                  any
                  collateral
                  held by Lender or (3) any party to be joined in any proceeding
                  to
                  enforce
                  the Retained Liabilities;

              

      

      

      
        	 	
                (b)

              	
                The
                  incapacity, lack of authority, death or disability of Borrower,
                  any Net
                  Worth Guarantor
                  or any other person or entity;

              

      

      

      
        	 	
                (c)

              	
                The
                  failure of Lender to commence an action against Borrower or any
                  other
                  person
                  or entity or to proceed against or exhaust any security held by
                  Lender at
                  any
                  time or to pursue any other remedy whatsoever at any
                  time;

              

      

      

      
        	 	
                (d)

              	
                Any
                  duty on the part of Lender to disclose to any Net Worth Guarantor
                  any
                  facts it
                  may now or hereafter know regarding Borrower regardless of whether
                  Lender
                  has reason to believe that any such facts materially increase the
                  risk
                  beyond that which
                  any Net Worth Guarantor intends to assume or has reason to believe
                  that
                  such
                  facts are unknown to any Net Worth Guarantor, each Net Worth Guarantor
                  acknowledging
                  that it is fully responsible for being and keeping informed of
                  the
                  financial
                  condition and affairs of
                  Borrower;

              

      

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

      
        	 	
                (e)

              	
                Lack
                  of notice of default, demand of performance or notice of acceleration
                  to
                  Borrower,
                  any other person or entity with respect to the Loan or the Retained
                  Liabilities;

              

      

      

      
        	 	
                (f)

              	
                The
                  consideration for this Supplemental Limited
                  Joinder;

              

      

      

      
        	 	
                (g)

              	
                Any
                  acts or omissions of Lender which vary, increase or decrease the
                  risk on
                  any Net Worth Guarantor;

              

      

      

      
        	 	
                (h)

              	
                Any
                  statute of limitations affecting the liability of any Net Worth
                  Guarantor
                  hereunder,
                  the liability of Borrower or any guarantor under the Loan Documents,
                  or
                  the enforcement hereof, to the extent permitted by
                  law;

              

      

      

      
        	 	
                (i)

              	
                The
                  application by Borrower of the proceeds of the Loan for purposes
                  other
                  than the
                  purposes represented by Borrower to Lender or intended or understood
                  by
                  Lender
                  or any Net Worth Guarantor;

              

      

      

      
        	 	
                (j)

              	
                An
                  election of remedies by Lender, including any election to proceed
                  against
                  any collateral
                  by judicial or non-judicial foreclosure, whether real property
                  or
                  personal
                  property, or by deed in lieu thereof, and whether or not every
                  aspect of
                  any
                  foreclosure sale is commercially reasonable, and whether or not
                  any such
                  election of remedies destroys or otherwise impairs the subrogation
                  rights
                  of any Net
                  Worth Guarantor or the rights of any Net Worth Guarantor to proceed
                  against
                  Borrower or any guarantor for reimbursement, or
                  both;

              

      

      

      
        	 	
                (k)

              	
                Any
                  statute or rule of law which provides that the obligation of a
                  surety must
                  be neither
                  larger in amount nor in any other aspects more burdensome than
                  that of a
                  Net
                  Worth Guarantor;

              

      

      

      
        	 	
                (1)

              	
                Any
                  rights to enforce any remedy which Lender may have against Borrower,
                  any
                  rights
                  to participate in any security for the Loan and any rights of indemnity,
                  reimbursement, contribution or subrogation which any Net Worth
                  Guarantor
                  may have
                  against Borrower or any other Net Worth Guarantor or
                  Person;

              

      

      

      
        	 	
                (m)

              	
                Lender's
                  election, in any proceeding instituted under the Federal Bankruptcy
                  Code,
                  of the application of Section 1111 (b)(2) of the Federal Bankruptcy
                  Code
                  or any
                  successor statute; and

              

      

      

      
        	 	
                (n)

              	
                Any
                  borrowing or any grant of a security interest under Section 364
                  of the
                  Federal
                  Bankruptcy Code.

              

      

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

    

     

    3.    Consents
      and Releases.  Each
      Net Worth Guarantor hereby consents and agrees that
      Lender may at any time, and from time to time, without notice to or further
      consent from any Net Worth
      Guarantor and either with or without consideration do any one or more of the
      following, all without
      affecting the agreements contained herein or the liability of any Net Worth
      Guarantor for the Retained
      Liabilities: (a) surrender without substitution any property or other collateral
      of any kind or nature
      whatsoever held by it, or by any person, firm or corporation on its behalf
      or
      for its account, securing
      the Loan or the Retained Liabilities; (b) modify the terms of any document
      evidencing, securing or
      setting forth the terms of the Loan; (c) grant releases, compromises and
      indulgences with respect to the Loan
      or
      the Retained Liabilities or any persons or entities now or hereafter liable
      thereon; or (d) take or fail
      to
      take any action of any type whatsoever with respect to the Loan or the Retained
      Liabilities; (e)
      release any Net Worth Guarantor hereunder; or (f) enforce this Supplemental
      Limited Joinder in separate
      actions against one or more of the Net Worth Guarantors, or by an action against
      some or all of the Net Worth Guarantors, or any combination of the foregoing.
      To
      the maximum extent permitted by law,
      each
      Net Worth Guarantor knowingly, voluntarily and intentionally agrees to be bound
      by the provisions of Article
      3
      of the
      Loan Agreement (solely with respect to providing financial information
with
      respect to themselves), Section 4.2(m) of the Loan Agreement and
Article
      11
      of the
      Loan Agreement,
      including, without limitation, the waiver of the right to a trial by jury in
      Section
      11.2,
      and the
      consents to jurisdiction and the governing law of Illinois set forth in
Sections
      11.3,
      and
11.4,
      respectively.

    

    4.    Successors
      and Assigns.  Subject
      to the restrictions on transfer and assignment contained
      in Section
      4.2(b)
      of the
      Loan Agreement, this Supplemental Limited Joinder shall be binding on
      Hersha
      Hospitality Limited Partnership and Mystic Hotel Investors, LLC, as applicable,
      and their respective
      heirs, successors and permitted assigns.

    

    5.    Enforcement.  Lender's
      right to enforce this Supplemental Limited Joinder against
      Net Worth Guarantors shall be subject to the terms and conditions relating
      to
      enforcement set forth
      in
Section
      4.4(b)
      of the
      Loan Agreement.

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    
      	
              Executed
                as of February _____,
                2006

            	 
	 	 
	
              NET
                WORTH GUARANTORS:

            	 
	 	 
	
              HERSHA
                HOSPITALITY LIMITED

            	 
	
              PARTNERSHIP,
                a Virginia limited partnership

            	 
	 	 
	
              By:
                

            	
              /s/
                Ashish R. Parikh

            	 
	
              Name:

            	
              Ashish
                R. Parikh

            	 
	
              Address:

            	 
	 
	 
	 	 
	 
	 
	
              Tax
                ID #:

            	
              25-1811499

            	 
	 	 	 
	 	 	 
	 	 	 
	
              MYSTIC
                HOTEL INVESTORS, LLC, a Delaware

              limited
                liability company

            	 
	 	 	 
	
              By:
                

            	 
	 
	  
	 	 
	
              Name:

            	 
	 
	 
	 
	
              Address:

            	 
	 
	 
	 	 
	 
	 
	
              Tax
                ID #:

            	 
	 

    

     

    
      
        Signature
          Page to Supplemental Limited Joinder

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              Executed
                as of February _____,
                2006

            	 
	 	 
	
              NET
                WORTH GUARANTORS:

            	 
	 	 
	
              HERSHA
                HOSPITALITY LIMITED

            	 
	
              PARTNERSHIP,
                a Virginia limited partnership

            	 
	 	 
	
              By:
                

            	 
	 
	 
	 
	 
	
              Name:

            	 
	 
	 
	 
	
              Address:

            	 
	 
	 
	 	 
	 
	 
	
              Tax
                ID #:

            	 
	 
	 	 	 
	 	 	 
	 	 	 
	
              MYSTIC
                HOTEL INVESTORS, LLC, a Delaware

              limited
                liability company

            	 
	 	 	 
	
              By:
                

            	
              /s/
                Glenn A. Jette

            	 
	
              Name:

            	
              Glenn
                A. Jette

            	 
	
              Address:

            	
              914
                Hartford Turnpike

            	 
	 	
              Waterford,
                CT 06385

            	 
	
              Tax
                ID #:

            	
              06-1547126

            	 

    

    

    Signature
      Page to Supplemental Limited JoinderPWRI form SB-2 02-13-2006 EX 4.9

    EXHIBIT
      4.9

    

    NEITHER
      THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE
      HAVE
      BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT")
      OR ANY
      STATE SECURITIES LAWS AND NEITHER THIS DEBENTURE NOR ANY INTEREST THEREIN NOR
      THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE MAY BE OFFERED, SOLD,
      TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER SUCH ACT AND SUCH LAWS OR AN EXEMPTION FROM
      REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL
      SATISFACTORY TO THE COMPANY, IS AVAILABLE.

    

    Series
      C
      10% Unsecured Convertible Debenture

    

    $_______________________,
      2005

    

    FOR
      VALUE
      RECEIVED, POWER2SHIP, INC., a Nevada corporation (the “Company”),
      hereby promises to pay to ____________________ (the “Holder”)
      having
      an address at ____________________ on the earlier to occur of i) the one-year
      anniversary of the date Holder’s funds are accepted by the Company or ii) the
      date the Company receives at least Five Million Dollars ($5,000,000) in
      aggregate proceeds from sales of its securities following completion of the
      unit
      sale of which this debenture is a part, subject to Holder’s conversion rights as
      provided herein, the principal sum of _______________ Dollars ($________),
      together with simple interest (computed on the basis of a 360-day year of twelve
      30-day months) on the unpaid balance at the rate of ten percent (10%) per annum
      from the date hereof until the principal hereof shall have been paid or
      converted. The Company shall provide Holder with at least three (3) business
      days written notice prior making such repayment during which time the Holder
      may
      elect to exercise their conversion right as set forth elsewhere
      herein.

    

    The
      Company shall pay interest semi-annually in arrears on June 30 and December
      31
      of each year that any portion of the principal balance is unpaid. Interest
      payments shall commence on December 31, 2005 and, at the sole discretion of
      the
      Company, may be paid in cash or with shares of common stock of the Company.
      If
      shares of common stock are used to pay interest, then the number of shares
      to be
      issued shall be calculated using the average closing price of the common stock
      for the five trading days including the interest due date.

    

    All
      payments of principal and interest shall be made to the Holder at the address
      set forth above or such other address as the Holder shall notify the Company
      in
      writing ten (10) days prior to the due date of any payment or upon any
      prepayment of this Debenture as provided herein.

    

    Subject
      to and in compliance with the provisions hereof, the Holder may, at its option,
      convert all or any portion of the outstanding principal balance of this
      Debenture, and all or any portion of the interest accrued hereon to such date,
      into shares of common stock of the Company (the “Common
      Stock”)
      at a
      conversion price (the “Conversion
      Price”)
      equal
      to the greater of $0.15 per share or 50% of the average closing price of the
      Common Stock on the Over-the-Counter Bulletin Board or such other quotation
      system as the Common Stock may be principally quoted for the ten (10) trading
      days immediately preceding the date that Holder provides written notice to
      Company of their intent to exercise the conversion provision. Notwithstanding
      the foregoing, in the event the Company sells unregistered shares of its common
      stock for a price per share less than $0.15 prior to the Holder converting
      their
      entire Debenture, excluding shares underlying employee options or shares issued
      in connection with a merger or acquisition, the Conversion Price automatically
      shall change to the greater of i) 50% of the average closing price of the Common
      Stock on the Over-the-Counter Bulletin Board or such other quotation system
      as
      the Common Stock may be principally quoted for the ten (10) trading days
      immediately preceding the date that Holder provides written notice to Company
      of
      their intent to exercise the conversion provision or ii) the lowest price per
      share paid by any investor for the Company’s unregistered shares of common stock
      at any time between the date of issue of the Debenture and the conversion date.
      The Holder hereof shall communicate their intention to convert all or any
      portion of the principal amount of this Debenture, and all or any portion of
      interest accrued through such conversion date, by surrendering this Debenture
      with the Form of Notice of Election to Convert attached hereto duly completed
      and signed, to the Company at its address for notice set forth elsewhere
      herein.

    

    The
      Company may, at its option, redeem the outstanding portion of this Debenture
      as
      follows:

    

    
      	
              Redemption
                Date:

            	
              Redemption
                Price:

            
	
              Up
                to Six-Month Anniversary

            	
              110%
                of outstanding principal balance in cash plus accrued but unpaid
                interest
                in cash

            
	
              After
                six-Month Anniversary up to One-Year Anniversary

            	
              105%
                of outstanding principal balance in cash plus accrued but unpaid
                interest
                in cash

            

    

    

    To
      so
      redeem, the Company shall provide written notice to the Holder of its intent
      to
      redeem, which notice shall specify the amount of the Debenture that the Company
      intends to redeem and the closing date (which shall be on the fifteenth (15)
      business day after the date of such notice). The Holder may, at its option,
      convert any portion of this Debenture after the date of the written notice,
      provided that such conversions are received by the Company at least two (2)
      business days prior to the closing date specified in the written
      notice.

    

    If
      the
      Holder elects to convert less than the entire principal amount of this Debenture
      and interest accrued to the date of such conversion, the Company shall issue
      or
      cause to be issued and delivered to the Holder, at its expense, a new Debenture
      evidencing the outstanding amount of principal due hereunder after giving effect
      to the amount applied to the conversion, which such Debenture shall, except
      as
      to the principal amount thereof, be identical to this Debenture in all
      respects.

    

    If
      the
      Company, at any time while this Debenture is outstanding shall (a) pay a
      stock dividend or otherwise make a distribution or distributions on shares
      of
      its Common Stock or any other equity or equity equivalent securities payable
      in
      shares of Common Stock, (b) subdivide outstanding shares of Common Stock into
      a
      larger number of shares, (c) combine (including by way of reverse stock split)
      outstanding shares of Common Stock into a smaller number of shares, or (d)
      issue
      by reclassification of shares of the Common Stock any shares of capital stock
      of
      the Company, then the Conversion Price shall be multiplied by a fraction of
      which the numerator shall be the number of shares of Common Stock (excluding
      treasury shares, if any) outstanding before such event and of which the
      denominator shall be the number of shares of Common Stock outstanding after
      such
      event. Any adjustment made pursuant to this Section shall become effective
      immediately after the record date for the determination of stockholders entitled
      to receive such dividend or distribution and shall become effective immediately
      after the effective date in the case of a subdivision, combination or
      re-classification.

    

    If
      the
      Company shall (i) fail to make a payment of principal or interest when due;
      or
      (ii) make an assignment for the benefit of creditors, files a petition in
      bankruptcy, be adjudicated insolvent or bankrupt, suffers an order for relief
      under any federal bankruptcy law, petition or apply to any tribunal for the
      appointment of a custodian, receiver or any trustee for the Company or any
      substantial part of its assets, or (iii) commence any proceeding under any
      bankruptcy, reorganization, arrangement, readjustment of debt, dissolution
      or
      liquidation law or statue of any jurisdiction, whether now or hereafter in
      effect; or (iv) have been filed any such petition or application, or any such
      proceeding shall have been commenced against the Company, which remains
      undismissed, unstayed or unbonded for a period of thirty (30) days or more;
      or
      (v) by any act or omission shall indicate consent to, approve or acquiescence
      in
      any such petition, application or proceeding or the appointment of a custodian,
      receiver or any trustee for all or any substantial part of its properties,
      or
      (vi) allow such custodianship, receivership, or trusteeship to continue
      undischarged, unstayed or unbonded for a period of thirty (30) days or more,
      or
      (vii) violate any term or provision of this Debenture (except as set forth
      in
      subsection (i) of this paragraph) and same remains uncured for a period of
      ten
      (10) business days after notice thereof by the Holder (unless a longer cure
      period is set forth in any of the aforementioned agreements), then and in any
      such event, the outstanding principal amount of this Debenture, together with
      all accrued and unpaid interest thereon, shall be and become immediately due
      and
      payable. 

    

    All
      notices and other communications provided for herein shall be sent by certified
      mail, return receipt requested, or by personal delivery or by a nationally
      recognized overnight courier to the Holder or the Company, at their respective
      addresses as set forth herein, or to such other address as to which either
      party
      may advise the other by notice given in accordance with this provision. All
      such
      notices shall be deemed given upon the earlier of receipt or within five (5)
      business days of mailing if receipt is refused.

    

    Notwithstanding
      any other provision of this Debenture, interest under this Debenture shall
      not
      exceed the maximum rate permitted by law; and if any amount is paid under this
      Debenture as interest in excess of such maximum rate, then the amount so paid
      will not constitute interest but will constitute a prepayment on account of
      the
      principal amount of this Debenture. If at any time the interest rate under
      this
      Debenture would, but for the provision of the preceding sentence, exceed the
      maximum rate permitted by law, then the outstanding principal balance of this
      Debenture shall, on demand by the Holder of this Debenture, become and be due
      and payable.

    

    All
      payments under this Debenture shall be made without deduction for any taxes
      of
      any nature now or hereafter imposed.

    

    The
      provisions of this Debenture shall in all respects be construed according to,
      and the rights and liabilities of the parties hereto and shall in all respects
      be governed by, the laws of the State of Florida. This Debenture shall be deemed
      a contract made under the laws of the State of Florida to be fully performed
      therein, and the validity of this Debenture and all rights and liabilities
      hereunder shall be determined under the laws of said State without reference
      to
      the conflicts of laws provisions thereof. For purposes of any proceeding
      involving this Debenture, the Company and the Holder hereby submit to the
      exclusive jurisdiction of the courts of the State of Florida and of the United
      States having jurisdiction in the County of Palm Beach, State of Florida, and
      agree not to raise and waive any objection to or defense based upon the venue
      of
      any such court or based upon forum
      non conveniens.
      

    

    In
      the
      event this Debenture is placed in the hands of an attorney for collection or
      for
      enforcement or protection of the security, or if Holder incurs any costs
      incident to the collection of the indebtedness evidenced hereby or the
      enforcement or protection of the security, the Company agrees to pay to Holder
      all reasonable attorneys’ fees so incurred, all court and other costs and the
      reasonable costs of any other collection efforts, including all costs incurred
      in collecting any judgment and in any appellate or bankruptcy proceeding. The
      Company agrees to pay any documentary stamp taxes, intangible taxes or other
      taxes which may now or hereafter apply to this Debenture or any payment made
      in
      respect of this Debenture.

    

    No
      delay
      or omission on the part of the Holder in the exercise of any right hereunder
      shall operate as a waiver of such right or of any other right under this
      Debenture. A waiver by the Holder of any right or remedy conferred to it
      hereunder on any one occasion shall not be construed as a bar to, or waiver
      of,
      any such right and/or remedy as to any future occasion. The Company and all
      persons now or hereafter becoming obligated or liable for the payment hereof
      do
      jointly and severally waive demand, notice of non-payment, protest, notice
      of
      dishonor and presentment. No failure to accelerate the indebtedness evidenced
      hereby by reason of default hereunder, acceptance of a past-due installment
      or
      other indulgences granted from time to time, shall be construed as a novation
      of
      this Debenture or as a waiver of such right of acceleration or of the right
      of
      the Holder thereafter to insist upon strict compliance with the terms of this
      Debenture or to prevent the exercise of such right of acceleration or any other
      right granted hereunder or by applicable law.

    

    This
      Debenture may be amended only by a written instrument executed by the Company
      and the Holder.

    

    IN
      WITNESS WHEREOF, POWER2SHIP, INC. has caused this Series C Unsecured Convertible
      Debenture to be executed in its corporate name by its Chief Executive Officer,
      thereunto duly authorized.

    

    Dated:
      ____________, 2005

    

    The
      Company:

    POWER2SHIP,
      INC.

    

    By: ______________________________

    Richard
      Hersh

     

    
      
        
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    FORM
      OF

    

    NOTICE
      OF
      ELECTION TO CONVERT

     

    (To
      be
      Executed by the Holder

    in
      order
      to Convert this Debenture)

    

    The
      undersigned hereby elects to convert the attached Series C Unsecured Convertible
      Debenture into shares of common stock (the “Common
      Stock”),
      of
      Power2Ship, Inc. (the “Company”)
      according to the conditions hereof, as of the date written below. If shares
      are
      to be issued in the name of a person other than the undersigned, the undersigned
      will pay all transfer taxes payable with respect thereto and is delivering
      herewith such certificates and opinions as reasonably requested by the Company
      in accordance therewith. No fee will be charged to the holder for any
      conversion, except for such transfer taxes, if any.

    

    Conversion
      calculations:  _______________________________________

    Date
      to
      Effect Conversion

    

     

    _______________________________________

    Principal
      Amount of Debenture to be Converted

    

    Payment
      of Interest in Kind  ྑ࿠Yes

    ྑ
      No

    

    If
      yes, $
      _______  of
      Interest Accrued on      Account
      of Conversion at      Issue

    

    _______________________________________

    Number
      of
      shares of Common Stock to be Issued

    

    _______________________________________

    Applicable
      Conversion Price

    

    _______________________________________

    Signature

    

    _______________________________________

    Name

    

    _______________________________________

    Address

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