Document:

EXHIBIT 10.8

 Exhibit 10.8 
  
 MODIFICATION AGREEMENT 
  

THIS MODIFICATION AGREEMENT (“MODIFICATION”) is made as of the 24th day of November, 2003, by and between AVATECH SOLUTIONS SUBSIDIARY, INC.
(“BORROWER”), K BANK, formerly known as KEY BANK AND TRUST (“LENDER”), AVATECH SOLUTIONS, INC. and TECHNICAL LEARNINGWARE COMPANY, INC. (collectively “GUARANTORS”). 
  
 RECITALS 
  
 Pursuant to the terms and provisions of a Loan And Security Agreement dated
September 11, 2003 by and between the BORROWER and the LENDER (“LOAN AGREEMENT”), the LENDER is providing to the BORROWER a revolving line of credit (“LOAN”) which is evidenced by the Demand Promissory Note dated September 11,
2003 from the BORROWER to the order of the LENDER in the stated principal amount of Two Million Dollars ($2,000,000.00) (“NOTE”). 
  
 The BORROWER’S obligations to the LENDER under the LOAN, have been absolutely and unconditionally guaranteed by the GUARANTORS pursuant to the terms
and provisions of: (a) Guaranty Agreement dated as of September 11, 2003 from Avatech Solutions, Inc. to and for the benefit of the LENDER; and (b) Guaranty Agreement dated as of September 11, 2003 from Technical Learningware Company, Inc. to and
for the benefit of the LENDER (collectively, “GUARANTIES”). 
  
 The BORROWER has requested that the LENDER increase the maximum principal amount of the LOAN. The LENDER is willing to consent to the BORROWER’S request subject to the terms and provisions of this MODIFICATION. 
  
 NOW, THEREFORE, in consideration of the premises, and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
  
 Section 1. Recitals. The parties hereby acknowledge the accuracy of the above Recitals and hereby incorporate the Recitals into this MODIFICATION.

  
 Section 2. Amendment To Loan Agreement. The LOAN
AGREEMENT is hereby amended as follows: 
  
 (a) Section
1.15. Section 1.15 of the LOAN AGREEMENT is hereby amended by deleting its present language in its entirety and substituting in lieu thereof the following: 
  

Section 1.15. Dollar Cap. The term “DOLLAR CAP” means: (a) Two Million Five Hundred Thousand 

 Dollars ($2,500,000.00) during the period between November 15, 2003 and January 31, 2004, inclusive; and
(b) Two Million Dollars ($2,000,000.00) at all other times. 
  
 (b) Section 1.43. Section 1.43 of the LOAN AGREEMENT is hereby amended by inserting at the end thereof immediately preceding the period the following: 
  
 , as amended and restated pursuant to the terms and provisions of the Amended and Restated Demand Promissory Note dated
November     , 2003 from the BORROWER the maker thereof which is payable to order of the LENDER the state principal amount of Two Million Five Hundred Thousand Dollars ($2,500,000.00). 
  
 Section 3. Consent Of Guarantors. The GUARANTORS hereby consent to the
modifications contained in this MODIFICATION. The GUARANTORS hereby ratify their obligations under the GUARANTIES and hereby confirm that pursuant to the terms of the GUARANTIES, the GUARANTORS are absolutely and unconditionally guaranteeing all of
the BORROWER’S obligations to the LENDER, whether now owed or hereafter incurred, including, but not limited to all of the BORROWER’S obligations to the LENDER under the LOAN, as modified herein. 
  
 Section 4. Amendment To Note. The NOTE is hereby amended and restated
in its entirety in accordance with the terms and provisions of the Amended And Restated Demand Promissory Note of even date herewith from the BORROWER to the order of the LENDER in the stated principal amount of Two Million Five Hundred Thousand
Dollars ($2,500,000.00). 
  
 Section 5. Security. All of
the BORROWER’S obligations to the LENDER under the LOAN shall continue to be secured by all of the security interests and liens granted to the LENDER in the LOAN AGREEMENT. 
  
 Section 6. Other Terms. Except as specifically modified herein, all other terms and provisions of the LOAN AGREEMENT
and all other documents evidencing, securing or otherwise documenting the terms and provisions of the LOAN (collectively, “LOAN DOCUMENTS”) remain in full force and effect. 
  
 Section 7. Ratification Of Obligations Under Loan Documents. The BORROWER and the GUARANTORS (collectively,
“OBLIGORS”) hereby ratify and confirm all their respective obligations, liabilities and indebtedness under the provisions of the LOAN DOCUMENTS. The LENDER and the OBLIGORS agree that it is their intention that nothing herein shall be
construed to extinguish, release, 

 discharge or constitute, create or effect a novation of, or an agreement to extinguish any of the obligations,
indebtedness or liabilities of any of the OBLIGORS under the provisions of the LOAN DOCUMENTS, or the assignment or pledge to the LENDER of, or to any security interest or lien granted to the LENDER in or on, any of the security for such
obligations, indebtedness and liabilities. 
  
 Section 8.
Waiver Of Jury Trial. The parties hereto agree that any suit, action or proceeding, whether claim or counterclaim, brought or instituted by any party to this MODIFICATION, or any other successors or assigns on or with respect to this
MODIFICATION or any of the other LOAN DOCUMENTS, or which in any way relates, directly or indirectly to the obligations of the OBLIGORS to the LENDER under the LOAN DOCUMENTS or the dealings of the parties with respect thereto, shall be tried only
by a court and not by a jury. The parties expressly waive any right to a trial by jury in any such action or proceeding. 
  
 Section 9. Fee. In consideration for the LENDER’S agreements contained herein, the BORROWER shall pay to the LENDER on the date of this
MODIFICATION a fee in the amount of Five Thousand Dollars ($5,000,00). In addition, the BORROWER shall pay to the LENDER all fees and expenses incurred by the LENDER in connection with the preparation of this MODIFICATION and the documents to be
executed in connection herewith. 
  
 Section 10.
Release. The OBLIGORS release, acquit and forever discharge the LENDER and the LENDER’S subsidiaries, affiliates, officers, directors, agents, employees, servants, attorneys and representatives from any and all claims, demands, debts,
actions, causes of action, suits, contracts, agreements, accounts, defenses, offsets against the LOAN, and liabilities of any kind or character whatsoever, which any OBLIGOR ever had or has through the date of this MODIFICATION. 
  
 Section 11. Choice Of Law. The laws of the State of Maryland
(excluding, however, conflict of law principles) shall govern and be applied to determine all issues relating to this MODIFICATION and the rights and obligations of the parties hereto, including the validity, construction, interpretation, and
enforceability of this MODIFICATION and its various provisions and the consequences and legal effect of all transactions and events which resulted in the execution of this MODIFICATION or which occurred or were to occur as a direct or indirect
result of this MODIFICATION having been executed. 
  
 Section 12.
Consent To Jurisdiction; Agreement As To Venue. Each of the OBLIGORS irrevocably consent to the non-exclusive jurisdiction of the courts of the State of Maryland and 

 of the United States District Court for the District of Maryland, if a basis for federal jurisdiction exists. The
OBLIGORS agree that venue shall be proper in any Circuit Court of the State of Maryland selected by the LENDER or in the United States District Court for the District of Maryland if a basis for federal jurisdiction exists and waives any right to
object to the maintenance of a suit in any of the state or federal courts of the State of Maryland on the basis of improper venue or of inconvenience of forum. 
  

IN WITNESS WHEREOF, the parties have executed this MODIFICATION with the specific intention of creating a document under seal. 
  

							
	WITNESS/ATTEST:	 	BORROWER:
		
	 	 	AVATECH SOLUTIONS SUBSIDIARY, INC.,
	 	 	A Delaware Corporation
				
	 /s/

	 	By:	 	 /s/ Beth O. MacLaughlin

	 	(SEAL)
	 	 	Name:	 	Beth O. MacLaughlin	 	 
	 	 	Title:	 	VP/CFO	 	 

							
	 	 	LENDER:
		
	 	 	K BANK
				
	 /s/

	 	By:	 	 /s/ Patrick E. Kilpatrick

	 	(SEAL)
	 	 	Name:	 	Patrick E. Kilpatrick	 	 
	 	 	Title:	 	Vice President	 	 
		
	 	 	GUARANTORS:
		
	 	 	AVATECH SOLUTIONS SUBSIDIARY, INC.
				
	 /s/

	 	By:	 	 /s/ Beth O. MacLaughlin

	 	(SEAL)
	 	 	Name:	 	Beth O. MacLaughlin	 	 
	 	 	Title:	 	VP/CFO	 	 
		
	 	 	TECHNICAL LEARNINGWARE COMPANY, INC.
				
	 /s/

	 	By:	 	 /s/ Beth O. MacLaughlin

	 	(SEAL)
	 	 	Name:	 	Beth O. MacLaughlin	 	 
	 	 	Title:	 	VP/CFO	 	 

  
 ACKNOWLEDGMENTS 
  
 STATE OF MARYLAND, COUNTY OF CARROLL,
TO WIT: 
  
 I HEREBY CERTIFY that on this 24th day of November,
2003, before me, the undersigned Notary Public of the jurisdiction aforesaid, personally appeared BETH O. MACLAUGHLIN, and acknowledged himself to be the VP/CFO of AVATECH SOLUTIONS SUBSIDIARY, INC., a Delaware corporation, and that he, as such
VP/CFO, being authorized so to do, executed the foregoing instrument for the purposes therein contained by signing the name of AVATECH SOLUTIONS SUBSIDIARY, INC., by himself as VP/CFO. 
  
 IN WITNESS MY Hand and Notarial Seal. 
  

			
	 /s/

	 	(SEAL)
	 	 	        NOTARY PUBLIC
	My Commission Expires:	 	 
		
	Sept. 1, 2005	 	 

  
 STATE OF MARYLAND, COUNTY OF CARROLL,
TO WIT: 
  
 I HEREBY CERTIFY that on this 24th day of November,
2003, before me, the undersigned Notary Public of the jurisdiction aforesaid, personally appeared PATRICK E. KILPATRICK, and acknowledged himself to be the VP of K BANK, a Maryland banking 

 and trust company, and that he, as such VP, being authorized so to do, executed the foregoing instrument for the purposes
therein contained by signing the name of K BANK, by himself as VP. 
  
 IN WITNESS MY Hand and Notarial Seal. 
  

			
	 /s/

	 	(SEAL)
	 	 	        NOTARY PUBLIC
	My Commission Expires:	 	 
		
	Sept. 1, 2005	 	 

  
 STATE OF MARYLAND, COUNTY OF CARROLL,
TO WIT: 
  
 I HEREBY CERTIFY that on this 24th day of November,
2003, before me, the undersigned Notary Public of the jurisdiction aforesaid, personally appeared BETH O. MACLAUGHLIN, and acknowledged himself to be the VP/CFO of AVATECH SOLUTIONS SUBSIDIARY, INC., a VP/CFO corporation, and that he, as such
VP/CFO, being authorized so to do, executed the foregoing instrument for the purposes therein contained by signing the name of AVATECH SOLUTIONS SUBSIDIARY, INC., by himself as VP/CFO. 
  
 IN WITNESS MY Hand and Notarial Seal. 
  

			
	 /s/

	 	(SEAL)
	 	 	        NOTARY PUBLIC
	My Commission Expires:	 	 
		
	Sept. 1, 2005	 	 

 STATE OF MARYLAND, COUNTY OF CARROLL, TO WIT: 
  
 I HEREBY CERTIFY that on this 24th day of November, 2003, before me, the undersigned Notary Public of the jurisdiction
aforesaid, personally appeared BETH O. MACLAUGHLIN, and acknowledged himself to be the VP/CFO of TECHNICAL LEARNINGWARE COMPANY, INC., a Delaware corporation, and that he, as such VP/CFO, being authorized so to do, executed the foregoing instrument
for the purposes therein contained by signing the name of TECHNICAL LEARNINGWARE COMPANY, INC., by himself as VP/CFO. 
  
 IN WITNESS MY Hand and Notarial Seal. 
  

			
	 /s/

	 	(SEAL)
	 	 	        NOTARY PUBLIC
	My Commission Expires:	 	 
		
	Sept. 1, 2005EXHIBIT 10.9

 Exhibit 10.9 
  

				
	 Baltimore, Maryland
	  	$	3,000,000.00
	 October 22, 2004
	  	 	 

  
 SECOND AMENDED AND
RESTATED 
 DEMAND PROMISSORY NOTE 
  

FOR VALUE RECEIVED, the undersigned, AVATECH SOLUTIONS SUBSIDIARY, INC., a Delaware corporation (“BORROWER”), promises to pay to the order of
K BANK, formerly known as KEY BANK AND TRUST (“LENDER”), at the LENDER’S offices at 7F Gwynns Mill Court, Owings Mills, Maryland 21117, or at such other places as the holder of this Promissory Note may from time to time designate, the
principal sum of Three Million Dollars ($3,000,000.00), or so much as may have been advanced to the BORROWER as proceeds of the “LOAN,” as such term is defined and described in the Loan And Security Agreement (“AGREEMENT”) dated
September 11, 2003 the LENDER and the BORROWER, together with interest thereon at the rate or rates hereafter specified until paid in full and any and all other sums which may be owing to the holder of this Promissory Note by the BORROWER pursuant
to this Promissory Note. The following terms shall apply to this Promissory Note. 
  
 1. Interest Rate. Interest shall accrue on the unpaid principal balance of this Promissory Note until paid in full at the higher of: (a) seven and one-half percent (7.5%); or (b) the annual fluctuating rate of
interest which shall equal the rate obtained by adding two percent (2.0%) to the “PRIME RATE OF INTEREST” of the LENDER in effect from time to time. The term “PRIME RATE OF INTEREST” means the highest prime rate of interest on
corporate loans at large U.S. Money Center Banks as presently published by The Wall Street Journal (Eastern Edition) under the heading or column entitled “Money Rates” or in a future substitute heading, column, or subheading
published by The Wall Street Journal, or succeeding nationally recognized publication selected by the LENDER. Changes in the applicable interest rate shall be made as of, and immediately upon, the occurrence of changes in the PRIME RATE OF
INTEREST. 
  
 2. Calculation Of Interest. Interest shall be
calculated on the basis of a three hundred sixty (360) days per year factor applied to the actual days on which there exists an unpaid balance hereunder. 
  
 3. Repayment. Accrued and unpaid interest, plus any then due applicable late payment charges or default interest, shall be paid in consecutive
monthly payments beginning on the fifteenth calendar day of the first month immediately following the date of this Promissory Note and continuing on the fifteenth calendar day of each succeeding month. ALL SUMS OUTSTANDING HEREUNDER, INCLUDING
PRINCIPAL, INTEREST, CHARGES AND FEES, ARE PAYABLE IN FULL ON THAT DAY OCCURRING SIXTY (60) CALENDAR DAYS AFTER THE DEMAND OF THE HOLDER OF THIS PROMISSORY NOTE; PROVIDED, HOWEVER, THAT IF THERE IS AN “EVENT OF DEFAULT” (AS SUCH TERM IS
DEFINED IN THE AGREEMENT) ALL SUMS OUTSTANDING HEREUNDER ARE PAYABLE IN FULL IMMEDIATELY UPON THE DEMAND OF THE LENDER. DEMAND FOR PAYMENT IN FULL OF ALL SUMS DUE HEREUNDER MAY BE MADE AT ANY TIME BY THE HOLDER OF THIS PROMISSORY NOTE, WITHOUT PRIOR
NOTICE AND WITHOUT REGARD AS TO WHETHER OR NOT A DEFAULT OR VIOLATION OF ANY OF THE BORROWER’S OBLIGATIONS UNDER THIS PROMISSORY NOTE IS THEN EXISTING OR CONTINUING. 
  
 4. Late Payment Charge. If any payment due hereunder, other than any principal payment due on acceleration or demand,
is not received by the holder within fifteen (15) 

 calendar days after its due date, the BORROWER shall pay a late payment charge equal to five percent (5%) of the amount
(excluding any principal due as a result of acceleration or demand) then due and payable. The late payment charge shall be due whether or not the holder declares this Promissory Note in default or accelerates and demands immediate payment of the
sums due hereunder. The existence of the right by the holder to receive a late payment charge shall not constitute a grace period or provide any right in the BORROWER to make a payment other than on its due date. 
  
 5. Application Of Payments. All payments made hereunder shall be
applied first to late payment charges or other sums owed to the holder, next to accrued interest, and then to principal, or in such other order or proportion as the holder, in the holder’s sole discretion, may elect from time to time.

  
 6. Prepayment. The BORROWER may prepay this Promissory
Note in whole or in part at any time without premium or additional interest. All prepayments made upon the unpaid principal balance of this Promissory Note shall be applied to the unpaid principal balance in the inverse order of scheduled
maturities. 
  
 7. Rights Upon Occurrence Of An Event Of
Default. Upon the occurrence of an “EVENT OF DEFAULT,” as such term is defined in the AGREEMENT, the holder of this Promissory Note shall have the following rights in addition to such other rights and remedies as are authorized by the
AGREEMENT or otherwise available to the holder under applicable laws: 
  
 7.1. Acceleration. The holder of this Promissory Note, in the holder’s sole discretion and without notice or demand, may accelerate and declare due and immediately owing the entire unpaid principal balance plus accrued interest
and all other sums payable to the holder in accordance with the terms of any of the “LOAN DOCUMENTS,” as such term is defined in the AGREEMENT. 
  
 7.2. Default Interest Rate. The holder of this Promissory Note, in the holder’s sole discretion and without notice or demand, may raise the
rate of interest accruing on the unpaid principal balance by two (2) percentage points above the rate of interest otherwise applicable, independent of whether the holder elects to accelerate the unpaid principal balance as a result of such default,
unless prior to the imposition of the default rate of interest, the BORROWER cures such event to the satisfaction of the holder hereof. Any individual waiver of the holder’s right to impose the default rate of interest shall not be considered a
waiver of this section or any future right of the holder to impose the default rate of interest pursuant to this Section. 
  
 7.3. Confession Of Judgment. The BORROWER authorizes any attorney admitted to practice before any court of record in the United States to appear on
its behalf in any court in one or more proceedings, or before any clerk thereof or prothonotary or other court official, and to confess judgment against the BORROWER in favor of the holder of this Promissory Note in the full amount due on this
Promissory Note (including principal, accrued interest and any and all charges, fees and costs) plus attorneys’ fees equal to fifteen percent (15%) of the amount due, plus court costs, all without prior notice or opportunity of the BORROWER for
prior hearing. The BORROWER agrees and consents that venue and jurisdiction shall be proper in the Circuit Court of any County of the State of Maryland or of Baltimore City, Maryland, or in the United States District Court for the District of
Maryland. The BORROWER waives the benefit of any and every statute, ordinance, or rule of court which may be lawfully waived conferring upon it any right or privilege of exemption, homestead rights, stay of execution, or supplementary proceedings,
or other relief from the enforcement or immediate 

 enforcement of a judgment or related proceedings on a judgment. The authority and power to appear for and enter judgment
against the BORROWER shall not be exhausted by one or more exercises thereof, or by any imperfect exercise thereof, and shall not be extinguished by any judgment entered pursuant thereto; such authority and power may be exercised on one or more
occasions from time to time, in the same or different jurisdictions, as often as the holder shall deem necessary, convenient, or proper. In the event that the holder receives, as a result of execution on a judgment confessed hereunder,
attorneys’ fees which exceed the actual legal fees incurred by the holder in connection with the unpaid balance due to the holder pursuant to this Promissory Note, then, upon full and final payment of all other sums due and owing to the holder
pursuant to this Promissory Note and payment of the actual attorneys’ fees incurred by the holder, the holder shall remit such excess amount of attorneys’ fees to the BORROWER. 
  
 8. Expenses Of Collection And Attorneys’ Fees. Should this Promissory Note be referred to an attorney for
collection, whether or not judgment has been confessed or suit has been filed, the BORROWER shall pay all of the holder’s reasonable costs, fees and expenses, including reasonable attorneys’ fees, resulting from such referral. 

 
 9. Waiver Of Defenses. In the event any one or more holders of this
Promissory Note transfer this Promissory Note for value, the BORROWER agrees that all subsequent holders of this Promissory Note who take for value and without actual knowledge of a claim or defense of the BORROWER against a prior holder shall not
be subject to any claims or defenses which the BORROWER may have against a prior holder, all of which are waived as to the subsequent holder, and that all such subsequent holders shall have all rights of a holder in due course with respect to the
BORROWER even though the subsequent holder may not qualify, under applicable law, absent this section, as a holder in due course. The BORROWER shall retain all rights and claims which the BORROWER may have against prior holders despite any such
transfers and the waiver of defenses provided in this section as to subsequent holders. 
  
 10. Waiver Of Protest. The BORROWER, and all other parties to this Promissory Note, whether maker, indorser, or guarantor, waive presentment, notice of dishonor and protest. 
  
 11. Extensions Of Maturity. All parties to this Promissory Note,
whether maker, indorser, or guarantor, agree that the maturity of this Promissory Note, or any payment due hereunder, may be extended at any time or from time to time without releasing, discharging, or affecting the liability of such party.

  
 12. Manner And Method Of Payment. All payments called
for in this Promissory Note shall be made in lawful money of the United States of America. If made by check, draft, or other payment instrument, such check, draft, or other payment instrument shall represent immediately available funds. In the
holder’s discretion, any payment made by a check, draft, or other payment instrument shall not be considered to have been made until such time as the funds represented thereby have been collected by the holder. Should any payment date fall on a
non-banking day, the BORROWER shall make the payment on the next succeeding banking day. 
  
 13. Maximum Rate Of Interest. Any provision contained in any of the LOAN DOCUMENTS to the contrary notwithstanding, the holder of this Promissory Note shall not be entitled to receive or collect, nor shall the
BORROWER be obligated to pay, interest hereunder in excess of the maximum rate of interest permitted by the laws of any state determined to be applicable thereto or the laws of the United States of America applicable to loans in such applicable
state or states, and if any provisions of this Promissory Note or of any of the other LOAN DOCUMENTS shall ever be construed or held to permit or require the charging, 

 collection or payment of any amount of interest in excess of that permitted by such laws applicable thereto, the
provisions of this paragraph shall control and shall override any contrary or inconsistent provision. The intention of the parties is to at all times conform strictly with all applicable usury laws, and other applicable laws regulating the rates of
interest which may be lawfully charged upon the credit facility evidenced by this Promissory Note. The interest to be paid in accordance with the terms of this Promissory Note shall be held subject to reduction to the amount allowed under any usury
or other laws as now or hereafter construed by the courts having jurisdiction, and any sums of money paid in excess of the interest rate allowed by law shall be applied in reduction of the principal amounts owing under this Promissory Note.

  
 14. Notices. Any notice or demand required or permitted
by or in connection with this Promissory Note shall be given in the manner specified in the AGREEMENT for the giving of notices under the AGREEMENT. Notwithstanding anything to the contrary, all notices and demands for payment from the holder
actually received in writing by the BORROWER shall be considered to be effective upon the receipt thereof by the BORROWER regardless of the procedure or method utilized to accomplish delivery thereof to the BORROWER. 
  
 15. Assignability. This Promissory Note may be assigned by the LENDER
or any holder at any time or from time to time without notice to or consent from the BORROWER. 
  
 16. Binding Nature. This Promissory Note shall inure to the benefit of and be enforceable by the LENDER and the LENDER’S successors and assigns and any other person to whom the LENDER or any holder may
grant an interest in the BORROWER’S obligations hereunder, and shall be binding and enforceable against the BORROWER and the BORROWER’S successors and assigns. 
  
 17. Invalidity Of Any Part. If any provision or part of any provision of this Promissory Note shall for any reason be
held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Promissory Note and this Promissory Note shall be construed as if such invalid, illegal or
unenforceable provision or part thereof had never been contained herein, but only to the extent of its invalidity, illegality, or unenforceability. 
  
 18. Choice Of Law. The laws of the State of Maryland (excluding, however, conflict of law principles) shall govern and be applied to determine all
issues relating to this Promissory Note and the rights and obligations of the parties hereto, including the validity, construction, interpretation, and enforceability of this Promissory Note and its various provisions and the consequences and legal
effect of all transactions and events which resulted in the issuance of this Promissory Note or which occurred or were to occur as a direct or indirect result of this Promissory Note having been executed. 
  
 19. Consent To Jurisdiction; Agreement As To Venue. The BORROWER
irrevocably consents to the non-exclusive jurisdiction of the courts of the State of Maryland and of the United States District Court for the District of Maryland, if a basis for federal jurisdiction exists. The BORROWER agrees that venue shall be
proper in any circuit court of the State of Maryland selected by the LENDER or in the United States District Court for the District of Maryland if a basis for federal jurisdiction exists and waives any right to object to the maintenance of a suit in
any of the state or federal courts of the State of Maryland on the basis of improper venue or of inconvenience of forum. 
  
 20. Unconditional Obligations. The BORROWER’S obligations under this Promissory Note shall be the unconditional duty and obligation of the
BORROWER and shall be 

 independent of any rights of set-off, recoupment or counterclaim which the BORROWER might otherwise have against the
holder of this Promissory Note. The BORROWER shall pay absolutely the payments of principal, interest, fees and expenses required hereunder, free of any deductions and without abatement, diminution or set-off. 
  
 21. Seal And Effective Date. This Promissory Note is an instrument
executed under seal and is to be considered effective and enforceable as of the date set forth on the first page hereof, independent of the date of actual execution and delivery. 
  
 22. Tense; Gender; Defined Terms; Section Headings. As used herein, the singular includes the plural and the plural
includes the singular. A reference to any gender also applies to any other gender. Defined terms are entirely capitalized throughout. The section headings are for convenience only and are not part of this Promissory Note. 
  
 23. Actions Against Lender. Any action brought by the BORROWER against
the LENDER which is based, directly or indirectly, on this Promissory Note or any matter in or related to this Promissory Note, including but not limited to the making of the loan evidenced hereby or the administration or collection thereof, shall
be brought only in the courts of the State of Maryland. The BORROWER may not file a counterclaim against the LENDER in a suit brought by the LENDER against the BORROWER in a state other than the State of Maryland unless under the rules of procedure
of the court in which the LENDER brought the action the counterclaim is mandatory, and not merely permissive, and will be considered waived unless filed as a counterclaim in the action instituted by the LENDER. The BORROWER agrees that any forum
other than the State of Maryland is an inconvenient forum and that a suit brought by the BORROWER against the LENDER in a court of any state other than the State of Maryland should be forthwith dismissed or transferred to a court located in the
State of Maryland by that Court. 
  
 24. Waiver Of Jury
Trial. The BORROWER (by execution of this Promissory Note) and the LENDER (by acceptance of this Promissory Note) agree that any suit, action, or proceeding, whether claim or counterclaim, brought or instituted by or against the BORROWER or the
LENDER, or any successor or assign of the BORROWER or the LENDER, on or with respect to this Promissory Note or any of the other LOAN DOCUMENTS, or which in any way relates, directly or indirectly, to the obligations of the BORROWER to the LENDER
under this Promissory Note or any of the other LOAN DOCUMENTS, or the dealings of the parties with respect thereto, shall be tried only by a court and not by a jury. THE BORROWER AND THE LENDER HEREBY EXPRESSLY WAIVE ANY RIGHT TO A TRIAL BY JURY
IN ANY SUCH SUIT, ACTION, OR PROCEEDING. 
  
 25. Amendment
and Restatement. This Promissory Note amends and restates in its entirety the Amended and Restated Demand Promissory Note dated November     , 2003 in the principal amount of Two Million Five Hundred Thousand Dollars
($2,500,000.00) (“ORIGINAL NOTE”). This Promissory Note does not constitute a novation of the BORROWER’S obligations under the ORIGINAL NOTE but an amendment and restatement of such obligations and an increase in the maximum amount of
such obligations. 
  
 IN WITNESS WHEREOF, the BORROWER has
duly executed this Promissory Note under seal as of the date first above written. 

							
	WITNESS/ATTEST:	 	THE BORROWER:
		
	 	 	AVATECH SOLUTIONS SUBSIDIARY, INC.,
	 	 	A Delaware Corporation
				
	 /s/

	 	By:	 	 /s/ Christopher D. Olander

	 	(SEAL)
	 	 	Name:	 	Christopher D. Olander	 	 
	 	 	Title:	 	Executive Vice President

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