Document:

Unassociated Document

     

    Exhibit
      10.1

    GSV,
      INC.

    191
      Post Road

    Westport,
      Connecticut 06880

    

    

    March
      11,
      2008                        

    

    Brooks
      Station Holdings, Inc.

    c/o
      Cavallo Capital Corp.

    660
      Madison Avenue

    New
      York,
      New York 10021

    

    
      	
            	Re:	
              Waiver
                of Default and Amendment of Promissory
                Note

            

    

    

    Dear
      Sirs:

    

    Brooks
      Station Holdings, Inc. (“Brooks Station”) holds a promissory note issued by GSV,
      Inc. (the “Company”) dated July 21, 2003, as amended, in the principal amount of
      $180,000 (the “Note”). The Note bears interest at the rate of 8% per annum and
      is secured by a first priority security interest in all assets of the Company
      pursuant to a Security Agreement between the Company and Brooks Station dated
      as
      of July 21, 2003. By agreement dated August 31, 2007, the Note was amended
      to
      extend its maturity date to March 1, 2008 (the “Old Maturity
      Date”).

    

    As
      of
      March 11, 2008, there is $32,533.33
      of
      accrued and unpaid interest on the Note. Contemporaneously with the execution
      of
      this letter agreement, the Company is paying Brooks Station $30,000.00. This
      amount is to be applied against the Note as follows: (1) $10,000 against the
      accrued and unpaid interest on the Note, and (2) $20,000 against the principal
      balance of the Note. Brooks Station hereby acknowledges receipt of such
      payment.

    

    Brooks
      Station and the Company now wish to extend the maturity of the Note to September
      1, 2008, in accordance with the terms set forth below:

    

    1. Waiver
      of Default.
      Brooks
      Station hereby waives any claim against the Company or its assets arising from
      the Company’s failure to pay the principal and accrued interest on the Note on
      the Old Maturity Date or thereafter through the date of this letter agreement.
      

    

    2. Reduction
      of Principal Amount.
      Brooks
      Station and the Company agree that the principal balance of the Note is hereby
      reduced to one hundred sixty thousand dollars ($160,000). 

    

    3. Extension
      of Maturity Date.
      Brooks
      Station and the Company agree that Section 1 of the Note is hereby amended
      to
      read as follows:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Brooks
      Station Holdings, Inc.

    August
      31, 2007

    Page
      2

     

    “1. The
      principal amount of this Note, together with any unpaid accrued interest thereon
      (except to the extent previously paid), shall be due and payable on September
      1,
      2008.”

    

    4. Miscellaneous.

    

    (i) Except
      as
      herein amended, the Note shall remain in full force and effect. This letter
      agreement may not be amended, revised, terminated or waived except by an
      instrument in writing signed and delivered by the party to be charged
      therewith.

    

    (ii) This
      letter agreement shall be binding upon and inure to the benefit of the
      successors and assigns of the respective parties hereto.

    

    (iii) This
      letter agreement shall be construed and governed by the laws of the State of
      New
      York, applicable to agreements made and to be performed entirely
      therein.

    

    If
      you
      are in agreement with the foregoing, please sign below and return the original
      to the Company, keeping a copy for your files.

    

    
      	 	
              Sincerely,

            
	 	 	 
	 	 	 
	 	
              GSV,
                INC.

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Gilad Gat

            
	 	 	
              Name:
                Gilad Gat

            
	 	 	
              Title:
                Chief Executive Officer and
                President

            

    

    

    Acknowledged
      and agreed:

    

    BROOKS
      STATION HOLDINGS, INC.

    

    

    
      	
              By:

            	
              /s/
                Idan Moskovich

            	 
	 	
              Name:
                Idan Moskovich

            	 
	 	
              Title:
                President

            	 

    

    

    
      
        
        

      

      
        2Exhibit
      10.2

    
 

    AMENDED
      AND RESTATED

    PROMISSORY
      NOTE

    As
      of March 11, 2008

     

    FOR
      VALUE
      RECEIVED, GSV, Inc., a Delaware corporation with corporate offices located
      at
      191 Post Road, Westport, Connecticut 06880 ("Payor"), hereby unconditionally
      promises to pay, in lawful money of the United States and in immediately
      available funds, to the order of Brooks Station Holdings, Inc., a Delaware
      corporation with corporate offices located at c/o Cavallo Capital Corp., 660
      Madison Avenue, New York, New York 10021 ("Payee"), at said address or at such
      other address as Payee may from time to time designate, the principal sum of
      ONE
      HUNDRED SIXTY THOUSAND DOLLARS ($160,000) pursuant to the terms and conditions
      contained below. Interest shall accrue on the outstanding principal amount
      hereof at a rate equal to 8%. All computations of interest shall be made on
      the
      basis of a 365-day year. Such accrued interest shall be payable on an annual
      basis, and at such other times as any principal amount is paid.

     

    1.
       The
      principal amount of this Note, together with any unpaid accrued interest
      thereon, shall be due and payable on September 1, 2008. 

     

    2.
       Payor
      shall have the right to prepay the principal sum, in whole or in part, at any
      time without penalty or notice.

     

    3.
       Payment
      of this Note by the Payor is secured pursuant to a security agreement (the
      "Security Agreement") executed by the Payor in favor of the Payee.

     

    4.
       Upon
      the
      occurrence and continuance of any one or more of the following events of
      default, all amounts then remaining unpaid on this Note shall become immediately
      due and payable: (a) Payor shall (i) apply for or consent to the appointment
      of
      a receiver, (ii) admit in writing its inability to pay its debts as they become
      due, (iii) make a general assignment for the benefit of creditors, (iv) have
      filed against it an involuntary petition in bankruptcy or other insolvency
      proceeding that is not stayed or dismissed within sixty (60) days, (v) file
      a
      voluntary petition in bankruptcy or other insolvency proceeding, or a petition
      or an answer seeking reorganization, or an arrangement with creditors or (vi)
      file an application for judicial dissolution; or (b) an order, judgment or
      decree shall be entered against Payor by any court of competent jurisdiction,
      approving a petition seeking reorganization of Payor or all or a substantial
      part of the properties or assets of Payor or appointing a receiver, trustee
      or
      liquidator for Payor.

     

    5.
       Payor
      further agrees to pay all expenses, including reasonable attorneys' fees and
      legal expenses, incurred by Payee in endeavoring to collect any amounts payable
      hereunder that are not paid when due upon maturity or an event of default as
      set
      forth in paragraph 4 above.

     

    6.
       This
      Note
      may not be changed or discharged orally, but only by an agreement in writing
      signed by the party against whom enforcement of any such change or discharge
      is
      sought.

     

    7.
       Presentment
      for payment, notice of dishonor, protest and notice of protest are hereby
      waived.

     

    8.
       Any
      demand, notice or other communication to be given hereunder shall be in writing
      and personally delivered, sent by courier guaranteeing overnight delivery or
      sent by registered or certified mail, return receipt requested, postage prepaid
      to the parties hereto at the addresses set forth above, or as to any party,
      to
      such other address as shall be designated by such party in a notice to the
      other
      parties. All such demands, notices and other communications shall be deemed
      duly
      given upon receipt.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    9.
       This
      Note
      shall be governed by, enforced under, and construed according to the laws of
      the
      State of New York, without regard to principles of conflicts of
      laws.

     

    10.
       This
      Note
      is an amendment and restatement of the Promissory Note dated July 21, 2003
      issued by the Payor to the Payee and shall in all respects substitute for such
      note. As of March 13, 2008 the accrued and unpaid interest on this Note is
      $22,533.33.

     

    *
      * * * *
      * *

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, this Note has been executed and delivered as of the day and
      year first above written by the duly authorized representatives of the Payor
      and
      the Payee.

     

    

     

    GSV,
      Inc.

     

    

    By:
      ______________________

    Name:

    Title:

    

    Accepted
      and Agreed:

    

    Brooks
      Station Holdings, Inc.

    

    By:
      ______________________

    Name:

    Title:

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