Document:

Exhibit 10.2

 

PROMISSORY NOTE

	
  $50,000,000

  	
   

  	
  Las Vegas, Nevada

  	
   

  	
  October         ,
  2006

  

 

FOR VALUE RECEIVED, Power-One, Inc., a Delaware corporation (“Borrower”)
hereby promises to pay to PWER Bridge, LLC, a Nevada limited liability company
(together with any and all of its successors and assigns and/or any other
holder of this Note, “Lender”), without offset, in immediately available
funds in lawful money of the United States of America, at 1111 West Bonanza,
Las Vegas, Nevada, 89106, or such other place as is designated by Lender from
time to time, the principal sum of Fifty Million Dollars ($50,000,000) (or the
unpaid balance of all principal advanced against this Note, if that amount is
less), together with interest on the unpaid principal balance of this Note from
day to day outstanding as hereinafter provided. This promissory note (this “Note”)
is the Note referenced in that certain Term Loan Agreement dated September 28, 2006
by and between Borrower and Lender (the “Loan Agreement”). Capitalized
terms used herein without definition but that are defined in the Loan Agreement
shall have the meaning given to such terms in the Loan Agreement.

1.                                       Payment
Schedule and Maturity Date.  The
entire principal balance of this Note then unpaid shall be due and payable in
full on April         , 2008 (the “Maturity
Date”), the final maturity of this Note. 
Accrued unpaid interest shall be due and payable on November 1, 2006,
and on the first day of each succeeding month thereafter until all principal
and accrued interest owing on this Note shall have been fully paid and
satisfied.

2.                                       Interest.

a.                                       Interest Rate.  Interest on the
outstanding principal balance of this Note shall accrue at the per annum
interest rate of ten percent (10%) until the first (1st) anniversary of the date of this Note,
and thereafter at the per annum interest rate of twelve percent (12%) (as
applicable, the “Note Rate”).

b.                                      Computations
and Determinations.  All interest
shall be computed on the basis of a year of 360 days and paid for the actual
number of days elapsed (including the first day but excluding the last
day).  Lender shall determine each
interest rate applicable to any and all of the indebtedness to Lender
evidenced, governed or secured by or arising under this Note or any other Loan
Document (the “Indebtedness”), in accordance with this Note, and its
determination thereof shall be conclusive in the absence of manifest
error.  The books and records of Lender
shall be prima  facie evidence of all sums owing to Lender from
time to time under this Note, but the failure to record any such information
shall not limit or affect the obligations of Borrower under the Loan Documents.

c.                                       Past
Due Rate.  Any principal of, and to
the extent permitted by applicable law, any interest on this Note, and any
other sum payable hereunder, which is not paid when due shall bear interest,
from the date due and payable until paid, payable on demand, at a rate per
annum (the “Past Due Rate”) equal to the then-applicable Note Rate plus three
percent (3%).

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3.                                       Prepayment.  Borrower may prepay the principal balance of
this Note, in full at any time or in part from time to time, without fee,
premium or penalty, provided that: (a) Lender shall have actually received from
Borrower prior written notice of (i) Borrower’s intent to prepay, (ii) the
amount of principal which will be prepaid (the “Prepaid Principal”), and
(iii) the date on which the prepayment will be made; (b) each prepayment shall
be in the amount of $1,000,000 or a larger integral multiple of $100,000
(unless the prepayment retires the outstanding balance of this Note in full);
and (c) each prepayment shall be in the amount of 100% of the Prepaid
Principal, plus accrued unpaid interest thereon to the date of prepayment.

4.                                       Certain
Provisions Regarding Payments.  All
payments made as scheduled on this Note shall be applied, to the extent
thereof, to late charges, to accrued but unpaid interest, unpaid principal, and
any other sums due and unpaid to Lender under the Loan Documents, in such
manner and order as Lender may elect in its sole discretion.  All permitted prepayments on this Note shall
be applied as directed by Borrower or, if no such direction is given and as to
any other types of payments, to the extent thereof, to accrued but unpaid
interest on the amount prepaid, to the remaining principal installments, and
any other sums due and unpaid to Lender under the Loan Documents, in such
manner and order as Lender may elect in its sole discretion, including but not
limited to application to principal installments in inverse order of
maturity.  Remittances in payment of any
part of the indebtedness other than in the required amount in immediately
available U.S. funds shall not, regardless of any receipt or credit issued
therefor, constitute payment until the required amount is actually received by
Lender in immediately available U.S. funds and shall be made without offset,
demand, counterclaim, deduction, or recoupment (each of which is hereby waived)
and accepted subject to the condition that any check or draft may be handled
for collection in accordance with the practice of the collecting bank or
banks.  Acceptance by the holder hereof
of any payment in an amount less than the amount then due on any indebtedness
shall be deemed an acceptance on account only, notwithstanding any notation on
or accompanying such partial payment to the contrary, and shall not in any way
excuse the existence of a Default.

5.                                       Defaults.

a.                                       Upon
the occurrence of an Event of Default, Lender shall have the right to declare
the unpaid principal balance and accrued but unpaid interest on this Note, and
all other amounts due hereunder and under the other Loan Documents, at once due
and payable (and upon such declaration, the same shall be at once due and
payable) and to exercise any of its other rights, powers and remedies under
this Note, under any other Loan Document, or at law or in equity.

b.                                      All
of the rights, remedies, powers and privileges (together, “Rights”) of
Lender provided for in this Note and in any other Loan Document are cumulative
of each other and of any and all other Rights at law or in equity.  The resort to any Right shall not prevent the
concurrent or subsequent employment of any other appropriate Right.  No single or partial exercise of any Right
shall exhaust it, or preclude any other or further exercise thereof, and every
Right may be exercised at any time and from time to time.  No failure by Lender to exercise, nor delay
in exercising any Right, including but not limited to the right to accelerate
the maturity of this Note, shall be construed as a waiver of any Event of Default
or as a waiver of any Right.  Without
limiting the generality of the foregoing provisions, the acceptance by Lender
from time to time of any payment under this Note which is past due or which is
less than the payment in full of all amounts due and payable at the time of
such payment, shall not (i) constitute a waiver of or impair or extinguish the
right of Lender to accelerate the maturity of this Note or to exercise any
other Right at the time or at any subsequent time, or nullify any prior
exercise of any such Right, or (ii) constitute a waiver of the requirement of
punctual payment and performance or a novation in any respect.

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c.                                       If
any holder of this Note retains an attorney in connection with any Event of Default
or at maturity or to collect, enforce or defend this Note or any other Loan
Document in any lawsuit or in any probate, reorganization, bankruptcy,
arbitration or other proceeding, or if Borrower sues any holder in connection
with this Note or any other Loan Document and does not prevail, then Borrower
agrees to pay to each such holder, in addition to principal, interest and any
other sums owing to Lender hereunder and under the other Loan Documents, all reasonable out of pocket costs and expenses incurred by such holder
in trying to collect this Note or in any such suit or proceeding, including,
without limitation, reasonable out of pocket attorneys’
fees and expenses, investigation costs and all court costs, whether or not suit
is filed hereon, whether before or after the Maturity Date, or whether in
connection with bankruptcy, insolvency or appeal, or whether collection is made
against Borrower or any guarantor or endorser or any other person primarily or
secondarily liable hereunder.

6.                                       Commercial
Purpose.  Borrower warrants that the
Loan is being made solely for the purposes set forth in Section 1.1 of the Loan
Agreement, and/or Borrower is a business or commercial organization.  Borrower further warrants that all of the
proceeds of this Note shall be used for commercial purposes and stipulates that
the Loan shall be construed for all purposes as a commercial loan, and is made
for other than personal, family, household or agricultural purposes.

7.                                       Heirs,
Successors and Assigns.  The terms of
this Note and of the other Loan Documents shall bind and inure to the benefit
of the heirs, devisees, representatives, permitted successors and assigns of
the parties.  The foregoing sentence
shall not be construed to permit Borrower or Lender to assign the Loan except
as otherwise permitted under the Loan Documents.  To the extent permitted under the Loan
Agreement, Lender may, at any time, sell, transfer, or assign this Note and the
other Loan Documents, and any or all servicing rights with respect thereto, or
grant participations therein or issue mortgage pass-through certificates
or other securities evidencing a beneficial interest in a rated or unrated
public offering or private placement.

8.                                       General
Provisions.  Borrower and all
sureties, endorsers, guarantors and any other party now or hereafter liable for
the payment of this Note in whole or in part, hereby severally (a) waive
demand, presentment for payment, notice of dishonor and of nonpayment, protest,
notice of protest, notice of intent to accelerate, notice of acceleration and
all other notices (except any notices which are specifically required by this
Note or any other Loan Document), filing of suit and diligence in collecting
this Note or enforcing any of the security herefor; (b) agree that Lender shall
not be required first to institute suit or exhaust its remedies hereon against
Borrower or others liable or to become liable hereon or to perfect or enforce
its rights against them or any security herefor; and (c) consent to any
extensions or postponements of time of payment of this Note for any period or
periods of time and to any partial payments, before or after maturity, and to
any other indulgences with respect hereto, without notice thereof to any of
them.

9.                                       Time
of the Essence.  Time is of the
essence with respect to Borrower’s obligations under this Note.

10.                                 Severability.
If it is determined by a court of competent jurisdiction, government action or
binding arbitration that any provision of this Note (or part thereof) is
invalid, illegal, or otherwise unenforceable in any jurisdiction, such
provision shall be enforced in such jurisdiction as nearly as possible in
accordance with the stated intention of the parties, while the remainder of
this Note shall remain in full force and effect and bind the parties according
to its terms, and any such determination shall not invalidate or render
unenforceable such provision in any other jurisdiction.  By way of clarification, in no event will the
interest due hereunder exceed the maximum amount permitted under applicable
law. To the extent any provision of this Note (or part thereof) cannot be
enforced in

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accordance with
the stated intentions of the parties, such provision (or part thereof) shall be
deemed not to be a part of this Note; provided that in such event the parties
shall use their reasonable efforts to negotiate, in good faith, a substitute,
valid and enforceable provision which most nearly effects the parties’ intent
in entering into this Note.

11.                                 Modification;
Amendment.  No modification of, or
amendment to, this Note shall be effective unless in writing signed by both
parties.  This Note shall not be
supplemented or modified by any course of dealing or other trade usage.

12.                                 Headings.  All section headings are for
convenience only and shall not be construed as part of this Note or as a limitation or expansion of the scope
of the sections to which they refer.

13.                                 Choice
of Law; Venue.  This Note is governed
by Nevada law without regard to conflicts of laws principals.  Any action brought hereunder or in connection
with the Loan Documents shall be brought in the state or federal courts located
in Clark County, Nevada.  Each party
waives any claim of inconvenient forum.

13.                                 Notices.  All notices shall be sent as set forth in the
Loan Agreement.

SIGNATURE PAGE FOLLOWS.

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IN WITNESS WHEREOF, Borrower has duly executed
this Note as of the date first above written.

 

	
  BORROWER:

  	
   

  
	
   

  	
   

  
	
  Power-One, Inc.,

  	
   

  
	
  a Delaware corporation

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Paul E. Ross, Chief Financial Officer

  
				

 

 5Exhibit 10.33.3

 

 

September
29, 2006

Mr.
Scott D.  Peters

c/o Golf Trust of America, Inc.
10 N. Adger’s Wharf
Charleston, SC  29401

RE:  Golf Trust of America, Inc.:  Amendment to Employment Agreement

Dear
Scott:

With reference to that certain Fourth Amended and Restated Employment
Agreement (the “Employment Agreement”) dated August 29, 2003, by and between
you and Golf Trust of America, Inc. (the “Company”), executed by you for the
benefit of the Company, and in consideration of the modified obligations of the
respective parties hereto, you (the “Executive”) and the Company hereby agree
as follows:

1.                                       Term of the Modified Schedule: Section
5.A(c)(iii) of the Employment Agreement is hereby revised to read “April 30,
2007.”

2.                                       Milestone Payment.  The Company acknowledges and agrees that (i)
the Executive is entitled to the balance of the performance milestone payment
described in Section 4.A.(a) of the Employment Agreement in the amount of $82,615,
plus accrued interest, and (ii) no outstanding conditions to payment of such
performance milestone exist and (iii) payment shall be no later than April 30,
2007 or the earlier termination of employment pursuant to 5.A. of the
Employment Agreement.

3.                                       Employment Agreement.  Except as expressly amended and/or restated
by this letter agreement, the Employment Agreement shall remain in full force
and effect.

 

 

If the foregoing
correctly reflects our understandings, please execute this letter agreement and
return a duly executed copy thereof to the undersigned.

Thank you.

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  /s/ W. Bradley
  Blair, II

  	
   

  
	
   

  	
   

  
	
   

  	
  W. Bradley
  Blair, II

  
	
   

  	
  Chief Executive
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  AGREED TO AND APPROVED BY:

  	 

	
   

  	 

	
  /s/ Scott D.
  Peters

  	
   

  	 

	
   

  	 

	
  Scott D. Peters

  	 

	
   

  	 

	
  Date: September
  30, 2006 (“Effective Date”)

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