Document:

Renewal Revolver Note

 Exhibit 10.6 
  
 RENEWAL REVOLVER NOTE 
  

					
	U.S. $8,500,000.00	 	 	  	November 24, 2004        

  
 FOR VALUE RECEIVED,
the undersigned, ELANDIA SOLUTIONS INCORPORATED, a Delaware corporation (the “Borrower”), promises to pay to the order of STANFORD VENTURE CAPITAL HOLDINGS, INC. (herein, together with any subsequent holder hereof,
called the “Lender”) the principal sum of $8,500,000 or such lesser sum as may be the outstanding principal amount of all Revolver Loans pursuant to the terms of the Loan Agreement referred to below on the date on which such
outstanding principal amounts become due and payable pursuant to Section 4.2 of the Loan Agreement (as defined below), in strict accordance with the terms thereof. Borrower, each jointly and severally, likewise unconditionally promises
to pay to Lender interest from and after the date hereof on the outstanding principal amount of Revolver Loans at the interest rate, payable at such times, and computed in such manner as is specified in Section 2.1 of the Loan Agreement,
in strict accordance with the terms thereof. 
  
 This Renewal
Revolver Note (the “Note”) renews, replaces and supersedes that certain Revolver Note, dated as of May 20, 2004, as amended, executed by the Borrower in favor of the Lender which upon execution hereof shall be marked cancelled
and returned to the Borrower. 
  
 This Note is issued pursuant to,
and is the “Renewal Note” referred to in, the Loan and Security Agreement dated as of May 20, 2004, as amended pursuant to that certain First Amendment to Loan and Security Agreement dated as of November 24, 2004 (collectively,
the “Loan Agreement”), between Borrower and Lender, and Lender is and shall be entitled to all benefits thereof and of all Financing Documents executed and delivered in connection therewith. The provisions of the Loan Agreement are
incorporated herein by this reference. All capitalized terms used herein, unless otherwise defined herein, shall have the meanings ascribed to such terms in the Loan Agreement. 
  
 The repayment of the principal balance of this Note is subject to the provisions of Section 4.2 of the Loan
Agreement. The entire unpaid principal balance and all accrued interest on this Note shall be due and payable on the Commitment Termination Date. 
  
 All payments of principal and interest shall be made in Dollars in immediately available funds as specified in the Loan Agreement. 
  
 Upon or after the occurrence of an Event of Default and for so long as such
Event of Default exists, the principal balance and all accrued interest of this Note may be declared due and payable in the manner and with the effect provided in the Loan Agreement, and the unpaid principal balance hereof shall bear interest at the
Default Rate as and when provided in Section 2.1.2 of the Loan Agreement. Borrower agrees to pay, and save Lender harmless against, any liability for the payment of, all costs and expenses, including, but not limited to, reasonable
attorneys= fees, arising in connection with the enforcement by Lender of any of its rights under this Note, the Loan Agreement or any of the other Financing Documents. 
  
 All principal amounts of Revolver Loans made by Lender to Borrower pursuant to the Loan Agreement, and all accrued and
unpaid interest thereon, shall be deemed outstanding under this Note and shall continue to be owing by Borrower in accordance with the terms of this Note and the Loan Agreement. 
  

 1 

 In no contingency or event whatsoever, whether by reason of advancement of the proceeds hereof or
otherwise, shall the amount paid or agreed to be paid to Lender for the use, forbearance or detention of money advanced hereunder exceed the highest lawful rate permissible under any law which a court of competent jurisdiction may deem applicable
hereto; and, in the event of any such payment inadvertently paid by Borrower or inadvertently received by Lender, such excess sum shall be, at Borrower=s option, returned to Borrower forthwith or credited as a payment of principal, but shall not be
applied to the payment of interest. It is the intent hereof that Borrower not pay or contract to pay, and that Lender not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid
by Borrower under Applicable Law. 
  
 Time is of the essence of
this Note. To the fullest extent permitted by Applicable Law, Borrower, for itself and its legal representatives, successors and assigns, expressly waives presentment, demand, protest, notice of dishonor, notice of non-payment, notice of maturity,
notice of protest, presentment for the purpose of accelerating maturity, diligence in collection, and the benefit of any exemption or insolvency laws. 
  
 Wherever possible each provision of this Note shall be interpreted in such a manner as to be effective and valid under Applicable Law, but if any
provision of this Note shall be prohibited or invalid under Applicable Law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or remaining provisions of this
Note. No delay or failure on the part of Lender in the exercise of any right or remedy hereunder shall operate as a waiver thereof, nor as an acquiescence in any default, nor shall any single or partial exercise by Lender of any right or remedy
preclude any other right or remedy. Lender, at its option, may enforce its rights against any Collateral securing this Note without enforcing its rights against Borrower, any guarantor of the indebtedness evidenced hereby or any other property or
indebtedness due or to become due to Borrower. Borrower agrees that, without releasing or impairing Borrower=s liability hereunder, Lender may at any time release, surrender, substitute or exchange any Collateral securing this Note and may at any
time release any party primarily or secondarily liable for the indebtedness evidenced by this Note. 
  
 The rights and obligations of Lender and Borrower hereunder shall be construed in accordance with and governed by the laws (without giving effect to the
conflict of law principles thereof) of the State of Florida. This Note is intended to take effect as an instrument under seal under Florida law. 
  
 IN WITNESS WHEREOF, Borrower has caused this Note to be executed and delivered by its duly authorized officer on the date first above written. 

 

			
	ELANDIA SOLUTIONS INCORPORATED
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 2First Amendment to Loan and Security Agreement

 Exhibit 10.7 
  
 FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT 
  
 THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (the “Amendment”), dated as
of November 24, 2004 (the “Amendment”), is entered into by and between ELANDIA SOLUTIONS INCORPORATED, a Delaware corporation (“Borrower”) and STANFORD VENTURE CAPITAL
HOLDINGS, INC. and its successors and assigns (the “Lender”). All other capitalized terms used in this Amendment and not otherwise defined have the meanings set forth in that certain Loan and Security Agreement
dated as of May 20, 2004 (the “Agreement”). 
  
 WHEREAS, the Borrower and Lender (collectively the “Parties”) wish to amend the Agreement as provided below. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, and other
good and valuable consideration exchanged between the parties, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 1. SECTION 1. FACILITY. The aggregate amount of the facility described in Section 1 of the Agreement
shall be increased from $5,000,000 to $8,500,000. All other references to the Facility contained in the Agreement, the Appendix thereto, and all Exhibits shall be increased to conform to this Amendment. 
  
 2. AVAILABILITY. The following aggregate amounts (including all
advances previously made) shall be available on the following dates: 
  

				
	 Date

	  	Amount

	 Closing (11/24/04)
	  	$	5,500,000
	 12/2/04
	  	$	5,950,000
	 12/6/04
	  	$	6,400,000
	 12/13/04
	  	$	6,850,000
	 12/20/04
	  	$	7,300,000
	 1/10/05
	  	$	7,600,000
	 1/17/05
	  	$	7,900,000
	 2/7/05
	  	$	8,200,000
	 2/14/05
	  	$	8,500,000

  
 Availability dates may be modified at
the request of the Borrower and upon the written approval of the Lender. All Notices of Borrowing and Disbursement Authorizations made shall otherwise be conducted in accordance with the terms and conditions of the Agreement. 
  
 3. PLACEMENT FEE. Upon execution of this Amendment, in
consideration of Lender’s structuring, approving and committing to this Amendment, but without affecting Borrowers’ obligation to reimburse Lender for costs associated with this Amendment and the transactions contemplated hereby as
provided elsewhere in this Amendment and the Agreement, 

 
Borrower agrees to pay Stanford International Bank (Panama) a Placement Fee to equal to $35,000 (the “Placement Fee”), which amounts shall
be deducted from the Third Disbursement by Lender. The Placement Fee constitutes compensation to Lender for services rendered and is not interest or a charge for the use of money. Each installment of such Fee shall be fully earned when due and
payable and shall not be subject to refund or rebate. 
  
 4.
RENEWAL NOTE. Simultaneously with the execution of this Amendment, the Borrower has executed a Renewal Note (the “Renewal Note”), a copy of which is attached hereto as Exhibit A, which renews, replaces and
supersedes that certain Revolver Note, dated as of May 20, 2004, as amended, executed by the Borrower in favor of the Lender which upon execution hereof shall be marked cancelled and returned to the Borrower. Upon the execution of this
Amendment and the Renewal Note, all references to the Revolver Note as defined in Appendix A to the Agreement shall mean and reference the Renewal Note. 
  
 5. MISCELLANEOUS. 
  
 (a) The Agreement is reaffirmed and ratified in all respects, except as expressly provided herein. 
  
 (b) All transaction costs, including, but not limited to, attorney’s
fees, may be deducted by the Lender from the draws under the Renewal Note. 
  
 (c) In the event of any conflict between the terms or provisions of this Amendment and the Agreement or the Financing Documents, then this Amendment shall prevail in all respects. Otherwise, the provisions of the
Agreement shall remain in full force and effect. 
  
 (d)
Capitalized terms used in this Amendment and not otherwise defined in this Amendment have the meanings assigned to them in the Agreement, as the case may be. 
  
 (e) The parties shall execute and deliver any other instruments or documents and take any further actions after the execution of this Amendment, which may
be reasonably required for the implementation of this Amendment and the transaction contemplated hereby. 
  
 (f) This Amendment may be executed in multiple counterparts, each of which shall be deemed an original, but all of which, taken together, shall constitute
one and the same instrument. For purposes of authenticating this Amendment, facsimile signatures shall be deemed original. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be effective on the date
first written above. 
  

							
	 	 	 	 	BORROWER:
			
	Signed, sealed and delivered	 	 	 	ELANDIA SOLUTIONS INCORPORATED,
	 	 	 	 	a Delaware corporation
				
	  

	 	 	 	 	 	 
	(Signature of Witness)	 	 	 	 	 	 
	  
  

	 	 	 	By:	 	  

	(Printed Name of Witness)	 	 	 	Name:	 	  

	 	 	 	 	Title:	 	  

			
	 	 	 	 	LENDER:
			
	Signed, sealed and delivered	 	 	 	STANFORD VENTURE CAPITAL HOLDINGS, INC.,
	 	 	 	 	a Delaware corporation
				
	  

	 	 	 	 	 	 
	(Signature of Witness)	 	 	 	 	 	 
				
	  

	 	 	 	By:	 	  

	(Printed Name of Witness)	 	 	 	 	 	James M. Davis, President

  

 3

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