Document:

Exhibit 10.13(C)

    Exhibit
      10.13(c) 

    

    

    

    

    

    December
      1, 2006

    

    Mamdouh
      Philippe, President

    Mamdouh
      & Basem Philipco

    Nefertari
      Street

    Luxor,
      Egypt

    

    RE: Loan
      Agreement: U.S. $300,000.00

    

    Dear
      Mr.
      Philippe:

    

    This
      letter agreement shall be deemed a Loan Agreement under which Sonesta
      International Hotels Limited (“Sonesta”) will advance the sum of U.S.
      $300,000.00 to Mamdouh & Basem Philipco, “Owner” of Sonesta St. George
      Hotel, Luxor (“Hotel”), by assumption of obligations, dated as of October 15,
      2004, regarding that certain Management Agreement, dated May 11, 1995,
      originally between Philippe Co. for Hotels, as Owner, and Sonesta, as Operator
      (the “Management Agreement”).

    

    Amount
      of Loan:
      U.S.
      $300,000.00, which amount has been advanced to date by way of unpaid fees and
      other amounts due to Sonesta under the Management Agreement.

    

    Purpose:
      To
      provide for payment of the amount due Sonesta for unpaid fees and other amounts,
      together with interest.

    

    Repayment
      of Loan:
      The
      Loan shall be repaid to Sonesta International Hotels Limited (“Lender”), in
      currency of the United States, in nine (9) monthly installments, each of which
      shall be due and payable on the first day of each calendar month. The first
      monthly payment shall be due and payable April 1, 2007. (The attached “Repayment
      Schedule” reflects the monthly repayment of the Loan, together with interest at
      the Interest Rate.)

    

    Interest
      Rate:
      The
      Loan shall be repaid, together with interest at the “Interest Rate”, which shall
      be equal to 8.25% per annum (the current Prime Rate).

    

    Default
      Rate/Charges:
      In the
      event that the Loan is not repaid in accordance with this letter agreement,
      or
      if any portion of the Loan, or Loan interest, remains unpaid as of December
      1,
      2007, interest shall accrue on the amount of the Loan, and interest, then
      outstanding at the rate of twelve percent (12%) per annum. Borrower shall also
      be responsible for reimbursing Lender for any costs Lender incurs in enforcing
      this letter agreement, including reasonable attorney’s fees.

     

    Authority
      of Lender, as Operator, to Make Payments:
      Borrower, as Owner of the Hotel under the Management Agreement, hereby
      authorizes and instructs Lender, as Operator of the Hotel under said Management
      Agreement, to repay the Loan, in accordance with this letter agreement, from
      the
      income of the Hotel, and to charge any such amounts used to repay the Loan,
      or
      to pay interest thereon, to the Owner’s account.

    

    Prepayment: Borrower
      may prepay the Loan, and interest thereon, at any time without charge or
      penalty.

    

    In
      Witness Whereof, the parties have set their hands and seals as of this December
      31, 2006.

    

    
      	 Borrower	 	 	 Lender: 
              Sonesta International Hotels Corporation
	/s/ Mamdouh
              & Basem Philipco	 	 	/s/ Boy
              A.J.
              van Riel
	
              

            	 	 	
              

            
	Name: 
              Mamdouh Philippe
Title:  President
	 	 	Name: 
Boy
              A,J, van Riel
Title:  Vice President &
              Treasurer

    

    

    

    
GUARANTY

    The
      undersigned, Mamdouh Philippe Megalaa, individually, agrees, jointly and
      severally, to guaranty the obligations of the Borrower, Mamdouh & Basem
      Philipco, under the above loan letter agreement. The Creditor shall have the
      right to demand payment from me, on a several basis, without need for first
      demanding payment from the Debtor.

    

    

    By: /s/   
      Mamdouh Philippe Megalaa

    Mamdouh
      Philippe Megalaa

    

    Date: December
      31, 2006Exhibit 10.13(F)

    Exhibit
      10.13(f)

    

    

    Promissory
      Note

    

    

     

    Amount: 
U.S.
      $300,000.00

    Name
      of
      Debtor: Mamdouh
      & Basem Philipco 

    

    Address
      of Debtor: Nefertari
      Street Luxor, Egypt

    

    On
      or
      before December 1, 2007, we the Debtor shall pay to the order of the Creditor,
      Sonesta International Hotels Limited, whose address is c/o Sonesta International
      Hotels Corporation, 116 Huntington Avenue, Boston, Massachusetts, U.S.A., by
      virtue of this promissory note, the sum stated above, which is Three Hundred
      Thousand United States Dollars (U.S. $300,000.00), as we received such value
      in
      cash. Payment shall be made at the address of the Creditor and any dispute
      arising out of this promissory note shall be settled by the Cairo
      courts.

    

    In
      the
      event that we do not make full and timely payment, the full outstanding amount
      shall automatically bear a delay interest of 12% (twelve percent) annually,
      accruing from the due date until the date of full payment, without need for
      any
      notice, procedure, or protest.

    

    The
      Creditor shall have the right to assign this promissory note at its discretion,
      without need for our consent. Our liability for the amount set forth in this
      promissory note shall be released only after the Creditor, or its assignee,
      endorses this promissory note to the effect that it has received payment in
      full
      and has delivered the original promissory note to us.

    

     

    
      	 	 	 
	 	Debtor: 
              Mamdouh & Basem Philipco
	 
 	 
 	 
 
	Made
              on
              December 1, 2006	By:  	/s/ Mamdouh Philippe
              Megalaa
	 	
              

              Name:  Mamdouh Philippe Megalaa
	 	Title:   
              President

    
      I
        hereby
        jointly and severally guarantee the payment of the above-mentioned amount.
        The
        Creditor shall have the right to demand payment from me, on a several basis,
        without need for first demanding payment from the Debtor.

    

    
      	 	 	 
	 	Guarantor: 
              Mamdouh Philippe Megalaa
	 
 	 
 	 
 
	Made
              on
              December 1, 2006: 	By:  	/s/ Mamdouh
              Philippe Megalaa
	 	
              

              Name:  Mamdouh Philippee MegalaaConverted by EDGARwiz

Exhibit 10.1

SETTLEMENT AGREEMENT

This Settlement Agreement (“Agreement”) is made and entered into this 20th day of March, 2007 by and between Flash Motors, Inc., an Arizona corporation (“Flash”) and Colfax Financial Corporation, a Utah corporation (“Colfax’).

RECITALS:

A-Flash and Colfax entered into an Asset Purchase Agreement (“Purchase Agreement”) on the 14th day of November, 2006, wherein Colfax purchased substantially all the assets of Flash except for the Excluded Assets provided for in Paragraph 1.2 of the Purchase Agreement.  A copy of said Purchase Agreement is attached hereto as Exhibit “A” and made a part hereof by reference.

B-Flash and Colfax entered into a Consultant and Non-Compete Agreement (“Consulting Agreement”) on the 14th day of November, 2006, wherein Flash agreed to provide the services of Harry March (“March”) to serve as a consultant to Colfax for a term of five (5) years and further agreed that during said term not to, among other things,

(a)

engage in any business competitive with the business of Colfax;

(b)

provide any service to another company, individual, directly or indirectly, that Colfax did not approve; and

(c)

engage in any business activities that materially interfere with Flash’s or March’s consulting obligations, subject to exceptions provided for in the Consulting Agreement.

A copy of said Consulting Agreement is attached hereto as Exhibit “B” and made a part hereof by reference.

C-Pursuant to the Consulting Agreement Colfax agreed to pay to Flash the sum of One Million Four Hundred Thousand and no/100 Dollars ($1,400,000).  Said sum to be evidenced by two promissory notes payable as follows:

(d)

a Four Hundred Thousand and no/100 Dollars Note with interest thereon from the 14th  day of November, 2006 at a rate equal to twenty (20%) percent per annum payable interest only for a period of sixty (60) months or in the alternative payable in full at any time with thirty (30) days written notice.  A copy of said note is attached hereto as Exhibit “C” and made a part hereof by reference.

(e)

a One Million and no/100 Dollars Note with interest thereon from the 14th day of November, 2006 at a rate equal to ten (10%) percent per annum payable interest only for a period of sixty (60) months or in the alternative payable at any time after twenty-four (24) months with thirty (30) days written notice of demand for payment.  A copy of said note is attached hereto as Exhibit “D” and made a part hereof by reference.

D-Subsequent to entering into the Purchase Agreement and the Consulting Agreement Flash and Colfax have consummated the Purchase Agreement by Colfax conveying to Flash the sum of One Hundred Thousand and no/100 Dollars as provided therein and Flash has performed all its requirements under such Purchase Agreement.

E-Flash, pursuant to the Consulting Agreement, has undertaken through the services of March to perform its obligations under said Consulting Agreement.

F-Colfax has complied with the terms of the Purchase Agreement and has made the interest payments provided for in the Promissory Notes,

G-Notwithstanding the fact that both Flash and Colfax have complied with the terms of their Agreements, the parties have discovered that they have irreconcilable differences as to how the business involved should be operated and based thereon have come to the conclusion that the existing situation is unsatisfactory to each of them.

H-Based upon such difference, Flash and Colfax entered into negotiations and determined that substantial revisions in the agreed upon arrangements were necessary.

NOW THEREFORE for and in consideration of the mutual covenants herein contained and other valuable consideration the receipt and sufficiency of which are hereby acknowledged by the parties it is agreed as follows:

1.  Recitals.  The Recitals set forth above are herein incorporated into the body of this Settlement Agreement as if set forth in full in the body.

2.  Agreement to Cancel and Replace.  The Consulting Agreement provided for in Exhibit “B” shall be cancelled and replaced with a NON-SOLICITATION AGREEMENT covering existing accounts and customers and the prospects set forth in Exhibit “E”.  A copy of the NON-SOLICITATION AGREEMENT is attached hereto as Exhibit “F” and made a part hereof by reference.

3.  Promissory Notes.  The Promissory Notes described herein and in Exhibits “C” and “D” shall be deemed paid by entering into a new Promissory Note in the principal amount of One Million Four Hundred Thousand and no/100 Dollars ($l,400,000) which shall provide as follows:

(a)

It shall be effective as of March 1, 2007.

(b)

It shall bear interest at the rate of thirteen (13%) percent per annum with interest due monthly in arrears commencing April 1, 2007.

(c)

If shall contain the same subordination provisions provided for in the existing notes set forth in Exhibits “C” and “D”.

(d)

On November 14, 2008, the noteholder may demand, in addition to interest a principal payment of Two Hundred Fifty Thousand and no/100 Dollars ($250,000) payable within thirty (30) days and monthly thereafter additional Two Hundred Fifty Thousand and no/100 Dollars ($250,000) may be demanded until the Note is paid in full.

A copy of said One Million Four Hundred Thousand and no/100 Dollar ($1,400,000) Promissory Note is attached hereto as Exhibit “G” and made a part hereof by reference.

1.  Use of Name.  Notwithstanding anything to the contrary in the Purchase Agreement or any other Agreement, it is understood and agreed that Flash and March are authorized to use the name Colfax Financial.

2.  Colfax New Name.  Colfax agrees to change its name to STEN Credit Corporation forthwith provided, however, that it shall have the right to answer its telephone “STEN Credit/Colfax” for a period of six (6) months from the date hereof, at which time It shall relinquish all rights to the use of Colfax.

3.  Vacating Premises.  Flash and March agree to vacate the premises located at 720 F. McDowell Road, Suite 107 on or before March 27, 2007.  It is understood and agreed that all assets belonging to Flash or March shall be removed, provided, however that Flash and March will be allowed during business hours access for purposes of picking up mail, cash, checks or other such items as may be sent to the described premises.

4.  Glendale Contracts.  Colfax shall have the right to purchase from Flash the remaining Glendale Car Connection contracts at such time as the amounts due under such contracts reaches Five Hundred Thousand and no/100 Dollars ($500,000) for a sum equal to Five Hundred Thousand and no/100 Dollars ($500,000) less the dealer reserve amount on such contracts.

5.  Old Accounts.  It is understood and agreed that Colfax retains all rights in and to the written off accounts provided for in paragraph 1.1(e) of the Purchase Agreement in the amount of approximately Three Million and no/100 Dollars ($3,000,000).

6.  Irreconcilable Differences.  This Settlement Agreement is a compromise arising out of irreconcilable differences between and among the parties and does not arise from any actions undertaken by the parties.

7.  Representation of Authority.  The Parties represent and warrant that each Party has the power and authority to execute this Settlement Agreement and perform the obligations contained herein.  Each Party acknowledges that the representations and warranties contained are of material importance to the other Parties, who would not execute this Settlement Agreement nor perform the obligations but for the receipt of the foregoing warranties and representations.

8.  Survival of Representations and Warranties.  The representation and warranties of the respective Parties as set forth in this Settlement Agreement, shall survive.

9.  Entire Agreement.  This Settlement Agreement contains the entire agreement between the Parties and supersedes and replaces any and all prior agreements, written and/or oral, relating to the subject matter hereof, This Settlement Agreement may not be modified, and no. provisions hereof may be waived, except by an instrument in writing signed by the Parties hereto.  Except for the statements, representations, and promises contained herein, none of the Parties is relying upon any representation, statement or promise of the other party or their respective agents or attorneys in entering into this Settlement Agreement.

10.  Representation By Counsel.  The Parties hereto agree and acknowledge that they have had the opportunity to be represented herein by counsel of their own choosing in the negotiations and the preparation of this Settlement Agreement; that they have carefully read this Settlement Agreement; that they have had its contents fully explained to them by counsel; that they are fully aware of and understand all of its terms and the legal consequences thereof; that each Party has signed this Settlement Agreement voluntarily as part of their own free act and of their own free will and accord.

11.  Law and Venue.  This Settlement Agreement is made and entered into in the State of Arizona and shall in all respects be interpreted and enforced pursuant to the laws of Arizona, If an action is filed to enforce the terms of this Settlement Agreement, venue for such an action shall be the Superior Court for the: State of Arizona, for the County of Maricopa.

12.  Meaning.  This Settlement Agreement has been jointly negotiated by the Parties hereto.  The language of this Settlement Agreement shall be construed as a whole according to its fair meaning, to give effect to the broadest meaning and interpretation of the law possible, it being the Parties’ mutual intent to carry out its terms and not to be interpreted narrowly.

13.  Notice.  All notices, consents, requests, instructions, approvals or other communications shall be validly given, made or served, if in writing and delivered personally or sent by telecopier, telex, registered or certified mail, postage prepaid, if to Flash at the following address:

Flash Motors, Inc.

10662 E. San Salvador

Scottsdale, AZ 85258

If to Colfax, at the following address:

Colfax Financial Corporation

7607 E. McDowell Road, Suite 107

Scottsdale, AZ 85257

or, in each case, at such other address as may be from time to time specified, in writing, but no such change shall be deemed to have been given until it is actually received by the Party sought to be charged with its contents.

14.  Successors and Assigns.  This Agreement shall be binding and inure to the benefit of each of the Parties, their respective assigns, successors-in-interest and representatives.

15.  Attorneys’ Fees.  In the event of any dispute, including court proceedings, under or in connection with this Agreement, the prevailing party shall be entitled to recover from the losing party all costs, expenses and reasonable attorneys’ fees incidental to such dispute.

16.  Counterparts.  This Settlement Agreement may be executed in separate counterparts, and by facsimile signature, each of which shall be deemed an original but all of which together shall be one and the same instrument, and shall become effective when such counterparts have been signed and exchanged between all parties.

IN WITNESS WHEREOF, the Parties hereto have executed this Settlement Agreement on the day and year first above written.

	 	 
	Dated:

	FLASH MOTORS, INC.

	 	 
	 	 
	 	By

	 /s/ Harry March

	 
	 	Harry March

	 	 
	 	 
	 	 
	Dated:

	COLFAX FINANCIAL CORPORATION

	 	 
	 	 
	 	By

	 /s/ Kenneth Brimmer

	 
	 	Kenneth Brimmer

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