Document:

Exhibit 10.33

 

PROMISSORY NOTE

 

	
  Principal

  	
   

  	
  Loan Date

  	
   

  	
  Maturity

  	
   

  	
  Loan No

  	
   

  	
  Call / Coll

  	
   

  	
  Account

  	
   

  	
  Officer

  	
   

  	
  Initials

  	
   

  
	
  $

  	
  60,702.52

  	
   

  	
  05-13-2002

  	
   

  	
  10-30-2004

  	
   

  	
  0100961002

  	
   

  	
  02

  	
   

  	
  103369

  	
   

  	
  232

  	
   

  	
  /s/ SK

  NR

  	
   

  
																	

 

References in the shaded area are for Lender’s use only and do not
limit the applicability of this document to any particular loan or item.  Any item above containing “***” has been
omitted due to text length limitations.

 

	
  Borrower:

  	
  PRIMAL SOLUTIONS, INC.

  	
  Lender: 

  	
  SUNWEST BANK

  
	
   

  	
  WIRELESS BILLING SYSTEMS

  	
   

  	
  Commercial Banking Department

  
	
   

  	
  18881 VON KARMAN, SUITE 450

  	
   

  	
  17542 EAST 17th STREET

  
	
   

  	
  IRVINE, CA 92612

  	
   

  	
  TUSTIN, CA 92780

  

 

	
  Principal Amount: $60,702.52

  	
   

  	
  Initial Rate:  7.000%

  	
   

  	
  Date of Note:  May 13, 2002

  

 

PROMISE
TO PAY.  PRIMAL SOLUTIONS, INC.; and
WIRELESS BILLING SYSTEMS (“Borrower”) jointly and severally promise to pay to
SUNWEST BANK (“Lender”), or order, in lawful money of the United States of
America, the principal amount of Sixty Thousand Seven Hundred Two & 52/100
Dollars ($60,702.52), together with interest on the unpaid principal balance
from May 13, 2002, until paid in full.

 

PAYMENT.  Subject to any payment changes resulting from
changes in the Index, Borrower will pay this loan in 28 principal payments of
$2,094.00 each and one final principal and interest payment of $2,082.60.  Borrower’s first principal payment is due
June 30, 2002, and all subsequent principal payments are due on the same day of
each month after that.  In addition,
Borrower will pay regular monthly payments of all accrued unpaid interest due
as of each payment date, beginning June 30, 2002, with all subsequent interest
payments to be due on the same day of each month after that.  Borrower’s final payment due October 30,
2004, will be for all principal and all accrued interest not yet paid.  Unless otherwise agreed or required by
applicable law, payments will be applied first to accrued unpaid interest, then
to principal, and any remaining amount to any unpaid collection costs and late
charges.  The annual interest rate for
this Note is computed on a 365/360 basis; that is, by applying the ratio of the
annual interest rate over a year of 360 days, multiplied by the outstanding
principal balance, multiplied by the actual number of days the principal
balance is outstanding.  Borrower will
pay Lender at Lender’s address shown above or at such other place as Lender may
designate in writing.

 

VARIABLE
INTEREST RATE.  The
interest rate on this Note is subject to change from time to time based on
changes in an independent index which is the WALL
STREET JOURNAL PRIME RATE, which is the lowest Prime Rate as
published in the Money Rate Column of the Western Edition of The Wall
Street Journal (the “Index”).  The Index
is not necessarily the lowest rate charged by Lender on its loans.  If the Index becomes unavailable during the
term of this loan, Lender may designate a substitute index after notice to
Borrower. Lender will tell Borrower the current index rate upon Borrower’s
request.  The interest rate change will
not occur more often than each DAY.  Borrower understands that Lender may make
loans based on other rates as well.  The index currently is 4.750%.  The interest rate to be applied to the unpaid
principal balance of this Note will be at a rate of 2.250 percentage points
over the Index, resulting in an initial rate of 7.000%.  Notwithstanding the foregoing, the variable
interest rate or rates provided for in this Note will be subject to the
following minimum and maximum rates. 
NOTICE: Under no circumstances will the interest rate on this Note be
less than 6.500% or more than the maximum rate allowed by applicable law.

 

PREPAYMENT;
MINIMUM INTEREST CHARGE.  Borrower
agrees that all loan fees and other prepaid finance charges are earned fully as
of the date of the loan and will not be subject to refund upon early payment
(whether voluntary or as a result of default), except as otherwise required by
law.  In any event, even upon full
prepayment of this Note, Borrower understands that Lender is entitled to a minimum interest charge of $100.00.  Other than Borrower’s obligation to pay any
minimum interest charge, Borrower may pay without penalty all or a portion of
the amount owed earlier than it is due. Early payments will not, unless agreed
to by Lender in writing, relieve Borrower of Borrower’s obligation to continue
to make payments under the payment schedule. 
Rather, early payments will reduce the principal balance due and may
result in Borrower’s making fewer payments. Borrower agrees not to send Lender
payments marked “paid in full”, “without recourse”, or similar language.  If Borrower sends such a payment, Lender may
accept it without losing any of Lender’s rights under this Note, and Borrower
will remain obligated to pay any further amount owed to Lender.  All written communications concerning
disputed amounts, including any check or other payment instrument that
indicates that the payment constitutes “payment in full” of the amount owed or
that is tendered with other conditions or limitations or as full satisfaction
of a disputed amount must be mailed or delivered to: SUNWEST BANK, Note
Department, P.O.  BOX 1028 TUSTIN, CA
92781-1028.

 

LATE
CHARGE.  If a
payment is 10 days or more late, Borrower will be charged 5.000% of the unpaid portion of the regularly
scheduled payment or $5.00, whichever is greater.

 

INTEREST
AFTER DEFAULT.  Upon
Borrower’s failure to pay all amounts declared due pursuant to this section,
including failure to pay upon final maturity, Lender, at its option, may, if
permitted under applicable law, increase the variable interest rate on this
Note to 7.250 percentage points over the index.

 

DEFAULT.  Each of the
following shall constitute an event of default (“Event of Default”) under this
Note: 

 

Payment Default.  Borrower fails to
make any payment when due under this Note.

 

Other Defaults.  Borrower fails to
comply with or to perform any other term, obligation, covenant or condition
contained in this Note or in any of the related documents or to comply with or
to perform any term, obligation, covenant or condition contained in any other
agreement between Lender and Borrower.

 

Default in Favor of Third Parties.  Borrower or any
Grantor defaults under any loan, extension of credit, security agreement,
purchase or sales agreement, or any other agreement, in favor of any other creditor
or person that may materially affect any of Borrower’s property or Borrower’s
ability to repay this Note or perform Borrower’s obligations under this Note or
any of the related documents.

 

False Statements.  Any warranty,
representation or statement made or furnished to Lender by Borrower or on
Borrower’s behalf under this Note or the related documents is false or
misleading in any material respect, either now or at the time made or furnished
or becomes false or misleading at any time thereafter.

 

Insolvency. 
The dissolution or termination of Borrower’s
existence as a going business, the insolvency of Borrower, the appointment of a
receiver for any part of Borrower’s property, any assignment for the benefit of
creditors, any type of creditor workout, or the commencement of any proceeding
under any bankruptcy or insolvency laws by or against Borrower.

 

Creditor or Forfeiture Proceedings.  Commencement of
foreclosure or forfeiture proceedings, whether by judicial proceeding,
self-help, repossession or any other method, by any creditor of Borrower or by
any governmental agency against any collateral securing the loan.  This includes a garnishment of any of
Borrower’s accounts, including deposit accounts, with Lender.  However, this Event of Default shall not
apply if there is a good faith dispute by Borrower as to the validity or
reasonableness of the claim which is the basis of the creditor or forfeiture
proceeding and if Borrower gives Lender written notice of the creditor or
forfeiture proceeding and deposits with Lender monies or a surety bond for the
creditor or forfeiture proceeding, in an amount determined by Lender, in its
sole discretion, as being an adequate reserve or bond for the dispute.

 

Events Affecting Guarantor.  Any of the preceding
events occurs with respect to any guarantor, endorser, surety, or accommodation
party of any of the indebtedness or any guarantor, endorser, surety, or
accommodation party dies or becomes incompetent, or revokes or disputes the
validity of, or liability under, any guaranty of the indebtedness evidenced by
this Note.  In the event of a death,
Lender, at its option, may, but shall not be required to, permit the
guarantor’s estate to assume unconditionally the obligations arising under the
guaranty in a manner satisfactory to Lender, and, in doing so, cure any Event
of Default.

 

Change in Ownership.  Any change in
ownership of twenty-five percent (25%) or more of the common stock of Borrower.

 

Adverse Change.  A material adverse
change occurs in Borrower’s financial condition, or Lender believes the
prospect of payment or performance of this Note is impaired.

 

Insecurity. 
Lender in good faith believes itself insecure.

 

Cure Provisions.  If any default,
other than a default in payment is curable and if Borrower has not been given a
notice of a breach of the same provision of this Note within the preceding
twelve (12) months, it may be cured (and no event of default will have
occurred) if Borrower, after receiving written notice from Lender demanding
cure of such default: (1) cures the default within fifteen (15) days; or (2) If
the cure requires more than fifteen (15) days, immediately initiates steps
which Lender deems in Lender’s sole discretion to be sufficient to cure the
default and thereafter continues and completes all reasonable and necessary
steps sufficient to produce compliance as soon as reasonably practical.

 

LENDER’S
RIGHTS.  Upon
default, Lender may declare the entire unpaid principal balance on this Note
and all accrued unpaid interest immediately due, and then Borrower will pay
that amount.

 

ATTORNEYS’
FEES; EXPENSES.  Lender
may hire or pay someone else to help collect this Note if Borrower does not
pay.  Borrower will pay Lender that
amount.  This includes, subject to any
limits under applicable law, Lender’s attorneys’ fees and Lender’s legal
expenses, whether or not there is a lawsuit, including attorneys’ fees,
expenses for bankruptcy proceedings (including efforts to modify or vacate any
automatic stay or injunction), and appeals. 
Borrower also will pay any court costs, in addition to all other sums
provided by law.

 

JURY
WAIVER.  Lender and Borrower hereby waive
the right to any jury trial in any action, proceeding or counterclaim brought
by either Lender or Borrower against the other. 
(Initial Here /s/ JRS)

 

 

GOVERNING
LAW.  This Note will be governed by,
construed and enforced in accordance with federal law and the laws of the State
of California.  This Note has been
accepted by Lender in the State of California.

 

CHOICE
OF VENUE.  If
there is a lawsuit, Borrower agrees upon Lender’s request to submit to the
jurisdiction of the courts of ORANGE County, State of California.

 

DISHONORED
ITEM FEE.  Borrower
will pay a fee to Lender of $26.00 if Borrower makes a payment on Borrower’s
loan and the check or preauthorized charge with which Borrower pays is later
dishonored.

 

RIGHT
OF SETOFF.  To
the extent permitted by applicable law, Lender reserves aright of setoff in all Borrower’s
accounts with Lender (whether checking, savings, or some other account).  This includes all accounts Borrower holds
jointly with someone else and all accounts Borrower may open in the
future.  However, this does not include
any IRA or Keogh accounts, or any trust accounts for which setoff would be
prohibited by law.  Borrower authorizes
Lender, to the extent permitted by applicable law, to charge or setoff all sums
owing on the indebtedness against any and all such accounts, and, at Lender’s
option, to administratively freeze all such accounts to allow Lender to protect
Lender’s charge and setoff rights provided in this paragraph.

 

COLLATERAL.  Borrower
acknowledges this Note is secured by a UCC1 and Security Agreement covering all
business assets.

 

ARBITRATION.  Borrower and Lender agree that all disputes,
claims and controversies between them whether individual, joint, or class in
nature, arising from this Note or otherwise, including without limitation
contract and tort disputes, shall be arbitrated pursuant to the Rules of the
American Arbitration Association in effect at the time the claim is filed, upon
request or either party.  No act to take
or dispose of any collateral securing this Note shall constitute a waiver of
this arbitration agreement or be prohibited by this arbitration agreement.  This includes, without limitation, obtaining
injunctive relief or a temporary restraining order; invoking a power of sale
under any deed of trust or mortgage; obtaining a writ of attachment or
imposition of a receiver; or exercising any rights relating to personal
property, including taking or disposing of such property with or without
judicial process pursuant to Article 9 of the Uniform Commercial Code.  Any disputes, claims, or controversies
concerning the lawfulness or reasonableness of any act, or exercise of any
right, concerning any collateral securing this Note, including any claim to
rescind, reform, or otherwise modify any agreement relating to the collateral
securing this Note, shall also be arbitrated, provided however that no
arbitrator shall have the right or the power to enjoin or restrain any act of
any party.  Borrower and Lender agree
that in the event of an action for judicial foreclosure pursuant to California
Code of Civil Procedure Section 726, or any similar provision in any other
state, the commencement of such an action will not constitute a waiver of the
right to arbitrate and the court shall refer to arbitration as much of such
action, including counterclaims, as lawfully may be referred to
arbitration.  Judgment upon any award
rendered by any arbitrator may be entered in any court having
jurisdiction.  Nothing in this Note shall
preclude any party from seeking equitable relief from a court of competent
jurisdiction.  The statute of limitations,
estoppel, waiver, laches, and similar doctrines which would otherwise be
applicable in an action brought by a party shall be applicable in any
arbitration proceeding, and the commencement of an arbitration proceeding shall
be deemed the commencement of an action for these purposes.  The Federal Arbitration Act shall apply to
the construction, interpretation, and enforcement of this arbitration
provision.

 

SUCCESSOR
INTERESTS.  The
terms of this Note shall be binding upon Borrower, and upon Borrower’s heirs,
personal representatives, successors and assigns, and shall inure to the
benefit of Lender and its successors and assigns.

 

GENERAL
PROVISIONS.  Lender
may delay or forgo enforcing any of its rights or remedies under this Note
without losing them.  Each Borrower
understands and agrees that, with or without notice to Borrower, Lender may
with respect to any other Borrower (a) make one or more additional secured or
unsecured loans or otherwise extend additional credit; (b) alter, compromise,
renew, extend, accelerate, or otherwise change one or more times the time for
payment or other terms any Indebtedness, including increases and decreases of
the rate of interest on the Indebtedness; (c) exchange, enforce, waive,
subordinate, fall or decide not to perfect, and release any security, with or
without the substitution of new collateral; (d) apply such security and direct
the order or manner of sale thereof, including without limitation, any
non-judicial sale permitted by the terms of the controlling security
agreements, as Lender in its discretion may determine; (e) release, substitute,
agree not to sue, or deal with any one or more of Borrower’s sureties,
endorsers, or other guarantors on any terms or in any manner Lender may choose;
and (f) determine how, when and what application of payments and credits shall
be made on any other indebtedness owing by such other Borrower.  Borrower and any other person who signs,
guarantees or endorses this Note, to the extent allowed by law, waive any
applicable statute of limitations, presentment, demand for payment, and notice
of dishonor.  Upon any change in the
terms of this Note, and unless otherwise expressly stated in writing, no party
who signs this Note, whether as maker, guarantor, accommodation maker or
endorser, shall be released from liability. 
All such parties agree that Lender may renew or extend (repeatedly and
for any length of time) this loan or release any party or guarantor or
collateral; or impair, fail to realize upon or perfect Lender’s security
interest in the collateral; and take any other action deemed necessary by Lender
without the consent of or notice to anyone. 
All such parties also agree that Lender may modify this loan without the
consent of or notice to anyone other than the party with whom the modification
is made.  The obligations under this Note
are joint and several.

 

PRIOR
TO SIGNING THIS NOTE, EACH BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF
THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS.  EACH BORROWER AGREES TO THE TERMS OF THE
NOTE.

 

BORROWER
ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

 

BORROWER:

 

 

	
  PRIMAL SOLUTIONS, INC.

  
	
   

  
	
  By:

  	
  /s/ Joseph R. Simrell

  	
   

  
	
   

  	
  JOSEPH R. SIMRELL, Vice President/CFO of

  	
   

  
	
   

  	
  PRIMAL SOLUTIONS, INC.  

  	
   

  
	
   

  
	
   

  
	
  WIRELESS BILLING SYSTEMS

  
	
   

  
	
  By:

  	
  /s/ Joseph R. Simrell

  	
   

  
	
   

  	
  JOSEPH R. SIMRELL, Chief Financial Officer of

  WIRELESS BILLING SYSTEMS

  	
   

  

 

2<Page>

                                                                     Exhibit 4.2

<Table>
<S>                                       <C>                                                    <C>
NUMBER                                                [LOGO]                                          SHARES
IRC

THIS CERTIFICATE IS TRANSFERABLE                    INLAND REAL ESTATE CORPORATION                     SEE REVERSE FOR
IN CRANFORD, NJ OR NEW YORK, NY           INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND       CERTAIN DEFINITIONS

                                                                                                  PAR VALUE $0.01 PER SHARE

                                                                                                 CUSIP 457461 10 1
     THIS CERTIFIES THAT

     IS THE OWNER OF

                                       FULLY PAID SHARES OF COMMON STOCK, PAR VALUE $0.01, OF
                                                  INLAND REAL ESTATE CORPORATION

  transferable on the books of the Company by the holder hereof in person or by
  duly authorized attorney, upon surrender of this Certificate properly
  endorsed. This Certificate and the shares represented hereby are issued and
  shall be held subject to all of the provisions of the Company's Articles of
  Incorporation and any amendments thereto. This Certificate is not valid until
  countersigned and registered by the Transfer Agent and Registrar.

     Witness the facsimile seal and the facsimile signatures of the duly
authorized officers of the Company.

                                                    CERTIFICATE OF STOCK

  DATED

  Countersigned and Registered:
       REGISTRAR AND TRANSFER COMPANY
                                 Transfer Agent
                                  and Registrar

  By                                             [SEAL]            /s/ David J. Kayner     /s/ Robert D. Parks
                Authorized Signature                                    Secretary               President
</Table>

<Page>

                     RESTRICTIONS RELATING TO QUALIFICATIONS
                        AS A REAL ESTATE INVESTMENT TRUST

     The securities represented by this certificate are subject to restrictions
on transfer for the purpose of the Company's maintenance of its status as a real
estate investment trust under the Internal Revenue Code of 1986, as amended.
Except as otherwise provided pursuant to the Articles of Incorporation of the
Company, no Person may Beneficially Own shares of Equity Stock in excess of 9.8%
(or such greater percentage as may be determined by the Board of Directors of
the Company) of the number or value of the outstanding Equity Stock of the
Company (unless such Person is an Existing Holder). Any Person who purports or
proposes to Beneficially Own shares of Equity Stock in excess of 9.8% (or such
greater percentage as may be determined by the Board of Directors of the
Company) of the number or value of the outstanding Equity Stock of the Company
(unless such Person is an Existing Holder) is in violation of the restrictions
on transfer and any securities so transferred shall be designated as Excess
Stock and held in trust by the Company. Any Person who purports or proposes to
Beneficially Own shares of Equity Stock in excess of the above limitations must
notify the Company in writing immediately, in the case of the purported
Transfer, and at least 15 days prior to a proposed Transfer. All capitalized
terms in this legend have the meanings defined in the Articles of Incorporation
of the Company, a copy of which, including the restrictions on transfer, will be
sent without charge to each stockholder who so requests. If the restrictions on
transfer are violated, the securities represented hereby will be designated and
treated as shares of Excess Stock which will be held in trust by the Company.

     The following abbreviations, when used in the inscription on the face of
this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<Table>
     <S>                                              <C>
     TEN COM - as tenants in common                   UNIF GIFT MIN ACT - ______________ Custodian ___________________
     TEN ENT - as tenants by the entireties                                   (Cust)                    (Minor)
     JT TEN  - as joint tenants with right                                under Uniform Gifts to Minors Act
               of survivorship and not as tenants                         _________________________________
               in common                                                                (State)
</Table>

    Additional abbreviations may also be used though not in the above list.

FOR VALUE RECEIVED, ______________________ HEREBY SELL, ASSIGN AND TRANSFER UNTO

  PLEASE INSERT SOCIAL SECURITY OR OTHER
     IDENTIFYING NUMBER OF ASSIGNEE

________________________________________________________________________________
 (Please Print or Typewrite Name and Address, Including Zip Code, of Assignee)

________________________________________________________________________________

________________________________________________________________________ shares
of common stock of the Company represented by the within Certificate, and
do hereby irrevocably constitute and appoint____________________________________
____________________________ the transfer agent to transfer the said shares
on the books of the within named Company with full power of substitution in the
premises.

Dated ___________________

                                             ___________________________________
                                     NOTICE: THE SIGNATURE TO THIS ASSIGNMENT
                                             MUST CORRESPOND WITH THE NAME AS
                                             WRITTEN UPON THE FACE OF THE
                                             CERTIFICATE IN EVERY PARTICULAR,
                                             WITHOUT ALTERATION OR ENLARGEMENT
                                             OR ANY CHANGE WHATEVER.

SIGNATURE(S) GUARANTEED:
                         ___________________________________________
                         THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
                         ELIGIBLE GUARANTOR INSTITUTION (BANKS,
                         STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
                         AND CREDIT UNIONS WITH MEMBERSHIP IN AN
                         APPROVED SIGNATURE GUARANTEE MEDALLION
                         PROGRAM), PURSUANT TO SEC RULE 17Ad-15.

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED, THE
COMPANY MAY REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A
REPLACEMENT CERTIFICATE.

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