Document:

Veronica Kristi Prenn Note

    THIS
      NOTE
      HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), NOR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS AND HAS BEEN TAKEN
      FOR INVESTMENT PURPOSES ONLY. IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED
      OR
      HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH
      SECURITIES UNDER THE ACT AND QUALIFICATION UNDER APPLICABLE STATE LAW WITHOUT
      AN
      OPINION OF COUNSEL SATISFACTORY TO BORROWER THAT SUCH REGISTRATION AND
      QUALIFICATION ARE NOT REQUIRED.

     

    Veronica
      Kristi Prenn.

     

    NOTE

     

    $20,000.00          June
      19, 2006

     

    Dallas,
      TX

     

    FOR
      VALUE RECEIVED,
      IElement
      Corporation (“Maker”) promises to pay to the order of Veronica Kristi Prenn (the
“Lender”), at the offices located at 17194 Preston Road Ste 102, PMB 341 in
      Dallas, TX, the principal sum of Twenty Thousand Dollars ($20,000), together
      with all accrued interest thereon, upon the terms and conditions specified
      below.

     

    1.  Interest.
      Interest
      shall accrue and be payable monthly on the balance outstanding under this Note
      at the rate of 10.0% per annum, compounded monthly, or at the maximum rate
      allowed by law, whichever is lower.

     

    2.  Due
      Date.
      One half
      of the principal balance ($10,000) shall become due and payable upon the Maker
      securing one million dollars ($1,000,000) in funding via conversion of Maker’s
      outstanding warrants into shares of Maker’s common stock, or at the end of four
      (4) months from the date of this note, whichever comes first. The remaining
      principal balance and interest shall become due and payable upon the Maker
      securing an additional one million dollars (total of $2,000,000) in funding
      via
      conversion of Maker’s outstanding warrants into shares of Maker’s common stock
      or within six (6) months from the date of this note, whichever comes
      first.

     

    3.  Payment.
      Payment
      shall be made in lawful tender of the United States and shall be applied first
      to the payment of principal and then to all accrued and unpaid interest.
      Prepayment of the principal balance of this Note, together with all accrued
      and
      unpaid interest on the portion of principal so prepaid, may be made in whole
      or
      in part at any time without penalty.

     

    4.  Events
      of Acceleration.
      The
      entire unpaid principal balance of this Note, together with all accrued and
      unpaid interest, shall become immediately due and payable prior to the specified
      due date of this Note upon the occurrence of one or more of the following
      events: 

     

        A. the
      expiration of the thirty (30)-day period following the date the Maker ceases
      for
      any reason to pay its monthly obligations to the Lender; or 

     

        B. the
      insolvency of the Maker, the commission of any act of bankruptcy by the Maker,
      the execution by the Maker of a general assignment for the benefit of creditors,
      the filing by or against the Maker of any petition in bankruptcy or any petition
      for relief under the provisions of the Federal bankruptcy act or any other
      state
      or Federal law for the relief of debtors and the continuation of such petition
      without dismissal for a period of thirty (30) days or more, the appointment
      of a
      receiver or trustee to take possession of any property or assets of the Maker
      or
      the attachment of or execution against any property or assets of the Maker;
      or

     

        C.
      an
      acquisition of the Company (whether by merger, sale of all or substantially
      all
      of the Company’s assets or sale of more than fifty percent (50%) of the
      Company’s outstanding voting securities) for consideration payable in cash or
      freely-tradable securities; provided,
      however, that if the Pooling of Interest Method, as described in Accounting
      Principles Board Opinion No. 16, is used to account for the acquisition for
      financial accounting purposes, then acceleration of this Note shall not occur
      until the end of the sixty (60)-day period immediately following the close
      of
      the applicable transfer restriction period required under Accounting Series
      Release Numbers 130 and 135.

     

    5.  Collection.
      If
      action
      is instituted to collect this Note, the Maker promises to pay all costs and
      expenses (including reasonable attorney fees) incurred in connection with such
      action.

     

    6.  Waiver.
      A waiver
      of any term of this Note or of any of the obligations secured thereby must
      be
      made in writing and signed by a duly-authorized officer of the Corporation
      and
      any such waiver shall be limited to its express terms.

     

    No
      delay
      by the Corporation in acting with respect to the terms of this Note shall
      constitute a waiver of any breach, default, or failure of a condition under
      this
      Note or the obligations secured thereby.

     

    7.  Construction.
      Each
      party acknowledges that it had the opportunity to have its legal counsel review
      this Note and, therefore, stipulates that the rule of construction that
      ambiguities are to be resolved against the drafting party shall not be applied
      in the interpretation of this Note to favor any party against the
      other.

     

    8.  Conflicting
      Agreements.
      In the
      event of any inconsistencies between the terms of this Note and the terms of
      any
      other document related to the loan evidenced by the Note, the terms of this
      Note
      shall prevail.

     

    9.  Governing
      Law.
      This
      Note shall be construed in accordance with the laws of the State of Texas
      without resort to that State’s conflict-of-laws rules.

     

    

     

    IElement
      Corporation “MAKER” Veronica
      Kristi Prenn “LENDER”

    

    X:
      _________________________________ X:_____________________

    By:
      Ivan Zweig By:
      Veronica Kristi Prenn

    Its:
      Director & Chief Executive Officer Date:

    Date:Promissory Note to Rhino (IOM) Limited

    THIS
      NOTE
      HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), NOR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS AND HAS BEEN TAKEN
      FOR INVESTMENT PURPOSES ONLY. IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED
      OR
      HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH
      SECURITIES UNDER THE ACT AND QUALIFICATION UNDER APPLICABLE STATE LAW WITHOUT
      AN
      OPINION OF COUNSEL SATISFACTORY TO BORROWER THAT SUCH REGISTRATION AND
      QUALIFICATION ARE NOT REQUIRED.

     

    Rhino
      (IOM) Limited

     

    NOTE

     

                                                                      
              $100,000                           
June 8,
      2006

     

    Dallas,
      TX

     

    FOR
      VALUE RECEIVED,
      IElement
      Corporation (“Maker”) promises to pay to the order of Rhino (IOM) Limited (the
“Lender”), at the offices located at 17194 Preston Road Ste 102, PMB 341 in
      Dallas, TX, the principal sum of One Hundred Thousand Dollars ($100,000 ),
      together with all accrued interest thereon, upon the terms and conditions
      specified below.

     

    1.  Interest.
      Interest
      shall accrue and be payable monthly on the balance outstanding under this Note
      at the rate of 10.0% per annum, compounded monthly, or at the maximum rate
      allowed by law, whichever is lower.

     

    2.  Due
      Date.
      One half
      of the principal balance ($50,000 ) shall become due and payable upon the Maker
      securing one million dollars ($1,000,000) in funding via conversion of Maker’s
      outstanding warrants into shares of Maker’s common stock. The remaining
      principal balance and interest shall become due and payable upon the Maker
      securing an additional one million dollars (total of $2,000,000) in funding
      via
      conversion of Maker’s outstanding warrants into shares of Maker’s common
      stock.

     

    3.  Payment.
      Payment
      shall be made in lawful tender of the United States and shall be applied first
      to the payment of principal and then to all accrued and unpaid interest.
      Prepayment of the principal balance of this Note, together with all accrued
      and
      unpaid interest on the portion of principal so prepaid, may be made in whole
      or
      in part at any time without penalty.

     

    4.  Events
      of Acceleration.
      The
      entire unpaid principal balance of this Note, together with all accrued and
      unpaid interest, shall become immediately due and payable prior to the specified
      due date of this Note upon the occurrence of one or more of the following
      events: 

     

        A.  the
      expiration of the thirty (30)-day period following the date the Maker ceases
      for
      any reason to pay its monthly obligations to the Lender; or 

     

        B.  the
      insolvency of the Maker, the commission of any act of bankruptcy by the Maker,
      the execution by the Maker of a general assignment for the benefit of creditors,
      the filing by or against the Maker of any petition in bankruptcy or any petition
      for relief under the provisions of the Federal bankruptcy act or any other
      state
      or Federal law for the relief of debtors and the continuation of such petition
      without dismissal for a period of thirty (30) days or more, the appointment
      of a
      receiver or trustee to take possession of any property or assets of the Maker
      or
      the attachment of or execution against any property or assets of the Maker;
      or

     

        C. an
      acquisition of the Company (whether by merger, sale of all or substantially
      all
      of the Company’s assets or sale of more than fifty percent (50%) of the
      Company’s outstanding voting securities) for consideration payable in cash or
      freely-tradable securities; provided,
      however, that if the Pooling of Interest Method, as described in Accounting
      Principles Board Opinion No. 16, is used to account for the acquisition for
      financial accounting purposes, then acceleration of this Note shall not occur
      until the end of the sixty (60)-day period immediately following the close
      of
      the applicable transfer restriction period required under Accounting Series
      Release Numbers 130 and 135.

     

    5.  Collection.
      If
      action
      is instituted to collect this Note, the Maker promises to pay all costs and
      expenses (including reasonable attorney fees) incurred in connection with such
      action.

     

    6.  Waiver.
      A waiver
      of any term of this Note or of any of the obligations secured thereby must
      be
      made in writing and signed by a duly-authorized officer of the Corporation
      and
      any such waiver shall be limited to its express terms.

     

    No
      delay
      by the Corporation in acting with respect to the terms of this Note shall
      constitute a waiver of any breach, default, or failure of a condition under
      this
      Note or the obligations secured thereby.

     

    7.  Construction.
      Each
      party acknowledges that it had the opportunity to have its legal counsel review
      this Note and, therefore, stipulates that the rule of construction that
      ambiguities are to be resolved against the drafting party shall not be applied
      in the interpretation of this Note to favor any party against the
      other.

     

    8.  Conflicting
      Agreements.
      In the
      event of any inconsistencies between the terms of this Note and the terms of
      any
      other document related to the loan evidenced by the Note, the terms of this
      Note
      shall prevail.

     

    9.  Governing
      Law.
      This
      Note shall be construed in accordance with the laws of the State of Texas
      without resort to that State’s conflict-of-laws rules.

     

    

     

    IElement
      Corporation “MAKER”

    

    X:
      ____________________________________________

    By:
      Ivan Zweig

    Its:
      Director & Chief Executive Officer

    Date:
      May ___, 2006

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