Document:

Exhibit 10.31

 

BUSINESS LOAN AGREEMENT

 

	
  Principal

  	
   

  	
  Loan Date

  	
   

  	
  Maturity

  	
   

  	
  Loan No

  	
   

  	
  Call / Coll

  	
   

  	
  Account

  	
   

  	
  Officer

  	
   

  	
  Initials

  	
   

  
	
  $

  	
  100,000.00

  	
   

  	
  04–08–2002

  	
   

  	
  04–30–2004

  	
   

  	
  0100961001

  	
   

  	
  02

  	
   

  	
  103369

  	
   

  	
  232

  	
   

  	
   

  	
   

  
																	

 

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 beenomitted 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

  

 

THIS
BUSINESS LOAN AGREEMENT dated April 8, 2002, is made and executed between
PRIMAL SOLUTIONS, INC.; and WIRELESS BILLING SYSTEMS (“Borrower”) and SUNWEST
BANK (“Lender”) on the following terms and conditions.  Borrower has received prior commercial loans
from Lender or has applied to Lender for a commercial loan or loans or other
financial accommodations, including those which may be described on any exhibit
or schedule attached to thisAgreement
(“Loan”).  Borrower understands and
agrees that: (A) in granting, renewing, or extending any Loan, Lender is
relying upon Borrower’s representations, warranties, and agreements as set
forth in this Agreement; (B) the granting, renewing, or extending of any Loan
by Lender at all times shall be subject to Lender’s sole judgment and
discretion; and (C) all such Loans shall be and remain subject to the terms and
conditions of this Agreement.

 

TERM.  This Agreement shall
be effective as of April 8, 2002, and shall continue in full force and effect
until such time as all of Borrower’s Loans in favor of Lender have been paid in
full, including principal, interest, costs, expenses, attorneys’ fees, and
other fees and charges, or until such time as the parties may agree in writing
to terminate this Agreement.

 

CONDITIONS
PRECEDENT TO EACH ADVANCE.  Lender’s
obligation to make the initial Advance and each subsequent Advance under this
Agreement shall be subject to the fulfillment to Lender’s satisfaction of all
of the conditions set forth in this Agreement and in the Related Documents.

 

Loan Documents.  Borrower shall
provide to Lender the following documents for the Loan: (1) the Note; (2)
Security Agreements granting to Lender security interests in the Collateral;
(3)financing statements and
all other documents perfecting Lender’s Security Interests; (4) evidence of
insurance as required below; (5) subordinations; (6) together with all such
Related Documents as Lender may require for the Loan; all in form and substance
satisfactory to Lender and Lender’s counsel.

 

Borrower’s Authorization.  Borrower shall have
provided in form and substance satisfactory to Lender properly certified
resolutions, duly authorizing the execution and delivery of this Agreement, the
Note and the Related Documents. In addition, Borrower shall have provided such
other resolutions, authorizations, documents and instruments as Lender or its
counsel, may require.

 

Payment of Fees and Expenses.  Borrower shall have
paid to Lender all fees, charges, and other expenses which are then due and
payable as specified in this Agreement or any Related Document.

 

Representations and Warranties.  The representations
and warranties set forth in this Agreement, in the Related Documents, and in
any document or certificate delivered to Lender under this Agreement are true
and correct.

 

No Event of Default.  There shall not exist at the time of any
Advance a condition which would constitute an Event of Default under this
Agreement or under any Related Document.

 

REPRESENTATIONS
AND WARRANTIES.  Borrower
represents and warrants to Lender, as of the date of this Agreement, as of the
date of each disbursement of loan proceeds, as of the date of any renewal,
extension or modification of any Loan, and at all times any Indebtedness
exists:

 

Organization. 
PRIMAL SOLUTIONS, INC.  is a corporation for profit which is, and at
all times shall be, duly organized, validly existing, and in good standing
under and by virtue of the laws of the State of Delaware.  PRIMAL SOLUTIONS, INC.  is duly authorized to transact business in
PRIMAL SOLUTIONS, INC. maintains an office at 18881 VON KARMAN,  SUITE 450, IRVINE, CA 92612.  Unless PRIMAL SOLUTIONS, INC.  has designated otherwise in writing, the
principal office is the office at which PRIMAL SOLUTIONS, INC.  keeps its books and records including its
records concerning the Collateral. 
PRIMAL SOLUTIONS, INC.  will
notify Lender prior to any change in the location of PRIMAL SOLUTIONS, INC.’s
state of organization or any change in PRIMAL SOLUTIONS, INC.’s name.  WIRELESS BILLING SYSTEMS is a corporation for
profit which is, and at all times shall be, duly organized, validly existing,
and in good standing under and by virtue of the laws of the State of California
WIRELESS BILLING SYSTEMS maintains an office at 18881 VON KARMAN, SUITE 450,
IRVINE, CA 92612.  Unless WIRELESS
BILLING SYSTEMS has designated otherwise in writing, the principal office is the
office at which WIRELESS BILLING SYSTEMS keeps its books and records including
its records concerning the Collateral. 
WIRELESS BILLING SYSTEMS will notify Lender prior to any change in the
location of WIRELESS BILLING SYSTEMS’ state of organization or any change in
WIRELESS BILLING SYSTEMS’ name,

 

Assumed Business Names.  Borrower has filed
or recorded all documents or filings required by law relating to all assumed
business names used by Borrower. 
Excluding the name of Borrower, the following is a complete list of all
assumed business names under which Borrower does business: None.

 

Authorization.  Borrower’s execution, delivery, and
performance of this Agreement and all the Related Documents have been duly
authorized by all necessary action by Borrower and do not conflict with, result
in a violation of, or constitute a default under (1) any provision of WIRELESS
BILLING SYSTEMS’ articles of incorporation or organization, or bylaws, or any
agreement or other Instrument binding upon Borrower or (2) any law,
governmental regulation, court decree, or order applicable to Borrower or to
Borrower’s properties.

 

Properties. 
Except as contemplated by this Agreement or as
previously disclosed in Borrower’s financial statements or in writing to Lender
and as accepted by Lender, and except for property tax liens for taxes not
presently due and payable, Borrower owns and has good title to all of
Borrower’s properties free and clear of all liens and security interests, and
has not executed any security documents or financing statements relating to
such properties.  All of Borrower’s
properties are titled in Borrower’s legal name, and Borrower has not used or
filed a financing statement under any other name for at least the last five (5)
years.

 

AFFIRMATIVE
COVENANTS.  Borrower
covenants and agrees with Lender that, so long as this Agreement remains in
effect, Borrower will:

 

Notices of Claims and Litigation.  Promptly inform
Lender in writing of (1) all material adverse changes in Borrower’s financial
condition, and (2) all existing and all threatened litigation, claims,
investigations, administrative proceedings or similar actions affecting
Borrower or any Guarantor which could materially affect the financial condition
of Borrower or the financial condition of any Guarantor.

 

Financial Records.
Maintain its books and records in accordance with accounting principles
acceptable to Lender, applied on a consistent basis, and permit Lender to
examine and audit Borrower’s books and records at all reasonable times.

 

Financial Statements.  Furnish Lender with
the following:

 

Annual Statements.  As soon as
available, but in no event later than ninety (90) days after the end of each
fiscal year, Borrower’s balance sheet and income statement for the year ended,
audited by a certified public accountant satisfactory to Lender.

 

 

All financial
reports required to be provided under this Agreement shall be prepared in
accordance with GAAP, applied on a consistent basis, and certified by Borrower
as being true and correct.

 

Subordination.  Prior to
disbursement of any Loan proceeds, deliver to Lender a subordination agreement
on Lender’s forms, executed by Borrower’s creditor named below, subordinating
all of Borrower’s indebtedness to such creditor, or such lesser amount as may
be agreed to by Lender in writing, and any security interests in collateral
securing that indebtedness to the Loans and security interests of Lender.

 

	
  Name of Creditor

  	
   

  	
  Total Amount of Debt

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CORSAIR COMMUNICATION, INC.

  	
   

  	
  $1,722,417.00

  	
   

  

 

Loan Proceeds.  Use all Loan
proceeds solely for Borrower’s business operations, unless specifically
consented to the contrary by Lender in writing.

 

Taxes, Charges and Liens.  Pay and discharge
when due all of its indebtedness and obligations, including without limitation
all assessments, taxes, governmental charges, levies and liens, of every kind
and nature, imposed upon Borrower or its properties, income, or profits, prior
to the date on which penalties would attach, and all lawful claims that, if
unpaid, might become a lien or charge upon any of Borrower’s properties,
income, or profits.

 

Performance. 
Perform and comply, in a timely manner, with
all terms, conditions, and provisions set forth in this Agreement, in the
Related Documents, and in all other instruments and agreements between Borrower
and Lender.  Borrower shall notify Lender
immediately in writing of any default in connection with any agreement.

 

Operations. 
Maintain executive and management personnel
with substantially the same qualifications and experience as the present
executive and management personnel; provide written notice to Lender of any
change in executive and management personnel; conduct its business affairs in a
reasonable and prudent manner.

 

Compliance with Governmental
Requirements.  Comply
with all laws, ordinances, and regulations, now or hereafter in effect, of all
governmental authorities applicable to the conduct of Borrower’s properties,
businesses and operations, and to the use or occupancy of the Collateral,
including without limitation, the Americans With Disabilities Act. Borrower may
contest in good faith any such law, ordinance, or regulation and withhold
compliance during any proceeding, including appropriate appeals, so long as
Borrower has notified Lender in writing prior to doing so and so long as, in
Lender’s sole opinion, Lender’s interests in the Collateral are not
jeopardized.  Lender may require Borrower
to post adequate security or a surety bond, reasonably satisfactory to Lender,
to protect Lender’s interest.

 

Inspection. 
Permit employees or agents of Lender at any
reasonable time to inspect any and all Collateral for the Loan or Loans and
Borrower’s other properties and to examine or audit Borrower’s books, accounts,
and records and to make copies and memoranda of Borrower’s books, accounts, and
records.  If Borrower now or at any time
hereafter maintains any records (including without limitation computer
generated records and computer software programs for the generation of such
records) in the possession of a third party, Borrower, upon request of Lender, shall
notify such party to permit Lender free access to such records at all
reasonable times and to provide Lender with copies of any records it may
request, all at Borrower’s expense.

 

LENDER’S
EXPENDITURES.  If
any action or proceeding is commenced that would materially affect Lender’s
interest in the Collateral or if Borrower fails to comply with any provision of
this Agreement or any Related Documents, including but not limited to
Borrower’s failure to discharge or pay when due any amounts Borrower is required
to discharge or pay under this Agreement or any Related Documents, Lender on
Borrower’s behalf may (but shall not be obligated to) take any action that
Lender deems appropriate on any Collateral and paying all costs for insuring,
maintaining and preserving any Collateral. All such expenditures incurred or
paid by Lender for such purposes will then bear interest at the rate charged
under the Note from the date incurred or paid by Lender to the date of
repayment by Borrower.  All such expenses
will become a part of the Indebtedness and, at Lender’s option, will (A) be
payable on demand; (B) be added to the balance of the Note and be apportioned
among and be payable with any installment payments to become due during either
(1) the term of any applicable insurance policy; or (2) the remaining term of
the Note; or (C) be treated as a balloon payment which will be due and payable
at the Note’s maturity.

 

NEGATIVE
COVENANTS.  Borrower
covenants and agrees with Lender that while this Agreement is in effect, Borrower
shall not, without the prior written consent of Lender:

 

Indebtedness and Liens.  (1) Except for trade
debt incurred in the normal course of business and indebtedness to Lender
contemplated by this Agreement, create, incur or assume indebtedness for borrowed
money, including capital leases, (2) sell, transfer, mortgage, assign, pledge,
lease, grant a security interest in, or encumber any of Borrower’s assets
(except as allowed as Permitted Liens), or (3) sell with recourse any of
Borrower’s accounts, except to Lender.

 

Continuity of Operations.  (1) Engage in any
business activities substantially different than those in which Borrower is
presently engaged, (2) cease operations, liquidate, merge, transfer, acquire or
consolidate with any other entity, change its name, dissolve or transfer or
sell Collateral out of the ordinary course of business, or (3) pay any
dividends on Borrower’s stock (other than dividends payable in its stock),
provided, however that notwithstanding the foregoing, but only so long as no
Event of Default has occurred and is continuing or would result from the
payment of dividends, if Borrower is a “Subchapter S Corporation” (as defined
in the Internal Revenue Code of 1986, as amended), Borrower may pay cash
dividends on its stock to its shareholders from time to time in amounts
necessary to enable the shareholders to pay income taxes and make estimated
income tax payments to satisfy their liabilities under federal and state law
which arise solely from their status as Shareholders of a Subchapter S
Corporation because of their ownership of shares of Borrower’s stock, or
purchase or retire any of Borrower’s outstanding shares or alter or amend
Borrower’s capital structure.

 

Loans, Acquisitions and Guaranties.  (1) Loan, invest in
or advance money or assets, (2)purchase,
create or acquire any interest in any other enterprise or entity, or (3) incur
any obligation as surety or guarantor other than in the ordinary course of
business.

 

CESSATION
OF ADVANCES.  If
Lender has made any commitment to make any Loan to Borrower, whether under this
Agreement or under any other agreement, Lender shall have no obligation to make
Loan advances or to disburse Loan proceeds if: (A) Borrower or any guarantor is
in default under the terms of this Agreement or any other agreement that
Borrower or any guarantor has with Lender; (B) Borrower or any guarantor dies,
becomes incompetent or becomes insolvent, files a petition in bankruptcy or
similar proceedings, or is adjudged a bankrupt; (C) there occurs a material
adverse change in Borrower’s financial condition, in the financial condition of
any guarantor, or in the value of any collateral securing any Loan; or (D) any
guarantor seeks, claims or otherwise attempts to limit, modify or revoke such
guarantor’s guaranty of the Loan or any other loan with Lender; or (E) Lender
in good faith deems itself insecure, even though no Event of Default shall have
occurred.

 

RIGHT
OF SETOFF.  To
the extent permitted by applicable law, Lender reserves a right 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.

 

2

 

DEFAULT.  Each of the
following shall constitute an Event of Default under this Agreement:

 

Payment Default.  Borrower fails to
make any payment when due under the Loan.

 

Other Default.  Borrower fails to
comply with any other term, obligation, covenant or condition contained in this
Agreement or in any of the Related Documents.

 

Default in Favor of Third Parties.  Borrower 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 the Loans or perform Borrower’s obligations under this Agreement or any
related document.

 

False Statements.  Any representation
or statement made by Borrower to Lender is false in any material respect.

 

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.

 

Events Affecting Guarantor.  Any of the preceding
events occurs with respect to any Guarantor of any of the Indebtedness or any
Guarantor dies or becomes incompetent, or revokes or disputes the validity of,
or liability under, any Guaranty of the Indebtedness.  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.  

 

Insecurity. 
Lender in good faith believes itself insecure.

 

EFFECT
OF AN EVENT OF DEFAULT.  If
any Event of Default shall occur, except where otherwise provided in this
Agreement or the Related Documents, all commitments and obligations of Lender
under this Agreement immediately will terminate (including any obligation to
make further Loan Advances or disbursements), and, at Lender’s option, all
Indebtedness immediately will become due and payable, all without notice of any
kind to Borrower, except that in the case of an Event of Default of the type
described in the “Insolvency” subsection above, such acceleration shall be
automatic and not optional.  In addition,
Lender shall have all the rights and remedies provided in the Related Documents
or available at law, in equity, or otherwise. 
Except as may be prohibited by applicable law, all of Lender’s rights
and remedies shall be cumulative and may be exercised singularly or
concurrently.  Election by Lender to
pursue any remedy shall not exclude pursuit of any other remedy, and an
election to make expenditures or to take action to perform an obligation of
Borrower or of any Grantor shall not affect Lender’s right to declare a default
and to exercise its rights and remedies.

 

ADDITIONAL
PROVISION.  Borrower
shall provide Lender with the following:

1.  Annual 10-KSB within 90 days of fiscal year
end.

2.  Quarterly 10-QSB within 60 days of each
calendar quarter.

 

ARBITRATION.  Borrower and Lender agree that all disputes,
claims and controversies between them whether individual, joint, or class in
nature, arising from this Agreement 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 of either party.  No act to take
or dispose of any Collateral 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, including any claim to rescind, reform, or
otherwise modify any agreement relating to the Collateral, 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 Agreement 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.

 

DEFINITIONS.  The following
capitalized words and terms shall have the following meanings when used in this
Agreement.  Unless specifically stated to
the contrary, all references to dollar amounts shall mean amounts in lawful
money of the United States of America. 
Words and terms used in the singular shall include the plural, and the
plural shall include the singular, as the context may require.  Words and terms not otherwise defined in this
Agreement shall have the meanings attributed to such terms in the Uniform
Commercial Code.  Accounting words and
terms not otherwise defined in this Agreement shall have the meanings assigned
to them in accordance with generally accepted accounting principles as in
effect on the date of this Agreement:

 

Advance. 
The word “Advance” means a disbursement of Loan
funds made, or to be made, to Borrower or on Borrower’s behalf on a line of
credit or multiple advance basis under the terms and conditions of this
Agreement.

 

Agreement. 
The word “Agreement” means this Business Loan
Agreement, as this Business Loan Agreement may be amended or modified from time
to time, together with all exhibits and schedules attached to this Business
Loan Agreement from time to time.

 

Borrower. 
The word “Borrower” means PRIMAL SOLUTIONS,
INC.; and WIRELESS BILLING SYSTEMS, and all other persons and entities signing
the Note in whatever capacity.

 

Collateral. 
The word “Collateral” means all property and
assets granted as collateral security for a Loan, whether real or personal
property, whether granted directly or indirectly, whether granted now or in the
future, and whether granted in the form of a security interest, mortgage,
collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel
mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment
trust, conditional sale, trust receipt, lien, charge, lien or title retention
contract, lease or consignment intended as a security device, or any other
security or lien interest whatsoever, whether created by law, contract, or
otherwise.

 

Event of Default.  The words “Event of
Default” mean any of the events of default set forth in this Agreement in the
default section of this Agreement.

 

GAAP.  The
word “GAAP” means generally accepted accounting principles.

 

3

 

Grantor. 
The word “Grantor” means each and all of the
persons or entities granting a Security Interest in any Collateral for the
Loan, including without limitation all Borrowers granting such a Security Interest.

 

Guarantor. 
The word “Guarantor” means any guarantor,
surety, or accommodation party of any or all of the Loan.

 

Guaranty. 
The word “Guaranty” means the guaranty from
Guarantor to Lender, including without limitation a guaranty of all or part of
the Note.

 

Indebtedness. 
The word “Indebtedness” means the indebtedness
evidenced by the Note or Related Documents, including all principal and
Interest together with all other Indebtedness and costs and expenses for which
Borrower is responsible under this Agreement or under any of the Related
Documents.

 

Lender. 
The word “Lender” means SUNWEST BANK, its
successors and assigns.

 

Loan.  The
word “Loan” means any and all loans and financial accommodations from Lender to
Borrower whether now or hereafter existing, and however evidenced, including
without limitation those loans and financial accommodations described herein or
described on any exhibit or schedule attached to this Agreement from time to
time.

 

Note.  The
word “Note” means any and all of Borrower’s indebtedness to Lender and is used
in the most comprehensive sense and means and includes any and all of
Borrower’s liabilities, obligations and debts to Lender, now existing or
hereinafter incurred or created, together with all renewals of, extensions of,
modifications of, refinancings of, consolidations of, and substitution for the
Related Documents.

 

Permitted Liens.  The words “Permitted
Liens” mean (1) liens and security interests securing Indebtedness owed by
Borrower to Lender; (2) liens for taxes, assessments, or similar charges either
not yet due or being contested in good faith; (3) liens of materialmen,
mechanics, warehousemen, or carriers, or other like liens arising in the
ordinary course of business and securing obligations which are not yet
delinquent; (4) purchase money liens or purchase money security interests upon
or in any property acquired or held by Borrower in the ordinary course of
business to secure indebtedness outstanding on the date of this Agreement or
permitted to be incurred under the paragraph of this Agreement titled
“Indebtedness and Liens”; (5) liens and security interests which, as of the
date of this Agreement, have been disclosed to and approved by the Lender in
writing; and (6) those liens and security interests which in the aggregate
constitute an immaterial and insignificant monetary amount with respect to the
net value of Borrower’s assets.

 

Related Documents.  The words “Related
Documents” mean all promissory notes, credit agreements, loan agreements,
environmental agreements, guaranties, security agreements, mortgages, deeds oftrust, security deeds, collateral
mortgages, and all other instruments, agreements and documents, whether now or
hereafter existing, executed in connection with the Loan.

 

Security Agreement.  The words “Security
Agreement” mean and include without limitation any agreements, promises,
covenants, arrangements, understandings or other agreements, whether created by
law, contract, or otherwise, evidencing, governing, representing, or creating a
Security Interest.

 

Security Interest.  The words “Security
Interest” mean, without limitation, any and all types of collateral security,
present and future, whether in the form of a lien, charge, encumbrance,
mortgage, deed of trust, security deed, assignment, pledge, crop pledge,
chattel mortgage, collateral chattel mortgage, chattel trust, factor’s lien,
equipment trust, conditional sale, trust receipt, lien or title retention
contract, lease or consignment intended as a security device, or any other security
or lien interest whatsoever whether created by law, contract, or otherwise.

 

BORROWER
ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND
BORROWER AGREES TO ITS TERMS.  THIS
BUSINESS LOAN AGREEMENT IS DATED APRIL 8, 2002.

 

	
  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

  
	
   

  
	
  LENDER:

  
	
   

   

  
	
   

  
	
  SUNWEST BANK

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Scott Korsvik

  	
   

  
	
  Authorized Signer

  
				

 

4Exhibit 10.32

 

CHANGE IN TERMS AGREEMENT

 

	
  Principal

  	
   

  	
  Loan Date

  	
   

  	
  Maturity

  	
   

  	
  Loan No

  	
   

  	
  Call /
  Coll

  	
   

  	
  Account

  	
   

  	
  Officer

  	
   

  	
  Initials

  	
   

  
	
  $

  	
  100,000.00

  	
   

  	
  03–15–2004

  	
   

  	
  08–28–2004

  	
   

  	
  0100961001

  	
   

  	
  02

  	
   

  	
  103369

  	
   

  	
  248

  	
   

  	
   

  	
   

  
																	

 

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

  
	
   

  	
  18881 VON KARMAN, SUITE 450

  	
   

  	
  17542 EAST 17th STREET

  
	
   

  	
  IRVINE, CA  92612

  	
   

  	
  TUSTIN, CA  92780

  

 

	
  Principal Amount:  $100,000.00

  	
   

  	
  Initial Rate:   6.500%

  	
   

  	
  Date of Agreement:   March 15,
  2004

  

 

DESCRIPTION
OF EXISTING INDEBTEDNESS.  A
PROMISSORY NOTE DATED APRIL 8, 2002 IN THE AMOUNT OF $100,00.00 EVIDENCING A
REVOLVING LINE OF CREDIT WITH A CURRENT BALANCE OF $100,000.00.

 

DESCRIPTION
OF COLLATERAL.  UCC1
AND SECURITY AGREEMENT COVERING ALL BUSINESS ASSETS.  

 

DESCRIPTION
OF CHANGE IN TERMS.  EXTEND
MATURITY DATE FROM APRIL 30, 2004 TO AUGUST 28, 2004.

 

CONTINUING
VALIDITY.  Except
as expressly changed by this Agreement, the terms of the original obligation or
obligations, including all agreements evidenced or securing the obligation(s),
remain unchanged and in full force and effect. 
Consent by Lender to this Agreement does not waive Lender’s right to
strict performance of the obligation(s) as changed, nor obligate Lender to make
any future change in terms.  Nothing in
this Agreement will constitute a satisfaction of the obligation(s).  It is the intention of Lender to retain as
liable parties all makers and endorsers of the original obligation(s),
including accommodation parties, unless a party is expressly released by Lender
in writing.  Any maker or endorser,
including accommodation makers, will not be released by virtue of this
Agreement.  If any person who signed the
original obligation does not sign this Agreement below, then all persons
signing below acknowledge that this Agreement is given conditionally, based on
the representation to Lender that the non-signing party consents to the changes
and provisions of this Agreement or otherwise will not be released by it.  This waiver applies not only to any initial
extension, modification or release, but also to all such subsequent actions.

 

PRIOR
TO SIGNING THIS AGREEMENT, EACH BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS
OF THIS AGREEMENT.  EACH BORROWER AGREES
TO THE TERMS OF THE AGREEMENT.

 

CIT
SIGNERS:

 

 

	
  PRIMAL SOLUTIONS, INC.

  
	
   

  
	
  By:

  	
  /s/ Joseph R. Simrell

  	
   

  
	
   

  	
  JOSEPH R. SIMRELL, President/ CEO of PRIMAL

  SOLUTIONS, INC.  

  	
   

  
	
   

  
	
   

  
	
  WIRELESS BILLING SYSTEMS

  
	
   

  
	
  By:

  	
  /s/ Joseph R.  Simrell

  	
   

  
	
   

  	
  JOSEPH R. SIMRELL, President/CEO of WIRELESS

  BILLING SYSTEMS

  	
   

  

 

 

CHANGE IN TERMS AGREEMENT

 

	
  Principal

  	
   

  	
  Loan Date

  	
   

  	
  Maturity

  	
   

  	
  Loan No

  	
   

  	
  Call /
  Coll

  	
   

  	
  Account

  	
   

  	
  Officer

  	
   

  	
  Initials

  	
   

  
	
  $

  	
  100,000.00

  	
   

  	
  03–15–2004

  	
   

  	
  08–28–2004

  	
   

  	
  0100961001

  	
   

  	
  02

  	
   

  	
  103369

  	
   

  	
  248

  	
   

  	
  /s/ [ILLEGIBLE]

  	
   

  
																	

 

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

  
	
   

  	
  18881 VON KARMAN, SUITE 450

  	
   

  	
  17542 EAST 17th STREET

  
	
   

  	
  IRVINE, CA  92612

  	
   

  	
  TUSTIN, CA  92780

  

 

	
  Principal Amount:  $100,000.00

  	
   

  	
  Initial Rate:   6.500%

  	
   

  	
  Date of Agreement:   March 15,
  2004

  

 

DESCRIPTION
OF EXISTING INDEBTEDNESS.  A
PROMISSORY NOTE DATED APRIL 8, 2002 IN THE AMOUNT OF $100,00.00 EVIDENCING A
REVOLVING LINE OF CREDIT WITH A CURRENT BALANCE OF $100,000.00.

 

DESCRIPTION
OF COLLATERAL.  UCC1
AND SECURITY AGREEMENT COVERING ALL BUSINESS ASSETS.  

 

DESCRIPTION
OF CHANGE IN TERMS.  EXTEND
MATURITY DATE FROM APRIL 30, 2004 TO AUGUST 28, 2004.

 

CONTINUING
VALIDITY.  Except
as expressly changed by this Agreement, the terms of the original obligation or
obligations, including all agreements evidenced or securing the obligation(s),
remain unchanged and in full force and effect. 
Consent by Lender to this Agreement does not waive Lender’s right to
strict performance of the obligation(s) as changed, nor obligate Lender to make
any future change in terms.  Nothing in
this Agreement will constitute a satisfaction of the obligation(s).  It is the intention of Lender to retain as
liable parties all makers and endorsers of the original obligation(s),
including accommodation parties, unless a party is expressly released by Lender
in writing.  Any maker or endorser,
including accommodation makers, will not be released by virtue of this
Agreement.  If any person who signed the
original obligation does not sign this Agreement below, then all persons
signing below acknowledge that this Agreement is given conditionally, based on
the representation to Lender that the non-signing party consents to the changes
and provisions of this Agreement or otherwise will not be released by it.  This waiver applies not only to any initial
extension, modification or release, but also to all such subsequent actions.

 

PRIOR
TO SIGNING THIS AGREEMENT, EACH BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS
OF THIS AGREEMENT.  EACH BORROWER AGREES
TO THE TERMS OF THE AGREEMENT.

 

CIT
SIGNERS:

 

 

	
  PRIMAL SOLUTIONS, INC.

  
	
   

  
	
  By:

  	
  /s/ Joseph R. Simrell

  	
   

  
	
   

  	
  JOSEPH R. SIMRELL, President/ CEO of PRIMAL

  SOLUTIONS, INC.  

  	
   

  
	
   

  
	
   

  
	
  WIRELESS BILLING SYSTEMS

  
	
   

  
	
  By:

  	
  /s/ Joseph R.  Simrell

  	
   

  
	
   

  	
  JOSEPH R. SIMRELL, President/CEO of WIRELESS

  BILLING SYSTEMS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]