Document:

Office Purchase Agreement, dated March 5,2003

 Exhibit 10.7 
  
 OFFICE PURCHASE AGREEMENT (English Summary) 
  

	 Date:
	  	March 5, 2003
		
	 Seller:
	  	IT’S TV Co., Ltd., located at 7th Floor,
Daelim Acrotown Building No. C (Daelim Acrotel) 467-6 Dogok-dong, Kangnam-ku, Seoul, Korea
		
	 Purchaser:
	  	Webzen Inc., located at 6th Floor, Daelim
Acrotown Building No. C (Daelim Acrotel) 467-6 Dogok-dong, Kangnam-ku, Seoul, Korea
		
	 Property:
	  	 Building: 20,323.5 square feet, including exclusive area (8,990.4 square feet) and common use areas, located at Suite No. 701,
7th Floor, Daelim Acrotown Building No. C (Daelim Acrotel) 467-6 Dogok-dong, Kangnam-ku, Seoul, Korea
 Land: 155,560 square feet, located at 467-6 Dogok-dong, Kangnam-ku, Seoul, Korea (125.391/14000.4 ownership)
 Fixtures: All fixtures including electricity and gas facilities

		
	 Sales Price:
	  	(Won)3,817,770,000 plus value added tax
		
	 Payment:
	  	 (Won)1,400,000,000 on March 5, 2003
 (Won)2,417,770,000 plus value added tax on April 30, 2003

		
	 Transfer of Title:
	  	Title to the Property shall be transferred upon (i) full payment of Sales Price and (ii) the record of title transfer on the real property registry.(1)
		
	 Possession:
	  	Purchaser shall take possession of the Property upon full payment of Sales Price.

	(1)	Webzen Inc. is recorded as owner of the Property on May 28, 2003.Lease Agreement, dated January 22, 2002

 Exhibit 10.8 
  
 LEASE AGREEMENT (English Summary) 
  

	 Date:
	  	January 22, 2002
		
	 Landlord:
	  	Ju-Won Yoon, Ran-Su Han, Kook-Jin Lee and Sung-Hee Yoon
		
	 Tenant:
	  	Webzen Inc., located at 7th Floor, Marcopolo
Building, 720-20 Yoksam-dong, Kangnam-ku, Seoul, Korea (former business address)
		
	 Premise:
	  	 (1) Suite No. 1 (13,314.8 square feet, including common use areas) and
 (2) Suite No. 3 (2,739.5 square feet, including common use areas), both located at 6th Floor, Daelim Acrotown Building No. C (Daelim Acrotel) 467-6 Dogok-dong, Kangnam-ku, Seoul, Korea

		
	 Term:
	  	30 months from the date of full payment of Security Deposit (from January 25, 2002 to June 24, 2004), automatically renewable for one year unless either party terminates in
writing at least three months prior to the expiration date.
		
	 Security Deposit:
	  	(Won)886,895,000, payable on January 25, 2002
		
	 Maintenance Fee:
	  	(Won)9,023,620 per month, payable on 26th of
each month. Default interest will incur at the rate of 24% per annum on the amount that is not paid when due.
		
	 Sublease:
	  	Tenant may not sublease all or part of the Premise to a third party without prior written consent of Landlord.
		
	 Termination:
	  	Landlord may terminate the lease without notice in the event of, including, but not limited to (i) Tenant’s failure to pay monthly maintenance fees or other expenses more
than twice in a timely manner, (ii) pledge of the Security Deposit by Tenant or (iii) Tenant’s bankruptcy or insolvency.
		
	 Surrender:
	  	Upon expiration or termination of the lease, Tenant shall remove all the fixtures attached by Tenant and restore the Premise to its original condition at his
expenses.
		
	 Jurisdiction:
	  	Korean court having jurisdiction over the location of the Premise.Lease Agreement, dated April 25, 2003

 Exhibit 10.9 
  
 LEASE AGREEMENT (English Summary) 
  

	 Date:
	  	April 25, 2003
		
	 Landlord:
	  	Ho Jeong, located at Suite No. 2, Daelim Acrotown Building No. C467-6 Dogok-dong, Kangnam-ku, Seoul, Korea
		
	 Tenant:
	  	Webzen Inc., located at 6th Floor, Daelim
Acrotown Building No. C 467-6 Dogok-dong, Kangnam-ku, Seoul, Korea
		
	 Premise:
	  	3,627.7 square feet (including common use areas), located at Dealim Acrotown Building No. C (Daelim Acrotel) 467-6 Dogok-dong, Kangnam-ku, Seoul, Korea
		
	 Term:
	  	14 months from the date of full payment of Security Deposit (from April 25, 2003 to June 24, 2004), automatically renewable for one year unless either party terminates in writing
at least three months prior to the expiration date.
		
	 Security Deposit:
	  	(Won)458,775,000, payable on April 25, 2003
		
	 Maintenance Fee:
	  	Payable monthly. Default interest will incur at the rate of 24% per annum on the amount that is not paid when due.
		
	 Sublease:
	  	Tenant may not sublease all or part of the Premise to a third party without prior written consent of Landlord.
		
	 Termination:
	  	Landlord may terminate the lease without notice in the event of, including, but not limited to (i) Tenant’s failure to pay monthly maintenance fees or other expenses more
than twice in a timely manner, (ii) pledge of the security deposit by Tenant or (iii) Tenant’s bankruptcy or insolvency.
		
	 Surrender:
	  	Upon expiration or termination of the lease, Tenant shall remove all the fixtures attached by Tenant and restore the Premise to its original condition at his
expenses.
		
	 Jurisdiction:
	  	Korean court having jurisdiction over the location of the Premise.Amendment No 1 to Business Loan Agreement

 Exhibit 10.1 
  
 AMENDMENT NO. 1 TO BUSINESS LOAN AGREEMENT 
 (Bank of America, N.A. – Excelligence Learning Corporation et al.) 
  
 This Amendment No. 1 to Business Loan Agreement, dated as of October 28, 2003 (this “Amendment”), is between BANK OF AMERICA, N.A. (the
“Bank”) and EXCELLIGENCE LEARNING CORPORATION, a Delaware corporation (“Borrower 1”), EARLYCHILDHOOD LLC, a California limited liability company (“Borrower 2”), EDUCATIONAL PRODUCTS, INC., a Texas corporation
(“Borrower 3”), SMARTERKIDS.COM, INC., a Delaware corporation (“Borrower 4”), MARKETING LOGISTICS, INC., a Minnesota corporation dba Early Childhood Manufacturers’ Direct (“Borrower 5”), and COLORATIONS, INC., an
Ohio corporation (“Borrower 6”). Borrower 2, Borrower 3, Borrower 4, Borrower 5 and Borrower 6 are wholly-owned subsidiaries of Borrower 1. In this Agreement, unless otherwise specified, all of the Borrowers are referred to collectively as
the “Borrower.” 
  
 RECITALS 
  
 A. The Bank and the Borrower entered into that certain Business Loan
Agreement dated as of September 26, 2003 (the “Agreement”). Borrower’s obligations under the Agreement are secured by, among other things, certain personal property owned or thereafter acquired by the Borrower, as well as the proceeds
of such personal property, as evidenced by that certain (1) Security Agreement (Receivables, Inventory and Equipment) dated as of September 26, 2003 and (2) Security Agreement – General Intangibles (Patents, Trademarks, Copyrights, Computer
Software) dated as of September 26, 2003 (the “Security Agreements”). The Agreement, the Security Agreements, and this Amendment, together with any and all other instruments and agreements that evidence, relate to, or secure the credit
extended thereunder, whether or not executed by the Borrower, are hereinafter collectively referred to herein as the “Loan Documents.” 
  
 B. The parties now desire to amend the Agreement to extend the maximum maturity date of standby letters of credit issued by the Bank, and to affirm and
ratify the Loan Documents, on the terms and conditions set forth in this Amendment. 
  
 AGREEMENT 
  
 1.
Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Agreement. 
  
 2. Amendments. The Agreement is hereby amended as follows (with amended language shown in bold: 
  
 2.1 Letters of Credit. Paragraph 2.7 is hereby
amended to read in its entirety as follows: 
  

	 	(a)	During the availability period, at the request of the Borrower, the Bank will issue standby letters of credit with a maximum maturity of 60 days beyond the Facility No. 1 Expiration
Date. 

  

	 	(b)	The total amount of the letters of credit outstanding at any one time (including the drawn and unreimbursed amounts of the letters of credit) may not exceed One Million Dollars
($1,000,000.00). 

  

	 	(c)	In calculating the principal amount outstanding under the Facility No. 1 Commitment, the calculation shall include the amount of any letters of credit outstanding, including amounts
drawn on any letters of credit and not yet reimbursed. 

  

 1 

	 	(d)	The Borrower agrees: 

  

	 	(i)	Any sum drawn under a letter of credit may, at the option of the Bank, be added to the principal amount outstanding under this Agreement. The amount will bear interest and be due as
described elsewhere in this Agreement. 

  

	 	(ii)	If there is a default under this Agreement, to immediately prepay and make the Bank whole for any outstanding letters of credit. 

  

	 	(iii)	The issuance of any letter of credit and any amendment to a letter of credit is subject to the Bank’s written approval and must be in form and content satisfactory to the Bank
(in the exercise of its Permitted Discretion) and in favor of a beneficiary acceptable to the Bank. 

  

	 	(iv)	To sign the Bank’s form Application and Agreement for Standby Letter of Credit, as applicable. 

  

	 	(v)	To pay any issuance and/or other fees that the Bank notifies the Borrower will be charged for issuing and processing letters of credit for the Borrower. 

  

	 	(vi)	To allow the Bank to automatically charge its checking account for applicable fees, discounts, and other charges. 

  

	 	(vii)	To pay the Bank a non-refundable fee equal to 1.50% per annum of the outstanding undrawn amount of each standby letter of credit, payable quarterly in advance, calculated on the
basis of the face amount outstanding on the day the fee is calculated. If there is a default under this Agreement, at the Bank’s option, the amount of the fee shall be increased up to 3.0% per annum at Bank’s sole discretion,
effective starting on the day the Bank provides notice of the increase to the Borrower. 

  
 3. Ratification of Loan Documents. The Borrower (and each of them) hereby affirms and ratifies the Agreement, the Security Agreements, and all
documents and instruments that evidence, or relate to, or secure the credit extended under the Loan Documents. Notwithstanding the foregoing, Borrower 2 specifically acknowledges and agrees that the Agreement and the Security Agreements where
executed by: (1) Ronald C. Elliot, in his official capacity as President/Chief Executive Officer of Borrower 1, sole member of Borrower 2; and (2) Judith McGuinn, in her official capacity as Chief Operating Officer of Borrower 1, the sole member of
Borrower 2. 
  
 4. Effect of Amendment. Except as provided
in this Amendment, all of the terms and conditions of the Agreement shall remain in full force and effect. 
  
 5. Counterparts. This Amendment may be executed in counterparts, each of which when so executed shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument. 
  

 2 

 6. FINAL AGREEMENT. THIS WRITTEN AMENDMENT REPRESENTS THE FINAL AGREEMENT BETWEEN AND AMONG THE
PARTIES HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES. 

 
 This Amendment is executed as of the date stated at the beginning of this
Amendment. 
  

	 The “Bank”
	 	 “Borrower 1”

		
	 Bank of America, N.A.
	 	 EXCELLIGENCE LEARNING CORPORATION,

	 	 	 a Delaware corporation

				
	 By
	 	 /s/ John M. Fitzgerald

	 	 By
	 	 /s/ Ronald C. Elliott

	 Name:
	 	 John M. Fitzgerald
	 	 Name:
	 	 Ronald C. Elliott

	 Title:
	 	 Senior Vice President
	 	 Title:
	 	 Chief Executive Officer

				
	 	 	 	 	 By
	 	 /s/ Judith McGuinn

	 	 	 	 	 Name:
	 	 Judith McGuinn

	 	 	 	 	 Title:
	 	 Executive Vice President and

	 	 	 	 	 	 	 Chief Operating Officer

			
	 	 	 	 	 “Borrower 2”

			
	 	 	 	 	 EARLYCHILDHOOD LLC,

	 	 	 	 	 a California limited liability company

				
	 	 	 	 	 By
	 	 /s/ Ronald C. Elliott

	 	 	 	 	 Name:
	 	 Ronald C. Elliott

	 	 	 	 	 Title:
	 	 As President/Chief Executive Officer
 of Excelligence Learning Corporation, a
 Delaware corporation, Sole Member

	 	 	 
				
	 	 	 	 	 By
	 	 /s/ Judith McGuinn

	 	 	 	 	 Name:
	 	 Judith McGuinn

	 	 	 	 	 Title:
	 	 As Chief Operating Officer of
 Excelligence Learning Corporation, a
 Delaware corporation, Sole Member

			
	 	 	 	 	 “Borrower 3”

			
	 	 	 	 	 EDUCATIONAL PRODUCTS, INC.,

	 	 	 	 	 a Texas corporation

				
	 	 	 	 	 By
	 	 /s/ Judith McGuinn

	 	 	 	 	 Name:
	 	 Judith McGuinn

	 	 	 	 	 Title:
	 	 President

  

 3 

	 By
	 	 /s/ Jeffrey C. Grace

	 Name:
	 	 Jeffrey C. Grace

	 Title:
	 	 Secretary/Treasurer

	
	 “Borrower 4”

	
	 SMARTERKIDS.COM, INC.,

	 a Delaware corporation

		
	 By
	 	 /s/ Judith McGuinn

	 Name:
	 	 Judith McGuinn

	 Title:
	 	 President

		
	 By
	 	 /s/ Jeffrey C. Grace

	 Name:
	 	 Jeffrey C. Grace

	 Title:
	 	 Secretary/Treasurer

	
	 “Borrower 5”

	
	 MARKETING LOGISTICS, INC.,

	 a Minnesota corporation dba

	 Early Childhood Manufacturers’ Direct

		
	 By
	 	 /s/ Ronald C. Elliott

	 Name:
	 	 Ronald C. Elliott

	 Title:
	 	 President/Chief Executive Officer

		
	 By
	 	 /s/ Judith McGuinn

	 Name:
	 	 Judith McGuinn

	 Title:
	 	 Vice President/Secretary

	
	 “Borrower 6”

	
	 COLORATIONS, INC., an Ohio corporation

		
	 By
	 	 /s/ Ronald C. Elliott

	 Name:
	 	 Ronald C. Elliott

	 Title:
	 	 President

		
	 By
	 	 /s/ Ronald C. Elliott

	 Name:
	 	 Ronald C. Elliott

	 Title:
	 	 Vice President/Secretary/Treasurer

  

 4

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