Document:

TERM PROMISSORY NOTE

   
 Exhibit 10.2
 TERM PROMISSORY NOTE

	$65,000	July 10, 2002

          FOR VALUE RECEIVED, the undersigned, MediaBin,
Inc., a Georgia corporation (the “Borrower”), promises to pay Glastad Holding, Ltd. a Cayman Islands corporation (the “Lender”), at 10 Stratton Street, 4th Floor, London WIX 4EJ, England (or at such other place as the Lender may
designate in writing to the Borrower), in lawful money of the United States of America, the principal sum of sixty-five thousand dollars ($65,000), plus interest as hereinafter provided.
          The Borrower promises to pay interest on the unpaid principal amount outstanding hereunder (the “Loan”), at a simple interest rate per annum equal to the Prime
Rate Basis. “Prime Rate Basis” shall mean, on any day, a simple interest rate per annum equal to the Prime Rate (as defined herein) plus 100 basis points (1.0%). “Prime Rate” shall mean, on any day, the rate of interest published
as the “Prime Rate” as of the last business day of the full calendar month preceding such day by Bank of America, N.A. (Charlotte, North Carolina), or any successor institution. The Prime Rate in effect as of the close of business of each
day shall be the applicable Prime Rate for the day and each succeeding non-business day in determining the applicable Prime Rate Basis. Interest shall be calculated on the basis of a 360-day year for the actual number of days elapsed. 
          Interest under this Note shall be due and payable quarterly in arrears on the last day of each calendar quarter, commencing September 30, 2002, and continuing to be due on
the last day of each calendar quarter thereafter until this Note is paid in full. Interest shall also be due and payable when this Note shall become due (whether at maturity, by reason of acceleration or otherwise). After default, interest shall
also be due and payable upon demand from time to time by the Lender as provided below. 
          The indebtedness evidenced by this Note shall be due and payable on
January 1, 2003, plus all accrued and unpaid interest as hereinabove provided
          Overdue principal shall bear interest for each day from the date it became so
due until paid in full, payable on demand, at a rate per annum (computed on the basis of a 360-day year for the actual number of days elapsed) equal to two percent (2%) per annum in excess of the interest rate otherwise payable hereunder.

          In no event shall the amount of interest due or payable hereunder exceed the maximum rate of interest allowed by applicable law, and in the event any such
payment is inadvertently paid by the Borrower or inadvertently received by the Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the Lender, in writing, that the Borrower elects to have such
excess sum returned to it forthwith. It is the express intent hereof that the Borrower not pay and the Lender not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under
applicable law.
          The Borrower hereby waives presentment for payment, demand, notice of non-payment or dishonor, protest and notice of protest, or any other
notice of any kind with respect thereto.
          Time is of the essence of this Note.
          This Note shall be deemed to be made pursuant to the laws of the State of Georgia.
   
 

           IN WITNESS WHEREOF, the duly authorized officers of the Borrower have executed, sealed, and delivered this
Note, as of the day and year first above written.

		 	MEDIABIN, INC.
	
	 	By: 	
 /s/ DAVID P. MORAN
				 

	 	 	 	David P. Moran
 President and Chief Executive Officer

		 	 
	
	 	Attest:	
/s/ HAINES HARGRETT
				

	 	 	 	Haines H. Hargrett
SecretaryTERM PROMISSORY NOTE

  Exhibit 10.3
 TERM PROMISSORY NOTE

	$45,000	July 16, 2002

 
          FOR VALUE RECEIVED, the undersigned,
MediaBin, Inc., a Georgia corporation (the “Borrower”), promises to pay to Gezina AS, a Norwegian corporation (the “Lender”), at Radhusgt.5B 0151 Oslo, Norway (or at such other place as the Lender may designate in writing to the
Borrower), in lawful money of the United States of America, the principal sum of forty-five thousand dollars ($45,000), plus interest as hereinafter provided.
          The Borrower promises to pay interest on the unpaid principal amount outstanding hereunder (the “Loan”), at a simple interest rate per annum equal to the Prime Rate Basis. “Prime Rate Basis” shall mean, on any day, a
simple interest rate per annum equal to the Prime Rate (as defined herein) plus 100 basis points (1.0%). “Prime Rate” shall mean, on any day, the rate of interest published as the “Prime Rate” as of the last business day of the
full calendar month preceding such day by Bank of America, N.A. (Charlotte, North Carolina), or any successor institution. The Prime Rate in effect as of the close of business of each day shall be the applicable Prime Rate for the day and each
succeeding non-business day in determining the applicable Prime Rate Basis. Interest shall be calculated on the basis of a 360-day year for the actual number of days elapsed. 
          Interest under this Note shall be due and payable quarterly in arrears on the last day of each calendar quarter, commencing September 30, 2002, and continuing to be due on
the last day of each calendar quarter thereafter until this Note is paid in full. Interest shall also be due and payable when this Note shall become due (whether at maturity, by reason of acceleration or otherwise). After default, interest shall
also be due and payable upon demand from time to time by the Lender as provided below.
          The indebtedness evidenced by this Note shall be due and payable on
January 1, 2003, plus all accrued and unpaid interest as hereinabove provided
          Overdue principal shall bear interest for each day from the date it became so
due until paid in full, payable on demand, at a rate per annum (computed on the basis of a 360-day year for the actual number of days elapsed) equal to two percent (2%) per annum in excess of the interest rate otherwise payable hereunder.

          In no event shall the amount of interest due or payable hereunder exceed the maximum rate of interest allowed by applicable law, and in the event any such
payment is inadvertently paid by the Borrower or inadvertently received by the Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the Lender, in writing, that the Borrower elects to have such
excess sum returned to it forthwith. It is the express intent hereof that the Borrower not pay and the Lender not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under
applicable law.
          The Borrower hereby waives presentment for payment, demand, notice of non-payment or dishonor, protest and notice of protest, or any other
notice of any kind with respect thereto.
          Time is of the essence of this Note.
          This Note shall be deemed to be made pursuant to the laws of the State of Georgia.

   
           IN WITNESS WHEREOF, the duly authorized officers of the
Borrower have executed, sealed, and delivered this Note, as of the day and year first above written.

		 	MEDIABIN, INC.
	
	 	By: 	
/s/ DAVID P. MORAN
				

	 	 	 	David P. Moran
President and Chief Executive Officer

		 	 
	
	 	Attest:	
/s/ HAINES HARGRETT
				

	 	 	 	Haines H. Hargrett
SecretarySUBORDINATION AGREEMENT

   
 Exhibit 10.4
 SUBORDINATION AGREEMENT
                   THIS SUBORDINATION AGREEMENT (“Agreement”) is effective the 30th day of June 2002, by and among Venturos
AS, a Norwegian corporation (“Venturos”), Glastad Holding Ltd., a Cayman Island corporation (“Glastad”), and Gezina AS, a Norwegian corporation (“Gezina” and together with Venturos and Glastad, the “Lenders”),
and MediaBin, Inc., a Georgia corporation (the “Company”).
 WITNESSETH:
                   WHEREAS, the Company is indebted to the Lenders pursuant to various documents that are described on Exhibit A,
attached hereto (the “Junior Indebtedness”);
                   WHEREAS, the Company is indebted and may become
further indebted pursuant to obligations, debts and liabilities that are presently or hereafter owed by Borrower to parties other than the Lenders, including but not limited to indebtedness pursuant to that certain Overdraft Credit Facility dated
December 12, 2001 between the Company and Nordea Bank Norge ASA (the “Senior Indebtedness”); and
                   WHEREAS, the Lenders are willing to subordinate the Junior Indebtedness and any liens and pledges securing the Junior Indebtedness in the manner hereinafter set forth;
                   NOW, THEREFORE, in consideration of $10.00 in hand paid and for other consideration, the receipt and sufficiency of
which are hereby acknowledged, it is agreed among the parties hereto as follows, each intending to be legally bound hereby;

	 	1.	 	Subordination. Each of the Lenders hereby subordinates to the Senior Indebtedness, and makes inferior and secondary for so long as any Senior Indebtedness is outstanding, all the Junior
Indebtedness (and all advances made thereunder) and any security interest, lien, charge, title or other encumbrance that the Lenders may have in any property of the Company or any other property or right that is collateral for the Junior
Indebtedness, notwithstanding the respective dates of attachment or perfection of any security interest or lien of the Lenders. 
	 	 	 
	 	2.	 	Priority of Distribution. In the event of (i) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection
therewith, relative to the Company or its assets, or (ii) any liquidation, dissolution or other winding up of the Company, whether voluntary or involuntary, and whether or not involving insolvency or bankruptcy, or (iii) any assignment for the
benefit of creditors of any other marshaling of assets or liabilities of the Company, then, in any such event, the Lenders shall be entitled to receive payment in connection with the Junior Indebtedness only after payment has been made in full
pursuant to the Senior Indebtedness.
	 	 	 
	 	3.	 	Non-Impairment. All agreements and obligations of the Lenders hereunder shall remain in full force and effect irrespective of: (i) any amendment, modification, waiver or consent of any term or
provisions set forth in any document, instrument or other agreement evidencing or securing any of the Senior Indebtedness, or any change in the time, manner or place of payment of, or any other term of, all or any portion of the Senior Indebtedness;
(ii) any release or non-perfection of any lien or security interest in any collateral securing the Senior Indebtedness, or any release or amendment or waiver of or consent to the departure from, any guaranty for all or any of the Senior
Indebtedness; or (iii) any circumstances (other than payment of the Senior Indebtedness) that might otherwise constitute a defense available to, or a discharge of, the Company in respect of the Senior Indebtedness or the Lenders in respect of their
obligations under this Agreement. 
	 	 	 
	 	4.	 	Assignment. This Agreement shall bind any successors or assignees of the Lenders. This Agreement is solely for the benefit of the Lenders and the Company and not for the benefit of any other
party.
	 	 	 
	 	5.	 	Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.
	 	 	 
	 	6.	 	Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of Georgia, without giving effect to conflicts of laws principles. Each of
the Lenders and

  

   
 
 
	 	the Company submit to the exclusive jurisdiction of the state and federal courts located in Fulton County, Georgia.

	 	7.	 	Miscellaneous. This Agreement represents the entire agreement with respect to the subject matter hereof and supersedes all prior negotiations, agreements and commitments. Each of the Lenders and
the Company agree that, in the event of any conflict or inconsistency between the terms of the Junior Indebtedness and the terms of this Agreement with respect to any matter discussed herein, the terms of this Agreement shall govern and control.
This Agreement may be amended only by a written instrument signed by each of the Lenders and the Company. Each of the Lenders agrees to execute, acknowledge and deliver such other documents as may reasonably be required to effectuate and confirm the
subordination of the Junior Indebtedness to the Senior Indebtedness. Headings are inserted into this Agreement for convenience only and shall not be considered in construing any provision. The provisions of this Agreement are separable, and the
invalidity or illegality of any provision shall not be a bar to the enforcement of any other provision.

 [SIGNATURES ON NEXT PAGE]
  

  
 
          IN WITNESS WHEREOF, the undersigned have executed this Subordination Agreement as of the date first above
written.

		 	Venturos AS
	
	 	By: 	
/s/ RUNE DYBESLAND
				

	 	 	 	Name: Rune Dybesland
	 	 	 	Title:   CFO

		 	Glastad Holding, Ltd.
	
	 	By: 	
/s/ PATRICK STEPHANSEN
				

	 	 	 	Name: Patrick Stephansen
	 	 	 	Title:   Director

		 	Gezina AS
	 	 	By: 	/s/ ERIK ENGEBRETSEN
				

	 	 	 	Name: Erik Engebretsen
	 	 	 	Title:   President & CEO

		 	MediaBin, Inc.
	 	 	By: 	/s/ HAINES HARGRETT
				

	 	 	 	Name: Haines Hargrett
	 	 	 	Title:   CFO

  

   
 EXHIBIT A
 Junior Indebtedness

	 	1.	 	Loan Agreement between Company and Venturos Holding AS dated March 23, 2000. *
	 	 	 
	 	2.	 	Loan Agreement between Company and Glastad Capital AS dated March 23, 2000. **
	 	 	 
	 	3.	 	Loan Agreement between Company and Venturos Holding AS dated October 11, 2000. *
	 	 	 
	 	4.	 	Loan Agreement between Company and Glastad Capital AS dated October 11, 2000. **
	 	 	 
	 	5.	 	Loan Agreement between Company and Venturos Holding AS dated December 28, 2000. * 
	 	 	 
	 	6.	 	Loan Agreement between Company and Venturos Holding AS dated April 4, 2001. *
	 	 	 
	 	7.	 	Loan Agreement between Company and Venturos Holding AS dated June 21, 2001. *
	 	 	 
	 	8.	 	Loan Agreement between Company and Glastad Capital AS dated June 21, 2001. **
	 	 	 
	 	9.	 	Amendment to Promissory Note between Company and Venturos Holding AS dated September 18, 2001. *
	 	 	 
	 	10.	 	Amendment to Promissory Note between Company and Glastad Capital AS dated September 19, 2001. **
	 	 	 
	 	11.	 	Amendment to Promissory Note between Company and Venturos Holding AS dated September 28, 2001. *
	 	 	 
	 	12.	 	Amendment to Promissory Note between Company and Glastad Capital AS dated September 28, 2001. **
	 	 	 
	 	13.	 	NA
	 	 	 
	 	14.	 	NA
	 	 	 
	 	15.	 	NA
	 	 	 
	 	16.	 	NA
	 	 	 
	 	17.	 	Amendment to Promissory Notes Deferral of Interest Payments between Company and Venturos AS dated December 31, 2001.
	 	 	 
	 	18.	 	Amendment to Promissory Notes Deferral of Principal Payments between Company and Venturos AS dated December 31, 2001.
	 	 	 
	 	19.	 	Amendment to Promissory Notes Deferral of Interest Payments between Company and Glastad Holding, Ltd. dated December 31, 2001.
	 	 	 
	 	20.	 	Amendment to Promissory Notes Deferral of Principal Payments between Company and Glastad Holding, Ltd. dated December 31, 2001.
	 	 	 
	 	21.	 	Amendment to Promissory Notes Deferral of Interest Payments between Company and Venturos AS dated March 27, 2002.
	 	 	 
	 	22.	 	Amendment to Promissory Notes Deferral of Principal Payments between Company and Venturos AS dated March 27, 2002.
	 	 	 
	 	23.	 	Amendment to Promissory Notes Deferral of Interest Payments between Company and Glastad Holding, Ltd. dated March 27, 2002.
	 	 	 
	 	24.	 	Amendment to Promissory Notes Deferral of Principal Payments between Company and Glastad Holding, Ltd. dated March 27, 2002.
	 	 	 
	 	25.	 	Promissory Note between Company and Venturos AS dated March 28, 2002.
	 	 	 
	 	26.	 	Promissory Note between Company and Glastad Holding, Ltd. dated March 28, 2002.
	 	 	 
	 	27.	 	Promissory Note between Company and Gezina AS dated March 28, 2002
	 	 	 
	 	28.	 	Promissory Note between Company and Venturos AS dated April 12, 2002.
	 	 	 
	 	29.	 	Promissory Note between Company and Glastad Holding, Ltd. dated April 12, 2002.
	 	 	 
	 	30.	 	Promissory Note between Company and Gezina AS dated April 12, 2002
	 	 	 
	 	31.	 	Promissory Note between Company and Venturos AS dated April 29, 2002.
	 	 	 
	 	32.	 	Promissory Note between Company and Glastad Holding, Ltd. dated April 29, 2002.
	 	 	 
	 	33.	 	Promissory Note between Company and Gezina AS dated April 29, 2002
	 	 	 
	 	34.	 	Promissory Note between Company and Venturos AS dated May 14, 2002.
	 	 	 
	 	35.	 	Promissory Note between Company and Glastad Holding, Ltd. dated May 14, 2002.
	 	 	 
	 	36.	 	Promissory Note between Company and Gezina AS dated May 14, 2002
	 	 	 
	 	37.	 	Promissory Note between Company and Venturos AS dated May 28, 2002.
	 	 	 
	 	38.	 	Promissory Note between Company and Gezina AS dated May 28, 2002.
	 	 	 
	 	39.	 	Promissory Note between Company and Glastad Holding, Ltd. dated May 28, 2002
	 	 	 
	 	40.	 	Promissory Note between Company and Venturos AS dated June 15, 2002.
	 	 	 
	 	41.	 	Promissory Note between Company and Glastad Holding, Ltd. dated June 15, 2002.
	 	 	 
	 	42.	 	Promissory Note between Company and Gezina AS dated June 15, 2002
	 	 	 
	 	43.	 	Promissory Note between Company and Venturos AS dated June 30, 2002.
	 	 	 
	 	44.	 	Promissory Note between Company and Glastad Holding, Ltd. dated June 30, 2002.
	 	 	 
	 	45.	 	Promissory Note between Company and Gezina AS dated June 30, 2002
	 	 	 
	 	Note:	 	

  

   

	 		 	*	 	These Loans and Notes have been transferred from Venturos Holding As to Venturos AS.

	 		 	**	 	These Loans and Notes have been transferred from Glastad Capital As to Glastad Holding, Ltd.

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