Document:

EXHIBIT 10.15

                       ISDA MASTER AGREEMENT

LaSalle Bank N.A.
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                                                              LaSalle Banks

                             CONFIRMATION

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     Date:       May 9, 2003

     To:         AMCON DISTRIBUTING COMPANY
                 7405 Irvington Road
                 Omaha, NE 68122

                 ATTN:  Mr. Mike James, CFO
                 Phone: 402-331-3727
                 Fax:   402-331-4834

     From:       LASALLE BANK NATIONAL ASSOCIATION
                 208 South LaSalle Street, 2nd Floor
                 Chicago, IL 60604

                 Fax:   312-855-5847/5852

                 Re:    Swap Transaction (No. INF 17294/23508)
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Ladies/Gentlemen:

The purpose of this letter agreement is to set forth the terms and conditions
of the Swap Transaction entered into between us on the Trade Date specified
below (the "Swap Transaction").  This letter agreement constitutes a
"Confirmation" as referred to in the ISDA Master Agreement specified below.

The definitions and provisions contained in the 1991 ISDA Definitions (as
published by the International Swaps and Derivatives Association, Inc.
("ISDA"), without regard to subsequent amendments or revisions thereto, are
incorporated into this Confirmation.  In the event of any inconsistency
between those and provisions of this Confirmation, this Confirmation will
govern.  Each party represents and warrants to the other that (i) it is duly
authorized to enter into this Swap Transaction and to perform its obligations
hereunder and (ii) the person executing this Confirmation is duly authorized
to execute and deliver it.

1.   This Confirmation supplements, forms a part of, and is subject to, the
ISDA Master Agreement in the form published by ISDA ( the "Agreement") as if
you and we had executed that agreement (but without any Schedule thereto) and
the Agreement shall be governed by and construed in accordance with the laws
of the State of New York without reference to choice of law doctrine.   In
addition, you and we agree to use our best efforts to promptly negotiate,
execute, and deliver an ISDA Mater Agreement (as published by ISDA).  Upon
execution and delivery by you and us of that agreement (1) this letter
agreement shall constitute a "Confirmation" as referred to in that agreement
and shall supplement, form part of, and be subject to that agreement and (ii)
all provisions contained or incorporated by reference in that agreement shall
govern this Confirmation as expressly modified below.

2.   The terms of the particular Swap Transaction to which this Confirmation
relates are as follows:

     Notional Amount:               USD 5,000,000

     Trade Amount:                  May 9 2003

     Effective Date:                June 2, 2003

     Termination Date:              June 2, 2005

     Fixed Amounts:

       Fixed Rate Payer:            AMCON DISTRIBUTING COMPANY

       Fixed Rate:                  1.88%

       Fixed Rate
       Payer Payment Dates:         The 23rd day of each month, commencing
                                    on June 23, 2003 to and including the
                                    Termination Date, subject to adjustment
                                    in accordance with the Modified
                                    Following Business Day Convention.

       Fixed Rate
       Day Count Fraction:          Actual/360

     Floating Amounts:

       Floating Rate Payer:         LASALLE BANK NATIONAL ASSOCIATION

       Floating Rate
       Payer Payment Dates:         The 23rd day of each month, commencing
                                    on June, 2003 to and including the
                                    Termination Date, subject to adjustment
                                    in accordance with the Modified
                                    Following Business Day Convention.

       Floating Rate Option:        USD-LIBOR-BBA

       Designated Maturity:         1 month

       Initial Floating Rate:       To be determined

       Spread:                      none

       Floating Rate
       Day Count Fraction:          Actual/360

       Reset Dates:                 The first day of each Calculation Period

       Method of Averaging:         Inapplicable

       Compounding:                 Inapplicable

Business Days:                      London and New York

Calculation Agent:                  LASALLE BANK NATIONAL ASSOCIATION

3.   Offices:

(a)  The Office of the Fixed Rate Payer for this Swap Transaction is Omaha.

(b)  The Office of the Floating Rate Payer for this Swap Transaction is
     Chicago.

4.   Account Details

Payments to LASALLE BANK NATIONAL ASSOCIATION:

     LaSalle Bank National Association will debit your DDA# 5800239294

Payments to AMCON DISTRIBUTING COMPANY:

     LaSalle Bank National Association will credit you DDA# 5800239294

5.   Other Provisions:

     Assignment:     This Swap Transaction may be assigned only with prior
                     written consent

     Netting:        The parties hereto hereby agree that subparagraph (ii)
                     of Part 2(c) of the Agreement shall not apply to any
                     Swap Transaction

Please confirm that the foregoing correctly sets forth the terms and
conditions of our agreement by responding within ten (10) Business Days by
either, (i), returning via telecopier an executed copy of this Confirmation
to the attention of Tina Peters (fax number: (312) 855-5823, or sending a
telex to Tina Peters (telex no. 62734, answerback: ABN UW) substantially to
the following effect: "We acknowledge receipt of your fax dated December
22,2000 with respect to a Swap Transaction between AMCON DISTRIBUTING COMPANY
and LASALLE BANK NATIONAL ASSOCIATION with an Effective Date of May 23, 2003
and a Termination Date of May 23, 2006 and confirm that such fax correctly
sets forth the terms of our agreement relating to the Swap Transaction
described therein. Very truly yours ---------------------------, by (specify
name and title of authorized officer)."  Failure to respond within such
period shall not affect the validity or enforceability of the Swap
Transaction, and shall be deemed to be an affirmation of the terms and
conditions contained herein, absent manifest error.

Yours Sincerely,

LASALLE BANK NATIONAL ASSOCIATION

By: /s/ Lily Levin                  By: /s/ Paul A. Ulmer
    -----------------------------      -------------------------------

Name: Lily Levin                    Name: Paul A. Ulmer
      ---------------------------         ----------------------------

Title: Assistant Vice President     Title: Vice President
       --------------------------          ---------------------------

Confirmed as of the date first written:

AMCON DISTRIBUTING COMPANY

By: /s/ Michael D. James
    -----------------------------
Name:  Michael D. James
      ---------------------------
Title: Vice President & CFO
       --------------------------LETTER LOAN AGREEMENT DATED MAY 15, 2003

 Exhibit 4.69 
  
 May 15, 2003 
  
 Speedcom Wireless Corporation 
 7020 Professional Parkway East 
 Sarasota, Florida 34240 
  
 RE: Letter Loan Agreement 
  
 Ladies and Gentlemen: 
  
 1. Loan. This letter when fully executed will constitute a loan
agreement (the “Agreement”) among North Sound Legacy Fund LLC, North Sound Legacy Institutional Fund LLC and North Sound Legacy International Ltd. (collectively, the “Lenders”), and Speedcom Wireless Corporation, a
Delaware corporation (the “Borrower”), pursuant to which the Lenders, on the terms and conditions provided herein, shall agree to make one or more loans to or for the benefit of the Borrower hereunder (each a “Loan”
and collectively, the “Loans”), provided the aggregate principal amount of all Loans shall not exceed Two Hundred Thousand Dollars ($200,000.00). The day on which the Lenders make a Loan is referred to herein as a “Closing
Date.” Each Lender’s obligation to make a Loan is subject to the Borrower’s fulfillment of each of the applicable conditions set forth in Section 4 hereof. 
  
 2. Loan Documents. 
  
 a. Notes. The Loans shall be evidenced by separate promissory notes issued to the Lenders in the principal amount of each such Loan in the form
attached hereto as Exhibit A (together with any replacements and substitutes therefor, the “Notes”). The principal amount of the Loans and interest thereon, calculated at the rate of 15% per annum as provided in the Notes,
shall be payable as set forth more particularly therein. 
  
 b.
Security Agreement. The Loans shall be secured by a continuing security interest in all of the property and assets of the Borrower pursuant to the terms of a security agreement in the form attached hereto as Exhibit B (the
“Security Agreement”). 
  
 c. This Agreement, the
Notes, the Security Agreement and each other document which evidences and/or secures the Loans are hereinafter collectively referred to as the “Loan Documents.” 
  
 3. Term and Termination. Subject to Section 6 hereof, the aggregate principal amount of the outstanding Note
and all accrued and unpaid interest thereon and other sums owing hereunder and thereunder shall be due and payable on the earlier (the “Maturity Date”) of: (i) December 31, 2003, or (ii) the acceleration of the obligations as
contemplated by this Agreement. The Maturity Date may be extended as agreed upon in writing between the parties. 
  
 4. Conditions Precedent. 
  
 a. Documents to be Delivered. The obligation of each Lender to make any Loan is subject to the due execution and delivery by the Borrower (or the
Borrower causing the 

 
due execution and delivery) to
each Lender of each of the following (all documents to be in form and substance satisfactory to each Lender and their counsel): 
 
i. This Agreement, the Notes, the Security Agreement and each other instrument, agreement and document to be executed and/or delivered
pursuant to this Agreement and/or the instruments, agreements and documents referred to in this Agreement. 
 
ii. A certified copy of the resolutions of the Board of Directors (or if the Board of Directors takes action by unanimous written
consent, a copy of such unanimous written consent containing all of the signatures of the members of the Board of Directors) of the Borrower, dated as of the initial Closing Date, authorizing the execution, delivery and performance of the Loan
Documents. 
 
iii. A certificate, dated as of the
applicable Closing Date, signed by an executive officer of the Borrower to the effect that the representations and warranties set forth in Section 5 of this Agreement are true and correct as of the applicable Closing Date. 
 
iv. The Borrower shall have filed all UCC financing
statements in form and substance satisfactory to the Lenders at the appropriate offices to create a valid and perfected security interest in the Collateral (as defined in the Security Agreement). 
 
b. Absence of Certain Events. The occurrence of a
Material Adverse Effect (as defined below) shall not have occurred or be occurring as of any Closing Date. 
 
5. Representations and Warranties. To induce each Lender, severally and not jointly, to make the Loan, the Borrower hereby
represents and warrants to each Lender that at and as of the date hereof: 
 
a. The Borrower has been duly incorporated and is validly existing and in good standing under the laws of the state of Delaware, with full corporate power and authority to own, lease and operate its properties and to conduct
its business as currently conducted. The Borrower is duly qualified as a foreign entity to do business and is in good standing in every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such
qualification necessary and where the failure so to qualify would have a Material Adverse Effect. “Material Adverse Effect” means any material adverse effect on the ability of the Borrower to perform its obligations hereunder or on
the business, operations, properties, prospects or financial condition of the Borrower. 
 
b. Each of the Loan Documents has been duly authorized, validly executed and delivered on behalf of the Borrower and is a valid and binding obligation of the Borrower enforceable against the Borrower
in accordance with its terms, subject to limitations on enforcement by general principles of equity and by bankruptcy or other laws affecting the enforcement of creditors’ rights generally, and the Borrower has full power and authority to
execute and deliver this Agreement and the Loan Documents and to perform its obligations hereunder and thereunder. 
 
c. The execution, delivery and performance of this Agreement and the Loan Documents will not (i) conflict with or result in a breach of or
a default under any of the terms or provisions of, (A) the Borrower’s certificate of incorporation or by-laws, or (B) any material provision of any indenture, mortgage, deed of trust or other material agreement or instrument to 
 

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which the Borrower is a party
or by which it or any of its material properties or assets is bound, (ii) result in a violation of any material provision of any law, statute, rule, regulation, or any existing applicable decree, judgment or order by any court, Federal or state
regulatory body, administrative agency, or other governmental body having jurisdiction over the Borrower, or any of its material properties or assets or (iii) result in the creation or imposition of any material lien, charge or encumbrance upon any
material property or assets of the Borrower or any of its subsidiaries pursuant to the terms of any agreement or instrument to which any of them is a party or by which any of them may be bound or to which any of their property or any of them is
subject. 
 
d. No consent, approval or
authorization of or designation, declaration or filing with any governmental authority on the part of the Borrower is required in connection with the valid execution and delivery of this Agreement or the Loan Documents. 
 
All representations and warranties made by the Borrower under or in connection
with this Agreement shall survive the making of the Loans and issuance and delivery of the Note to the Lenders, notwithstanding any investigation made by the Lenders or on the Lenders’ behalf. All statements contained in any certificate or
financial statement delivered by the Borrower to the Lenders under this Agreement or any other Loan Document shall constitute representations and warranties made by the Borrower hereunder. 
 
6. Events of Default; Remedies. Upon the occurrence of any of the following (each, an
“Event of Default”): 
 
a. the
Borrower shall fail to make the payment of any amount of any principal outstanding after the date such payment shall become due and payable hereunder; or 
 
b. the Borrower shall fail to make any payment of interest after the date such interest shall become due and payable hereunder; or

 
c. any representation, warranty, covenant or
certification made by the Borrower herein, in the Notes, any other Loan Document or in any certificate or financial statement shall prove to have been false or incorrect or breached in a material respect on the date as of which made; or

 
d. the Borrower or any of its subsidiaries shall
(i) default in any payment of any amount or amounts of principal of or interest on any indebtedness for borrowed money (the “Indebtedness”) (other than the Indebtedness hereunder) the aggregate principal amount of which Indebtedness
of all such persons is in excess of $100,000, whether such Indebtedness now exists or shall hereinafter be created, and such default entitles the holder thereof to declare such indebtedness to be due and payable, and such indebtedness has not been
discharged in full or such acceleration has not been stayed, rescinded or annulled within twelve (12) business days of such acceleration, or (ii) default in the observance or performance of any other agreement or condition relating to any
Indebtedness in excess of $100,000 or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to
permit the holder or holders or beneficiary or beneficiaries of such Indebtedness to cause with the giving of notice if required, such Indebtedness to become due prior to its stated maturity; or 
 

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e. A judgment
or order for the payment of money shall be rendered against the Borrower or any subsidiary in excess of $100,000 in the aggregate (net of any applicable insurance coverage) for all such judgments or orders against all such persons (treating any
deductibles, self insurance or retention as not so covered) that shall not be discharged, and all such judgments and orders remain outstanding, and there shall be any period of thirty (30) consecutive days following entry of the judgment or order in
excess of $100,000 or the judgment or order which causes the aggregate amount described above to exceed $100,000 during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or

 
f. the Borrower shall (i) apply for or consent
to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its property or assets, (ii) admit in writing its inability to pay its debts as such debts become due,
(iii) make a general assignment for the benefit of its creditors, (iv) commence a voluntary case under the Bankruptcy Code or under the comparable laws of any jurisdiction (foreign or domestic), (v) file a petition seeking to take advantage of any
bankruptcy, insolvency, moratorium, reorganization or other similar law affecting the enforcement of creditors’ rights generally, (vi) acquiesce in writing to any petition filed against it in an involuntary case under the Bankruptcy Code or
under the comparable laws of any jurisdiction (foreign or domestic), or (vii) take any action under the laws of any jurisdiction (foreign or domestic) analogous to any of the foregoing; or 
 
g. a proceeding or case shall be commenced in respect of the Borrower or any of it’s subsidiaries
without its application or consent, in any court of competent jurisdiction, seeking (i) the liquidation, reorganization, moratorium, dissolution, winding up, or composition or readjustment of its debts, (ii) the appointment of a trustee, receiver,
custodian, liquidator or the like of it or of all or any substantial part of its assets or (iii) similar relief in respect of it under any law providing for the relief of debtors, and such proceeding or case described in clause (i), (ii) or (iii)
shall continue undismissed, or unstayed and in effect, for a period of thirty (30) consecutive days or any order for relief shall be entered in an involuntary case under the Bankruptcy Code or under the comparable laws of any jurisdiction (foreign
or domestic) against the Borrower or any of its subsidiaries or action under the laws of any jurisdiction (foreign or domestic) analogous to any of the foregoing shall be taken with respect to the Borrower or any of its subsidiaries and shall
continue undismissed, or unstayed and in effect for a period of thirty (30) consecutive days; or 
 
h. The occurrence of any event which has a Material Adverse Effect. 
 
THEN, the Lenders may, at their election and without demand or notice of any kind, which are hereby waived, declare the unpaid balance of
the Notes, and accrued interest thereon, immediately due and payable, proceed to collect the same, and exercise any and all other rights, powers and remedies given it by this Agreement, the Notes and the other Loan Documents or otherwise at law or
in equity. 
 
7. Miscellaneous.

 
a. The representations and warranties of the
Borrower contained herein shall survive the making of the Loans and shall remain effective until all indebtedness contemplated hereby shall have been paid by the Borrower in full. 
 

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b. This
Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to the choice of law provisions. This Agreement shall not be interpreted or construed with any presumption against the party
causing this Agreement to be drafted. 
 
c. Each of
the Borrower and each Lender (i) hereby irrevocably submits to the jurisdiction of the United States District Court sitting in the Southern District of New York and the courts of the State of New York located in New York county for the purposes of
any suit, action or proceeding arising out of or relating to this Agreement or the Loan Documents and (ii) hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the
jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper. Each of the Borrower and each Lender consents to process being served in any such
suit, action or proceeding by mailing a copy thereof to such party at the address set forth in Section 7(j) below and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing in this Section 7(c)
shall affect or limit any right to serve process in any other manner permitted by law. 
 
d. Any forbearance, failure, or delay by a Lender in exercising any right, power, or remedy shall not preclude the further exercise thereof, and all of such Lender’s rights, powers, and remedies
shall continue in full force and effect until specifically waived in writing by such Lender. 
 
e. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party
and delivered to the other party. 
 
f. The
headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement. 
 
g. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Agreement or the validity or enforceability of this Agreement in any other jurisdiction. 
 
h. The Borrower shall reimburse the Lenders, on demand, for all reasonable fees and costs incurred by the Lenders (including reasonable
fees and costs of the Lenders’ counsel) in connection with the enforcement of the Lenders’ rights and remedies thereunder. 
 
i. This Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters
covered herein and therein. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the party to be charged with enforcement. 
 
j. Any notices, demands or waivers required or permitted to be given under the terms of this Agreement shall
be in writing and shall be sent by certified or registered mail (return receipt requested) or delivered personally or by courier (including a recognized overnight delivery service) or by facsimile and shall be effective five (5) days after being
placed in the mail, if mailed, or upon receipt, if delivered personally or by courier, or by facsimile (if received 
 

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during normal business
hours), in each case to the address of the party to receive such notice, demand or waiver as set forth below: 
 
If to the Borrower: 
 
Speedcom Wireless Corporation 
7020 Professional Parkway East 
Sarasota, Florida 34240 
Attention: Sara Byrne, Secretary 
Fax No.: (941) 907-2394

 
If to North Sound Legacy Fund LLC, North Sound
Legacy Institutional Fund LLC or North Sound Legacy International Ltd.: 
 
c/o North Sound Capital LLC 
53 Forest Avenue, Suite 202

Old Greenwich, CT 06870 
Attention: Andrew Wilder 
Fax No.: (203) 967-5701 
 
with a copy to: 
 
Jenkens & Gilchrist Parker Chapin LLP 
The Chrysler
Building 
405 Lexington Avenue 
New York, New York 10174 
Attention: Christopher S. Auguste 
Tel. No.: (212) 704-6000

Fax No.: (212) 704-6288 
 
Each party shall provide notice to the other party of any change in address, such notice to become effective
upon receipt. 
 
k. This Agreement shall be binding
upon and inure to the benefit of the parties and their successors and assigns. The Borrower shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Lenders. Notwithstanding the foregoing, each
Lender may assign its rights hereunder to any other person or entity without the consent of the Borrower. 
 
l. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for
the benefit of, nor may any provision hereof be enforced by, any other person. 
 
m. All remedies of the Lenders (i) are cumulative and concurrent, (ii) may be exercised independently, successively or together against the Borrower, (iii) shall not be exhausted by any exercise
thereof, but may be exercised as often as occasion therefor may occur, and (iv) shall not be construed to be waived or released by the Lenders’ delay in exercising, or failure to exercise, them or any of them at any time it may be entitled to
do so. 
 

6 

 
By executing
the appropriate signature line below, the Borrower, intending to be legally bound hereby, agrees to the terms and conditions of this Agreement as of the date hereof. 
 

	 Very truly yours,

	
	 NORTH SOUND LEGACY FUND LLC

	
	 By:
	 	

	 	 	 Name:
 Title:

 

	 NORTH SOUND LEGACY INSTITUTIONAL FUND LLC

	
	 By:
	 	

	 	 	 Name:
 Title:

 

	 NORTH SOUND LEGACY INTERNATIONAL
LTD.

	
	 By:
	 	

	 	 	 Name:
 Title:

 
 

	 SPEEDCOM WIRELESS CORPORATION

	
	 By:
	 	

	 	 	 Name: Mark Schaftlein
 Title: Chief Financial Officer

 
 
 

7 

 
Exhibit
A 
 
Form of Note 
 

8 

 
Exhibit
B 
 
Form of Security Agreement

 

9

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