Document:

Unassociated Document

    GSV,
      INC.

    191
      Post Road

    Westport,
      Connecticut 06880

     

    August
      31, 2007

    

    Brooks
      Station Holdings, Inc.

    c/o
      Cavallo Capital Corp.

    660
      Madison Avenue

    New
      York,
      New York 10021

    

    Re: Waiver
      of Default and Amendment of Promissory Note

    

    Dear
      Sirs:

    

    Brooks
      Station Holdings, Inc. (“Brooks Station”) holds a promissory note issued by GSV,
      Inc. (the “Company”) dated July 21, 2003, in the principal amount of $200,000
      (the “Note”). The Note bears interest at the rate of 8% per annum and is secured
      by a first priority security interest in all assets of the Company pursuant
      to a
      Security Agreement between the Company and Brooks Station dated as of July
      21,
      2003. By agreement dated March 9, 2007, the Note was amended to extend its
      maturity date to September 1, 2007 (the “Old Maturity Date”).

    

    As
      of
      August 31, 2007, there is $45,333.33 of accrued and unpaid interest on the
      Note.
      Contemporaneously with the execution of this letter agreement, the Company
      is
      paying Brooks Station $40,000.00. This amount is to be applied against the
      Note
      as follows: (1) $20,000 against the accrued and unpaid interest on the Note,
      and
      (2) $20,000 against the principal balance of the Note. Brooks Station hereby
      acknowledges receipt of such payment.

    

    Brooks
      Station and the Company now wish to extend the maturity of the Note to March
      1,
      2008, in accordance with the terms set forth below:

    

    1. Waiver
      of Default.
      Brooks
      Station hereby waives any claim against the Company or its assets arising from
      the Company’s failure to pay the principal and accrued interest on the Note on
      the Old Maturity Date or thereafter through the date of this letter agreement.
      

    

    2. Reduction
      of Principal Amount.
      Brooks
      Station and the Company agree that the principal balance of the Note is hereby
      reduced to one hundred eighty thousand dollars ($180,000). 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
       

      
        Brooks
          Station Holdings, Inc.

        August
          31, 2007

        Page
          2

      

       

    

    3. Extension
      of Maturity Date.
      Brooks
      Station and the Company agree that Section 1 of the Note is hereby amended
      to
      read as follows:

    

    “1. The
      principal amount of this Note, together with any unpaid accrued interest thereon
      (except to the extent previously paid), shall be due and payable on March 1,
      2008.”

    

    3. Miscellaneous.

    

    
      	 	 	
              (i)

            	
              Except
                as herein amended, the Note shall remain in full force and effect.
                This
                letter agreement may not be amended, revised, terminated or waived
                except
                by an instrument in writing signed and delivered by the party to
                be
                charged therewith.

            

    

    

    
      	 	 	
              (ii)

            	
              This
                letter agreement shall be binding upon and inure to the benefit of
                the
                successors and assigns of the respective parties
                hereto.

            

    

    

    
      	 	 	
              (iii)

            	
              This
                letter agreement shall be construed and governed by the laws of the
                State
                of New York, applicable to agreements made and to be performed entirely
                therein.

            

    

    

    If
      you
      are in agreement with the foregoing, please sign below and return the original
      to the Company, keeping a copy for your files.

    
      

        
          	 	
                  Sincerely,

                
	 	 
	 	
                  GSV,
                    INC.

                
	 	 
	 	
                  By:

                	              
                  
	 	 	
                  Name:
                    Gilad Gat

                
	 	 	
                  Title:  
                    Chief Executive Officer
                    and
           
                    President

                

        

      

       

      
        	
                Acknowledged
                  and agreed:

              
	 
	
                BROOKS
                  STATION HOLDINGS, INC.

              

      

       

      
        	
                By:

              	               
                
	 	
                Name:

              	
                Daniel
                  Golan

              
	 	
                Title:

              	
                PresidentUnassociated Document

    
      GSV,
        INC.

      191
        Post Road

      Westport,
        Connecticut 06880

       

      March
        11,
        2008

      

      Brooks
        Station Holdings, Inc.

      c/o
        Cavallo Capital Corp.

      660
        Madison Avenue

      New
        York,
        New York 10021

      

      Re: Waiver
        of Default and Amendment of Promissory Note

      

      Dear
        Sirs:

      

      Brooks
        Station Holdings, Inc. (“Brooks Station”) holds a promissory note issued by GSV,
        Inc. (the “Company”) dated July 21, 2003, as amended, in the principal amount of
        $180,000 (the “Note”). The Note bears interest at the rate of 8% per annum and
        is secured by a first priority security interest in all assets of the Company
        pursuant to a Security Agreement between the Company and Brooks Station dated
        as
        of July 21, 2003. By agreement dated August 31, 2007, the Note was amended
        to
        extend its maturity date to March 1, 2008 (the “Old Maturity
        Date”).

      

      As
        of
        March 1, 2008, there is $32,533.33 of accrued and unpaid interest on the
        Note.
        Contemporaneously with the execution of this letter agreement, the Company
        is
        paying Brooks Station $30,000.00. This amount is to be applied against the
        Note
        as follows: (1) $10,000 against the accrued and unpaid interest on the Note,
        and
        (2) $20,000 against the principal balance of the Note. Brooks Station hereby
        acknowledges receipt of such payment.

      

      Brooks
        Station and the Company now wish to extend the maturity of the Note to September
        1, 2008, in accordance with the terms set forth below:

      

      1. Waiver
        of Default.
        Brooks
        Station hereby waives any claim against the Company or its assets arising
        from
        the Company’s failure to pay the principal and accrued interest on the Note on
        the Old Maturity Date or thereafter through the date of this letter agreement.
        

      

      2. Reduction
        of Principal Amount.
        Brooks
        Station and the Company agree that the principal balance of the Note is hereby
        reduced to one hundred sixty thousand dollars ($160,000). 

      

      3. Extension
        of Maturity Date.
        Brooks
        Station and the Company agree that Section 1 of the Note is hereby amended
        to
        read as follows:

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
         

        
          Brooks
            Station Holdings, Inc.

          August
            31, 2007

          Page
            2

        

         

      

      “1. The
        principal amount of this Note, together with any unpaid accrued interest
        thereon
        (except to the extent previously paid), shall be due and payable on September
        1,
        2008.”

      

      4. Miscellaneous.

      

      (i) Except
        as
        herein amended, the Note shall remain in full force and effect. This letter
        agreement may not be amended, revised, terminated or waived except by an
        instrument in writing signed and delivered by the party to be charged
        therewith.

      

      (ii) This
        letter agreement shall be binding upon and inure to the benefit of the
        successors and assigns of the respective parties hereto.

      

      (iii) This
        letter agreement shall be construed and governed by the laws of the State
        of New
        York, applicable to agreements made and to be performed entirely
        therein.

      

      If
        you
        are in agreement with the foregoing, please sign below and return the original
        to the Company, keeping a copy for your files.

       

    

    
      
        
          
            	 	
                    Sincerely,

                  
	 	 
	 	
                    GSV,
                      INC.

                  
	 	 
	 	
                    By:

                  	              
                    
	 	 	
                    Name:
                      Gilad Gat

                  
	 	 	
                    Title:  
                      Chief Executive Officer
                      and
           
                      President

                  

          

        

         

        
          	
                  Acknowledged
                    and agreed:

                
	 
	
                  BROOKS
                    STATION HOLDINGS, INC.

                

        

         

        
          	
                  By:

                	                   
                  
	 	
                  Name:

                	
                  Daniel
                    Golan

                
	 	
                  Title:

                	
                  President

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