Senior Secured Note Agreement between FUNW and Multiple Investors (April 2000)

Summary

This agreement documents a short-term senior secured loan totaling $115,000 provided to FUNW by several investors, including L. Clark Hill, Jr., Paul S. Rosenblum (R&R Equity), Ada G. Halbreich (Trustee), and Ron Weiner. The loan is secured by a lien on a separate bank account and matures in 30 days. Investors receive a 20% premium on their cash outlay and are also issued common stock equal to 10% of their investment. The agreement outlines the specific terms for each investor's contribution and the corresponding benefits.

EX-10.20 2 0002.txt EXHIBIT 10.20 1 Exhibit 10.20 SHORT-TERM SENIOR SECURED DEBT ISSUE: Senior Secured Note (the "Note"), secured by a lien on a separate depository bank account. TOTAL AMOUNT: $115,000 MATURITY: May 17, 2000 (30 days from April 17) TERMS: In three units of $30,000 each and one unit of $25,000, the following applies to units of $30,000 each: 1. the face amount of the Note is $36,000 (20% premium above the cash outlay); and 2. common stock is to be issued totaling 12,000 shares at $.25 per share or a value of $3,000 (10% of the cash outlay). ACCEPTED AND AGREED TO: /s/ L. Clarke Hill, Jr. - ---------------------------- L. CLARK HILL, JR. Date: 4/15/00 ---------------------- ACCEPTED AND AGREED TO: /s/ John J. Tsucalas - ---------------------------- For FUNW JOHN J. TSUCALAS, CFA Chief Executive Officer Chief Financial Officer Date: April 14, 2000 ---------------------- 2 SHORT-TERM SENIOR SECURED DEBT ISSUE: Senior Secured Note (the "Note"), secured by a lien on a separate depository bank account. TOTAL AMOUNT: $115,000 MATURITY: May 17, 2000 (30 days from April 17) TERMS: *In three units of $30,000 each and one unit of $25,000, the following applies to units of $30,000 each: *1. the face amount of the Note is $36,000 (20% premium above the cash outlay); and *2. common stock is to be issued totaling 12,000 shares at $.25 per share or a value of $3,000 (10% of the cash outlay). * 60% - P.S. ROSENBLUM, 40% - R&R EQUITY - TWO SEPARATE WIRES ACCEPTED AND AGREED TO: /s/ Paul S. Rosenblum - ---------------------------- PAUL S. ROSENBLUM MANAGING PARTNER R&R EQUITY Date: 4/17/00 ---------------------- ACCEPTED AND AGREED TO: /s/ John J. Tsucalas - ---------------------------- For FUNW JOHN J. TSUCALAS, CFA Chief Executive Officer Chief Financial Officer Date: April 14, 2000 ---------------------- 3 SHORT-TERM SENIOR SECURED DEBT ISSUE: Senior Secured Note (the "Note"), secured by a lien on a separate depository bank account. TOTAL AMOUNT: $115,000 MATURITY: May 17, 2000 (30 days from April 17) TERMS: In three units of $30,000 each and one unit of $25,000, the following applies to units of $30,000 each: 1. the face amount of the Note is $36,000 (20% premium above the cash outlay); and 2. common stock is to be issued totaling 12,000 shares at $.25 per share or a value of $3,000 (10% of the cash outlay). ACCEPTED AND AGREED TO: /s/ Ada G. Halbreich, Trustee - ----------------------------- ADA HALBREICH, TRUSTEE Date: 04/14/00 ---------------------- ACCEPTED AND AGREED TO: /s/ John J. Tsucalas - ---------------------------- For FUNW JOHN J. TSUCALAS, CFA Chief Executive Officer Chief Financial Officer Date: April 14, 2000 ---------------------- 4 SHORT-TERM SENIOR SECURED DEBT ISSUE: Senior Secured Note (the "Note"), secured by a lien on a separate depository bank account. TOTAL AMOUNT: $115,000 MATURITY: May 17, 2000 (30 days from April 17) TERMS: In three units of $30,000 each and one unit of $25,000, the following applies to the unit of $25,000: 1. the face amount of the Note is $30,000 (20% premium above the cash outlay); and 2. common stock is to be issued totaling 10,000 shares at $.25 per share or a value of $2,500 (10% of the cash outlay). ACCEPTED AND AGREED TO: /s/ Ron Weiner - ---------------------------- RON WEINER Date: April 14, 2000 ---------------------- ACCEPTED AND AGREED TO: /s/ John J. Tsucalas - ---------------------------- For FUNW JOHN J. TSUCALAS, CFA Chief Executive Officer Chief Financial Officer Date: April 14, 2000 ----------------------