Short Term Advance Agreement between MediaBin, Inc. and Glastad Holding, Ltd. dated March 27, 2003
MediaBin, Inc. has agreed to repay Glastad Holding, Ltd. a $30,000 short-term advance by May 30, 2003. The loan is interest-free and must be repaid in U.S. dollars. The agreement waives certain formalities such as notice of non-payment and is governed by Georgia law. Both parties have signed to confirm their obligations under this arrangement.
Exhibit 10.10
SHORT TERM ADVANCE
| $30,000 | March 27, 2003 |
FOR VALUE RECEIVED, the undersigned, MediaBin, Inc., a Georgia corporation (the “Borrower”), promises to pay to Glastad Holding, Ltd., a Cayman Islands corporation (the “Lender”), at 10 Stratton Street, 4th Floor, London WIX 4EJ (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 thirty thousand dollars ($30,000), without interest, as hereinafter provided.
The indebtedness evidenced by this Advance shall be due and payable on May 30, 2003, as hereinabove provided.
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 Advance.
This Advance 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 Advance, as of the day and year first above written.
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| MEDIABIN, INC. |
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| By: | /s/ DAVID MORAN |
| Attest: | /s/ HAINES HARGRETT |
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| David P. Moran |
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| Haines H. Hargrett |
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