Notice of Default Regarding Senior Secured Term Note – Biometrics Investors, L.L.C. and Sequiam Corporation
Summary
Biometrics Investors, L.L.C. has notified Sequiam Corporation that it is in default under a $3,650,000 Senior Secured Term Note originally dated November 1, 2005. The default occurred when Sequiam failed to make required payments by October 10, 2006, and the forbearance period has ended. Biometrics Investors, as the new note holder, is declaring the default and will proceed with selling the collateral securing the loan. This notice formally informs Sequiam of these actions and the upcoming sale of collateral.
EX-10.1 2 ex10-1.htm EXHIBIT 10.1 Exhibit 10.1
Exhibit 10.1 Notice of Default
March 8, 2007
Sequiam Corporation
300 Sunport Lane
Orlando, FL 32809
Attention: Mark Mroczkowski
Re: Second Amended, Restated and Consolidated Senior Secured Term Note dated November 1, 2005 made by Sequiam Corporation
Dear Sirs:
Biometrics Investors, L.L.C., a Delaware limited liability company (“Note Holder”) has acquired from Stephen A. Ross, as authorized agent for the Trust Under the Will of John Svenningsen (the "Seller"), that Second Amended, Restated and Consolidated Senior Secured Term Note dated November 1, 2005 (the "Note") made by the Company in the amount of $3,650,000 payable to Lee Harrison Corbin, Attorney-In-Fact for the Trust under the Will of John Svenningsen. Terms defined in the Note are used with the same meanings in this letter.
Note Holder has also acquired the interests of Seller in the Related Agreements and in that Forbearance Agreement dated as of November 22, 2006 made by the Company and the Seller (the "Forbearance Agreement").
You are hereby advised that an Event of Default occurred under the Note when the Company failed to pay amounts due under the Note as of October 10, 2006, and you are further advised that the Forbearance Termination Date under the Forbearance Agreement has passed. Note Holder hereby declares an Event of Default under the Note and the Loan Documents (as defined in the Forbearance Agreement). Note Holder will provide you with notice of the UCC sale which Note Holder will schedule to liquidate the collateral for the Note.
| BIOMETRICS INVESTORS, L.L.C., a Delaware limited liability company By:____________________________________ Name: Roger Brown Title: Manager |
