Loan Agreement Note between AMASYS Corporation and C. W. Gilluly dated December 21, 2001

Summary

AMASYS Corporation has borrowed $120,000 from C. W. Gilluly, agreeing to repay the full amount plus 10% annual interest by December 20, 2002, or upon demand. Payments must be made in U.S. dollars, and AMASYS is responsible for any collection costs if they default. The loan can be repaid early without penalty. The agreement is governed by Virginia law, and AMASYS waives the right to a jury trial in any related legal proceedings.

EX-10.1 3 loan.txt LOAN AGREEMENT NOTE U.S. $120,000.00 December 21, 2001 FOR VALUE RECEIVED, the undersigned, AMASYS Corporation, a Delaware corporation (the "Borrower"), HEREBY PROMISES TO PAY to the order of C. W. GILLULY (the "Lender"), upon demand, the principal sum of U.S. One Hundred and Twenty Thousand Dollars ($120,000.00), which constitutes the aggregate principal amount of the Advance (defined below) made by the Lender to the Borrower (defined below) and outstanding on the date hereof. The Borrower also promises to pay interest on the unpaid principal amount of each Advance from the date of such Advance until such principal amount is paid in full, at the rate of 10% per annum. Both principal and interest are payable in lawful money of the United States of America to the Lender, on or before December 20, 2002, at 415 First Street, S.E. Washington, D.C., 20003, or such other address as the holder hereof may designate in writing, in same day funds, without defense, offset or counterclaim. Borrower acknowledges the receipt of the amount of $120,000, which amount was loaned as of December 21, 2001 (the "Advance"). The Borrower shall pay all reasonable costs, fees and expenses (including court costs and reasonable attorneys' fees) incurred by the Lender in collecting or attempting to collect any amount that becomes due hereunder or in seeking legal advice with respect to such collection or a default hereunder. This Note may be prepaid at any time without penalty. The Borrower, and every guarantor and endorser hereof, hereby waive presentment, demand, notice of dishonor, protest and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Note. This Note shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia, without reference to conflict of laws principles. THE BORROWER HEREBY WAIVES TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH RESPECT TO THIS NOTE OR THE ENFORCEMENT OR COLLECTION HEREOF. IN WITNESS WHEREOF, the Borrower has caused this Note to be executed by its duly authorized representative as of the day and year first above written. AMASYS Corporation By: /S/ S. AMBER GORDON S. Amber Gordon Corporate Secretary