NOTE
U.S. $120,000.00 February 12, 2002
FOR VALUE RECEIVED, the undersigned, AMASYS Corporation, a
Delaware corporation (the "Borrower"), HEREBY PROMISES TO PAY to
the order of X. X. XXXXXXX (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 February
11, 2003, at 000 Xxxxx Xxxxxx, X.X. 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.
The Borrower acknowledges the receipt of the amount of
$120,00,000, which amount was loaned as of February 12, 2002 (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. XXXXX XXXXXX
S. Xxxxx Xxxxxx
Corporate Secretary
