Exhibit
ITEM 22-6
Senator Associates Note
AGREEMENT # 1.1198
This Agreement is made this 10th day of March 1998, by and between PowerSource
Corporation, a Nevada Corporation, thereafter referred to as "PS" 0000 Xxxxxxxx
Xxxx., Xxx. 000, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000 and Senator Associates Ltd, a
Hungarian Corporation, (hereinafter known as "Senator") Xxxxxxx # 0 Xxxxxxxx,
Xxxxxxx PS and Senator are hereinafter referred to as the "Parties"
1. Senator shall loan to PS the sum of $150,000 U.S. Dollars in the following
manner
A. $100,000 is to be wired to the PS's bank account over a period of time not to
exceed ninety (90) days on as needed monthly basis.
B. Senator shall also execute and deliver to PS a Letter of Credit in the sum of
$50,000 to be placed in trust with an authorized Trustee for Automated Power
Exchange.
2. PS agrees to repay to Senator the aforementioned funds of $150,000 within a
twelve month period of time on the following basis:
A. PS shall pay 7% interest per annum on the aforementioned borrowed funds as a
balloon payment at the end of the loan period, not to exceed twelve months.
B. PS shall remit to Senator 25% of gross sales revenues on "as received" basis
until such time as the entire loan proceeds are remitted, not to exceed twelve
months.
3. In the event of any natural disaster. such as war floods, earthquakes, and
acts of God, the Parties agree that a moratorium on payment from PS to Senator
or from Senator to PS under this Agreement will be suspended for a period of
ninety days or until such time as any officially declared state of emergency may
be lifted.
4. The parties also agree that should any dispute arise from this Agreement then
the Parties shall submit to binding arbitration form the Swede Arbitration
Association, located in Stockholm, Sweden.
5. It is expressly understood by the Parties that this is a Corporate Agreement,
and that any present or future Officers, Directors, and/or shareholders are not
personally liable for the debt referenced in this Agreement, and further more
they shall be indemnified by the Corporation for any such attacks on their
integrity.
Agreed and accepted,
By:/s/Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx
Senator Associates, Ltd.
Korponai #4
Budapest, Hungary
Funds transfer from
Central European International Bank
Account # 034557-500
PowerSource Corporation
0000 Xxxxxxxx Xxxx., Xxxxx 000
Xxxxxxx Xxxxx, XX 00000
Funds transfer to
Great Western Bank
Account # 0108330645
By:/s/Xxxxx Xxxxxx
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Xxxxx Xxxxxx
