EXHIBIT 10.3
NOTE ASSIGNMENT
For Value Received, Xxxxxx Xxxxxxx (hereinafter called the
"Assignor") does hereby sell, assign, transfer and convey unto Xxxxxxx Partners,
LLC, a Delaware limited liability company (hereinafter called the "Assignee"),
its successors and assigns all right, title and interest of Assignor to and
under that certain Promissory Note, dated December 31, 2002, in the original
principal amount of $1,100,000 (the "Note"), made by Xxxxxxx International Ltd.
("Maker") and payable to the order of Assignor (the original copy of which is
being delivered to Assignee herewith).
By executing this Note Assignment, Maker hereby consents to the
assignment of the Note and agrees to make any and all future payments to the
Assignee, its successors and assigns.
The parties hereto acknowledge and agree that, as of the date hereof, the
outstanding principal amount of the Note is $1,100,000, and all interest accrued
through the date hereof will be paid to the Assignor.
In Witness Whereof, the parties have caused this Note Assignment to be
executed on their behalf as of the 31st day of January 2003.
ASSIGNOR
/s/ Xxxxxx Xxxxxxx
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Xxxxxx Xxxxxxx
ASSIGNEE
Xxxxxxx Partners, LLC
By: /s/ Xxxxxx X. Xxxxx
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Name: Xxxxxx X. Xxxxx
Title: Manager
MAKER
Xxxxxxx International Ltd.
By: /s/ Xxxx X. Xxxxxxx
-------------------------------------
Name: Xxxx X. Xxxxxxx
Title: Chief Executive Officer
