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EXHIBIT 11
**NOTE: PURSUANT TO INSTRUCTION 2 TO ITEM 601
OF REGULATION S-K, A SCHEDULE OF DETAILS OF VARIOUS
AMENDMENTS TO LOAN AND PLEDGE AGREEMENTS DIRECTLY FOLLOWS THIS FORM**
AMENDMENT
TO
LOAN AND PLEDGE AGREEMENT
THIS AMENDMENT TO THE LOAN AND PLEDGE AGREEMENT (this
"AMENDMENT") is made as of April 12, 2001, by and between World Commerce Online,
Inc., a Delaware corporation (the "COMPANY"), and the Lender set forth on
Schedule A hereto (the "LENDER").
R E C I T A L S:
WHEREAS, in connection with a loan or loans to the Company
pursuant to the Loan and Pledge Agreement or Agreements by and between the
Company and the Lender, as amended and as set forth on Schedule A hereto (the
"LOAN AGREEMENT"), the Company issued the Senior Secured Promissory Note or
Notes as set forth on Schedule A hereto in favor of the Lender (the "NOTE"); and
WHEREAS, the Company and the Lender have decided to extend the
Maturity Date under the Loan Agreement and the Note.
NOW, THEREFORE, in consideration of the mutual promises contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereby agree as follows:
1. Maturity Date. Section 1.3 of the Loan Agreement shall be
amended and restated as follows:
"1.3. REPAYMENT. The outstanding principal and
interest is payable on November 30, 2001, at which time all of the
outstanding and unpaid principal and interest shall be immediately due
and payable (the "MATURITY DATE"). All payments of principal and
interest shall be made in U.S. Dollars."
2. Sale of Certain Assets. Section 3.5 of the Loan Agreement
shall be amended and restated as follows:
"3.5 NO OTHER LIENS; NO SALES OR TRANSFERS. The
Company hereby represents and warrants that it has good and valid title
to all of the Pledged Assets, free and clear of all liens, security
interests and other encumbrances (other than liens and security
interests in favor of Participating Creditors as defined in the
Intercreditor Agreement dated as of December 6, 2000, by and among
Interprise Technology Partners, L.P., Drax Holdings, LP, Viscaya
Investments, Inc., DC Investment Partners Exchange Fund, L.P., Xxxx
Xxxxxxx and Xxxxxx and Xxxx Xxxxx, the Company and any other Joining
Participating Creditors as defined therein), and the Company hereby
covenants that, until such time as all of the outstanding principal of
and interest on the Lender Note has been repaid, the Company shall not
(i) create, incur, assure or suffer to exist any pledge, security
interest, encumbrance, lien or charge of any kind against the Pledged
Assets or the Company's rights or a holder thereof, other than pursuant
to this Agreement or under substantially
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similar terms as those set forth in this agreement, or (ii) sell or
otherwise transfer any Pledged Assets or any interest therein, other
than in the ordinary course of the Company's business or, in the case of
a sale or transfer of Pledged Assets or any interest therein to a party
unaffiliated with the Company, upon written direction of the board of
directors of the Company and with the prior written consent of
Interprise Technology Partners, L.P."
3. Lender Warrant. The Company shall issue to the Lender a
warrant dated the date hereof, in the form attached hereto as Exhibit B.
4. Miscellaneous. Sections 7.1 through 7.3 and 7.5 through
7.8 of the Loan Agreement are hereby incorporated by reference.
5. Non-Modification. Except to the extent amended and
modified hereby, all terms, provisions and conditions of the Loan Agreement
shall continue in full force and effect and shall remain unmodified and
enforceable.
IN WITNESS WHEREOF, the parties have executed this Amendment
effective as of the date first above written.
WORLD COMMERCE ONLINE, INC.,
as Borrower
By: /s/ XXXX X. XXXXXX
-------------------------------
Name: Xxxx X. Xxxxxx
Title: Chief Financial Officer
and Corporate Secretary
LENDER
By: /s/ X.X. XXXXXXXXX
-------------------------------
Name: X.X. Xxxxxxxxx
Title: Principal
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SCHEDULE A: LENDER, LOAN AGREEMENT AND NOTE TABLE
----------------------------------------- -------------------------------- --------------
LENDER DATE OF LOAN AGREEMENT AND NOTE LOAN AMOUNT
----------------------------------------- -------------------------------- --------------
Interprise Technology Partners, L.P. August 14, 2000 $5,000,000
----------------------------------------- -------------------------------- --------------
Interprise Technology Partners, L.P. October 2, 2000 $1,000,000
----------------------------------------- -------------------------------- --------------
Drax Holdings, L.P. October 5, 2000 $500,000
----------------------------------------- -------------------------------- --------------
Vizcaya Investments, Inc. October 12, 2000 $1,000,000
----------------------------------------- -------------------------------- --------------
Interprise Technology Partners, L.P. November 9, 2000 $500,000
----------------------------------------- -------------------------------- --------------
DC Investment Partners Exchange Fund, L.P. November 14, 2000 $1,000,000
----------------------------------------- -------------------------------- --------------
Xxxxxx and Xxxx Xxxxx November 24, 2000 $250,000
----------------------------------------- -------------------------------- --------------
Interprise Technology Partners, L.P. December 5, 2000 $500,000
----------------------------------------- -------------------------------- --------------
Xxxx Xxxxxxx December 6, 2000 $1,000,000
----------------------------------------- -------------------------------- --------------
Interprise Technology Partners, L.P. December 20, 2000 $500,000
----------------------------------------- -------------------------------- --------------
Interprise Technology Partners, L.P. December 28, 2000 $2,750,000
----------------------------------------- -------------------------------- --------------
Interprise Technology Partners, L.P. January 3, 2001 $450,000
----------------------------------------- -------------------------------- --------------
Xxxxx Xxxxxxxxx, Xx. January 3, 2001 $500,000
----------------------------------------- -------------------------------- --------------
Xxxxxxx Xxxxx January 4, 2001 $500,000
----------------------------------------- -------------------------------- --------------
Xxxxxxx Associates January 16, 2001 $250,000
----------------------------------------- -------------------------------- --------------
Bank Xxxxxx Xxxxxxx XX January 16, 2001 $1,000,000
----------------------------------------- -------------------------------- --------------
Xxxxxx X. Xxxxxxx January 17, 2001 $125,000
----------------------------------------- -------------------------------- --------------
Xxxxxxxx X. Xxxxxx January 18, 2001 $50,000
----------------------------------------- -------------------------------- --------------
Xxxxxx X. Xxxxxxx January 18, 2001 $100,000
----------------------------------------- -------------------------------- --------------
Interprise Technology Partners, L.P. January 30, 2001 $500,000
----------------------------------------- -------------------------------- --------------
Interprise Technology Partners, L.P. February 15, 2001 $400,000
----------------------------------------- -------------------------------- --------------
Interprise Technology Partners, L.P. March 1, 2001 $50,000
----------------------------------------- -------------------------------- --------------
Xxxxxx Capital Management, Inc. March 1, 2001 $100,000
----------------------------------------- -------------------------------- --------------
Xxxxxxxxx Xxxxxx March 1, 2001 $50,000
----------------------------------------- -------------------------------- --------------
X. Xxxxxxx Xxxxxx March 15, 2001 $100,000
----------------------------------------- -------------------------------- --------------
Xxxxx X. Read March 15, 2001 $100,000
----------------------------------------- -------------------------------- --------------
Xxxxxx X. Xxxxxxxx March 15, 2001 $50,000
----------------------------------------- -------------------------------- --------------
Xxxxx X. Xxxx March 15, 2001 $50,000
----------------------------------------- -------------------------------- --------------
Xxxxxx Capital Management, Inc. March 16, 2001 $100,000
----------------------------------------- -------------------------------- --------------
Xxxxxxx Associates March 19, 2001 $50,000
----------------------------------------- -------------------------------- --------------
Interprise Technology Partners, L.P. March 30, 2001 $150,000
----------------------------------------- -------------------------------- --------------
Xxxxx X. Xxxxxx March 30, 2001 $150,000
----------------------------------------- -------------------------------- --------------
Interprise Technology Partners, L.P. April 6, 2001 $15,000
----------------------------------------- -------------------------------- --------------
Xxxxxx Capital Management, Inc. April 10, 2001 $500,000
----------------------------------------- -------------------------------- --------------
Xxxxxxx Xxxxx April 18, 2001 $500,000
----------------------------------------- -------------------------------- --------------
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SCHEDULE OF AMENDMENTS TO LOAN AND PLEDGE AGREEMENTS
The following schedule of details of various amendments to loan and
pledge agreements is provided in accordance with Instruction 2 to Item 601 of
Regulation S-K. A total of one (1) separate amendment has been made pursuant to
amendments to loan and pledge agreements substantially identical in all material
respects to this amendment made as of April 12, 2001, except with respect to the
details provided in the table below.
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LENDER
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Xxxxx X. Xxxxxx
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