Exhibit 4.8
THIS LINE OF CREDIT is made this 23rd day of December, 2004, by and between
uWink, Inc. a Utah corporation, ("Borrower"), and ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ("Lender").
Borrower is engaged in the business of manufacturing and distributing
coin-operated video game terminals and operating an Internet-based entertainment
network and has requested availability of a line of credit from Lender to fund
Borrower's business operations; and Lender has expressed a willingness to
provide a secured line of credit to Borrower to provide a working capital on the
terms and conditions set forth therein;
1. BORROWING LIMIT. Lender shall provide a line of credit in the
initial amount of not more than fifty thousand dollars
($50,000) which Lender shall administrate and draw from for
the benefit of Borrow for purposes such as payment to
manufacturers, raw material vendors and other vendors of
Borrower as may be approved by Lender. Increases in the
principal amount of the line of credit may be requested by
Borrower and will be considered by Lender, provided, however
that any increases in the principal amount of the line of
credit shall be in the sole discretion of the Lender.
2. MATURITY. Notwithstanding anything to the contrary in this
Line of Credit, the principal advanced by Lender hereunder and
all interest charge which may accrue in the event of default
shall be due and payable in full no later than September 30,
2005. Notwithstanding the foregoing, the entire unpaid
principal sum of this Note, together with accrued and unpaid
interest thereon, shall become immediately due and payable
upon the insolvency of the Company, the commission of any act
of bankruptcy by the Company, the execution by the Company of
a general assignment for the benefit of creditors, the filing
by or against the Company of a petition in bankruptcy or any
petition for relief under the federal bankruptcy act or the
continuation of such petition without dismissal for a period
of 90 days or more, or the appointment of a receiver or
trustee to take possession of the property or assets of the
Company.
3. PAYMENT; PREPAYMENT. All payments shall be made in lawful
money of the United States of America at such place as the
Holder hereof may from time to time designate in writing to
the Company. Payment shall be credited first to the accrued
interest then due and payable and the remainder applied to
principal. Prepayment of this Note may be made at any time
without penalty.
4. GOVERNING LAW. This Note and all acts and transactions
pursuant hereto and the rights and obligations of the parties
hereto shall be governed, construed and interpreted in
accordance with the laws of the State of California, without
giving effect to principles of conflicts of law.
5. AMENDMENTS AND WAIVERS. Any term of this Note may be amended
only with the written consent of the Company and the Holder.
Any amendment or waiver effected in accordance with this
Section 5 shall be binding upon the Borrower, each Lender and
each transferee of any Note.
6. ACTION TO COLLECT ON NOTE. If action is instituted to collect
on this Line of Credit, the Borrower promises to pay all costs
and expenses, including reasonable attorney's fees, incurred
in connection with such action.
7. LOSS OF NOTE. Upon receipt by the Borrower of evidence
satisfactory to it of the loss, theft, destruction or
mutilation of this Line of Credit or any Note exchanged for
it, and indemnity satisfactory to the Company (in case of
loss, theft or destruction) or surrender and cancellation of
such Line of Credit (in the case of mutilation), the Company
will make and deliver in lieu of such Note a new Note of like
tenor.
THE COMPANY:
UWINK, INC.
By: ____________________________________
▇▇▇▇▇▇▇▇ ▇. Early
Chief Financial Officer and Officer
Address:
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Phone: (310) 827-6900 ext. 106
