CREDIT LINE AGREEMENT
HOUSTON, TEXAS - NOVEMBER 30, 1999
On this date, in exchange for monetary advances made to SHARP TECHNOLOGY, INC.,
(hereinafter collectively referred to as "Maker"), by Commercial Capital Trading
Corporation (hereinafter referred to as "Payee"), and for other value received,
Maker promises to pay to the order of Payee at 0000 Xxxxxxx, Xxxxx 0000,
Xxxxxxx, XX 00000, or such other place as Payee may direct, the outstanding
Principal and to pay interest thereon from today's date until paid at the fixed
rate of Ten percent (10.0%) interest per annum; PROVIDED HOWEVER THAT INTEREST
ON THIS NOTE SHALL BE CALCULATED ON THE BASIS OF A 360 DAY YEAR. Payments will
be applied first to accrued interest and the balance to reduction of principal.
Principal and interest shall be due and payable on demand by Payee.
NOTWITHSTANDING any other provision of this note, the interest due on this note
shall never exceed the maximum permitted by applicable law and shall never be
usurious. In the event any excess interest is provided for, it shall be deemed
a mistake or bona fide error and such excess shall be returned to Maker or
credited to the unpaid principal and this note shall automatically be deemed
reformed to permit only the collection of the maximum lawful rate.
In the event default is made in the payment of this note and it is placed in the
hands of an attorney for collection, or suit is brought on same, or same is
collected through bankruptcy or probate proceedings, then the undersigned agrees
that an additional amount of twenty-five percent (25%) on the principal and
interest then due hereon shall be added to the same as reasonable collection
fees.
This note may be prepaid without penalty. The finance charge will be earned on
the unpaid principal balance computed at the interest rate provided herein. If
prepaid or accelerated, Payee shall refund or credit to Maker the amount of any
unearned finance charges.
SHARP TECHNOLOGY, INC.
/s/ Xxxxxx Xxxxxxx
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By: Xxxxxx X. Xxxxxxx, CFO
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