January 10, 2003 Paul A. Kruger 2500 S. McGee, Suite 147 Norman, OK 73072 Re: $7,000,000 Financing of PalWeb Corporation and Plastic Pallet Production, Inc. Dear Paul: This letter is intended to memorialize the terms of the agreement between you and...Loan Agreement • January 14th, 2003 • Palweb Corp • Special industry machinery, nec • Oklahoma
RECITALS: ---------Security Agreement • January 14th, 2003 • Palweb Corp • Special industry machinery, nec • Oklahoma
RECITALS: ---------Loan Agreement • January 14th, 2003 • Palweb Corp • Special industry machinery, nec • Oklahoma
EXHIBIT 10.5 ------------ STOCK PLEDGE AGREEMENT ---------------------- This Agreement dated effective January 10, 2003, and granted by PALWEB CORPORATION, an Oklahoma corporation (the "Pledgor"), to PAUL A. KRUGER, an individual (the "Lender")....Stock Pledge Agreement • January 14th, 2003 • Palweb Corp • Special industry machinery, nec • Oklahoma
DEED OF TRUST (Security Agreement and Financing Statement) -------------------------------------------- (Dallas, Dallas County, Texas)Deed of Trust • January 14th, 2003 • Palweb Corp • Special industry machinery, nec • Texas
EXHIBIT 10.4 ------------ PROMISSORY NOTE ---------------Promissory Note • January 14th, 2003 • Palweb Corp • Special industry machinery, nec
FOR VALUE RECEIVED, the undersigned, PALWEB CORPORATION, an Oklahoma corporation, and PLASTIC PALLET PRODUCTION, INC., a Texas corporation (the "Borrowers"), promise to pay to the order of PAUL A. KRUGER (the "Lender"), the principal sum of SEVEN MILLION DOLLARS ($7,000,000.00) or so much as is advanced and remaining unpaid and outstanding hereunder together with interest on the unpaid balance from the date of the execution of this Note at the Prime Lending Rate of Interest (as defined in the Loan Agreement between the Lender and Borrowers dated as of even date herewith [the "Loan Agreement"]) plus three hundred basis points (3.0%). The rate of interest payable on this Note shall change or fluctuate daily and be adjusted daily based on any daily changes or fluctuations of the Prime Lending Rate of Interest; provided, however, that the rate of interest payable upon the indebtedness evidenced by this Note shall not at any time exceed the maximum rate of interest permitted under the laws
