MEDIABIN INC
TERM PROMISSORY NOTE
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<TYPE>EX-10.6
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<FILENAME>dex106.htm
<DESCRIPTION>TERM PROMISSORY NOTE
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  <p align=left>&nbsp;</p> <p align=right><b><font size=2>Exhibit 10.6</font></b></p> <p align=center><b><FONT SIZE=2>TERM PROMISSORY NOTE</font></b></p>
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<td valign=bottom align=left><b><font size=2>$30,000</font></b></td>
<td valign=bottom align=right><b><font size=2>July 30, 2002</font></b></td> </tr></table><br> <br> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><FONT SIZE=2>FOR VALUE RECEIVED</font></b><font size=2>, the undersigned,
MediaBin, Inc., a Georgia corporation (the &#147;Borrower&#148;), promises to pay Glastad Holding, Ltd. a Cayman Islands corporation (the &#147;Lender&#148;), at 10 Stratton Street, 4th Floor, London WIX 4EJ, England (or at such other place as the
Lender may designate in writing to the Borrower), in lawful money of the United States of America, the principal sum of thirty thousand dollars ($30,000), plus interest as hereinafter provided.</font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The Borrower promises to pay interest on the unpaid principal amount outstanding hereunder (the &#147;Loan&#148;), at a simple interest rate per annum equal to the Prime
Rate Basis. &#147;Prime Rate Basis&#148; shall mean, on any day, a simple interest rate per annum equal to the Prime Rate (as defined herein) plus 100 basis points (1.0%). &#147;Prime Rate&#148; shall mean, on any day, the rate of interest published
as the &#147;Prime Rate&#148; as of the last business day of the full calendar month preceding such day by Bank of America, N.A. (Charlotte, North Carolina), or any successor institution. The Prime Rate in effect as of the close of business of each
day shall be the applicable Prime Rate for the day and each succeeding non-business day in determining the applicable Prime Rate Basis. Interest shall be calculated on the basis of a 360-day year for the actual number of days elapsed. </font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Interest under this Note shall be due and payable quarterly in arrears on the last day of each calendar quarter, commencing September 30, 2002, and continuing to be due on
the last day of each calendar quarter thereafter until this Note is paid in full. Interest shall also be due and payable when this Note shall become due (whether at maturity, by reason of acceleration or otherwise). After default, interest shall
also be due and payable upon demand from time to time by the Lender as provided below. </font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The indebtedness evidenced by this Note shall be due and payable on
January 1, 2003, plus all accrued and unpaid interest as hereinabove provided</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Overdue principal shall bear interest for each day from the date it became so
due until paid in full, payable on demand, at a rate per annum (computed on the basis of a 360-day year for the actual number of days elapsed) equal to two percent (2%) per annum in excess of the interest rate otherwise payable hereunder.
</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>In no event shall the amount of interest due or payable hereunder exceed the maximum rate of interest allowed by applicable law, and in the event any such
payment is inadvertently paid by the Borrower or inadvertently received by the Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the Lender, in writing, that the Borrower elects to have such
excess sum returned to it forthwith. It is the express intent hereof that the Borrower not pay and the Lender not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under
applicable law.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The Borrower hereby waives presentment for payment, demand, notice of non-payment or dishonor, protest and notice of protest, or any other
notice of any kind with respect thereto.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>Time is of the essence of this Note.</font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>This Note shall be deemed to be made pursuant to the laws of the State of Georgia.</font></p> <CENTER> </CENTER>

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  <font size=2><BR> </font> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><FONT SIZE=2>IN WITNESS WHEREOF</font></b><font size=2>, the duly authorized officers of the Borrower have executed,
sealed, and delivered this Note, as of the day and year first above written.</font></p>
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<td width="48">&nbsp;</td>
<td valign=bottom align=left colspan="2"><FONT SIZE=2>MEDIABIN, INC.</font></td> </tr>
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<td valign=bottom align=left width="38"><font size=2>By:&nbsp;</font></td>
<td valign=bottom align=left width="235"><br> <i><font size=2>/s/ D</font><FONT SIZE=1>AVID </font><FONT SIZE=2>P. M</font><FONT SIZE=1>ORAN</font></i></td> </tr>
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<td valign=bottom align=left width="235"><b><font size=1>David P. Moran</font></b><br> <b><font size=1>President and Chief Executive Officer</font></b></td> </tr></table><br>
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<td valign=bottom align=left width="40"><font size=2>Attest:</font></td>
<td valign=bottom align=left width="235"><br><i><font size=2>/s/ H</font><FONT SIZE=1>AINES</font><font size=2> H</font><FONT SIZE=1>ARGRETT</font></i></td> </tr>
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<td valign=bottom align=left width="235"><b><font size=1>Haines H. Hargrett</font></b><br><b><font size=1>Secretary</font></b></td> </tr></table>
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