MEDIABIN INC
LOAN AGREEMENT
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<TYPE>EX-10.4
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<FILENAME>dex104.htm
<DESCRIPTION>LOAN AGREEMENT
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<TITLE>Prepared by R.R. Donnelley Financial -- Loan Agreement</TITLE>
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 <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Exhibit 10.4 </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000"><B>TERM PROMISSORY NOTE </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TD WIDTH="34%"><DIV STYLE="margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>$170,000 </B></FONT></DIV> </TD>
<TD><DIV STYLE="margin-left:3%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>April 12, 2002 </B></FONT></DIV> </TD></TR></TABLE><DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B> FOR VALUE RECEIVED,</B> the undersigned, MediaBin, Inc., a Georgia corporation (the &#147;Borrower&#148;), promises to pay to Venturos AS, a Norwegian corporation (the &#147;Lender&#148;), at P.O.
Box 113, 4551 Farsund, Norway (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 one hundred seventy thousand dollars ($170,000), plus interest as
hereinafter provided. <B></B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">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></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Interest under this
Note shall be due and payable on June 30, 2002. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The indebtedness evidenced by this Note shall be due and payable
on June 30, 2002, plus all accrued and unpaid interest as hereinabove provided </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">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></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">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></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">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></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Time is of the essence of this Note. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">This Note shall be deemed to be made pursuant to the laws of the State of Georgia. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>IN WITNESS
WHEREOF,</B> the duly authorized officers of the Borrower have executed, sealed, and delivered this Note, as of the day and year first above written. <B></B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="right">
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<TD VALIGN="top" WIDTH="6%"> <DIV STYLE="margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></DIV> </TD>
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<TD VALIGN="top" ALIGN="center" WIDTH="41%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;D<SMALL>AVID</SMALL> M<SMALL>ORAN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></DIV>
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<TD VALIGN="bottom" ALIGN="center" WIDTH="41%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>David P. Moran</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>President and
Chief Executive Officer</B></FONT></DIV> </TD> </TR>
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<TD VALIGN="bottom" WIDTH="6%"> <DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Attest:</FONT></DIV> </TD>
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<TD VALIGN="bottom" ALIGN="center" WIDTH="41%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;H<SMALL>AINES</SMALL>
H<SMALL>ARGRETT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></DIV> <HR NOSHADE COLOR="#000000" ALIGN="left"></TD> </TR>
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<TD VALIGN="bottom" ALIGN="center" WIDTH="41%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Haines H. Hargrett</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><B>Secretary</B></FONT></DIV> </TD> </TR>
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