MEDIABIN INC
LOAN AGREEMENT
<DOCUMENT>
<TYPE>EX-10.15
<SEQUENCE>18
<FILENAME>dex1015.htm
<DESCRIPTION>LOAN AGREEMENT
<TEXT>
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<TITLE>LOAN AGREEMENT</TITLE>
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  <p align=left>&nbsp;</p> <p align=right><b><font size=2>Exhibit 10.15</font></b></p> <p align=center><b><font SIZE=2>LOAN AGREEMENT</font></b></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font SIZE=2>THIS LOAN AGREEMENT</font></b><font size=2> (this &#147;Agreement&#148;) is made and entered into as of the </font><u><font size=2>30th</font></u><font size=2> day of
September 2002, by and between MediaBin, Inc., a Georgia corporation (the &#147;Company&#148;), and Gezina AS, a Norwegian corporation (the &#147;Lender&#148;).</font></p> <p align=center><font SIZE=2>PREAMBLE</font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>The Company and the Lender are entering into this Agreement for the purpose of establishing a short-term loan. This Agreement establishes the conditions under which the
Lender may convert any outstanding borrowings into an investment in common stock of the Company and other relevant provisions.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>NOW, THEREFORE, in
consideration of the premises hereof, the mutual covenants and conditions set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound,
hereby agree as follows:</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>1.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Loan</font></u><font size=2>. On the date hereof the Company is
borrowing the principal amount of $125,000 from the Lender (the &#147;Loan&#148;), which will be evidenced by the Term Promissory Note in the form attached hereto as </font><u><font size=2>Exhibits A-C</font></u><font size=2> (the
&#147;Notes&#148;). This Loan cancels entirely (including accrued interest) those Notes and Loans as shown on Exhibit B. The Lender is willing to make the Loan to the Company on the terms and conditions described herein. The Company and the Lender
agree that the payment and performance of all obligations relating to the Loan shall not be secured by any property of the Company. The Company may prepay the Loan, in whole or in part, at any time without penalty or premium; </font><u><font
size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that the Company shall give the Lender five days notice of any payment of outstanding principal under the Notes other than a scheduled principal payment
prescribed by the Notes (each, a &#147;Payment Notice&#148;).</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>2.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Conversion and Acceleration
Rights</font></u><font size=2>. The Company&#146;s successful completion of either a private placement or a public offering of its common stock, $.01 par value per share (the &#147;Common Stock&#148;) in either the Norwegian or United States stock
markets in which gross proceeds of at least $1,000,000 are raised is defined as the Secondary Offering. At any time during the term of the Notes, Lender may cause all or any portion of the entire outstanding principal balance of the Notes to be
converted into a number of shares of the Common Stock equal to the then-outstanding principal of the Notes divided by 75% of the offering price per share in the Secondary Offering. Upon the commencement of an action by the Company to obtain
shareholder approval of an offer from a person or entity unaffiliated with the Lender and unaffiliated with Glastad Holding, Ltd. or Venturos AS that would result in a Change of Control (as defined below), Lender may (i) cause all or any portion of
the entire outstanding principal balance of the Notes to be converted into a number of shares of the Common Stock equal to the then-outstanding principal of the Notes divided by 75% of the offering price per share as proposed in the transaction
constituting a Change of Control and/or (ii) cause the acceleration of the Notes so that all of the remaining outstanding and unconverted principal is due within ten (10) days of the closing of the transaction constituting a Change of Control.
Lender shall have the option of either receiving cash for any accrued and unpaid interest on the Notes or converting such interest balance into a number of shares of the Common Stock as provided herein. The shares of Common Stock received by the
Lender pursuant to this Section 2 shall be registered on the Oslo Stock Exchange. Notwithstanding the foregoing, no fractional shares of the Common Stock shall be issued upon the exercise of the conversions provided by this Section 2, and the
Company shall pay the Lender cash equal to the fair market value of such fractional shares in lieu of their issuance. For purposes of this Agreement, a &#147;Change of Control&#148; shall mean a transaction in which (i) any person or group of
persons that was not previously a majority shareholder of the Company becomes the beneficial owner, directly or indirectly, of securities of the Company representing a majority of the combined voting power of the Company&#146;s then-outstanding
securities or (ii) the Company sells, transfers, leases, exchanges or disposes of at least eighty-five percent (85%) of its assets. </font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font
size=2>3.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Adjustments for Reclassifications</font></u><font size=2>. If prior to the conversion set forth in Section 2, the outstanding shares of the Common Stock are changed into or
exchanged for a different kind of shares or other securities of the Company (hereinafter, a &#147;Capitalization Event&#148;), then the kind of shares or other securities issuable upon the conversion set forth in Section 2 shall be adjusted so that
the kind of shares or other securities to be received under such conversion after such Capitalization Event are the same as that which would have been held following the Capitalization Event had a similar conversion taken place immediately prior to
the Capitalization Event.</font> </p> <p><font size=2> </font></p>

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  <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>4.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Representations, Warranties and Covenants</font></u><font
size=2>.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>(a)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>By the
Company</font></u><font size=2>. The Company is a corporation duly organized and existing under the laws of the State of Georgia and has the corporate power and authority to carry on its business as and where now conducted. The Company has the
corporate power and authority necessary to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement and the consummation of
the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action of the Company. The authorized capital stock of the Company consists of 200,000,000 shares of the Common Stock, of which 17,529,607 shares
are issued and outstanding. All of the issued and outstanding shares of the Common Stock are duly and validly issued and are fully paid and non-assessable. </font></p> <p
align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>(b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>By the Lender</font></u><font
size=2>. The Lender is a corporation duly organized and existing under the laws of the country of Norway and has the corporate and legal power and authority necessary to execute, deliver and perform its obligations under this Agreement and to
consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action of the
Lender. The Lender has not authorized any person to act as broker, finder or in any other similar capacity in connection with the transactions contemplated by this Agreement. The Lender acknowledges that the shares of the Common Stock issuable
pursuant to the conversion procedure set forth in Section 2 hereof have not been registered under any state (or other) securities laws or under the Securities Act of 1933, as amended (the &#147;Federal Act&#148;), in reliance, in the case of the
Federal Act, on exemptions contained in Regulation S promulgated thereunder, and agrees that it will not (i)&nbsp;transfer any of such shares, or any interest therein, except pursuant to an effective registration statement under the applicable state
and other securities laws and the Federal Act or in a transaction which is exempt under such applicable state and other securities laws and the Federal Act, or (ii) make any transfer which will cause the issuance of any of such shares by the Company
to be unlawful or violative of any statute or regulation. The Lender further acknowledges that any stock certificates representing the shares of Common Stock issuable pursuant to the conversion procedure set forth in Section 2 shall bear a
restrictive legend in compliance with the requirements of Regulation S. The Lender warrants and represents that its execution of this Agreement has taken place outside the United States, that it is not a U.S. Person (as defined in Regulation S) and
that it is not acquiring any securities hereunder for the account or benefit of a U.S. Person. The term U.S. Person, as defined in Regulation S, means: (i) any natural person resident in the United States; (ii) any partnership or corporation
organized or incorporated under the laws of the United States, its territories or possessions or any state or the District of Columbia; (iii) any estate of which any executor or administrator is a U.S. Person; (iv) any trust of which any trustee is
a U. S. Person; (v) any agency or branch of a foreign entity located in the United States; (vi) any non-discretionary account or similar account (other than an estate or trust) held by a &#147;dealer&#148; (as defined in the Federal Act) or other
fiduciary for the benefit or account of a U.S. Person; (vii) any discretionary account or similar account (other than an estate or trust) held by a &#147;dealer&#148; (as defined in the Federal Act) or other professional fiduciary organized,
incorporated, or (if an individual) resident in the United States; or (viii) any partnership or corporation organized or incorporated under the laws of any foreign jurisdiction by a U. S. Person principally for the purpose of investing in securities
not registered under the Federal Act unless it is organized or incorporated, and owned, by Accredited Investors (as defined in Rule 501(a) under the Federal Act) who are not natural persons, estates or trusts. In addition to the restrictions on
transfer set forth herein, the Lender also agrees that it will not transfer this Agreement or the Notes into the United States or to a U. S. Person (as defined in Regulation S) for a period of one year after the date hereof. The Lender warrants and
represents that any shares of the Common Stock that it acquires will be acquired solely for its own account, to hold for investment, with no present intention of dividing its participation with others or reselling or otherwise participating,
directly or indirectly, in a distribution of such shares.</font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>5.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Default;
Remedies</font></u><font size=2>. A &#147;Default&#148; shall exist if any of the following occurs and is not remedied (i) in the case of events described in clause (a) below, within 15 days after notice from the Lender to the Company thereof, and
(ii) in the case of events described in clauses (b) through (h) below or elsewhere in this Agreement, within 30 days after notice from the Lender to the Company thereof: (a) failure of the Company punctually to make any payment of any amount payable
under the Notes, whether at maturity, or at a date fixed for any prepayment or partial prepayment, or by acceleration, or otherwise; (b) any statement, representation, or warranty of the Company made in this Agreement shall be false or misleading in
any material respect as of the date made; (c) failure of the Company punctually and fully to comply with any of its covenants in this Agreement; (d) if the Company becomes insolvent as defined in the Georgia Uniform Commercial Code or makes an
assignment for the benefit of creditors; or if any action is brought by the Company seeking dissolution of the Company or liquidation of its assets or seeking the appointment of a trustee, interim trustee, receiver, or other custodian for any of its
property; or if the Company commences a voluntary case under the Federal Bankruptcy Code; or if any reorganization or arrangement</font></p> <CENTER><font size=2>&nbsp;</font></CENTER> <p><font size=2><BR> </font></p>

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  <p align=left><font size=2>proceeding is instituted by the Company for the settlement, readjustment, composition or extension of any of its debts upon any terms; or if any action or petition is otherwise brought by
the Company seeking similar relief or alleging that it is insolvent or unable to pay its debts as they mature; (e) the Company is in default on indebtedness to another person, the amount of such indebtedness exceeds $250,000 and the acceleration of
the maturity of such indebtedness would have a material adverse effect upon the Company; or (f) a sale of all or substantially all of the assets of the Company unless waived in writing by the Lender. Upon the occurrence of a Default, the Lender
shall be entitled to declare any of the amounts owed by the Company under the Notes due and payable, whereupon they immediately will become due and payable without presentment, demand, notice or protest of any kind (all of which are expressly waived
by the Company). </font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>6.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font size=2>Miscellaneous</font></u><font size=2>. All notices or other
communications which are required or permitted hereunder shall be in writing and sufficient if delivered (i) personally, (ii) by registered or certified mail, postage prepaid or (iii) by a recognized courier service to the persons at the addresses
set forth below (or at such other address as may be provided hereunder), and shall be deemed to have been delivered as of the date so delivered or transmitted:</font></p>
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<td valign=bottom align=left width="107"><font size=2>The Company: </font></td>
<td width="25">&nbsp;</td>
<td valign=bottom align=left width="479"><font size=2>MediaBin, Inc.</font></td>
<td width="16">&nbsp;</td> </tr>
<tr>
<td width="107">&nbsp;</td>
<td width="25">&nbsp;</td>
<td valign=bottom align=left width="479"><font size=2>Seven Piedmont Center, Suite 600</font><br><font size=2>3525 Piedmont Road</font><br><font size=2>Atlanta, Georgia 30305</font><br><font size=2>Attention: David P. Moran, President</font></td>
<td width="16">&nbsp;</td> </tr>
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<td width="107">&nbsp;</td>
<td width="25">&nbsp;</td>
<td width="479">&nbsp;</td>
<td width="16">&nbsp;</td> </tr>
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<td valign=top align=left width="107"><font size=2>With copy</font><br><font size=2>to counsel:</font></td>
<td width="25">&nbsp;</td>
<td valign=bottom align=left width="479"><font size=2>Morris, Manning &amp; Martin, L.L.P.</font><br><font size=2>1600 Atlanta Financial Center</font><br><font size=2>3343 Peachtree Road, N.E.</font><br><font size=2>Atlanta, Georgia
30326</font><br><font size=2>Attention: John C. Yates, Esq.</font></td>
<td width="16">&nbsp;</td> </tr>
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<td width="107">&nbsp;</td>
<td width="25">&nbsp;</td>
<td width="479">&nbsp;</td>
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<td valign=top align=left width="107"><font size=2>The Lender:</font></td>
<td width="25">&nbsp;</td>
<td valign=bottom align=left width="479"><font size=2>Gezina AS</font><br><font size=2>Nedre Vollgt. 4</font><br><font size=2>N-0158 Oslo, Norway</font></td>
<td width="16">&nbsp;</td> </tr></table> <p><br> </p>

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  <p align=left><font size=2>Each party shall bear the expenses incurred by it or on its behalf in connection with the transactions contemplated by this Agreement; </font><u><font size=2>provided</font></u><font
size=2>, </font><u><font size=2>however</font></u><font size=2>, that the Company shall be liable for any reasonable attorneys&#146; fees actually incurred by the Lender in enforcing this Agreement or the Notes upon a default by the Company of its
obligations thereunder. This Agreement, together with the Notes, contain the entire agreement among the parties with respect to the transactions contemplated hereby, and supersede all prior arrangements or understandings with respect thereto,
written or oral. This Agreement shall inure to the benefit of and be binding upon the Company&#146;s and the Lender&#146;s successors and any permitted assignee of this Agreement or the Notes. This Agreement and the Notes shall not be assigned by
the Lender without the prior written consent of the Company; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that subject to compliance with the requirements of Regulation S, the
Lender may sell participations in the Notes to not more than four other persons (including indirect participants), provided that no such participation shall relieve the Lender of its obligations under this Agreement, including without limitation its
obligations under Section 1 hereof. In addition, that subject to the requirements of Regulation S, the Lender may assign this Agreement and the Notes to an Affiliate (defined below) of Gezina AS without the prior written consent of the Company
subject to the condition that Gezina AS remain liable for the performance of all of the obligations of the Lender and its assigns thereunder. For purposes of the foregoing sentence, &#147;Affiliate&#148; shall have the meaning given such term in
Rule 144(a)(1) promulgated under the Federal Act. This Agreement shall be governed by and construed in accordance with the laws of the State of Georgia except to the extent United States federal law shall be applicable. This Agreement may be
executed in one or more counterparts, each of which shall constitute one and the same instrument. </font></p> <p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>IN WITNESS WHEREOF, the parties have caused this Agreement
to be executed, sealed and delivered by their duly authorized officers as of the date first written above.</font></p> <CENTER><font size=2>&nbsp;</font></CENTER> <font size=2><BR></font>
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<td valign=bottom align=left width="33"></td>
<td valign=bottom align=left width="274" colspan="2"><font SIZE=2>MEDIABIN, INC.</font></td>
<td width="46">&nbsp;</td>
<td valign=bottom align=left width="317" colspan="3"><font SIZE=2>GEZINA AS</font></td> </tr>
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<td width="33">&nbsp;</td>
<td valign=bottom align=left width="42"><font size=2>By:&nbsp;</font></td>
<td valign=bottom align=left width="233"><br><font size=2>/s/ </font><i><FONT SIZE=2>D</FONT><FONT SIZE=1>AVID </FONT><FONT SIZE=2>P</FONT><FONT SIZE=1>. </FONT><FONT SIZE=2>M</FONT><FONT SIZE=1>ORAN</FONT></I></TD>
<td width="46">&nbsp;</td>
<td valign=bottom align=left width="69"><font size=2>By:&nbsp;</font></td>
<td valign=bottom align=left width="249"><br><i><FONT SIZE=2>E</FONT><FONT SIZE=1>RIK </FONT><FONT SIZE=2>E</FONT><FONT SIZE=1>NGEBRETSEN</FONT></I></TD> </tr>
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<td valign=bottom align=left width="233"><b><font size=1>David P. Moran</font></b><br><b><font size=1>President and Chief Executive Officer</font></b></td>
<td width="46">&nbsp;</td>
<td valign=bottom align=left width="69"><font size=2>Print Name:</font></td>
<td valign=bottom align=left width="249"><b><font size=1>Erik Engebretsen</font></b></td> </tr></table><br>
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<td valign=bottom align=left width="41"><font size=2>Attest:&nbsp;</font></td>
<td valign=bottom align=left width="234"><br><font size=2>/s/ </font><i><FONT SIZE=2>H</FONT><FONT SIZE=1>AINES </FONT><FONT SIZE=2>H</FONT><FONT SIZE=1>ARGRETT</FONT></I></TD>
<td width="46">&nbsp;</td>
<td width="69">&nbsp;</td>
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<td width="33">&nbsp;</td>
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<td valign=bottom align=left width="234"><b><font size=1>Haines H. Hargrett</font></b><br><b><font size=1>Secretary</font></b></td>
<td width="46">&nbsp;</td>
<td valign=bottom align=left width="69"><font size=2>Print Title:</font></td>
<td valign=bottom align=left width="248"><b><font SIZE=1>CEO</font></b></td> </tr></table><br> <CENTER><font size=2>&nbsp;</font></CENTER> <p><font size=2><BR> </font></p>

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  <p align=center><b><font size=2>Exhibit A</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>$45,000</font></b></td>
<td valign=bottom align=right><b><font size=2>July 16, 2002</font></b></td> </tr></table><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 to Gezina AS, a Norwegian corporation (the &#147;Lender&#148;), at Radhusgt.5B 0151 Oslo, 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 forty-five thousand dollars ($45,000), 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><font size=2>&nbsp;</font></CENTER> <BR>

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  <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 valign=bottom align=left width="306"></td>
<td width="48">&nbsp;</td>
<td valign=bottom align=left width="273" colspan="2"><font SIZE=2>MEDIABIN, INC</font></td> </tr>
<tr>
<td valign=bottom align=left width="306"><br></td>
<td width="48">&nbsp;</td>
<td valign=bottom align=left width="41"><font size=2>By:&nbsp;</font></td>
<td valign=bottom align=left width="233"><br><i><font size=2>/s/ D</font><FONT SIZE=1>AVID </FONT><FONT SIZE=2>P</FONT><FONT SIZE=1>. </FONT><FONT SIZE=2>M</FONT><FONT SIZE=1>ORAN</FONT></I></TD> </tr>
<tr>
<td width="4"></td>
<td width="4"></td>
<td width="4"></td>
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<td width="306">&nbsp;</td>
<td width="48">&nbsp;</td>
<td width="41">&nbsp;</td>
<td valign=bottom align=left width="233"><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="306"></td>
<td width="48">&nbsp;</td>
<td width="273" colspan="2">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=left width="306"><br></td>
<td width="48">&nbsp;</td>
<td valign=bottom align=left width="41"><font size=2>Attest:&nbsp;</font></td>
<td valign=bottom align=left width="232"><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>
<tr>
<td width="4"></td>
<td width="4"></td>
<td width="4"></td>
<td align=center valign=top ><HR noshade align=center width="100%" size=1 color="#000000"></td> </tr>
<tr>
<td width="306">&nbsp;</td>
<td width="48">&nbsp;</td>
<td width="41">&nbsp;</td>
<td valign=bottom align=left width="232"><b><font size=1>Haines H. Hargrett</font></b><br><b><font size=1>Secretary</font></b></td> </tr></table><br> <CENTER><font size=2>&nbsp;</font></CENTER> <p><font size=2><BR> </font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p align=center><b><font size=2>Exhibit B</font></b></p> <p align=center><b><font SIZE=2>TERM PROMISSORY NOTE</font></b></p>
<table cellspacing=0 cellpadding=0 width="100%" align=center>
<tr>
<td valign=bottom align=left><b><font size=2>$56,000</font></b></td>
<td width="16">&nbsp;</td>
<td valign=bottom align=right><b><font size=2>August 13, 2002</font></b></td> </tr></table><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 to Gezina AS, a Norwegian corporation (the &#147;Lender&#148;), at Radhusgt.5B 0151 Oslo, 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 fifty six thousand dollars ($56,000), 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><font size=2>&nbsp;</font></CENTER> <p><font size=2><BR> </font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <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>
<table cellspacing=0 cellpadding=0 align=center>
<tr>
<td valign=bottom align=left width="306"></td>
<td width="48">&nbsp;</td>
<td valign=bottom align=left width="273" colspan="2"><font SIZE=2>MEDIABIN, INC.</font></td> </tr>
<tr>
<td valign=bottom align=left width="306"><br></td>
<td width="48">&nbsp;</td>
<td valign=bottom align=left width="44"><font size=2>By:&nbsp;</font></td>
<td valign=bottom align=left width="230"><br><i><font size=2>/s/ D</font><FONT SIZE=1>AVID </FONT><FONT SIZE=2>P</FONT><FONT SIZE=1>. </FONT><FONT SIZE=2>M</FONT><FONT SIZE=1>ORAN</FONT></I></TD> </tr>
<tr>
<td width="4"></td>
<td width="4"></td>
<td width="4"></td>
<td align=center valign=top ><HR noshade align=center width="100%" size=1 color="#000000"></td> </tr>
<tr>
<td width="306">&nbsp;</td>
<td width="48">&nbsp;</td>
<td width="44">&nbsp;</td>
<td valign=bottom align=left width="230"><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>
<table cellspacing=0 cellpadding=0 align=center>
<tr>
<td valign=bottom align=left width="306"></td>
<td width="48">&nbsp;</td>
<td width="273" colspan="2">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=left width="306"><br></td>
<td width="48">&nbsp;</td>
<td valign=bottom align=left width="42"><font size=2>Attest:&nbsp;</font></td>
<td valign=bottom align=left width="231"><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>
<tr>
<td width="4"></td>
<td width="4"></td>
<td width="4"></td>
<td align=center valign=top ><HR noshade align=center width="100%" size=1 color="#000000"></td> </tr>
<tr>
<td width="306">&nbsp;</td>
<td width="48">&nbsp;</td>
<td width="42">&nbsp;</td>
<td valign=bottom align=left width="231"><b><font size=1>Haines H. Hargrett</font></b><br><b><font size=1>Secretary</font></b></td> </tr></table><br> <CENTER><font size=2>&nbsp;</font></CENTER> <p><font size=2><BR> </font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p align=center><b><font size=2>Exhibit C</font></b></p> <p align=center><b><font SIZE=2>TERM PROMISSORY NOTE</font></b></p>
<table cellspacing=0 cellpadding=0 width="100%" align=center>
<tr>
<td valign=bottom align=left><b><font size=2>$24,000</font></b></td>
<td width="16">&nbsp;</td>
<td valign=bottom align=right><b><font size=2>August 29, 2002</font></b></td> </tr></table><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 to Gezina AS, a Norwegian corporation (the &#147;Lender&#148;), at Radhusgt.5B 0151 Oslo, 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 twenty four thousand dollars ($24,000), 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><font size=2>&nbsp;</font></CENTER> <p><font size=2><BR> </font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <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>
<table cellspacing=0 cellpadding=0 align=center>
<tr>
<td valign=bottom align=left width="306"></td>
<td width="48">&nbsp;</td>
<td valign=bottom align=left width="272" colspan="2"><font SIZE=2>MEDIABIN, INC.</font></td> </tr>
<tr>
<td valign=bottom align=left width="306"><br></td>
<td width="48">&nbsp;</td>
<td valign=bottom align=left width="44"><font size=2>By:&nbsp;</font></td>
<td valign=bottom align=left width="228"><br><i><font size=2>/s/ D</font><FONT SIZE=1>AVID </FONT><FONT SIZE=2>P</FONT><FONT SIZE=1>. </FONT><FONT SIZE=2>M</FONT><FONT SIZE=1>ORAN</FONT></I></TD> </tr>
<tr>
<td width="4"></td>
<td width="4"></td>
<td width="4"></td>
<td align=center valign=top ><HR noshade align=center width="100%" size=1 color="#000000"></td> </tr>
<tr>
<td width="306">&nbsp;</td>
<td width="48">&nbsp;</td>
<td width="44">&nbsp;</td>
<td valign=bottom align=left width="228"><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>
<table cellspacing=0 cellpadding=0 align=center>
<tr>
<td valign=bottom align=left width="305"></td>
<td width="48">&nbsp;</td>
<td width="274" colspan="2">&nbsp;</td> </tr>
<tr>
<td valign=bottom align=left width="305"><br></td>
<td width="48">&nbsp;</td>
<td valign=bottom align=left width="42"><font size=2>Attest:&nbsp;</font></td>
<td valign=bottom align=left width="232"><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>
<tr>
<td width="4"></td>
<td width="4"></td>
<td width="4"></td>
<td align=center valign=top ><HR noshade align=center width="100%" size=1 color="#000000"></td> </tr>
<tr>
<td width="305">&nbsp;</td>
<td width="48">&nbsp;</td>
<td width="42">&nbsp;</td>
<td valign=bottom align=left width="232"><b><font size=1>Haines H. Hargrett</font></b><br><b><font size=1>Secretary</font></b></td> </tr></table><br> <CENTER> <font size=2>&nbsp;</font> </CENTER>
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