MEDIABIN INC
SHORT TERM ADVANCE
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<TYPE>EX-10.14
<SEQUENCE>9
<FILENAME>dex1014.htm
<DESCRIPTION>SHORT TERM ADVANCE
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  <p style=' margin-bottom:0pt;text-align:right; margin-top:8pt;'><font size=2>Exhibit 10.14</font></p> <p style=' margin-bottom:0pt;text-align:center; margin-top:16pt;'><b><font SIZE=2>SHORT TERM ADVANCE</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;'><font size=2>&nbsp;</font></p>
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<td valign=bottom style='padding:0in 0in 0in 0in'> <p style='margin-left:0;margin-bottom:0pt;margin-top:2.0pt;'><b><font size=2>$60,000</font></b></p> </td>
<td width=305 valign=bottom style='padding:0in 0in 0in 0in'> <p style='margin-top:2pt;margin-bottom:0pt;text-align:right;'><b><font size=2>December 30, 2002</font></b></p> </td> </tr> </table> <p style=' margin-bottom:0pt; text-indent:0.36in;
margin-top:8pt;'><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 Venturos AS, a Norwegian corporation (the &#147;Lender&#148;), at P.O.
Box 113, 4552 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 sixty thousand dollars ($50,000), without interest, as hereinafter
provided.</font></p> <p style=' margin-bottom:0pt; text-indent:0.36in; margin-top:8pt;'><font size=2>The indebtedness evidenced by this Advance shall be due and payable on March 31, 2003, as hereinabove provided.</font></p> <p style='
margin-bottom:0pt; text-indent:0.36in; margin-top:8pt;'><font size=2>To secure all of its obligations hereunder the Company hereby grants to the Lender a security interest in all of the Accounts Receivable of the Company (as evidenced by invoices
sent to customers), whether now existing or subsequently acquired (the &#147;</font><u><font size=2>Collateral</font></u><font size=2>&#148;). The Company, at its own expense, will promptly execute and deliver or file all financing statements and
similar documents and take such further actions that the Lender may reasonably request from time to time in order to perfect and/or maintain the security interest hereby granted. The Lenders are entitled to all of the rights and remedies of a
secured party under the Uniform Commercial Code as in force in the State of Georgia, which rights and remedies will be cumulative and not exclusive of any other rights and remedies. </font></p> <p style=' margin-bottom:0pt; text-indent:0.36in;
margin-top:8pt;'><font size=2>The Company hereby agrees (i) the Company shall not knowingly and of its own volition create, incur, assume, or suffer to exist any encumbrance of any kind on the Collateral without the express written consent of the
Lender, and (ii) the security interest in the Collateral granted to the Lender pursuant to this Advance shall rank senior in priority to any security interest in the Collateral hereafter granted or existing.</font></p> <p style=' margin-bottom:0pt;
text-indent:0.36in; margin-top:8pt;'><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
style=' margin-bottom:0pt; text-indent:0.36in; margin-top:8pt;'><font size=2>Time is of the essence of this Advance.</font></p> <p style=' margin-bottom:0pt; text-indent:0.36in; margin-top:8pt;'><font size=2>This Advance shall be deemed to be made
pursuant to the laws of the State of Georgia.</font></p> <p style=' margin-bottom:0pt; margin-top:8pt;'><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 Advance, as of the day and year first above written.</font></p> <p style=' margin-bottom:0pt; margin-top:0pt;'><font size=2>&nbsp;</font></p>
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<td width=33 valign=top style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width=44 valign=bottom style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width=230 valign=bottom style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'><font SIZE=2>MEDIABIN, INC.</font></p> </td>
<td width=46 valign=bottom style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width=44 valign=bottom style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width=228 valign=bottom style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td> </tr>
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<td width=33 valign=top style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width=44 valign=bottom style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'><font size=2>By:&nbsp;</font></p> </td>
<td width=230 valign=bottom style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'><br> <i><font size=2>/s/</font></i><font size=2> D</font><font SIZE=1>AVID </font><font SIZE=2>M</font><font SIZE=1>ORAN</font></p> </td>
<td width=46 valign=bottom style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;</font></p> </td>
<td width=44 valign=bottom style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'><font size=2>Attest:</font></p> </td>
<td width=228 valign=bottom style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'><br> <font size=2>&nbsp;&nbsp;</font><i><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></p> </td> </tr>
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<td width=33 valign=top style='padding:0in 0in 0in 0in'> <p><font size=1>&nbsp;</font></p> </td>
<td width=44 valign=top style='padding:0in 0in 0in 0in'> <p><font size=1>&nbsp;</font></p> </td>
<td valign=top style='padding:0in 0in 0in 0in'> <hr noshade width="100%" color="black" size=1> </td>
<td width=46 valign=top style='padding:0in 0in 0in 0in'> <p><font size=1>&nbsp;</font></p> </td>
<td width=44 valign=top style='padding:0in 0in 0in 0in'> <p><font size=1>&nbsp;</font></p> </td>
<td valign=top style='padding:0in 0in 0in 0in'> <hr noshade width="100%" color="black" size=1> </td> </tr>
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<td width=33 valign=top style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'>&nbsp;</p> </td>
<td width=44 valign=top style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'>&nbsp;</p> </td>
<td width=230 valign=top style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'><b><font size=1>David P. Moran</font></b><br> <b><font size=1>President and Chief Executive Officer</font></b></p> </td>
<td width=46 valign=top style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'>&nbsp;</p> </td>
<td width=44 valign=top style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'>&nbsp;</p> </td>
<td width=228 valign=top style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'><font size=1>&nbsp;&nbsp;</font><b><font size=1>Haines H. Hargrett</font></b><br> <font size=1>&nbsp;&nbsp;</font><b><font
size=1>Secretary</font></b></p> </td> </tr>
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<td width=33 valign=top style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'>&nbsp;</p> </td>
<td width=44 valign=top style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'>&nbsp;</p> </td>
<td width=230 valign=top style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'>&nbsp;</p> </td>
<td width=46 valign=top style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'>&nbsp;</p> </td>
<td width=44 valign=top style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'>&nbsp;</p> </td>
<td width=228 valign=top style='padding:0in 0in 0in 0in'> <p style='margin-bottom:0pt;margin-top:0in;'>&nbsp;</p> </td> </tr> </table> <br> <p style='margin-bottom:0pt;text-align:right'><font size=2> </font></p> <p style=' margin-bottom:0pt;
margin-top:0pt;'>&nbsp;</p>
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