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US
$50,000.00
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October 31, 2007
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BRIDGE LOAN
PROMISSORY NOTE
(Non-Negotiable)
FOR VALUE RECEIVED, the undersigned, Remote
Knowledge, Inc., a Delaware corporation (“ Maker
”), promises to pay to the order of Fielding L. Cocke, or any
successor holder of this Note (“ Holder ”), at
Holders office, or such other place as Holder may designate, the
principal amount of Fifty Thousand Dollars ($50,000).
1. Interest . As soon as practical after
delivery of this Note to Holder and transfer of funds to Maker,
Maker shall deliver to Holder SixteenThousand Six Hundred
Sixty-seven shares (16,667) of common stock of Maker issued in the
name of Holder as interest. Holder shall be entitled to retain all
such shares regardless whether the Note may be prepaid. At the end
of each month following default in payment of principal and
continuing until principal is paid in full, Five Thousand Five
Hundred Fifty-six shares (5,556) of Makers common stock shall be
delivered to Holder.
2. Payments . All outstanding principal
shall be payable on October 31, 2007 (the “ Maturity
Date ”).
3. Prepayment . Maker may pay all or any
part of the principal owing on this Note at any time or times prior
to maturity without payment of any premium or penalty.
4. Default . Each of the following events
shall constitute an event of default (“ Event of
Default ”) and Holder, in addition to any remedies
available to it at law or in equity, shall thereupon have the
option to declare Maker in default under this Note and declare due
all obligations of Maker to Holder (it also being understood that
the occurrence of any of the Events of Default set forth in
subsections (c) or (d) automatically shall constitute an
Event of Default and cause an immediate acceleration of
Maker’s indebtedness to Holder):
(a) the failure of Maker to make any
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