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2009 TERM NOTE

Promissory Note

2009 TERM NOTE | Document Parties: GLOBAL EMPLOYMENT SOLUTIONS, INC | FRIENDLY ADVANCED SOFTWARE TECHNOLOGY, INC | EXCELL PERSONNEL SERVICES CORPORATION | MAIN LINE PERSONNEL SERVICES, INC You are currently viewing:
This Promissory Note involves

GLOBAL EMPLOYMENT SOLUTIONS, INC | FRIENDLY ADVANCED SOFTWARE TECHNOLOGY, INC | EXCELL PERSONNEL SERVICES CORPORATION | MAIN LINE PERSONNEL SERVICES, INC

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Title: 2009 TERM NOTE
Date: 5/4/2009

2009 TERM NOTE, Parties: global employment solutions  inc , friendly advanced software technology  inc , excell personnel services corporation , main line personnel services  inc
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Exhibit 10.2

2009 TERM NOTE

 

 

 

$2,100,000

 

Denver, Colorado

 

 

April 29, 2009

For value received, each of the undersigned, GLOBAL EMPLOYMENT SOLUTIONS, INC., a Colorado corporation (“Global”), EXCELL PERSONNEL SERVICES CORPORATION, an Illinois corporation (“Excell”), FRIENDLY ADVANCED SOFTWARE TECHNOLOGY, INC., a New York corporation (“Friendly”), TEMPORARY PLACEMENT SERVICE, INC., f/k/a Michaels & Associates, Inc. and successor by merger to Temporary Placement Service, Inc., a Georgia corporation (“TPS”), GLOBAL EMPLOYMENT SOLUTIONS PEO INC., f/k/a Southeastern Staffing, Inc., a Florida corporation (“Southeastern”), GLOBAL EMPLOYMENT SOLUTIONS PEO V INC., f/k/a Southeastern Personnel Management, Inc., a Florida corporation (“SPM”), MAIN LINE PERSONNEL SERVICES, INC., a Pennsylvania corporation (“Main Line”), GLOBAL EMPLOYMENT SOLUTIONS PEO III INC., f/k/a Bay HR, Inc., a Florida corporation (“BHR”), GLOBAL EMPLOYMENT SOLUTIONS PEO IV INC., f/k/a Southeastern Georgia HR, Inc., a Georgia corporation (“SGHR”), GLOBAL EMPLOYMENT SOLUTIONS PEO II INC., f/k/a Southeastern Staffing II, Inc., a Florida corporation (“SEII”), GLOBAL EMPLOYMENT SOLUTIONS PEO VI INC., f/k/a Southeastern Staffing III, Inc., a Florida corporation (“SEIII”), GLOBAL EMPLOYMENT SOLUTIONS PEO VII INC., f/k/a Southeastern Staffing IV, Inc., a Florida corporation (“SEIV”), GLOBAL EMPLOYMENT SOLUTIONS PEO VIII INC., f/k/a Southeastern Staffing V, Inc., a Florida corporation (“SEV”), GLOBAL EMPLOYMENT SOLUTIONS PEO IX INC., f/k/a Southeastern Staffing VI, Inc., a Florida corporation (“SEVI”), and KEYSTONE ALLIANCE, INC., a Florida corporation (“Keystone”) (Global, Excell, Friendly, TPS, Southeastern, SPM, Main Line, BHR, SGHR, SEII, SEIII, SEIV, SEV, SEVI, and Keystone, each a “Borrower” and collectively, the “Borrowers”), hereby jointly and severally promise to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Lender”), acting through its Wells Fargo Business Credit operating division, on the earlier of January 4, 2010 or the Termination Date set forth in the Credit and Security Agreement dated April 29, 2008, that was entered into by the Lender and the Borrowers (as amende


 
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