EXHIBIT 4.1
PROMISSORY NOTE
FOR VALUE RECEIVED, ICC WORLDWIDE, INC. (the
“Maker” or the “Company”), a Delaware
corporation, having a mailing address at 3334 E. Coast Hwy #424
Corona del Mar, CA 92625, hereby promises to pay to the order of
The Stealth Fund , LLLP, a Minnesota Limited Partnership,
(“Payee”) at Payee’s office located at 1800
Second St, Ste 758, Sarasota, FL 34236 or at such other place as
Payee shall hereafter designate in writing to Maker, the principal
amount of $25,000. This Promissory Note (this “Note”)
is issued to evidence Maker’s obligation to repay the loan
made from time to time by the Payee to the Company for the
Company’s operations.
1. Tranches. Maker
acknowledges receipt of $25,000 on April 7, 2009.
2. Maturity. The
outstanding principal and accrued interest under this Note shall be
due and payable on April 30, 2011 (the “Maturity
Date”).
3. Payments of
Interest. Through January 1, 2010 interest on the
outstanding principal amount of this Note shall accrue at the rate
set forth in Paragraph 4. All accrued interest on this
Note shall be payable commencing January 1, 2010 and on the first
day of each month thereafter until this Note is paid in
full.
4. Interest Rate. The
outstanding principal balance of this Note shall bear interest at a
rate of 10% per annum based on a 365 day year.
5. Pre-Payment Option: Maker may at
any time and from time to time, prepay part or all of this Note
without premium or penalty. All payments of this Note shall be
first applied to interest and then to principal.
6. Priority. The payment
of principal and interest under this Note shall have priority over
the payment of any other note payable of Maker.
7. Covenants. Maker
covenants and agrees that, so long as any indebtedness is
outstanding hereunder, Maker shall timely file all forms required
of a “Reporting Company”, under Section 13 of the
Securities Exchange Act of 1934.
8. Event of Default. For
purposes of this Note, an “Event of Default” shall have
occurred hereunder if:
A. Maker shall fail to pay within 10
days after such payment is due any payment of principal, interest,
fees, costs, expenses or any other sum payable to Payee hereunder
or otherwise;
B. Maker shall default in the
performance of any other agreement or covenant contained herein
(other than as provided in subparagraph 8A above), and such default
shall continue uncured for twenty (20) days after notice thereof to
Maker given by Payee, or if Maker shall default in the performance
of any of its material obligations under any other agreement or
instrument under which Maker is obligated to make payments to a
third party in excess of $10,000.;
C. Maker: becomes insolvent, files
for voluntary bankruptcy or the filing of an involuntary bankruptcy
petition against the Maker which is not discharged or stayed within
60 days or generally fails to pay its debts as such debts become
due.
9. Consequences of
Default. Upon the occurrence of an Event of Default and
at any time thereafter, the entire unpaid principal balance of this
Note, together with interest accrued thereon and with all other
sums due or owed by Maker hereunder, shall become immediately due
and payable. In addition, the principal balance and all
past-due interest shall thereafter bear interest at the rate of 18%
per annum until paid.
10. Remedies. The remedies
of Payee provided herein or otherwise available to Payee at law or
in equity shall be cumulative and concurrent, and may be pursued
singly, successively and together at the sole discretion of Payee,
and may be exercised as often as occasion therefore shall occur;
and the failure to exercise any such right or remedy shall in no
event be construed as a waiver or release of the same.
11. Notice. All notices
required to be given to any of the parties hereunder shall be in
writing and shall he deemed to have been sufficiently given for all
purposes when presented personally to such party or sent by
certified or registered mail, return receipt requested, to such
party at its address set forth below:
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If to the
Maker:
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ICC WORLDWIDE,
INC.
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|
|
3334 E. Coast
Hwy #424
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|
|
Corona del Mar,
CA 92625
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|
|
|
|
If to the
Payee:
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The Stealth
Fund, LLLP
|
|
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1800 Second St,
Ste 758
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Sarasota, FL
34236
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Such notice
shall be deemed to be given when received if delivered personally
or five (5) business days after the date mailed. Any
notice mailed shall be sent by certified or registered
mail. Any notice of any change in such address shall
also be given in the manner set forth above. Whenever
the giving of notice is required, the giving of such notice may be
waived in writing by the party entitled to receive such
notice.
12. Severability. In the
event that any provision of this Note is held to be invalid,
illegal or unenforceable in any respect or to any extent, such
provision shall nevertheless remain valid, legal and enforceable in
all such other respects and to such extent as may be
permissible. Any such invalidity, illegality or
unenforceability shall not affect any other provisions of this
Note, but this Note shall be construed as if such invalid, illegal
or unenforceable provision had never been contained
herein.
13. Successors and Assigns. This Note
inures to the benefit of the Payee and binds the Maker, and its
respective successors and assigns, and the words
“Payee” and “Maker” whenever occurring
herein shall be deemed and construed to include such respective
successors and assigns.
14. Entire Agreement. This
Note embodies the entire understanding and agreement between the
parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings, whether express
or implied, oral and written.
15. Modification of
Agreement. This Note may not be modified, altered or
amended, except by an agreement in writing signed by both the Maker
and the Payee.
16. Governing Law. This
instrument shall be construed according to and governed by the laws
of the State of Florida.
17. Arbitration. Any disputes
concerning this agreement or attempts to enforce this agreement or
any of its provisions shall be governed by the laws of the state of
Florida, and shall be decided by mandatory Binding Arbitration in
the state of Florida, through the American Arbitration Association,
before one arbitration board or arbitration judge, pursuant to the
American Arbitration Association's rules for
Arbitration. Any such arbitration decision by the
arbitration board or arbitration judge shall be final in every
respect, and may not be appealed in any court or in any subsequent
arbitration proceeding.
IN WITNESS
WHEREOF, Maker has duly executed this Note on April 24,
2009.
PROMISSORY NOTE
FOR VALUE RECEIVED, ICC WORLDWIDE, INC. (the
“Maker” or the “Company”), a Delaware
corporation, having a mailing address at 3334 E. Coast Hwy #424
Corona del Mar, CA 92625, hereby promises to pay to the order of
The Stealth Fund , LLLP, a Minnesota Limited Partnership,
(“Payee”) at Payee’s office located at 1800
Second St, Ste 758, Sarasota, FL 34236 or at such other place as
Payee shall hereafter designate in writing to Maker, the principal
amount of $100,000. This Promissory Note (this “Note”)
is issued to evidence Maker’s obligation to repay the loan
made from time to time by the Payee to the Company for the
Company’s operations.
2. Tranches. Maker
acknowledges receipt of $100,000 on April 16, 2009.
2. Maturity. The
outstanding principal and accrued interest under this Note shall be
due and payable on April 30, 2012 (the “Maturity
Date”).
3. Payments of
Interest. Through January 1, 2010 interest on the
outstanding principal amount of this Note shall accrue at the rate
set forth in Paragraph 4. All accrued interest on this
Note shall be payable commencing January 1, 2010 and on the first
day of each month thereafter until this Note is paid in
full.
4. Interest Rate. The
outstanding principal balance of this Note shall bear interest at a
rate of 10% per annum based on a 365 day year.
5. Pre-Payment Option: Maker may at
any time and from time to time, prepay part or all of this Note
without premium or penalty. All payments of this Note shall be
first applied to interest and then to principal.
6. Priority. The payment
of principal and interest under this Note shall have priority over
the payment of any other note payable of Maker.
7. Covenants. Maker
covenants and agrees that, so long as any indebtedness is
outstanding hereunder, Maker shall timely file all forms required
of a “Reporting Company”, under Section 13 of the
Securities Exchange Act of 1934.
8. Event of Default. For
purposes of this Note, an “Event of Default” shall have
occurred hereunder if:
A. Maker shall fail to pay within 10
days after such payment is due any payment of principal, interest,
fees, costs, expenses or any other sum payable to Payee hereunder
or otherwise;
B. Maker shall default in the
performance of any other agreement or covenant contained herein
(other than as provided in subparagraph 8A above), and such default
shall continue uncured for twenty (20) days after notice thereof to
Maker given by Payee, or if Maker shall default in the performance
of any of its material obligations under any other agreement or
instrument under which Maker is obligated to make payments to a
third party in excess of $10,000.;
C. Maker: becomes insolvent, files
for voluntary bankruptcy or the filing of an involuntary bankruptcy
petition against the Maker which is not discharged or stayed within
60 days or generally fails to pay its debts as such debts become
due.
9. Consequences of
Default. Upon the occurrence of an Event of Default and
at any time thereafter, the entire unpaid principal balance of this
Note, together with interest accrued thereon and with all other
sums due or owed by Maker hereunder, shall become immediately due
and payable. In addition, the principal balance and all
past-due interest shall thereafter bear interest at the rate of 18%
per annum until paid.
10. Remedies. The remedies
of Payee provided herein or otherwise available to Payee at law or
in equity shall be cumulative and concurrent, and may be pursued
singly, successively and together at the sole discretion of Payee,
and may be exercised as often as occasion therefore shall occur;
and the failure to exercise any such right or remedy shall in no
event be construed as a waiver or release of the same.
11. Notice. All notices
required to be given to any of the parties hereunder shall be in
writing and shall he deemed to have been sufficiently given for all
purposes when presented personally to such party or sent by
certified or registered mail, return receipt requested, to such
party at its address set forth below:
|
If to the
Maker:
|
ICC WORLDWIDE,
INC.
|
|
|
3334 E. Coast
Hwy #424
|
|
|
Corona del Mar,
CA 92625
|
|
|
|
|
If to the
Payee:
|
The Stealth
Fund, LLLP
|
|
|
1800 Second St,
Ste 758
|
|
|
Sarasota, FL
34236
|
Such notice
shall be de