Exhibit
10.13
REVOLVING LINE OF CREDIT
NOTE
August 27, 2008
This Revolving Line of Credit Note
(the “ Note ”) is made and entered into as of
the date set forth above by Enversa, LLC, a Texas limited liability
company (“ Borrower ”), in favor of Internet
University, Inc., a Texas corporation (“ Payee
”).
FOR VALUE RECEIVED, Borrower hereby
promises to pay to the order of Payee, at its principal executive
office, on demand, in lawful money of the United States of America,
all such sums advanced by Payee to or on behalf of Borrower under
this Note and outstanding hereunder, together with interest on the
outstanding principal balance remaining at the rate per annum of
eight percent (8%). All principal hereof, together with all accrued
and unpaid interest thereon, shall be due and payable on demand or,
if not sooner demanded, on February 27, 2009. All past due
principal and interest shall bear interest at the default rate
selected by Payee, but which in any event shall not exceed the
Maximum Rate.
As used in this Note, “
Maximum Rate ” means the maximum rate of nonusurious
interest permitted from day to day by applicable law, but otherwise
without limitation, that rate calculated after taking into account
any and all relevant fees, payments and other charges in respect of
this Note which are deemed to be interest under applicable law. All
interest on this Note shall be computed daily on the basis of the
actual number of days elapsed over a year assumed to consist of
three hundred sixty (360) days, unless such calculation would
result in a usurious rate, in which case interest shall be
calculated on the basis of a year consisting of three hundred
sixty-five (365) or three hundred sixty-six (366) days, as the case
may be.
Payee may from time to time permit
the payment from Payee’s bank accounts of amounts to be paid
or withheld in connection with Borrower’s payroll
obligations. Any such payments that are not immediately reimbursed
to Borrower by Payee shall be advances under this Note and shall be
noted on the Schedule hereto without the need for any
approval by Borrower. If Borrower desires Payee to advance amounts
other than for Borrower’s payroll obligations, Borrower shall
submit a written request to Payee. Payee shall review the request
and make any advances Payee desires to advance in its sole
discretion; provided , however , that if the
outstanding amounts of principal and interest under this Note reach
or exceed $500,000, then Borrower shall not request any additional
advances under this Note until such outstanding amounts have been
reduced below $500,000. Once such amounts have been reduced below
$500,000, Borrower may request advances; provided ,
however , that such advances, when aggregated with amounts
of principal and interest outstanding immediately prior to such
advances, may not exceed $500,000. All advances under this Note
shall be secured by the collateral referenced in the Pledge
Agreement of even date herewith by and among Borrower, Payee and
Cornerworld Corporation.
Borrower shall have the right to
prepay, at any time and from time to time without premium or
penalty, the entire unpaid principal balance of this Note or any
portion thereof.
Notwithstanding anything to the
contrary contained herein, no provisions of this Note shall require
the payment or permit the
