Common use of PAYMENT IN U Clause in Contracts

PAYMENT IN U. S. Dollars of all amounts due under the Loan Documents is of the essence, and U.S. Dollars shall be the currency of account in all events. The payment obligations of an Obligor under the Loan Documents shall not be discharged by an amount paid in another currency or in another place, whether pursuant to a judgment or otherwise, to the extent that the amount so paid on conversion to U.S. Dollars and transfer to GC under normal banking procedures (after premium and costs of exchange) does not yield the amount of U.S. Dollars due under the Loan Documents. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in U.S. Dollars into another currency (the "Other Currency"), the rate of exchange used shall be that at which in accordance with normal banking procedures GC could purchase U.S. Dollars with the Other Currency on the Business Day preceding that on which final judgment is given. The obligation of any Obligor in respect of any such sum due from it to GC under the Loan Documents shall, notwithstanding any judgment in such Other Currency, be discharged only to the extent that on the Business Day following receipt by GC of any sum adjudged to be so due in the Other Currency, GC may in accordance with normal banking procedures purchase U.S. Dollars with the Other Currency; if the U.S. Dollars so purchased are less than the sum originally due to GC in U.S. Dollars, each Obligor agrees, as a separate and independent obligation and notwithstanding any such judgment, to indemnify GC against such loss, and if the U.S. Dollars so purchased exceed the sum originally due to GC in U.S. Dollars, GC agrees to remit to Borrower such excess.

PAYMENT IN U. S. Dollars of all amounts due under the Loan Documents is of the essence, and U.S. Dollars shall be the currency of account in all events. The payment obligations of an Obligor under the Loan Documents shall not be discharged by an amount paid in another currency or in another place, whether pursuant to a judgment or otherwise, to the extent that the amount so paid on conversion to U.S. Dollars and transfer to GC GBC under normal banking procedures (after premium and costs of exchange) does not yield the amount of U.S. Dollars due under the Loan Documents. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in U.S. Dollars into another currency (the "Other Currency"), the rate of exchange used shall be that at which in accordance with normal banking procedures GC GBC could purchase U.S. Dollars with the Other Currency on the Business Day preceding that on which final judgment is given. The obligation of any Obligor in respect of any such sum due from it to GC GBC under the Loan Documents shall, notwithstanding any judgment in such Other Currency, be discharged only to the extent that on the Business Day following receipt by GC GBC of any sum adjudged to be so due in the Other Currency, GC GBC may in accordance with normal banking procedures purchase U.S. Dollars with the Other Currency; if the U.S. Dollars so purchased are less than the sum originally due to GC GBC in U.S. Dollars, each Obligor agrees, as a separate and independent obligation and notwithstanding any such judgment, to indemnify GC GBC against such loss, and if the U.S. Dollars so purchased exceed the sum originally due to GC GBC in U.S. Dollars, GC GBC agrees to remit to Borrower such excess.. Greyrock Business Credit Schedule to Loan and Security Agreement -------------------------------------------------------------------------------- Borrower: GBC: INTERACTIVE MAGIC, INC. GREYROCK BUSINESS CREDIT, a Division of NationsCredit Commercial Corporation By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ By: /s/ ▇▇▇▇ ▇▇▇▇▇▇ -------------------------------- --------------------------------- President or Vice President Title: Vice President ------------------------------ By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ -------------------------------- Secretary iMAGIC ONLINE CORPORATION By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ -------------------------------- President or Vice President By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ -------------------------------- Secretary U.K. RELATED COMPANY CONSENT INTERACTIVE MAGIC (UK) LTD. By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ -------------------------------- Title: Director ----------------------------- By: /s/ Nina ▇▇ ▇. ▇▇▇▇▇▇▇▇ -------------------------------- Title: Secretary ----------------------------- -8- Greyrock Business Credit Schedule to Loan and Security Agreement -------------------------------------------------------------------------------- Annex to Schedule to Loan and Security Agreement