Exhibit 99.1
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ACCOUNT PURCHASE AGREEMENT
between
PLAINTIFF FUNDING CORPORATION
as the Seller and the Servicer,
and
MANGOSOFT, INC.
as the Buyer
Dated as of September 24, 2002
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ACCOUNT PURCHASE AGREEMENT, dated as of September 24, 2002 between
Plaintiff Funding Corporation, a New York corporation (the "Seller" and
"Servicer") and Mangosoft, Inc., a Nevada corporation (the "Buyer").
WHEREAS, the Seller desires to sell to the Buyer, and the Buyer desires to
buy from the Seller, all of the Seller's right, title and interest in, to and
under the Scheduled Accounts and Related Assets (as hereinafter defined); and
NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, the parties hereto agree as follows:
ARTICLE I
DEFINITIONS
1.1 Certain Defined Terms. As used in this Agreement the following
capitalized terms shall have the following meanings:
"Account" shall mean a right to payment from a Customer from the proceeds
of Litigation under a Contract, whether constituting an account, chattel paper,
an instrument, a contract right, a document or a general intangible, and
"Accounts" shall mean all such Accounts.
"Agreement" shall mean this Account Purchase Agreement, as the same may
from time to time be amended, supplemented or otherwise modified.
"Affiliate" of a Person means another Person who directly or indirectly
controls, is controlled by, is under common control with or is a director or
officer of, such Person. For purposes of this definition, "control" means the
possession, directly or indirectly, of the power to vote ten percent (10%) or
more of the securities having ordinary voting power for the election of
directors or the direct or indirect power to direct the management and policies
of a business.
"Business Day" shall mean any day other than a Saturday or Sunday or any
other day on which national banking associations or state banking institutions
in New York, New York, are authorized or obligated by law, executive order or
governmental decree to be closed.
"Buyer" shall have the meaning specified in the preamble.
"CapitalSource" means CapitalSource Finance LLC, a Delaware limited
liability company.
"CapitalSource Credit Documents" means that certain Amended and Restated
Credit Agreement, dated as of July 23, 2002, between the Seller and
CapitalSource, and all documents executed in connection therewith.
"Collections" shall mean all cash payments by or on behalf of the Customers
deposited to any Lock-Box Account, or received by the Seller in respect of
Accounts or Related Assets in the form of cash, checks, wire transfers,
electronic transfers, or any other form of cash payment.
"Contract" shall mean a written agreement between the Seller and a Customer
pursuant to or under which the Seller shall make fundings to such Customer and
such Customer shall assign to the Seller an interest in the proceeds of
Litigation from which such fundings may be repaid.
"Credit Policy Manual" shall mean the written credit and collection
policies and practices of the Seller in effect on the date of this Agreement
relating to Accounts.
"Customer" shall mean, with respect to any Account, the Person or Persons
obligated to make required payments, if any, with respect to such Account,
including any guarantor thereof.
"Government Authority" shall mean any country or nation, any political
subdivision of such country or nation, and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government of any country or nation or political subdivision thereof.
"Lien" shall mean any mortgage, deed of trust, pledge, hypothecation,
assignment, encumbrance, lien (statutory or other), preference, participation
interest, priority or other security agreement or preferential arrangement of
any kind or nature whatsoever, including, without limitation, any conditional
sale or other title retention agreement, any financing lease having
substantially the same economic effect as any of the foregoing and the filing of
any financing statement under the UCC or comparable law of any jurisdiction to
evidence any of the foregoing.
"Litigation" shall mean any lawsuit in which a Customer grants to the
Seller an assignment of the proceeds thereof.
"Lock-Box Account" shall mean an account with a Lock-Box Bank which has
been assigned to the Buyer and into which all Collections, subject to all
Requirements of Law, are to be deposited after the Closing Date.
"Lock-Box Bank" shall mean a depository institution at which a Lock-Box
Account is maintained.
"Person" shall mean any individual, corporation, partnership, joint
venture, association, joint-stock company, trust, unincorporated organization,
Governmental Authority or any other entity of similar nature.
"Purchase Price" shall have the meaning specified in Section 2.2(a).
"Records" shall mean all Contracts and other documents, books, records and
other information (including without limitation computer, programs, tapes,
discs, punch cards, data processing software, and related property and rights)
maintained with respect to Accounts and the related Customers.
"Related Assets" shall have the meaning specified in Section 2.1(a).
"Related Property" means with respect to any Account: (a) all security
interests or liens and property subject thereto from time to time purporting to
secure payment of such Account, whether pursuant to the Contract related to such
Account or otherwise, (b) the assignment to the Buyer of all lien recordations
covering any collateral securing payment of such Account, (c) all guarantees,
indemnities, warranties, insurance policies and proceeds and premium refunds
thereof and other agreements or arrangements of whatever character from time to
time supporting or securing payment of such Account whether pursuant to the
Contract related to such Account or otherwise and (d) all Records and all other
instruments and rights relating to such Account.
"Requirements of Law" shall mean any law, treaty, rule or regulation, or
final determination of an arbitrator or Governmental Authority and, when used
with respect to any Person, the certificate of incorporation and by-laws or
other organizational or governing documents of such Person.
"Seller" shall have the meaning specified in the preamble.
"Servicer" shall have the meaning specified in the preamble.
"UCC" shall mean the Uniform Commercial Code in effect in the State of New
York, as amended from time to time.
ARTICLE II
PURCHASE AND SALE OF ACCOUNTS
2.1 Purchase and Sale of Accounts. (a) Subject to the terms and conditions
of this Agreement, the Seller agrees to sell to the Buyer, and the Buyer agrees
to purchase from the Seller, all right, title and interest of the Seller in, to
and under (i) all Accounts set forth on Schedule A attached hereto
(collectively, the "Scheduled Accounts"), (ii) all Related Property with respect
to such Scheduled Accounts, (iii) all monies due or to become due and all
Collections and other amounts received from time to time with respect to such
Scheduled Accounts and (iv) all proceeds (including, without limitation,
"proceeds" as defined in the Uniform Commercial Code of the jurisdiction the law
of which governs the perfection of the interest in the Accounts sold hereunder)
of any of the foregoing (all of the foregoing property and interests in property
described in clauses (ii), (iii) and (iv) with respect to any Scheduled Account
being the "Related Assets" with respect to such Scheduled Account). On September
24, 2002, or such other date agreed by the parties (the "Closing Date"), the
Seller shall sell to the
Buyer, and the Buyer shall purchase from the Seller, all of the Seller's right,
title and interest in, to and under all Scheduled Accounts and Related Assets
with respect thereto.
(b) It is the intention of the parties hereto that the arrangements with
respect to the Scheduled Accounts and Related Assets shall constitute a purchase
and sale of such Scheduled Accounts and Related Assets and not a loan. In the
event, however, that a court of competent jurisdiction were to hold that the
transactions evidenced hereby constitute a loan and not a purchase and sale, it
is the intention of the parties hereto that this Agreement shall constitute a
security agreement under applicable law, and that the Seller shall be deemed to
have granted to Buyer a security interest in all of the Seller's right, title
and interest in, to and under the Scheduled Accounts and Related Assets.
(c) The Seller agrees to use reasonable commercial efforts to record and
file from time to time, at the Buyer's expense and direction, financing
statements and other documents (and amendments thereto, assignments thereof and
continuation statements, when applicable) with respect to the Scheduled Accounts
and the Related Assets meeting the requirements of applicable law in such manner
and in such jurisdictions as are necessary to perfect, and maintain perfection
of, the sale of the Scheduled Accounts and the Related Assets to the Buyer.
2.2 Calculation and Payment of Purchase Price.
(a) The purchase price (the "Purchase Price") payable to the Seller for the
Scheduled Accounts and Related Assets to be purchased on the Closing Date shall
be equal to Four Hundred Fifty-Eight Thousand Three Hundred Twenty-Eight and
54/100 Dollars ($458,328.54).
(b) The Purchase Price for the Scheduled Accounts and Related Assets shall
be paid by the Buyer to the Seller on the Closing Date by wire transfer of
immediately available funds to an account designated by the Seller.
ARTICLE III
Article 1. SERVICING THE ACCOUNTS
3.1 Appointment of Servicer. Consistent with the Buyer's ownership of the
Scheduled Accounts and the Related Assets, the Buyer shall have the sole right
to service, administer and collect the Scheduled Accounts, to assign such right
and to delegate such right to the Servicer. Buyer appoints Seller as Servicer
hereunder to the extent necessary for Seller to perform such duties in
connection with the servicing and administering of the Scheduled Accounts as
shall be delegated by the Buyer from time to time. Seller hereby consents to
such appointment and agrees to perform such servicing and administrative duties
hereunder as are delegated to it from time to time by the Buyer. Seller's
appointment as Servicer hereunder shall continue until the Buyer notifies Seller
that such appointment has been terminated.
ARTICLE IV
Article 2. COVENANTS, REPRESENTATIONS AND WARRANTIES
4.1 Representations and Warranties of the Seller. The Seller represents and
warrants to the Buyer as of the Closing Date that:
(a) Organization and Good Standing. The Seller is a Icorporation duly
organized, validly existing and in good standing under the laws of the State of
New York and has full power and authority to own its properties and conduct its
business as presently owned or conducted, and to execute, deliver and perform
its obligations under this Agreement.
(b) Due Qualification. The Seller is duly qualified to do business and is
in good standing as a foreign corporation, and has obtained all necessary
licenses and approvals, in each jurisdiction in which failure to so qualify or
to obtain such licenses and approvals could reasonably be expected to render any
Contract or any Scheduled Account unenforceable by the Seller or could
reasonably be expected to have a material adverse effect on the Seller's ability
to perform its obligations hereunder.
(c) Due Authorization. The execution, delivery and performance of this
Agreement by the Seller and the consummation by the Seller of the transactions
provided for in this Agreement, have been duly authorized by all necessary
corporate action on the part of the Seller.
(d) No Conflict. The Seller's execution and delivery of this Agreement and
the other Transaction Documents, performance of the transactions contemplated
hereby and thereby, and fulfillment of the terms hereof applicable to the
Seller, do not (i) conflict with or violate any Requirements of Law applicable
to the Seller or conflict with, result in any breach of any of the terms and
provisions of, or constitute (with or without notice or lapse of time or both) a
default under, any indenture, contract, agreement, mortgage, deed of trust or
other instrument to which the Seller is a party or by which its properties are
bound or (ii) result in the creation of any Lien on its assets except on behalf
of the Buyer pursuant to this Agreement.
(e) No Proceedings. There are no proceedings or, to the best knowledge of
the Seller, investigations pending or threatened against the Seller before any
Governmental Authority asserting the illegality, invalidity or unenforceability,
or seeking any determination or ruling that would affect the legality, binding
effect, validity or enforceability, of this Agreement, (i) seeking to prevent
the consummation of any of the transactions contemplated by this Agreement or
(ii) seeking any determination or ruling that is reasonably likely to materially
and adversely affect the financial condition or operations of the Seller or the
performance by the Seller of its obligations under this Agreement.
(f) Consents. No authorization, consent, license, order or approval of or
registration or declaration with any Governmental Authority is required to be
obtained, effected or given by the Seller in connection with the execution and
delivery of this Agreement by the Seller or its performance of its obligations
under this Agreement or the transactions
contemplated hereby, except for (i) the filings of the financing statements or
other documents which may become applicable pursuant to Section 2.1(c).
(g) Information. Each certificate, report, information, exhibit, financial
statement, document, book, record or report furnished by the Seller to Buyer in
connection with this Agreement including, without limitation, Schedule A
attached hereto, is accurate in all material respects as of its date, when
considered as a whole with all other such documents, and no such document
contains any material misstatement of fact or omits to state a material fact or
any fact necessary to make the statements contained therein not materially
misleading. Notwithstanding the foregoing, the Seller does not guaranty payment
or collection of the Accounts, or any of them, hereunder and such liability is
expressly disclaimed.
(h) Enforceability. This Agreement constitutes the legal, valid and binding
obligation of the Seller, enforceable against the Seller except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other laws relating to or affecting creditors'
rights generally and except as such enforceability may be limited by general
principles of equity (whether considered in a suit at law or in equity).
(i) Account Warranties and Representations. With respect to the Scheduled
Accounts, the Seller warrants and represents to the Buyer that:
(i) They are genuine, are in all respects what they purport to be, and
are evidenced by executed original Contracts, which will be delivered to
the Buyer upon request therefor;
(ii) They represent undisputed bona fide transactions completed in
accordance with the terms and provisions contained in any documents related
thereto; and
(iii) Except for the Liens created in favor of CapitalSource under the
CapitalSource Credit Documents, which shall be released as to the Scheduled
Accounts pursuant to Section 4.2(f) below, there are no setoffs,
counterclaims or disputes existing or asserted with respect thereto and the
Company has not made any agreement with any Customer thereunder.
(j) Valid Transfers. This Agreement constitutes a valid sale, transfer and
assignment to the Buyer of all right, title and interest of the Seller in and to
the Accounts and Related Assets and the proceeds thereof, enforceable against
creditors of, and purchasers from, the Seller free and clear or any Lien other
than (i) Liens created in favor of CapitalSource under the CapitalSource Credit
Documents, which shall be released as to the Scheduled Accounts pursuant to
Section 4.2(f) below and (ii) any Lien arising solely as the result of any
action taken by the Buyer hereunder.
4.2 Affirmative Covenants of the Servicer. The Servicer hereby covenants
that:
(a) Keeping of Records and Books of Accounts. The Servicer will maintain
and implement administrative and operating procedures, and keep and maintain all
documents,
books, records and other information reasonably necessary or advisable for the
collection of all Scheduled Accounts.
(b) Performance and Compliance with Contracts. The Servicer will at its
expense timely and fully perform and comply with all material provisions,
covenants and other promises required to be observed by it under each Contract,
except where the failure to so perform or comply could not reasonably be
expected to have a materially adverse effect on the collectibility of the
Scheduled Accounts or Servicer's ability to perform its Obligations under this
Agreement.
(c) Credit Policy Manual. The Servicer will comply in all material respects
with the Credit Policy Manual in regard to each Scheduled Account.
(d) Payment Instructions to Customers. The Servicer will notify each
Customer and his or her Litigation attorney that the Scheduled Account related
to his or her Contract has been sold to the Buyer and will instruct each
Customer's Litigation attorney to submit all payments on the Scheduled Accounts
and Related Assets to a Lock-Box Account or the related lock-box.
(e) Collections. In the event that the Servicer or any Affiliate thereof
receives any Collections, the Servicer agrees to hold, or cause such Affiliate
to hold, all-such Collections in trust and to deposit, or cause such Affiliate
to deposit, such Collections to a Lock-Box Account as soon as practicable, but
in no event later than two Business Days after receipt thereof.
(f) Release of Liens. The Servicer will cause not later than thirty (30)
days following the Closing Date the release of all Liens on the Scheduled
Accounts created in favor of CapitalSource under the CapitalSource Credit
Documents.
4.3 Reporting Requirements of the Servicer. The Servicer will furnish to
the Buyer:
(a) within ten (10) business days after the end of a fiscal quarter, with
respect to each Scheduled Account, a report showing in reasonable detail
information regarding the status of the underlying Litigation, Collections and
write-offs with respect thereto.
4.4 Negative Covenants of the Servicer. The Servicer will not:
(a) Extension or Amendment of Accounts. (i) Extend, amend or otherwise
modify the terms of any Scheduled Account, (ii) amend, modify or waive any
payment term or condition of any invoice or Contract related thereto, which
extension, amendment, modification or waiver could reasonably be expected to
impair the collectibility or delay the payment of any then existing Scheduled
Account, or (iii) rescind or cancel any Scheduled Account except as ordered by a
court of competent jurisdiction or other Governmental Authority. Notwithstanding
the foregoing provisions of this Section 4.4(a), the Servicer may extend, amend,
modify, cancel
or rescind any Scheduled Account the balance of which is reduced in connection
with a valid dispute.
(b) Change in Business or Credit Policy Manual. Make any change in the
Credit Policy Manual, which change is reasonably likely to impair the
collectibility of any Scheduled Account or adversely affect the Buyer's interest
in the Scheduled Accounts.
(c) Change-in Payment Instructions to Customers. The Seller will not
instruct any Customer or Customer's representative to remit Collections to any
Person, address or account other than a Lock-Box Account or the related
lock-box.
ARTICLE V
Article 3. TERM AND SERVICING
5.1 Term. This Agreement and the servicing of the Scheduled Accounts
hereunder by the Servicer shall commence as of the date of execution and
delivery hereof and shall continue until all of the Scheduled Accounts are
finally liquidated.
ARTICLE VI
MISCELLANEOUS
6.1 Costs and Expenses. Each party shall bear its own expenses incurred in
connection with the negotiation, execution and delivery of this Agreement and
enforcement of the obligations of the other Party under this Agreement or any
related document. The Buyer shall bear the expense of enforcement of the
obligations of any Customer under any Account.
6.2 Successors and Assigns. This Agreement shall be binding upon and inure
to the benefit of the Seller and the Buyer and their respective successors
(whether by merger, consolidation or otherwise) and assigns. Notwithstanding the
foregoing, the Seller and the Buyer agree that they will not transfer or
otherwise assign all or any portion of their rights or obligations hereunder
without the prior written consent of the other party.
6.3 Governing Law. Except as otherwise expressly provided in any
Transaction Document, in all respects, including all matters of construction,
validity and performance, this Agreement and the obligations arising hereunder
shall be governed by, and construed and enforced in accordance with, the laws of
the State of New York applicable to contracts made and performed in such state,
without regard to the principles thereof regarding conflict of laws.
6.4 Amendments and Waivers. Neither this Agreement nor any terms hereof may
be amended, supplemented or modified except in writing signed by the Buyer, the
Seller
and the Servicer. Any such waiver, consent or approval shall be effective only
in the specific instance and for the specific purpose for which given.
6.5 Severability. Wherever possible, each provision of this Agreement shall
be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid
under applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Agreement.
6.6 Counterparts. This Agreement may be executed in any number of
counterparts and by the different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original, and all of which
taken together shall constitute one and the same agreement.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers thereunto duly authorized, all as of the
day and year first above written.
PLAINTIFF FUNDING CORPORATION,
as Seller and Servicer
By:
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Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
Title: Executive Vice President
Plaintiff Funding Corporation
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Facsimile No.: (▇▇▇) ▇▇▇-▇▇▇▇
MANGOSOFT, INC.
as Buyer
By:
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Name: ▇▇▇▇ ▇▇▇▇▇▇▇
Title: CEO
Mangosoft, Inc.
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Facsimile No.: ▇▇▇-▇▇▇-▇▇▇▇
Schedule A
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Schedule of Accounts
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Amount
Date of Amount w/unearned
Funding Client Name Funded Rate fees Days O/S
1 7/10/2002 ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ $1,500.00 1.33% Per Month $1,625.03 71
7/30/2002 ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ $3,000.00 1.33% Per Month $3,144.85 51
5/15/2002 ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ $2,000.00 3.95% Per Month $2,675.98 127
2 6/25/2002 ▇▇▇▇▇▇▇▇▇, ▇▇▇▇ $20,000.00 1.33% Per Month $21,056.69 86
3 8/30/2002 ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ $2,500.00 1.33% Per Month $2,849.33 20
4 11/14/2001 ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ $2,200.00 1.33% Per Month $2,832.16 309
5 2/19/2002 ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ $7,000.00 1.33% Per Month $7,984.52 212
3/8/2002 ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ $4,000.00 1.33% Per Month $4,454.50 195
6/20/2002 ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ $4,000.00 1.33% Per Month $4,255.98 91
6 7/2/2002 ▇▇▇▇▇▇▇, ▇▇▇▇▇ L $4,000.00 1.33% Per Month $4,425.47 79
7 7/24/2002 ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ $2,000.00 1.33% Per Month $2,332.20 57
8 8/26/2002 ▇▇▇▇▇▇▇▇, ▇▇▇▇ $4,000.00 1.33% Per Month $4,042.50 24
11/6/2001 ▇▇▇▇▇▇▇▇, ▇▇▇▇ $7,500.00 3.85% Per Month $11,577.17 317
1/22/2002 ▇▇▇▇▇▇▇▇, ▇▇▇▇ $2,500.00 3.85% Per Month $3,508.61 240
2/15/2002 ▇▇▇▇▇▇▇▇, ▇▇▇▇ $1,000.00 3.85% Per Month $1,411.03 216
9 11/20/2001 ▇▇▇▇▇▇, ▇▇▇▇▇ $1,000.00 1.33% Per Month $1,453.45 303
10 8/20/2002 ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ $10,000.00 1.33% Per Month $10,386.33 30
11 8/12/2002 Dayo, ▇▇▇▇▇▇▇▇ $2,500.00 1.33% Per Month $2,618.46 38
5/3/2002 Dayo, ▇▇▇▇▇▇▇▇ $10,000.00 3.90% Per Month $12,262.97 139
8/9/2002 Dayo, ▇▇▇▇▇▇▇▇ $7,500.00 3.90% Per Month $7,981.61 41
12 5/24/2002 ▇▇▇▇▇, ▇▇▇▇▇ $5,000.00 1.33% Per Month $5,555.05 118
6/27/2002 ▇▇▇▇▇, ▇▇▇▇▇ $1,000.00 1.33% Per Month $1,115.51 84
13 5/2/2002 ▇▇▇▇▇, ▇▇▇▇▇ $1,500.00 1.33% Per Month $1,886.30 140
14 8/9/2002 Florence, Carlise $40,000.00 1.33% Per Month $41,008.39 41
15 1/28/2002 ▇▇▇▇▇▇, ▇▇▇▇▇ $3,000.00 1.33% Per Month $3,627.80 234
16 3/7/2002 ▇▇▇▇▇, ▇▇▇▇▇▇▇▇ $10,000.00 1.33% Per Month $11,174.10 196
17 3/5/2002 ▇▇▇▇, ▇▇▇▇▇▇▇ $10,000.00 1.33% Per Month $11,208.94 198
4/29/2002 ▇▇▇▇, ▇▇▇▇▇▇▇ $3,000.00 1.33% Per Month $3,290.89 143
8/9/2002 ▇▇▇▇, ▇▇▇▇▇▇▇ $2,000.00 1.33% Per Month $2,112.81 41
18 8/23/2002 ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ $1,000.00 1.33% Per Month $1,339.95 27
8/28/2002 ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ $750.00 1.33% Per Month $833.03 22
9/11/2002 ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ $1,000.00 1.33% Per Month $1,078.79 8
19 3/12/2002 ▇▇▇▇▇, ▇▇▇▇▇▇ $70,000.00 1.33% Per Month $76,427.65 191
20 4/11/2002 ▇▇▇▇▇, ▇▇▇▇▇ $10,000.00 1.33% Per Month $11,028.18 161
7/9/2002 ▇▇▇▇▇, ▇▇▇▇▇ $5,000.00 1.33% Per Month $5,238.50 72
21 5/30/2002 ▇▇▇▇▇▇▇▇▇▇, St. Simon $5,000.00 1.33% Per Month $5,540.45 112
6/13/2002 ▇▇▇▇▇▇▇▇▇▇, St. ▇▇▇▇▇ $5,000.00 1.33% Per Month $5,298.83 98
7/17/2002 ▇▇▇▇▇▇▇▇▇▇, St. Simon $10,000.00 1.33% Per Month $10,363.02 64
22 1/29/2002 ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ & ▇▇▇▇▇ $50,000.00 1.33% Per Month $55,705.30 233
8/7/2002 ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ & ▇▇▇▇▇ $10,000.00 1.33% Per Month $10,267.62 43
23 9/3/2002 ▇▇▇▇▇▇▇▇, ▇▇▇▇ $3,500.00 1.33% Per Month $3,851.52 16
24 1/31/2002 ▇▇▇▇▇▇, ▇▇▇▇▇▇ $10,000.00 1.33% Per Month $11,372.67 231
Amount
Date of Amount w/unearned
Funding Client Name Funded Rate fees Days O/S
6/14/2002 ▇▇▇▇▇▇, ▇▇▇▇▇▇ $5,000.00 1.33% Per Month $5,296.50 97
25 6/21/2002 ▇▇▇▇, ▇▇▇▇▇▇▇▇ $4,000.00 1.33% Per Month $4,446.84 90
26 9/6/2002 ▇▇▇▇▇▇▇, ▇▇▇▇▇▇ $5,000.00 1.33% Per Month $5,355.14 13
27 12/6/2001 ▇▇▇▇▇, ▇▇▇▇ $1,500.00 1.33% Per Month $2,010.78 287
28 8/1/2002 ▇▇▇▇▇▇▇, Sydney $5,000.00 1.33% Per Month $5,389.53 49
8/12/2002 ▇▇▇▇▇▇▇, Sydney $2,000.00 1.33% Per Month $2,110.02 38
29 1/22/2002 ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇ $17,000.00 1.33% Per Month $19,263.70 240
30 7/29/2002 ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ $3,000.00 1.33% Per Month $3,146.23 52
8/14/2002 ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ $3,000.00 1.33% Per Month $3,124.14 36
9/5/2002 ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ $3,000.00 1.33% Per Month $3,094.02 14
7/16/2002 ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ $3,000.00 3.75% Per Month $3,544.85 65
31 2/1/2002 ▇▇▇▇▇, ▇▇▇▇▇▇▇ $2,250.00 1.33% Per Month $2,791.51 230
2/23/2002 ▇▇▇▇▇, ▇▇▇▇▇▇▇ $1,000.00 1.33% Per Month $1,178.13 208
32 8/8/2002 ▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇ $5,000.00 1.33% Per Month $5,373.01 42
$414,700.00 $458,328.54