Quote:
Originally Posted by MsCheyenne
Did you happen to save the conditions of accepting Ibill's promissory note? Their conditions and payment terms were convoluted and outrageous at best. The condition of Ibill's promissory note came with an agreement not to sue and was made after month after month after month of broken promises to pay. Ibill destroyed their credibility and the asked webmasters to waive their rights to sue. Did you happen to save any of the emails Ibill routinely sent out assuring long time clients that they would be catching up payments soon?
Cheyenne
|
Actually... yes I do...
NOTE
PAYABLE
FOR VALUE ACKNOWLEDGED AND RECEIVED, Internet Billing Company LLC, a
Georgia limited liability company, ("Maker" or "Payor") promises to pay
on or before the 2nd year anniversary from the date of execution, to
the order of Gerco Inc, a Limited Liability Company, ("the Holder" or
"Payee") the sum of: $10,277.61, reduced by any chargebacks or
adjustments, as agreed to by the parties with interest at the rate of
Three Percent (3%) paid in arrears from the date of execution. This
Note Payable will be subject to an amortization schedule of 50% of the
face amount plus accrued interest payable in two installments on the
1st and 2nd year anniversaries of the date of execution. This Note
Payable will be subject to an amortization schedule of 50% of the face
amount plus accrued interest payable in two installments on the 1st and
2nd year anniversaries of the date of execution. After 90 days from the
execution of this Note, Maker at its discretion may elect to convert
the note into a Secured Convertible Note. Such Secured Convertible Note
will have identical amortization provisions as the Note Payable.
Presentment, demand, notice of dishonor and protest are hereby waived,
and the parties hereto assent to indulgence of the Payee without waiver
by the Payee of any of his, her, or its rights hereunder. The Maker of
this note reserves the right to pre-pay whole or in part of this note
prior to maturity. Should the note not be repaid at or before the due
date, then the note shall accrue interest at the highest possible legal
rate permitted in the State of Florida.
Internet Billing Company LLC
ACCEPTANCE: The undersigned Holder/Payee does hereby acknowledge that
they have read and understood, in its entirety, the "Limited Release"
and that said "Limited Release" represents the full and final
satisfaction of all claims due and owing from Internet Billing Company
LLC, with respect to the particular claims described therein. The
Holder/Payee further acknowledges that any and all sums due and owing
to any and all affiliates will be satisfied solely by the Holder/Payee
and not by Internet Billing Company, LLC. Finally, the Holder/Payee
accepts the validity of the Note Payable enumerated herein and
understands that it represents full and final settlement of a claim.