<PAGE> 1
Exhibit 10.20
SHORT-TERM SENIOR SECURED DEBT
ISSUE: Senior Secured Note (the "Note"), secured by a lien on a
separate depository bank account.
TOTAL AMOUNT: $115,000
MATURITY: May 17, 2000 (30 days from April 17)
TERMS: In three units of $30,000 each and one unit of $25,000, the
following applies to units of $30,000 each:
1. the face amount of the Note is $36,000 (20% premium above the
cash outlay); and
2. common stock is to be issued totaling 12,000 shares at $.25 per
share or a value of $3,000 (10% of the cash outlay).
ACCEPTED AND AGREED TO:
/s/ L. Clarke Hill, Jr.
----------------------------
L. CLARK HILL, JR.
Date: 4/15/00
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ACCEPTED AND AGREED TO:
/s/ John J. Tsucalas
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For FUNW
JOHN J. TSUCALAS, CFA
Chief Executive Officer
Chief Financial Officer
Date: April 14, 2000
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SHORT-TERM SENIOR SECURED DEBT
ISSUE: Senior Secured Note (the "Note"), secured by a lien on a
separate depository bank account.
TOTAL AMOUNT: $115,000
MATURITY: May 17, 2000 (30 days from April 17)
TERMS: *In three units of $30,000 each and one unit of $25,000, the
following applies to units of $30,000 each:
*1. the face amount of the Note is $36,000 (20% premium above the
cash outlay); and
*2. common stock is to be issued totaling 12,000 shares at $.25 per
share or a value of $3,000 (10% of the cash outlay).
* 60% - P.S. ROSENBLUM, 40% - R&R EQUITY - TWO SEPARATE WIRES
ACCEPTED AND AGREED TO:
/s/ Paul S. Rosenblum
----------------------------
PAUL S. ROSENBLUM
MANAGING PARTNER
R&R EQUITY
Date: 4/17/00
----------------------
ACCEPTED AND AGREED TO:
/s/ John J. Tsucalas
----------------------------
For FUNW
JOHN J. TSUCALAS, CFA
Chief Executive Officer
Chief Financial Officer
Date: April 14, 2000
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<PAGE> 3
SHORT-TERM SENIOR SECURED DEBT
ISSUE: Senior Secured Note (the "Note"), secured by a lien on a
separate depository bank account.
TOTAL AMOUNT: $115,000
MATURITY: May 17, 2000 (30 days from April 17)
TERMS: In three units of $30,000 each and one unit of $25,000, the
following applies to units of $30,000 each:
1. the face amount of the Note is $36,000 (20% premium above the
cash outlay); and
2. common stock is to be issued totaling 12,000 shares at $.25 per
share or a value of $3,000 (10% of the cash outlay).
ACCEPTED AND AGREED TO:
/s/ Ada G. Halbreich, Trustee
-----------------------------
ADA HALBREICH, TRUSTEE
Date: 04/14/00
----------------------
ACCEPTED AND AGREED TO:
/s/ John J. Tsucalas
----------------------------
For FUNW
JOHN J. TSUCALAS, CFA
Chief Executive Officer
Chief Financial Officer
Date: April 14, 2000
----------------------
<PAGE> 4
SHORT-TERM SENIOR SECURED DEBT
ISSUE: Senior Secured Note (the "Note"), secured by a lien on a
separate depository bank account.
TOTAL AMOUNT: $115,000
MATURITY: May 17, 2000 (30 days from April 17)
TERMS: In three units of $30,000 each and one unit of $25,000, the
following applies to the unit of $25,000:
1. the face amount of the Note is $30,000 (20% premium above the
cash outlay); and
2. common stock is to be issued totaling 10,000 shares at $.25 per
share or a value of $2,500 (10% of the cash outlay).
ACCEPTED AND AGREED TO:
/s/ Ron Weiner
----------------------------
RON WEINER
Date: April 14, 2000
----------------------
ACCEPTED AND AGREED TO:
/s/ John J. Tsucalas
----------------------------
For FUNW
JOHN J. TSUCALAS, CFA
Chief Executive Officer
Chief Financial Officer
Date: April 14, 2000
----------------------
