Axwood Obligations

Axwood Obligations. Means Borrower's liabilities, duties and obligations arising from or related to that certain Promissory Note and Security Agreement, each dated February 4, 2003, between Borrower and Axwood Investments Limited, a British Virgin Islands company ("Axwood") wherein Borrower is obligated to pay Axwood the principal balance, without interest, of Four Hundred Thousand and No/100ths Dollars (US$400,000.00) in eleven (11) monthly installments of Thirty Thousand and No/100ths Dollars (US$30,000.00) and... one (1) final balloon payment of Seventy Thousand and No/100ths Dollars (US$70,000.00) due and payable on March 28, 2004. View More