Proteo definition

Proteo means Sabadell IT banking platform;

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Proteo and together with Borrower and Guarantor, the “Parties”), with reference to the facts as set forth in the Recitals:

Proteo shall have the meaning set forth in the recitals to this Agreement.

Examples of Proteo in a sentence

• Borrower and Guarantor jointly and severally agree to reimburse Proteo for the legal fees and expenses it has incurred in preparation of this Agreement and related documents required as a result thereof in an amount not to exceed $2,500.

• Borrower has requested that Proteo enter into this Agreement and forbear from exercising its rights under the Note and Guaranty as to afford Borrower limited additional time to pay the outstanding Indebtedness.

• In consideration of Proteo’s forbearance pursuant to Paragraph 5 above, Borrower agrees to and shall pay the Indebtedness to Proteo by making monthly payments in the amount of $140,000 commencing on the first business day of September 2009 and continuing on the first business day of each succeeding month thereafter until the entire Indebtedness is paid in full.

• Borrower and Guarantor hereby knowingly and voluntarily waive any and all rights they may have, if any, to contest or dispute the validity of, or to cure, the Defaults or the exercise of any rights of Proteo.

• Upon the occurrence of an event of default (as set forth in Paragraph 9, above), or the termination of the Forbearance Period Proteo shall have the right to enforce its remedies under the Note, Guaranty, this Agreement, or under any of the documents executed concurrently herewith, at law or in equity, and, at its election, exercise any and all rights and remedies provided for under the Note, Guaranty or herein, and terminate its obligations under this Agreement.

• Nothing contained herein is intended to, nor shall it be deemed to, relieve Borrower or Guarantor of any of their respective obligations under the Note or Guaranty, nor shall it modify the legal relationship of Borrower and Guarantor with respect to Proteo.

• This acknowledgment and confirmation shall in no way be deemed to constitute a requirement or admission by Proteo that any such acknowledgment or confirmation is required to maintain the effectiveness of the Note and Guaranty, no such acknowledgment and confirmation being so required.

• Any and all substantive rights of Proteo are hereby expressly preserved.

• Any and all statutes of limitations applicable to any and all rights, causes of action, claims and remedies, or equitable claim of laches, which Proteo has or might have against Borrower and/or Guarantor arising out of or relating to the circumstances and events described in the Recitals shall be and hereby are tolled and suspended effective at all times on and after the date of this Agreement.

• Borrower and Guarantor hereby further acknowledge and agree that in entering into this Agreement, Proteo is relying upon the acknowledgment by Borrower and Guarantor of the existence of the Defaults and their waiver of any right to dispute the existence thereof or to contest any enforcement of Proteo’s rights based thereon.

More Definitions of Proteo

Proteo. PROTEO, INC. A Nevada corporation "BORROWER" FIDESPRIT AG /s/ B▇▇▇▇ ▇▇▇▇▇▇▇▇ /s/ JURGEN AUGUST MUTZLITZ B▇▇▇▇ B▇▇▇▇▇▇▇ ▇▇▇▇▇▇ August Mützlitz President President "GUARANTOR" /s/ A▇▇▇ ▇. ▇▇▇▇▇▇▇▇ A▇▇▇ ▇. ▇▇▇▇▇▇▇▇ an Individual PROMISSORY NOTE US $3,600,000.00 BUBIKON, SWITZERLAND JUNE 9, 2008 FOR VALUED RECEIVED, the undersigned, a corporation duly organized under the laws of Switzerland, with its principal place of business at R▇▇▇▇▇▇▇▇▇▇▇▇▇. ▇, ▇▇-▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇, (the "Maker"), unconditionally promises to pay to the order of Proteo, Inc., a Nevada corporation, (the "Holder"), at its principal place of business at 2▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ or at such other place as may be designated in writing by the Holder, the principal sum of $3,600,000.00, with no interest. Principal shall be payable in four installments as follows: ○ First installment of $900,000 falling due upon execution; ○ Second installment of $450,000 falling due on or before August 30, 2008; ○ Third installment of $900,000 falling due on or before November 30, 2008; ○ Fourth and final installment of $1,350,000 falling due on or before March 31, 2009 All payments under this Note shall be in lawful money of the United States. In no event shall the interest and other charges in the nature of interest hereunder, if any, exceed the maximum amount of interest permitted by law. Any amount collected in excess of the maximum legal rate shall be applied to reduce the principal balance. All payments under this Note shall be applied first to the late fees and costs, if any, and second to interest then due, if any, and to balance the principal. The Maker agrees to pay to the holder all costs, expenses and reasonable attorney's fees incurred in the collection of sums due hereunder, whether through legal proceedings or otherwise, to the extent permitted by law. This Note may be prepaid at any time, in whole or in part, without penalty or premium. If any installment hereunder is not paid within ten (10) days of the date the same is due, the Maker shall pay to the holder a late charge equal to three percent (3%) of the overdue payment as liquidated damages, and not as a penalty. After the maturity of this Note, or upon any default, this Note shall bear interest at the rate of ten percent (10%) per annum, at the option of the Holder. At the option of the Holder, this entire Note shall become immediately due and payable, without demand and notice, upon the occurrence of any...