-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HKF8GAX4UNnmHBJ9Umt2RTY/bJza/DA+xn76/Uf69Lf+B7qfVBEiTf/ljXb1ldS6 ystiE2pBvK6PHgEXfuMvAA== 0000912057-02-009621.txt : 20020415 0000912057-02-009621.hdr.sgml : 20020415 ACCESSION NUMBER: 0000912057-02-009621 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20020312 GROUP MEMBERS: ARCHER MCWORTER GROUP MEMBERS: BRION PROPERTIES GROUP MEMBERS: GAIL MCWHORTER GROUP MEMBERS: KATHRYN L. TAYLOR GROUP MEMBERS: SLEEPY LAGOON LIMITED GROUP MEMBERS: WILLIAM E. LOBECK JR. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PRESERVER GROUP INC CENTRAL INDEX KEY: 0000068480 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 220747730 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-37794-04 FILM NUMBER: 02573592 BUSINESS ADDRESS: STREET 1: 95 ROUTE 17 SOUTH CITY: PARAMUS STATE: NJ ZIP: 07653 BUSINESS PHONE: 2012912000 MAIL ADDRESS: STREET 1: 95 ROUTE 17 SOUTH CITY: PARAMUS STATE: NJ ZIP: 07653-0931 FORMER COMPANY: FORMER CONFORMED NAME: MOTOR CLUB OF AMERICA DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SWANNER ALVIN E CENTRAL INDEX KEY: 0001111342 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 28 CHATEAU HAUTE BRION ST CITY: KENNER STATE: LA ZIP: 70065 MAIL ADDRESS: STREET 1: 28 CHATEAU HAUTE BRION ST CITY: KENNER STATE: LA ZIP: 70065 SC 13D/A 1 a2072958zsc13da.txt SCHEDULE 13D/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A Under the Securities Exchange Act of 1934 (Amendment No. 9 ) PRESERVER GROUP, INC. (FORMERLY KNOWN AS MOTOR CLUB OF AMERICA) -------------------------------------------------------- (Name of Issuer) COMMON STOCK, PAR VALUE $.50 PER SHARE -------------------------------------------------------- (Title of Class of Securities) 619823 10 7 -------------------------------------------------------- (CUSIP Number) William E. Lobeck, Jr. 1132 S. Lewis Ave. Tulsa, OK 74104-3906 -------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) February 28, 2002 -------------------------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box / /. NOTE: Six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent. CUSIP No. 619823107 13D Page 2 of 11 Pages --------- --- --- - ------------------------------------------------------------------------------- (1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above Persons ARCHER MCWHORTER - ------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member (a) /X/ of a Group* (b) / / - ------------------------------------------------------------------------------- (3) SEC Use Only - ------------------------------------------------------------------------------- (4) Source of Funds* PF - ------------------------------------------------------------------------------- (5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) 0 - ------------------------------------------------------------------------------- (6) Citizenship or Place of Organization U.S. - ------------------------------------------------------------------------------- Number of Shares (7) Sole Voting Beneficially Owned Power 301,635 by Each Reporting -------------------------------------------------- Person With (8) Shared Voting Power 546,790 -------------------------------------------------- (9) Sole Dispositive Power 301,635 -------------------------------------------------- (10) Shared Dispositive Power 546,790 - ------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 546,790 - ------------------------------------------------------------------------------- (12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* 0 - ------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 33.6% - ------------------------------------------------------------------------------- (14) Type of Reporting Person* IN - ------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! CUSIP No. 619823107 13D Page 3 of 11 Pages --------- --- --- - ------------------------------------------------------------------------------- (1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above Persons SLEEPY LAGOON LIMITED - ------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member (a) /X/ of a Group* (b) / / - ------------------------------------------------------------------------------- (3) SEC Use Only - ------------------------------------------------------------------------------- (4) Source of Funds* PF - ------------------------------------------------------------------------------- (5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) 0 - ------------------------------------------------------------------------------- (6) Citizenship or Place of Organization Texas - ------------------------------------------------------------------------------- Number of Shares (7) Sole Voting Beneficially Owned Power 245,155 by Each Reporting -------------------------------------------------- Person With (8) Shared Voting Power 0 -------------------------------------------------- (9) Sole Dispositive Power 245,155 -------------------------------------------------- (10) Shared Dispositive Power 0 - ------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 245,155 - ------------------------------------------------------------------------------- (12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* 0 - ------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 15.1% - ------------------------------------------------------------------------------- (14) Type of Reporting Person* PN - ------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! CUSIP No. 619823107 13D Page 4 of 11 Pages --------- --- --- - ------------------------------------------------------------------------------- (1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above Persons GAIL MCWHORTER - S.S. NO. ###-##-#### - ------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member (a) /X/ of a Group* (b) / / - ------------------------------------------------------------------------------- (3) SEC Use Only - ------------------------------------------------------------------------------- (4) Source of Funds* PF - ------------------------------------------------------------------------------- (5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) 0 - ------------------------------------------------------------------------------- (6) Citizenship or Place of Organization U.S. - ------------------------------------------------------------------------------- Number of Shares (7) Sole Voting Beneficially Owned Power 2,000 by Each Reporting -------------------------------------------------- Person With (8) Shared Voting Power 0 -------------------------------------------------- (9) Sole Dispositive Power 2,000 -------------------------------------------------- (10) Shared Dispositive Power 0 - ------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 2,000 - ------------------------------------------------------------------------------- (12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* 0 - ------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 0.14% - ------------------------------------------------------------------------------- (14) Type of Reporting Person* IN - ------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! CUSIP No. 619823107 13D Page 5 of 11 Pages --------- --- --- - ------------------------------------------------------------------------------- (1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above Persons ALVIN E. SWANNER - ------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member (a) /X/ of a Group* (b) / / - ------------------------------------------------------------------------------- (3) SEC Use Only - ------------------------------------------------------------------------------- (4) Source of Funds* PF - ------------------------------------------------------------------------------- (5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) 0 - ------------------------------------------------------------------------------- (6) Citizenship or Place of Organization U.S. - ------------------------------------------------------------------------------- Number of Shares (7) Sole Voting Beneficially Owned Power 301,635 by Each Reporting -------------------------------------------------- Person With (8) Shared Voting Power 546,784 -------------------------------------------------- (9) Sole Dispositive Power 301,635 -------------------------------------------------- (10) Shared Dispositive Power 546,784 - ------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 546,784 - ------------------------------------------------------------------------------- (12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* 0 - ------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 33.6% - ------------------------------------------------------------------------------- (14) Type of Reporting Person* IN - ------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! CUSIP No. 619823107 13D Page 6 of 11 Pages --------- --- --- - ------------------------------------------------------------------------------- (1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above Persons BRION PROPERTIES, A LOUISIANA PARTNERSHIP IN COMMENDAM - ------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member (a) /X/ of a Group* (b) / / - ------------------------------------------------------------------------------- (3) SEC Use Only - ------------------------------------------------------------------------------- (4) Source of Funds* PF - ------------------------------------------------------------------------------- (5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) 0 - ------------------------------------------------------------------------------- (6) Citizenship or Place of Organization Louisiana - ------------------------------------------------------------------------------- Number of Shares (7) Sole Voting Beneficially Owned Power 245,149 by Each Reporting -------------------------------------------------- Person With (8) Shared Voting Power 0 -------------------------------------------------- (9) Sole Dispositive Power 245,149 -------------------------------------------------- (10) Shared Dispositive Power 0 - ------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 245,149 - ------------------------------------------------------------------------------- (12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* 0 - ------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 15.1% - ------------------------------------------------------------------------------- (14) Type of Reporting Person* PN - ------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! CUSIP No. 619823107 13D Page 7 of 11 Pages --------- --- --- - ------------------------------------------------------------------------------- (1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above Persons WILLIAM E. LOBECK, JR. - ------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member (a) /X/ of a Group* (b) / / - ------------------------------------------------------------------------------- (3) SEC Use Only - ------------------------------------------------------------------------------- (4) Source of Funds* PF - ------------------------------------------------------------------------------- (5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) 0 - ------------------------------------------------------------------------------- (6) Citizenship or Place of Organization U.S. - ------------------------------------------------------------------------------- Number of Shares (7) Sole Voting Beneficially Owned Power 503,035 by Each Reporting -------------------------------------------------- Person With (8) Shared Voting Power 0 -------------------------------------------------- (9) Sole Dispositive Power 503,035 -------------------------------------------------- (10) Shared Dispositive Power 0 - ------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 503,035 - ------------------------------------------------------------------------------- (12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* 0 - ------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 31.1% - ------------------------------------------------------------------------------- (14) Type of Reporting Person* IN - ------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! CUSIP No. 619823107 13D Page 8 of 11 Pages --------- --- --- - ------------------------------------------------------------------------------- (1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above Persons KATHRYN L. TAYLOR - ------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member (a) /X/ of a Group* (b) / / - ------------------------------------------------------------------------------- (3) SEC Use Only - ------------------------------------------------------------------------------- (4) Source of Funds* PF - ------------------------------------------------------------------------------- (5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) 0 - ------------------------------------------------------------------------------- (6) Citizenship or Place of Organization U.S. - ------------------------------------------------------------------------------- Number of Shares (7) Sole Voting Beneficially Owned Power 21,665 by Each Reporting -------------------------------------------------- Person With (8) Shared Voting Power 0 -------------------------------------------------- (9) Sole Dispositive Power 21,665 -------------------------------------------------- (10) Shared Dispositive Power 0 - ------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 21,665 - ------------------------------------------------------------------------------- (12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* 0 - ------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 1.5% - ------------------------------------------------------------------------------- (14) Type of Reporting Person* IN - ------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! The persons signing this Schedule 13D Amendment 9 (collectively the "REPORTING PERSONS") hereby amend the statement on Schedule 13D as previously amended (collectively, the "SCHEDULE 13D"), with respect to their beneficial ownership of Common Stock par value $.50 of Preserver Group Inc. (formerly known as Motor Club of America), a New Jersey corporation (the "ISSUER or the "COMPANY"). Capitalized terms not otherwise defined shall have the meaning ascribed to them in Amendment 3. ITEM 1. SECURITY AND ISSUER Common Stock, par value $.50 per share, of the Issuer having principal executive offices at 95 Route 17 South, Paramus, New Jersey 07653. ITEM 2. IDENTITY AND BACKGROUND No change. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION No change. ITEM 4. PURPOSE OF TRANSACTION No change. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER No change. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. The Reporting Persons and the Issuer entered into Amendment No. 1 to Agreement for Self-Tender, Financing and Second-Step Merger dated January 14, 2002, and, pursuant to the Loan Facility dated January 14, 2002 among Archer McWhorter, Alvin E. Swanner and Issuer, the Issuer executed a Convertible Grid Promissory Note dated February 28, 2002 payable to Sleepy Lagoon, Ltd. and Brion Properties by which they loaned $5,426,550 to the Issuer, which was deposited with First Union National Bank to pay for the shares of Issuer Common Stock tendered pursuant to the Issuer Self-Tender Offer. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS (a) Issuer Press Release dated February 28, 2002 incorporated by reference to Issuer Form 8K dated February 28, 2002. (b) Amendment No. 1 to Agreement for Self-Tender, Financing and Second-Step Merger dated February 11, 2002 among the Reporting Persons and Issuer incorporated by reference to Issuer Schedule TO Amendment No. 1 dated February 11, 2002. (c) Issuer Convertible Grid Promissory Note dated February 28, 2002. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. ARCHER MCWHORTER Dated As of February 28, 2002 /s/ Archer McWhorter ------------------------------- SLEEPY LAGOON LTD. Dated As of February 28, 2002 By:/s/ Archer McWhorter ---------------------------- Name: Archer McWhorter Title: General Partner GAIL MCWHORTER Dated As of February 28, 2002 /s/ Gail McWhorter ------------------------------- ALVIN E. SWANNER Dated As of February 28, 2002 /s/ Alvin E. Swanner ------------------------------- BRION PROPERTIES, a Louisiana partnership in commendam. Dated As of February 28, 2002 By: /s/ Alvin E. Swanner ---------------------------- Name: Alvin E. Swanner Title: General Partner WILLIAM E. LOBECK Dated As of February 28, 2002 /s/ William E. Lobeck ------------------------------- KATHRYN L. TAYLOR Dated As of February 28, 2002 /s/ Kathryn L. Taylor ------------------------------- EXHIBITS TO SCHEDULE 13D AMENDMENT 9 (a) Issuer Press Release dated February 28, 2002 incorporated by reference to Issuer Form 8K dated February 28, 2002. (b) Amendment No. 1 to Agreement for Self-Tender, Financing and Second-Step Merger dated February 11, 2002 among the Reporting Persons and Issuer incorporated by reference to Issuer Schedule TO Amendment No. 1 dated February 11, 2002. (c) Issuer Convertible Grid Promissory Note dated February 28, 2002. EX-99.C 3 a2072958zex-99_c.txt EXHIBIT 99C Exhibit (c ) CONVERTIBLE GRID PROMISSORY NOTE February 28, 2002 FOR VALUE RECEIVED, the undersigned corporation, duly organized, validly existing, and in good standing under the laws of the state of New Jersey (the "BORROWER" or the "COMPANY"), having its principal office at 95 Route 17 South, Paramus, New Jersey 07653-0931, promises to pay to the order of Sleepy Lagoon Ltd., a Texas limited partnership and Brion Properties, a Louisiana partnership in commendam (the "LENDERS") at the offices of Mr. McWhorter at 1600 Smith Street, Suite 4275, Houston, Texas 77002, or at such other place as the Lenders may designate in writing, the lesser of: (a) the principal sum of $8,536,703 (which amount is subject to increase pursuant to Section 1 of the Financing Agreement, the "COMMITMENT"), or (b) the aggregate unpaid principal sum of all loans (the "LOANS") made by the Lenders from time to time under this Note (the "NOTE") and that certain Financing Agreement between the Borrower and the Lenders, to which the form of this Note is attached as an exhibit (the "FINANCING AGREEMENT"), in accordance with the provisions hereof. Borrower may not reborrow any monies already loaned under this Note, even if such amounts have been paid to Lenders. All capitalized terms not otherwise defined herein shall have the definitions set forth in the Financing Agreement. 1. INTEREST. No interest shall accrue or be payable in connection with this Note. 2. OBLIGATION TO EXTEND LOANS. The Lenders shall extend Loans to the Borrower under this Note on demand during the Commitment Term in accordance with the terms of the Financing Agreement. 3. USE OF GRID. The Lenders are hereby authorized by the Borrower to enter and record on the grid schedule (the "GRID"), attached hereto as SCHEDULE A, the amount of each Loan made under this Note and each payment of principal thereon (if any) or conversion into Financing Shares (as defined below) without any further authorization on the part of the Borrower. The entry of a Loan on said schedule shall be prima facie and presumptive evidence of the entered Loan. The Lenders' failure to make any entry, however, shall not limit or otherwise affect the obligations of the Borrower. The Lenders shall promptly deliver to the Borrower copies of the Grid each time an entry or change is made thereto. 4. CONVERSION. At the Company's option, at any time, the then outstanding principal under this Note may be converted into shares (the "FINANCING SHARES") of non-voting Series A Preferred Stock at the conversion price (the "CONVERSION PRICE") equal to $7.75 per share. Notwithstanding the previous sentence, on the date sixty (60) days after the consummation of the Self-Tender Offer, the then outstanding principal under this Note shall automatically convert into Financing Shares at the Conversion Price. Any Loans made for Dissenting Shares or to purchase Shares of Common Stock in the Second-Step Merger after such 60 day period shall convert automatically and immediately into Financing Shares at the Conversion Price. In the event that the issuance of the Financing Shares would cause a violation of any rule, law or regulation applicable to the Company or its stock, the Company shall on the date of conversion issue the maximum amount of Financing Shares as would not cause such violation and use its reasonable best efforts to remedy any such violation and to issue the balance of the Financing Shares promptly thereafter. The Financing Shares shall have the terms and conditions set forth in the Certificate of Amendment to the Certificate of Incorporation of the Borrower, the form of which is attached as EXHIBIT B to the Financing Agreement. 5. PREPAYMENT. In the event that any portion of this Note is funded to the Company prior to the consummation of the Offering and the Offering is subsequently terminated pursuant to Section 9 of the Agreement (as defined in the Financing Agreement), then, the outstanding principal balance under this Note shall become due and payable upon such termination. 6. DEFAULT. Each of the following shall constitute an event of default (an "EVENT OF DEFAULT") hereunder: (i) the failure of the Borrower to either prepay the principal amount of this Note or convert the Loan into Financing Shares; or (ii) the occurrence of a default or breach by the Borrower of any material provision under this Note or the Financing Agreement. 7. RIGHTS AND REMEDIES. Upon the occurrence of any Event of Default, such default not having previously been remedied or waived, the Lenders shall have the following rights and remedies: (i) the right, at their option, by written notice to the Borrower, to declare the entire unpaid balance of this Note to be immediately due and payable and thereupon such amount together with all costs, fees and expenses incurred in connection herewith, shall be immediately due and payable; (ii) all rights and remedies provided by law, including, without limitation, those provided by the Uniform Commercial Code as in effect in the State of New Jersey from time to time (the "UCC"). 8. NO RIGHT OF SET-OFF BY MAKER. The Borrower's obligations under this Note shall not be subject to any right of setoff, counterclaim, defense, abatement, suspension, deferment or reduction. 9. WAIVER OF NOTICE. The Borrower hereby waives any requirement of presentment, notice of protest and all other notices in connection with the delivery, acceptance, performance, default of enforcement of this Note. 10. REPLACEMENT IF LOST. Upon receipt of evidence, reasonably satisfactory to the Borrower, of the loss, theft, destruction or mutilation of this Note, and upon receipt of indemnity reasonably satisfactory to the Borrower, the Borrower will, at the expense of the Lenders or any one of them, execute and deliver, in lieu thereof, a new instrument of like tenor and amount. 11. NO WAIVER OF RIGHT OR REMEDY. No delay, failure or omission by the Lenders in respect of the exercise of any right or remedy granted to the Lenders or allowed to the Lenders by law, under this Note or otherwise, shall constitute a waiver of the right to exercise the right or remedy at that or any future time or in the same or other circumstance. 12. NOTICE. All notices required to be given hereunder shall be given in accordance with the terms of the Financing Agreement. 13. MODIFICATION. This Note may not be changed, modified or terminated orally, but only by an agreement in writing, signed by both the Borrower and the Lenders. 14. GOVERNING LAW; JURISDICTION. This Note shall be governed by and construed in accordance with the laws of the State of New Jersey. Each of the Borrower and the Lenders hereby irrevocably consents to the exclusive jurisdiction of the state and federal courts located in the State of New Jersey in connection with any dispute arising out of or relating to this Note. 15. INVALIDITY; ASSIGNMENT. If any term or provision of this Note shall be held invalid, illegal or unenforceable, the validity of all other terms and provisions hereof shall in no way be affected thereby. This Note shall be binding upon the successors and assigns of the Borrower and inure to the benefit of each Lender, its successors, endorsees and assigns. IN WITNESS WHEREOF, the Borrower has executed this Convertible Grid Promissory Note as of the date first set forth above. PRESERVER GROUP, INC. By:/s/ Stephen A. Gilbert ------------------------- Name: Stephen A. Gilbert Title: President SCHEDULE A TO NOTE Borrower: Preserver Group, Inc. Date of Note: February 28, 2002
- -------------------- --------------------- ----------------------------- ---------------------- ---------------------- AMOUNT OF PRINCIPAL REPAID OR CONVERTED INTO FINANCING UNPAID PRINCIPAL INITIALS OF PERSON DATE AMOUNT OF ADVANCE SHARES BALANCE OF NOTE MAKING NOTATION - -------------------- --------------------- ----------------------------- ---------------------- ---------------------- February 28, 2002 $5,240,086 $5,240,086 MFV - -------------------- --------------------- ----------------------------- ---------------------- ---------------------- March 1, 2002 $186,464 $5,426,530 MFV - -------------------- --------------------- ----------------------------- ---------------------- ---------------------- - -------------------- --------------------- ----------------------------- ---------------------- ---------------------- - -------------------- --------------------- ----------------------------- ---------------------- ---------------------- - -------------------- --------------------- ----------------------------- ---------------------- ---------------------- - -------------------- --------------------- ----------------------------- ---------------------- ---------------------- - -------------------- --------------------- ----------------------------- ---------------------- ---------------------- - -------------------- --------------------- ----------------------------- ---------------------- ---------------------- - -------------------- --------------------- ----------------------------- ---------------------- ---------------------- - -------------------- --------------------- ----------------------------- ---------------------- ---------------------- - -------------------- --------------------- ----------------------------- ---------------------- ---------------------- - -------------------- --------------------- ----------------------------- ---------------------- ---------------------- - -------------------- --------------------- ----------------------------- ---------------------- ---------------------- Total: $5,426,530 - -------------------- --------------------- ----------------------------- ---------------------- ----------------------
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