V Gpo Inc Watch

from 8-K/A 1 page For Value Received, V-Gpo, Inc., a Delaware Corporation ("Maker") Hereby Promises to Pay to the Order of Gryphon Opportunities Fund I, LLC, a Delaware Limited Liability Company ("Holder"), in Lawful Money of the United States of America, a Principal Amount Equal to the Lesser of (A) Three Hundred Seventy Thousand Dollars ($370,000.00) or (B) the Aggregate Amount of All Advances Made to Maker, Payable Upon the Earlier to Occur of (I) Payment by the Account Debtors at Any Time and From Time to Time of the Accounts Receivable Owed to Maker by Christus Santa Rosa Health Care System and Deaconess Medical Center (Collectively Referred to Herein as the "Account Debtors") or (II) December 15, 2001. Maker Agrees to Establish a Separate Bank Account ("Separate Bank Account") and to Direct the Account Debtors to Make All Payments Owed or Payable to Maker Under the Procurement Diagnostic Review Contracts Between Maker and the Account Debtors Dated March 29, 2001 and April 24, 2001 Respectively Into the Separate Bank Account in Order to Make the Payments Required by Maker to Be Made Under This Line Note. Any Funds Remaining in the Separate Bank Account After Payment of All Amounts Due Under This Line Note Shall Be Fully Released to Maker