Exhibit 10.27


 





$445,000 PROMISSORY NOTE


 


FOR VALUE RECEIVED, Players Network, a
Nevada corporation (the "Borrower") with at least 76,997,181 common shares issued and outstanding, promises to pay to
JMJ Financial or its Assignees (the "Lender") the Principal Sum along with the Interest Rate and any other fees according
to the terms herein. This Note will become effective only upon execution by both parties and delivery of the first payment of
Consideration by the Lender (the "Effective Date").


 


The Principal Sum is $445,000 (four hundred
forty five thousand) plus accrued and unpaid interest and any other fees. The Consideration is $400,000 (four hundred thousand)
payable by wire (there exists a $45,000 original issue discount (the "OID")). The Lender shall pay $55,000 of Consideration
upon closing of this Note. The Lender may pay additional Consideration to the Borrower in such amounts and at such dates as Lender
may choose in its sole discretion. THE PRINCIPAL SUM DUE TO LENDER SHALL BE PRORATED BASED ON THE CONSIDERATION ACTUALLY PAID BY
LENDER (PLUS A 10% ORIGINAL ISSUE DISCOUNT THAT IS PRORATED BASED ON THE CONSIDERATION ACTUALLY PAID BY THE LENDER AS WELL AS ANY
OTHER INTEREST OR FEES) SUCH THAT THE BORROWER IS ONLY REQUIRED TO REPAY THE AMOUNT FUNDED AND THE BORROWER IS NOT REQUIRED TO
REPAY ANY UNFUNDED PORTION OF THIS NOTE. The Maturity Date is one year from the Effective Date of each payment (the "Maturity
Date") and is the date upon which the Principal Sum of this Note, as well as any unpaid interest and other fees, shall be
due and payable. The Conversion Price is 65% of the lowest trade price in the 25 trading days previous to the conversion (In the
case that conversion shares are not deliverable by DWAC an additional 10% discount will apply; and if the shares are ineligible
for deposit into the DTC system and only eligible for Xclearing deposit an additional 5% discount shall apply; in the case of both
an additional cumulative 15% discount shall apply). Unless otherwise agreed in writing by both parties, at no time will the Lender
convert any amount of the Note into common stock that would result in the Lender owning more than 4.99% of the common stock outstanding.


 


1. ZERO Percent Interest for the First
Three Months. The Borrower may repay this Note at any time on or before 90 days from the Effective Date, after which the Borrower
may not make further payments on this Note prior to the Maturity Date without written approval from Lender. If the Borrower
repays the Note on or before 90 days after the Effective Date, the Interest Rate shall be ZERO PERCENT (0%). If Borrower does
not repay the Note on or before 90 days from the Effective Date, a one-time Interest charge of 12% shall be applied to the Principal
Sum. Any interest payable is in addition to the OID, and that OID (or prorated OID, if applicable) remains payable regardless
of time and manner of payment by Borrower.


 


2. Conversion. The Lender has the
right, at any time after the Effective Date, at its election, to convert all or part of the outstanding and unpaid Principal Sum
and accrued interest (and any other fees) into shares of fully paid and non-assessable shares of common stock of the Borrower as
per this conversion formula: Number of shares receivable upon conversion equals the dollar conversion amount divided by the Conversion
Price. Conversions may be delivered to Borrower by method of Lender’s choice (including but not limited to email, facsimile, mail,
overnight courier, or personal delivery), and all conversions shall be cashless and not require further payment from the Lender.
If no objection is delivered from Borrower to Lender regarding any variable or calculation of the conversion notice within 24 hours
of delivery of the conversion notice, the Borrower shall have been thereafter deemed to have irrevocably confirmed and irrevocably
ratified such notice of conversion and waived any objection thereto. The Borrower shall deliver the shares from any conversion
to Lender (in any name directed by Lender) within 3 (three) business days of conversion notice delivery.


 


3. Conversion Delays. If Borrower
fails to deliver shares in accordance with the timeframe stated in Section 2, Lender, at any time prior to selling all of those
shares, may rescind any portion, in whole or in part, of that particular conversion attributable to the unsold shares and have
the rescinded conversion amount returned to the Principal Sum with the rescinded conversion shares returned to the Borrower (under
Lender’s and Borrower’s expectations that any returned conversion amounts will tack back to the original date of the Note). In
addition, for each conversion, in the event that shares are not delivered by the fourth business day (inclusive of the day of conversion),
a penalty of $2,000 per day will be assessed for each day after the third business day (inclusive of the day of the conversion)
until share delivery is made; and such penalty will be added to the Principal Sum of the Note (under Lender’s and Borrower’s expectations
that any penalty amounts will tack back to the original date of the Note).


 





4. Reservation of Shares. At all times during which this Note is convertible, the Borrower will
reserve from its authorized and unissued Common Stock to provide for the issuance of Common Stock upon the full conversion of this
Note. The Borrower will at all times reserve at least 35,000,000 shares of Common Stock for conversion.


 


5. This Section Intentionally Left Blank.


 


6. This Section Intentionally Left Blank.


 






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7. Default. The following are events
of default under this Note: (i) the Borrower shall fail to pay any principal under the Note when due and payable (or payable by
conversion) thereunder; or (ii) the Borrower shall fail to pay any interest or any other amount under the Note when due and payable
(or payable by conversion) thereunder; or (iii) a receiver, trustee or other similar official shall be appointed over the Borrower
or a material part of its assets and such appointment shall remain uncontested for twenty (20) days or shall not be dismissed or
discharged within sixty (60) days; or (iv) the Borrower shall become insolvent or generally fails to pay, or admits in writing
its inability to pay, its debts as they become due, subject to applicable grace periods, if any; or (v) the Borrower shall make
a general assignment for the benefit of creditors; or (vi) the Borrower shall file a petition for relief under any bankruptcy,
insolvency or similar law (domestic or foreign); or (vii) an involuntary proceeding shall be commenced or filed against the Borrower;
or (viii) the Borrower shall lose its status as “DTC Eligible” or the borrower’s shareholders shall lose the ability
to deposit (either electronically or by physical certificates, or otherwise) shares into the DTC System; or (ix) the Borrower shall
become delinquent in its filing requirements as a fully-reporting issuer registered with the SEC.


 


8. Remedies. In the event of any
default, the outstanding principal amount of this Note, plus accrued but unpaid interest, liquidated damages, fees and other amounts
owing in respect thereof through the date of acceleration, shall become, at the Lender's election, immediately due and payable
in cash at the Mandatory Default Amount. The Mandatory Default Amount means the greater of (i) the outstanding principal amount
of this Note, plus all accrued and unpaid interest, liquidated damages, fees and other amounts hereon, divided by the Conversion
Price on the date the Mandatory Default Amount is either demanded or paid in full, whichever has a lower Conversion Price, multiplied
by the VWAP on the date the Mandatory Default Amount is either demanded or paid in full, whichever has a higher VWAP, or (ii)
150% of the outstanding principal amount of this Note, plus 100% of accrued and unpaid interest, liquidated damages, fees and
other amounts hereon. Commencing five (5) days after the occurrence of any event of default that results in the eventual acceleration
of this Note, the interest rate on this Note shall accrue at an interest rate equal to the lesser of 18% per annum or the maximum
rate permitted under applicable law. In connection with such acceleration described herein, the Lender need not provide, and the
Borrower hereby waives, any presentment, demand, protest or other notice of any kind, and the Lender may immediately and without
expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it
under applicable law. Such acceleration may be rescinded and annulled by Lender at any time prior to payment hereunder and the
Lender shall have all rights as a holder of the note until such time, if any, as the Lender receives full payment pursuant to this
Section 8. No such rescission or annulment shall affect any subsequent event of default or impair any right consequent thereon.
Nothing herein shall limit Lender's right to pursue any other remedies available to it at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Borrower’s failure to timely deliver certificates
representing shares of Common Stock upon conversion of the Note as required pursuant to the terms hereof.


 


9. No Shorting. Lender agrees that
so long as this Note from Borrower to Lender remains outstanding, Lender will not enter into or effect “short sales”
of the Common Stock or hedging transaction which establishes a net short position with respect to the Common Stock of Borrower.
Borrower acknowledges and agrees that upon delivery of a conversion notice by Lender, Lender immediately owns the shares of Common
Stock described in the conversion notice and any sale of those shares issuable under such conversion notice would not be considered
short sales.


 


10. Assignability. The Borrower
may not assign this Note. This Note will be binding upon the Borrower and its successors and will inure to the benefit of the Lender
and its successors and assigns and may be assigned by the Lender to anyone of its choosing without Borrower’s approval.


 


11. Governing Law. This Note will
be governed by, and construed and enforced in accordance with, the laws of the State of Florida, without regard to the conflict
of laws principles thereof. Any action brought by either party against the other concerning the transactions contemplated by this
Agreement shall be brought only in the state courts of Florida or in the federal courts located in Miami-Dade County, in the State
of Florida. Both parties and the individuals signing this Agreement agree to submit to the jurisdiction of such courts.


 


12. Delivery of Process by Lender to
Borrower. In the event of any action or proceeding by Lender against Borrower, and only by Lender against Borrower, service
of copies of summons and/or complaint and/or any other process which may be served in any such action or proceeding may be made
by Lender via U.S. Mail, overnight delivery service such as FedEx or UPS, email, fax, or process server, or by mailing or otherwise
delivering a copy of such process to the Borrower at its last known attorney as set forth in its most recent SEC filing.


 


13. Attorney Fees. In the event
any attorney is employed by either party to this Note with regard to any legal or equitable action, arbitration or other proceeding
brought by such party for the enforcement of this Note or because of an alleged dispute, breach, default or misrepresentation in
connection with any of the provisions of this Note, the prevailing party in such proceeding will be entitled to recover from the
other party reasonable attorneys’ fees and other costs and expenses incurred, in addition to any other relief to which the prevailing
party may be entitled.


 






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14. Opinion of Counsel. In the event
that an opinion of counsel is needed for any matter related to this Note, Lender has the right to have any such opinion provided
by its counsel. Lender also has the right to have any such opinion provided by Borrower's counsel.


 


15. Notices. Any notice required
or permitted hereunder (including Conversion Notices) must be in writing and either personally served, sent by facsimile or email
transmission, or sent by overnight courier. Notices will be deemed effectively delivered at the time of transmission if by facsimile
or email, and if by overnight courier the business day after such notice is deposited with the courier service for delivery.


 


	Borrower:	 	Lender:
	 	 	 
	/s/ Mark Bradley	 	/s/ signature
	Mark Bradley	 	JMI Financial
	Players Network	 	Its Principal
	Chief Executive Officer	 	 
	 	 	 
	Date: 3/13/13	 	Date: 3/13/13




 


 






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