Exhibit 10.1





Exhibit 10.1




PROMISSORY NOTE




	 	 	 
	$300,000

	 	As of May 4, 2009
	 

	 	New York, New York






TM ENTERTAINMENT AND MEDIA, INC. (“Maker”) promises to pay to the order Theodore S. Green
(“Payee”) the principal sum of three-hundred thousand dollars ($300,000) or such lesser amount as
shall have been loaned to Maker by Payee in Payee’s sole discretion, in lawful money of the United
States of America together with interest on the unpaid principal balance of this Promissory Note
(this “Note”), on the terms and conditions described below.



1. Principal. The principal balance of this Note outstanding shall be repayable on the
earlier of (i) October 17, 2009 and (ii) the date on which Maker consummates a business combination
as contemplated for its prospectus for initial public offering.



2. Interest. Interest shall accrue at the rate of 10.0% per year, compounded semiannually, on
the unpaid principal balance of this Note outstanding from time to time and shall be payable when
principle is payable hereunder.



3. Application of Payments. All payments shall be applied first to payment in full of any
costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorneys’ fees, then to accrued and unpaid interest and finally to the reduction of the
unpaid principal balance of this Note.




4. Events of Default. The following shall constitute Events of Default:



(a) Failure to Make Required Payments. Failure by Maker to pay the principal and
Interest of this Note within one (1) business day following the date when due.



(b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under
the Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable
federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or
the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part
of its property, or the making by it of any assignment for the benefit of creditors, or the failure
of Maker generally to pay its debts as such debts become due, or the taking of corporate action by
Maker in furtherance of any of the foregoing.



(c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court
having jurisdiction in the premises in respect of Maker in an involuntary case under the Federal
Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such
decree or order unstayed and in effect for a period of 60 consecutive days.


 


 









 






5. Remedies.



(a) Upon the occurrence of an Event of Default specified in Section 4(a), Payee may, by
written notice to Maker, declare this Note to be due and payable, whereupon the principal amount of
this Note, and all other amounts payable hereunder, shall become immediately due and payable
without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary
notwithstanding.



(b) Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid
principal balance of, and all other sums payable with regard to, this Note shall automatically and
immediately become due and payable, in all cases without any action on the part of Payee.



6. Unconditional Liability. Maker hereby waives all notices in connection with the delivery,
acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its
liability shall be unconditional, without regard to the liability of any other party, and shall not
be affected hereunder in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by Payee, and consents to any and all extensions of time,
renewals, waivers, or modifications that may be granted by Payee with respect to the payment or
other provisions of this Note.



7. Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by
certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form
of private or governmental express mail or delivery service providing receipted delivery, (iv) sent
by facsimile or (v) sent by e-mail, to the following addresses or to such other address as either
party may designate by notice in accordance with this Section:




If to Maker:




TM Entertainment and Media, Inc.

307 East 87th Street

New York, NY 10128




If to Payee:




Theodore S. Green

307 East 87th Street

New York, NY 10128



Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the
date shown on a facsimile transmission confirmation, (iii) the date on which an e-mail transmission
was received by the receiving party’s on-line access provider, (iv) the date reflected on a signed
delivery receipt, or (vi) two (2) Business Days following tender of delivery or dispatch by express
mail or delivery service.


 


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8. Construction. This Note shall be construed and enforced in accordance with the domestic,
internal law, but not the law of conflict of laws, of the State of Delaware.



9. Severability. Any provision contained in this Note which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.



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IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be
duly executed as of the day and year first above written.



	 	 	 	 	 
	 	TM ENTERTAINMENT AND MEDIA, INC.

 	 
	 	By:  	/s/ Malcolm Bird
 	 
	 	 	Name:  	Malcolm Bird 	 
	 	 	Title:  	Co-CEO 	 



[Signature page to Promissory Note]