Document:

EXHIBIT A

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS
SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN SECURED BY SUCH SECURITIES.

Original Issue Date: October 27, 2005
Original Conversion Price (subject to adjustment herein): $1.45

                                                                      $3,500,000

                 9% SENIOR SUBORDINATED SECURED CONVERTIBLE NOTE
                              DUE OCTOBER 27, 2010

            THIS NOTE is duly authorized and issued 9% Secured Convertible Notes
of Global Axcess Corp., a Nevada corporation, having a principal place of
business at 224 Ponte Vedra Park Drive, Ponte Vedra Beach, Florida 32802 (the
"Company"), designated as its 9% Senior Subordinated Secured Convertible Notes,
due October 27, 2010 (the "Note(s)").

         FOR VALUE RECEIVED, the Company promises to pay to CAMOFI Master LDC or
its registered assigns (the "Holder"), the principal sum of $3,500,000 on
October 27, 2010 or such earlier date as the Notes are required or permitted to
be repaid as provided hereunder (the "Maturity Date"), and to pay interest to
the Holder on the aggregate unconverted and then outstanding principal amount of
this Note in accordance with the provisions hereof. This Note is subject to the
following additional provisions:

Section 1.   Definitions. For the purposes hereof, in addition to the terms
defined elsewhere in this Note: (a) capitalized terms not otherwise defined
herein have the meanings given to such terms in the Purchase Agreement, and (b)
the following terms shall have the following meanings:

                  "Alternate Consideration" shall have the meaning set forth in
         Section 5(e)(iii).

                  "Business Day" means any day except Saturday, Sunday and any
         day which shall be a federal legal holiday in the United States or a
         day on which banking institutions in the State of New York are
         authorized or required by law or other government action to close.

<PAGE>

                  "Change of Control Transaction" means the occurrence after the
         date hereof, of any of (i) an acquisition after the date hereof by an
         individual or legal entity or "group" (as described in Rule 13d-5(b)(1)
         promulgated under the Exchange Act) of effective control (whether
         through legal or beneficial ownership of capital stock of the Company,
         by contract or otherwise) of in excess of 33% of the voting securities
         of the Company, (ii) a replacement at one time or within a three year
         period of more than one-half of the members of the Company's board of
         directors which is not approved by a majority of those individuals who
         are members of the board of directors on the date hereof (or by those
         individuals who are serving as members of the board of directors on any
         date whose nomination to the board of directors was approved by a
         majority of the members of the board of directors who are members on
         the date hereof), (iii) Michael Dodak shall no longer be employed on a
         full time basis by the Company or (iv) the execution by the Company of
         an agreement to which the Company is a party or by which it is bound,
         providing for any of the events set forth above in (i), (ii) or (iii).

                  "Common Stock" means the common stock, $0.001 par value, of
         the Company and stock of any other class into which such shares may
         hereafter have been reclassified or changed.

                  "Conversion Date" shall have the meaning set forth in Section
         4(a) hereof.

                  "Conversion Price" shall have the meaning set forth in Section
         4(b).

                  "Conversion Shares" means the shares of Common Stock issuable
         upon conversion of Notes or as payment of interest in accordance with
         the terms hereof.

                  "Effectiveness Date" shall have the meaning given to such term
         in the Registration Rights Agreement.

                  "Effectiveness Period" shall have the meaning given to such
         term in the Registration Rights Agreement.

                  "Equity Conditions" shall mean, during the period in question,
         (i) the Company shall have duly honored all conversions and redemptions
         scheduled to occur or occurring by virtue of one or more Notice of
         Conversions, if any, (ii) all liquidated damages and other amounts
         owing in respect of the Notes shall have been paid; (iii) there is an
         effective Registration Statement pursuant to which the Holder is
         permitted to utilize the prospectus thereunder to resell all of the
         shares issuable pursuant to the Transaction Documents (and the Company
         believes, in good faith, that such effectiveness will continue
         uninterrupted for the foreseeable future), (iv) the Common Stock is
         trading on the Trading Market and all of the shares issuable pursuant
         to the Transaction Documents are listed for trading on a Trading Market
         (and the Company believes, in good faith, that trading of the Common
         Stock on a Trading Market will continue uninterrupted for the
         foreseeable future), (v) there is a sufficient number of authorized but
         unissued and otherwise unreserved shares of Common Stock for the
         issuance of all of the shares issuable pursuant to the Transaction
         Documents, (vi) there is then existing no Event of Default or event
         which, with the passage of time or the giving of notice, would
         constitute an Event of Default, (vii) all of the shares issued or
         issuable pursuant to the transaction proposed would not violate the
         limitations set forth in Section 4(d), (viii) no public announcement of
         a pending or proposed Fundamental Transaction, Change of Control
         Transaction or acquisition transaction has occurred that has not been
         consummated and (ix) the closing price for the Common Stock is at least
         115% of the Conversion Price (as adjusted).

                  "Event of Default" shall have the meaning set forth in Section
         8.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
         amended.

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<PAGE>

                  "Fundamental Transaction" shall have the meaning set forth in
         Section 5(e)(iii) hereof.

                  "Late Fees" shall have the meaning set forth in the second
         paragraph to this Note.

                  "Mandatory Prepayment Amount" for any Notes shall equal the
         sum of (i) 110% of the principal amount of Notes to be prepaid, plus
         all accrued and unpaid interest thereon, and (ii) all other amounts,
         costs, expenses and liquidated damages due in respect of such Notes.

                  "Original Issue Date" shall mean the date of the first
         issuance of the Notes regardless of the number of transfers of any Note
         and regardless of the number of instruments which may be issued to
         evidence such Note.

                  "Person" means a corporation, an association, a partnership,
         organization, a business, an individual, a government or political
         subdivision thereof or a governmental agency.

                  "Purchase Agreement" means the Securities Purchase Agreement,
         dated as of October 27, 2005, to which the Company and the original
         Holders are parties, as amended, modified or supplemented from time to
         time in accordance with its terms.

                  "Registration Rights Agreement" means the Registration Rights
         Agreement, dated as of the date of the Purchase Agreement, to which the
         Company and the original Holders are parties, as amended, modified or
         supplemented from time to time in accordance with its terms.

                  "Registration Statement" means a registration statement
         meeting the requirements set forth in the Registration Rights
         Agreement, covering among other things the resale of the Conversion
         Shares and naming the Holders as "selling stockholders" thereunder.

                  "Securities Act" means the Securities Act of 1933, as amended,
         and the rules and regulations promulgated thereunder.

                  "Subsidiary" shall have the meaning given to such term in the
         Purchase Agreement.

                  "Trading Day" means a day on which the Common Stock is traded
         on a Trading Market.

                  "Trading Market" means the following markets or exchanges on
         which the Common Stock is listed or quoted for trading on the date in
         question: the Nasdaq SmallCap Market, the American Stock Exchange, the
         New York Stock Exchange, the Nasdaq National Market or the OTC Bulletin
         Board.

                  "Transaction Documents" shall have the meaning set forth in
         the Purchase Agreement.

                  "VWAP" means, for any date, the price determined by the first
         of the following clauses that applies: (a) if the Common Stock is then
         listed or quoted on a Trading Market, the daily volume weighted average
         price of the Common Stock for such date (or the nearest preceding date)
         on the primary Trading Market on which the Common Stock is then listed
         or quoted as reported by Bloomberg Financial L.P. (based on a Trading
         Day from 9:30 a.m. EST to 4:02 p.m. Eastern Time) using the VAP
         function; (b) if the Common Stock is not then listed or quoted on the
         Trading Market and if prices for the Common Stock are then reported in
         the "Pink Sheets" published by the Pink Sheets, LLC (or a similar
         organization or agency succeeding to its functions of reporting
         prices), the most recent bid price per share of the Common Stock so
         reported; or (c) in all other cases, the fair market value of a share
         of Common Stock as determined by a nationally recognized-independent
         appraiser selected in good faith by Holders holding a majority of the
         principal amount of Notes then outstanding.

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<PAGE>

Section 2.  Interest.

         a) Payment of Interest in Cash. The Company shall pay interest to the
Holder on the aggregate unconverted and then outstanding principal amount of
this Note at the rate of 9% per annum, payable monthly in arrears beginning on
the first day of the first month after the Original Issue Date and on each
Conversion Date (as to that principal amount then being converted) and on the
Maturity Date (except that, if any such date is not a Business Day, then such
payment shall be due on the next succeeding Business Day; each such date, an
"Interest Payment Date"), in cash.

         b) Reserved.

         c) Interest Calculations. Interest shall be calculated on the basis of
a 360-day year and shall accrue daily commencing on the Original Issue Date
until payment in full of the principal sum, together with all accrued and unpaid
interest and other amounts which may become due hereunder, has been made.
Interest shall be compounded monthly. Payment of interest in shares of Common
Stock shall otherwise occur pursuant to Section 4(e)(ii) and only for purposes
of the payment of interest in shares, the Interest Payment Date shall be deemed
the Conversion Date. Interest shall cease to accrue with respect to any
principal amount converted, provided that the Company in fact delivers the
Conversion Shares within the time period required by Section 4(d)(ii). Interest
hereunder will be paid to the Person in whose name this Note is registered on
the records of the Company regarding registration and transfers of Notes (the
"Note Register"). Except as otherwise provided herein, if at any time the
Company pays interest partially in cash and partially in shares of Common Stock,
then such payment shall be distributed ratably among the Holders based upon the
principal amount of Notes held by each Holder.

         d) Late Fee. All overdue accrued and unpaid interest to be paid
hereunder shall entail a late fee at the rate of 20% per annum (or such lower
maximum amount of interest permitted to be charged under applicable law) ("Late
Fee") which will accrue daily, from the date such interest is due hereunder
through and including the date of payment. Notwithstanding anything to the
contrary contained herein, if on any Interest Payment Date the Company has
elected to pay interest in Common Stock and is not able to pay accrued interest
in the form of Common Stock because it does not then satisfy the conditions for
payment in the form of Common Stock set forth above, then, at the option of the
Holder, the Company, in lieu of delivering either shares of Common Stock
pursuant to this Section 2 or paying the regularly scheduled cash interest
payment, shall deliver, within three Trading Days of each applicable Interest
Payment Date, an amount in cash equal to the product of the number of shares of
Common Stock otherwise deliverable to the Holder in connection with the payment
of interest due on such Interest Payment Date and the highest VWAP during the
period commencing on the Interest Payment Date and ending on the Trading Day
prior to the date such payment is made.

         e) Optional Prepayment. The Company shall have the right to prepay, in
cash, all or a portion of the Notes at any time at 110% of the principal amount
thereof plus accrued interest to the date of repayment.

         f) Mandatory Prepayment. On the execution of a definitive agreement to
sell more than 50% of the assets of the Company or upon a Change of Control
Transaction, the Company shall be required to prepay the Notes, in cash, at 110%
of the principal amount thereof plus accrued interest to the date of repayment.
This Mandatory Prepayment shall not apply to the sale of all of the stock or
assets of Electronic Payment & Transfer Corp., EFT Integration Inc. and Cash
Axcess Corp., the Company's wholly-owned subsidiaries, on terms satisfactory to
the Holder.

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<PAGE>

Section 3.  Registration of Transfers and Exchanges.

         a) Different Denominations. This Note is exchangeable for an equal
aggregate principal amount of Notes of different authorized denominations, as
requested by the Holder surrendering the same. No service charge will be made
for such registration of transfer or exchange.

         b) Investment Representations. This Note has been issued subject to
certain investment representations of the original Holders set forth in the
Purchase Agreement and may be transferred or exchanged only in compliance with
the Purchase Agreement and applicable federal and state securities laws and
regulations.

         c) Reliance on Note Register. Prior to due presentment to the Company
for transfer of this Note, the Company and any agent of the Company may treat
the Person in whose name this Note is duly registered on the Note Register as
the owner hereof for the purpose of receiving payment as herein provided and for
all other purposes, whether or not this Note is overdue, and neither the Company
nor any such agent shall be affected by notice to the contrary.

Section 4.   Conversion.

         a) Voluntary Conversion. At any time after the Original Issue Date
until this Note is no longer outstanding, this Note shall be convertible into
shares of Common Stock at the option of the Holder, in whole or in part at any
time and from time to time (subject to the limitations on conversion set forth
in Section 4(d) hereof). The Holder shall effect conversions by delivering to
the Company the form of Notice of Conversion attached hereto as Annex A (a
"Notice of Conversion"), specifying therein the principal amount of Notes to be
converted and the date on which such conversion is to be effected (a "Conversion
Date"). If no Conversion Date is specified in a Notice of Conversion, the
Conversion Date shall be the date that such Notice of Conversion is provided
hereunder. To effect conversions hereunder, the Holder shall not be required to
physically surrender Notes to the Company unless the entire principal amount of
this Note plus all accrued and unpaid interest thereon has been so converted.
Conversions hereunder shall have the effect of lowering the outstanding
principal amount of this Note in an amount equal to the applicable conversion.
The Holder and the Company shall maintain records showing the principal amount
converted and the date of such conversions. The Company shall deliver any
objection to any Notice of Conversion within 3 Business Days of receipt of such
notice. In the event of any dispute or discrepancy, the records of the Holder
shall be controlling and determinative in the absence of manifest error. The
Holder and any assignee, by acceptance of this Note, acknowledge and agree that,
by reason of the provisions of this paragraph, following conversion of a portion
of this Note, the unpaid and unconverted principal amount of this Note may be
less than the amount stated on the face hereof. However, at the Company's
request, the Holder shall surrender the Note to the Company within five (5)
Trading Days following such request so that a new Note reflecting the correct
principal amount may be issued to Holder.

         b) Conversion Price. The conversion price in effect on any Conversion
Date shall be $1.45, subject to adjustment herein.

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<PAGE>

         c) Mandatory Conversion. At any time after the Original Issue Date,
provided that the Equity Conditions are met, in the event that the average daily
trading volume exceeds 300,000 shares and such amount to be converted would not
exceed 25% of the volume for any of the previous 10 Trading Days (each subject
to adjustment for stock splits, reclassifications, combinations and similar
adjustments) for the 20 consecutive Trading Days immediately prior to the
Mandatory Conversion Notice Date (as defined below), unless the Holder is
prohibited from converting the Notes pursuant to Section 4(d) below, the Company
shall have the right to deliver a notice to the Holder (a "Mandatory Conversion
Notice" and the date such notice is received by the Holder, the "Mandatory
Conversion Notice Date") then the Company shall be able to require the Holder to
convert the percentage of the aggregate principal amount of the Notes
outstanding in the following amounts:

              i.  If the VWAP of the Common Stock (subject to adjustment for
                  stock splits, reclassifications, combinations and similar
                  adjustments) exceeds 150% of the initial Conversion Price
                  (i.e. $2.18 per share) for 20 consecutive Trading Days, 25% of
                  the Notes outstanding;

              ii. If the VWAP of the Common Stock (subject to adjustment for
                  stock splits, reclassifications, combinations and similar
                  adjustments) exceeds 200% of the initial Conversion Price
                  (i.e. $2.90 per share) for 20 consecutive Trading Days, an
                  additional 25% of the Notes outstanding, provided that such
                  conversion shall not result in excess of 50% of the original
                  aggregate principal amount of the Notes being converted;

              iii. If the VWAP of the Common Stock (subject to adjustment for
                  stock splits, reclassifications, combinations and similar
                  adjustments) exceeds 250% of the initial Conversion Price
                  (i.e. $3.63 per share) for 20 consecutive Trading Days, an
                  additional 25% of the Notes outstanding, provided that such
                  conversion shall not result in excess of 75% of the original
                  aggregate principal amount of the Notes being converted; and

              iv. If the VWAP of the Common Stock (subject to adjustment for
                  stock splits, reclassifications, combinations and similar
                  adjustments) exceeds 300% of the initial Conversion Price
                  (i.e. $4.35 per share) for 20 consecutive Trading Days, 100%
                  of the Notes outstanding;

         d) Conversion Limitations; Holder's Restriction on Conversion. The
Company shall not effect any conversion of this Note, and the Holder shall not
have the right to convert any portion of this Note, pursuant to Section 4(a) or
otherwise, to the extent that after giving effect to such conversion, the Holder
(together with the Holder's affiliates), as set forth on the applicable Notice
of Conversion, would beneficially own in excess of 4.99% of the number of shares
of the Common Stock outstanding immediately after giving effect to such
conversion. For purposes of the foregoing sentence, the number of shares of
Common Stock beneficially owned by the Holder and its affiliates shall include
the number of shares of Common Stock issuable upon conversion of this Note with
respect to which the determination of such sentence is being made, but shall
exclude the number of shares of Common Stock which would be issuable upon (A)
conversion of the remaining, nonconverted portion of this Note beneficially
owned by the Holder or any of its affiliates and (B) exercise or conversion of
the unexercised or nonconverted portion of any other securities of the Company
(including, without limitation, any other Notes or the Warrants) subject to a
limitation on conversion or exercise analogous to the limitation contained

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<PAGE>

herein beneficially owned by the Holder or any of its affiliates. Except as set
forth in the preceding sentence, for purposes of this Section 4(c), beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange
Act. To the extent that the limitation contained in this section applies, the
determination of whether this Note is convertible (in relation to other
securities owned by the Holder) and of which a portion of this Note is
convertible shall be in the sole discretion of such Holder. To ensure compliance
with this restriction, the Holder will be deemed to represent to the Company
each time it delivers a Notice of Conversion that such Notice of Conversion has
not violated the restrictions set forth in this paragraph and the Company shall
have no obligation to verify or confirm the accuracy of such determination. For
purposes of this Section 4(c), in determining the number of outstanding shares
of Common Stock, the Holder may rely on the number of outstanding shares of
Common Stock as reflected in (x) the Company's most recent Form 10-QSB or Form
10-KSB (or such related form), as the case may be, (y) a more recent public
announcement by the Company or (z) any other notice by the Company or the
Company's Transfer Agent setting forth the number of shares of Common Stock
outstanding. Upon the written or oral request of the Holder, the Company shall
within two Trading Days confirm orally and in writing to the Holder the number
of shares of Common Stock then outstanding. In any case, the number of
outstanding shares of Common Stock shall be determined after giving effect to
the conversion or exercise of securities of the Company, including this Note, by
the Holder or its affiliates since the date as of which such number of
outstanding shares of Common Stock was reported. The provisions of this Section
4(c) may be waived by the Holder upon, at the election of the Holder, not less
than 61 days' prior notice to the Company, and the provisions of this Section
4(d) shall continue to apply until such 61st day (or such later date, as
determined by the Holder, as may be specified in such notice of waiver).

         e)  Mechanics of Conversion

              i.   Conversion Shares Issuable Upon Conversion of Principal
                   Amount. The number of shares of Common Stock issuable upon a
                   conversion hereunder shall be determined by the quotient
                   obtained by dividing (x) the outstanding principal amount of
                   this Note to be converted by (y) the Conversion Price. i.

              ii.  Delivery of Certificate Upon Conversion. Not later than three
                   Trading Days after any Conversion Date, the Company will
                   deliver to the Holder (A) a certificate or certificates
                   representing the Conversion Shares which shall be free of
                   restrictive legends and trading restrictions (other than
                   those required by the Purchase Agreement) representing the
                   number of shares of Common Stock being acquired upon the
                   conversion of Notes (including, if so timely elected by the
                   Company, shares of Common Stock representing the payment of
                   accrued interest) and (B) a bank check in the amount of
                   accrued and unpaid interest (if the Company is required to
                   pay accrued interest in cash). The Company shall, if
                   available and if allowed under applicable securities laws,
                   use its best efforts to deliver any certificate or
                   certificates required to be delivered by the Company under
                   this Section electronically through the Depository Trust
                   Corporation or another established clearing corporation
                   performing similar functions.

              iii. Failure to Deliver Certificates. If in the case of any Notice
                   of Conversion such certificate or certificates are not
                   delivered to or as directed by the applicable Holder by the
                   third Trading Day after a Conversion Date, the Holder shall
                   be entitled by written notice to the Company at any time on
                   or before its receipt of such certificate or certificates
                   thereafter, to rescind such conversion, in which event the
                   Company shall immediately return the certificates
                   representing the principal amount of Notes tendered for
                   conversion.

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              iv.  Obligation Absolute; Partial Liquidated Damages. If the
                   Company fails for any reason to deliver to the Holder such
                   certificate or certificates pursuant to Section 4(d)(ii) by
                   the third Trading Day after the Conversion Date, the Company
                   shall pay to such Holder, in cash, as liquidated damages and
                   not as a penalty, for each $1000 of principal amount being
                   converted, $10 per Trading Day (increasing to $20 per Trading
                   Day after 5 Trading Days after such damages begin to accrue)
                   for each Trading Day after such third Trading Day until such
                   certificates are delivered. The Company's obligations to
                   issue and deliver the Conversion Shares upon conversion of
                   this Note in accordance with the terms hereof are absolute
                   and unconditional, irrespective of any action or inaction by
                   the Holder to enforce the same, any waiver or consent with
                   respect to any provision hereof, the recovery of any judgment
                   against any Person or any action to enforce the same, or any
                   setoff, counterclaim, recoupment, limitation or termination,
                   or any breach or alleged breach by the Holder or any other
                   Person of any obligation to the Company or any violation or
                   alleged violation of law by the Holder or any other person,
                   and irrespective of any other circumstance which might
                   otherwise limit such obligation of the Company to the Holder
                   in connection with the issuance of such Conversion Shares;
                   provided, however, such delivery shall not operate as a
                   waiver by the Company of any such action the Company may have
                   against the Holder. In the event a Holder of this Note shall
                   elect to convert any or all of the outstanding principal
                   amount hereof, the Company may not refuse conversion based on
                   any claim that the Holder or any one associated or affiliated
                   with the Holder of has been engaged in any violation of law,
                   agreement or for any other reason, unless, an injunction from
                   a court, on notice, restraining and or enjoining conversion
                   of all or part of this Note shall have been sought and
                   obtained and the Company posts a surety bond for the benefit
                   of the Holder in the amount of 150% of the principal amount
                   of this Note outstanding, which is subject to the injunction,
                   which bond shall remain in effect until the completion of
                   arbitration/litigation of the dispute and the proceeds of
                   which shall be payable to such Holder to the extent it
                   obtains judgment. In the absence of an injunction precluding
                   the same, the Company shall issue Conversion Shares or, if
                   applicable, cash, upon a properly noticed conversion. Nothing
                   herein shall limit a Holder's right to pursue actual damages
                   or declare an Event of Default pursuant to Section 8 herein
                   for the Company's failure to deliver Conversion Shares within
                   the period specified herein and such Holder shall have the
                   right to pursue all remedies available to it at law or in
                   equity including, without limitation, a decree of specific
                   performance and/or injunctive relief. The exercise of any
                   such rights shall not prohibit the Holders from seeking to
                   enforce damages pursuant to any other Section hereof or under
                   applicable law.

              v.   Compensation for Buy-In on Failure to Timely Deliver
                   Certificates Upon Conversion. In addition to any other rights
                   available to the Holder, if the Company fails for any reason
                   to deliver to the Holder such certificate or certificates
                   pursuant to Section 4(d)(ii) by the third Trading Day after
                   the Conversion Date, and if after such third Trading Day the
                   Holder is required by its brokerage firm to purchase (in an
                   open market transaction or otherwise) Common Stock to deliver
                   in satisfaction of a sale by such Holder of the Conversion
                   Shares which the Holder anticipated receiving upon such
                   conversion (a "Buy-In"), then the Company shall (A) pay in
                   cash to the Holder (in addition to any remedies available to
                   or elected by the Holder) the amount by which (x) the
                   Holder's total purchase price (including brokerage

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                    commissions, if any) for the Common Stock so purchased
                    exceeds (y) the product of (1) the aggregate number of
                    shares of Common Stock that such Holder anticipated
                    receiving from the conversion at issue multiplied by (2) the
                    actual sale price of the Common Stock at the time of the
                    sale (including brokerage commissions, if any) giving rise
                    to such purchase obligation and (B) at the option of the
                    Holder, either reissue Notes in principal amount equal to
                    the principal amount of the attempted conversion or deliver
                    to the Holder the number of shares of Common Stock that
                    would have been issued had the Company timely complied with
                    its delivery requirements under Section 4(e)(ii). For
                    example, if the Holder purchases Common Stock having a total
                    purchase price of $11,000 to cover a Buy-In with respect to
                    an attempted conversion of Notes with respect to which the
                    actual sale price of the Conversion Shares at the time of
                    the sale (including brokerage commissions, if any) giving
                    rise to such purchase obligation was a total of $10,000
                    under clause (A) of the immediately preceding sentence, the
                    Company shall be required to pay the Holder $1,000. The
                    Holder shall provide the Company written notice indicating
                    the amounts payable to the Holder in respect of the Buy-In.
                    Notwithstanding anything contained herein to the contrary,
                    if a Holder requires the Company to make payment in respect
                    of a Buy-In for the failure to timely deliver certificates
                    hereunder and the Company timely pays in full such payment,
                    the Company shall not be required to pay such Holder
                    liquidated damages under Section 4(d)(iv) in respect of the
                    certificates resulting in such Buy-In.

              vi.   Reservation of Shares Issuable Upon Conversion. The Company
                    covenants that it will at all times reserve and keep
                    available out of its authorized and unissued shares of
                    Common Stock solely for the purpose of issuance upon
                    conversion of the Notes and payment of interest on the Note,
                    each as herein provided, free from preemptive rights or any
                    other actual contingent purchase rights of persons other
                    than the Holders, not less than such number of shares of the
                    Common Stock as shall (subject to any additional
                    requirements of the Company as to reservation of such shares
                    set forth in the Purchase Agreement) be issuable (taking
                    into account the adjustments and restrictions of Section 5)
                    upon the conversion of the outstanding principal amount of
                    the Notes and payment of interest hereunder. The Company
                    covenants that all shares of Common Stock that shall be so
                    issuable shall, upon issue, be duly and validly authorized,
                    issued and fully paid, nonassessable and, if the
                    Registration Statement is then effective under the
                    Securities Act, registered for public sale in accordance
                    with such Registration Statement.

              vii.  Fractional Shares. Upon a conversion hereunder the Company
                    shall not be required to issue stock certificates
                    representing fractions of shares of the Common Stock, but
                    may if otherwise permitted, make a cash payment in respect
                    of any final fraction of a share based on the VWAP at such
                    time. If the Company elects not, or is unable, to make such
                    a cash payment, the Holder shall be entitled to receive, in
                    lieu of the final fraction of a share, one whole share of
                    Common Stock.

              viii. Transfer Taxes. The issuance of certificates for shares of
                    the Common Stock on conversion of the Notes shall be made
                    without charge to the Holders thereof for any documentary
                    stamp or similar taxes that may be payable in respect of the
                    issue or delivery of such certificate, provided that the
                    Company shall not be required to pay any tax that may be
                    payable in respect of any transfer involved in the issuance
                    and delivery of any such certificate upon conversion in a
                    name other than that of the Holder of such Notes so
                    converted and the Company shall not be required to issue or
                    deliver such certificates unless or until the person or
                    persons requesting the issuance thereof shall have paid to
                    the Company the amount of such tax or shall have established
                    to the satisfaction of the Company that such tax has been
                    paid.

Section 5.   Certain Adjustments.

                                    9 of 21
<PAGE>

         a) Stock Dividends and Stock Splits. If the Company, at any time while
the Notes are outstanding: (A) shall pay a stock dividend or otherwise make a
distribution or distributions on shares of its Common Stock or any other equity
or equity equivalent securities payable in shares of Common Stock (which, for
avoidance of doubt, shall not include any shares of Common Stock issued by the
Company pursuant to this Note, including as interest thereon), (B) subdivide
outstanding shares of Common Stock into a larger number of shares, (C) combine
(including by way of reverse stock split) outstanding shares of Common Stock
into a smaller number of shares, or (D) issue by reclassification of shares of
the Common Stock any shares of capital stock of the Company, then the Conversion
Price shall be multiplied by a fraction of which the numerator shall be the
number of shares of Common Stock (excluding treasury shares, if any) outstanding
before such event and of which the denominator shall be the number of shares of
Common Stock outstanding after such event. Any adjustment made pursuant to this
Section shall become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a
subdivision, combination or re-classification.

         b) Subsequent Equity Sales. Except for the Current offering, if the
Company or any Subsidiary thereof, as applicable, at any time while this Note is
outstanding, shall offer, sell, grant any option to purchase or offer, sell or
grant any right to reprice its securities, or otherwise dispose of or issue (or
announce any offer, sale, grant or any option to purchase or other disposition)
any Common Stock or Common Stock Equivalents entitling any Person to acquire
shares of Common Stock, at an effective price per share less than the then
Conversion Price (such lower price, the "Base Share Price" and such issuances
collectively, a "Dilutive Issuance"), as adjusted hereunder (if the holder of
the Common Stock or Common Stock Equivalents so issued shall at any time,
whether by operation of purchase price adjustments, reset provisions, floating
conversion, exercise or exchange prices or otherwise, or due to warrants,
options or rights per share which is issued in connection with such issuance, be
entitled to receive shares of Common Stock at an effective price per share which
is less than the Conversion Price, such issuance shall be deemed to have
occurred for less than the Conversion Price), then, the Conversion Price shall
be reduced to equal the Base Share Price and the number of Conversion Shares
issuable hereunder shall be increased. Such adjustment shall be made whenever
such Common Stock or Common Stock Equivalents are issued. The Company shall
notify the Holder in writing, no later than the Trading Day following the
issuance of any Common Stock or Common Stock Equivalents subject to this
section, indicating therein the applicable issuance price, or of applicable
reset price, exchange price, conversion price and other pricing terms (such
notice the "Dilutive Issuance Notice"). For purposes of clarification, whether
or not the Company provides a Dilutive Issuance Notice pursuant to this Section
3(b), upon the occurrence of any Dilutive Issuance, after the date of such
Dilutive Issuance the Holder is entitled to receive a number of Conversion
Shares based upon the Base Share Price regardless of whether the Holder
accurately refers to the Base Share Price in the Notice of Conversion.

         c) Pro Rata Distributions. If the Company, at any time while Notes are
outstanding, shall distribute to all holders of Common Stock (and not to
Holders) evidences of its indebtedness or assets or rights or warrants to
subscribe for or purchase any security, then in each such case the Conversion
Price shall be determined by multiplying such Conversion Price in effect
immediately prior to the record date fixed for determination of stockholders
entitled to receive such distribution by a fraction of which the denominator
shall be the VWAP determined as of the record date mentioned above, and of which
the numerator shall be such VWAP on such record date less the then fair market
value at such record date of the portion of such assets or evidence of
indebtedness so distributed applicable to one outstanding share of the Common
Stock as determined by the Board of Directors in good faith. In either case the
adjustments shall be described in a statement provided to the Holders of the
portion of assets or evidences of indebtedness so distributed or such
subscription rights applicable to one share of Common Stock. Such adjustment
shall be made whenever any such distribution is made and shall become effective
immediately after the record date mentioned above.

                                    10 of 21
<PAGE>

         d) Calculations. All calculations under this Section 5 shall be made to
the nearest cent or the nearest 1/100th of a share, as the case may be. The
number of shares of Common Stock outstanding at any given time shall not
includes shares of Common Stock owned or held by or for the account of the
Company, and the description of any such shares of Common Stock shall be
considered on issue or sale of Common Stock. For purposes of this Section 5, the
number of shares of Common Stock deemed to be issued and outstanding as of a
given date shall be the sum of the number of shares of Common Stock (excluding
treasury shares, if any) issued and outstanding.

         e) Notice to Holders.

              i.   Adjustment to Conversion Price. Whenever the Conversion Price
                   is adjusted pursuant to any of this Section 5, the Company
                   shall promptly mail to each Holder a notice setting forth the
                   Conversion Price after such adjustment and setting forth a
                   brief statement of the facts requiring such adjustment. If
                   the Company issues a variable rate security, despite the
                   prohibition thereon in the Purchase Agreement, the Company
                   shall be deemed to have issued Common Stock or Common Stock
                   Equivalents at the lowest possible conversion or exercise
                   price at which such securities may be converted or exercised
                   in the case of a Variable Rate Transaction (as defined in the
                   Purchase Agreement), or the lowest possible adjustment price
                   in the case of an MFN Transaction (as defined in the Purchase
                   Agreement).

              ii.  Notice to Allow Conversion by Holder. If (A) the Company
                   shall declare a dividend (or any other distribution) on the
                   Common Stock; (B) the Company shall declare a special
                   nonrecurring cash dividend on or a redemption of the Common
                   Stock; (C) the Company shall authorize the granting to all
                   holders of the Common Stock rights or warrants to subscribe
                   for or purchase any shares of capital stock of any class or
                   of any rights; (D) the approval of any stockholders of the
                   Company shall be required in connection with any
                   reclassification of the Common Stock, any consolidation or
                   merger to which the Company is a party, any sale or transfer
                   of all or substantially all of the assets of the Company, of
                   any compulsory share exchange whereby the Common Stock is
                   converted into other securities, cash or property; (E) the
                   Company shall authorize the voluntary or involuntary
                   dissolution, liquidation or winding up of the affairs of the
                   Company; then, in each case, the Company shall cause to be
                   filed at each office or agency maintained for the purpose of
                   conversion of the Notes, and shall cause to be mailed to the
                   Holders at their last addresses as they shall appear upon the
                   stock books of the Company, at least 20 calendar days prior
                   to the applicable record or effective date hereinafter
                   specified, a notice stating (x) the date on which a record is
                   to be taken for the purpose of such dividend, distribution,
                   redemption, rights or warrants, or if a record is not to be
                   taken, the date as of which the holders of the Common Stock
                   of record to be entitled to such dividend, distributions,
                   redemption, rights or warrants are to be determined or (y)
                   the date on which such reclassification, consolidation,
                   merger, sale, transfer or share exchange is expected to
                   become effective or close, and the date as of which it is
                   expected that holders of the Common Stock of record shall be
                   entitled to exchange their shares of the Common Stock for
                   securities, cash or other property deliverable upon such
                   reclassification, consolidation, merger, sale, transfer or
                   share exchange; provided, that the failure to mail such
                   notice or any defect therein or in the mailing thereof shall
                   not affect the validity of the corporate action required to
                   be specified in such notice. Holders are entitled to convert
                   Notes during the 20-day period commencing the date of such
                   notice to the effective date of the event triggering such
                   notice.

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<PAGE>

              iii. Fundamental Transaction. If, at any time while this Note is
                   outstanding, (A) the Company effects any merger or
                   consolidation of the Company with or into another Person, (B)
                   the Company effects any sale of all or substantially all of
                   its assets in one or a series of related transactions, (C)
                   any tender offer or exchange offer (whether by the Company or
                   another Person) is completed pursuant to which holders of
                   Common Stock are permitted to tender or exchange their shares
                   for other securities, cash or property, or (D) the Company
                   effects any reclassification of the Common Stock or any
                   compulsory share exchange pursuant to which the Common Stock
                   is effectively converted into or exchanged for other
                   securities, cash or property (in any such case, a
                   "Fundamental Transaction"), then upon any subsequent
                   conversion of this Note, the Holder shall have the right to
                   receive, for each Conversion Share that would have been
                   issuable upon such conversion absent such Fundamental
                   Transaction, the same kind and amount of securities, cash or
                   property as it would have been entitled to receive upon the
                   occurrence of such Fundamental Transaction if it had been,
                   immediately prior to such Fundamental Transaction, the holder
                   of one share of Common Stock (the "Alternate Consideration").
                   For purposes of any such conversion, the determination of the
                   Conversion Price shall be appropriately adjusted to apply to
                   such Alternate Consideration based on the amount of Alternate
                   Consideration issuable in respect of one share of Common
                   Stock in such Fundamental Transaction, and the Company shall
                   apportion the Conversion Price among the Alternate
                   Consideration in a reasonable manner reflecting the relative
                   value of any different components of the Alternate
                   Consideration. If holders of Common Stock are given any
                   choice as to the securities, cash or property to be received
                   in a Fundamental Transaction, then the Holder shall be given
                   the same choice as to the Alternate Consideration it receives
                   upon any conversion of this Note following such Fundamental
                   Transaction. To the extent necessary to effectuate the
                   foregoing provisions, any successor to the Company or
                   surviving entity in such Fundamental Transaction shall issue
                   to the Holder a new note consistent with the foregoing
                   provisions and evidencing the Holder's right to convert such
                   note into Alternate Consideration. The terms of any agreement
                   pursuant to which a Fundamental Transaction is effected shall
                   include terms requiring any such successor or surviving
                   entity to comply with the provisions of this paragraph (c)
                   and insuring that this Note (or any such replacement
                   security) will be similarly adjusted upon any subsequent
                   transaction analogous to a Fundamental Transaction.

              iv.  Exempt Issuance. Notwithstanding the foregoing, no adjustment
                   will be made under this Section 5 in respect of an Exempt
                   Issuance.

Section 6.   Reserved.

Section 7.   Negative Covenants. So long as any portion of this Note is
outstanding, the Company will not and will not permit any of its Subsidiaries to
directly or indirectly:

         a) enter into, create, incur, assume or suffer to exist any
indebtedness or liens of any kind (other than indebtedness and liens in favor of
the Senior Lender), on or with respect to any of its property or assets now
owned or hereafter acquired or any interest therein or any income or profits
therefrom that is senior to or pari passu with, in any respect, the Company's
obligations under the Notes;

                                    12 of 21
<PAGE>

         b) amend its certificate of incorporation, bylaws or its charter
documents so as to adversely affect any rights of the Holder;

         c) repay, repurchase or offer to repay, repurchase or otherwise acquire
or make any dividend or distribution in respect of any of its Common Stock,
Preferred Stock, or other equity securities other than as to the Conversion
Shares to the extent permitted or required under the Transaction Documents;

         d) engage in any transactions with any officer, director, employee or
any affiliate of the Company, including any contract, agreement or other
arrangement providing for the furnishing of services to or by, providing for
rental of real or personal property to or from, or otherwise requiring payments
to or from any officer, director or such employee or, to the knowledge of the
Company, any entity in which any officer, director, or any such employee has a
substantial interest or is an officer, director, trustee or partner, in each
case in excess of $10,000 other than (i) for payment of salary or consulting
fees for services rendered, (ii) reimbursement for expenses incurred on behalf
of the Company and (iii) for other employee benefits, including stock option
agreements under any stock option plan of the Company; or

         e) create or acquire any Subsidiary after the date hereof unless (i)
such Subsidiary is a wholly-owned Subsidiary of the Company and (ii) such
Subsidiary becomes party to the Security Agreement and the Subsidiary Guaranty
(either by executing a counterpart thereof or an assumption or joinder agreement
in respect thereof) and satisfied each condition of this Agreement and the
Transaction Documents as if such Subsidiary were a Subsidiary on the Closing
Date;

         f) sell, transfer or otherwise dispose of any of its assets on terms
where it is or may be leased to or re-acquired or acquired by the Company or any
of its Subsidiaries;

         g) other than the sale of all of the stock or assets of Electronic
Payment & Transfer Corp., EFT Integration Inc. and Cash Axcess Corp. SA, on
terms satisfactory to the Holder, dispose, in a single transaction, or in a
series of transactions all or any part of its assets unless such disposal is (i)
in the ordinary course of business, (ii) for fair market value, (iii) for cash
and (iv) approved by the board of directors of the Company;

         h) authorize or approve any reverse stock split of the Common Stock: or

         i) enter into any agreement with respect to any of the foregoing.

Section 8.   Events of Default.

         a) "Event of Default", wherever used herein, means any one of the
following events (whatever the reason and whether it shall be voluntary or
involuntary or effected by operation of law or pursuant to any judgment, decree
or order of any court, or any order, rule or regulation of any administrative or
governmental body):

              i. any default in the payment of (A) the principal of amount of
         any Note, or (B) interest (including Late Fees) on, or liquidated
         damages in respect of, any Note, in each case free of any claim of
         subordination, as and when the same shall become due and payable
         (whether on a Conversion Date or the Maturity Date or by acceleration
         or otherwise) which default, solely in the case of an interest payment
         or other default under clause (B) above, is not cured, within 3 Trading
         Days;

                                    13 of 21
<PAGE>

              ii. the Company or any of its Subsidiaries shall fail to observe
         or perform any other covenant or agreement contained in this Note or
         any of the other Transaction Documents which failure is not cured, if
         possible to cure, within the earlier to occur of (A) 5 Trading Days
         after notice of such default sent by the Holder or by any other Holder
         and (B)10 Trading Days after the Company shall become or should have
         become aware of such failure;

              iii. a default or event of default (subject to any grace or cure
         period provided for in the applicable agreement, document or
         instrument) shall occur under (A) any of the Transaction Documents
         other than the Notes, or (B) any other material agreement, lease,
         document or instrument to which the Company or any Subsidiary is bound,
         which default, solely in the case of a default under clause (B) above,
         is not cured, within 10 Trading Days;

              iv. any representation or warranty made herein, in any other
         Transaction Document, in any written statement pursuant hereto or
         thereto, or in any other report, financial statement or certificate
         made or delivered to the Holder or any other holder of Notes shall be
         untrue or incorrect in any material respect as of the date when made or
         deemed made;

              v. (i) the Company or any of its Subsidiaries shall commence, or
         there shall be commenced against the Company or any such Subsidiary, a
         case under any applicable bankruptcy or insolvency laws as now or
         hereafter in effect or any successor thereto, or the Company or any
         Subsidiary commences any other proceeding under any reorganization,
         arrangement, adjustment of debt, relief of debtors, dissolution,
         insolvency or liquidation or similar law of any jurisdiction whether
         now or hereafter in effect relating to the Company or any Subsidiary
         thereof or (ii) there is commenced against the Company or any
         Subsidiary thereof any such bankruptcy, insolvency or other proceeding
         which remains undismissed for a period of 60 days; or (iii) the Company
         or any Subsidiary thereof is adjudicated by a court of competent
         jurisdiction insolvent or bankrupt; or any order of relief or other
         order approving any such case or proceeding is entered; or (iv) the
         Company or any Subsidiary thereof suffers any appointment of any
         custodian or the like for it or any substantial part of its property
         which continues undischarged or unstayed for a period of 60 days; or
         (v) the Company or any Subsidiary thereof makes a general assignment
         for the benefit of creditors; or (vi) the Company shall fail to pay, or
         shall state that it is unable to pay, or shall be unable to pay, its
         debts generally as they become due; or (vii) the Company or any
         Subsidiary thereof shall call a meeting of its creditors with a view to
         arranging a composition, adjustment or restructuring of its debts; or
         (viii) the Company or any Subsidiary thereof shall by any act or
         failure to act expressly indicate its consent to, approval of or
         acquiescence in any of the foregoing; or (ix) any corporate or other
         action is taken by the Company or any Subsidiary thereof for the
         purpose of effecting any of the foregoing;

              vi. the Company or any Subsidiary shall default in any of its
         obligations under any mortgage, credit agreement or other facility,
         indenture agreement, factoring agreement or other instrument under
         which there may be issued, or by which there may be secured or
         evidenced any indebtedness for borrowed money or money due under any
         long term leasing or factoring arrangement of the Company in an amount
         exceeding $50,000, whether such indebtedness now exists or shall
         hereafter be created and such default shall result in such indebtedness
         becoming or being declared due and payable prior to the date on which
         it would otherwise become due and payable;

                                    14 of 21
<PAGE>

              vii. After the Registration Statement becomes effective, the
         Common Stock shall not be eligible for quotation on or quoted for
         trading on a Trading Market and shall not again be eligible for and
         quoted or listed for trading thereon within five Trading Days;

              viii. the Company shall be a party to any Change of Control
         Transaction or Fundamental Transaction, shall agree to sell or dispose
         of all or in excess of 33% of its assets in one or more transactions
         (whether or not such sale would constitute a Change of Control
         Transaction) or shall redeem or repurchase more than a de minimis
         number of its outstanding shares of Common Stock or other equity
         securities of the Company (other than redemptions of Conversion Shares
         and repurchases of shares of Common Stock or other equity securities of
         departing officers and directors of the Company; provided such
         repurchases shall not exceed $100,000, in the aggregate, for all
         officers and directors during the term of this Note);

              ix. if, during the Effectiveness Period (as defined in the
         Registration Rights Agreement), the effectiveness of the Registration
         Statement lapses for any reason or the Holder shall not be permitted to
         resell Registrable Securities (as defined in the Registration Rights
         Agreement) under the Registration Statement, in either case, for more
         than 10 consecutive Trading Days or 15 non-consecutive Trading Days
         during any 12 month period; provided, however, that in the event that
         the Company is negotiating a merger, consolidation, acquisition or sale
         of all or substantially all of its assets or a similar transaction and
         in the written opinion of counsel to the Company, the Registration
         Statement, would be required to be amended to include information
         concerning such transactions or the parties thereto that is not
         available or may not be publicly disclosed at the time, the Company
         shall be permitted an additional 10 consecutive Trading during any 12
         month period relating to such an event;

              x. an Event (as defined in the Registration Rights Agreement)
         shall not have been cured to the satisfaction of the Holder prior to
         the expiration of thirty days from the Event Date (as defined in the
         Registration Rights Agreement) relating thereto (other than an Event
         resulting from a failure of an Registration Statement to be declared
         effective by the Commission on or prior to the Effectiveness Date (as
         defined in the Registration Rights Agreement), which shall be covered
         by Section 8(a)(ix);

              xi. the Company shall fail for any reason to deliver certificates
         to a Holder prior to the fifth Trading Day after a Conversion Date
         pursuant to and in accordance with Section 4(e) or the Company shall
         provide notice to the Holder, including by way of public announcement,
         at any time, of its intention not to comply with requests for
         conversions of any Notes in accordance with the terms hereof; or

              xii. the Company shall fail for any reason to pay in full the
         amount of cash due pursuant to a Buy-In within 5 Trading Days after
         notice therefor is delivered hereunder or shall fail to pay all amounts
         owed on account of an Event of Default within five days of the date
         due.

                                    15 of 21
<PAGE>

         b) Remedies Upon Event of Default. If any Event of Default occurs, the
full principal amount of this Note, together with interest and other amounts
owing in respect thereof, to the date of acceleration shall become, at the
Holder's election, immediately due and payable in cash. The aggregate amount
payable upon an Event of Default shall be equal to the Mandatory Prepayment
Amount. Commencing 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 the rate of 20% per annum, or such lower maximum amount of
interest permitted to be charged under applicable law. All Notes for which the
full Mandatory Prepayment Amount hereunder shall have been paid in accordance
herewith shall promptly be surrendered to or as directed by the Company. The
Holder need not provide and the Company hereby waives any presentment, demand,
protest or other notice of any kind, and the Holder 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
declaration may be rescinded and annulled by Holder at any time prior to payment
hereunder and the Holder shall have all rights as a Note holder until such time,
if any, as the full payment under this Section shall have been received by it.
No such rescission or annulment shall affect any subsequent Event of Default or
impair any right consequent thereon.

Section 9.   Miscellaneous.

         a) Notices. Any and all notices or other communications or deliveries
to be provided by the Holders hereunder, including, without limitation, any
Notice of Conversion, shall be in writing and delivered personally, by
facsimile, sent by a nationally recognized overnight courier service, addressed
to the Company, at the address set forth above, facsimile number _________,
Attn: Michael Dodak, Chief Executive Officer, or such other address or facsimile
number as the Company may specify for such purposes by notice to the Holders
delivered in accordance with this Section. Any and all notices or other
communications or deliveries to be provided by the Company hereunder shall be in
writing and delivered personally, by facsimile, sent by a nationally recognized
overnight courier service addressed to each Holder at the facsimile telephone
number or address of such Holder appearing on the books of the Company, or if no
such facsimile telephone number or address appears, at the principal place of
business of the Holder. Any notice or other communication or deliveries
hereunder shall be deemed given and effective on the earliest of (i) the date of
transmission, if such notice or communication is delivered via facsimile at the
facsimile telephone number specified in this Section prior to 5:30 p.m. (New
York City time), (ii) the date after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile telephone number
specified in this Section later than 5:30 p.m. (New York City time) on any date
and earlier than 11:59 p.m. (New York City time) on such date, (iii) the second
Business Day following the date of mailing, if sent by nationally recognized
overnight courier service, or (iv) upon actual receipt by the party to whom such
notice is required to be given.

         b) Absolute Obligation. Except as expressly provided herein, no
provision of this Note shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, interest and
liquidated damages (if any) on, this Note at the time, place, and rate, and in
the coin or currency, herein prescribed. This Note is a direct debt obligation
of the Company. This Note ranks pari passu with all other Notes now or hereafter
issued under the terms set forth herein

         c) Lost or Mutilated Note. If this Note shall be mutilated, lost,
stolen or destroyed, the Company shall execute and deliver, in exchange and
substitution for and upon cancellation of a mutilated Note, or in lieu of or in
substitution for a lost, stolen or destroyed Note, a new Note for the principal
amount of this Note so mutilated, lost, stolen or destroyed but only upon
receipt of evidence of such loss, theft or destruction of such Note, and of the
ownership hereof, and indemnity, if requested, all reasonably satisfactory to
the Company.

                                    16 of 21
<PAGE>

         d) Security Interest. This Note is a direct debt obligation of the
Company and, pursuant to the Security Agreement is secured by a second priority
perfected security interest in all of the assets of the Company for the benefit
of the Holders.

         e) Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of this Note shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York,
without regard to the principles of conflicts of law thereof. Each party agrees
that all legal proceedings concerning the interpretations, enforcement and
defense of the transactions contemplated by any of the Transaction Documents
(whether brought against a party hereto or its respective affiliates, directors,
officers, shareholders, employees or agents) shall be commenced in the state and
federal courts sitting in the City of New York, Borough of Manhattan (the "New
York Courts"). Each party hereto hereby irrevocably submits to the exclusive
jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein (including with respect to the enforcement of any of the
Transaction Documents), and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, or such New York Courts are improper or
inconvenient venue for such proceeding. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the
address in effect for notices to it under this Note and agrees that such service
shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Each party hereto hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to
trial by jury in any legal proceeding arising out of or relating to this Note or
the transactions contemplated hereby. If either party shall commence an action
or proceeding to enforce any provisions of this Note, then the prevailing party
in such action or proceeding shall be reimbursed by the other party for its
attorneys fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding.

         f) Waiver. Any waiver by the Company or the Holder of a breach of any
provision of this Note shall not operate as or be construed to be a waiver of
any other breach of such provision or of any breach of any other provision of
this Note. The failure of the Company or the Holder to insist upon strict
adherence to any term of this Note on one or more occasions shall not be
considered a waiver or deprive that party of the right thereafter to insist upon
strict adherence to that term or any other term of this Note. Any waiver must be
in writing.

         g) Severability. If any provision of this Note is invalid, illegal or
unenforceable, the balance of this Note shall remain in effect, and if any
provision is inapplicable to any person or circumstance, it shall nevertheless
remain applicable to all other persons and circumstances. If it shall be found
that any interest or other amount deemed interest due hereunder violates
applicable laws governing usury, the applicable rate of interest due hereunder
shall automatically be lowered to equal the maximum permitted rate of interest.
The Company covenants (to the extent that it may lawfully do so) that it shall
not at any time insist upon, plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay, extension or usury law or other law which
would prohibit or forgive the Company from paying all or any portion of the
principal of or interest on this Note as contemplated herein, wherever enacted,
now or at any time hereafter in force, or which may affect the covenants or the
performance of this indenture, and the Company (to the extent it may lawfully do
so) hereby expressly waives all benefits or advantage of any such law, and
covenants that it will not, by resort to any such law, hinder, delay or impeded
the execution of any power herein granted to the Holder, but will suffer and
permit the execution of every such as though no such law has been enacted.

                                    17 of 21
<PAGE>

         h) Next Business Day. Whenever any payment or other obligation
hereunder shall be due on a day other than a Business Day, such payment shall be
made on the next succeeding Business Day.

         i) Headings. The headings contained herein are for convenience only, do
not constitute a part of this Note and shall not be deemed to limit or affect
any of the provisions hereof.

         j) Seniority. This Note is senior in right of payment to any and all
other indebtedness of the Company other than indebtedness owed to the Senior
Lender.

                             *********************

                                    18 of 21
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Note to be duly
executed by a duly authorized officer as of the date first above indicated.

                                          GLOBAL AXCESS CORP.

                                          -------------------------------------
                                          Name:
                                          Title:

                                    19 of 21
<PAGE>

                                     ANNEX A

                              NOTICE OF CONVERSION

         The undersigned hereby elects to convert principal under the 9% Senior
Subordinated Secured Convertible Note of Global Axcess Corp., a Nevada
corporation (the "Company"), due on October 27, 2010, into shares of common
stock, par value $0.001 (the "Common Stock"), of the Company according to the
conditions hereof, as of the date written below. If shares are to be issued in
the name of a person other than the undersigned, the undersigned will pay all
transfer taxes payable with respect thereto and is delivering herewith such
certificates and opinions as reasonably requested by the Company in accordance
therewith. No fee will be charged to the holder for any conversion, except for
such transfer taxes, if any.

         By the delivery of this Notice of Conversion the undersigned represents
and warrants to the Company that its ownership of the Common Stock does not
exceed the amounts determined in accordance with Section 13(d) of the Exchange
Act, specified under Section 4 of this Note.

         The undersigned agrees to comply with the prospectus delivery
requirements under the applicable securities laws in connection with any
transfer of the aforesaid shares of Common Stock.

Conversion calculations:
                          Date to Effect Conversion:

                          Principal Amount of Notes to be Converted:

                          Payment of Interest in Common Stock __ yes  __ no
                                If yes, $_____ of Interest Accrued on Account of
                                Conversion at Issue.

                          Number of shares of Common Stock to be issued:

                          Signature:

                          Name:

                          Address:

                                    20 of 21
<PAGE>

                                   Schedule 1

                               CONVERSION SCHEDULE

The 9% Senior Subordinated Secured Convertible Notes due on October 27, 2010, in
the aggregate principal amount of $3,500,000 issued by Global Axcess Corp., a
Nevada corporation. This Conversion Schedule reflects conversions made under
Section 4 of the above referenced Note.

                                     Dated:

================================================================================
                                             Aggregate
                                             Principal Amount
                                             Remaining
                                             Subsequent to
                                             Conversion
 Date of Conversion                          (or original
(or for first entry,         Amount of       Principal              Company
Original Issue Date)         Conversion      Amount)                Attest
--------------------------------------------------------------------------------

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--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

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================================================================================

                                    21 of 21EXHIBIT B

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS
SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN SECURED BY SUCH SECURITIES.

                          COMMON STOCK PURCHASE WARRANT

                  To Purchase 910,000 Shares of Common Stock of

                               Global Axcess Corp.

         THIS COMMON STOCK PURCHASE WARRANT (the "Warrant") certifies that, for
value received, CAMOFI Master LDC (the "Holder"), is entitled, upon the terms
and subject to the limitations on exercise and the conditions hereinafter set
forth, at any time on or after the date hereof (the "Initial Exercise Date") and
on or prior to the close of business on October 27, 2010, the five year
anniversary of the Initial Exercise Date (the "Termination Date") but not
thereafter, to subscribe for and purchase from Global Axcess Corp., a Nevada
corporation (the "Company"), 910,000 shares (the "Warrant Shares") of Common
Stock, $0.001 par value, of the Company (the "Common Stock"). The purchase price
of one share of Common Stock under this Warrant shall be equal to the Exercise
Price, as defined in Section 2(b).

Section      1.   Definitions. Capitalized terms used and not otherwise defined
             herein shall have the meanings set forth in that certain Securities
             Purchase Agreement (the "Purchase Agreement"), dated October 27,
             2005, between the Company and the purchaser signatory thereto.

Section      2.   Exercise.

             a)   Exercise of Warrant. Exercise of the purchase rights
                  represented by this Warrant may be made at any time or times
                  on or after the Initial Exercise Date and on or before the
                  Termination Date by delivery to the Company of a duly executed
                  facsimile copy of the Notice of Exercise Form annexed hereto
                  (or such other office or agency of the Company as it may
                  designate by notice in writing to the registered Holder at the
                  address of such Holder appearing on the books of the Company);
                  provided, however, within 5 Trading Days of the date said
                  Notice of Exercise is delivered to the Company, the Holder
                  shall have surrendered this Warrant to the Company and the
                  Company shall have received payment of the aggregate Exercise
                  Price of the shares thereby purchased by wire transfer or
                  cashier's check drawn on a United States bank.
<PAGE>

             b)   Exercise Price. The exercise price of the Common Stock under
                  this Warrant shall be $1.75, subject to adjustment hereunder
                  (the "Exercise Price").

             c)   Cashless Exercise. In the event that there is no effective
                  registration statement covering the resale of the shares
                  underlying this Warrant, this Warrant may also be exercised by
                  means of a "cashless exercise" in which the Holder shall be
                  entitled to receive a certificate for the number of Warrant
                  Shares equal to the quotient obtained by dividing [(A-B) (X)]
                  by (A), where:

                  (A) = the VWAP on the Trading Day immediately preceding
                        the date of such election;

                  (B) = the Exercise Price of this Warrant, as adjusted; and

                  (X) = the number of Warrant Shares issuable upon exercise of
                        this Warrant in accordance with the terms of this
                        Warrant by means of a cash exercise rather than a
                        cashless exercise.

             d)   Exercise Limitations; Holder's Restrictions. The Holder shall
                  not have the right to exercise any portion of this Warrant,
                  pursuant to Section 2(c) or otherwise, to the extent that
                  after giving effect to such issuance after exercise, the
                  Holder (together with the Holder's affiliates), as set forth
                  on the applicable Notice of Exercise, would beneficially own
                  in excess of 4.99% of the number of shares of the Common Stock
                  outstanding immediately after giving effect to such issuance.
                  For purposes of the foregoing sentence, the number of shares
                  of Common Stock beneficially owned by the Holder and its
                  affiliates shall include the number of shares of Common Stock
                  issuable upon exercise of this Warrant with respect to which
                  the determination of such sentence is being made, but shall
                  exclude the number of shares of Common Stock which would be
                  issuable upon (A) exercise of the remaining, nonexercised
                  portion of this Warrant beneficially owned by the Holder or
                  any of its affiliates and (B) exercise or conversion of the
                  unexercised or nonconverted portion of any other securities of
                  the Company (including, without limitation, any other Notes or
                  Warrants) subject to a limitation on conversion or exercise
                  analogous to the limitation contained herein beneficially
                  owned by the Holder or any of its affiliates. Except as set
                  forth in the preceding sentence, for purposes of this Section
                  2(d), beneficial ownership shall be calculated in accordance
                  with Section 13(d) of the Exchange Act, it being acknowledged
                  by Holder that the Company is not representing to Holder that
                  such calculation is in compliance with Section 13(d) of the
                  Exchange Act and Holder is solely responsible for any
                  schedules required to be filed in accordance therewith. To the
                  extent that the limitation contained in this Section 2(d)
                  applies, the determination of whether this Warrant is
                  exercisable (in relation to other securities owned by the
                  Holder) and of which a portion of this Warrant is exercisable
                  shall be in the sole discretion of such Holder, and the
                  submission of a Notice of Exercise shall be deemed to be such
                  Holder's determination of whether this Warrant is exercisable
                  (in relation to other securities owned by such Holder) and of
                  which portion of this Warrant is exercisable, in each case

                                    2 of 15
<PAGE>

                  subject to such aggregate percentage limitation, and the
                  Company shall have no obligation to verify or confirm the
                  accuracy of such determination. For purposes of this Section
                  2(d), in determining the number of outstanding shares of
                  Common Stock, the Holder may rely on the number of outstanding
                  shares of Common Stock as reflected in (x) the Company's most
                  recent Form 10-QSB or Form 10-KSB (or similar form), as the
                  case may be, (y) a more recent public announcement by the
                  Company or (z) any other notice by the Company or the
                  Company's Transfer Agent setting forth the number of shares of
                  Common Stock outstanding. Upon the written or oral request of
                  the Holder, the Company shall within two Trading Days confirm
                  orally and in writing to the Holder the number of shares of
                  Common Stock then outstanding. In any case, the number of
                  outstanding shares of Common Stock shall be determined after
                  giving effect to the conversion or exercise of securities of
                  the Company, including this Warrant, by the Holder or its
                  affiliates since the date as of which such number of
                  outstanding shares of Common Stock was reported. The
                  provisions of this Section 2(d) may be waived by the Holder
                  upon, at the election of the Holder, not less than 61 days'
                  prior notice to the Company, and the provisions of this
                  Section 2(d) shall continue to apply until such 61st day (or
                  such later date, as determined by the Holder, as may be
                  specified in such notice of waiver).

             e)   Mechanics of Exercise.

                  i)    Authorization of Warrant Shares. The Company covenants
                        that all Warrant Shares which may be issued upon the
                        exercise of the purchase rights represented by this
                        Warrant will, upon exercise of the purchase rights
                        represented by this Warrant, be duly authorized, validly
                        issued, fully paid and nonassessable and free from all
                        taxes, liens and charges in respect of the issue thereof
                        (other than taxes in respect of any transfer occurring
                        contemporaneously with such issue). The Company
                        covenants that during the period the Warrant is
                        outstanding, it will reserve from its authorized and
                        unissued Common Stock a sufficient number of shares to
                        provide for the issuance of the Warrant Shares upon the
                        exercise of any purchase rights under this Warrant. The
                        Company further covenants that its issuance of this
                        Warrant shall constitute full authority to its officers
                        who are charged with the duty of executing stock
                        certificates to execute and issue the necessary
                        certificates for the Warrant Shares upon the exercise of
                        the purchase rights under this Warrant. The Company will
                        take all such reasonable action as may be necessary to
                        assure that such Warrant Shares may be issued as
                        provided herein without violation of any applicable law
                        or regulation, or of any requirements of the Trading
                        Market upon which the Common Stock may be listed.

                  ii)   Delivery of Certificates Upon Exercise. Certificates for
                        shares purchased hereunder shall be transmitted by the
                        transfer agent of the Company to the Holder by crediting
                        the account of the Holder's prime broker with the
                        Depository Trust Company through its Deposit Withdrawal
                        Agent Commission ("DWAC") system if the Company is a
                        participant in such system, and otherwise by physical
                        delivery to the address specified by the Holder in the
                        Notice of Exercise within 3 Trading Days from the
                        delivery to the Company of the Notice of Exercise Form,
                        surrender of this Warrant and payment of the aggregate
                        Exercise Price as set forth above ("Warrant Share
                        Delivery Date"). This Warrant shall be deemed to have
                        been exercised on the date the Exercise Price is
                        received by the Company. The Warrant Shares shall be
                        deemed to have been issued, and Holder or any other
                        person so designated to be named therein shall be deemed
                        to have become a holder of record of such shares for all
                        purposes, as of the date the Warrant has been exercised
                        by payment to the Company of the Exercise Price and all
                        taxes required to be paid by the Holder, if any,
                        pursuant to Section 2(e)(vii) prior to the issuance of
                        such shares, have been paid.

                                    3 of 15
<PAGE>

                  iii)  Delivery of New Warrants Upon Exercise. If this Warrant
                        shall have been exercised in part, the Company shall, at
                        the time of delivery of the certificate or certificates
                        representing Warrant Shares, deliver to Holder a new
                        Warrant evidencing the rights of Holder to purchase the
                        unpurchased Warrant Shares called for by this Warrant,
                        which new Warrant shall in all other respects be
                        identical with this Warrant.

                  iv)   Rescission Rights. If the Company fails to cause its
                        transfer agent to transmit to the Holder a certificate
                        or certificates representing the Warrant Shares pursuant
                        to this Section 2(e)(iv) by the Warrant Share Delivery
                        Date, then the Holder will have the right to rescind
                        such exercise.

                  v)    Compensation for Buy-In on Failure to Timely Deliver
                        Certificates Upon Exercise. In addition to any other
                        rights available to the Holder, if the Company fails to
                        cause its transfer agent to transmit to the Holder a
                        certificate or certificates representing the Warrant
                        Shares pursuant to an exercise on or before the Warrant
                        Share Delivery Date, and if after such date the Holder
                        is required by its broker to purchase (in an open market
                        transaction or otherwise) shares of Common Stock to
                        deliver in satisfaction of a sale by the Holder of the
                        Warrant Shares which the Holder anticipated receiving
                        upon such exercise (a "Buy-In"), ------- then the
                        Company shall (1) pay in cash to the Holder the amount
                        by which (x) the Holder's total purchase price
                        (including brokerage commissions, if any) for the shares
                        of Common Stock so purchased exceeds (y) the amount
                        obtained by multiplying (A) the number of Warrant Shares
                        that the Company was required to deliver to the Holder
                        in connection with the exercise at issue times (B) the
                        price at which the sell order giving rise to such
                        purchase obligation was executed, and (2) at the option
                        of the Holder, either reinstate the portion of the
                        Warrant and equivalent number of Warrant Shares for
                        which such exercise was not honored or deliver to the
                        Holder the number of shares of Common Stock that would
                        have been issued had the Company timely complied with
                        its exercise and delivery obligations hereunder. For
                        example, if the Holder purchases Common Stock having a
                        total purchase price of $11,000 to cover a Buy-In with
                        respect to an attempted exercise of shares of Common
                        Stock with an aggregate sale price giving rise to such
                        purchase obligation of $10,000, under clause (1) of the
                        immediately preceding sentence the Company shall be
                        required to pay the Holder $1,000. The Holder shall
                        provide the Company written notice indicating the
                        amounts payable to the Holder in respect of the Buy-In,
                        together with applicable confirmations and other
                        evidence reasonably requested by the Company. Nothing
                        herein shall limit a Holder's right to pursue any other
                        remedies available to it hereunder, at law or in equity
                        including, without limitation, a decree of specific
                        performance and/or injunctive relief with respect to the
                        Company's failure to timely deliver certificates
                        representing shares of Common Stock upon exercise of the
                        Warrant as required pursuant to the terms hereof.

                                    4 of 15
<PAGE>

                  vi)   No Fractional Shares or Scrip. No fractional shares or
                        scrip representing fractional shares shall be issued
                        upon the exercise of this Warrant. As to any fraction of
                        a share which Holder would otherwise be entitled to
                        purchase upon such exercise, the Company shall pay a
                        cash adjustment in respect of such final fraction in an
                        amount equal to such fraction multiplied by the Exercise
                        Price.

                  vii)  Charges, Taxes and Expenses. Issuance of certificates
                        for Warrant Shares shall be made without charge to the
                        Holder for any issue or transfer tax or other incidental
                        expense in respect of the issuance of such certificate,
                        all of which taxes and expenses shall be paid by the
                        Company, and such certificates shall be issued in the
                        name of the Holder or in such name or names as may be
                        directed by the Holder; provided, however, that in the
                        event certificates for Warrant Shares are to be issued
                        in a name other than the name of the Holder, this
                        Warrant when surrendered for exercise shall be
                        accompanied by the Assignment Form attached hereto duly
                        executed by the Holder; and the Company may require, as
                        a condition thereto, the payment of a sum sufficient to
                        reimburse it for any transfer tax incidental thereto.

                  viii) Closing of Books. The Company will not close its
                        stockholder books or records in any manner which
                        prevents the timely exercise of this Warrant, pursuant
                        to the terms hereof.

Section 3.   Certain Adjustments.

             a)   Stock Dividends and Splits. If the Company, at any time while
                  this Warrant is outstanding: (A) pays a stock dividend or
                  otherwise make a distribution or distributions on shares of
                  its Common Stock or any other equity or equity equivalent
                  securities payable in shares of Common Stock (which, for
                  avoidance of doubt, shall not include any shares of Common
                  Stock issued by the Company pursuant to this Warrant), (B)
                  subdivides outstanding shares of Common Stock into a larger
                  number of shares, (C) combines (including by way of reverse
                  stock split) outstanding shares of Common Stock into a smaller
                  number of shares, or (D) issues by reclassification of shares
                  of the Common Stock any shares of capital stock of the
                  Company, then in each case the Exercise Price shall be
                  multiplied by a fraction of which the numerator shall be the
                  number of shares of Common Stock (excluding treasury shares,
                  if any) outstanding before such event and of which the
                  denominator shall be the number of shares of Common Stock
                  outstanding after such event and the number of shares issuable
                  upon exercise of this Warrant shall be proportionately
                  adjusted. Any adjustment made pursuant to this Section 3(a)
                  shall become effective immediately after the record date for
                  the determination of stockholders entitled to receive such
                  dividend or distribution and shall become effective
                  immediately after the effective date in the case of a
                  subdivision, combination or re-classification.

                                    5 of 15
<PAGE>

             b)   Subsequent Equity Sales. If the Company or any Subsidiary
                  thereof, as applicable, at any time while this Warrant is
                  outstanding, shall offer, sell, grant any option to purchase
                  or offer, sell or grant any right to reprice its securities,
                  or otherwise dispose of or issue (or announce any offer, sale,
                  grant or any option to purchase or other disposition) any
                  Common Stock or Common Stock Equivalents entitling any Person
                  to acquire shares of Common Stock, at an effective price per
                  share less than the then Exercise Price (such lower price, the
                  "Base Share Price" and such issuances collectively, a
                  "Dilutive Issuance"), as adjusted hereunder (if the holder of
                  the Common Stock or Common Stock Equivalents so issued shall
                  at any time, whether by operation of purchase price
                  adjustments, reset provisions, floating conversion, exercise
                  or exchange prices or otherwise, or due to warrants, options
                  or rights per share which is issued in connection with such
                  issuance, be entitled to receive shares of Common Stock at an
                  effective price per share which is less than the Exercise
                  Price, such issuance shall be deemed to have occurred for less
                  than the Exercise Price), then, the Exercise Price shall be
                  reduced to equal the Base Share Price and the number of
                  Warrant Shares issuable hereunder shall be increased such that
                  the aggregate Exercise Price payable hereunder, after taking
                  into account the decrease in the Exercise Price, shall be
                  equal to the aggregate Exercise Price prior to such
                  adjustment. Such adjustment shall be made whenever such Common
                  Stock or Common Stock Equivalents are issued. Such adjustment
                  shall be made whenever such Common Stock or Common Stock
                  Equivalents are issued. The Company shall notify the Holder in
                  writing, no later than the Trading Day following the issuance
                  of any Common Stock or Common Stock Equivalents subject to
                  this section, indicating therein the applicable issuance
                  price, or of applicable reset price, exchange price,
                  conversion price and other pricing terms (such notice the
                  "Dilutive Issuance Notice"). For purposes of clarification,
                  whether or not the Company provides a Dilutive Issuance Notice
                  pursuant to this Section 3(b), upon the occurrence of any
                  Dilutive Issuance, after the date of such Dilutive Issuance
                  the Holder is entitled to receive a number of Warrant Shares
                  based upon the Base Share Price regardless of whether the
                  Holder accurately refers to the Base Share Price in the Notice
                  of Exercise.

             c)   Pro Rata Distributions. If the Company, at any time prior to
                  the Termination Date, shall distribute to all holders of
                  Common Stock (and not to Holders of the Warrants) evidences of
                  its indebtedness or assets or rights or warrants to subscribe
                  for or purchase any security other than the Common Stock
                  (which shall be subject to Section 3(b)), then in each such
                  case the Exercise Price shall be adjusted by multiplying the
                  Exercise Price in effect immediately prior to the record date
                  fixed for determination of stockholders entitled to receive
                  such distribution by a fraction of which the denominator shall
                  be the VWAP determined as of the record date mentioned above,
                  and of which the numerator shall be such VWAP on such record
                  date less the then per share fair market value at such record
                  date of the portion of such assets or evidence of indebtedness
                  so distributed applicable to one outstanding share of the
                  Common Stock as determined by the Board of Directors in good
                  faith. In either case the adjustments shall be described in a
                  statement provided to the Holders of the portion of assets or
                  evidences of indebtedness so distributed or such subscription
                  rights applicable to one share of Common Stock. Such
                  adjustment shall be made whenever any such distribution is
                  made and shall become effective immediately after the record
                  date mentioned above.

                                    6 of 15
<PAGE>

             d)   Calculations. All calculations under this Section 3 shall be
                  made to the nearest cent or the nearest 1/100th of a share, as
                  the case may be. The number of shares of Common Stock
                  outstanding at any given time shall not includes shares of
                  Common Stock owned or held by or for the account of the
                  Company, and the description of any such shares of Common
                  Stock shall be considered on issue or sale of Common Stock.
                  For purposes of this Section 3, the number of shares of Common
                  Stock deemed to be issued and outstanding as of a given date
                  shall be the sum of the number of shares of Common Stock
                  (excluding treasury shares, if any) issued and outstanding.

             e)   Notice to Holders.

                  i.    Adjustment to Exercise Price. Whenever the Exercise
                        Price is adjusted pursuant to this Section 3, the
                        Company shall promptly mail to each Holder a notice
                        setting forth the Exercise Price after such adjustment
                        and setting forth a brief statement of the facts
                        requiring such adjustment. If the Company issues a
                        variable rate security, despite the prohibition thereon
                        in the Purchase Agreement, the Company shall be deemed
                        to have issued Common Stock or Common Stock Equivalents
                        at the lowest possible conversion or exercise price at
                        which such securities may be converted or exercised in
                        the case of a Variable Rate Transaction (as defined in
                        the Purchase Agreement), or the lowest possible
                        adjustment price in the case of an MFN Transaction (as
                        defined in the Purchase Agreement.

                  ii.   Notice to Allow Exercise by Holder. If (A) the Company
                        shall declare a dividend (or any other distribution) on
                        the Common Stock; (B) the Company shall declare a
                        special nonrecurring cash dividend on or a redemption of
                        the Common Stock; (C) the Company shall authorize the
                        granting to all holders of the Common Stock rights or
                        warrants to subscribe for or purchase any shares of
                        capital stock of any class or of any rights; (D) the
                        approval of any stockholders of the Company shall be
                        required in connection with any reclassification of the
                        Common Stock, any consolidation or merger to which the
                        Company is a party, any sale or transfer of all or
                        substantially all of the assets of the Company, of any
                        compulsory share exchange whereby the Common Stock is
                        converted into other securities, cash or property; (E)
                        the Company shall authorize the voluntary or involuntary
                        dissolution, liquidation or winding up of the affairs of
                        the Company; then, in each case, the Company shall cause
                        to be mailed to the Holder at its last addresses as it
                        shall appear upon the Warrant Register of the Company,
                        at least 20 calendar days prior to the applicable record
                        or effective date hereinafter specified, a notice
                        stating (x) the date on which a record is to be taken
                        for the purpose of such dividend, distribution,
                        redemption, rights or warrants, or if a record is not to
                        be taken, the date as of which the holders of the Common
                        Stock of record to be entitled to such dividend,
                        distributions, redemption, rights or warrants are to be
                        determined or (y) the date on which such
                        reclassification, consolidation, merger, sale, transfer
                        or share exchange is expected to become effective or
                        close, and the date as of which it is expected that
                        holders of the Common Stock of record shall be entitled
                        to exchange their shares of the Common Stock for
                        securities, cash or other property deliverable upon such
                        reclassification, consolidation, merger, sale, transfer
                        or share exchange; provided, that the failure to mail
                        such notice or any defect therein or in the mailing
                        thereof shall not affect the validity of the corporate
                        action required to be specified in such notice. The
                        Holder is entitled to exercise this Warrant during the
                        20-day period commencing the date of such notice to the
                        effective date of the event triggering such notice.

                                    7 of 15
<PAGE>

             f)   Fundamental Transaction. If, at any time while this Warrant is
                  outstanding, (A) the Company effects any merger or
                  consolidation of the Company with or into another Person, (B)
                  the Company effects any sale of all or substantially all of
                  its assets in one or a series of related transactions, (C) any
                  tender offer or exchange offer (whether by the Company or
                  another Person) is completed pursuant to which holders of
                  Common Stock are permitted to tender or exchange their shares
                  for other securities, cash or property, or (D) the Company
                  effects any reclassification of the Common Stock or any
                  compulsory share exchange pursuant to which the Common Stock
                  is effectively converted into or exchanged for other
                  securities, cash or property (in any such case, a "Fundamental
                  Transaction"), then, upon any subsequent conversion of this
                  Warrant, the Holder shall have the right to receive, for each
                  Warrant Share that would have been issuable upon such exercise
                  absent such Fundamental Transaction, at the option of the
                  Holder, (a) upon exercise of this Warrant, the number of
                  shares of Common Stock of the successor or acquiring
                  corporation or of the Company, if it is the surviving
                  corporation, and Alternate Consideration receivable upon or as
                  a result of such reorganization, reclassification, merger,
                  consolidation or disposition of assets by a Holder of the
                  number of shares of Common Stock for which this Warrant is
                  exercisable immediately prior to such event or (b) cash equal
                  to the value of this Warrant as determined in accordance with
                  the Black-Scholes option pricing formula (the "Alternate
                  Consideration"). For purposes of any such exercise, the
                  determination of the Exercise Price shall be appropriately
                  adjusted to apply to such Alternate Consideration based on the
                  amount of Alternate Consideration issuable in respect of one
                  share of Common Stock in such Fundamental Transaction, and the
                  Company shall apportion the Exercise Price among the Alternate
                  Consideration in a reasonable manner reflecting the relative
                  value of any different components of the Alternate
                  Consideration. If holders of Common Stock are given any choice
                  as to the securities, cash or property to be received in a
                  Fundamental Transaction, then the Holder shall be given the
                  same choice as to the Alternate Consideration it receives upon
                  any exercise of this Warrant following such Fundamental
                  Transaction. To the extent necessary to effectuate the
                  foregoing provisions, any successor to the Company or
                  surviving entity in such Fundamental Transaction shall issue
                  to the Holder a new warrant consistent with the foregoing
                  provisions and evidencing the Holder's right to exercise such
                  warrant into Alternate Consideration. The terms of any
                  agreement pursuant to which a Fundamental Transaction is
                  effected shall include terms requiring any such successor or
                  surviving entity to comply with the provisions of this
                  paragraph (f) and insuring that this Warrant (or any such
                  replacement security) will be similarly adjusted upon any
                  subsequent transaction analogous to a Fundamental Transaction.

             g)   Exempt Issuance. Notwithstanding the foregoing, no
                  adjustments, Alternate Consideration nor notices shall be
                  made, paid or issued under this Section 3 in respect of an
                  Exempt Issuance.

                                    8 of 15
<PAGE>

             h)   Voluntary Adjustment By Company. The Company may at any time
                  during the term of this Warrant reduce the then current
                  Exercise Price to any amount and for any period of time deemed
                  appropriate by the Board of Directors of the Company.

Section 4.   Transfer of Warrant.

             a)   Transferability. Subject to compliance with any applicable
                  securities laws and the conditions set forth in Sections 5(a)
                  and 4(d) hereof and to the provisions of Section 4.1 of the
                  Purchase Agreement, this Warrant and all rights hereunder are
                  transferable, in whole or in part, upon surrender of this
                  Warrant at the principal office of the Company, together with
                  a written assignment of this Warrant substantially in the form
                  attached hereto duly executed by the Holder or its agent or
                  attorney and funds sufficient to pay any transfer taxes
                  payable upon the making of such transfer. Upon such surrender
                  and, if required, such payment, the Company shall execute and
                  deliver a new Warrant or Warrants in the name of the assignee
                  or assignees and in the denomination or denominations
                  specified in such instrument of assignment, and shall issue to
                  the assignor a new Warrant evidencing the portion of this
                  Warrant not so assigned, and this Warrant shall promptly be
                  cancelled. A Warrant, if properly assigned, may be exercised
                  by a new holder for the purchase of Warrant Shares without
                  having a new Warrant issued.

             b)   New Warrants. This Warrant may be divided or combined with
                  other Warrants upon presentation hereof at the aforesaid
                  office of the Company, together with a written notice
                  specifying the names and denominations in which new Warrants
                  are to be issued, signed by the Holder or its agent or
                  attorney. Subject to compliance with Section 4(a), as to any
                  transfer which may be involved in such division or
                  combination, the Company shall execute and deliver a new
                  Warrant or Warrants in exchange for the Warrant or Warrants to
                  be divided or combined in accordance with such notice.

             c)   Warrant Register. The Company shall register this Warrant,
                  upon records to be maintained by the Company for that purpose
                  (the "Warrant Register"), in the name of the record Holder
                  hereof from time to time. The Company may deem and treat the
                  registered Holder of this Warrant as the absolute owner hereof
                  for the purpose of any exercise hereof or any distribution to
                  the Holder, and for all other purposes, absent actual notice
                  to the contrary.

             d)   Transfer Restrictions. If, at the time of the surrender of
                  this Warrant in connection with any transfer of this Warrant,
                  the transfer of this Warrant shall not be registered pursuant
                  to an effective registration statement under the Securities
                  Act and under applicable state securities or blue sky laws,
                  the Company may require, as a condition of allowing such
                  transfer (i) that the Holder or transferee of this Warrant, as
                  the case may be, furnish to the Company a written opinion of
                  counsel (which opinion shall be in form, substance and scope
                  customary for opinions of counsel in comparable transactions)
                  to the effect that such transfer may be made without
                  registration under the Securities Act and under applicable
                  state securities or blue sky laws, (ii) that the holder or
                  transferee execute and deliver to the Company an investment
                  letter in form and substance acceptable to the Company and
                  (iii) that the transferee be an "accredited investor" as
                  defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), or (a)(8)
                  promulgated under the Securities Act or a qualified
                  institutional buyer as defined in Rule 144A(a) under the
                  Securities Act.

                                    9 of 15
<PAGE>

Section 5.   Miscellaneous.

             a)   Title to Warrant. Prior to the Termination Date and subject to
                  compliance with applicable laws and Section 4 of this Warrant,
                  this Warrant and all rights hereunder are transferable, in
                  whole or in part, at the office or agency of the Company by
                  the Holder in person or by duly authorized attorney, upon
                  surrender of this Warrant together with the Assignment Form
                  annexed hereto properly endorsed. The transferee shall sign an
                  investment letter in form and substance reasonably
                  satisfactory to the Company.

             b)   No Rights as Shareholder Until Exercise. This Warrant does not
                  entitle the Holder to any voting rights or other rights as a
                  shareholder of the Company prior to the exercise hereof. Upon
                  the surrender of this Warrant and the payment of the aggregate
                  Exercise Price (or by means of a cashless exercise), the
                  Warrant Shares so purchased shall be and be deemed to be
                  issued to such Holder as the record owner of such shares as of
                  the close of business on the later of the date of such
                  surrender or payment.

             c)   Loss, Theft, Destruction or Mutilation of Warrant. The Company
                  covenants that upon receipt by the Company of evidence
                  reasonably satisfactory to it of the loss, theft, destruction
                  or mutilation of this Warrant or any stock certificate
                  relating to the Warrant Shares, and in case of loss, theft or
                  destruction, of indemnity or security reasonably satisfactory
                  to it (which, in the case of the Warrant, shall not include
                  the posting of any bond), and upon surrender and cancellation
                  of such Warrant or stock certificate, if mutilated, the
                  Company will make and deliver a new Warrant or stock
                  certificate of like tenor and dated as of such cancellation,
                  in lieu of such Warrant or stock certificate.

             d)   Saturdays, Sundays, Holidays, etc. If the last or appointed
                  day for the taking of any action or the expiration of any
                  right required or granted herein shall be a Saturday, Sunday
                  or a legal holiday, then such action may be taken or such
                  right may be exercised on the next succeeding day not a
                  Saturday, Sunday or legal holiday.

             e)   Authorized Shares. The Company covenants that during the
                  period the Warrant is outstanding, it will reserve from its
                  authorized and unissued Common Stock a sufficient number of
                  shares to provide for the issuance of the Warrant Shares upon
                  the exercise of any purchase rights under this Warrant. The
                  Company further covenants that its issuance of this Warrant
                  shall constitute full authority to its officers who are
                  charged with the duty of executing stock certificates to
                  execute and issue the necessary certificates for the Warrant
                  Shares upon the exercise of the purchase rights under this
                  Warrant. The Company will take all such reasonable action as
                  may be necessary to assure that such Warrant Shares may be
                  issued as provided herein without violation of any applicable
                  law or regulation, or of any requirements of the Trading
                  Market upon which the Common Stock may be listed.

                                    10 of 15
<PAGE>

                  Except and to the extent as waived or consented to by the
                  Holder, the Company shall not by any action, including,
                  without limitation, amending its certificate of incorporation
                  or through any reorganization, transfer of assets,
                  consolidation, merger, dissolution, issue or sale of
                  securities or any other voluntary action, avoid or seek to
                  avoid the observance or performance of any of the terms of
                  this Warrant, but will at all times in good faith assist in
                  the carrying out of all such terms and in the taking of all
                  such actions as may be necessary or appropriate to protect the
                  rights of Holder as set forth in this Warrant against
                  impairment. Without limiting the generality of the foregoing,
                  the Company will (a) not increase the par value of any Warrant
                  Shares above the amount payable therefor upon such exercise
                  immediately prior to such increase in par value, (b) take all
                  such action as may be necessary or appropriate in order that
                  the Company may validly and legally issue fully paid and
                  nonassessable Warrant Shares upon the exercise of this
                  Warrant, and (c) use commercially reasonable efforts to obtain
                  all such authorizations, exemptions or consents from any
                  public regulatory body having jurisdiction thereof as may be
                  necessary to enable the Company to perform its obligations
                  under this Warrant.

                  Before taking any action which would result in an adjustment
                  in the number of Warrant Shares for which this Warrant is
                  exercisable or in the Exercise Price, the Company shall obtain
                  all such authorizations or exemptions thereof, or consents
                  thereto, as may be necessary from any public regulatory body
                  or bodies having jurisdiction thereof.

             f)   Jurisdiction. All questions concerning the construction,
                  validity, enforcement and interpretation of this Warrant shall
                  be determined in accordance with the provisions of the
                  Purchase Agreement.

             g)   Restrictions. The Holder acknowledges that the Warrant Shares
                  acquired upon the exercise of this Warrant, if not registered,
                  will have restrictions upon resale imposed by state and
                  federal securities laws.

             h)   Nonwaiver and Expenses. No course of dealing or any delay or
                  failure to exercise any right hereunder on the part of Holder
                  shall operate as a waiver of such right or otherwise prejudice
                  Holder's rights, powers or remedies, notwithstanding the fact
                  that all rights hereunder terminate on the Termination Date.
                  If the Company willfully and knowingly fails to comply with
                  any provision of this Warrant, which results in any material
                  damages to the Holder, the Company shall pay to Holder such
                  amounts as shall be sufficient to cover any costs and expenses
                  including, but not limited to, reasonable attorneys' fees,
                  including those of appellate proceedings, incurred by Holder
                  in collecting any amounts due pursuant hereto or in otherwise
                  enforcing any of its rights, powers or remedies hereunder.

             i)   Notices. Any notice, request or other document required or
                  permitted to be given or delivered to the Holder by the
                  Company shall be delivered in accordance with the notice
                  provisions of the Purchase Agreement.

             j)   Limitation of Liability. No provision hereof, in the absence
                  of any affirmative action by Holder to exercise this Warrant
                  or purchase Warrant Shares, and no enumeration herein of the
                  rights or privileges of Holder, shall give rise to any
                  liability of Holder for the purchase price of any Common Stock
                  or as a stockholder of the Company, whether such liability is
                  asserted by the Company or by creditors of the Company.

                                    11 of 15
<PAGE>

             k)   Remedies. Holder, in addition to being entitled to exercise
                  all rights granted by law, including recovery of damages, will
                  be entitled to specific performance of its rights under this
                  Warrant. The Company agrees that monetary damages would not be
                  adequate compensation for any loss incurred by reason of a
                  breach by it of the provisions of this Warrant and hereby
                  agrees to waive the defense in any action for specific
                  performance that a remedy at law would be adequate.

             l)   Successors and Assigns. Subject to applicable securities laws,
                  this Warrant and the rights and obligations evidenced hereby
                  shall inure to the benefit of and be binding upon the
                  successors of the Company and the successors and permitted
                  assigns of Holder. The provisions of this Warrant are intended
                  to be for the benefit of all Holders from time to time of this
                  Warrant and shall be enforceable by any such Holder or holder
                  of Warrant Shares.

             m)   Amendment. This Warrant may be modified or amended or the
                  provisions hereof waived with the written consent of the
                  Company and the Holder.

             n)   Severability. Wherever possible, each provision of this
                  Warrant shall be interpreted in such manner as to be effective
                  and valid under applicable law, but if any provision of this
                  Warrant shall be prohibited by or invalid under applicable
                  law, such provision shall be ineffective to the extent of such
                  prohibition or invalidity, without invalidating the remainder
                  of such provisions or the remaining provisions of this
                  Warrant.

             o)   Headings. The headings used in this Warrant are for the
                  convenience of reference only and shall not, for any purpose,
                  be deemed a part of this Warrant.

                              ********************

                                    12 of 15
<PAGE>

                  IN WITNESS WHEREOF, the Company has caused this Warrant to be
executed by its officer thereunto duly authorized.

Dated:  October 27, 2005

                                        GLOBAL AXCESS CORP.

                                        ----------------------------------------
                                        Name:
                                        Title:

                                    13 of 15
<PAGE>

                               NOTICE OF EXERCISE

TO:             GLOBAL AXCESS CORP.

        (1)  The undersigned hereby elects to purchase ________ Warrant Shares
of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together
with all applicable transfer taxes, if any.

        (2)  Payment shall take the form of (check applicable box):

             [ ]  in lawful money of the United States; or

             [ ]  the cancellation of such number of Warrant Shares as is
                  necessary, in accordance with the formula set forth in
                  subsection 2(c), to exercise this Warrant with respect to the
                  maximum number of Warrant Shares purchasable pursuant to the
                  cashless exercise procedure set forth in subsection 2(c).

        (3)  Please issue a certificate or certificates representing said
Warrant Shares in the name of the undersigned or in such other name as is
specified below:

                     --------------------------------------

The Warrant Shares shall be delivered to the following:

                     --------------------------------------

                     --------------------------------------

                     --------------------------------------

        (4)  Accredited Investor. The undersigned is an "accredited investor" as
defined in Regulation D promulgated under the Securities Act of 1933, as
amended.

[SIGNATURE OF HOLDER]

Name of Investing Entity: ______________________________________________________
Signature of Authorized Signatory of Investing Entity: _________________________
Name of Authorized Signatory: __________________________________________________
Title of Authorized Signatory: _________________________________________________
Date: __________________________________________________________________________

<PAGE>

                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)

        FOR  VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to

_______________________________________________ whose address is

_____________________________________________________________________.

_____________________________________________________________________

                                                 Dated:  ______________, _______

                        Holder's Signature: ______________________________

                        Holder's Address:   ______________________________

                                            ______________________________

Signature Guaranteed:  ______________________________________

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

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