Document:

qumi_ex48.htm

    EXHIBIT 4.8

    

    SENIOR
SECURED PROMISSORY NOTE

     

    
      	$
      1,000,000   	Dallas,
      Texas    	February 27,
    2010

    

     

    FOR
VALUE RECEIVED, the undersigned, Quamtel
Inc., ("Maker"), which is located at 14911 Quorum Drive, Suite 140,
Dallas, Texas 75254, promises to pay to the order of Gilder Funding, ("Payee")
whose address is Miami, Florida, or such other
location as Payee may direct, in lawful money of the United States of America,
the principal sum of one million dollars
($1,000,000) with interest on the outstanding
principal balance at the rate of fifteen percent (15%) per annum until
paid. With Monthly payments of $23,789.93 being due the 15th of each month
starting April 5th, 2010.

     

    Maker
shall pay this Note interest only monthly, with all principal and accrued
interest due on or before February 27, 2016 ("Maturity Date"). This Note may be
prepaid without penalty.

     

    Maker
and any and all co-makers, endorsers, guarantors and sureties severally waive
presentment for payment, notice of nonpayment, protest, demand, notice of
protest, notice of intention to accelerate, notice of acceleration and dishonor,
diligence in enforcement and indulgences of every kind, and hereby agree that
this Note and the liens securing its payment may be extended and re-extended and
the time for payment extended and re-extended from time to time without notice
to them, or any of them, and they severally agree that their liability on or
with respect to this Note shall not be affected by any release or change in any
security at any time existing or by any failure to perfect or maintain
perfection of any security interest in such security.

     

    It
is agreed that time is of the essence of this Note, and if the payment of
principal and all accrued and unpaid interest is not received by Payee on or
before the Maturity Date, or, if a default occurs under any instrument now or
hereafter executed in connection with or as security for this Note, thereupon,
after the passage of applicable notice and cure periods, at the option of Payee,
the entire unpaid principal balance and the accrued and unpaid interest shall be
due and payable forthwith without demand, notice of default or of intent to
accelerate the maturity hereof, notice of nonpayment, presentment, protest or
notice of dishonor, all of which arc hereby expressly waived by Maker and each
other liable party. Any past due principal shall bear interest at the maximum
rata allowed by law. Failure to exercise this option upon any such default shall
not constinite a waiver of the right to exercise such option in the event of any
subsequent default.

     

    If
the entire unpaid principal balance plus all accrued and unpaid interest due and
owing on this Note is not paid at maturity whether by acceleration or otherwise
and is placed in the hands of an attorney for collection, or suit is filed
hereon, or proceedings are had in probate, bankruptcy, receivership,
reorganization, arrangement or other legal proceedings for collection hereof,
Maker and each other liable party agree to pay Payee its reasonable collection
costs, including a reasonable amount for attorneys' fees, but in no event to
exceed the maximum amount permitted by law. Maker and each other liable party
are and shall be directly and primarily, jointly and severally, liable for the
payment of all sums called for hereunder, and Maker
and each other liable party hereby expressly waive bringing of suit and
diligence in taking any action to collect any sums owing hereon and in the
handling of any security hereunder, and Maker and each other liable party hereby
consent to and agree to remain liable hereon regardless of any renewals,
extensions for any period or rearrangements hereof, or any release or
substitution of security herefor, in whole or in part, with or without notice,
from time to time, before or after maturity.

    

    
      
         

      

      
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    It is the intent of Maker and Payee
in the execution of this Note and all other loan documents to contract in strict
compliance with applicable usury law. In furtherance thereof, Maker and Payee
stipulate and agree that none of the terms and provisions contained in this
Note, or in any other instrument executed in connection herewith, shall ever be
construed to create a contract to pay for the use, forbearance or detention of
money, interest at a rate in excess of the maximum rate allowed by law ("Maximum Rate"). Neither Maker nor any
guarantors, endorsers or other parties now or hereafter becoming liable for payment of this Note
shall ever be obligated or required to pay interest on this Note at a rate in
excess of the Maximum Rate, and the provisions of this paragraph shall control
over all other provisions of this Note and any other loan documents now or
hereafter executed which may be in apparent conflict herewith. Payee expressly
disavows any intention to charge or collect excessive unearned interest or
finance charges in the event the maturity of this Note is accelerated. If the maturity of
this Note shall be accelerated for any reason or if the principal of this Note
is paid prior to the end of the term of this Note, and as a result thereof the
interest received for the actual period of existence of the loan evidenced by
this Note exceeds the applicable maximum lawful rate, the holder of this Note
shall credit the amount of such excess against the principal balance of this
Note then outstanding and thereby shall render inapplicable any and all
penalties of any kind provided by applicable law as a result of such excess
interest; provided, however, that if the principal hereof has been paid in full,
such excess shall be refunded to Maker. If the holder of this Note shall receive
money (or anything else) which is determined to constitute interest and which
would increase the effective interest rate on this Note or any other
indebtedness which Maker or a guarantor is obligated to pay to holder to a rate
in excess of that permitted by applicable law, the amount determined to
constitute interest in excess of the lawful rate shall be credited against the
principal balance of this Note then outstanding or, if the principal balance has
been paid in full, refunded to Maker, in which event any and all penalties of
any kind under applicable law as a result of such excess interest shall be
inapplicable. If the holder of this Note shall not actually receive, but shall
contract for, request or demand, a payment of money (or anything else) which is
determined to constitute interest and which would increase the effective
interest rate contracted for or charged on this Note or the other indebtedness
evidenced or secured by the Loan Documents to a rate in excess of that permitted
by applicable law, the holder of this Note shall be entitled, following such
determination, to waive or rescind the contractual claim, request or demand for
the amount determined to constitute interest in excess of the lawful rate, in
which event any and all penalties of any kind under applicable law as a result
of such excess interest shall be inapplicable. By execution of this Note, Maker
acknowledges that Maker believes the loan evidenced by this Note to be non-usurious and agrees that if, at
any time, Maker should have reason to believe that such loan is in fact
usurious, Maker will give the holder of this Note notice of
such condition and Maker agrees that the holder shall have sixty (60) days
in which to make appropriate refund or
other adjustment in order to correct such condition if in fact such
exists.

     

    
      
         

      

      
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    Additionally,
if, from any circumstance whatsoever, fulfillment of any provision hereof or of
any documents or instruments executed pursuant to the terms thereof, shall, at
the time fulfillment of such provision be due, involve transcending the Maximum
Rate then, ipso facto, the obligation to be fulfilled shall be reduced to the
Maximum Rate. The term "applicable law" as used in this Note shall mean the laws
of the State of Texas or the laws of the United States, whichever laws allow the
greater rate of interest, as such laws now exist or may be changed or amended or
come into effect in the future.

     

    Company
agrees to make lump sum payments if it receives any substantial payments from
any sources.

     

    This
Note is secured under the terms of a Security Agreement dated the date hereof,
executed by Maker (or by any other liable party) in favor of Payee, or any other
holder of this Note.

     

    In
addition to the above provisions, Maker will be in default if : (1) Maker fails
to timely pay or perform any obligation or covenant in any written agreement
between Payee and Maker; (2) Maker makes any material false statement or
representation in any agreement or document presented to Payee and upon which
Payee relied in funding this Note; (3) a receiver is appointed for Maker; (4)
bankruptcy or insolvency proceedings are commenced against or by Maker; (5)
Maker is dissolved; (6)Maker's collateral provided to secure payment of this
Note is impaired by loss, theft, damage, levy and execution, or destruction,
unless it is promptly replaced with collateral of like kind and quality or
restored to its former condition.

     

    This
Note shall rank senior to all other indebtedness of Maker, and no other
obligation may be created by Maker that ranks senior to this Note.

     

    This
Note has been executed and delivered in and shall be construed in accordance
with and governed by the laws of the State of Texas.

    
       

       

    

    
      
        	 	
                MAKER;

                 

                Quamtel,
      Inc.

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Stuart
Ehrlich	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

      

       

       

    

    
      
        
           

        

        
          3qumi_ex49.htm

     

    EXHIBIT 4.9

    

    SECURITY
AGREEMENT

     

    This
Security Agreement (this "Agreement")
is by and among Quamtel, Inc., a Texas corporation (the "Borrower"), and
Gilder Funding (the "Secured
Party").

     

    GRANT
OF SECURITY INTEREST.

     

    The
Borrower hereby assigns and pledges to the Secured Party, and hereby grants to
the Secured Party, a lien and security interest in all of the Borrower's right,
title and interest in and to the following, wherever located, whether presently
held or hereafter acquired and whether now existing or hereafter arising by
Borrower and its subsidiaries (the "Collateral"):

     

    ●   all goods
(including, without limitation, inventory, equipment, and any accessions
thereto);

     

    ●   all
instruments (including, without limitation, promissory notes) and
documents;

     

    ●   all
securities and all other investment property, supporting obligations, any other
contract rights or rights to the payment of money, insurance claims, and all
commercial tort claims and proceeds therefrom;

     

    ●    all general
intangibles including, without limitation, all payment intangibles, patents,
patent applications, trademarks, trademark applications, trade names,
copyrights, copyright applications, software, engineering drawings, service
marks, customer lists, goodwill, and all licenses, permits, agreements of any
kind or nature pursuant to which the Borrower possesses, uses or has authority
to possess or use property (whether tangible or intangible) of others or others
possess, use or have authority to possess or use property (whether tangible or
intangible) of the Borrower;

     

    ●   all recorded
data of any kind or nature, regardless of the medium of recording including,
without limitation, all software, writings, plans, specifications and
schematics; and

     

    ●    all products
and proceeds of any and all of the foregoing Collateral and, to the extent not
otherwise included, all payments under insurance or any indemnity, warranty or
guaranty, payable by reason of loss or damage to or otherwise with respect to
any of the foregoing Collateral.

    

    PRIORITY OF SECURITY INTEREST.
The security interest granted by this Agreement is a first priority lien,
and Borrower agrees not to place any other lien, whether or not subordinated,
against the Collateral.

    

    SECURITY FOR OBLIGATIONS. This Agreement secures the prompt and
complete payment and performance of all obligations of the Borrower to the
Secured Party and any affiliate of the Secured Party now or hereafter existing,
specifically including all liability and obligation under that certain
Promissory Note dated the date hereof in the principal amount of one million
dollars ($1,000,000), and related documents and
agreements and performance and observance by the Borrower of all covenants and
conditions contained in the Note and related documents and agreements (all such
covenants and conditions are collectively referred to as the "Secured Obligations").

    

    
      
         

      

      
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    REPRESENTATIONS AND WARRANTIES. The Borrower
represents and warrants that the principal place of business and chief executive
office of the Borrower and the office where the Borrower keeps its records
concerning the Collateral is the city of Dallas, county of Dallas, State of
Texas. All of the Collateral is located at such principal place of business or
at certain customer premises.

    

    FURTHER
ASSURANCES; COVENANTS WITH RESPECT TO THE COLLATERAL.

     

    The
Borrower agrees that from time to time, at the expense of the Borrower, the
Borrower will promptly execute and deliver all other instruments and documents,
and take all further action, that may be necessary or desirable, or that the
Secured Party may reasonably request, in order to perfect and protect any
security interest granted or purported to be granted hereby or to enable the
Secured Party to exercise and enforce its rights and remedies under this
Agreement with respect to any Collateral. Borrower agrees to keep the Collateral
equipment in good order and repair and insured against loss and damage to
others.

    

    The
Borrower hereby authorizes the Secured Party to file one or more financing or
continuation statements, and amendments to such statements, relative to all or
any part of the Collateral without the signature of the Borrower where permitted
by law. A carbon, photographic or other reproduction of this Agreement or any
financing statement covering the Collateral or any part of the Collateral shall
be sufficient as a financing statement where permitted by law.

     

    The
Borrower agrees to notify the Secured Party of any change of its name,
organizational structure or federal tax identification number within thirty days
of such change.

     

    The
Borrower shall not permit anything to be done that may impair the value of any
of the Collateral or the lien and security interest to be afforded by this
Agreement, except in the ordinary course of business.

    

    TRANSFERS AND OTHER LIENS. The Borrower
shall not: (a) sell, assign (by agreement, operation of law or otherwise) or
otherwise dispose of any of the Collateral (other than in the ordinary course of
business); or (b) create or suffer to exist any lien or security interest upon
or with respect to any of the Collateral, except for the lien or security
interest created by this Agreement, liens and security interests in favor of the
Secured Party, liens and security interests already in existence at the time of
the execution of this Agreement, liens and security interests expressly and
validly subordinated to the security interests created by this Agreement, or
otherwise as approved in writing by the Secured Party.

     

    REMEDIES. If any Default shall have occurred
and be continuing, the Secured Party may exercise in respect of the Collateral,
in addition to other rights and remedies provided for in this Agreement or
otherwise available to it, all the rights and remedies of a secured party on
default under the UCC (whether or not the UCC applies to the affected
Collateral),

     

    SECURED PARTY APPOINTED ATTORNEY-IN-FACT.
Effective upon the occurrence of and continuance of a default under the Note or
this Agreement, the Borrower hereby irrevocably appoints the Secured Party as
the Borrower's attorney-in-fact, with full authority in the place and stead of
the Borrower and in the name of the Borrower, the Secured Party or otherwise in
the Secured Party's sole discretion, to take any action and to execute any
instrument which the Secured Party may deem necessary or advisable to accomplish
the purposes of this Agreement.

    

    
      
         

      

      
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    SUBORDINATION. The Secured
Party agrees to a one time subordination to second place to make way for
additional funding for the company.

     

    TERMINATION;
REINSTATEMENT, ETC.

    

    The
Borrower agrees that this Agreement and the liens and security interest granted
under this Agreement shall terminate only when all of the Secured Obligations have been fully paid and performed, at
which time the Secured Party upon the Borrower's request shall reassign and
redeliver (or cause to he reassigned and redelivered) to the Borrower, or to
such person as the Borrower shall designate in writing, against receipt, such of
the Collateral (if any) as shall not have been sold or otherwise applied by the
Secured Party pursuant to the terms of, and shall still be held by it under this
Agreement.

    

    This
Agreement shall continue to be effective or be reinstated, as the case may be,
if at any time any amount received by the Secured Party in respect of the
Secured Obligations is rescinded or must otherwise be restored or returned by
the Secured Party upon the filing of any bankruptcy proceeding by or of the
Borrower or upon the appointment of any intervenor or conservator of, or trustee
or similar official for, the Borrower or any substantial part of their assets,
or otherwise, all as though such payments had not been made.

    

    All
rights of marshaling of assets of the Borrower, including any such right with
respect to the Collateral, are hereby waived by the Borrower.

    

    This
Agreement shall create a continuing security interest in the Collateral and
shall: (i) remain in full force and effect
until satisfaction in full of the Secured Obligations; (ii) be binding upon the Borrower, its
successors and assigns; and (iii) inure to the benefit of the Secured Party and
its successors, transferees and assigns.

    

    The
Borrower hereby expressly waives, to the extent permitted by applicable law: (i)
notice of the acceptance by the Secured Party of this Agreement; (ii) notice of
the existence or creation or non-payment of all or any of the Secured
Obligations; (iii) presentment, demand, notice of dishonor, protest, intent to
accelerate, acceleration and
all other notices whatsoever; and (iv) all diligence in collection or
protection of or realization upon the Secured Obligations or any of the Secured
Obligations, any obligation under this Agreement, or any security for or
guaranty of any of the foregoing.

    

    MISCELLANEOUS. This Agreement may be executed
by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute one and the same instrument. Delivery of executed signature pages by
facsimile transmission is binding on the parties.   The headings
of this Agreement
are for convenience of reference only and shall not affect the meaning of this
Agreement.

    

    
      
         

      

      
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    SEVERABILITY. Each provision
of this Agreement shall be interpreted where possible in a manner necessary to
sustain its legality and enforceability. The unenforceability or illegality of
any provision or any portion of a provision of this Agreement in a specific
situation shall not affect the enforceability or legality of: (a) that provision
or portion of a provision in another situation; or (b) the other provisions of
this Agreement or the remaining portion of a provision if such other provisions
or the remaining portion could then continue to conform with the purposes of
this Agreement and the terms and requirements of applicable law. Each provision
or portion of a provision found unenforceable or illegal shall be replaced with
a legal and enforceable provision or portion of a provision which comes closest
to the economic results intended by the parties.

    

    WAIVER. The failure of either
party to insist in any one or more instances upon performance of any term,
covenant or condition set forth in this Agreement shall not be construed as a waiver
of future performance of any such term, covenant or condition; and the
obligations of each party with respect to such term, covenant or condition shall
continue in full force and effect.

     

    ENTIRE AGREEMENT, ETC. This
Agreement, the Note, and all of the other documents referred to in such
Agreements embody the entire agreement and understanding between the parties
with respect to the subject matter of such Agreements and supersede all prior
agreements and understandings between the parties, whether
oral or written. This Agreement shall not be modified or amended except by written agreement of the
parties.

     

    GOVERNING LAW. This Agreement
shall be governed by and construed in accordance with the laws of the State of
Florida (excluding its conflicts of laws rules).

    

    

     

    DATED as of February 27th ,
2010. 

     

    SECURED
PARTY:

     

    GILDER
FUNDING

    

     

    BORROWER:

     

    QUAMTEL, INC.

     

    
      
        	
                By:   

              	/s/ Stuart
Ehrlich	 
	 	 	 

      

       

       

      
        
           

        

        
          4

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