Document:

Exhibit
      10.7

    

    WESTERN
      CAPITAL RESOURCES, INC.

    TERM
      PROMISSORY NOTE

    

    
      	
              $1,000,000

            	
              Dated:
                October 15, 2008

            

    

    

    For
      Value
      Received,
      the
      undersigned, Western Capital Resources, Inc., a Minnesota corporation (the
      “Maker”),
      promises to pay to John Quandahl, a resident of Omaha, Nebraska (the
“Holder”),
      at
      such address as set forth below, or as Holder may from time to time provide
      to
      Maker, the principal sum of One Million and No/100 Dollars ($1,000,000) (USD),
      together with interest thereon until paid in full. All payments shall be applied
      first to accrued interest and then to principal. The Note shall accrue interest
      on the outstanding principal amount of this Note from the date hereof until
      the
      principal amount is paid in full at a rate of ten percent (10%) per annum.
      Interest shall be calculated on the basis of a 365-day year for the actual
      number of days elapsed.

    

    Interest
      payments (only) on the principal balance shall be made monthly, within the
      first
      five days of each calendar month, beginning in November 2008, with
      then-outstanding principal and accrued but unpaid interest due and payable
      October 1, 2011 (or within five days thereof); provided,
      however,
      that
      ninety (90) days after the date of this Note, then and thereafter principal
      and
      interest
      shall be due in monthly payments, each in an amount sufficient to fully amortize
      the remaining balance of this Note over the remaining term of this Note at
      the
      interest rate stated above, with then-outstanding principal and accrued but
      unpaid interest due and payable October 1, 2011 (or within five days thereof).
      

    

    The
      amounts owed under this Note are secured pursuant to the terms of a Security
      Agreement of even date herewith. 

    

    This
      Note
      may be prepaid, without penalty, in whole or in part, at any time or from time
      to time, at the option of Maker, by paying to Holder an amount equal to the
      principal amount to be prepaid together with interest accrued thereon through
      the date of prepayment. All payments hereunder shall be made by wire transfer
      of
      immediately available funds to an account designated by Holder, in writing,
      a
      reasonable amount of time prior to the due date therefor, or be made by
      certified check delivered to: John Quandahl, 10602 Ridgemont Circle, Omaha,
      Nebraska 68136.

     

    Maker
      shall be in default under the terms of this Note and the entire unpaid balance
      and accrued interest shall be immediately due and payable upon the occurrence
      of
      any of the following events: (i) Maker’s failure to pay, within thirty (30) days
      of the due date, the principal or interest on this Note; or (ii) the termination
      of business of, or commencement of any insolvency proceedings with respect
      to,
      Maker. In the event of a default, Holder may pursue any right or remedy
      authorized by law, singularly, together or successively. Failure or delay of
      Holder to exercise these options shall not constitute a waiver of the right
      to
      exercise the option in the event of a subsequent default or in the event of
      continuance of any existing default after demand for the performance of the
      terms of this Note.

    

    Maker
      waives presentment, demand, notice, protest, and all other demands and notices
      in connection with the delivery, acceptance, performance or enforcement of
      this
      Note, and agrees to any extension or postponement of the time of payment or
      any
      other indulgence under this Note. This Note will be governed by Minnesota law
      without reference to choice-of-law principles, and venue shall be made in the
      City of Minneapolis and County of Hennepin. Any notice required or permitted
      to
      be given under this Agreement shall be sufficient if in writing and sent by
      certified mail to Maker or Holder, return receipt requested, or when personally
      delivered to the party to be notified. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    In
      Witness Whereof,
      this
      Term Promissory Note has been executed as of the date and year first written
      above.

    

    WESTERN
      CAPITAL RESOURCES, INC.

    

    
      	
              /s/
                Christopher Larson

            	 
	
              By:
                Christopher Larson

            	 
	
              Its:
                President and Chief Executive
                OfficerExhibit
      10.8

    

    WESTERN
      CAPITAL RESOURCES, INC.

    TERM
      PROMISSORY NOTE

    

    
      	
              $1,000,000

            	
              Dated:
                October 15, 2008

            

    

    

    For
      Value
      Received,
      the
      undersigned, Western Capital Resources, Inc., a Minnesota corporation (the
      “Maker”),
      promises to pay to Mark Houlton, a resident of Omaha, Nebraska (the
“Holder”),
      at
      such address as set forth below, or as Holder may from time to time provide
      to
      Maker, the principal sum of One Million and No/100 Dollars ($1,000,000) (USD),
      together with interest thereon until paid in full. All payments shall be applied
      first to accrued interest and then to principal. The Note shall accrue interest
      on the outstanding principal amount of this Note from the date hereof until
      the
      principal amount is paid in full at a rate of ten percent (10%) per annum.
      Interest shall be calculated on the basis of a 365-day year for the actual
      number of days elapsed.

    

    Interest
      payments (only) on the principal balance shall be made monthly, within the
      first
      five days of each calendar month, beginning in November 2008, with
      then-outstanding principal and accrued but unpaid interest due and payable
      October 1, 2011 (or within five days thereof); provided,
      however,
      that
      ninety (90) days after the date of this Note, then and thereafter principal
      and
      interest
      shall be due in monthly payments, each in an amount sufficient to fully amortize
      the remaining balance of this Note over the remaining term of this Note at
      the
      interest rate stated above, with then-outstanding principal and accrued but
      unpaid interest due and payable October 1, 2011 (or within five days thereof).
      

    

    The
      amounts owed under this Note are secured pursuant to the terms of a Security
      Agreement of even date herewith. 

    

    This
      Note
      may be prepaid, without penalty, in whole or in part, at any time or from time
      to time, at the option of Maker, by paying to Holder an amount equal to the
      principal amount to be prepaid together with interest accrued thereon through
      the date of prepayment. All payments hereunder shall be made by wire transfer
      of
      immediately available funds to an account designated by Holder, in writing,
      a
      reasonable amount of time prior to the due date therefor, or be made by
      certified check delivered to: Mark Houlton, 10631 Ridgemont Circle, Omaha,
      Nebraska 68136.

     

    Maker
      shall be in default under the terms of this Note and the entire unpaid balance
      and accrued interest shall be immediately due and payable upon the occurrence
      of
      any of the following events: (i) Maker’s failure to pay, within thirty (30) days
      of the due date, the principal or interest on this Note; or (ii) the termination
      of business of, or commencement of any insolvency proceedings with respect
      to,
      Maker. In the event of a default, Holder may pursue any right or remedy
      authorized by law, singularly, together or successively. Failure or delay of
      Holder to exercise these options shall not constitute a waiver of the right
      to
      exercise the option in the event of a subsequent default or in the event of
      continuance of any existing default after demand for the performance of the
      terms of this Note.

    

    Maker
      waives presentment, demand, notice, protest, and all other demands and notices
      in connection with the delivery, acceptance, performance or enforcement of
      this
      Note, and agrees to any extension or postponement of the time of payment or
      any
      other indulgence under this Note. This Note will be governed by Minnesota law
      without reference to choice-of-law principles, and venue shall be made in the
      City of Minneapolis and County of Hennepin. Any notice required or permitted
      to
      be given under this Agreement shall be sufficient if in writing and sent by
      certified mail to Maker or Holder, return receipt requested, or when personally
      delivered to the party to be notified. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    In
      Witness Whereof,
      this
      Term Promissory Note has been executed as of the date and year first written
      above.

    

    WESTERN
      CAPITAL RESOURCES, INC.

    

    
      	
              /s/
                Christopher Larson

            	 	 
	
              By:
                Christopher Larson 

            	 	 
	
              Its:
                President and Chief Executive OfficerExhibit
      10.9

    

    SECURITY
      AGREEMENT

     

    October
      15, 2008

     

    PQH
      WIRELESS, INC., a Nebraska corporation (“Grantor”),
      for
      valuable consideration hereby grants to ________________ (“Secured
      Party”),
      a
      security interest in the following property at the locations identified in
      Schedule
      1
      and any
      and all additions, accessions and substitutions thereto or therefore and all
      proceeds therefrom (the “Collateral”):
      (a)
      all of Grantor’s goods, including but not limited to, equipment, furniture,
      fixtures and inventory; and (b) all accounts, chattel paper, instruments,
      investment properties, cash proceeds, commercial tort claims, deposit accounts,
      encumbrances, letter of credit rights, letters of credit, documents, leases,
      money, software and general intangibles. For clarity, the Collateral does not
      include any property held at locations other than those identified in
Schedule
      1.
      

    

    The
      security interest hereby granted is to secure payment of the indebtedness
      evidenced by a promissory note of even date herewith payable by Western Capital
      Resources, Inc., a Minnesota corporation, 2201 West Broadway, Suite 1, Council
      Bluffs, Iowa 51501 (“WCR”),
      to
      Secured Party, or order, in principal amount of $__________, and any and all
      extensions or renewals of said note.

    

    GRANTOR
      SHALL BE IN DEFAULT under this agreement upon the happening of any of the
      following events or conditions:

    

    (a)
      default in the payment or performance of any obligation, covenant or liability
      contained or referred to herein or in any note evidencing the same and the
      continuation of such default for ten (10) days following written notice to
      Grantor c/o WCR from Secured Party; and

    

    (b)
      any
      warranty, representation or statement made or furnished to Secured Party by
      or
      on behalf of Grantor proves to have been false in any material respect when
      made
      or furnished.

    

    UPON
      SUCH
      DEFAULT and at any time thereafter, Secured Party may declare all obligations
      secured hereby immediately due and payable and shall have the remedies of a
      secured party under the Nebraska Uniform Commercial Code. Secured Party will
      give Grantor c/o WCR reasonable notice of the time and place of any public
      sale
      thereof or of the time after which any private sale or any other intended
      disposition thereof is to be made. The requirements of reasonable notice shall
      be met if such notice is mailed, postage prepaid, to Grantor c/o WCR at the
      address of WCR shown at the second paragraph of this agreement at least ten
      days
      before the time of the sale or disposition. Secured Party may purchase the
      Collateral at such sale. The proceeds of the sale shall be applied first to
      pay
      the expenses of conducting such sale, including reasonable legal fees incurred
      in connection therewith, and then to pay any sums due from WCR to Secured Party
      under the promissory note. Any surplus then remaining shall be paid to Grantor.
      Upon payment in full of the promissory note, Secured Party shall terminate
      all
      security interests held by Secured Party in connection with such promissory
      note. So long as Grantor is not in default under this security agreement and
      WCR
      is not in default in the payment obligations of the promissory note, Grantor
      shall exercise and enjoy all the rights accruing from the ownership of the
      Collateral.

    

    No
      waiver
      by Secured Party of any default shall operate as a waiver of any other default
      or of the same default on a future occasion.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    All
      rights of Secured Party hereunder shall inure to the benefit of his heirs,
      legal
      representatives, successor and assigns; and all promises and duties of Grantor
      shall bind its legal representatives, successors and assigns. 

     

      
        	 	
                Grantor:

              
	 	 
	 	
                PQH WIRELESS, INC.,

              
	 	
                a Nebraska corporation

              
	 	 
	 	
                By:

              	
                 

              
	 	 	
                JOHN QUANDAHL

              
	 	 	
                President

              

      

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    SCHEDULE
      1

    

    
      	 	
              1.

            	
              3039
                Prospect Ave., Kansas City, Missouri
                64128

            

    

    

    
      	 	
              2.

            	
              7445
                Prospect Ave., Kansas City, Missouri
                64132

            

    

    

    
      	 	
              3.

            	
              7559
                State Ave., Kansas City, Missouri
                66112

            

    

    

    
      	 	
              4.

            	
              2910
                S. 24th
                Street, Omaha, Nebraska 68108

            

    

    

    
      	 	
              5.

            	
              7400
                Dodge Street, Omaha, Nebraska 68114

            

    

    

    
      	 	
              6.

            	
              210
                W. 23rd
                Street, Fremont, Nebraska 68025

            

    

    

    
      	 	
              7.

            	
              11705
                Perrin Beitel Rd., San Antonio, Texas
                78217

            

    

    

    
      	 	
              8.

            	
              5252
                Fredricksburg Rd., San Antonio, Texas
                78229

            

    

    

    
      	 	
              9.

            	
              7870
                Culebra Rd., Suite # 24, San Antonio, Texas
                78251

            

    

    
      
         

      

      
        3

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