Document:

EXHIBIT
      4.1

    

    THE
      SECURITY REPRESENTED HEREBY, AND THE SECURITIES ISSUABLE UPON CONVERSION OR
      REDEMPTION HEREOF, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
      OR
      ANY STATE SECURITIES LAWS AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN
      MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT
      PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS
      OR
      AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE
      OPINION OF COUNSEL FOR THE HOLDER, WHICH COUNSEL AND OPINION ARE REASONABLY
      SATISFACTORY TO COUNSEL FOR THIS COMPANY, IS AVAILABLE.

    

    DEBT
      RESOLVE, INC.

    

    15%
      SENIOR SECURED CONVERTIBLE PROMISSORY NOTE

    

    No.
      _____

    

    
      	
              US$______

            	
              ___________
                __, 2006

            

    

    

    THIS
      NOTE
      is one of a duly authorized issue of senior secured convertible promissory
      notes
      (each, a “Note”
and
      collectively, the “Notes”)
      of
      Debt Resolve, Inc., a Delaware corporation (the “Company”)
      and
      has been issued to the Holder (as defined below) in connection with the private
      placement of securities offered by the Company pursuant to, or contemplated
      by,
      that certain: (i) Securities Purchase Agreement, (ii) a confidential private
      placement term sheet booklet with exhibits, as the same may be amended or
      supplemented from time to time, (iii) a registration rights agreement, (iv)
      this
      Note, (v) a common stock purchase warrant (each, a “Warrant”
and
      collectively, the “Warrants”),
      (vi)
      a security agreement the “Security
      Agreement”),
      (vii)
      a stock pledge agreement (the “Stock
      Pledge Agreement”)
      and
      (viii) a lock-up agreement, each dated as of the date of this Note
      (collectively, the “Transaction
      Documents”).
      The
      Notes are designated as the 15%
      Senior Secured Convertible Promissory Notes,
      in an
      aggregate maximum principal face value for all Notes of this series (the
“Series”)
      and
      the separate 15% Senior Secured Promissory Note (with terms substantially
      similar to the terms of the Notes in this Series except that it is not
      convertible)(the “15%
      Senior Secured Promissory Note”)
      of up
      to Four Million United States Dollars (US$4,000,000), which includes a
      US$1,000,000 over-allotment option.

    

    FOR
      VALUE
      RECEIVED, the Company promises to pay to the order of
      __________________________________________, having an address at
      _____________________________________________________________________________,
      and such person or entities’ successors and assigns (the “Holder”),
      the
      principal sum of _________________________________________________ Dollars
      ($__________), or such other amount as shall then equal the outstanding
      principal amount hereof, in accordance with the terms hereof, and to pay
      interest on the principal sum outstanding, at the rate of fifteen percent (15%)
      per annum. Accrual of interest on the outstanding principal amount shall
      commence on the date hereof and shall continue until payment in full of the
      outstanding principal amount has been made or duly provided for, or until the
      entire outstanding principal amount of the Note has been converted into shares
      of Common Stock (as defined below). This Note is secured by a first lien on
      all
      the assets of the Company and its current and future subsidiaries. The Holder
      takes this Note subject to the terms and restrictions set forth in the
      Transaction Documents and shall be entitled to certain rights and privileges
      as
      set forth in the Transaction Documents.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      following is a statement of the rights of the Holder of this Note and the terms
      and conditions to which this Note is subject, and to which the Holder, by
      acceptance of this Note, agrees:

    

    1.  Principal
      Repayment. This Note and any accrued but unpaid interest hereunder will become
      due and payable in accordance with the terms hereof upon the earlier of: (i)
      the
      consummation of any initial public offering (an “IPO”)
      of the
      Company’s common stock, par value $.001 per share (the “Common
      Stock”)
      and
      (ii) October 31, 2006 (such earlier date, the “Maturity
      Date”),
      subject to the conversion of part of this Note as described below; provided,
      however,
      that
      this Note may be prepaid or repaid, (i) on or prior to August 30, 2006, at
      one
      hundred percent (100.0%) of the principal amount hereof plus accrued interest
      to
      the date of repayment and, (ii) after August 30, 2006, at one hundred seven
      and
      one-half percent (107.5%) of the principal amount hereof plus accrued interest
      to the date of repayment; and, provided,
      further,
      that
      the Company shall be required to offer to prepay the aggregate principal amount
      of this Note at the applicable prices set forth in the foregoing clause upon
      the
      occurrence of the sale of all or substantially all of the assets of the Company,
      a Change of Control (as defined below) of the Company or at the Maturity Date;
      and provided,
      further,
      that to
      the extent the maturity date of the Company’s pre-existing 7% Senior Convertible
      Promissory Notes is extended beyond October 31, 2006, the Maturity Date
      hereunder shall extend beyond October 31, 2006 to match any revised maturity
      date of the Company’s pre-existing 7% Senior Convertible Promissory Notes, but
      in no event shall be extended beyond April 30, 2007 pursuant to this
      clause.

    

    2.  Interest.
      The
      holders of the Notes are entitled to receive interest at an annual cumulative
      rate
      of
      fifteen percent (15%) of the principal face dollar value of this Note,
due
      and
      payable monthly at a rate of one and one-quarter percent (1.25%) in cash out
      of
      funds legally available therefore on the first business day of each calendar
      month beginning the later of May 1, 2006 or, in the event this Note is issued
      after May 1, 2006, the first business day of the calendar month following the
      date of issuance of this Note; provided,
      however,
      that by
      submitting a notice of deferred payment of interest in substantially the form
      attached at the end of this Note duly executed by or on behalf of the Holder,
      the Holder may elect that any unpaid interest hereon will be due and payable
      on
      the
      Maturity Date in cash
      out of
      funds legally available therefore. 

    

    3.  Conversion
      in Connection with an IPO.

    

    (a)  Conversion.
      If, on
      or prior to the Maturity Date, the Company consummates an IPO, then,
      simultaneously with the closing of such IPO, fifty percent (50%) of the
      outstanding principal amount of this Note will be converted into Common Stock
      at
      a price equal to seventy percent (70%) of the public offering price in the
      IPO
      (the “IPO
      Conversion Price”).
      The
      remaining balance of principal of and accrued interest under this Note shall
      be,
      simultaneously with the closing of the IPO, repaid by the Company in cash from
      the proceeds of the IPO. 

    
      
        
        

      

      
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    (b)  Mechanics
      of Conversion.
      Upon
      any conversion of this Note: (i) such principal amount converted shall be
      converted into shares of Common Stock and such converted portion of this Note
      shall become fully paid and satisfied, (ii) the Holder shall surrender and
      deliver this Note, duly endorsed, to the Company or such other address which
      the
      Company shall designate against delivery of the certificates representing the
      new securities of the Company, (iii) the Company shall promptly deliver a duly
      executed Note to the Holder in the principal amount, if any, that remains
      outstanding after any such conversion; and (iv) in exchange for all or any
      portion of the surrendered Note described in the preceding clauses 3(b)(i)
      or
      (ii) hereof, the Company shall deliver to the Holder certificates representing
      such number of shares of Common Stock to which the Holder is entitled to receive
      based on its conversion of the Note, which certificates shall bear such legends
      as are required under applicable state and federal securities laws.

    

    (c)  Issue
      Taxes.
      The
      Company shall pay any and all issue and other taxes that may be payable with
      respect to any issue or delivery of shares of Common Stock on conversion of
      this
      Note pursuant hereto; provided,
      however,
      that
      the Holder shall not be obligated to pay any transfer taxes resulting from
      any
      transfer requested by any holder in connection with any such
      conversion.

    

    (d)  Elimination
      of Fractional Interests.
      No
      fractional shares of Common Stock shall be issued upon conversion of this Note,
      nor shall the Company be required to pay cash in lieu of fractional interests,
      it being the intent of the parties that all fractional interests shall be
      eliminated and that all issuances of Common Stock shall be rounded up to the
      nearest whole share. 

    

    4.  Rights
      upon Liquidation, Dissolution or Winding Up. In
      the
      event of any liquidation, dissolution or winding up of the Company, either
      voluntary or involuntary, the holders of the Notes and the 15%
      Senior Secured Promissory Note together
      shall be
      entitled to receive, prior and in preference to any distribution of any of
      the
      assets of the Company to the holders of any debt or equity securities of the
      Company except for the Company’s previously issued 7% Senior Convertible
      Promissory Notes whose liquidation preference shall be senior to that of the
      Notes and 15%
      Senior Secured Promissory Note,
      an
      amount equal to the unpaid, and unconverted with respect to the Notes, principal
      face amount of their notes and any accrued and unpaid interest thereon. The
      Holder shall be paid in preference to any unsecured creditors of the Company
      and
      shall be paid pro rata in proportion to the principal amount of Notes held
      by
      holders of the Series and the 15%
      Senior Secured Promissory Note if
      the
      available assets are not sufficient to repay the Notes and 15%
      Senior Secured Promissory Note.
      The
      rights of the Holder described in this Section 4 as well as the rights of the
      Holder under the Security Agreement and the Stock Pledge Agreement, which are
      acknowledged hereby, are referred to collectively as the “Liquidation
      Preference.”

    

    5.  Adjustments.

    
      
        
        

      

      
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    (a)  Splits,
      Subdivisions, etc.
      In the
      event that the Company should at any time or from time to time, after the date
      of this Note, fix a record date for the effectuation of a split or subdivision
      of the outstanding shares of Common Stock, or the determination of holders
      of
      Common Stock entitled to receive a dividend or other distribution payable in
      additional shares of Common Stock or other securities or rights convertible
      into, or entitling the holder thereof to receive directly or indirectly
      additional shares of Common Stock (hereinafter referred to as “Common
      Stock Equivalents”)
      without payment of any consideration by such holder for the additional shares
      of
      Common Stock or the Common Stock Equivalents (including the additional shares
      of
      Common Stock issuable upon conversion or exercise thereof), then, as of such
      record date (or the date of such dividend, distribution, split or subdivision
      if
      no record date is fixed), the IPO Conversion Price shall be appropriately
      decreased so that the number of shares of Common Stock issuable on conversion
      of
      this Note shall be increased in proportion to such increase in the aggregate
      number of shares of the Common Stock outstanding.

    

    (b)  Combinations.
      If the
      number of shares of Common Stock outstanding at any time after the date of
      this
      Note is decreased by a combination of the outstanding shares of Common Stock,
      then, following the record date of such combination, the IPO Conversion Price
      (in the event such an event shall occur prior to an IPO) shall be appropriately
      increased so that the number of shares of Common Stock issuable upon conversion
      of this Note shall be decreased in proportion to such decrease in outstanding
      shares. 

    

    (c)  Mergers,
      Consolidations, etc.
      A
      merger, consolidation or other corporate reorganization in which the Company’s
      stockholders shall receive cash or securities of another entity, or any
      transaction in which all or substantially all of the assets of the Company
      are
      sold shall be treated as a liquidation of the Company for purposes of the
      payment of the Liquidation Preference. 

    

    (d)  Dilutive
      Issuances.
      In the
      event that the Company shall, at any time while all or any portion of this
      Note
      is outstanding, sell any shares of Common Stock for a consideration per share
      less than the IPO Conversion Price, or issue Common Stock Equivalents
      convertible into or exchangeable for Common Stock at an exercise or conversion
      price below the IPO Conversion Price (such actions, a “Dilutive Offering”),
      then
      the IPO Conversion Price shall immediately be changed upon each such issuance
      such that the IPO Conversion Price shall be adjusted by multiplying the then
      applicable IPO Conversion Price by the following fraction:

    

    A
      +
      B

    
      
        

      

    

    (A
      + B) +
      [((C - D) x B) / C]

     

    A
      = Total
      amount of shares convertible pursuant to this Note assuming the entire amount
      of
      the Note is converted.

     

    B
      =
      Actual shares sold in the Dilutive Offering

     

    C
      = IPO
      Conversion Price

     

    D
      =
      Offering price in the Dilutive Offering

    
      
        
        

      

      
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    (e)  Computation
      of Consideration.
      For
      purposes of any computation respecting consideration received pursuant to
      Section 5(d) above, the following shall apply:

     

    §  in
      the
      case of the issuance of shares of Common Stock for cash, the consideration
      shall
      be the amount of such cash, provided that in no case shall any deduction be
      made
      for any commissions, discounts or other expenses incurred by the Company for
      any
      underwriting of the issue or otherwise in connection therewith;

     

    § in
      the
      case of the issuance of shares of Common Stock for a consideration in whole
      or
      in part other than cash, the consideration other than cash shall be deemed
      to be
      the fair market value thereof as determined in good faith by the Board of
      Directors of the Company (irrespective of the accounting treatment thereof);
      and

     

    § upon
      any
      such exercise, the aggregate consideration received for such securities shall
      be
      deemed to be the consideration received by the Company for the issuance of
      such
      securities plus the additional minimum consideration, if any, to be received
      by
      the Company upon the conversion or exchange thereof (the consideration in each
      case to be determined in the same manner as provided in subsections (i) and
      (ii)
      of this Section 5(e)).

    

    (f)  Exceptions.
      No
      adjustment to the IPO Conversion Price shall be made pursuant to this Section
      5
      with respect to: (i) the issuance or sale of this Note or other Notes in the
      Series, the issuance or sale of the Warrants, or shares of Common Stock issuable
      upon exercise of the Notes, the Warrants or other options, warrants and
      convertible securities outstanding as of the date hereof, or (ii) the issuance
      or sale of any shares of Company capital stock, or the grant of options
      exercisable therefore, issued or issuable after the date of this Note, to
      directors, officers, employees, advisers and consultants of the Company or
      any
      subsidiary pursuant to any incentive or non-qualified stock option plan or
      agreement, stock purchase plan or agreement, employee stock ownership plan
      (ESOP), but solely as the same is in existence as of the date hereof, or (iii)
      shares of Company capital stock issued in connection with any subdivision,
      reclassification or combination of, the outstanding shares of Common Stock,
      or
      (iv) shares of Company capital stock issued at less than the IPO Conversion
      Price then in effect to the sellers in connection with the acquisition by the
      Company of a corporation or other business entity or assets; provided,
      however,
      that in
      no event shall any issuances of Company capital stock issued under clause (iv)
      of this subsection (f) cause dilution in excess of ten percent (10%) to the
      holders of the Securities.

    

    6.  Representations
      and Affirmative and Negative Covenants of the Company.
      The
      Company hereby represents and warrants to the Holder, and covenants and agrees,
      as the case may be, to all of the matters set forth in Sections 3 and 4 of
      the
      Securities Purchase Agreement, which representations, warranties, covenants
      and
      agreements are incorporated by reference herein as if set forth fully herein.
      In
      addition, the Company hereby covenants to the holder as follows:

    

    (a)  Event
      of Default.
      Within
      five (5) days of any officer of the Company obtaining knowledge of any Event
      of
      Default (as defined in Section 7 hereof), if such Event of Default is then
      continuing, the Company shall furnish to the Holder a certificate of the chief
      financial or accounting officer of the Company setting forth the details thereof
      and the action which the Company is taking or proposes to take with respect
      thereto.

    
      
        
        

      

      
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    (b)  Performance.
      The
      Company will not, by any voluntary action, avoid or seek to avoid the observance
      or performance of any of the terms to be observed or performed hereunder by
      the
      Company, but will at all times in good faith assist in the carrying out of
      the
      provisions of this Note and in the taking of all such action as may be necessary
      or appropriate in order to protect the rights of the Holder of this Note against
      impairment. 

    

    (c)  Subsidiary
      Guarantees.
      The
      Company’s future subsidiaries, if any, will guarantee the unconditional payment
      in full when due on a senior basis the Company’s obligations under the Note and
      the other Transaction Documents.

    

    7.  Events
      of Default.
      This
      Note shall become immediately due and payable at the option of the holders
      of
      greater than 50% of the combined face amount of the then-outstanding Notes
      issued in the Series and the 15% Senior Secured Promissory Note, upon any one
      or
      more of the following events or occurrences (“Events
      of Default”):
      

    

    (a)  if
      any
      portion of this Note is not paid when due; provided,
      that
      this shall only constitute an Event of Default if such default is not cured
      by
      the Company within five (5) days after the Holder has given the Company written
      notice of such default;

    

    (b)  upon
      a
“Change
      in Control”
of
      the
      Company, meaning: (i) an acquisition of any voting securities of the Company
      (the “Voting
      Securities”)
      by any
“person” (as the term “person” is used for purposes of Section 13(d) or Section
      14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”))
      immediately after which such person has “beneficial ownership” (within the
      meaning of Rule 13d-3 promulgated under the 1934 Act) (“Beneficial
      Ownership”)
      of 30%
      or more of the combined voting power of the Company’s then outstanding Voting
      Securities without the approval of the Company’s Board of Directors (the
“Board”);
      (ii)
      a merger or consolidation that results in more than 50% of the combined voting
      power of the Company’s then outstanding Voting Securities of the Company or its
      successor changing ownership(whether or not approved by the Board); (iii) the
      sale of all or substantially all of the Company’s assets in one or a series of
      related transactions; (iv) approval by the stockholders of the Company of a
      plan
      of complete liquidation of the Company; (v) the individuals constituting the
      Board as of the date of April
      15,
      2006
      (the “Incumbent
      Board”)
      cease
      for any reason to constitute at least 1/2 of the members of the Board;
provided,
      however,
      that if
      the election, or nomination for election by the Company’s stockholders, of any
      new director was approved by a vote of the Incumbent Board, such new director
      shall be considered a member of the Incumbent Board; or (vi) James D. Burchetta
      or Richard G. Rosa cease to be employed by the Company. The Company shall give
      the Holder no less than thirty (30) days written notice of a potential Change
      in
      Control.

    

    (c)  if
      any
      final judgment for the payment of money is rendered against the Company and
      the
      Company does not discharge the same or cause it to be discharged or vacated
      within ninety (90) days from the entry thereof, or does not appeal therefrom
      or
      from the order, decree or process upon which or pursuant to which said judgment
      was granted, based or entered, and does not secure a stay of execution pending
      such appeal within ninety (90) days after the entry thereof;

    
      
        
        

      

      
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    (d)  if
      the
      Company makes an assignment for the benefit of creditors or if the Company
      generally does not pay its debts as they become due;

    

    (e)  if
      a
      receiver, liquidator or trustee of the Company is appointed or if the Company
      is
      adjudicated a bankrupt or insolvent, or if any petition for bankruptcy,
      reorganization or arrangement pursuant to federal bankruptcy law, or any similar
      federal or state law, is filed by or against, consented to, or acquiesced in,
      by
      the Company or if any proceeding for the dissolution or liquidation of the
      Company is instituted; however, if such appointment, adjudication, petition
      or
      proceeding is involuntary and is not consented to by the Company, upon the
      same
      not being discharged, stayed or dismissed within sixty (60) days;

    

    (f)  if
      the
      Company defaults in any material respect under any other secured or unsecured
      indebtedness for borrowed money, other than any indebtedness owed to officers,
      directors or stockholders of the Company, mortgage or security agreement
      covering any part of its property;

    

    (g)  if
      the
      Company defaults in the observance or performance of any other material term,
      agreement, covenant or condition of this Note or the Transaction Documents,
      and
      the Company fails to remedy such default within fifteen (15) days after notice
      by the Holder to the Company of such default, or, if such default is of such
      a
      nature that it cannot with due diligence be cured within said fifteen (15)
      day
      period, if the Company fails, within said fifteen (15) days, to commence all
      steps necessary to cure such default, and fail to complete such cure within
      forty five (45) days after the end of such fifteen (15) day period;

    

    (h)  except
      for specific defaults set forth in this Section 7, if the Company defaults
      in
      the observance or performance of any material term, agreement or condition
      of
      the Note or the Transaction Documents, and such default continues after the
      end
      of any applicable cure period provided for therein; and

    

    (i)  if
      any of
      the following exist uncured for fifteen (15) days following written notice
      to
      the Company: (i) the failure, subject to applicable survival periods, of any
      representation or warranty made by the Company to the Holder pursuant to any
      of
      the Transaction Documents to be true and correct in all material respects or
      (ii) the Company fails to provide the Holder with the written certifications
      and
      evidence referred to in this Note.

    

    8.  Usury.
      In no
      event shall the amount of interest paid or agreed to be paid hereunder exceed
      the highest lawful rate permissible under applicable law. Any excess amount
      of
      deemed interest shall be null and void and shall not interfere with or affect
      the Company’s obligation to repay the principal of and interest on the
      Note.

    

    9.  Holder
      Not Deemed a Stockholder.
      The
      Holder, as such, of this Note shall be entitled (prior to conversion or
      redemption of this Note into Common Stock, and only then to the extent of such
      conversion) to vote or receive dividends or be deemed the holder of shares
      of
      Common Stock for any purpose, nor shall anything contained in this Note be
      construed to confer upon the Holder hereof, as such, any of the rights at law
      of
      a stockholder of the Company prior to the issuance to the holder of this Note
      of
      the shares of Common Stock which the Holder is then entitled to receive upon
      the
      due conversion of all or a portion of this Note. 

    
      
        
        

      

      
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    10.  Mutilated,
      Destroyed, Lost or Stolen Notes.
      In case
      this Note shall become mutilated or defaced, or be destroyed, lost or stolen,
      the Company shall execute and deliver a new note of like principal amount in
      exchange and substitution for the mutilated or defaced Note, or in lieu of
      and
      in substitution for the destroyed, lost or stolen Note. In the case of a
      mutilated or defaced Note, the Holder shall surrender such Note to the Company.
      In the case of any destroyed, lost or stolen Note, the Holder shall furnish
      to
      the Company: (a) evidence to its satisfaction of the destruction, loss or theft
      of such Note and (b) such security or indemnity as may be reasonably required
      by
      the Company to hold the Company harmless.

    

    11.  Waiver
      of Demand, Presentment, etc.
      The
      Company hereby expressly waives demand and presentment for payment, notice
      of
      nonpayment, protest, notice of protest, notice of dishonor, notice of
      acceleration or intent to accelerate, bringing of suit and diligence in taking
      any action to collect amounts called for hereunder and shall be directly and
      primarily liable for the payment of all sums owing and to be owing hereunder,
      regardless of and without any notice, diligence, act or omission as or with
      respect to the collection of any amount called for hereunder.

    

    12.  Payment.
      Except
      as otherwise provided for herein, all payments with respect to this Note shall
      be made in lawful currency of the United States of America by check or wire
      transfer of immediately available funds, at the option of the Holder, at the
      principal office of the Holder or such other place or places or designated
      accounts as may be reasonably specified by the Holder of this Note in a written
      notice to the Company at least one (1) business day prior to payment. Payment
      shall be credited first to the accrued interest then due and payable and the
      remainder applied to principal. 

    

    13.  Assignment;
      Transferability.
      The
      rights and obligations of the Company and the Holder of this Note shall be
      binding upon, and inure to the benefit of, the permitted successors, assigns,
      heirs, administrators and transferees of the parties hereto. This Note will
      be
      non-negotiable and non-transferable except to entities controlled by the Holder,
      as to whom this Note may be transferred without the Company’s consent, until, in
      the event the IPO is not completed prior to then, October 31, 2006.

    

    14.  Waiver
      and Amendment.
      Any
      provision of this Note, including, without limitation, the due date hereof,
      and
      the observance of any term hereof, may be amended, waived or modified (either
      generally or in a particular instance and either retroactively or prospectively)
      only with the written consent of the Company and the holders of greater than
      50%
      of the combined face amount of the then-outstanding Notes issued in the
      Series.

    

    15.  Notices.
      Any
      notice, request or other communication required or permitted hereunder shall
      be
      in writing and shall be deemed to have been duly given if personally delivered
      or mailed by registered or certified mail, postage prepaid, or delivered by
      facsimile transmission, to the Company at the address or facsimile number set
      forth herein or to the Holder at its address or facsimile number set forth
      in
      the records of the Company. Any party hereto may by notice so given change
      its
      address for future notice hereunder. Notice shall conclusively be deemed to
      have
      been given when personally delivered or when deposited in the mail in the manner
      set forth above and shall be deemed to have been received when delivered or,
      if
      notice is given by facsimile transmission, when delivered with confirmation
      of
      receipt.

    
      
        
        

      

      
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    16.  Governing
      Law; Jurisdiction; Waiver of Jury Trial.
      

    

    (a)  THIS
      NOTE
      SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY
      WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW.

    

    (b)  THE
      COMPANY HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE NEW YORK STATE
      OR
      UNITED STATES FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK WITH RESPECT TO
      ANY
      DISPUTE ARISING UNDER THIS NOTE. THE COMPANY IRREVOCABLY WAIVES THE DEFENSE
      OF
      AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING. THE COMPANY
      FURTHER AGREES THAT SERVICE OF PROCESS UPON IT MAILED BY FIRST CLASS MAIL SHALL
      BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE COMPANY IN
      ANY
      SUCH SUIT OR PROCEEDING. NOTHING HEREIN SHALL AFFECT THE HOLDER’S RIGHT TO SERVE
      PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. THE COMPANY AGREES THAT A FINAL
      NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE
      AND
      MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER
      LAWFUL MANNER. 

    

    (c)  THE
      COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
      REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
      HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE.

    

    17.  Severability.
      If one
      or more provisions of this Note are held to be unenforceable under applicable
      law, such provisions shall be excluded from this Note, and the balance of this
      Note shall be interpreted as if such provisions were so excluded and shall
      be
      enforceable in accordance with its terms.

    

    18.  Headings.
      Section
      headings in this Note are for convenience only, and shall not be used in the
      construction of this Note.

    

    [Remainder
      of page intentionally left blank; signature page
      follows.]

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Note to be issued as of the date first above
      written.

     

    
      	 	 	 
	 	DEBT
              RESOLVE, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              Name:
                

              Title:
                

            

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    NOTICE
      OF DEFERRED PAYMENT OF INTEREST

     

    (To
      be
      executed upon an election to defer payment of interest on the attached Note
      pursuant to Section 2.)

     

    The
      undersigned, the Holder of the attached 15% Senior Secured Convertible
      Promissory Note (No. ___), hereby irrevocably elects to have any and all unpaid
      interest on his, her or its Note due and payable on the Maturity Date in cash
      out of funds legally available therefore.

     

    
      	 	 	 
	 	 
              
HOLDER
	 	 	 
	Dated:
              _____________________	By:  	 
	 	
              
                

              

              Name:

              Title:

            

    
      
        
        

      

      
        11EXHIBIT
      4.2

    

    THE
      SECURITY REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
      OF
      1933 OR ANY STATE SECURITIES LAWS AND NEITHER SUCH SECURITY NOR ANY INTEREST
      THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF
      EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH
      LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH,
      IN
      THE OPINION OF COUNSEL FOR THE HOLDER, WHICH COUNSEL AND OPINION ARE REASONABLY
      SATISFACTORY TO COUNSEL FOR THIS COMPANY, IS AVAILABLE.

    

    DEBT
      RESOLVE, INC.

    

    15%
      SENIOR SECURED PROMISSORY NOTE

    

    No.
      _____

     

    
      
        	
                US$______

              	
                ___________
                  __, 2006

              

      

       

    

    THIS
      NOTE
      (the “Note”)
      of
      Debt Resolve, Inc., a Delaware corporation (the “Company”)
      has
      been issued to the Holder (as defined below) in connection with the private
      placement of securities offered by the Company pursuant to, or contemplated
      by,
      that certain: (i) Securities Purchase Agreement, (ii) a confidential private
      placement term sheet booklet with exhibits, as the same may be amended or
      supplemented from time to time, (iii) a registration rights agreement, (iv)
      this
      Note, (v) a common stock purchase warrant (each, a “Warrant”
and
      collectively, the “Warrants”),
      (vi)
      a security agreement the “Security
      Agreement”),
      (vii)
      a stock pledge agreement (the “Stock
      Pledge Agreement”)
      and
      (viii) a lock-up agreement, each dated as of the date of this Note
      (collectively, the “Transaction
      Documents”).
      This
      Note, designated the 15%
      Senior Secured Promissory Note,
      differs
      from the other series of notes, designated the 15% Senior Secured Convertible
      Promissory Notes, issued in connection with the private placement of securities
      offered by the Company pursuant to Transaction Documents primarily in that
      this
      Note is not convertible. 

    

    FOR
      VALUE
      RECEIVED, the Company promises to pay to the order of
      __________________________________________, having an address at
      _____________________________________________________________________________,
      and such person or entities’ successors and assigns (the “Holder”),
      the
      principal sum of _________________________________________________ Dollars
      ($__________), or such other amount as shall then equal the outstanding
      principal amount hereof, in accordance with the terms hereof, and to pay
      interest on the principal sum outstanding, at the rate of fifteen percent (15%)
      per annum. Accrual of interest on the outstanding principal amount shall
      commence on the date hereof and shall continue until payment in full of the
      outstanding principal amount has been made or duly provided for. This Note
      is
      secured by a first lien on all the assets of the Company and its current and
      future subsidiaries. The Holder takes this Note subject to the terms and
      restrictions set forth in the Transaction Documents and shall be entitled to
      certain rights and privileges as set forth in the Transaction Documents.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      following is a statement of the rights of the Holder of this Note and the terms
      and conditions to which this Note is subject, and to which the Holder, by
      acceptance of this Note, agrees:

    

    19. Principal
      Repayment.
      This
      Note and any accrued but unpaid interest hereunder will become due and payable
      in accordance with the terms hereof upon the earlier of: (i) the consummation
      of
      any initial public offering (an “IPO”)
      of the
      Company’s common stock, par value $.001 per share (the “Common
      Stock”)
      and
      (ii) October 31, 2006 (such earlier date, the “Maturity
      Date”);
      provided,
      however,
      that
      this Note may be prepaid or repaid, (i) on or prior to August 30, 2006, at
      one
      hundred percent (100.0%) of the principal amount hereof plus accrued interest
      to
      the date of repayment and, (ii) after August 30, 2006, at one hundred seven
      and
      one-half percent (107.5%) of the principal amount hereof plus accrued interest
      to the date of repayment; and, provided,
      further,
      that
      the Company shall be required to offer to prepay the aggregate principal amount
      of this Note at the applicable prices set forth in the foregoing clause upon
      the
      occurrence of the sale of all or substantially all of the assets of the Company,
      a Change of Control (as defined below) of the Company or at the Maturity Date;
      and provided,
      further,
      that to
      the extent the maturity date of the Company’s pre-existing 7% Senior Convertible
      Promissory Notes is extended beyond October 31, 2006, the Maturity Date
      hereunder shall extend beyond October 31, 2006 to match any revised maturity
      date of the Company’s pre-existing 7% Senior Convertible Promissory Notes, but
      in no event shall be extended beyond April 30, 2007 pursuant to this
      clause.

    

    20. Interest.
      The
      holders of the Notes are entitled to receive interest at an annual cumulative
      rate of fifteen percent (15%) of the principal face dollar value of this Note,
      due and payable on the Maturity Date in cash out of funds legally available
      therefore. 

    

    21. Rights
      upon Liquidation, Dissolution or Winding Up. In
      the
      event of any liquidation, dissolution or winding up of the Company, either
      voluntary or involuntary, the holder of this Note and the holders of the
15%
      Senior Secured Convertible Promissory Notes
      together
      shall be entitled to receive, prior and in preference to any distribution of
      any
      of the assets of the Company to the holders of any debt or equity securities
      of
      the Company except for the Company’s previously issued 7% Senior Convertible
      Promissory Notes whose liquidation preference shall be senior to that of this
      Note and the 15%
      Senior Secured Convertible Promissory Notes,
      an
      amount equal to the unpaid, and unconverted with respect to the 15%
      Senior Secured Convertible Promissory Notes,
      principal face amount of their notes and any accrued and unpaid interest
      thereon. The Holder shall be paid in preference to any unsecured creditors
      of
      the Company and shall be paid pro rata in proportion to the principal amount
      of
      this Note and the 15%
      Senior Secured Convertible Promissory Notes if
      the
      available assets are not sufficient to repay the notes. The rights of the Holder
      described in this Section 3 as well as the rights of the Holder under the
      Security Agreement and the Stock Pledge Agreement, which are acknowledged
      hereby, are referred to collectively as the “Liquidation
      Preference.”

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    22. Representations
      and Affirmative and Negative Covenants of the Company.
      The
      Company hereby represents and warrants to the Holder, and covenants and agrees,
      as the case may be, to all of the matters set forth in Sections 3 and 4 of
      the
      Securities Purchase Agreement, which representations, warranties, covenants
      and
      agreements are incorporated by reference herein as if set forth fully herein.
      In
      addition, the Company hereby covenants to the holder as follows:

    

    (d) Event
      of Default.
      Within
      five (5) days of any officer of the Company obtaining knowledge of any Event
      of
      Default (as defined in Section 5 hereof), if such Event of Default is then
      continuing, the Company shall furnish to the Holder a certificate of the chief
      financial or accounting officer of the Company setting forth the details thereof
      and the action which the Company is taking or proposes to take with respect
      thereto.

    

    (e) Performance.
      The
      Company will not, by any voluntary action, avoid or seek to avoid the observance
      or performance of any of the terms to be observed or performed hereunder by
      the
      Company, but will at all times in good faith assist in the carrying out of
      the
      provisions of this Note and in the taking of all such action as may be necessary
      or appropriate in order to protect the rights of the Holder of this Note against
      impairment. 

    

    (f) Subsidiary
      Guarantees.
      The
      Company’s future subsidiaries, if any, will guarantee the unconditional payment
      in full when due on a senior basis the Company’s obligations under the Note and
      the Transaction Documents.

    

    23. Events
      of Default.
      This
      Note shall become immediately due and payable at the option of the holders
      of
      greater than 50% of the combined face amount of the then-outstanding Note and
      15% Senior Secured Convertible Promissory Notes, upon any one or more of the
      following events or occurrences (“Events
      of Default”):
      

    

    (j) if
      any
      portion of this Note is not paid when due; provided,
      that
      this shall only constitute an Event of Default if such default is not cured
      by
      the Company within five (5) days after the Holder has given the Company written
      notice of such default;

    

    (k) upon
      a
“Change
      in Control”
of
      the
      Company, meaning: (i) an acquisition of any voting securities of the Company
      (the “Voting
      Securities”)
      by any
“person” (as the term “person” is used for purposes of Section 13(d) or Section
      14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”))
      immediately after which such person has “beneficial ownership” (within the
      meaning of Rule 13d-3 promulgated under the 1934 Act) (“Beneficial
      Ownership”)
      of 30%
      or more of the combined voting power of the Company’s then outstanding Voting
      Securities without the approval of the Company’s Board of Directors (the
“Board”);
      (ii)
      a merger or consolidation that results in more than 50% of the combined voting
      power of the Company’s then outstanding Voting Securities of the Company or its
      successor changing ownership(whether or not approved by the Board); (iii) the
      sale of all or substantially all of the Company’s assets in one or a series of
      related transactions; (iv) approval by the stockholders of the Company of a
      plan
      of complete liquidation of the Company; (v) the individuals constituting the
      Board as of the date of April
      15,
      2006
      (the “Incumbent
      Board”)
      cease
      for any reason to constitute at least 1/2 of the members of the Board;
provided,
      however,
      that if
      the election, or nomination for election by the Company’s stockholders, of any
      new director was approved by a vote of the Incumbent Board, such new director
      shall be considered a member of the Incumbent Board; or (vi) James D. Burchetta
      or Richard G. Rosa cease to be employed by the Company. The Company shall give
      the Holder no less than thirty (30) days written notice of a potential Change
      in
      Control.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    (l) if
      any
      final judgment for the payment of money is rendered against the Company and
      the
      Company does not discharge the same or cause it to be discharged or vacated
      within ninety (90) days from the entry thereof, or does not appeal therefrom
      or
      from the order, decree or process upon which or pursuant to which said judgment
      was granted, based or entered, and does not secure a stay of execution pending
      such appeal within ninety (90) days after the entry thereof;

    

    (m) if
      the
      Company makes an assignment for the benefit of creditors or if the Company
      generally does not pay its debts as they become due;

    

    (n) if
      a
      receiver, liquidator or trustee of the Company is appointed or if the Company
      is
      adjudicated a bankrupt or insolvent, or if any petition for bankruptcy,
      reorganization or arrangement pursuant to federal bankruptcy law, or any similar
      federal or state law, is filed by or against, consented to, or acquiesced in,
      by
      the Company or if any proceeding for the dissolution or liquidation of the
      Company is instituted; however, if such appointment, adjudication, petition
      or
      proceeding is involuntary and is not consented to by the Company, upon the
      same
      not being discharged, stayed or dismissed within sixty (60) days;

    

    (o) if
      the
      Company defaults in any material respect under any other secured or unsecured
      indebtedness for borrowed money, other than any indebtedness owed to officers,
      directors or stockholders of the Company, mortgage or security agreement
      covering any part of its property;

    

    (p) if
      the
      Company defaults in the observance or performance of any other material term,
      agreement, covenant or condition of this Note or the Transaction Documents,
      and
      the Company fails to remedy such default within fifteen (15) days after notice
      by the Holder to the Company of such default, or, if such default is of such
      a
      nature that it cannot with due diligence be cured within said fifteen (15)
      day
      period, if the Company fails, within said fifteen (15) days, to commence all
      steps necessary to cure such default, and fail to complete such cure within
      forty five (45) days after the end of such fifteen (15) day period;

    

    (q) except
      for specific defaults set forth in this Section 5, if the Company defaults
      in
      the observance or performance of any material term, agreement or condition
      of
      the Note or the Transaction Documents, and such default continues after the
      end
      of any applicable cure period provided for therein; and

    

    (r) if
      any of
      the following exist uncured for fifteen (15) days following written notice
      to
      the Company: (i) the failure, subject to applicable survival periods, of any
      representation or warranty made by the Company to the Holder pursuant to any
      of
      the Transaction Documents to be true and correct in all material respects or
      (ii) the Company fails to provide the Holder with the written certifications
      and
      evidence referred to in this Note.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    24. Usury.
      In no
      event shall the amount of interest paid or agreed to be paid hereunder exceed
      the highest lawful rate permissible under applicable law. Any excess amount
      of
      deemed interest shall be null and void and shall not interfere with or affect
      the Company’s obligation to repay the principal of and interest on the
      Note.

    

    25. Holder
      Not Deemed a Stockholder.
      The
      Holder, as such, of this Note shall be entitled to vote or receive dividends
      or
      be deemed the holder of shares of Common Stock for any purpose, nor shall
      anything contained in this Note be construed to confer upon the Holder hereof,
      as such, any of the rights at law of a stockholder of the Company. 

    

    26. Mutilated,
      Destroyed, Lost or Stolen Notes.
      In case
      this Note shall become mutilated or defaced, or be destroyed, lost or stolen,
      the Company shall execute and deliver a new note of like principal amount in
      exchange and substitution for the mutilated or defaced Note, or in lieu of
      and
      in substitution for the destroyed, lost or stolen Note. In the case of a
      mutilated or defaced Note, the Holder shall surrender such Note to the Company.
      In the case of any destroyed, lost or stolen Note, the Holder shall furnish
      to
      the Company: (a) evidence to its satisfaction of the destruction, loss or theft
      of such Note and (b) such security or indemnity as may be reasonably required
      by
      the Company to hold the Company harmless.

    

    27. Waiver
      of Demand, Presentment, etc.
      The
      Company hereby expressly waives demand and presentment for payment, notice
      of
      nonpayment, protest, notice of protest, notice of dishonor, notice of
      acceleration or intent to accelerate, bringing of suit and diligence in taking
      any action to collect amounts called for hereunder and shall be directly and
      primarily liable for the payment of all sums owing and to be owing hereunder,
      regardless of and without any notice, diligence, act or omission as or with
      respect to the collection of any amount called for hereunder.

    

    28. Payment.
      Except
      as otherwise provided for herein, all payments with respect to this Note shall
      be made in lawful currency of the United States of America by check or wire
      transfer of immediately available funds, at the option of the Holder, at the
      principal office of the Holder or such other place or places or designated
      accounts as may be reasonably specified by the Holder of this Note in a written
      notice to the Company at least one (1) business day prior to payment. Payment
      shall be credited first to the accrued interest then due and payable and the
      remainder applied to principal. 

    

    29. Assignment;
      Transferability.
      The
      rights and obligations of the Company and the Holder of this Note shall be
      binding upon, and inure to the benefit of, the permitted successors, assigns,
      heirs, administrators and transferees of the parties hereto. This Note will
      be
      non-negotiable and non-transferable except to entities controlled by the Holder,
      as to whom this Note may be transferred without the Company’s consent, until, in
      the event the IPO is not completed prior to then, October 31, 2006.

    

    30. Waiver
      and Amendment.
      Any
      provision of this Note, including, without limitation, the due date hereof,
      and
      the observance of any term hereof, may be amended, waived or modified (either
      generally or in a particular instance and either retroactively or prospectively)
      only with the written consent of the Company and the Holder.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    31. Notices.
      Any
      notice, request or other communication required or permitted hereunder shall
      be
      in writing and shall be deemed to have been duly given if personally delivered
      or mailed by registered or certified mail, postage prepaid, or delivered by
      facsimile transmission, to the Company at the address or facsimile number set
      forth herein or to the Holder at its address or facsimile number set forth
      in
      the records of the Company. Any party hereto may by notice so given change
      its
      address for future notice hereunder. Notice shall conclusively be deemed to
      have
      been given when personally delivered or when deposited in the mail in the manner
      set forth above and shall be deemed to have been received when delivered or,
      if
      notice is given by facsimile transmission, when delivered with confirmation
      of
      receipt.

    

    32. Governing
      Law; Jurisdiction; Waiver of Jury Trial.
      

    

    (d) THIS
      NOTE
      SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY
      WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW.

    

    (e) THE
      COMPANY HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE NEW YORK STATE
      OR
      UNITED STATES FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK WITH RESPECT TO
      ANY
      DISPUTE ARISING UNDER THIS NOTE. THE COMPANY IRREVOCABLY WAIVES THE DEFENSE
      OF
      AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING. THE COMPANY
      FURTHER AGREES THAT SERVICE OF PROCESS UPON IT MAILED BY FIRST CLASS MAIL SHALL
      BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE COMPANY IN
      ANY
      SUCH SUIT OR PROCEEDING. NOTHING HEREIN SHALL AFFECT THE HOLDER’S RIGHT TO SERVE
      PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. THE COMPANY AGREES THAT A FINAL
      NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE
      AND
      MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER
      LAWFUL MANNER. 

    

    (f) THE
      COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
      REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
      HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE.

    

    33. Severability.
      If one
      or more provisions of this Note are held to be unenforceable under applicable
      law, such provisions shall be excluded from this Note, and the balance of this
      Note shall be interpreted as if such provisions were so excluded and shall
      be
      enforceable in accordance with its terms.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    34. Headings.
      Section
      headings in this Note are for convenience only, and shall not be used in the
      construction of this Note.

    

    [Remainder
      of page intentionally left blank; signature page
      follows.]

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Note to be issued as of the date first above
      written.

     

    
      	 	 	 
	 	DEBT
              RESOLVE, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              Name:

              Title:
                

            

    

    
      
        
        

      

      
        8

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