Document:

exhibit4_1.htm

    STOCK PURCHASE
AGREEMENT

    

    This Stock Purchase Agreement
(“Agreement”) made this date by and between CHINA VOICE HOLDING CORP., a Nevada
corporation (“CHVC”) and FLINT TELECOM GROUP, INC., a Nevada corporation
(“Purchaser”).

    

    Whereas CHVC has agreed to sell and
Purchaser desires to purchase all of the issued and outstanding capital stock of
certain wholly owned subsidiaries of CHVC, (the “Subsidiaries”, whether one or
more) on the terms and conditions set forth in an Agreement and Plan of Merger
dated January 29, 2009 (“Merger Agreement”), and

    

    Whereas CHVC desires to sell and
Purchaser desires to purchase 15,000,000 shares of common stock of CHVC
contemporaneously with the Merger Agreement,

    

    Now, therefore, in consideration of the
mutual promises of the parties; in reliance on the representations, warranties,
covenants, and conditions contained in this Agreement; and for other good and
valuable consideration, the parties agree as follows:

    

    ARTICLE
1:                                SALE

    

    1.01           Sale of
Stock.  CHVC agrees to sell, convey, transfer, assign, and
deliver to Purchaser 15,000,000 shares of CHVC common stock and Purchaser agrees
to purchase such stock (collectively, the “Stock”).

    

    1.02           Consideration; Terms of
Sale.  (a) In consideration of the sale and transfer of the
Stock and the representations, warranties, and covenants of CHVC set forth in
this Agreement, Purchaser shall deliver to CHVC the following consideration on
the Closing Date;

    

    (b)
Purchaser shall pay $750,000 on or before February 27, 2009 and $750,000 on or
before April 30, 2009.

    

    (c)
Purchaser shall deliver its promissory note to CHVC in the amount of $7,000,000
(“Note”) upon signing of the Merger Agreement. The Note shall not bear any
interest pre-default and shall be secured by 15,000,000 shares of CHVC common
stock and the guarantee of Purchaser. The Note shall be payable in three equal
installments on December 31, 2009, July 31, 2010, December 31,
2010,

    

    (d) As
each payment is made on the Note, security will be reduced proportionally to the
amount of Note repaid. By way of example, when the first scheduled repayment is
made then security against the Note will be 10,000,000 shares of CHVC and so on
until all repayments are made. Buyer will be free to use the 5,000,000 shares
released on each payment date at its sole discretion.

    

    (e) The
Note will bear interest at Eighteen percent (18%) per year for any period of
time when a payment is past due.

    

    (f)  Purchaser  agrees  that  no
securities  shall be sold in the public market
for  twenty-four  months after the Closing Date, without the
consent of CHVC.  There will be placed on the certificates for such
shares, or shares issued in substitution thereof, a legend stating in
substance:

    

    “The
securities represented by this certificate are subject to restrictions on
transfer set forth in the Stock Purchase Agreement dated January 29, 2009, a
copy of which may be obtained from the Secretary of the Company.  The
securities may not be sold or otherwise disposed of prior to January 29,
2011.  This restriction is independent of and in addition to the other
restrictions on transfer noted hereon.”

    

    
      
        
          

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    1.03           Closing.  The
date of execution of the Merger Agreement shall be deemed the “Closing Date” of
this transaction.

    

    ARTICLE
2:                                SELLER'S
REPRESENTATIONS AND WARRANTIES

    

    CHVC hereby represents and warrants to
Purchaser that the following facts and circumstances are true and correct as of
the date of this Agreement:

    

    2.01           Organization.  CHVC
is duly organized, validly existing, and in good standing under the laws of its
state of incorporation.  CHVC is qualified to do business in all
jurisdictions in which it does business and has all requisite power and
authority (corporate and, when applicable, government) to own, operate, and
carry on its businesses as now being conducted.

    

    2.02           Authority.  CHVC
has full power and authority to execute, deliver, and consummate this Agreement,
subject to the conditions to Closing set forth in this Agreement.

    

    2.03           Representations.  No
representation, warranty, or covenant made to Purchaser in this Agreement
contains or will contain any untrue statement of a material fact, or omits or
will omit a material fact necessary to make the statements contained in this
Agreement not misleading.

    

    2.04           Broker.  Neither
CHVC, nor any of its officers, directors, employees, or stockholders, has
retained, consented to, or authorized any broker, investment banker, or third
party to act on its behalf, directly or indirectly, as a broker or finder in
connection with the transactions contemplated by this Agreement.

    

    2.05           Compliance with Securities
Laws.  (a) Purchaser acknowledges that CHVC is relying upon the
accuracy and completeness of the statements and representations contained in
this section in complying with its obligations under the federal and state
securities laws.  Purchaser acknowledges and represents
that:

    

    (i)
Purchaser is in a financial position to hold the Shares,( the “Securities”) for
an indefinite period of time, is able to bear the economic risk of an investment
in the Securities and may withstand a complete loss of Purchaser’s investment in
the Securities;

    

    (ii) The
Purchaser believes that it, either alone or together with the assistance of its
own professional advisor or advisors, has the knowledge and experience in
business and financial matters that make it capable of reading and interpreting
financial statements of and concerning CHVC and of evaluating the merits and
risks of an investment in the Securities;

    

    (iii)
Purchaser has obtained, to the extent it deems necessary, its own personal
professional advice with respect to the risks inherent in an investment in the
Securities and to the suitability of an investment in the Securities in light of
its financial condition and investment needs;

    

    (iv)
Purchaser understands that an investment in the Securities is highly speculative
but that it believes that an investment in the Securities is suitable based upon
Purchaser’s investment objectives and financial needs, and that it has adequate
means for providing for its current financial needs and contingencies and has no
need for liquidity of investment with respect to the Securities;

    

    (v)
Purchaser acknowledges access to full and complete information regarding CHVC
and has utilized that access to Purchaser’s satisfaction for the purpose of
obtaining information concerning the named entities, an investment in the
Securities and the terms and conditions of this offering of the Securities, and
has either attended or been given reasonable opportunity to attend a meeting
with representatives of CHVC for the purpose of asking questions of, and
receiving answers from, these representatives concerning CHVC, an investment in
the Securities

    
      
        
          

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    and the
terms and conditions of this offering of the Securities, and for the purpose of
obtaining any additional information to the extent reasonable available that is
necessary to verify the information provided;

    

    (vi)
Purchaser recognizes that the Securities as an investment involve a high degree
of risk;

    

    (vii)
Purchaser realizes that (A) the purchase of the Securities is a long-term
investment; (B) the Purchaser must bear the economic risk of investment for an
indefinite period of time because the Securities have not been registered under
the Securities Act of 1933, as amended, or the securities laws of any state,
and, therefore, cannot be sold unless they are subsequently registered under
these laws or exemptions from registrations are available; (C) there presently
is no public market for the Securities and Purchaser may not be able to
liquidate Purchaser's investment in the Securities in the event of an emergency
or to pledge the Securities as collateral for loans; and (D) the transferability
of the Securities is restricted, and (1) requires conformity with the
restrictions contained hereinbelow, and (2) will be further restricted by
legends placed on the certificates representing the Securities referring to the
applicable restrictions on transferability;

    

    (b) Purchaser has been advised that the
Securities have not been registered under the Securities Act of 1933, as
amended, or applicable state securities laws, that the Securities are being
offered and sold pursuant to exemptions from the registration requirements of
these laws, and that the reliance of CHVC on these exemptions is predicated in
part on Purchaser’s representations contained in this
section.  Purchaser represents and warrants that the Securities are
being purchased for its own account and for investment and without the intention
of reselling or redistributing the Securities, that Purchaser has not made any
agreement with any other person or entity regarding any of the Securities, and
that Purchaser’s financial condition is such that it is not likely that it will
be necessary for Purchaser to dispose of the Securities in the foreseeable
future.  Purchaser is aware that, in the view of the Securities and
Exchange Commission, a purchase of the Securities with an intent to resell the
Securities by reason of any foreseeable specific contingency or anticipated
change in market values, or any change in the condition of Purchaser or its
business, or in connection with a contemplated liquidation or settlement of any
loan obtained for the acquisition of the Securities and for which the Securities
was pledged as security, would represent an intent that is inconsistent with the
representations set forth above.  Purchaser further represents and
agrees that, if, contrary to Purchaser’s foregoing intentions, Purchaser later
should desire to dispose of or transfer any of the Securities in any manner,
Purchaser will not do so without first obtaining (A) an opinion of independent
counsel to the effect that the proposed disposition or transfer lawfully can be
made without registration of the Securities pursuant to the Securities Act of
1933 an then in effect and applicable state securities law, or (B) such
registration.

    

    (c) Purchaser represents and warrants
that the Securities are being received by Purchaser in Purchaser’s own name
solely for Purchaser’s own beneficial interest, and not as nominee for, or on
behalf of, or for the beneficial interest of, or with the intention to transfer
to, any other person, trust or organization, except as specifically set forth
hereinbelow.

    

    (d) Purchaser is informed of the
significance to CHVC of the foregoing representations, agreements and consents,
and they are made with the intention that CHVC may rely upon them and agrees to
indemnify CHVC, and its officers, directors and agents (the “Indemnified
Parties”) for any loss, claim or liability which any Indemnified Party might
incur as a result of reliance upon any fact misrepresented by Purchaser in this
section.

    

    (e) Purchaser additionally represents
that the representations contained in this section have been duly authorized by
all necessary action on the part of Purchaser, has been duly executed by an
authorized officer or representative of Purchaser, and is a legal, valid and
binding obligation of Purchaser enforceable according to its terms.

    

    ARTICLE
3:                                PURCHASER'S
REPRESENTATIONS AND WARRANTIES

    
      
        
          

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    Purchaser represents and warrants to
CHVC that:

    

    3.01           Authority.  Purchaser
has full power and authority to execute, deliver, and consummate this Agreement
subject to the conditions to Closing set forth in this Agreement.  All
corporate acts, reports, and returns required to be filed by Purchaser with any
government or regulatory agency with respect to this transaction have been or
will be properly filed prior to the date of this Agreement.  No
provisions exist in any contract, document, or other instrument to which
Purchaser is a party or by which Purchaser is bound that would be violated by
consummation of the transactions contemplated by this Agreement.

    

    3.02           Organization and Standing of
Purchaser.  Purchaser is a corporation duly organized, validly
existing, and in good standing under the laws of the state of Nevada, with
corporate power to own property and carry on its business as it is now being
conducted.

    

    ARTICLE
4:                                CONDITIONS
TO PURCHASER'S OBLIGATION TO CLOSE

    

    The obligation of Purchaser to Close
under this Agreement is subject to each of the following conditions (any one of
which may, at the option of Purchaser, be waived in writing by Purchaser)
existing on the date of this Agreement, or such earlier date as the context may
require.

    

    4.01           Representations and
Warranties.  Each of the representations and warranties of CHVC
in this Agreement and all other information delivered under this Agreement shall
be true in all material respects as of the date of this Agreement.

    

    4.02           Compliance With
Conditions.  CHVC shall have complied with and performed all
agreements, covenants, and conditions in this Agreement required to be performed
and complied with.  All requisite action (corporate and other) in
order to consummate this Agreement shall have been properly taken by
CHVC.

    

    4.03           Suit or
Proceeding.  No suit or proceeding, legal or administrative,
relating to any of the transactions contemplated by this Agreement shall have
been overtly threatened or commenced that, in the sole discretion of Purchaser
and its counsel, would make it inadvisable for Purchaser to Close this
transaction.

    

    4.04           Government Approvals and
Filings.  All necessary government approvals and filings
regarding this transaction, if any, shall have been received or made prior to
the date of this Agreement in substantially the form applied for to the
reasonable satisfaction of Purchaser and its counsel.  Any applicable
waiting period for the approvals and filings shall have expired.

    

    4.05           Corporate and Stockholder
Action.  All corporate action necessary to consummate the
transactions contemplated in this Agreement shall have been properly taken by
CHVC.

    

    4.06           Merger Agreement.
CHVC and its affiliates have executed the Merger Agreement.

    

    ARTICLE
5:                                CONDITIONS
TO SELLER'S OBLIGATION TO CLOSE

    

    The obligation of CHVC to Close under
this Agreement is subject to each of the following conditions (any one of which
at the option of CHVC may be waived in writing by CHVC) existing on the date of
this Agreement.

    

    5.01           Corporate
Action.  Purchaser shall have taken appropriate corporate
action regarding this transaction, which shall be evidenced by resolutions of
its board of directors and certified by Purchaser's corporate secretary,
authorizing Purchaser to enter into and complete this transaction.

    

    5.02           Merger Agreement.
Purchaser and its affiliates have executed the Merger Agreement.

    

    ARTICLE
6:                                PARTIES'
OBLIGATIONS AT THE CLOSING

    
      
        
          

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    6.01           CHVC’s Obligations at the
Closing.  At the Closing, CHVC shall deliver or cause to be
delivered to Purchaser certificates evidencing ownership of the Stock, subject
to the lien contained in the Note.

    

    6.02           Purchaser's Obligation at
Closing.  At the Closing, Purchaser shall pay the purchase
price, against delivery of the items specified in Paragraph 6.01,
above.

    

    ARTICLE
7:                                GENERAL
PROVISIONS

    

    7.01           Survival of Representations,
Warranties, and Covenants.  The representations, warranties,
covenants, and agreements of the parties contained in this Agreement or
contained in any writing delivered pursuant to this Agreement shall survive the
date of this Agreement.

    

    7.02           Notices.  All
notices or other communications hereunder must be given in writing and either
(i) delivered in person, (ii) transmitted by facsimile telecommunication,
provided that any notice so given is also mailed as provided for herein, (iii)
delivered by Federal Express or similar commercial delivery service, or (iv)
mailed by certified mail, postage prepaid, return receipt requested, as
follows:

    

    
      	
              If
      to CHVC:

            	
              327
      Plaza Real, Suite 319, Boca Raton, Florida 33432; Fax: (561)
      394-2906;

            

    

    

    
      	
              If
      to Purchaser:

            	
              3390
      Peachtree Rd. NE, Suite 1000, Atlanta, GA 30326; Fax: (404)
      969-3601;

            

    

    

    or to
such other address or facsimile number as CHVC or the Purchaser shall have
designated to the other by like notice.  Each such notice or other
communication shall be effective (i) if given by facsimile telecommunication,
when transmitted, (ii) if given by mail, five (5) business days after such
communication is deposited in the mail and addressed as aforesaid, (iii) if
given by Federal Express or similar commercial delivery service, one (1)
business day after such communication is deposited with such service and
addressed as aforesaid, and (iv) if given by any other means, when actually
delivered at such address.

    

    7.03           Assignment of
Agreement.  This Agreement shall be binding on and inure to the
benefit of the parties to this Agreement and their respective successors and
permitted assigns.  This Agreement may not be assigned by any other
party without the written consent of all parties and any attempt to make an
assignment without consent is void.

    

    7.04           Governing
Law.  This Agreement shall be construed and governed by the
laws of the state of Florida (without reference to the choice of law provisions
of Florida law), except with respect to matters of law concerning the internal
corporate affairs of any corporate entity which is a party to or the subject of
this Agreement, and as to those matters the law of the jurisdiction under which
the respective entity derives its powers shall govern.

    

    7.05           Default.  The
following are considered to be events of default, but only after the defaulting
Party fails to remedy such breach within thirty (30) days: A Party: (1) fails to
perform any material obligation or covenant in any written agreement between
CHVC and Purchaser, (2) makes any material false statement or representation in
any agreement or document presented to CHVC and Purchaser, or (3) a receiver is
appointed for a Party, or (4) bankruptcy or insolvency proceedings are commenced
against a Party. Notwithstanding the above, the defaulting Party has ten (10)
business days to remedy any monetary breach of this Agreement.

    

    7.06           Amendments;
Waiver.  This Agreement may be amended only in writing by the
mutual consent of all of the parties, evidenced by all necessary and proper
corporate authority.  No waiver of any provision of this Agreement
shall arise from any action or inaction of any party, except an instrument in
writing expressly waiving the provision executed by the party entitled to the
benefit of the provision.

    

    7.07           Entire
Agreement.  This Agreement, together with any documents and
exhibits given or delivered pursuant to this Agreement, constitutes the entire
agreement between the parties to this Agreement on

    
      
        
          

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    the
subject matter of this Agreement.  No party shall be bound by any
communications between them on the subject matter of this Agreement unless the
communication is (a) in writing, (b) bears a date contemporaneous with or
subsequent to the date of this Agreement, and (c) is agreed to by all parties to
this Agreement.  On execution of this Agreement, all prior agreements
or understandings between the parties on the subject matter of this Agreement
shall be null and void.

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Signed as
of January 29, 2009.

    

    CHVC:  China Voice
Holding Corp.

    

    

    
      	
               
      

            	
              By:
      /s/ Bill
      Burbank___________

            

    

    
      	
                   Bill
      Burbank, Chief Executive Officer

            	 

    

    

    

    

    

    Purchaser:  Flint
Telecom Group, Inc.

    

    

    By: /s/ Vincent
Browne_______

    Vincent Browne, Chief Executive
Officer

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Stock
Purchase Agreement CHVC Flint 12 27 08

    
      
        
          

          Pageexhibit4_2.htm

    

    FLINT
TELECOM GROUP, INC.

    PROMISSORY
NOTE

    

    $7,000,000                                                                                                                                                 January 29,
2009

    

    FOR VALUE RECEIVED, Flint
Telecom Group, Inc., a Nevada corporation (the "Maker"), promises to pay to the
order of China
Voice Holding Corp, A Nevada Corporation (the "Payee"), in lawful
money of the United States of America, the principal sum of SEVEN MILLION AND NO/100
DOLLARS ($7,000,000.00) (the "Principal Amount") on the terms set forth below
(the “Note”). The Note shall not bear any interest pre-default; The Note will
bear interest at Eighteen percent (18%) per year for any period of time when a
payment is past due.

    

         The
Note is made in connection with that certain Stock Purchase Agreement dated
January 29, 2009 between Maker and Payee (the "Investment
Agreement").

    

    1. Definitions.

    

    Capitalized
terms not defined herein shall have the same meaning as set forth in the
Investment Agreement.  The following terms shall have the meanings herein
specified:

    

         "Event
of Default" means an event specified in Section 4 hereof.

    

         "Holder"
means the Payee, and each endorsee, pledgee, assignee, owner and holder of this
Note, as such; and any consent, waiver or agreement in writing by the then
Holder with respect to any matter or thing in connection with this Note, whether
altering any provision hereof or otherwise, shall bind all subsequent Holders.
 Notwithstanding the foregoing, the Maker may treat the registered holder
of this Note as the Holder for all purposes.

    

         "Principal
Amount" shall have the meaning set forth in the initial paragraph.

    

         "Person"
means an individual, trust, partnership, firm, association, corporation or other
organization or a government or governmental authority.

    

               2.  Payment of the Note - Principal and
Interest.

    

    (a)           Payment
Schedule.  Maker shall pay the Note as follows: a payment of
$2,333,333.33 on or before December 31, 2009; a payment of $2,333,333.33 on or
before July 31, 2010, and a payment of $2,333,333.34, plus any remaining balance
due on the Note on or before December 31,
2010.     

    

    (b)       Payment
on an Event of Default. 

    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 any payment of principal and interest is not
received by Payee on or before the due date of the payment, 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 a ten day notice
and cure period, 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 are
hereby expressly waived by Maker and each other liable party. Any past due
principal shall bear interest at the maximum rate allowed by law. Failure to
exercise this option upon any such default shall not constitute 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 shall be directly and pri­marily liable for the
payment of all sums called for hereunder, and Maker hereby expressly waives
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 hereby consents
to and agrees 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.

     

     (c)           Prepayment.   The
Maker may make optional
prepayments of principal on this Note without penalty or premium at any time or
from time to time, provided that any such prepayment shall be accompanied by the
payment of accrued and unpaid interest on the amount being prepaid through the
date of the prepayment.  All prepayments on this Note, whether
voluntary or mandatory, shall be credited first against accrued and unpaid
interest and the balance shall be credited against unpaid
principal.

    

    3. Security.  As
security for the performance of Maker’s obligations hereunder, Maker hereby
grants to Payee a security interest in and to 15,000,000 shares of common stock
of China Voice Holding Corp., issued pursuant to that certain Stock Purchase
Agreement by and among Maker and Payee (the “Collateral”).

    

    As each
payment is made on the Note, security will be reduced proportionally to the
amount of Note repaid. By way of example, when the first scheduled repayment is
made then security against the Note will be 10,000,000 shares of CHVC and so on
until all repayments are made. Maker will be free to use the 5,000,000 shares
released on each payment date at its sole discretion.

     

    4.
Events of Default.

    

    The
existence of any of the following conditions shall constitute an Event of
Default:

    

    (a)           Commencement
of proceedings under any bankruptcy or insolvency law or other law for the
reorganization, arrangement, composition or similar relief or aid of debtors or
creditors if such proceeding remains undismissed and unstayed for a period of 60
days following notice to the Maker by the Holder.

    

    (b)           If
the Maker shall dissolve, liquidate or wind up its affairs or sell substantially
all of its assets.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (c)           If
the Maker breaches any of its representations, warranties, covenants or
agreements set forth in the Stock Purchase Agreement and such breach shall not
be cured within 30 days after written notice thereof shall have been given to
the Maker by the Holder.

    

    (d)            Attachment
or similar process of execution is levied against a material portion of the
Maker's assets and such process is not terminated and any orders issued
pursuant thereto canceled within 90 calendar days.

    

    (f)           The
Maker is in material breach of any provision of this Note, which breach (other
than a breach described in Section 4(a) and 4(d) above) continues for more than
30 calendar days following written notice to the Maker by the Holder. In the
case of a monetary breach the Maker shall be in default if the breach is not
cured in ten (10) days.

    

    If an
Event of Default occurs, the entire unpaid principal balance and the accrued and
unpaid interest shall be due and payable immediately.

    

    5. Loss or Mutilation of
Note.

    

    Upon
receipt by the Maker of evidence satisfactory to the Maker of the loss, theft,
destruction or mutilation of this Note, together with an indemnity reasonably
satisfactory to the Maker, in the case of loss, theft, or destruction, or the
surrender and cancellation of this Note, in the case of mutilation, the Maker
shall execute and deliver to the Holder a new Note of like tenor and
denomination as this Note.

    

    6. Waivers.

    

    The
failure of Holder to enforce at any time any of the provisions of this Note
shall not, absent an express written waiver signed by Holder specifying the
provision being waived, be construed to be a waiver of any such provision, nor
in any way to affect the validity of this Note or any part hereof or the right
of Holder thereafter to enforce each and every such provision. No waiver of any
breach of this Note shall be held to be a waiver of any other or subsequent
breach.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    7. No Usurious Interest.

    

    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 note
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.

    

    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 Florida 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.

    

    

    8.Notices.

    

    All
notices or other communications to a party required or permitted hereunder shall
be in writing and shall be delivered personally or by facsimile (receipt
confirmed electronically) to such party (or, in the case of an entity, to an
executive officer of such party) or shall be sent by a reputable express
delivery service or by certified mail, postage prepaid with return receipt
requested, addressed as follows:

    

    if to
Payee to:

    327 Plaza
Real, Suite 319,

    Boca
Raton, Florida 33432;

    Fax:
(561) 394-2906

    

    if to the
Maker to:

    

    General
Counsel

    Flint
Telecom Group, Inc.

    3390
Peachtree Rd. NE, Suite 1000

    Atlanta,
GA 30326

    Fax:
(404) 969-3601

    

         Any
party may change the above specified recipient and/or mailing address by notice
to all other parties given in the manner herein prescribed. All notices shall be
deemed given on the day when actually delivered as provided above (if delivered
personally or by facsimile, provided that any such facsimile is received during
regular business hours at the recipient's location) or on the day shown on the
return receipt (if delivered by mail or delivery service).

    

    9. Final Contract.

    

    MAKER HEREBY, AND PAYEE BY ITS
ACCEPTANCE OF THIS NOTE KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT
EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION (INCLUDING BUT
NOT LIMITED TO, ANY CLAIMS, CROSS-CLAIMS OR THIRD-PARTY CLAIMS) BASED HEREON OR
ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS NOTE OR ANY DOCUMENT EXECUTED
IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY.  MAKER HEREBY
CERTIFIES THAT NO REPRESENTATIVE OR AGENT OR AGENT OF PAYEE OR PAYEE’S COUNSEL
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT PAYEE WOULD NOT, IN THE EVENT OF
SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL
PROVISION.  THIS PROVISION IS A MATERIAL INDUCEMENT OT THE
PAYEE

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    ACCEPTING
THIS NOTE AND MAKING ANY LOAN, ADVANCE OR OTHER EXTENSION OF CREDIT TO THE MAKER
AND SHALL SURVIVE DURING THE ENTIRE TIME THAT ANY AMOUNT OF THE NOTE SHALL
REMAIN UNPAID.

    

    

    10. Headings.

    

    The
titles and headings to the Sections herein are inserted for the convenience of
reference only and are not intended to be a part of or to affect the meaning or
interpretation of this Note. This Note shall be construed without regard to any
presumption or other rule requiring construction hereof against the party
causing this Note to be drafted.

    

    11. Applicable Law and
Jurisdiction.

    

    The
legality, validity, enforceability and interpretation of this Note and the
relationship of the parties hereunder shall be governed by the laws of the State
of Florida, without giving effect to the principles of conflict of laws, except
with respect to matters of law concerning the internal corporate affairs of any
corporate entity which is a party to or the subject of this Agreement, and as to
those matters the law of the jurisdiction under which the respective entity
derives its powers shall govern.  Any claim, cause of action, suit or
demand allegedly arising out of or related to this Note, or the relationship of
the parties, shall be brought exclusively in the state or federal courts located
in Florida, and the parties irrevocably consent to the exclusive jurisdiction
and venue of such courts and waive any objections they may have at any time to
such exclusive jurisdiction and venue.

    

    IN WITNESS WHEREOF, Flint
Telecom Group, Inc. has caused this Promissory Note to be signed in its name by
the signature of its duly authorized representative.

    

    FLINT
TELECOM GROUP, INC.

    /s/ Vincent
Browne___________

    By:
Vincent Browne

    Its:
CEO

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