Document:

Unassociated Document

    PROMISSORY
      NOTE

     

    
      	$387,800.00	 	September 29,
              2006

    

     

    FOR
      VALUE
      RECEIVED, the undersigned, VOIP, INC., a Texas corporation ("Debtor"), promises
      to pay to the order of WHALEHAVEN CAPITAL FUND LIMITED, or its successors or
      assigns ("Lender"), on October 6, 2006 or on demand ("Maturity Date") at
      3rd
      Floor,
      14 Par-Laville Road, Hamilton, Bermuda HM08, or at such other place as the
      Lender may designate from time to time in writing to the Debtor, in lawful
      money
      of the United States of America, the principal sum of Three Hundred and
      Eighty-Seven Thousand Eight Hundred Dollars ($387,800.00), together with
      interest on the unpaid principal balance of this Note from the date hereof
      until
      paid at twelve percent (12%) per annum. In the event of Debtor's default
      hereunder, interest on amounts past due pursuant to this Note shall be paid
      at a
      rate of eighteen percent (18%) per annum. Interest shall be computed on the
      basis of a 360-day year.

    

    The
      delay
      or failure to exercise any right hereunder shall not waive such right. The
      undersigned hereby waives demand, presentment, protest, notice of dishonor
      or
      nonpayment, notice of protest, any and all delays or lack of diligence in
      collection hereof and assents to each and every extension or postponement of
      the
      time of payment or other indulgence.

    

    The
      Lender may, at any time, present this Note or any sum payable hereunder to
      the
      Debtor in satisfaction of any sum due or payable by the Lender to Debtor for
      any
      reason whatsoever including but not limited to the payment for securities
      subscriptions.

    

    In
      the
      event of default hereunder such that this Note is placed in the hands of an
      attorney for collection (whether or not suit is filed), or if this Note is
      collected by suit or legal proceedings or through bankruptcy proceedings, Debtor
      agrees to pay reasonable attorney’s fees and expenses of
      collection.

    

    This
      Note
      shall be governed by, and construed and interpreted in accordance with, the
      laws
      of the State of New York. Exclusive jurisdiction relating to this Note shall
      vest in courts located in New York State.

    

    IN
      WITNESS WHEREOF, the undersigned has duly executed and delivered this Note
      the
      date and year first above written.

     

     

    
      	 	 	 
	 	VOIP
              INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title:

     

     

    ATTEST:

     

     

    __________________________________Unassociated Document

    GOLDEN
      GATE INVESTORS, INC.

    1795
      UNION STREET, 3RD
      FLOOR

    SAN
      FRANCISCO, CALIFORNIA 94123

    
      
        

      

    

     

    October
      3, 2006

    

    

    John
      C.
      Stuecheli 

    American
      HealthChoice, Inc.

    7350
      Hawk
      Road

    Flower
      Mound, TX 75022

    

    Dear
      John:

    

    Reference
      is made to the Convertible Debenture dated December 29, 2005 issued by American
      HealthChoice, Inc. (“American”) to Golden Gate Investors, Inc. (“GGI”). All
      terms used herein and not otherwise defined shall have the definitions set
      forth
      in the Convertible Debenture.

    

    Upon
      notification and verification that a Registration Statement for at least
      30,000,000 Conversion Shares has been filed with the SEC, the acceleration
      of
      the Debenture issued by GGI on September 1, 2006 shall be
      withdrawn.

    

    The
      Debenture Principal Amount shall be $475,000. The Purchase Price for the
      Debenture shall be $475,000. All amounts previously advanced by GGI to American,
      and any additional amounts advanced by GGI to American prior to the Effective
      Date, shall be applied to the Purchase Price.

    

    Sincerely,

     

    /s/
      Travis W. Huff

    Portfolio
      Manager

    

    

    Acknowledged
      and agreed to:

    

    American
      HealthChoice, Inc.

    By:
      /s/ John C. Stuecheli

    Title:
      Vice President-CFOUnassociated Document

    This
      Note
      has not been registered under the Securities Act of 1933, as amended (the "1933
      Act"), or under the provisions of any applicable state securities laws, but
      has
      been acquired by the registered holder hereof for purposes of investment and
      in
      reliance on statutory exemptions under the 1933 Act, and under any applicable
      state securities laws. This Note may not be sold, pledged, transferred or
      assigned except in a transaction which is exempt under provisions of the 1933
      Act and any applicable state securities laws or pursuant to an effective
      registration statement; and in the case of an exemption, only if the Company
      has
      received an opinion of counsel satisfactory to the Company that such transaction
      does not require registration of this Note.

    

    IFSA
      STRONGMAN, INC.

    

    
      	September __, 2006 	 	
               $[_______].00

            

    

     

    16%
      CONVERTIBLE PROMISSORY NOTE

    

    IFSA
      Strongman, Inc. (the "Company"), for value received, hereby promises to pay
      to
      [__________], or his registered assign (the "Holder") on September __, 2007
      (the
      "Maturity Date"), at the principal offices of the Company, the principal sum
      of
      [_____________] (the “Initial Principal Amount”) owed Holder on such date in
      such coin or currency of the United States of America as at the time of payment
      shall be legal tender for the payment of public and private debts, and to pay
      interest on the outstanding principal sum hereof at the rate of sixteen percent
      (16%) per annum (the "Note") and payable monthly in arrears commencing October
      __, 2006. Principal shall be payable on the Maturity Date in like coin or
      currency to the Holder hereof at the office of the Company as hereinafter set
      forth, provided that any payment otherwise due on a Saturday, Sunday or legal
      Bank holiday may be paid on the following business day. In the event that for
      any reason whatsoever any interest or other consideration payable with respect
      to this Note shall be deemed to be usurious by a court of competent jurisdiction
      under the laws of any state governing the repayment hereof, then so much of
      such
      interest or other consideration as shall be deemed to be usurious shall be
      held
      by the holder as security for the repayment of the principal amount hereof
      and
      shall otherwise be waived.

    

    1. Transfers
      of Note to Comply with the 1933 Act

    

    The
      Holder agrees that this Note may not be sold, transferred, pledged, hypothecated
      or otherwise disposed of except as follows: (1) to a person whom the Note may
      legally be transferred without registration and without delivery of a current
      prospectus under the 1933 Act with respect thereto and then only against receipt
      of an agreement of such person to comply with the provisions of this Section
      1
      with respect to any resale or other disposition of the Note; or (2) to any
      person upon delivery of a prospectus then meeting the requirements of the 1933
      Act relating to such securities and the offering thereof for such sale or
      disposition, and thereafter to all successive assignees.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2. Prepayment

    

    (a) Optional
      Prepayment. The
      principal amount of this Note may be prepaid by the Company, in whole or in
      part, but not withstanding the prepayment of any principal prior to March __,
      2007 the Company shall continue to make interest payments to the Holder through
      March __, 2007 based upon the Initial Principal Amount and thereafter shall
      only
      make interest payments to the Holder based upon the amount of principal then
      outstanding hereunder.

    

    (b) Optional
      Prepayment. The
      Company hereby agrees that if at any time from the date hereof the Company
      closes on
      a
      private placement offering of its securities, obtains debt financing or earns
      revenues prior to the Maturity Date, with gross proceeds to the Company of
      at
      least $750,000, the
      principal of, and accrued interest on, the Note shall become immediately due
      and
      payable in cash in accordance with the terms hereof.

    

    3. Covenants
      of Company

    

    The
      Company covenants and agrees that, so long as any principal of, or interest
      on,
      this Note shall remain unpaid, unless the Holder shall otherwise consent in
      writing, it will comply with the following terms:

    

    (a)
      Reporting
      Requirements.
      The
      Company will furnish to the Holder:

    

    (i)
      as
      soon as possible, and in any event within ten (10) days after obtaining
      knowledge of the occurrence of (A) an "Event of Default," as hereinafter
      defined, (B) an event which, with the giving of notice or the lapse of time
      or
      both, would constitute an Event of Default, or (C) a material adverse change
      in
      the condition or operations, financial or otherwise, of the Company, taken
      as
      whole, the written statement of the Chief Executive Officer or the Chief
      Financial Officer of the Company, setting forth the details of such Event of
      Default, event or material adverse change and the action which the Company
      proposes to take with respect thereto;

    

    (ii)
      promptly after the sending or filing thereof, copies of all financial
      statements, reports, certificates of its Chief Executive Officer, Chief
      Financial Officer or accountants and other information which the Company or
      any
      subsidiary sends to any holders (other than the Notes) of its
      securities;

    

    (iii)
      promptly after the commencement thereof, notice of each action, suit or
      proceeding before any court or other governmental authority or other regulatory
      body or any arbitrator as to which there is a reasonable possibility of a
      determination that would (A) materially impact the ability of the Company or
      any
      subsidiary to conduct its business, (B) materially and adversely affect the
      business, operations or financial condition of the Company taken as a whole,
      or
      (C) impair the validity or enforceability of the Notes or the ability of the
      Company to perform its obligations under the Notes.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    (b) Compliance
      with Laws. The
      Company will comply, in all material respects with all applicable laws, rules,
      regulations and orders, except to the extent that noncompliance would not have
      a
      material adverse effect upon the business, operations or financial condition
      of
      the Company taken as a whole.

    

    (c) Preservation
      of Existence.
      The
      Company will maintain and preserve, and cause each subsidiary, if any, to
      maintain and preserve, its existence, and become or remain duly qualified and
      in
      good standing in each jurisdiction in which the failure to be so qualified
      would
      have a material adverse effect on the business, operations or financial
      condition of the Company, taken as a whole.

    

    (d) Maintenance
      of Properties.
      The
      Company will maintain and preserve, all of its properties which are necessary
      in
      the proper conduct of its business in good working order and condition, ordinary
      wear and tear excepted, and comply, at all times with the provisions of all
      leases to which it is a party as lessee or under which it occupies property,
      so
      as to prevent any forfeiture or material loss thereof or
      thereunder.

    

    (e) Maintenance
      of Insurance.
      The
      Company will maintain, with responsible and reputable insurers, insurance with
      respect to its properties and business, in such amounts and covering such risks,
      as is carried generally in accordance with sound business practice by companies
      in similar businesses in the same localities in which the Company is
      situated.

    

    (f) Keeping
      of Records and Books of Account.
      The
      Company will keep adequate records and books of account, with complete entries
      made in accordance with generally accepted accounting principles, reflecting
      all
      of its financial and other business transactions.

    

    (g) Compliance
      with the Securities Exchange Act of 1934. The
      Company shall comply in all respects with the requirements of the Securities
      Exchange Act of 1934, including the filing of all reports due
      thereunder.

    

    4. Events
      of Default and Remedies

    

    (a)
      Any
      one or more of the following events which shall have occurred and be continuing
      shall constitute an event of default ("Event of Default"):

    

    (i)
      Default in the payment of interest upon this Note, as and when the same shall
      become due; or 

    

    (ii)  Default
      in the payment of the principal of this Note, as and when the same shall become
      due; or

    

    (iii)  Default
      in the payment of any other obligation of the Company in an amount in excess
      of
      $100,000; or

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    (iv)
      The
      Company shall fail to perform or observe any affirmative covenant contained
      in
      this Note and such Default, if capable of being remedied, shall not have been
      remedied ten (10) days after written notice thereof shall have been given by
      the
      Holder to the Company; or

    

    (v)
      The
      Company or any subsidiary (A) shall institute any proceeding or voluntary case
      seeking to adjudicate it bankrupt or insolvent, or seeking dissolution,
      liquidation, winding up, reorganization, arrangement, adjustment, protection,
      relief or composition of it or its debts under any law relating to bankruptcy,
      insolvency or reorganization or relief of debtors, or seeking the entry of
      any
      order for relief or the appointment of a receiver, trustee, custodian or other
      similar official for such the Company or any subsidiary or for any substantial
      part of its property, or shall consent to the commencement against it of such
      a
      proceeding or case, or shall file an answer in any such case or proceeding
      commenced against it consenting to or acquiescing in the commencement of such
      case or proceeding, or shall consent to or acquiesce in the appointment of
      such
      a receiver, trustee, custodian or similar official; (B) shall be unable to
      pay
      its debts as such debts become due, or shall admit in writing its inability
      to
      apply its debts generally; (C) shall make a general assignment for the benefit
      of creditors; or (D) shall take any action to authorize or effect any of the
      actions set forth above in this subsection 3 (iv); or

    

    (v)
      Any
      proceeding shall be instituted against the Company seeking to adjudicate it
      a
      bankrupt or insolvent, or seeking dissolution, liquidation, winding up,
      reorganization, arrangement, adjustment, protection, relief of debtors, or
      seeking the entry of an order for relief or the appointment of a receiver,
      trustee, custodian or other similar official for the Company or for any
      substantial part of its property, and either such proceeding shall not have
      been
      dismissed or shall not have been stayed for a period of sixty (60) days or
      any
      of the actions sought in such proceeding (including, without limitation, the
      entry of any order for relief against it or the appointment of a receiver,
      trustee, custodian or other similar official for it or for any substantial
      part
      of its property) shall occur; or

    

    (vi)
      One
      or more final judgments or orders for the payment of money in excess of $100,000
      in the aggregate shall be rendered against the Company, and either (A)
      enforcement proceedings shall have been commenced by any creditor upon any
      such
      judgment or order, or (B) there shall be any period of thirty (30) days during
      which enforcement of any such judgment or order shall not be discharged, stayed
      or fully satisfied.

    

    (b)
      If an
      Event of Default described above has occurred, then the Holder may, without
      further notice to the Company, declare the principal amount of this Note at
      the
      time outstanding, together with accrued unpaid interest thereon, and all other
      amounts payable under this Note to be forthwith due and payable, whereupon
      such
      principal, interest and all such amounts shall become and be forthwith due
      and
      payable.

    

    (c)
      The
      Company covenants that in case the principal of, and accrued interest on, the
      Note becomes due and payable by declaration or otherwise, then the Company
      will
      pay in cash to the Holder of this Note, the whole amount that then shall have
      become due and payable on this Note for principal or interest, as the case
      may
      be, and in addition thereto, such further amount as shall be sufficient to
      cover
      the costs and expenses of collection, including reasonable fees and
      disbursements of the Holder's legal counsel. In case the Company shall fail
      forthwith to pay such amount, the Holder may commence an action or proceeding
      at
      law or in equity for the collection of the sums so due and unpaid, and may
      prosecute any such action or proceeding to judgment or final decree against
      Company or other obligor upon this Note, wherever situated, the monies
      adjudicated or decreed to be payable.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (d)
      Notwithstanding Section 4(c) above, in case the principal of, and accrued
      interest on, the Note becomes due and payable by declaration or otherwise,
      then
      the Holder may elect to convert some or all of the principal and interest owing
      on this Note into shares of the Company’s common stock at a
      conversion price equal to 10% multiplied by the average closing price for the
      common stock of the Company on the Over-the-Counter Bulletin Board, or
      applicable trading market, during the ten (10) trading day period ending one
      day
      prior to the date the Event of Default shall have occurred.
      Such
      election to convert shall be evidenced by completion of the conversion notice
      attached hereto and delivery of such notice to the Company. The Holder’s right
      to convert the obligations due under this Note to common stock shall supercede
      the Company’s right to repay such obligations in cash.

    

    5. Miscellaneous

    

    (a) This
      Note
      has been issued by the Company pursuant to authorization of the Board of
      Directors of the Company.

    

    (b) The
      Company may consider and treat the entity in whose name this Note shall be
      registered as the absolute owner thereof for all purposes whatsoever (whether
      or
      not this Note shall be overdue) and the Company shall not be affected by any
      notice to the contrary. Subject to the limitations herein stated, the registered
      owner of this Note shall have the right to transfer this Note by assignment,
      and
      the transferee thereof shall, upon his registration as owner of this Note,
      become vested with all the powers and rights of the transferor. Registration
      of
      any new owners shall take place upon presentation of this Note to the Company
      at
      its principal offices, together with a duly authenticated assignment. In case
      of
      transfer by operation of law, the transferee agrees to notify the Company of
      such transfer and of his address, and to submit appropriate evidence regarding
      the transfer so that this Note may be registered in the name of the transferee.
      This Note is transferable only on the books of the Company by the holder hereof,
      in person or by attorney, on the surrender hereof, duly endorsed. Communications
      sent to any registered owner shall be effective as against all holders or
      transferees of the Note not registered at the time of sending the
      communication.

    

    (c) Payments
      of principal and interest shall be made as specified above to the registered
      owner of this Note. No interest shall be due on this Note for such period of
      time that may elapse between the maturity of this Note and its presentation
      for
      payment. 

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    (d) The
      Holder shall not, by virtue, hereof, be entitled to any rights of a shareholder
      in the Company, whether at law or in equity, and the rights of the Holder are
      limited to those expressed in this Note, until such time as this Note shall
      be
      converted into common stock of the Company in accordance with the terms
      hereof.

    

    (e) Upon
      receipt by the Company of evidence reasonably satisfactory to it of the loss,
      theft, destruction or mutilation of this Note, and (in the case of loss, theft
      or destruction) of reasonably satisfactory indemnification, and upon surrender
      and cancellation of this Note, if mutilated, the Company shall execute and
      deliver a new Note of like tenor and date. 

    

    (f) This
      Note
      shall be construed and enforced in accordance with the laws of the State of
      New
      York. The Company and the Holder hereby consent to the jurisdiction of the
      Courts of the State of New York and the United States District Courts situated
      therein in connection with any action concerning the provisions of this Note
      instituted by the Holder against the Company.

    

    IN
      WITNESS WHEREOF, IFSA Strongman, Inc. caused this Note to be signed in its
      name
      by its [___________].

    
      	 	 	 
	 	IFSA
              STRONGMAN, INC.
	 
 	 
 	 
 
	 	By:  	_________________________
	 	Name:
	 	Title:

     

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    NOTICE
      OF CONVERSION

    

    (To
      be
      executed by the Registered Holder in order to convert the Note)

    

    The
      undersigned hereby elects to convert $_________ of the principal and $_________
      of the interest due on the Note issued by IFSA Strongman, Inc. into Shares
      of
      Common Stock according to the conditions set forth in such Note, as of the
      date
      written below.

    

    

    

    Date
      of
      Conversion:____________________________________________________________________

    

    

    Conversion
      Price: $_____ per share per stated formula

    

    

    Shares
      To
      Be
      Delivered:_________________________________________________________________

    

    

    Signature:____________________________________________________________________________

    

    

    Print
      Name:__________________________________________________________________________

    

    

    Address:_____________________________________________________________________________

    

    ____________________________________________________________________________

     

     

    
      
         

      

      
        7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]