Document:

ex4_8.htm

Exhibit 4.8

PROMISSORY NOTE

$260,000.00                                                                                                                                       October
28, 2009

Boca Raton, Florida

FOR VALUE RECEIVED, the undersigned, FLINT TELECOM GROUP, INC., a Nevada Corporation, ("Maker"), promises to pay to the order of, Paul McCarthy, located at Thalang
Phuket, Thailand ("Payee"), in lawful money of the United States of America, the principal sum of TWO HUNDRED AND THIRTY THOUSAND AND NO/100 DOLLARS ($230,000.00) on the outstanding principal and THIRTY THOUSAND DOLLARS ($30,000) in accrued interest (“Note”).

Maker shall pay all principal plus accrued interest on the Note as follows: a payment of two hundred and sixty thousand dollars ($260,000.00) on or before December 28, 2009. The Note may be prepaid without any penalty.

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

It is agreed that time is of the essence of this Note, and if 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

PROMISSORY NOTE - 

  

  

  

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.

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"

PROMISSORY NOTE - Page  of [INSERT PAGE NUMBER]

  

  

  

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.

This Note is secured by that certain Security Agreement executed by Maker, dated October 26, 2009 and is secured by the THREE MILLION (3,000,000) unrestricted shares of China Voice Holding Corp. held directly by Mr. Bill Burbank.

In addition to the above provisions, Maker will be in default if:  (1) Maker fails to timely pay or perform any obligation or covenant in any written agreement between Payee and Maker; (2) Maker makes any material  false statement or representation in any agreement or document presented to Payee and upon which Payee relied
in funding this Note; (3) a receiver is appointed for Maker; (4) any party providing collateral to secure payment of this Note assigns the collateral for the benefit of its creditors; (5) bankruptcy or insolvency proceedings are commenced against Maker or any of its subsidiaries.

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

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.

               MAKER:

	
  
	
          FLINT TELECOM GROUP, INC

	
  
	
          A  Nevada corporation

 

   /s/ Bill Burbank

                                                                                
Bill Burbank, President

 

PROMISSORY NOTE -exhibit_10-1.htm

    
      

      

    

    PROMISSORY
NOTE

    

    
      	$183,229.36	
              Louisville,
      Kentucky

            
	 	
              November
      10, 2009

            

    

    

    

    FOR VALUE
RECEIVED, NTS/VIRGINIA
DEVELOPMENT COMPANY, a Virginia corporation (the “Borrower”), with an
address at 10172 Linn Station Road, Louisville, Kentucky 40223, promises to pay
to the order of RESIDENTIAL
MANAGEMENT COMPANY, a Kentucky corporation (the “Lender”), in lawful
money of the United States of America in immediately available funds at its
offices located at 10172 Linn Station Road, Louisville, Kentucky 40223, or at
such other location as the Lender may designate from time to time, the principal
sum of ONE HUNDRED EIGHTY THREE THOUSAND TWO HUNDRED TWENTY NINE DOLLARS AND
THIRTY SIX CENTS ($183,229.36) (the “Loan”), together with interest accruing on
the outstanding principal balance from the date hereof, as provided
below:

    

    1.           Interest
Rate.  The principal balance of the Loan will bear interest at
a fixed rate per annum (calculated on the basis of the actual number of days
that principal is outstanding over a year of 360 days) equal to five and
thirty-four one-hundredths percent (5.34%) per annum (the “Fixed
Rate”).

    

    In no event will the rate of interest
hereunder exceed the maximum rate allowed by law.

    

    2.           Payment
Terms.  Interest shall be due and payable commencing on the
first day of each month beginning December 1, 2009 until December 31, 2009 on
which date all outstanding principal and accrued interest shall be due and
payable in full (the “Maturity Date”).  Payments received will be
applied to charges, fees and expenses (including attorneys’ fees), accrued
interest and principal in any order the Lender may choose, in its sole
discretion.

    

    3.           Late Payments; Default
Rate.  If a payment is more than 15 days late, the Borrower
shall also pay to the Lender a late charge equal to 5% of the unpaid portion of
the payment or $100, whichever is greater (the “Late Charge”).  Such
15 day period shall not be construed in any way to extend the due date of any
such payment.  Upon maturity, whether by acceleration, demand or
otherwise, and at the option of the Lender upon the occurrence of any Event of
Default (as hereinafter defined) and during the continuance thereof, this Note
shall bear interest at a rate per annum (calculated on the basis of the actual
number of days that principal is outstanding over a year of 360 days) which
shall be four percentage points (4%) in excess of the Fixed Rate in effect from
time to time but not more than the maximum rate allowed by law (the “Default
Rate”).  The Default Rate shall continue to apply whether or not
judgment shall be entered on this Note.  Both the Late Charge and the
Default Rate are imposed as liquidated damages for the purpose of defraying the
Lender’s expenses incident to the handling of delinquent payments, but are in
addition to, and not in lieu of, the Lender’s exercise of any rights and
remedies hereunder, under the Loan Documents or under applicable law, and any
fees and expenses of any agents or attorneys which the Lender may
employ.  In addition, the Default Rate reflects the increased credit
risk to the Lender of carrying a loan that is in default.  The
Borrower

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    agrees
that the Late Charge and Default Rate are reasonable forecasts of just
compensation for anticipated and actual harm incurred by the Lender, and that
the actual harm incurred by the Lender cannot be estimated with certainty and
without difficulty.

    

    4.           Prepayment.  The
indebtedness evidenced by this Note may be prepaid in whole or in part at any
time without penalty or premium.

    

    5.           Events of
Default.  The occurrence of any of the following events will be
deemed to be an “Event of Default” under this Note:

    

    (i)           Borrower
fails to make any payment when due hereunder, or fails to otherwise comply with
any term or provision of this Note, and such failure is not cured within any
applicable cure period or fails to comply;

    

    (ii)           The
filing by or against Borrower of any proceeding in bankruptcy, receivership,
insolvency, reorganization, liquidation, conservatorship or similar proceeding
(and, in the case of any such proceeding instituted against any Obligor, such
proceeding is not dismissed or stayed within 30 days of the commencement
thereof);

    

    (iii)           Any
assignment by Borrower for the benefit of creditors, or any levy, garnishment,
attachment or similar proceeding is instituted against any property of
Borrower;

    

    (iv)           A
judgment or judgments are entered against Borrower, Borrower defaults in the
payment of any other debts or there is a material adverse change in the
financial condition of Borrower, or the Lender in good faith believes the
prospects for repayment of this Note have been impaired; and

    

    (v)           Any
material statement made to the Lender about Borrower, or about Borrower’s
financial condition, or about any collateral securing this Note is false or
misleading.

    

    Upon the occurrence of an Event of
Default: (a) in an Event of Default specified in clauses (ii) or (iii) above
shall occur, the outstanding principal balance and accrued interest hereunder
together with any additional amounts payable hereunder shall be immediately due
and payable without demand or notice of any kind; (b) if any other Event of
Default shall occur, the outstanding principal balance and accrued interest
hereunder together with any additional amounts payable hereunder, at the option
of the Lender and without demand or notice of any kind may be accelerated and
become immediately due and payable; (c) at the option of the Lender, this Note
will bear interest at the Default Rate from the date of the occurrence of the
Event of Default; and (d) the Lender may exercise from time to time any of the
rights and remedies available to the Lender under applicable law.

    

    6.           Indemnity.  The
Borrower agrees to indemnify each of the Lender, each legal entity, if any, who
controls, is controlled by or is under common control with the Lender, and each
of their respective directors, officers and employees (the “Indemnified
Parties”), and to hold each Indemnified Party harmless from and against any and
all claims, damages, losses, liabilities and expenses (including all fees and
charges of internal or external counsel with whom any

    
      
         

      

      
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    Indemnified
Party may consult and all expenses of litigation and preparation therefor) which
any Indemnified Party may incur or which may be asserted against any Indemnified
Party by any person, entity or governmental authority (including any person or
entity claiming derivatively on behalf of the Borrower), in connection with or
arising out of or relating to the matters referred to in this Note whether (a)
arising from or incurred in connection with any breach of a representation,
warranty or covenant by the Borrower, or (b) arising out of or resulting from
any suit, action, claim, proceeding or governmental investigation, pending or
threatened, whether based on statute, regulation or order, or tort, or contract
or otherwise, before any court or governmental authority; provided, however, that the
foregoing indemnity agreement shall not apply to any claims, damages, losses,
liabilities and expenses solely attributable to an Indemnified Party’s gross
negligence or willful misconduct. The indemnity agreement contained in this
Section shall survive the termination of this Note, payment of any amounts
hereunder and the assignment of any rights hereunder.  The Borrower
may participate at its expense in the defense of any such auction or
claim.

    

    7.           Miscellaneous. All
notices, demands, requests, consents, approvals and other communications
required or permitted hereunder (“Notices”) must be in writing (except as may be
agreed otherwise above with respect to borrowing requests) and will be effective
upon receipt. Notices may be given in any manner to which the parties may
separately agree, including electronic mail.  Without limiting the
foregoing, first-class mail, facsimile transmission and commercial courier
service are hereby agreed to as acceptable methods for giving
Notices.  Regardless of the manner in which provided, Notices may be
sent to a party’s address as set forth above or to such other address as any
party may give to the other for such purpose in accordance with this
section.  No delay or omission on the Lender’s part to exercise any
right or power arising hereunder will impair any such right or
power.  The Lender’s rights and remedies hereunder are cumulative and
not exclusive of any other rights or remedies which the Lender may have under
other agreements, at law or in equity.  No modification, amendment or
waiver of, or consent to any departure by the Borrower from, any provision of
this Note will be effective unless made in a writing signed by the Lender, and
then such waiver or consent shall be effective only in the specific instance and
for the purpose for which given.  The Borrower agrees to pay on
demand, to the extent permitted by law, all costs and expenses incurred by the
Lender in the enforcement of its rights in this Note and in any security
therefor, including without limitation reasonable fees and expenses of the
Lender’s counsel.  If any provision of this Note is found to be
invalid, illegal or unenforceable in any respect by a court, all the other
provisions of this Note will remain in full force and effect.  The
Borrower and all other makers and indorsers of this Note hereby forever waive
presentment, protest, notice of dishonor and notice of
non-payment.  The Borrower also waives all defenses based on
suretyship or impairment of collateral.  If this Notice is executed by
more than one Borrower, the obligations of such persons or entities hereunder
will be joint and several.  This Note shall bind the Borrower and its
heirs, executors, administrators, successors and assigns, and the benefits
hereof shall inure to the benefit of the Lender and its successors and assigns;
provided, however, that the
Borrower may not assign this Note in whole or in part without the Lender’s
written consent and the Lender at any time may assign this Note in whole or in
part.

    

    This Note has been delivered to and
accepted by the Lender and will be deemed to be made in the State where the
Lender’s office indicated above is located.  This Note will
be

    
      
         

      

      
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    interpreted and the rights and
liabilities of the Lender and the Borrower determined in accordance with the
laws of the State where the Lender’s office indicated above is located,
excluding its conflict of laws rules. The Borrower hereby irrevocably
consents to the exclusive jurisdiction of any state or federal court in the
county or judicial district where the Lender’s office indicated above is
located; provided that nothing contained in this Note will prevent the Lender
from bringing any action, enforcing any award or judgment or exercising any
rights against the Borrower individually, against any security or against any
property of the Borrower within any other county, state or other foreign or
domestic jurisdiction.  The Borrower acknowledges and agrees that the
venue provided above is the most convenient forum for both the Lender and the
Borrower. The Borrower waives any objection to venue and any objection based on
a more convenient forum in any action instituted under this Note.

    

    8.           Waiver of Jury
Trial.  The Borrower irrevocably waives any and all right it
may have to a trial by jury in any action, proceeding or claim of any nature
relating to this Note, any documents executed in connection with this Notice or
any transaction contemplated in any of such documents.  The Borrower
acknowledges that the foregoing waiver is knowing and voluntary.

    

    The Borrower acknowledges that it has
read and understands all of the provisions of this Note, including the waiver of
jury trial, and has been advised by counsel as necessary or
appropriate.

    

    WITNESS the due execution hereof by an
authorized officer of Borrower, with the intent to be legally bound
hereby.

    

    

    
      	 
      	
              NTS/VIRGINIA DEVELOPMENT
      COMPANY,

              a
      Virginia corporation

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
               

               

               

               

              By:

            	 
      
	 
      	
              Name:

            	
              Gregory
      A. Wells

            
	 
      	
              Title:

            	
              Executive
      Vice President

            

    

    

     

     

    4

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