CONVERTIBLE NOTEConvertible Promissory Note |
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AXCESS INTERNATIONAL INC/TX. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Search Convertible Promissory Note by:
Exhibit 10.1
THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE
STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE SOLD, TRANSFERRED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
UNDER SAID ACT OR LAWS OR PURSUANT TO AN EXEMPTION THEREFROM.
AXCESS INTERNATIONAL, INC.
Convertible Note
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$140,000 |
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November 9, 2006 |
Subject to the terms and
conditions of this Note, for good and valuable consideration received, Axcess
International, Inc. (“Axcess”) hereby promises to pay to the order
of the Amphion Innovations plc (“Amphion”) the principal amount of
One Hundred and Forty Thousand Dollars ($140,000.00), plus simple interest,
accrued on unpaid principal from November 9, 2006, until paid, at the rate
of Ten percent (10.00%) per annum (365-day year basis) payable on
December 31, 2006 (the “Maturity Date”), unless AXCESS
completes an offering of any of its securities and the aggregate proceeds to
AXCESS are at least $700,000 (“Transaction”) prior to
December 1, 2006.
Upon the occurrence of the
Transaction described above, the principal amount and all unpaid interest, of
this Note shall convert on similar terms to the Transaction. This Note,
including the principal amount and all accrued and unpaid interest hereunder,
may otherwise be prepaid in whole or in part at any time at the option of
AXCESS, without premium or penalty.
Payment of the principal amount of this Note and any accrued and unpaid interest hereunder shall be made 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. Any such payment shall be paid by wire transfer of federal funds in accordance with the written instructions of Amphion or, in the absence of current written instructions, by check mailed to Amphion at






