EXHIBIT 4.1
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EIGHT PERCENT (8%) PROMISSORY NOTE
by and between NewMarket Technology, Inc., as Borrower
and
Glenwood Partners, L.P., as Lender
Dated as of March 9, 2005
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PROMISSORY NOTE
Raleigh, North Carolina U.S.A
U.S.$850,000.00
March 9, 2005
Parties; Amount
FOR VALUE
RECEIVED, the undersigned, NewMarket Technology, Inc., a Nevada
corporation with
offices at 14860 Montfort Drive, Suite 210, Dallas, Texas
75254
("NewMarket")
promises to pay to the order of
Glenwood Partners,
L.P., a North
Carolina limited partnership ("Lender"), with offices at 510
Glenwood Avenue,
Suite 607,
Raleigh, North Carolina 27603, the
principal
sum of Eight
Hundred Fifty Thousand and no/100 United States dollars
(US$850,000.00).
Interest Rate
Interest shall
accrue on the outstanding balance of this note beginning
on
March 9, 2005,
until the note is paid
in full, at a rate of
eight percent
(8%) per annum,
except as otherwise
stated herein. All
interest due shall
be paid on the Due Date (defined below), or on the date that the
outstanding
principal amount of this note is paid in
full, whichever
is
earlier.
Payment Schedule
The outstanding
principal amount of this note shall be due
and payable in
full on or
before March 31, 2005 (the "Due Date").
Default
If any of the
following events shall occur, the outstanding principal
balance of this
note together
with accrued
interest thereon shall, on
demand by the
holder of this note,
be due and payable:
any amount
owing
under this note
is not paid when due; a default under any other provision
of this
note or under
any other agreement providing security for the
payment of this
note; a breach of any representation or warranty under this
note or under
any such other agreement; failure to timely file any periodic
report
with the SEC or
required filing with the State of Nevada or any
other state;
the liquidation or dissolution or NewMarket;
the sale of a
material
portion of the
business and assets of NewMarket or any subsidiary
of NewMarket;
the filing of a petition under any bankruptcy, insolvency or
similar law by
NewMarket or any subsidiary of NewMarket; the making of any
assignment
for the benefit of
creditors by NewMarket or any subsidiary of
NewMarket;
the filing of a
petition under any
bankruptcy,
insolvency or
similar law
against NewMarket
or any subsidiary of NewMarket and such
petition
not being dismissed within a period of thirty
(30) days of the
filing. In each
of the above cases, the holder shall give written notice of
default to
NewMarket, and
NewMarket shall have five (5) days to cure
any
such default
without penalty, and if cured, then this note sh
