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THE
OBLIGATIONS EVIDENCED HEREBY ARE SUBORDINATE IN THE MANNER AND TO
THE EXTENT SET FORTH IN THAT CERTAIN SUBORDINATION AGREEMENT (THE
“SUBORDINATION AGREEMENT”) DATED AS OF SEPTEMBER 30,
2008, BY AND BETWEEN ARGYLE SECURITY, INC., AND LASALLE BANK
NATIONAL ASSOCIATION, A NATIONAL BANKING ASSOCIATION (“SENIOR
LENDER”) TO THE OBLIGATIONS (INCLUDING INTEREST) OWED BY ISI
SECURITY GROUP, INC. (THE “OBLIGOR”) TO THE HOLDERS OF
ALL OF THE NOTES ISSUED PURSUANT TO THAT CERTAIN AMENDED AND
RESTATED LOAN AND SECURITY AGREEMENT DATED AS OF JANUARY 23, 2008,
BETWEEN OBLIGOR AND SENIOR LENDER, AS SUCH AGREEMENT MAY BE
SUPPLEMENTED, MODIFIED, RESTATED OR AMENDED FROM TIME TO TIME; AND
EACH HOLDER HEREOF, BY ITS ACCEPTANCE HEREOF, SHALL BE BOUND BY THE
PROVISIONS OF THE SUBORDINATION AGREEMENT.
PROMISSORY
NOTE
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$2,000,000.00
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September 30, 2008
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FOR VALUE RECEIVED, ISI SECURITY GROUP,
INC. a Delaware corporation, (hereinafter called "Maker"),
promises to pay to ARGYLE SECURITY, INC.
(hereinafter called "Lender"), the principal sum of Two Million
Dollars ($2,000,000) with interest thereon at the rates and on the
dates specified in subsections 1.2 and 1.4 of the Loan Agreement
between Maker and Lender dated September 30, 2008 (the “Loan
Agreement”).
Upon the
happening of any default under the Loan Agreement, Lender may
declare that all liabilities of the Maker to the Lender under shall
be accelerated and become im
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