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Document Preview Secured Promissory Note |
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Title: |
Secured Promissory Note |
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Date: |
2007 |
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$36 |
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ID: |
#3140991 |
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THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE"SECURITIESACT"), NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE SOLD, PLEDGED, OFFERED FOR SALE ASSIGNED OR TRANSFERRED UNLESS (A) A REGISTRATION STATEMENT WITH RESPECT THERE TO IS EFFECTIVE UNDER THE SECURITIES ACT, AND ANY APPLICABLE STATE SECURITIES LAW REQUIREMENTS HAVE BEEN METOR (B) EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT AND THE REGISTRATION OR QUALIFICATION REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS ARE AVAILABLE.
QUANTUMGROUP, INC.
SECURED PROMISSORY NOTE
April 27, 2006
FOR VALUE RECEIVED, Quantum Group, Inc., a Nevada corporation, (?Borrower?) promise to pay to the order of High Capital Funding, LLC. (?Lender?) the principal amount of Five Hundred Thousand Dollars ($500,000), together with interest on the unpaid principal amount at the rate of 8 percents per annum based on a 360-dat year, all upon the terms ser forth below. This Secured Promissory Note (the
?Note?) is issued pursuant to that certain Financing Agreement For Sale of Bridge Securities, dated March 13, 2006 by and between Lender and Borrower (the ?Financing Agreement?). This Note is subject to the terms and conditions of the Financing Agreement. To the extent that any of the terms specifically set forth in the Financing Agreement is inconsistent with the provisions of this Note specifically relating to such matters, the Financing Agreement shall govern with respect to such inconsistencies. Capitalized terms used herein and not otherwise defined have the meaning ascribed to them in the Financing Agreement.
1.
Maturity. The principal amount and accrued and unpaid interest on this Note with be due and payable on the earlier of the 80th day following the receipt by the Escrow Agent of the $500,000 funding of the Financing Agreement (or if the 80th day is a bank holiday, the first business day following such 80th day), or the second business day following the closing of an aggregate of $1,000,000 of gross proceeds of the Private Placement (?Maturity Date?). If the principal and accrued interest is not paid on or before the Maturity Date, the unpaid principal shall bear interest at eighteen (18%) per annum retroactive to the Closing Date.
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