Secured Subordinated Revolving Promissory Note Sample Contracts

Akrion – Contract (August 28th, 2007)

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE REQUIREMENTS OF OR EXEMPTIONS UNDER SUCH ACT AND LAWS.

Akrion – Contract (July 11th, 2007)

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE REQUIREMENTS OF OR EXEMPTIONS UNDER SUCH ACT AND LAWS.

Secured Subordinated Revolving Promissory Note (January 31st, 2007)

FOR VALUE RECEIVED, the undersigned, OPTEX SYSTEMS, INC., a Texas corporation (Maker), promises to pay to the order of TWL GROUP, LP, a Texas limited partnership (Payee), whose address is 4306 Savannah, Parker, TX 75002 the sum of Two Million Dollars ($2,000,000) or so much thereof as may be advanced by Payee to Maker and be outstanding hereunder, together with interest on the unpaid principal balance from time to time remaining at a rate per annum (calculated on the basis of actual days elapsed, but computed as if each calendar year consisted of 360 days) which shall from day to day be equal to 10%.

Secured Subordinated Revolving Promissory Note (January 19th, 2007)

FOR VALUE RECEIVED, the undersigned, OPTEX SYSTEMS, INC., a Texas corporation (Maker), promises to pay to the order of TWL GROUP, LP, a Texas limited partnership (Payee), whose address is 4306 Savannah, Parker, TX 75002 the sum of Two Million Dollars ($2,000,000) or so much thereof as may be advanced by Payee to Maker and be outstanding hereunder, together with interest on the unpaid principal balance from time to time remaining at a rate per annum (calculated on the basis of actual days elapsed, but computed as if each calendar year consisted of 360 days) which shall from day to day be equal to 10%.