You are here: Home » Search » Search Results » Document

Exhibit 10.6




This Second Modification of Convertible Loan Agreement (this "Second Modification") made and executed as of September 14, 2011, by and between:


X-FACTOR COMMUNICATIONS, LLC located at 3 Empire Boulevard, South Hackensack, New Jersey 07606 ("Borrower") and


NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY, a body corporate and politic constituting an instrumentality of the State of New Jersey (the "Authority").




The Authority and the Borrower entered into a Convertible Loan Agreement dated July 31, 2009 (the "Loan Agreement") pursuant to which the Authority loaned Borrower the sum of $500,000 (the "Loan"). The Loan is evidenced by a Secured Convertible Promissory Note of the same date (the "Note"). Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Loan Agreement.


WHEREAS, in December 2010, the Borrower requested and the Authority agreed to grant a 6-month interest-only payment period on the Note commencing on December 1, 2010 and ending on May 1, 2011 evidence by a First Modification of Convertible Loan Agreement dated January 19, 2011 ("First Modification").


WHEREAS, in order to provide continued payment relief to the Borrower and to allow the Borrower to conserve its cash until bridge financing and receivables from the Cisco contract are collected, the Borrower requested a second 6-month interest only payment period on the Note.



This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more