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Exhibit 10.48

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AFFIDAVIT FOR CONFESSION OF JUDGMENT

STATE OF CONNECTICUT
COUNTY OF FAIRFIELD

ST. GEORGE INVESTMENTS, LLC
                                                            Plaintiff,

- against -

Affidavit For Confession
of Judgment

mPHASE TECHNOLOGIES, INC.
                                                          Defendant.

Martin Smiley, being duly sworn, deposes and says:

1.

That I am the General Counsel of the Defendant in this action, with an address
located at 587 Connecticut Avenue, Norwalk, CT 06854.

2.

That the Defendant hereby confesses judgment in this court in favor of the
Plaintiff, St. George Investments LLC, in the sum of five hundred fifty thousand
(550,000) Dollars and 0 / 100, together with the interest from the 28th day of
February, 2008, plus costs and disbursements, and do hereby authorize the
Plaintiff or assigns to enter judgment for said amount in any court of
appropriate jurisdiction.

3.

That this confession of judgment is for a debt justly due or to become due to
Plaintiff arising out of the following facts: Note executed by the Defendant on
the 28th day of February, 2008.

MPHASE TECHNOLOGIES, INC.

Name: ___________________
Title: ____________________

Sworn to before me this _____ day of February, 2008
 

______________________________________
NOTARY PUBLIC

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Closing Checklist
$550,000 Convertible Note Financing
mPhase Technologies, Inc.
and Chicago Venture Partners

1.

Securities Purchase Agreement

2.

Promissory Note

3.

Joint Escrow Instructions

4.

Opinion of Counsel

5.

Company Disclosure

6.

SEC Public Documents

7.

Confession of Adjustment (Needs to be Notarized)

8.

Wire Transfer Instructions

9.

Board of Directors Resolutions

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February 26, 2008

Jeff Manger
Jersey Transfer & Trust
201 Bloomfield Avenue
Verona, NJ 07044

Dear Jeff:

I am the General Counsel of mPhase Technologies, Inc ("mPhase"). Please consider
this letter my instruction that you issue restricted shares (the "Shares") of
common stock and warrants of mPhase, stated value $.01 per share, to the persons
set forth on Schedule A.

The Shares are restricted securities and may not be sold, transferred, assigned,
pledged or hypothecated unless registered under the Securities Act of 1933, as
amended and in conformance with applicable state law, or with an exemption
therefrom. Therefore the certificate representing the Shares and Warrants may
only be issued by you if they are marked with a legend in substantially the
following form:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE

SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR STATE SECURITIES
LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED OR
OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER
APPLICABLE STATE SECURITIES LAWS OR MPHASE TECHNOLOGIES, INC. (THE "COMPANY")
HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT AND UNDER THE
PROVISIONS OF APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

Please send the certificate representing the Shares by overnight mail to the
persons set forth in Schedule A.

If you have any questions, please call me at (203) 831

- 2242. Thank you.

Very truly yours,

Martin S. Smiley
General Counsel

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Schedule A

Name Number of Shares Address 　 　 　 St George Investments, LLC. 3,000,000 SAMUEL
M. KRIEGER,ESQ. 　 　 Krieger & Prager LLP 　 　 39 Broadway, Suite 920 　 　 New
York, NY 10006 　 　 　 　 　 Tel: (212) 363- 2900

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SCHEDULE A

Current

Litigation

MagPie Telecom Insiders, Inc., A Colorado corporation PLAINTIFF(S)

VS. mPhase Technologies, Inc.,

A New Jersey corporation DEFENDANT(S)

Civil Action filed in the United States District Court for the District of
Colorado on the 9th day of November 2007.

 

DESCRIPTION: Dispute with software vendor under a Software Development Agreement
dated as of September 1, 2004 for the amount of $679,969 – various defenses and
counterclaims have been asserted by mPhase Technologies., Inc.

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CONVERTIBLE DEBENTURE
AND RESTRICTED SHARES OF COMMON STOCK
ACQUISITION BY CASH
TERM SHEET PROPOSAL
FEBRUARY 26, 2008

　

Company:  

mPhase Technologies, Inc., a New Jersey corporation ("Company'').

   

 

Investor:  

St. George Investments, LLC, a Nevada limited liability company, or an affiliate
thereof ("Investor").

   

 

Type of Financing:  

1 tranche of 7.50% Convertible Debenture and 3 million restricted shares of
Common Stock ("Restricted Stock"). Interest only, on the Convertible Debenture,
shall be payable semi-annually, in arrears, commencing 180 days after the
Closing Date. Principal outstanding plus any accrued interest shall be due 4
years from Funding Date. The Convertible Debenture and Restricted Stock are paid
for by a cash payment of $500,000 (the "Purchase Price"), which Purchase Price
shall be allocated as $20,000 for the Restricted Stock and $480,000 for the
Convertible Debenture. Payment of $550,000 in principal, plus accrued and unpaid
interest, is due at maturity.

   

 

Purpose:  

Working capital.

   

 

Conversion:  

The Convertible Debenture is convertible into Common Stock at any time or from
time to time by Investor at 75% of the Volume Weighted Average Price ("VWAP") of
3 of the 20 prior trading days (which need not be consecutive). Any portion of a
Convertible Debenture that is converted must have been fully paid prior to
conversion thereof.

   

 

Debenture Prepayments:  

The Company may prepay, in cash, in whole or in part, the Debenture at a cost
equal to 110% of the then-outstanding principal amount plus accrued interest;
provided, however, that Investor shall have the right to convert all or any
portion of the Debenture prior to such prepayment into the Company’ Common
Stock.

   

 

Ownership Limitation:  

In no event may Investor own more than 4.99% of the outstanding voting
securities of Company. This limitation applies to the conversion of Convertible
Debentures, as well as foreclosure of collateral.

   

 

Events of Default:  

The occurrence of certain events will cause an Event of Default to occur. Those
events include without limitation:

   

 

  (i)

Non-payment of amounts owed on Secured Debentures, other defaults on transaction
documents, misrepresentations or breaches of covenants,

  (ii)

Judgments against Company, or defaults on obligations, in amount of at least
$250,000,

  (iii)

Failure of Company to continue to maintain its status as a reporting company or
to timely file all reports required to be filed by it with the SEC pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934, or otherwise
required by the Securities Exchange Act of 1934, or inability of Investor to be
permitted to sell shares of Restricted Stock pursuant to Rule 144 from and after
the date that is 6 months following the Closing Date.

  (iv)

Halt or suspension of trading in Common Stock,

  (v)

Failure of the 10-day average dollar volume of shares of Common Stock to be at
least $25,000, or

  (vi)

Bankruptcy or insolvency.

         

Upon occurrence of an Event of Default, 110% of the principal amount then
outstanding with respect to the Secured Debenture, together with any accrued and
unpaid interest thereon and any other amounts owing, will be immediately due and
payable in cash. Upon occurrence of an Event of Default of the type described in
section (iii) above, Company immediately will issue to Investor an additional 10
million shares of Common Stock. In addition, following occurrence of an Event of
Default, penalty interest of 1% per month will accrue an all amounts due and
owing by Company until paid. Following occurrence of an Event of Default,
Investor has the right, but not the obligation, to receive payment in shares of
Common Stock of Company at the then-market price, calculated at the lowest
Volume Weighted Average Price for the 20 trading days prior to the date on which
Investor shall make such request.

All such amounts will be applied first to any unpaid costs, interest and
principal outstanding on any outstanding Secured Purchase Note, and any amounts
remaining owing to Investor will be paid to Investor in cash

 

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Closings:  

The Closing and Funding of the Debenture must occur not later than the close of
business on Friday, February 29, 2008, subject to satisfaction of the following
three conditions:

   

 

  (i) Mutual agreement and execution of all definitive documentation.   (ii) Due
Diligence by Investor of Company which shall be satisfactory to Investor and its
counsel, in its sole discretion.   (iii) No material adverse change in the
condition or prospects of Company prior to closing.    

 

Registration Rights:

None.

Fees/ Expenses: Company shall pay Investor’s legal and other fees and expenses
of $20,000 at closing.

This Term Sheet has been prepared for discussion purposes only between Investor
and Company. It is an indication of interest only, not an offer to sell or buy
securities, and is non-binding on the parties pending execution of a definitive
agreement. The information contained herein is confidential and intended only
for the person and his or her advisors to whom this memorandum is furnished.

The parties hereby acknowledge their mutual consent to the above terms and their
intention to negotiate in good faith the contemplated transaction. This Term
Sheet will be considered null and void if it is not executed by both parties by
the close of business 7 business days after the date hereof.

 

 

 

Name: Date   Name: Date Title: 　   Title: 　

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