Exhibit 4.2


 


THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), 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 THERETO IS EFFECTIVE UNDER
THE SECURITIES ACT, AND ANY APPLICABLE STATE SECURITIES LAW REQUIREMENTS HAVE BEEN MET OR (B) EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS UNDER THE SECURITIES ACT AND THE REGISTRATION OR QUALIFICATION REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS ARE
AVAILABLE.


 


SECURED PROMISSORY NOTE


 


	$50,000	May 15, 2015
	 	New York, New York


 


FOR VALUE RECEIVED, Atrinsic, Inc., a Delaware corporation
(the “Company”), promises to pay to the order of Iroquois Master Fund Ltd (“Holder”), at the offices of
Morse, Zelnick, Rose & Lander LLP, 825 Third Avenue, New York, New York 10022, the principal sum of Fifty Thousand U.S. Dollars
(U.S. $50,000) with interest thereon at the rate of five percent (5%) per annum. Any amounts that remain unpaid when due shall
thereafter bear interest at the rate of twelve percent (12%) per annum. Interest as aforesaid shall be calculated on the basis
of actual number of days elapsed over a year of 360 days.


 


The principal amount and
all accrued interest of this Note are due on July 31, 2015 (the “Maturity Date”).


 


This Note is subject to
the following additional provisions:


 


Section 1.             Definitions.
For the purposes hereof, in addition to the terms defined elsewhere in this Note the following terms shall have the following meanings:


 


“Business
Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or
a day on which banking institutions in the State of New York are authorized or required by law or other government action to close.


 


“Event
of Default” shall have the meaning set forth in Section 4.


 


“Fundamental
Transaction” shall have the meaning set forth in Section 3.


 


“Original
Issue Date” means the date of the first issuance of this Note regardless of the number of transfers of any Note and regardless
of the number of instruments which may be issued to evidence such Note.


 


“Person”
means a corporation, an association, a partnership, organization, a business, an individual, a government or political subdivision
thereof or a governmental agency.


 




    	 



    	 



    

 


“Security
Agreement” means the First Amended and Restated Security Agreement dated as of December 18, 2014 by and among the Company,
the Holder and Hudson Bay Master Fund Ltd. (“Hudson”), as amended by the Letter Agreement dated an even date hereof.


 


“Subsidiary”
means any Person in which the Company owns more than 50% of the outstanding equity.


 


“Transaction
Documents” means the Security Agreement and this Note.


 


Section 2.             Registration
of Transfers and Exchanges.


 


a)            Different Denominations.
This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations as requested by
the Holder surrendering the same, No service charge will be made for such registration of transfer or exchange.


 


b)            Reliance on
Note Register. Prior to due presentment to the Company for transfer of this Note, the Company and any agent of the Company
may treat the Person in whose name this Note is duly registered on the Company’s books and records as the owner hereof for
the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither
the Company nor any such agent shall be affected by notice to the contrary.


 


Section 3.           Acceleration
of Maturity Date.


 


If, at any time while this
Note is outstanding the Company or any of its Subsidiaries, (A) effects any merger or consolidation of the Company with or into
another Person or (B) acquires assets of a business from any Person (in any such case, a “Fundamental Transaction”),
then, immediately prior to the occurrence of such Fundamental Transaction the principal and accrued but unpaid interest payable
hereunder shall automatically become, at the Holder’s election, immediately due and payable in cash.


 


Section 4.          Use
of Proceeds. 


 


The Company will use the
proceeds of the loan represented by this Note only for working capital.


 


Section 5.          Events
of Default.


 


a)        Event of Default.
Wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary
or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of
any administrative or governmental body):


 


i.            any
default in the payment of (A) the principal, or (B) interest on this Note or any other note of the Company held by the Holder when
the same shall become due and payable (whether on the Maturity Date or by acceleration or otherwise) which default is not cured
within ten (10) Business Days after written notice from the Holder;


 




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ii.          a
breach of any of the covenants or agreements made by the Company herein; or


 


iii.         (A)
there is commenced against the Company or any Subsidiary thereof a case under any applicable bankruptcy or insolvency laws as now
or hereafter in effect or any successor thereto, or any other proceeding under any reorganization, arrangement, adjustment of debt,
relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect
relating to the Company or any Subsidiary thereof which remains undismissed for a period of 60 days; or (B) the Company or any
Subsidiary thereof is adjudicated by a court of competent jurisdiction insolvent or bankrupt; or any order of relief or other order
approving any such case or proceeding is entered; or (C) the Company or any Subsidiary thereof suffers any appointment of any custodian
or the like for it or any substantial part of its property which continues undischarged or unstayed for a period of 60 days.


 


b)         Remedies Upon
Event of Default. If any Event of Default occurs, the full principal amount of this Note, together with interest and any other
amounts owing in respect hereof, to the date of acceleration shall become, at the Holder’s election, immediately due and
payable in cash. The Holder need not provide and the Company hereby waives any presentment, demand, protest or other notice of
any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies
hereunder and all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by Holder
at any time prior to payment hereunder and the Holder shall have all rights as a Note holder until such time, if any, as the full
payment under this Section shall have been received by it. No such rescission or annulment shall affect any subsequent Event of
Default or impair any right consequent thereon.


 


Section 6.          Miscellaneous.


 


a)         Notices.
Any and all notices or other communications or deliveries to be provided by the Holder hereunder shall be in writing and delivered
personally, by facsimile to Fax No: (212) 208-6809, or sent by a nationally recognized overnight courier service, addressed to
the Company at 65 Atlantic Avenue, Boston, Massachusetts 02110, attention: Chief Executive Officer, or such other address or facsimile
number as the Company may specify for such purposes by notice to the Holder delivered in accordance with this Section. Any and
all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally,
by facsimile, sent by a nationally recognized overnight courier service addressed to the Holder at the facsimile, telephone number
or address of such Holder appearing on the books of the Company, or if no such facsimile telephone number or address appears, at
the principal place of business of the Holder. Any notice or other communication or deliveries hereunder shall be deemed given
and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile telephone number specified in this Section prior to 5:30 p.m. (New York City time), (ii) the date after the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Section later than
5:30 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York City time) on such date, (iii) the second Business
Day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the
party to whom such notice is required to be given.


 




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b)         Absolute Obligation.
Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of, interest and other amounts provided for herein (if any) on, this Note at the time,
place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company.


 


c)         Lost or Mutilated
Note. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange and substitution
for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed Note, a new Note
for the principal amount of this Note so mutilated, lost, stolen or destroyed but only upon receipt of evidence of such loss, theft
or destruction of such Note, and of the ownership hereof; and indemnity, if requested, all reasonably satisfactory to the Company.


 


d)         Security Interest.
This Note is a direct debt obligation of the Company and, pursuant to the Security Agreement all of the Company’s obligations
hereunder are secured by a security interest in all of the assets of the Company for the benefit of the Holder. The Holder understands,
acknowledges and agrees that Hudson has made a loan to the Company in a principal amount equal to the principal amount of this
Note, and that the Company has granted Hudson a security interest in all of the assets of the Company and that the Hudson security
interest is pari passu with that of the Holder.


 


e)         Governing Law.
All questions concerning the construction, validity, enforcement and interpretation of this Note, and any claim, controversy or
dispute arising under or related to this Note, the relationship of the parties, and/or the interpretation and enforcement of the
rights and duties of the parties hereunder shall be governed by and construed and enforced in accordance with the internal laws
of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by any of the Transaction Documents (whether
brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced
in the state or federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”). Each
party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to
the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, or such New York Courts are improper
or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service
shall constitute good and sufficient service of process and notice thereof Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this
Note or the transactions contemplated hereby. If either party shall commence an action or proceeding to enforce any provisions
of this Note, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney’s
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.


 


f)         Waiver.
Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed to be a
waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Company or
the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or
deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note. Any waiver
must be in writing.


 




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g)         Severability.
If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any
provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances.
If it shall be found that any interest or other amount deemed interest due hereunder violates applicable laws governing usury,
the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. The
Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive
the Company from paying all or any portion of the principal of or interest on this Note as contemplated herein, wherever enacted,
now or at any time hereafter in force, or which may affect the covenants or the performance of this indenture, and due Company
(to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it
will not, by resort to any such law, binder, delay or impeded the execution of any power herein granted to the Holder, but will
suffer and permit the execution of every such as though no such law has been enacted.


 


h)         Next Business
Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall
be made on the next succeeding Business Day.


 


i)          Headings.
The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit
or affect any of the provisions hereof.


 


IN WITNESS WHEREOF, the Company has
caused this Note to be duly executed by a duly authorized officer as of the date first above indicated.


 


	 	ATRINSIC, INC.	 
	 	 	 
	 	By:	/s/ Edward
    Gildea	 
	 	 	Edward Gildea,	 
	 	 	Chief Executive Officer	 


 




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