Document:

Demand Promissory Note

 

Andreas A. McRobbie-Johnson

an individual currently residing at 6081 W.
Park Ave., Chandler, AZ 85226

(Hereinafter referred to as the “Borrower”)

 

- And -

 

DIGNYTE, INC.

An Arizona corporation with its principal offices
at 605 W. Knox Rd., Suite 202 Tempe, AZ 85284

(Hereinafter referred to as the “Lender”)

 

FOR VALUE RECEIVED, the Borrower hereby
unconditionally promises to pay to the order of Lender the sum of TenThousand Dollars ($10,000.00) together with interest accrued
at the rate of five percent (5.0%) per year on any unpaid balance accruing from and after the first 24 months of the date hereof.

 

Payable on Demand

 

The entire outstanding amount shall become
immediately payable upon demand by the Lender or holder of this Note, but demand shall not be made before the last day of September
2012.

 

Place of Payment

 

Payment shall be made at the above stated address
of the Lender or at such place as may be designated from time to time in writing by the Lender or holder of this Note. For ease
of payment the Borrower may exercise the option to effect payment by direct deposit or electronic transfer of funds into the account
of Lender as specified in writing.

 

NoPrepayment Penalty

 

The Borrower may prepay this Note in full or
in part at any time and from time to time without premium or penalty. All prepayments shall first be applied to accrued interest
and thereafter to the principal loan amount.

 

    	 

    	 

    

 

Default

 

Should the Borrower not make full payment within
thirty (30) days of demand, this Note may be turned over for collection and the Borrower agrees to pay all reasonable legal fees
and collection charges to the extent permissible by law, in addition to other amounts due. This Note may also be satisfied upon
the provision of uninterrupted service to the Lender for a period of 12 months from the date hereof with respect to the unpaid
principal balance and any accrued but unpaid interest thereon due under this Note to the Lender.

 

No Transfer

 

The Lender may not transfer this Note to another
holder without notice to the Borrower. If the Borrower consents to the requested transfer, the Borrower agrees to remain bound
to any subsequent holder of this Note under the terms of this Note.

 

Replacement of Note

 

The Borrower agrees to execute a new Note with
the same terms and conditions and remaining value in the event that this Note is lost, stolen or mutilated. The Lender shall release
the Borrower of all obligations under the lost, stolen or mutilated Note in lieu of a replacement new Note.

 

Borrower's Waiver

 

The Borrower waives presentment for payment,
notice of non-payment, off-set, protest and notice of protest and agrees to remain fully bound until this Note is paid in full.

 

Lender's Indulgence

 

No relaxation, indulgence, waiver, release
or concession of any terms of this Note by the Lender on one occasion shall be binding unless in writing and if granted shall not
be applicable to any other or future occasion.

 

Binding Effect

 

The terms of this Note shall be binding upon
the Borrower's successors and shall accrue to the benefit and be enforceable by the Lender and his/her successors, legal representatives
and assigns.

 

Jurisdiction

 

This Note shall be construed, interpreted and
governed in accordance with the laws of the State of Arizona and should any provision of this Note be judged by an appropriate
court of law as invalid, it shall not affect any of the remaining provisions whatsoever.

 

The balance of this page is intentionally
blank

 

    	 

    	 

    

 

General

 

Where appropriate words signifying one gender
shall include the others and words signifying the singular shall include the plural and vice versa.

 

Paragraph headings are for convenience of reference
only and are not intended to have any effect in the interpretation or determining of rights or obligations under this Note.

 

Signed at the City of Chandler, AZ on
this _____day of May, 2011.

 

	______________________________	 
	Andreas A. McRobbie-Johnson,	 
	as Borrower	 

 

	DIGNYTE, INC.	 
	as Lender	 

 

	______________________________	 
	Andreas A. McRobbie-Johnson	 
	President & CEOaxr10k2012exh4.htm

EXHIBIT 4.2

PNC Bank, National Association

1600 Market Street

Philadelphia, PA 19103

July 18, 2012

Kable Media Services, Inc.

16 South Wesley Avenue

Mt. Morris, IL  61054

Attention:  Bruce Obendorf

	
  

	
Re: Waiver and Amendment

 

Gentlemen:

 

Reference is made to that certain Revolving Credit and Security Agreement dated as of May 13, 2010 among Kable Media Services, Inc., a corporation organized under the laws of the State of Delaware (“Kable”), Kable Distribution Services, Inc., a corporation organized under the laws of the State of Delaware (“Kable Distribution”), Kable Product Services, Inc., a corporation organized under the laws of the State of Delaware (“Kable Product”), Kable News Company, Inc., a corporation organized under the laws of the State of Illinois (“Kable News”), Palm Coast Data Holdco, Inc., a corporation organized under the laws of the State of Delaware (“Palm Holding”), Kable Staffing Resources LLC, a limited liability company organized under the laws of the State of Delaware (“Kable Staffing”), Kable Specialty Packaging Services LLC, a limited liability company organized under the laws of the State of Delaware (“Kable Specialty”), Kable News International, Inc., a corporation organized under the laws of the State of Delaware (“Kable International”), Palm Coast Data LLC, a limited liability company organized under the laws of the State of Delaware (“Palm Coast”, together with Kable, Kable Distribution, Kable Product, Kable News, Palm Holding, Kable Staffing, Kable Specialty, Kable International and each Person joined thereto as a borrower from time to time, collectively, the “Borrowers”, and each a “Borrower”), the financial institutions which are now or which hereafter become a party thereto as lenders (collectively, “Lenders” and each individually a “Lender”) and PNC Bank, National Association, as agent for Lenders (in each such capacity, the “Agent”) (as amended, restated, supplemented or modified from time to time, the “Loan Agreement”). Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Loan Agreement.

 

 Borrowers have notified Agent that Borrowers have failed to maintain the Fixed Charge Coverage Ratio as required by Section 6.5 of the Loan Agreement for the period ending April 30, 2012 (the “Existing Default”).  Borrowers have requested that Agent and Lenders waive the Existing Default and further amend the terms of the Loan Agreement.  Agent and Lenders hereby agree to waive the Existing Default and amend the Loan Agreement as more fully set forth herein.

 

  

  

  

  

Upon execution of this Letter Agreement by Agent and Lenders, Borrowers and Agent agree that Section 6.5 of the Loan Agreement shall be deleted and replaced as follows:

6.5 Fixed Charge Coverage Ratio.  Commencing with the fiscal quarter ending July 31, 2012, cause to be maintained as of the end of each fiscal quarter, a Fixed Charge Coverage Ratio of not less than (i) .70 to 1.00 for the quarter ending July 31, 2012 and (ii) 1.10 to 1.0 for each quarter end thereafter, in each case measured on a rolling four (4) quarter basis.

Upon execution of this Letter Agreement by Agent and Lenders, Agent and Lenders hereby waive the Existing Default; provided, however that such waiver shall in no way constitute a waiver of any other Default or Event of Default which may have occurred but which is not specifically referenced as an Existing Default, nor shall this waiver obligate Agent or Lenders to provide any further waiver of any other Default or Event of Default  (whether similar or dissimilar, including any further Default or Event of Default resulting from a failure to comply with the terms of the Loan Agreement).  Other than in respect of the Existing Default, this waiver shall not preclude the future exercise of any right, power, or privilege available to Agent or Lenders whether under the Loan Agreement, the other Loan Documents or otherwise.

 

Borrowers hereby confirm and ratify in all respects the Loan Agreement and the Other Documents and the Obligations outstanding thereunder, and acknowledge that the Loan Agreement and Other Documents shall continue in full force and effect as therein written except as set forth herein and that no claims, counterclaims, offsets or defenses arising out of or with respect to Borrowers’ Obligations exist under the Loan Agreement or the Other Documents.

Borrowers hereby confirm their existing grant to Agent of a security interest in the Collateral and Borrowers hereby confirm that all security interests at any time granted to Agent continue in full force and effect and secure and shall continue to secure the liabilities and Obligations so long as any such liabilities or Obligations remain outstanding and that all property subject thereto remain free and clear of any liens or encumbrances other than Permitted Encumbrances.

Please countersign this letter agreement below to evidence your acknowledgment to the foregoing.  Delivery by facsimile or electronic transmission shall bind the parties hereto.  This letter may be executed in one or more counterparts, each one of which when so executed shall be deemed to be an original, and all of which taken together shall constitute one and the same agreement.

 

[Signature Pages to Follow]

 

 

  

2

  

  

 

	 	Very truly yours,
	 	 
	 	
PNC BANK, NATIONAL ASSOCIATION,

as Agent and Lender

 

By:           /s/ Jacqueline MacKenzie                                           

Name:  Jacqueline MacKenzie

Title:    Vice President

 

[Signature Page to Consent Letter]

 

  

3

  

  

	  	
BORROWERS:

 

KABLE MEDIA SERVICES, INC.

 

	  	
By:             /s/ Michael P. Duloc          

Name: Michael P. Duloc

Title: President and Chief Executive Officer

 

	  	
KABLE DISTRIBUTION SERVICES, INC.

 

	  	

By:             /s/ Michael P. Duloc          

Name: Michael P. Duloc

Title: President and Chief Executive Officer

 

	  	
KABLE PRODUCT SERVICES, INC.

 

	  	

By:             /s/ Michael P. Duloc          

Name: Michael P. Duloc

Title: President and Chief Executive Officer

 

	  	
KABLE NEWS COMPANY, INC.

 

	  	

By:             /s/ Michael P. Duloc          

Name:  Michael P. Duloc

Title: President

 

	  	
PALM COAST DATA HOLDCO, INC.

 

	  	

By:             /s/ Michael P. Duloc          

Name:  Michael P. Duloc

Title: President and Chief Executive Officer

 

 

 

  

4

  

  

	  	
KABLE STAFFING RESOURCES LLC

 

	  	

By:             /s/ Michael P. Duloc          

Name: Michael P. Duloc

Title: President and Chief Executive Officer

 

	  	
KABLE SPECIALTY PACKAGING SERVICES LLC

 

	  	

By:             /s/ Michael P. Duloc          

Name: Michael P. Duloc

Title: President and Chief Executive Officer

 

	  	
KABLE NEWS INTERNATIONAL, INC.

	  	

By:             /s/ Michael P. Duloc          

Name: Michael P. Duloc

Title: President

 

	  	
PALM COAST DATA LLC

 

	  	

By:             /s/ Michael P. Duloc          

Name:  Michael P. Duloc

Title: President and Chief Executive Officer

 

 

 

 

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}]]