Document:

Exhibit 4.54

Exhibit 4.54

EXECUTION DOCUMENT

As of March 20, 2009

PET Capital Partners LLC, as Agent

6800 Broken Sound Parkway, Suite 200

Boca Raton, FL  33487

Re:

FFN/PET Capital March 20, 2009 Limited Waiver

Ladies & Gentlemen:

Pursuant to Section 3.14 of that certain 13% Subordinated Term Loan Note due 2011 (the “Note”), by FriendFinder Networks Inc. (formerly known as Penthouse Media Group Inc.) (the “Company” or “Issuer”)), payable to PET Capital Partners LLC as Agent for the Holders listed on Schedule I to the Note, and guaranteed by the Subsidiary Guarantors party thereto, the Agent and the undersigned Holders hereby agree to waive each of the covenants identified on Schedule A attached to this FFN/PET Capital Limited Waiver, solely to the extent described on Schedule A (with each such waiver being effective as of the date such waiver is required to negate breach or non-compliance with the applicable covenant); provided that each such waiver shall remain effective only if the Company complies with the applicable restated obligation (if any) with respect to such waiver described on Schedule A.

Terms capitalized but not defined in this Letter Agreement have the respective meanings ascribed in the Note. This Letter Agreement may be executed via facsimile or e-mail, and in counterparts, all of which shall constitute one and the same instrument. Except as otherwise provided in this Letter Agreement, the Note remains in full force and effect.

[remainder of page intentionally left blank]

[signature page to limited waiver letter agreement]

Very truly yours,

PET CAPITAL PARTNERS LLC, as Agent and majority Holder

By:

/s/ Daniel C. Staton                         

Name:

Daniel C. Staton

Title:

Managing Member

cc:

FriendFinder Networks Inc.

6800 Broken Sound Parkway NW, Suite 100

Boca Raton, FL  33487

Please indicate your acceptance of the foregoing terms of this FFN/PET Capital Partners Limited Waiver by executing a copy and returning it to us.

ACCEPTED AND AGREED

FRIENDFINDER NETWORKS INC.

/s/ Ezra Shashoua

                                        

By:

Ezra Shashoua

Its:

CFO

Date:

3/20/09                                           

Schedule A: Limited Waivers Granted

		
	Waiver

	Restated Obligation (if any)

	The obligation under Note Section 6.15(3) to deliver for fiscal years 2007 and thereafter a written statement by the Issuer’s independent public accountant within 90 days after the end of such fiscal year.

	None.

	Any Event of Default arising under the Note, solely to the extent such Event of Default resulted or would result from a default that has occurred or is occurring under the agreements identified in Schedule B attached hereto.

	None.

	The obligation under Note Section 6.18 to cause newly-acquired or created Subsidiaries to execute a Guaranty pursuant to a joinder agreement in form and substance satisfactory to the Agent, and to execute and authorize the filing of Uniform Commercial Code financing statements and other recordings.

	Company must complete this obligation by March 31, 2010.

[Remainder of page intentionally blank.]

Schedule B

·

That certain Securities Purchase Agreement, dated as of August 17, 2005, relating to the 15% Senior Secured Notes due 2010 and certain other securities of FriendFinder Networks Inc., as amended, and that certain Securities Purchase Agreement, dated as of August 28, 2006, relating to the 15% Senior Secured Notes due 2010 and certain other securities of Company, and all related agreements, as amended.

·

That certain Securities Purchase Agreement, dated as of December 6, 2007, relating to the Senior Secured Class A Notes due 2011 issued by Interactive Network, Inc., and the Senior Secured Class B Notes due 2011, and certain securities of FriendFinder Networks Inc., and all related agreements, as amended.

·

That certain Sellers’ Securities Agreement, dated as of December 6, 2007, relating to the Subordinated Secured Notes due 2011 issued by Interactive Network, Inc., and certain securities of FriendFinder Networks Inc., and all related agreements, as amended.

·

Those certain 6% Subordinated Convertible Notes due 2011, dated December 6, 2007, June 30, 2008 and December 31, 2008, issued by Interactive Network, Inc.Exhibit 4.55

Exhibit 4.55

EXECUTION COPY

As of October 8, 2009

PET Capital
Partners LLC, as Agent

6800 Broken Sound Parkway, Suite 200

Boca Raton, FL 33487

Re: FFN/PET
Capital October 8, 2009 Limited Waiver

Ladies &
Gentlemen:

Pursuant to
Section 3.14 and Section 6.16 of that certain 13% Subordinated Term Loan Note
due 2011 (the “Note”), by FriendFinder Networks Inc. (formerly known as
Penthouse Media Group Inc.) (the “Company” or “Issuer”)), payable to PET
Capital Partners LLC as Agent for the Holders listed on Schedule I to the Note,
and guaranteed by the Subsidiary Guarantors party thereto, the Agent and the
undersigned Holders of a majority in principal amount of the outstanding Notes
hereby agree to waive each of the covenants identified on Schedule A
attached to this FFN/PET Capital Limited Waiver (this “Waiver”), solely to the
extent described on Schedule A (with each such waiver being effective as of the
date such waiver is required to negate breach or non-compliance with the
applicable covenant); provided that each such waiver shall remain
effective only if the Company complies with the applicable restated obligation
(if any) with respect to such waiver described on Schedule A.

In connection
with this Waiver and each of the limited waivers pertaining to the Notes, dated
as of December 19, 2008 and March 20, 2009, by PET Capital Partners LLC as
Agent and majority Holder for the Holders of the Notes, Issuer shall pay to the
Agent an amendment fee (the “Amendment Fee”) which shall be (i) in an amount
determined by multiplying the outstanding principal amount of the Notes by four
percent (4%) and (ii) paid in additional Notes. This paragraph supersedes and
replaces for all purposes the second paragraph of the Limited Waiver, dated as
of December 19, 2008, by PET Capital Partners LLC as Agent and majority Holder
for the Holders of the Notes.

Terms
capitalized but not defined in this Waiver have the respective meanings
ascribed in the Note. This Waiver may be executed via facsimile or e-mail, and
in counterparts, all of which shall constitute one and the same instrument.
Except as otherwise provided in this Waiver, the Note remains in full force and
effect.

[remainder of page intentionally left blank]

[signature page to limited waiver letter
agreement]

Very truly
yours, 

PET CAPITAL PARTNERS
LLC, as Agent

	
   
  	
   
  	
   
  	
   
  
	
  By:
  	
  NAFT
  Ventures I, LLC, Managing Member
  	
   
  
	
   
  	
   
  	
   
  
	
   
  	
  By:
  	
  /s/ Marc H.
  Bell
  	
   
  
	
   
  	
   
  	   	 	
   
  
	
   
  	
  Name: Marc
  H. Bell
  	
   
  
	
   
  	
  Title:
  Managing Member
  	
   
  
	
   
  	
   
  	
   
  	
   
  
	
  cc:
  	
  FriendFinder
  Networks Inc.
 6800 Broken Sound Parkway NW, Suite
  100 

  Boca Raton, FL 33487
  

Majority Holders

MARC H. BELL

	
   

  	
   

  
	
   /s/ Marc H. Bell

  	
   

  
	 

  	
   

  
	
  Name: Marc
  H. Bell

  	
   

  

STATON FAMILY
INVESTMENTS, LTD

	
   
  	
   
  	
   
  
	
  By: 
  	
  /s/ Daniel C. Staton
  
	
   
  	   	 	
   
  
	
  Name:
  	
  Daniel C. Staton
  
	
  Title:
  	
  Managing Member
  

Please
indicate your acceptance of the foregoing terms of this FFN/PET Capital
Partners Limited Waiver by executing a copy and returning it to us.

ACCEPTED AND
AGREED

FRIENDFINDER NETWORKS INC.

	
   
  	
   
  	
   
  
	
   /s/ Ezra Shashoua
  	
   
  
	   	 	 	
   
  
	
  By: 
  	
  Ezra
  Shashoua
  	
   
  
	
  Its: 
  	
  Chief
  Financial Officer
  	
   
  
	 	 	 
	
  Date:
  	
  October 8,
  2009
  	
   
  

Schedule A: Limited Waivers Granted

	
   

  	
   

  	
   

  
	
  Waiver

  	
   

  	
  Restated Obligation (if any)

  
	
  The
  obligation under Note Section 6.15(3) to deliver for fiscal years 2007 and
  thereafter a written statement by the Issuer’s independent public accountant
  within 90 days after the end of such fiscal year.

  	
   

  	
  None.

  
	
   

  	
   

  	
   

  
	
  Any Event of
  Default arising under the Note, solely to the extent such Event of Default
  resulted or would result from a default that has occurred or is occurring
  under the agreements identified in Schedule B attached hereto.

  	
   

  	
  None.

  
	
   

  	
   

  	
   

  
	
  Any Event of
  Default arising under the Note, solely to the extent such Event of Default
  arises from, or in connection with, value added tax liability that was
  accrued prior to July 1, 2008 or relates to any activities of the Company,
  Interactive Network, Inc., Various, Inc. or any of their Subsidiaries prior
  to July 1, 2008.

  	
   

  	
  None.

  
	
   

  	
   

  	
   

  
	
  The
  obligation under Note Section 6.07 not to, and not to permit any of its
  Subsidiaries to, incur certain Debt, solely to the extent necessary to permit
  (i) the adjustment in principal amount reflected in the amendment and
  restatement of the 6% Subordinated Convertible Note (the “Seller Note”) of
  Interactive Network Inc. (“INI”) attached hereto as Exhibit A, (ii)
  any adjustment in principal amount made in accordance with Section 4(a) of
  the letter agreement, dated October 8, 2009, between the Issuer, INI and the holders
  of the Seller Notes, in the form attached hereto as Exhibit
  B (the “Seller Note Agreement”), and (iii) INI’s incurrence of up to
  $150,000,000 in additional debt as described in Section 1(b) of the Seller
  Note Agreement.

  	
   

  	
  None.

  
	
   

  	
   

  	
   

  
	
  The
  obligation under Note Section 6.09 not to make certain Restricted Payments
  and Note Section 6.13 not to enter into certain transactions with Affiliates
  and Related Persons, solely to the extent necessary to permit the Issuer to
  enter into, and perform its obligations under, the agreements with Marc Bell,
  Daniel Staton, Andrew Conru and Lars Mapstead, respectively, in substantially
  the forms of Exhibit C, Exhibit D, Exhibit E and Exhibit
  F attached hereto.

  	
   

  	
  None.

  

 

	
   

  	
   

  	
   

  
	
  The
  obligation under Note Section 6.09 not to make certain Restricted Payments
  and Note Section 6.13 not to enter into certain transactions with Affiliates
  and Related Persons, solely to the extent necessary (i) to permit the
  payments made to Hinok Media Inc. (and payments made to Youmu, Inc. in lieu
  of Hinok Media Inc. in violation of Section 10 of the Independent Contractor
  Agreement, dated September 21, 2007, between Hinok Media Inc. and Various,
  Inc. which prohibits such assignment) and Legendary Technology Inc. prior to
  the date hereof and (ii) to continue to pay amounts due under the terms of
  that certain Independent Contractor Agreement by and between Various, Inc.,
  and Hinok Media Inc., dated as of September 21, 2007, as amended, and as
  further amended pursuant to that certain Amendment No. 2 to Independent
  Contractor Agreement, Assignment and Limited Waiver dated as of October 8,
  2009, and that certain Independent Contractor Agreement by and between
  Various, Inc., and Legendary Technology Inc., dated as of September 21, 2007,
  as amended pursuant to that certain Amendment No. 1 to Independent Contractor
  Agreement dated as of October 8, 2009.

  	
   

  	
  None.

  
	
   

  	
   

  	
   

  
	
  The
  obligation under Note Section 6.11 not to, and not to permit any of its
  Subsidiaries to, incur or suffer to exist certain Liens, solely to the extent
  necessary to allow INI or any of its Subsidiaries to (i) grant a security
  interest in favor of the Seller Notes as described in Section 1(c) of the
  Seller Note Agreement and (ii) grant a security interest in favor of up to
  $150,000,000 in additional debt as described in Section 1(c) of the Seller
  Note Agreement.

  	
   

  	
  None.

  
	
   

  	
   

  	
   

  
	
  The
  obligation under Note Section 6.18 to cause newly-acquired or created
  Subsidiaries to execute a Guaranty pursuant to a joinder agreement in form
  and substance satisfactory to the Agent, and to execute and authorize the
  filing of Uniform Commercial Code financing statements and other recordings.

  	
   

  	
  Company must
  complete this obligation by March 31, 2010 

  

[Remainder of page intentionally blank.]

Schedule B

	
   

  	
   

  
	
  •

  	
  That certain
  Securities Purchase Agreement, dated as of August 17, 2005, relating to the
  15% Senior Secured Notes due 2010 and certain other securities of
  FriendFinder Networks Inc., as amended, and that certain Securities Purchase
  Agreement, dated as of August 28, 2006, relating to the 15% Senior Secured
  Notes due 2010 and certain other securities of Company, and all related
  agreements, as amended.

  
	
   

  	
   

  
	
  •

  	
  That certain
  Securities Purchase Agreement, dated as of December 6, 2007, relating to the
  Senior Secured Class A Notes due 2011 issued by Interactive Network, Inc.,
  and the Senior Secured Class B Notes due 2011, and certain securities of
  FriendFinder Networks Inc., and all related agreements, as amended.

  
	
   

  	
   

  
	
  •

  	
  That certain
  Sellers’ Securities Agreement, dated as of December 6, 2007, relating to the
  Subordinated Secured Notes due 2011 issued by Interactive Network. Inc., and
  certain securities of FriendFinder Networks Inc., and all related agreements,
  as amended.

  
	
   

  	
   

  
	
  •

  	
  Those
  certain 6% Subordinated Convertible Notes due 2011, dated December 6, 2007,
  June 30, 2008, December 31, 2008 and June 30, 2009, issued by Interactive
  Network, Inc.

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