Document:

Exhibit 4.8

 

 

 

 

 Exhibit 4.8 
 ALLONGE #6 TO CONVERTIBLE PROMISSORY NOTE
 Page 1 of 2
 

 

 This Allonge #6, dated as of April 30, 2015, is attached to and made a part of that certain Convertible Promissory Note (the “Note”) dated April 14, 2009, in the original principal amount of One Million Dollars ($1,000,000) made by Onstream Media Corporation (the “Company”) to the order of Rockridge Capital Holdings, LLC (the “Investor”) and amended by (i) an Allonge dated September 11, 2009 which among other things increased the Principal Amount under the Note to Two Million Dollars ($2,000,000) and (ii) Allonges dated December 11, 2012, February 28, 2014, September 20, 2014 and December 31, 2014, which among other things modified the repayment schedule, for the purpose of annexing thereto the following modifications.
 

 1)
 It is hereby agreed that the remaining principal balance outstanding under the Note as of the date of this Allonge #6 is $400,000 after consideration of all payments made to date and such remaining principal balance outstanding under the Note is due and payable on October 15, 2015. It is further agreed that the Company will pay the outstanding principal under the Note upon its sale of any of its business units or subsidiaries, and within ten days after its receipt of related proceeds in excess of $5 million in aggregate.
 

 2)
 In addition to the principal repayment, interest will be payable at 12% per annum with remaining scheduled monthly payments of $4,000 per month on the last day of each month through September 2015 and a final interest payment of $2,000 on October 15, 2015. These interest payments will be appropriately adjusted, on a pro-rata daily basis, in the event of an early repayment of the note.
 

 3)
 In consideration of the above payment schedule, which represents a modification of the previous repayment schedule and most notably an extension of the previous balloon payment that was due on June 30, 2014, the Company hereby agrees to increase the origination fee due hereunder by thirty thousand (30,000) common shares, for a cumulative origination fee of six hundred ninety-six thousand six hundred sixty seven (696,667) restricted common shares of the Company, none of which shares have yet been issued and are in lieu of any other origination fees hereunder. The number of shares in this paragraph has been calculated after giving effect to the 1 for 6 reverse split effected by the Company on April 5, 2010.
 

 

 Initials:   Investor DF   Company RSS
 

  

 

 

 ALLONGE #6 TO CONVERTIBLE PROMISSORY NOTE
 Page 2 of 2
 

 

 4)
 The Investor hereby consents to modifications being made, at or about the same time as this Allonge #6 is being executed, to certain notes (later combined into one note) that were the subject of that certain Intercreditor Agreement dated February 28, 2014 between the Investor and Sigma Opportunity Fund II, LLC (“Sigma”). Such modifications include (i) the extension of the principal due date of the current note to October 15, 2015, and a potential increase in the outstanding principal amount to $1,583,000, with interest payable monthly on the outstanding balance at 21% per annum through such extended due date, (ii) the provision that Sigma may repay the Note at any time after the Company’s default on this Note or the Sigma note and (iii) additional consideration paid by the Company to Sigma in consideration of such modifications. 
 

 5)
 Other than as modified above and as previously amended, the Note remains unmodified and in full force and effect.
 

 Above agreed to and accepted by:
  
 COMPANY:
 ONSTREAM MEDIA CORPORATION
 

 By:  /s/ Randy S. Selman
 

 Initials: RSS
 

 Name:  Randy S. Selman
 Title:  President and Chief Executive Officer
 

 

 INVESTOR:
 ROCKRIDGE CAPITAL HOLDINGS, LLC
 

 By:  /s/ David Friedman
 

 Initials: DF
 

 Name:  David Friedman
    
 Title:    Managing DirectorExhibit 4.13

 Exhibit 4.13
 THIRD AMENDMENT AND ALLONGE TO SENIOR SECURED NOTE
 

 This THIRD AMENDMENT AND ALLONGE (this “Third Amendment”), effective as of September 15, 2014, is by and among ONSTREAM MEDIA CORPORATION (the “Company”), INFINITE CONFERENCING, INC. (“ICI”), ENTERTAINMENT DIGITAL NETWORK, INC. (“EDNI”), AV ACQUISITION, INC. (“AAI”), ONSTREAM CONFERENCING CORPORATION (“OCC”), MEDIA ON DEMAND, INC. (“MOD”), HOTEL VIEW CORPORATION (“HVC”), OSM ACQUISITION INC. (“OSM”) and AUCTION VIDEO JAPAN, INC. (“AVJI”) (the Company, ICI, EDNI, AAI, OCC, MOD, HVC, OSM and AVJI shall be referred to collectively as the “Borrowers”) and SIGMA OPPORTUNITY FUND II, LLC (the “Holder”).
 

 RECITALS
 

 1. 
 Borrowers issued a Senior Secured Note, dated March 18, 2013 (the “March 2013 Note”), in favor of Holder in the original aggregate principal amount of up to $800,000, which March 2013 Note was amended by the First Amendment and Allonge to Secured Promissory Note, dated June 14, 2013 (the “First Amendment”), and the Second Amendment and Allonge to Secured Promissory Note, dated February 28, 2014 (the “Second Amendment” and collectively with the March 2013 Note and the First Amendment, as the same may be further amended from time to time, the “Note”).
 

 2. 
 Pursuant to a certain Agreement, dated September 15, 2014, the Borrowers and Holder have agreed to further amend the Note as herein provided. 
 

 AMENDMENT
 

 For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree that the Note is further amended as follows:
 

 1. 
 The definition of “Maturity Date” in Section 3.1 of the Note is hereby amended by changing “December 18, 2014” to “December 31, 2014.”
 

 2. 
 The last two sentences of the first paragraph of the Note shall be deleted and the following shall be substituted in lieu thereof:
 

 “Regular interest shall accrue and compound monthly on the principal amount outstanding and be payable in one lump-sum on the Maturity Date, all as set forth in the Amortization Schedule attached.” 
 

 3. 
 The parties agree to substitute the form of Amortization Schedule attached as Exhibit A to this Third Amendment for the Amortization Schedule attached to the Note and the Note shall be amended accordingly. 
  

  

 
 

 Except as specifically amended hereby, the Note shall remain in full force and effect as issued.  An executed original of this Third Amendment and Allonge shall be attached to the original Note and shall constitute collectively one and a singular instrument, and one shall not be negotiated, transferred or conveyed without the other.  All references to the Note in any of the Transaction Documents (as defined in the Note) shall be deemed to refer to the March 2013 Note, as amended by the First Amendment, the Second Amendment and this Third Amendment, and as the same may be further amended, supplemented or modified in accordance with its terms by the parties from time to time.  This Third Amendment shall be governed by and construed in accordance with the laws of the State of New York.  This Third Amendment may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.
 

 [Signature Pages Follow]
 

 
 IN WITNESS WHEREOF, the Borrowers have executed this Third Amendment and Allonge as of the date first written above.
 

 ONSTREAM MEDIA CORPORATION
 

 By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 INFINITE CONFERENCING, INC.
 

  By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 ENTERTAINMENT DIGITAL NETWORK, INC.
 

 By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 AV ACQUISITION, INC.
 

 By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 ONSTREAM CONFERENCING CORPORATION
 

 By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 MEDIA ON DEMAND
 

 By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 
 HOTEL VIEW CORPORATION
 

 

 By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 OSM ACQUISITION INC.
 

 

 By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 AUCTION VIDEO JAPAN, INC.
 

 

 By: /s/ Randy S. Selman
       Name: Randy Selman
             Title: President
 

 

 

 Accepted and Agreed to this
 15th day of September, 2014
 

 SIGMA OPPORTUNITY FUND II, LLC
 By: Sigma Capital Advisors, LLC, its 
managing member
 

 

 By: /s/ Thom Waye
  
Thom Waye, Manager
 

 
 EXHIBIT A
 

 Amortization ScheduleExhibit 4.15

 Exhibit 4.15
 FIRST AMENDMENT AND ALLONGE TO SENIOR SECURED NOTE
 

 This FIRST AMENDMENT AND ALLONGE (this “First Amendment”) to Senior Secured Note, dated February 28, 2014, made by ONSTREAM MEDIA CORPORATION (the “Company”), INFINITE CONFERENCING, INC. (“ICI”), ENTERTAINMENT DIGITAL NETWORK, INC. (“EDNI”), AV ACQUISITION, INC. (“AAI”), ONSTREAM CONFERENCING CORPORATION (“OCC”), MEDIA ON DEMAND, INC. (“MOD”), HOTEL VIEW CORPORATION (“HVC”), OSM ACQUISITION INC. (“OSM”) and AUCTION VIDEO JAPAN, INC. (“AVJI”) (the Company, ICI, EDNI, AAI, OCC, MOD, HVC, OSM and AVJI shall be referred to collectively as the “Borrowers”) in favor of SIGMA OPPORTUNITY FUND II, LLC (the “Holder”) in the aggregate principal amount of $500,000 (the “Note”) is made and accepted by Borrowers as of this 15th day of September, 2014.
 

 Pursuant to a certain Agreement, dated September 15, 2014, the Borrowers and Holder have agreed to amend the Note as herein provided.  Accordingly, the Note is hereby amended as follows:
 

 1. 
 The definition of “Maturity Date” in Section 3.1 of the Note is hereby amended by changing “October 31, 2014” to “December 31, 2014.”
 

 2.
 The parties agree to substitute the form of Amortization Schedule attached as Exhibit A to this First Amendment for the Amortization Schedule attached to the Note and the Note shall be amended accordingly. 
 

 Except as specifically amended hereby, the Note shall remain in full force and effect as issued.  An executed original of this First Amendment and Allonge shall be attached to the original Note and shall constitute collectively one and a singular instrument, and one shall not be negotiated, transferred or conveyed without the other.  All references to the Note in any of the Transaction Documents (as defined in the Note) shall be deemed to refer to the Note, as amended by this First Amendment, and as the same may be further amended, supplemented or modified in accordance with its terms by the parties from time to time.  This First Amendment shall be governed by and construed in accordance with the laws of the State of New York.  This First Amendment may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.
 

 

 

 [Signature Pages Follow]
 

 
 IN WITNESS WHEREOF, the Borrowers have executed this First Amendment and Allonge as of the date first written above.
 

 ONSTREAM MEDIA CORPORATION
 

 By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 INFINITE CONFERENCING, INC.
 

  By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 ENTERTAINMENT DIGITAL NETWORK, INC.
 

 By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 AV ACQUISITION, INC.
 

 By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 ONSTREAM CONFERENCING CORPORATION
 

 By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 MEDIA ON DEMAND
 

 By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 
 HOTEL VIEW CORPORATION
 

 

 By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 OSM ACQUISITION INC.
 

 

 By: /s/ Randy S. Selman
       Name: Randy Selman
       Title: President
 

 AUCTION VIDEO JAPAN, INC.
 

 

 By: /s/ Randy S. Selman
       Name: Randy Selman
             Title: President
 

 

 

 Accepted and Agreed to this
 15th day of September, 2014
 

 SIGMA OPPORTUNITY FUND II, LLC
 By: Sigma Capital Advisors, LLC, its
managing member
 

 

 By: /s/ Thom Waye
  
Thom Waye, Manager
 

 
 EXHIBIT A
 

 AMORTIZATION SCHEDULE

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