Document:

ex4-75.htm

Exhibit 4.75

 

FRIENDFINDER NETWORKS INC.

INTERACTIVE NETWORK, INC.

(the "Issuers")

 

WAIVER AGREEMENT REGARDING NON CASH PAY SECURED NOTES DUE 2014

 

THIS WAIVER AGREEMENT (this "Waiver Agreement") is given this 11th day of May, 2012, related to that certain Indenture, dated as of October 27, 2010 by and among the Issuers, the Guarantors party thereto, and U.S. Bank National Association, as Trustee (the "Trustee") relating to the Non Cash Pay Secured Notes due 2014 (the "Non Cash Pay Indenture") (capitalized terms used herein and not otherwise defined herein have the meaning given to such terms in the Non Cash Pay Indenture).

 

WHEREAS, the Issuers hereby provide written notice that certain financial covenants of the Issuers in the Non Cash Pay Indenture set forth in (i) Sections 4.3(a) and (e) of the Non Cash Pay Indenture were not complied with during the period of January 1, 2012 through March 31, 2012 (such period beginning January 1, 2012 through and including March 31, 2012, the "Waiver Period") and (ii) Section 4.3(b) of the Non Cash Pay Indenture was not complied with from time to time during the period commencing March 28, 2012 through the date hereof and may not be complied with up to and through August 14, 2012.  The covenants set forth in (i) and (ii) above are each referred to as a "Waived Financial Covenant."

 

WHEREAS, the Issuers did not during the Waiver Period comply with the reporting requirement in Section 4.1(b)(6) of the Non Cash Pay Indenture as to the subject matter of the Waived Financial Covenant contained in Section 4.3(b) of the Non Cash Pay Indenture (the "Waived Reporting Covenant" and, together with the Waived Financial Covenants, the "Waived Covenants").

 

WHEREAS, the undersigned noteholders (the "Noteholders") constitute the Required Holders, as defined in the Non Cash Pay Indenture; and

 

WHEREAS, Issuers have requested that the Noteholders waive any Event of Default arising from the Issuers' failure to meet the covenants contained in (i) Sections 4.3(a) and (e) of the Non Cash Pay Indenture during the Waiver Period, (ii) Section 4.3(b) from March 28, 2012 through August 14, 2012 and (iii) Section 4.1(b)(6) to the date hereof.

 

NOW THEREFORE, in consideration of mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Issuers, the Noteholders, the Guarantors and the Trustee do hereby agree as follows:

 

1.           By their respective signatures below, on a one time basis only, the Noteholders hereby consent to the waiver of (i) each Waived Financial Covenant contained in Sections 4.3(a) and 4.3(e) during the Waiver Period, (ii) the Waived Financial Covenant contained in Section 4.3(b) from March 28, 2012 through August 14, 2012 and (iii) the Waived Reporting Covenant to the date hereof, and the Trustee hereby acknowledges such waivers.

 

2.           The waiver of the Waived Covenants contained herein shall in no way be construed to mean that the Noteholders will agree to (x) any further waivers with respect to the Non Cash Pay Indenture during the Waiver Period or otherwise, or (y) any extensions or waivers with respect to any other matters arising under the Non Cash Pay Indenture, and the Noteholders and the Trustee reserve all rights and remedies available to them under the Non Cash Pay Indenture and the other Note Documents except as specifically set forth herein.

 

  

  

  

 

3.           The recitals contained herein shall be taken as the statements of the Issuers, and the Trustee assumes no responsibility for their correctness.  The Trustee makes no representation as to the validity or sufficiency of this Waiver Agreement.

 

4.           Each Obligor hereby ratifies, affirms and confirms all of the Note Documents and each and every Obligation, covenant and agreement of such Obligor thereunder in all respects, except as otherwise expressly modified or waived by this Waiver Agreement upon the terms set forth herein.  In addition, each Obligor hereby represents and warrants that, as of the date hereof, no counterclaim, right of set-off, claim or defense of any kind exists or is outstanding with respect to any of the Obligations or against any of the Holders.  Each Guarantor hereby agrees and acknowledges that such Guarantor's guarantee of all Obligations of the Issuer under all applicable Note Documents remains and continues in full force and effect and is hereby ratified and reaffirmed in all respects.

 

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have executed this Waiver Agreement as of the date first above written.

 

	 	
ISSUERS:

	 
	 	 	 
	 	
INTERACTIVE NETWORK, INC., a Nevada corporation

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ezra Shashoua	 
	 	Name:	Ezra Shashoua	 
	 	Title:	Chief Financial Officer	 

 

	 	
FRIENDFINDER NETWORKS INC., a Nevada corporation

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ezra Shashoua	 
	 	Name:	Ezra Shashoua	 
	 	Title:	Chief Financial Officer	 
	 	 	 
	 	
SUBSIDIARY GUARANTORS:

	 
	 	 	 
	 	 	 
	 	GENERAL MEDIA ART HOLDING, INC.	 
	 	GENERAL MEDIA COMMUNICATIONS, INC.	 
	 	GENERAL MEDIA ENTERTAINMENT, INC.	 
	 	GMCI INTERNET OPERATIONS, INC.	 
	 	GMI ON-LINE VENTURES, LTD.	 
	 	PENTHOUSE IMAGES ACQUISITIONS, LTD.	 
	 	WEST COAST FACILITIES INC.	 
	 	PMGI HOLDINGS INC.	 
	 	PURE ENTERTAINMENT TELECOMMUNICATIONS, INC.	 
	 	PENTHOUSE DIGITAL MEDIA PRODUCTIONS INC.	 
	 	VIDEO BLISS, INC.	 
	 	DANNI ASHE, INC.	 
	 	SNAPSHOT PRODUCTIONS, LLC	 
	 	VARIOUS, INC.	 

 

	
 

	
By: 

	/s/ Ezra Shashoua	 
	 	Name:	Ezra Shashoua	 
	 	Title:	Chief Financial Officer	 

 

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	 	TAN DOOR MEDIA INC.	 
	 	FIERCE WOMBAT GAMES INC. (f/k/a BIG EGO GAMES INC.)	 
	 	NAFT NEWS CORPORATION	 
	 	PLAYTIME GAMING INC.	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ Ezra Shashoua	 
	 	Name:	Ezra Shashoua	 
	 	Title:	Treasurer	 
	 	 	 	 
	 	 	 	 
	 	
ARGUS PAYMENTS INC.

	 
	 	BLUE HEN GROUP INC.	 
	 	FRIENDFINDER VENTURES INC.	 
	 	XVHUB GROUP INC. (f/k/a GIANT SWALLOWTAIL INC.)	 
	 	PERFECTMATCH INC. (f/k/a GOLDENROD SPEAR INC.)	 
	 	MAGNOLIA BLOSSOM INC.	 
	 	GLOBAL ALPHABET, INC.	 
	 	SHARKFISH, INC.	 
	 	TRAFFIC CAT, INC.	 
	 	BIG ISLAND TECHNOLOGY GROUP, INC.	 
	 	FASTCUPID, INC.	 
	 	MEDLEY.COM INCORPORATED	 
	 	PPM TECHNOLOGY GROUP, INC.	 
	 	FRIENDFINDER CALIFORNIA INC.	 
	 	STREAMRAY INC.	 
	 	CONFIRM ID, INC.	 
	 	FRNK TECHNOLOGY GROUP	 
	 	TRANSBLOOM, INC.	 
	 	STREAMRAY STUDIOS INC.	 
	 	FLASH JIGO CORP.	 

	
 

	
By: 

	/s/ Ezra Shashoua	 
	 	Name:	Ezra Shashoua	 
	 	Title:	Chief Financial Officer	 

 

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Acknowledged as of the date first written above:

	 
	 	 	 	 
	 	
TRUSTEE:

	 
	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,	 
	 	  as Trustee	 
	 	 	 	 
	
 

	
By: 

	/s/ Kathy L. Mitchell	 
	 	Name:	Kathy L. Mitchell	 
	 	Title:	Vice President	 

 

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NOTEHOLDERS:

	 
	 	 	 	 
	 	ANDREW B. CONRU TRUST, in its capacity as Required Holders under the Non Cash Pay Indenture	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ Andrew B. Conru	 
	 	Name:	Andrew B. Conru	 
	 	Title:	Trustee	 

 

 

[Signature Page to Waiver to Non Cash Pay]ex10-1.htm

Exhibit 10.1

 

AMENDMENT TO THE SECURITIES PURCHASE AGREEMENT

 

AND

 

CONSENT OF HOLDERS OF SERIES A CONVERTIBLE PREFERRED STOCK

 

 

This AMENDMENT, dated April 13, 2012, (the "Amendment") is an amendment to the Securities Purchase Agreement (the "Agreement"), dated as of March 16, 2012, by and among GeoVax Labs, Inc. (the “Company”), and each purchaser identified on Annex 1 hereto (each, including its successors and assigns, a “Purchaser” and collectively the “Purchasers”).

 

This document is also agreed to be a written consent of the holders of the Series A Convertible Preferred Stock (the “Preferred Stock”), and may be treated by the Company as such for all intents and purposes.

 

Whereas, the Company and the Purchasers shall collectively be referred to as the "Parties";

 

Whereas, the Parties wish to provide for certain amendments to the terms of the Agreement and in connection therewith the Purchasers intend to waive certain potential rights to adjustment of the Conversion Price for the Preferred Stock set forth in Section 6 b) of the Company’s Certificate of Designation establishing the terms of the Preferred Stock as heretofore filed with the Delaware Secretary of State on March 20, 2012 (the “Certificate of Designation”);

 

NOW, THEREFORE, in consideration of the foregoing premises, which are incorporated into and made part of this Amendment, and of the representations, warranties, covenants, agreements, and conditions set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby amend the Agreement, and agree as follows:

 

1.           Definitions.  Any capitalized terms used and not defined in this Amendment shall have the meaning set forth in the Agreement.

 

2.           Effective Time. This Amendment to the Securities Purchase Agreement and Consent of Holders of Series A Convertible Preferred Stock shall become effective upon the effectiveness of the Form S-1 Registration Statement filed on April 3, 2012 (the “Registration Statement”); provided however, that such effectiveness occurs on or before April 17, 2012.

 

3.           Conversion Price.  Notwithstanding Section 6(c) (iii) of the Certificate of Designation, with respect to the Trigger Date resulting from the effective date of the Registration Statement, the Conversion Price shall equal and remain $0.75 and shall not be adjusted pursuant to the provisions of Section 6 b) of the Certificate of Designation, and no shares shall be delivered with respect to any previously converted shares of Preferred Stock.  The Company shall have no duty to deliver a Trigger Date Adjustment Notice since there will be no adjustment with respect to the Trigger Date resulting from the effective date of the Registration Statement filed on April 3, 2012.

 

4.           Continuing Effect of the Agreement.  This Amendment shall not constitute an amendment or waiver of any other provision of the Agreement or the Certificate of Designation not expressly referred to herein or approved and permitted hereby.  Except as expressly amended hereby, the provisions of the Agreement are and shall remain in full force and effect.

 

  

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5.           Adoption of Resolutions.  The Purchasers hereby approve and adopt the following resolutions by written consent, which action shall have the same force and effect as if taken by an affirmative vote at a meeting of the holders of the Preferred Stock of the Company, duly called and held pursuant to applicable provisions of the Delaware General Corporation Law:

 

Whereas, the undersigned “Purchasers” constitute the holders of all of the outstanding shares of Series A Convertible Preferred Stock of GeoVax Labs, Inc., a Delaware corporation, and wish to waive certain rights to adjustment of the Conversion Price, and if appropriate to amend Section 6 b) of the Certificate of Designation filed with the Secretary of State of Delaware on March 20, 2012;

 

Now Therefore, Be It Resolved, that the undersigned Purchasers hereby authorize, ratify and approve the following amendment to Section 6 b) of the Company’s Certificate of Designation filed with the Secretary of State of Delaware on March 20, 2012, to be effected, or not, in the sole discretion of the officers of the Company as any of them shall deem appropriate, following authorization from the Board of Directors of the Company:

 

Section 6b) of the Company’s Certificate of Designation filed with the Secretary of State of Delaware on March 20, 2012 is hereby amended, effective April 16, 2012,  to add the following sentences at the end: “Notwithstanding the foregoing, with respect to the Trigger Date resulting from the effective date of the Registration Statement filed April 3, 2012 (SEC File No. 333-180535), the Conversion Price shall remain $0.75 and shall not be adjusted pursuant to the provisions of this Section 6 b) and no shares shall be delivered with respect to any previously converted shares of Preferred Stock.  The Corporation shall have no duty to deliver a Trigger Date Adjustment Notice since there will be no adjustment with respect to the Trigger Date resulting from the effective date of the Registration Statement filed on April 3, 2012.”

 

Further Resolved, that the Purchasers waive all requirements for notice or other materials required to be provided to them by the Company with respect to this amendment under applicable law.

 

6.           Further Documentation.  The Purchasers agree to execute such further documentation as the Company may reasonably request in order to effect the purposes and intent of this document.

 

7.           Further Notification.  The Purchasers agree to provide any transferee of Preferred Stock of the existence of this document, provide a copy to the transferee, and obtain a written receipt.

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the Securities Purchase Agreement and Consent of Holders of Series A Convertible Preferred Stock to be duly executed by their respective authorized signatories as of the date first indicated above.

 

GEOVAX LABS, INC.

 

By:           _________________________  

Name:           _______________________

Title:           ________________________

 

  

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[PURCHASER SIGNATURE PAGES TO AMENDMENT TO THE SECURITIES PURCHASE AGREEMENT AND CONSENT OF HOLDERS OF SERIES A CONVERTIBLE PREFERRED STOCK]

IN WITNESS WHEREOF, the undersigned has caused this Amendment to the Securities Purchase Agreement and Consent of Holders of Series A Convertible Preferred Stock to be duly executed by its authorized signatory as of the date first indicated above.

 

Name of Purchaser: ________________________________________________________

Signature of Authorized Signatory of Purchaser: _________________________________

Name of Authorized Signatory: _______________________________________________

Title of Authorized Signatory: ________________________________________________

[SIGNATURE PAGES CONTINUE]

 

  

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[PURCHASER SIGNATURE PAGES TO AMENDMENT TO THE SECURITIES PURCHASE AGREEMENT AND CONSENT OF HOLDERS OF SERIES A CONVERTIBLE PREFERRED STOCK]

IN WITNESS WHEREOF, the undersigned has caused this Amendment to the Securities Purchase Agreement and Consent of Holders of Series A Convertible Preferred Stock to be duly executed by its authorized signatory as of the date first indicated above.

 

Name of Purchaser: ________________________________________________________

Signature of Authorized Signatory of Purchaser: _________________________________

Name of Authorized Signatory: _______________________________________________

Title of Authorized Signatory: ________________________________________________

[SIGNATURE PAGES CONTINUE]

 

  

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[PURCHASER SIGNATURE PAGES TO AMENDMENT TO THE SECURITIES PURCHASE AGREEMENT AND CONSENT OF HOLDERS OF SERIES A CONVERTIBLE PREFERRED STOCK]

IN WITNESS WHEREOF, the undersigned have caused this Amendment to the Securities Purchase Agreement and Consent of Holders of Series A Convertible Preferred Stock to be duly executed by their respective authorized signatories as of the date first indicated above.

 

Name of Purchaser: ________________________________________________________

Signature of Authorized Signatory of Purchaser: _________________________________

Name of Authorized Signatory: _______________________________________________

Title of Authorized Signatory: ________________________________________________

  

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ANNEX A

 

LIST OF PURCHASERS

Sabby Healthcare Volatility Master Fund, Ltd.

Sabby Volatility Warrant Master Fund, Ltd.

Brio Capital, LP

 

 

 

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