Document:

exv10w2w1

 

EXHIBIT 10.2.1

THIS SECURED CONVERTIBLE PROMISSORY NOTE AND THE SHARES ISSUABLE UPON CONVERSION HEREOF HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR ANY SECURITIES LAW OF
ANY STATE OF THE UNITED STATES. THIS SECURED CONVERTIBLE PROMISSORY NOTE AND THE SHARES ISSUABLE
UPON CONVERSION HEREOF MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY PURSUANT TO REGISTRATION
UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION.

SECURED CONVERTIBLE PROMISSORY NOTE

					
	 	 	 	 	 
	$
	 	Dallas, Texas
	 	October 28, 2005   

FOR VALUE RECEIVED, the undersigned, Immediatek, Inc., a Nevada corporation (“Borrower”),
promises to pay to the order of (“Lender”), the sum of $ , with interest from the date of
advancement on the unpaid balance hereof from time to time remaining unpaid at a rate of 10% per
annum, in (i) lawful money of the United States of America or (ii) equity securities of the
Borrower as provided herein, both principal and interest being payable at the address designated in
numbered paragraph 16 below or at such other place as Lender may, from time to time, designate in
writing. All interest under this Note shall be computed on the basis of the actual number of days
elapsed over an assumed year consisting of three hundred sixty-five (365) days.

The principal of this Note shall mature and be due and payable on January 31, 2006. All accrued
and unpaid interest shall be payable upon the maturity of the principal of this Note.

All past due principal and accrued interest on this Note shall bear interest from maturity until
paid at the highest (non-usurious) rate for which Borrower may legally contract under applicable
law. All payments on past due principal and accrued interest hereunder shall be payable in lawful
money of the United States of America which shall be legal tender for public and private debts at
the time of payment. As used herein, the term “Holder” shall initially mean Lender, and
shall subsequently mean each person or entity to which this Note is duly assigned.

This Note evidences indebtedness incurred by Borrower for interim financing provided to Borrower.

     1. Conversion Option. All or any portion of the unpaid principal of this Note, plus
accrued interest hereon, shall be convertible, at the option of Lender, into shares of Common
Stock, $0.001 par value, issued by Borrower (the “Common Stock”). At the time of any such
conversion of the aggregate of the principal amount and accrued

 

 

interest, or a portion thereof, the rights of the Lender with respect to such portion of the
aggregate of the principal amount and accrued interest so converted shall cease and the Lender
shall be deemed to have become the record holder of the Common Stock issuable upon such conversion.
The Borrower covenants with the Lender that it will at all times reserve and keep available out of
its authorized Common Stock and solely for the purpose of conversion as provided herein, and
conditionally allot to the Lender, such number of shares of Common Stock as shall then be issuable
upon the conversion of this Note. The Borrower covenants with the Lender that all shares of Common
Stock which shall be so issuable shall be duly and validly issued as fully-paid and non-assessable.

The Common Stock into which this Note may be converted shall be referred to herein as the
“Conversion Shares.” The number of Conversion Shares shall be determined by dividing the
Conversion Amount (defined below) by the Conversion Price Per Share (defined below). Upon any such
conversion, the Lender shall be subject to all of the obligations applicable to other investors in
the Qualified Financing (defined below) and the Lender shall execute any and all customary and
appropriate documents to implement the foregoing; provided however, the Lender shall be entitled to
demand registration rights and piggyback registration rights pursuant to the Registration Rights
Agreement of even date herewith, executed by Borrower and Lender (“Registration Rights
Agreement”), regardless of whether any other investors in the Qualified Financing have such
rights.

     1.1 Definitions. Unless otherwise specified, for purposes hereof, the following terms
shall have the following meanings:

     1.1.1 “Qualified Financing” means the privately placed sale by the Borrower of
Borrower’s securities to investors occurring after the date hereof and on or before nine
months from the date hereof, with aggregate gross proceeds to the Borrower in excess of One
Million Dollars ($1,000,000.00).

     1.1.2 “Conversion Amount” means an amount equal to the then outstanding
principal plus any accrued but unpaid interest under this Note, or such lesser amount as
Holder shall determine.

     1.1.3 “Conversion Price Per Share” means (a) a price per share of Common Stock
equal to the lower of (i) $0.30 per share or (ii) the price per share of Common Stock paid
by the other investors in the Qualified Financing or (b) if securities other than Common
Stock are offered and sold in the Qualified Financing, $0.30 per share.

     1.2 Conversion Procedures.

     1.2.1 Holder may exercise its conversion right by giving written notice (the
“Conversion Notice”) to the Borrower of the exercise of such right at least five
(5) business days prior to the closing of the Qualified Financing. The conversion of this
Note (or such portion thereof as Holder shall determine) will be deemed to have been
effected as of the closing of the Qualified Financing (the

 

 

“Conversion Date”). Upon the closing of the Qualified Financing, if Holder
has exercised its conversion right, the outstanding principal (or such portion thereof as
Holder shall determine) and any accrued but unpaid interest under this Note shall be
automatically converted into such number of shares of the Common Stock to be issued by
Borrower upon the closing of the Qualified Financing and as a part of such Qualified
Financing equaling the quotient of (i) the Conversion Amount, and (ii) the Conversion Price
Per Share.

     1.2.2 Within five business days of the Conversion Date, the Holder shall surrender
this Note at the principal office of the Borrower, for replacement or cancellation.

     1.2.3 Within five business days of the surrender of the Note by Holder, the Borrower
will deliver to the converting Holder (a) a certificate or certificates representing
Conversion Shares and (b) a replacement note for the unconverted principal balance (if any)
of this Note..

     1.2.4 On the Conversion Date, the rights of the Holder of this Note to receive payment
of such portion of the principal and interest as Holder has converted hereunder will cease
and the person or persons in whose name or names any certificate or certificates for
Conversion Shares are to be issued upon such conversion will be deemed to have become the
holder or holders of record of the shares represented thereby.

     1.2.5 The issuance of certificates for the Conversion Shares will be made without
charge to the Holder for any issuance tax in respect thereof or other cost incurred by the
Borrower in connection with such conversion and the related issuance of Conversion Shares.

     1.2.6 If any fractional interest in Conversion Shares would, except for the provisions
of this Section 1, be deliverable upon any conversion of this Note, in lieu of delivering
the fractional share therefor, the number of Conversion Shares shall be rounded to the
nearest whole number.

     2. Guaranty; Security. The repayment of the indebtedness evidenced hereby shall be
guaranteed by that certain Guaranty Agreement, of even date herewith, executed by DiscLive, Inc., a
Delaware corporation and wholly-owned subsidiary of Borrower (“Guarantor”). The repayment
of the indebtedness evidenced hereby shall be secured by that certain Collateral Assignment and
Security Agreement, of even date herewith, executed by Guarantor and Lender (the “Security
Agreement”).

     3. Optional Prepayment; Mandatory Prepayment. This Note may be prepaid by Borrower in
whole or in part without the consent of the Lender and without prepayment penalty of any kind.
Borrower shall prepay one-half of the outstanding principal of this Note, upon the closing of a
Qualified Financing. In addition, Borrower shall have the option to prepay the outstanding
principal of this Note as follows: (i) $0.60 per compact disc set sold by either of Borrower or
Guarantor at shows for which

 

 

Borrower or Guarantor provides recording facilities, such payment to be made within 30
calendar days of each show; and (ii) $0.60 per compact disc set sold online by either of Borrower
or Guarantor for shows for which Borrower or Guarantor provides recording facilities, such payment
to be made within 30 calendar days of receipt of payment., or cash. Borrower shall provide a
certified statement of its Chief Financial Officer as to amounts to be so prepaid.

     4. Default; Remedies. For the purposes of this Agreement, an Event of Default (herein
so called) shall have occurred if (i) Borrower or Guarantor shall fail to pay when due any
principal of or interest on this Note, and such failure shall continue for a period of 30 days
after Lender shall have given Borrower and Guarantor written notice of such failure, (ii) Borrower
shall have failed to perform any covenant or other obligation contained herein or in the
Registration Rights Agreement, or Guarantor shall have failed to perform any covenant or other
obligation contained in the Security Agreement, and such failure shall continue for a period of 30
days after Lender shall have given Borrower and Guarantor written notice of such failure, (iii)
Borrower or Guarantor shall commence a voluntary case or other proceeding seeking liquidation or
reorganization with respect to itself or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of it or any substantial part of its property, or
shall consent to any such relief or to the appointment of or taking possession by any such official
in an involuntary case or other proceeding commenced against it, or shall make a general assignment
for the benefit of creditors, and such case or other proceeding shall remain undismissed and
unstayed for a period of 30 consecutive days; or (iv) an involuntary case or other proceeding shall
be commenced against Borrower or Guarantor seeking liquidation, reorganization or other relief with
respect to it or its debts under any bankruptcy, insolvency or other similar now or hereafter in
effect or seeking the appointment of a trustee, liquidator, receiver, custodian or other similar
official of it or any substantial part of its property, and such involuntary case or other
proceeding shall remain undismissed and unstayed for a period of 60 consecutive days.

     If Borrower or Guarantor fails or refuses to pay any part of the principal of or interest upon
this Note as the same becomes due, or upon the occurrence of an Event of Default hereunder, then in
any such event the Holder hereof may, at its option (i) declare the entire unpaid balance of
principal and accrued interest on this Note to be immediately due and payable without notice, (ii)
reduce any claim to judgment, (iii) foreclose any liens or security interest securing all or any
part hereof, and/or (iv) demand, pursue and enforce any of Lender’s rights and remedies, pursuant
to any applicable law or agreement. Each right and remedy available to Lender shall be cumulative
of and in addition to each other such right and remedy. No delay on the part of Lender in the
exercise of any right or remedy available to Lender shall operate as a waiver thereof, nor shall
any single or partial exercise thereof preclude other or further exercise thereof or exercise of
any other such right or remedy.

     5. Representations and Warranties of Borrower. Borrower represents and warrants that
Borrower has authority and has obtained all approvals and consents
necessary to enter into this Note and Borrower’s execution, delivery, and performance of

 

 

this
Note will not violate or conflict with the terms of Borrower’s Certificate of Incorporation.

     6. Representations and Warranties of Lender.

     6.1 Suitability. The Lender is an “accredited investor” as such term is
defined in Regulation D issued by the Securities and Exchange Commission, and such Lender’s
financial condition is such that it is able to bear the economic risk of its investment in
the Note. Lender has such knowledge and experience in financial and business matters as is
necessary to make an investment in the Note.

     6.2 Purchase for Own Account. This Note is being acquired by Lender for
investment purposes only and not with a view to the distribution of all or any part
thereof. Lender has no present intention of selling, transferring, disposing or granting
any participation in the Note and is not a party to any contract, agreement or
understanding that would result in any such sale, transfer or disposition of all or any
portion of this Note.

     7. No Waiver; Cumulative Rights. No delay on the part of the Holder of this Note in
the exercise of any power or right under this Note shall operate as a waiver thereof, nor shall a
single or partial exercise of any power or right preclude other or further exercise thereof or the
exercise of any other power or right.

     8. Waiver. Borrower waives demand, presentment, protest, notice of dishonor, notice
of nonpayment, notice of intention to accelerate, notice of acceleration, notice of protest and any
and all lack of diligence or delay in collection or the filing of suit hereon which may occur, and
agrees to all extensions and partial payments, before or after maturity, without prejudice to the
Holder hereof.

     9. Collection Costs. In the event that, upon an Event of Default, any amount under
this Note is collected in whole or in part through suit, arbitration or mediation, then and in any
such case there shall be added to the unpaid principal balance hereof all costs of collection,
(including, but not limited to, reasonable attorneys’ fees and expenses) whether or not suit is
filed.

     10. Governing Law. This Note shall be governed by and construed in accordance with
the laws of the State of Texas. In the event of a dispute involving this Note or any other
instruments executed in connection herewith, the parties irrevocably agree that exclusive venue for
such dispute shall lie in any court of competent jurisdiction in Dallas County, Texas, and the
parties waive any claim that such forum is inappropriate or inconvenient.

     11. Headings. The headings of the sections of this Note are inserted for convenience
of reference only and shall not be deemed to constitute a part hereof.

     12. Usury. All agreements between Borrower and the Holder of this Note, whether now
existing or hereafter arising and whether written or oral, are expressly

 

 

limited so that in no
contingency or event whatsoever, whether by acceleration of the maturity of this Note or otherwise,
shall the amount paid, or agreed to be paid, to the Holder hereof for the use, forbearance or
detention of the money to be loaned hereunder or otherwise, exceed the maximum amount permissible
under applicable law. If from any circumstances whatsoever fulfillment of any provision of this
Note, at the time performance of such provision shall be due, shall involve transcending the limit
of validity prescribed by law, then ipso facto, the obligation to be fulfilled shall be reduced to
the limit of such validity, and if from any such circumstances the Holder of this Note shall ever
receive anything of value as interest or deemed interest by applicable law under this Note or
otherwise in an amount that would exceed the highest lawful rate, such amount that would be
excessive interest shall be applied to the reduction of the principal amount owing under this Note,
and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of
principal of this Note, such excess shall be refunded to Borrower. In determining whether or not
the interest paid or payable with respect to any indebtedness of Borrower to the Holder hereof,
under any specific contingency, exceeds the highest lawful rate, Borrower and the Holder hereof
shall, to the maximum extent permitted by applicable law, (i) characterize any nonprincipal payment
as an expense, fee or premium rather than as interest, (ii) amortize, prorate, allocate and spread
the total amount of interest throughout the full term of such indebtedness so that the actual rate
of interest on account of such indebtedness is uniform throughout the term thereof, and/or (iii)
allocate interest between portions of such indebtedness, to the end that no such portion shall bear
interest at a rate greater than that permitted by law. The terms and provisions of this paragraph
shall control and supersede every other conflicting provision of all agreements between Borrower
and the Holder hereof.

     13. Successors and Assigns. All of the stipulations, promises and agreements in this
Note made by or on behalf of Borrower shall bind the successors and assigns of Borrower, whether so
expressed or not, and inure to the benefit of the successors and assigns of Borrower and Lender.
Any assignee of Borrower or Lender shall agree in writing prior to the effectiveness of such
assignment to be bound by the provisions hereof. The Lender from time to time also may sell to one
or more financial institutions, institutional investors or other persons a participation interest
in all or any undivided portion of the rights, powers, privileges, remedies and interests of the
Lender under this Note.

     14. Severability. In the event any one or more of the provisions contained in this
Note shall for any reason be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provision hereof, and this
Note shall be construed as if such invalid, illegal or unenforceable provision had never been
contained herein.

     15. Notices. All notices and other communications hereunder shall be in writing or by
telecopy, and shall be deemed to have been duly made when delivered in person or sent by telecopy,
same day or overnight courier, or 72 hours after having been deposited in the United States
registered or certified mail return receipt requested,
postage prepaid, to a party at the address set forth below (which may be changed in accordance
with these notice procedures):

 

 

     If to Lender:

Name:

Address:

Fax number:

     If to Borrower:

Immediatek, Inc.

2435 N. Central Expressway, Suite 1200

Richardson, Texas 75080

Fax Number: (214) 722-0818

Attention: Zach Bair, Chief Executive Officer

     THIS NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN BORROWER AND LENDER CONCERNING THE
MATTERS HEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES.

     THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

IN WITNESS WHEREOF, the undersigned have executed this Secured Convertible Promissory Note on and
as of the date first set forth above.

	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	IMMEDIATEK, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Zach Bair	 	 
	 

	 	Title:
	 	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Individuallyexv10w2w2

 

EXHIBIT 10.2.2

UNLIMITED GUARANTY

     This Unlimited Guaranty, dated as of November 29, 2004 (this “Guaranty”), is executed
by DiscLive, Inc., a Delaware corporation (the “Guarantor”), in favor of each of Gary Blum
(“G Blum”), Jeffrey Doman (“Doman”), and Osias Blum (“O Blum” who together
with G Blum and Doman are referred to as the “Lenders”).

     WHEREAS, contemporaneously with this Guaranty, Immediatek, Inc., a Nevada corporation
(“Borrower”) entered into those certain Secured Convertible Promissory Notes by and between
Borrower and each of the Lenders, individually (each, a “Note” and collectively, the
“Notes”); and

     WHEREAS, Guarantor is a wholly-owned subsidiary of Borrower and will receive a direct benefit
from the provision of this Guaranty; and

     WHEREAS, to induce Lenders to execute the Notes, Guarantor has agreed to execute and deliver
this Guaranty in favor of Lenders.

     NOW, THEREFORE, in consideration of the premises contained herein and for other good and
valuable consideration, the receipt of which is hereby acknowledged, Guarantor hereby agrees as
follows:

     1. GUARANTY. Guarantor acknowledges and agrees that this Guaranty is to guaranty
payment of the indebtedness of Borrower under the Notes.

     2. GUARANTY OF PAYMENT. Guarantor hereby guarantees to Lenders the full and punctual
payment when due (whether at maturity, by acceleration or otherwise), of all financial obligations
of Borrower to Lenders under or in connection with the Notes, whether direct or indirect, absolute
or contingent, due or to become due, secured or unsecured, now existing or hereafter arising (the
“Obligations”). This Guaranty is an absolute, unconditional and continuing guaranty of the
full and punctual payment of the Obligations and not of their collectability only and is in no way
conditioned upon any requirement that Lenders first attempt to collect any of the Obligations from
Borrower or resort to any security or other means of obtaining their payment. Should Borrower
default in the payment or performance of any of the Obligations beyond any applicable grace period,
the obligations of Guarantor hereunder shall become immediately due and payable to Lenders, without
demand or notice of any nature, all of which are expressly waived by Guarantor. Payments by
Guarantor hereunder may be required by Lenders on any number of occasions.

     3. GUARANTOR’S AGREEMENT TO PAY. Guarantor further agrees, as the principal obligor
and not as guarantor only, to pay to Lenders, on demand, all costs and expenses (including court
costs and legal expenses) incurred or expended by Lenders in connection with the Obligations, this
Guaranty and the enforcement thereof, together with interest on amounts recoverable under this
Guaranty from the time such amounts

 

 

become due until payment, at the default rate as set forth in the Notes; provided that if such
interest exceeds the maximum amount permitted to be paid under applicable law, then such interest
shall be reduced to such maximum permitted amount.

     4. UNLIMITED GUARANTY. The liability of Guarantor hereunder shall be unlimited.

     5. WAIVERS BY GUARANTOR; LENDERS’ FREEDOM TO ACT. Guarantor agrees that the
Obligations will be paid strictly in accordance with their respective terms regardless of any law,
regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or
the rights of Lenders with respect thereto. Guarantor waives presentment, demand, protest, notice
of acceptance, notice of presentment and all other notices of any kind, all defenses which may be
available by virtue of any valuation, stay, moratorium law or other similar law now or hereafter in
effect, any right to require marshalling of assets of Borrower, and all suretyship defenses
generally. Without limiting the generality of the foregoing, Guarantor agrees to the provisions of
any instrument evidencing, securing or otherwise executed in connection with any of the Obligations
and agrees that the obligations of Guarantor hereunder shall not be released or discharged, in
whole or in part, or otherwise affected by (i) the failure of Lenders to assert any claim or demand
or to enforce any right or remedy against Borrower; (ii) any extensions or renewals of any of the
Obligations; (iii) any rescissions, waivers, amendments or modification of any of the terms or
provisions of any agreement evidencing, securing or otherwise executed in connection with any of
the Obligations; (iv) the substitution or release of any entity primarily or secondarily liable for
any of the Obligations; (v) the adequacy of any rights Lenders may have against any collateral or
other means of obtaining repayment of the Obligations; (vi) the impairment of any collateral
securing the Obligations, including without limitation, the failure to perfect or preserve any
rights Lenders might have in such collateral or the substitution, exchange, surrender, release,
loss or destruction of any such collateral; or (vii) any other act or omission which might in any
manner or to any extent vary the risk of Guarantor or otherwise operate as a release or discharge
of Guarantor, all of which may be done without notice to or consent of Guarantor.

     6. UNENFORCEABILITY OF OBLIGATIONS AGAINST BORROWER. If for any reason Borrower has
no legal existence or is under no legal obligation to discharge any of the Obligations, or if any
of the Obligations are invalid or unenforceable or have become irrecoverable from Borrower by
operation of law or for any other reason, this Guaranty shall nevertheless be binding on Guarantor
to the same extent as if Guarantor at all times had been the principal obligor on all such
Obligations. In the event that acceleration of the time for payment of the Obligations is stayed
upon the insolvency, bankruptcy or reorganization of Borrower, or for any other reason, all such
amounts otherwise subject to acceleration under the terms of any agreement evidencing, securing or
otherwise executed in connection with any of the Obligations shall be immediately due and payable
by Guarantor.

     7. SUBROGATION; SUBORDINATION. Until the prior indefeasible payment in full of the
Obligations, Guarantor shall not exercise any rights against

 

 

Borrower arising as a result of payment by Guarantor hereunder, by way of subrogation or
otherwise, and will not prove any claim in competition with Lenders in respect of any payment
hereunder in bankruptcy or insolvency proceedings of any nature, Guarantor will not claim any
set-off or counterclaim against Borrower in respect of any liability of Guarantor to Borrower, and
Guarantor waives any benefit of and any right to participate in any collateral which may be held by
Lenders. The payment of any amounts due with respect to any indebtedness of Borrower now or
hereafter held by Guarantor is hereby subordinated to the prior payment in full of the Obligations.
Guarantor will not demand, sue for or otherwise attempt to collect any such indebtedness of
Borrower to Guarantor until the Obligations shall have been indefeasibly paid in full. If,
notwithstanding the foregoing sentence, Guarantor shall collect, enforce or receive any amounts in
respect of such indebtedness, such amounts shall be collected, enforced and received by Guarantor
as trustee for Lenders and be paid over to Lenders on account of the Obligations without affecting
in any manner the liability of Guarantor under the other provisions of this Guaranty.

     8. FURTHER ASSURANCES. Guarantor hereby covenants and agrees with Lenders that until
all Obligations guaranteed hereby have been completely repaid and this Guaranty has been terminated
in accordance with the provisions of Section 9 below, Guarantor (i) will comply with, and will
cause Borrower to comply with, all the terms and conditions of the Notes, and (ii) will not do
anything which would result in Borrower defaulting under the terms and conditions of the Notes.
Guarantor also agrees to do all the such things and execute all such documents, including financing
statements, as Lenders may deem necessary or desirable to give full effect to this Guaranty and to
perfect and preserve the rights and powers of Lenders hereunder.

     9. TERMINATION; REINSTATEMENT. This Guaranty shall remain in full force and effect
until the earlier of (i) the irrevocable payment in full of all Obligations and the termination of
all commitments of Lenders to Borrower, or (ii) Lenders’ receipt of written notice of Guarantor’s
intention to discontinue this Guaranty, notwithstanding any intermediate or temporary payment or
settlement of the whole or any part of the Obligations. No such notice shall be effective unless
received and acknowledged by Lenders. No such notice shall affect any rights of Lenders hereunder
with respect to Obligations incurred prior to the receipt of such notice or Obligations incurred
pursuant to any contract or commitment in existence prior to such receipt; accordingly, all checks,
drafts, notes, instruments (negotiable or otherwise) and writings made by or for the account of
Borrower and drawn on Lenders purporting to be dated on or before the date of receipt of such
notice, although presented to and paid or accepted by Lenders after that date, shall form part of
the Obligations. This Guaranty shall continue to be effective or be reinstated, notwithstanding
any such notice, if at any time any payment made or value received with respect to an Obligation is
rescinded or must otherwise be returned by Lenders upon the insolvency, bankruptcy or
reorganization of Borrower, or otherwise, all as though such payment had not been made or value
received.

     10. SUCCESSOR AND ASSIGNS. This Guaranty shall be binding upon Guarantor, its
successors and assigns, and shall inure to the benefit of and be enforceable by Lenders and their
successors, transferees and assigns. Without limiting the generality

 

 

of the foregoing sentence, Lenders may assign or otherwise transfer any agreement or any note
held by them evidencing, securing or otherwise executed in connection with the Obligations, or sell
participations in any interest therein, to any other person or entity, and such other person or
entity shall thereupon become vested, to the extent set forth in the agreement evidencing such
assignment, transfer or participation, with all the rights in respect thereof granted to Lenders
herein.

     11. AMENDMENTS AND WAIVERS. No amendment or waiver of any provision of this Guaranty
nor consent to any departure by Guarantor from any provision of this Guaranty shall be effective
unless the same shall be in writing and signed by Lenders. No failure on the part of Lenders to
exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor
shall any single or partial exercise of any right hereunder preclude any other or further exercise
thereof of the exercise of any other right.

     12. NOTICE. All notices and other communications made or required to be given
pursuant to this Guaranty shall be in writing and shall be delivered in hand, mailed by United
States registered or certified first class mail, postage prepaid, sent by overnight courier, or
sent by telecopy and confirmed by delivery via courier or postal service, addressed as follows:

	 	i.	 	if to Guarantor, at 73 Spring Street, 3rd Floor,
New York, New York 10012, Attention: ___(Fax Number:
___), with a copy to 2435 N. Central Expressway, Suite
1610, Richardson, Texas 75080, Attention: Zach Bair, Chief Executive
Officer (Fax Number: (469) 227-7955), or at such other address for
notice as Guarantor shall last have furnished in writing to Lenders;
	 
	 	ii.	 	if to G Blum, at 3104 Oak Lane, Dallas, Texas
75226 (Fax number: (214) 426-5238), or such other address for notice as
G Blum shall last have furnished in writing to Guarantor;
	 
	 	iii.	 	if to Doman, at 5956 Sherry Lane, Suite 1000,
Dallas, Texas 75225 (Fax number: (214) 346-2979), or such other address
for notice as Doman shall last have furnished in writing to Guarantor;
and
	 
	 	iv.	 	if to O Blum, at 3104 Oak Lane, Dallas, Texas
75226 (Fax number: (214) 426-5238), or such other address for notice as
O Blum shall last have furnished in writing to Guarantor.

     Any such notice or demand shall be deemed to have been duly given or made and to have become
effective (i) if delivered by hand, overnight courier or facsimile to the party to which it is
directed, at the time of the receipt thereof by such party or the sending of such facsimile and
(ii) if sent by registered or certified first-class mail, postage prepaid, on the third business
day following the mailing thereof.

 

 

     13. GOVERNING LAW; CONSENT TO JURISDICTION. This Guaranty shall be governed by, and
construed in accordance with, the laws of the State of Texas. Guarantor agrees that any suit for
the enforcement of this Guaranty may be brought in any court of competent jurisdiction in Dallas
County, Texas and consents to the non-exclusive jurisdiction of such courts and to service of
process in any such suit being made upon Guarantor by mail at the address specified in Section 12
hereof. Guarantor hereby waives any objection that it may now or hereafter have to the venue of
any such suit or any such court or that such suit was brought in an inconvenient court.

     14. MISCELLANEOUS. This Guaranty constitutes the entire agreement of Guarantor with
respect to the matters set forth herein. The rights and remedies herein provided are cumulative
and not exclusive of any remedies provided by law or any other agreement. The invalidity or
unenforceability of any one or more sections of this Guaranty shall not affect the validity or
enforceability of its remaining provisions. Captions are for the ease of reference only and shall
not affect the meaning of the relevant provisions.

     15. BENEFIT. Guarantor hereby acknowledges, represents, and warrants that it receives
financial and other benefits by virtue of its affiliation with Borrower and that it has and will
receive direct and indirect benefits from the financing arrangements contemplated by the Notes and
that such benefits, together with the rights of contribution and subrogation that may arise in
connection herewith are a reasonably equivalent exchange of value in return for providing this
Guaranty.

IN WITNESS WHEREOF, Guarantor has executed and delivered this Guaranty, as of the date set
forth above.

	 	 	 	 	 
	GUARANTOR:	 	 
	 
	 	 	 	 
	DiscLive, Inc.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Zach Bair	 	 
	 

	 	 	 	 
	Name:

	 	Zach Bair	 	 
	Title:

	 	CEO

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