Document:

exv10w12

 

EXHIBIT 10.12

THIS AMENDED AND RESTATED AND CONSOLIDATED SECURED CONVERTIBLE PROMISSORY NOTE (THIS “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 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.

AMENDED AND RESTATED AND CONSOLIDATED

SECURED CONVERTIBLE PROMISSORY NOTE

 

					
	$330,629.00
	 	Dallas, Texas
	 	January 31, 2006

FOR VALUE RECEIVED, the undersigned, Immediatek, Inc., a Nevada corporation (“Borrower”),
promises to pay to the order of Gary Blum (“Lender”), the sum of Three Hundred Thirty
Thousand Six Hundred Twenty-Nine and No/100 Dollars ($330,629.00), 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) shares of common stock of the
Borrower, as provided herein, both principal and interest being payable at the address designated
in Section 15 below or at such other place as Lender may, from time to time, designate in writing.
All interest under this Amended and Restated and Consolidated Secured Promissory Note (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 the earlier of (i) June 30, 2006
and (ii) the closing date of the transaction evidenced by that certain Securities Purchase
Agreement, dated as of January 24, 2006, by and among Borrower, Radical Holdings LP and the other
parties thereto (as amended, modified and supplemented from time to time, “Purchase
Agreement”). 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.

16. Conversion. Prior to the closing of transaction evidenced the Purchase Agreement, the
Conversion Amount (as defined below) shall be converted into shares of Common Stock, $0.001 par
value, of Borrower (the “Common Stock”). The number of shares issuable to Holder upon
conversion of the Conversion Amount into Common Stock shall be determined by dividing the
Conversion Amount by the Conversion Price Per Share (as defined below). At the time the Conversion
Amount is converted into Common Stock, the rights of Holder with respect to Conversion Amount shall
cease and Holder shall be deemed to have become the record holder of the Common Stock issuable
thereby. The Borrower covenants with Holder 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 Holder, such number of shares of Common Stock as shall then be issuable upon
the conversion of the Conversion Amount. The Borrower covenants with Holder that all shares of
Common Stock which shall be so issuable shall be duly and validly issued as fully-paid and
non-assessable.

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

          1.3.1 Conversion Amount” means $300,500 aggregate principal amount outstanding under
this Note.

          1.3.2 “Conversion Price Per Share” means a price per share of Common Stock equal to
$0.125, subject to adjustment as set forth in Section 1.2 hereof.

          1.3.3 “Business Day” means any day other than a Saturday, Sunday or a national or
state bank holiday in the State of Texas.

     1.2 Conversion Adjustments. This Note is subject to the following further provisions:

          1.2.1 Recapitalization, Reclassification and Succession. If any recapitalization of
Borrower or reclassification of the Common Stock or any merger or consolidation of Borrower into or
with a corporation or other business entity, or the sale or transfer of all or substantially all of
Borrower’s assets or of any successor corporation’s assets to any other corporation or business
entity (any such corporation or other business entity being included within the meaning of the term
“successor corporation”) shall be effected, at any time while this Note remains
outstanding, then, as a condition of such recapitalization, reclassification, merger,
consolidation, sale or transfer, lawful and adequate provision shall be made whereby Holder
thereafter shall have the right to receive upon the conversion of the Conversion Amount as provided
herein and in lieu of the shares of Common Stock immediately theretofore issuable upon the
conversion of the Conversion Amount, such shares of capital stock, securities or other property as
may be issued or payable with respect to, or in exchange for, a number of outstanding shares of
Common Stock equal to the number of shares of Common Stock immediately theretofore issuable upon
the conversion of the Conversion Amount

 

 

immediately prior to such recapitalization, reclassification, merger, consolidation, sale or
transfer, and in each such case, the terms of this Note shall be applicable to the shares of stock
or other securities or property receivable upon the conversion of the Conversion Amount after such
consummation.

          1.2.2 Subdivision or Combination of Shares of the Common Stock. If Borrower, at any
time while this Note remains outstanding, shall subdivide or combine the Common Stock, the number
of shares of Common Stock issuable upon conversion of the Conversion Amount and the Conversion
Price Per Share shall be proportionately adjusted.

          1.2.3 Stock Dividends and Distributions. If Borrower, at any time while this Note
remains outstanding, shall issue or pay the holders of the Common Stock a stock dividend, then (i)
the Conversion Price Per Share shall be adjusted in accordance with Section 1.2.4, and (ii) the
number of shares of Common Stock issuable upon conversion of the Conversion Amount shall be
adjusted to the number of shares of Common Stock that the Holder would have owned immediately
following such action had the Conversion Amount been converted immediately prior thereto.

     If Borrower shall at any time after the date of issuance of this Note distribute to all
holders of the Common Stock any shares of capital stock of Borrower (other than Common Stock) or
evidences of its indebtedness or assets (excluding cash dividends or distributions paid from
retained earnings or current year’s or prior year’s earnings of Borrower) or rights or warrants to
subscribe for or purchase any of its securities (excluding those referred to in the immediately
preceding paragraph) (any of the foregoing being hereinafter in this paragraph called the
“Securities”), then, in each such case, Borrower shall reserve shares or other units of
such securities for distribution to the Holder upon conversion of the Conversion Amount so that, in
addition to the shares of the Common Stock to which Holder is entitled upon conversion of the
Conversion Amount, Holder will receive upon the conversion of the Conversion Amount the amount and
kind of such Securities that Holder would have received if Holder had, immediately prior to the
record date for the distribution of the Securities, converted the Conversion Amount.

          1.2.4 Conversion Price Per Share Adjustment. Whenever the number of shares of Common
Stock issuable upon conversion of the Conversion Amount is adjusted, as herein provided, the
Conversion Price Per Share shall be adjusted to that price determined by multiplying the Conversion
Price Per Share immediately prior to such adjustment by a fraction (i) the numerator of which shall
be the number of shares of Common Stock issuable upon conversion of the Conversion Amount
immediately prior to such adjustment, and (ii) the denominator of which shall be the number of
shares of Common Stock issuable upon conversion of the Conversion Amount immediately thereafter.

 

 

          1.2.5 Certain Shares Excluded. The number of shares of Common Stock outstanding at
any given time for purposes of the adjustments set forth in this Section 1.2 shall exclude any
shares then, directly or indirectly, held in the treasury of Borrower.

          1.2.6 Duration of Adjustment. Following each computation or readjustment as provided
in this Section 1.2, the new adjusted Conversion Price Per Share and the number of shares of Common
Stock issuable upon conversion of the Conversion Amount shall remain in effect until a further
computation or readjustment thereof is required.

     1.3 Conversion Procedures.

          1.3.1 Two Business Days prior to the closing of the transaction evidenced by the Purchase
Agreement (the “Conversion Date”), the Conversion Amount shall be automatically converted
into such number of shares of the Common Stock equaling the quotient of (i) the Conversion Amount,
and (ii) the Conversion Price Per Share.

          1.3.2 On the closing date of the transaction evidenced by the Purchase Agreement, the Holder
shall surrender this Note at the principal office of the Borrower for cancellation in exchange for
any remaining amounts due and payable hereunder.

          1.3.3 Within five Business Days of the surrender of this Note by Holder pursuant to Section
1.3.2, Borrower will deliver to Holder a certificate or certificates representing the shares of
Common Stock issuable upon conversion of the Conversion Amount.

          1.3.4 On the Conversion Date, the rights of the Holder to receive payment of the Conversion
Amount hereunder will cease and the person or persons in whose name or names any certificate or
certificates evidencing the shares of Common Stock issuable upon the conversion of the Conversion
Amount are to be issued will be deemed to have become the holder or holders of record of the shares
represented thereby.

          1.3.5 The issuance of certificates evidencing the shares issuable upon conversion of the
Conversion Amount 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 such shares.

          1.3.6 If any fractional interest in a share of Common Stock would, except for the provisions
of this Section 1.3.6, be deliverable upon any conversion of the Conversion Amount pursuant to this
Section 1, in lieu of delivering the fractional share therefor, the number of shares shall be
rounded to the nearest whole number.

17. Guaranty; Security. The repayment of the indebtedness evidenced hereby shall be
guaranteed by that certain Guaranty Agreement, dated as of November 29, 2004, 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, dated as of November 29,
2004, executed by Guarantor and Lender (the “Security Agreement”).

18. Optional 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.

19. Default; Remedies. For the purposes of this Note, 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 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.

20. 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 Articles of Incorporation.

 

 

21. Representations and Warranties of Lender.

     6.1 Suitability. Lender hereby represents and warrants to Borrower that it is an
“accredited investor,” as such term is defined in Regulation D promulgated by the Securities and
Exchange Commission, and that Lender’s financial condition is such that it is able to bear the
economic risk of its investment in the Note. Lender hereby represents and warrants to Borrower
that it 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. Lender hereby represents and warrants to Borrower that
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 this 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.

22. No Waiver; Cumulative Rights. No delay on the part of the Holder 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.

23. 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.

24. 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.

25. Governing Law. This Note shall be governed by, and construed in accordance with, the
laws of the State of Texas, without giving effect to any choice of law principles. 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.

26. 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.

27. Usury. All agreements between Borrower and Holder, 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 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 Section 12 shall control and supersede every other conflicting provision of all
agreements between Borrower and the Holder hereof.

28. 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.

29. 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.

30. 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: Gary Blum

Address: 3104 Oak Lane

Dallas, Texas 75226

Fax number: (214) 426-5238

If to Borrower:

Immediatek, Inc.

10488 Brockwood Road

Dallas, Texas 75238

Fax Number: (214) 722-0818

Attention: Zach Bair, Chief Executive Officer

16. Consolidated Note. This Note shall serve to consolidate and amend and restate in their
entirety the following:

     16.1 Secured Convertible Promissory Note made by Borrower to Lender in the sum of $160,000.00,
dated November 29, 2004;

     16.2 A note made by Borrower to Lender in the sum of $140,500.00, dated October 28, 2005; and

     16.3 Advances made to Borrower by Lender in the sum of $30,129 from October 17, 2005 to
January 20, 2006.

This Note supersedes and replaces in all respects the obligations identified in Sections 16.1, 16.2
and 16.3 hereof.

     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 OR WRITTEN AGREEMENTS OF THE PARTIES.

THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

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

 

 

	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	IMMEDIATEK, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Zach Bair
	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Zach Bair	 	 
	 	 	Title: Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	Gary Blum	 	 
	 
	 	 	 	 	 	 
	 	 	  /s/ Gary Blum	 	 
	 	 	 	 	 
	 	 	Gary Blum, Individuallyexv10w13

 

EXHIBIT 10.13

WAIVER AND RELEASE

     This Waiver and Release (this “Agreement”) is executed on this 1st day of
February 2006, by and between Immediatek, Inc., a Nevada corporation (“Immediatek”), and
Gary Blum (“Lender”).

RECITALS

     WHEREAS, Immediatek has the opportunity to receive significant additional capital,
substantially increasing its resources, contingent upon the resolution of all outstanding
indebtedness and certain rights;

     WHEREAS, Immediatek is indebted to Lender in the aggregate principal amount of Three Hundred
Thirty Thousand Six Hundred Twenty-Nine Dollars ($330,629) (“Total Indebtedness”);

     WHEREAS, Lender and Immediatek wish to enter into this Agreement in order to waive certain
rights of Lender, including, without limitation, those rights granted to Lender under the terms of
Immediatek’s Articles of Incorporation (as amended, the “Articles”) and to provide certain
releases.

     NOW, THEREFORE, in consideration of the above recitals, the promises herein contained and such
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto, intending to be legally bound, hereby agree as follows:

AGREEMENT

     53. Waiver and Release. Lender hereby agrees to release and waive, and does
hereby forever release and waive, all unpaid interest on the Total Indebtedness. Lender hereby
agrees to release all liens and security interests that secure the Total Indebtedness immediately
prior to the closing (the “Closing”) of the purchase and sale of securities of Immediatek
pursuant to that certain Securities Purchase Agreement (as amended, supplemented and modified from
time to time, the “Purchase Agreement”) entered into by and among Immediatek, Radical
Holdings LP and the other parties thereto.

     54. Preemptive Rights and Registration Rights Waiver. Lender hereby waives,
now and forever, any and all rights he may have, whether past, current or future, by law or
pursuant to the terms of the Articles or any other document, instrument or agreement as they may
relate to the issuance of any shares of Immediatek common stock or any other securities of
Immediatek or the registration of any securities of Immediatek under the securities laws or the
rules or regulations promulgated thereunder.

     55. General Release. Upon, for and in consideration of the repayment of the
Total Indebtedness, whether by shares of Immediatek common stock or cash, or both, issued or paid
to Lender by Immediatek, and other good and valuable considerations, Lender hereby remises,
releases and forever discharges and by these presents does, for himself and his heirs, executors,
administrators, successors and assigns, remise, release, acquit, satisfy and forever discharge,
Immediatek and its subsidiaries, their respective employees, agents and affiliates, successors and
assigns (“Releasees”), of and from all, and all manner of action and actions, cause and
causes of

 

 

action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties,
covenants, contracts, controversies, agreements, promises, variances, trespasses, damages,
judgments, executions, claims and demands whatsoever in law or in equity, which against Releasees
Lender ever had, now has, or which his heirs, executors, administrators, successor or assigns,
hereafter can, shall or may have, for, upon or by reason of any matter, cause or thing whatsoever,
from the beginning of the world to the Closing.

     56. Lender Representations and Warranties. Lender hereby represents and
warrants to Immediatek that:

          (v) Lender has all requisite power and authority to execute and deliver this Agreement and to
consummate the transactions contemplated by this Agreement.

          (w) The execution of this Agreement has been duly authorized by all necessary actions on the
part of Lender, and this Agreement has been executed and delivered, and constitutes a valid, legal,
binding and enforceable agreement of Lender, except as may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws of general application relating to or
affecting the enforcement of creditor rights.

     57. Immediatek Representations and Warranties. Immediatek hereby represents
and warrants to Lender that:

          (k) Immediatek has all requisite power and authority to execute and deliver this Agreement and
to consummate the transactions contemplated by this Agreement.

          (l) The execution of this Agreement has been duly authorized by all necessary actions on the
part of Immediatek, and this Agreement has been executed and delivered, and constitutes a valid,
legal, binding and enforceable agreement of Immediatek, except as may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws of general application
relating to or affecting the enforcement of creditor rights.

     58. Acknowledgments and Understandings. Lender hereby acknowledges and
understands that Immediatek is effecting a 100-for-1 reverse stock split of the outstanding
Immediatek common stock prior to the Closing.

     59. Termination. This Agreement shall become null and void and of no
further force or effect in the event that the purchase of securities from Immediatek by Radical
Holdings LP or its affiliates does not occur on or prior to June 1, 2006.

     60. Entire Agreement; Amendment. THIS AGREEMENT EMBODIES THE FINAL, ENTIRE
AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS,
REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF
AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL OR
WRITTEN AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE
PARTIES HERETO. This Agreement may not be amended or modified without the written
consent of all parties hereto and Radical Holdings LP.

 

 

     61. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which together shall constitute
one and the same instrument. This Agreement will become effective when one or more counterparts
have been signed by each of the parties and delivered to the other parties. For purposes of
determining whether a party has signed this Agreement or any document contemplated hereby or any
amendment or waiver hereof, only a handwritten original signature on a paper document or a
facsimile copy of such a handwritten original signature shall constitute a signature,
notwithstanding any law relating to or enabling the creation, execution or delivery of any contract
or signature by electronic means.

     62. Further Assurances. Each party shall do and perform, or cause to be
done and performed, all such further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents, as the other party may reasonably request in
order to carry out the intent and accomplish the purposes of this Agreement and the consummation of
the transactions contemplated hereby.

     63. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW
PRINCIPLES.

     IN WITNESS WHEREOF, the parties have set their hands on the date first above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	IMMEDIATEK, INC.:	 	 	 	LENDER:	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ PAUL MARIN
	 	 	 	By:
	 	/s/ GARY BLUM
	 	 
	 

	 	 	 	 
	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Paul Marin
	 	 	 	 	 	Gary Blum	 	 
	 

	 	Title:
	 	Chief Operating Officer

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