Second Amendment to First Amended and Restated Security Agreement between Atrinsic, Inc. and Iroquois Master Fund Ltd.
This agreement is an amendment to a previous security agreement between Atrinsic, Inc. and Iroquois Master Fund Ltd. It confirms that a new $25,000 loan from Iroquois to Atrinsic, evidenced by a convertible promissory note, is now included under the existing security agreement. The amendment also updates the list of notes covered by the agreement. All other terms of the original security agreement remain unchanged.
Exhibit 10.1
ATRINSIC, INC.
65 Atlantic Avenue
Boston, Massachusetts 02110
September 3, 2015
Iroquois Capital Management LLC
205 East 42nd St- 20th Fl.
New York NY
Attn.: Joshua Silverman
| Re: | 2nd Amendment to First Amended and Restated Security Agreement |
Dear Mr. Silverman:
Reference is made to the incremental $25,000.00 loan from Iroquois Master Fund Ltd. to Atrinsic, Inc. being funded today which will be evidenced by a Convertible Promissory Note of even date herewith. We hereby confirm that “Notes” as defined in the First Amended and Restated Security Agreement dated December 18, 2014, as amended by the Letter Agreement dated May 15, 2015, shall be amended to include all of the notes described on Exhibit A hereto.
Except as modified hereby, the First Amended and Restated Security Agreement dated December 18, 2014 shall remain in full force and effect.
| Sincerely, | ||
| /s/ Edward Gildea | ||
| Edward Gildea, | ||
| President |
| Agreed to and Accepted: | |
| Iroquois Master Fund Ltd. | |
| By: | /s/ Joshua Silverman |
| Joshua Silverman, Authorized Signatory | |
Exhibit A
Notes Covered by First Amended and Restated Security Agreement
by and among
Atrinsic, Inc., Iroquois Master Fund LTD and Hudson Bay Master Fund LTD
| Note Date | Holder | Note Amount | ||||
| 2/11/2014 | Hudson Bay Master Fund LTD | $ | 87,500.00 | |||
| 2/11/2014 | Iroquois Master Fund LTD | $ | 87,500.00 | |||
| 8/15/2014 | Hudson Bay Master Fund LTD | $ | 45,000.00 | |||
| 8/15/2014 | Iroquois Master Fund LTD | $ | 45,000.00 | |||
| 12/18/2014 | Hudson Bay Master Fund LTD | $ | 75,000.00 | |||
| 12/18/2014 | Iroquois Master Fund LTD | $ | 75,000.00 | |||
| 5/15/2015 | Hudson Bay Master Fund LTD | $ | 50,000.00 | |||
| 5/15/2015 | Iroquois Master Fund LTD | $ | 50,000.00 | |||
| 9/3/2015 | Hudson Bay Master Fund LTD | $ | 25,000.00 | |||
| 9/3/2015 | Iroquois Master Fund LTD | $ | 25,000.00 | |||
