December 5, 2016
Exhibit 10.2
December 5, 2016
To: | Xxxxxx Innovation Inc. |
0 Xxxx Xxxxx Xxxx |
Xxxxxxxx, XX 00000 |
Attn: Chief Financial Officer |
Re: | Termination of Revolving Promissory Note and Pledge Agreement |
Reference is made to that certain Revolving Promissory Note, dated as of July 19, 2016 (the “Note”), by and between Xxxxxx Digital, LLC, a Delaware limited liability company (“Lender”) and Xxxxxx Innovation Inc., a Delaware corporation (“Borrower”). Capitalized terms used herein and not otherwise defined herein shall have the meaning given to them in the Note.
Lender and Borrower have agreed to terminate the Loan Documents as set forth below.
The Lender hereby confirms that effective as of the date hereof (i) no Obligations remain outstanding under the Loan Documents, (ii) the Commitment Amount and the Availability Period is terminated, (iii) the Lender hereby releases its security interest in any and all Collateral securing the Note and each of the Loan Documents have terminated and are of no further force or effect, except for any provisions thereof that expressly survive the termination of the Loan Documents, and (iv) the Lender authorizes the Borrower, or its agent, to file such UCC-3 termination statements and file, record or deliver any such other releases, terminations, reconveyances, reassignments or other similar discharge or assignment documents as is necessary to evidence the releases and terminations referred to herein. The Lender shall, at the Borrower’s expense, promptly execute and deliver such releases, discharges, terminations or notices with respect to the Obligations and/or Collateral and take all other actions as may be reasonably requested by the Borrower in order to carry out the provisions of this letter.
Please acknowledge your receipt of this letter and acknowledgement of the foregoing, by executing and delivering to the Lender a signed counterpart signature page to this letter.
[Signature Page Follows]
Sincerely, | ||
LENDER: | ||
XXXXXX DIGITAL, LLC | ||
By: | /s/ Xxx X. Xxxxxx | |
Name: Xxx X. Xxxxxx | ||
Title: Chairman |
SIGNATURE PAGE TO
XXXXXX DIGITAL TERMINATION LETTER
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ACKNOWLEDGED AND AGREED as of the date first written above:
XXXXXX INNOVATION INC.
By: | /s/ Xxxxxxxx Xxxxxxxxx | |
Name: Xxxxxxxx Xxxxxxxxx | ||
Title: Chief Executive Officer |
SIGNATURE PAGE TO
XXXXXX DIGITAL TERMINATION LETTER
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