SECURITY AGREEMENTSecurity Agreement • March 6th, 2013 • Pervasip Corp • Telephone communications (no radiotelephone) • New Jersey
THIS SECURITY AGREEMENT (the “Agreement”), is entered into and made effective as of FEBRUARY 15, 2013, by and among PERVASIP CORP. (FKA eLEC COMMUNICATIONS CORP.), a New York corporation (“Company”), and Company’s undersigned active subsidiaries (each, an “Active Subsidiary”) and inactive subsidiaries (each, an “Inactive Subsidiary” and, together with the Active Subsidiaries, the “Subsidiaries”; each of which Subsidiaries shall be referred to herein collectively with the Company as the “Grantors”), in favor of 112359 Factor Fund, LLC (“the “Secured Party”).
PERVASIP CORP. Secured Amended & Restated Convertible DebenturePervasip Corp • March 6th, 2013 • Telephone communications (no radiotelephone) • New Jersey
FOR VALUE RECEIVED, PERVASIP CORP. (hereinafter called the “Obligor” or the “Company”), hereby promises to pay to 112359 FACTOR FUND, LLC (the “Holder”) or its successors and assigns the principal sum of ONE MILLION DOLLARS ($1,000,000) in Obligor in cash or common stock on the terms and conditions hereof on or before December 31, 2014 (the “Maturity Date”).
