DEBENTURE MODIFICATION AND THIRD EXTENSION AGREEMENT
Exhibit
10.1
AND
THIRD EXTENSION AGREEMENT
THIS
AGREEMENT is by and between Enable Holdings, Inc. (hereinafter referred to as
“Company”), and ________ (hereinafter referred to as the “Holder”), and shall
have an effective date as of the date it is fully executed by all of the parties
hereto.
WITNESSETH:
WHEREAS,
Company previously executed a Debenture in an original principal amount of
_____________ originally dated October 31, 2008 as extended on January 15, 2009
and April 14, 2009, copies of which are attached hereto as Exhibit A.
(hereinafter referred to as the “Debenture”); and
WHEREAS,
the Debenture was a part of a bridge loan financing between the Company, the
Holder and several other lenders with an aggregate principal balance currently
totaling Two Million Four Hundred Fifty Thousand ($2,450,000) (the “Bridge Loan
Financing”); and
WHEREAS,
the Company has commenced raising money for a Senior Convertible Debenture (the
“Convertible Debenture”) of up to Seven Million Five Hundred Thousand Dollars
($7,500,000) of which an amount of approximately One Million Three Hundred
Thousand Dollars ($1,300,000) has been raised; and
WHEREAS,
the Holder herein agrees that the Debenture shall in all respects be treated
pari passu with the holders of the Convertible Debenture; and
WHEREAS,
the Company desires, and the Holder agrees, to extend the term of payment for
this Debenture for an additional thirty (30) days past its extended maturity,
along with the majority of the other Bridge Loan Financing debentures;
and
WHEREAS,
other than what has been agreed upon in the Debenture Modification and Extension
Agreement, the Debenture Modification and Second Extension Agreement and this
Debenture Modification and Third Extension Agreement, the Company has complied
with all material terms of the Debenture up to the date of this extension;
and
WHEREAS,
Company and Holder wish to modify the Debenture in accordance with the terms and
conditions contained herein.
NOW,
THEREFORE, in consideration of the foregoing premises and the terms and
conditions, provisions and covenants contained herein, Company and Holder do
hereby agree as follows:
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1.
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Interest
Payments as set forth in Section 2 shall continue to be paid
monthly.
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2.
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The
Holder agrees that all the rights, stipulations and conditions contained
in the Debenture, and any and all mortgages securing repayment thereof
shall be deemed pari passu with the rights, stipulations and conditions
contained in the Convertible
Debenture.
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3.
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The
Maturity Date shall be extended until August 13,
2009.
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4.
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All
the rights, remedies, stipulations and conditions contained in the
Debenture, and any and all mortgages securing repayment thereof, shall
also apply to any default in or failure to pay the modified payments
required hereunder.
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5.
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Company
shall make and execute any and all other documents as may be necessary or
required to effectuate the terms and conditions of this
Agreement.
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6.
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Save
and except for the modifications contained herein, the terms, conditions
and provisions of the Debenture, and any and all mortgages securing
repayment thereof, shall continue in full force and
effect.
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IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the ___ day
of July, 2009.
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By:
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Its:
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