EX-10 9 exhibit108.htm exhibit108.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
Exhibit 10.8 
 
.REAFFIRMATION AND RATIFICATION AGREEMENT 
 
September 28, 2007 
 
Laurus Master Fund, Ltd. 
c/o Laurus Capital Management, LLC 
355 Madison Avenue 
New York, New York 10017 
 
Ladies and Gentlemen: 
 
          Reference is made to the (a) Securities Purchase Agreement dated as of November 30, 
2005 by and between eLEC Communications Corp., a New York corporation (the “Company”), 
and Laurus Master Fund, Ltd., a Cayman Islands company (“Laurus”) (as amended, modified or 
supplemented from time to time, the “November 2005 Securities Purchase Agreement”); (b) 
Securities Purchase Agreement dated as of May 31, 2006 by and between the Company and 
Laurus (as amended, modified or supplemented from time to time, the “May 2006 Securities 
Purchase Agreement” and together with the November 2005 Securities Purchase Agreement, 
the “Laurus Securities Purchase Agreements” and each a “Laurus Securities Purchase 
Agreement”); (c) the Subsidiary Guaranty dated as of February 8, 2005 made by Telecarrier 
Services, Inc., a Delaware corporation (“Telecarrier”), Vox Communications Corp., a Delaware 
corporation (“Vox”), New Rochelle Telephone Corp, a New York corporation (“New 
Rochelle”), AVI Holding Corp, a Texas corporation (“AVI”) TelcoSoftware.com Corp., a 
Delaware corporation (“Telco”) and Line One, Inc. a New York corporation (“Line One”, and 
together with Vox, AVI and Telco, the “Guarantors”) in favor of Laurus (as amended, modified 
or supplemented from time to time, the “Subsidiary Guaranty”), (d) Master Security 
Agreement dated as of February 8, 2005 made by the Company, the Guarantors, Telecarrier and 
New Rochelle in favor of Laurus (as amended, modified or supplemented from time to time, the 
Master Security Agreement”) and (e) Stock Pledge Agreement dated as of February 8, 2005 
made by the Company, in favor of Laurus (as amended, modified or supplemented from time to 
time, the “Stock Pledge Agreement”) (the Securities Purchase Agreements, the Subsidiary 
Guaranty, the Master Security Agreement and the Stock Pledge Agreement, collectively, the 
Existing Laurus Agreements”). 
 
          To induce (a) Kallina Corporation (“Kallina”), Valens Offshore SPV II, LLC (“Valens”, 
and collectively with Kallina, the “Purchasers”) and LV Administrative Services, LLC, as 
administrative and collateral agent for the Purchasers (the “Agent”) to provide financial 
accommodations to the Company and enter into (i) that certain Securities Purchase Agreement 
dated as of the date hereof among the Company, the Purchasers, the other purchasers from time 
to time party thereto and the Agent (as amended, modified or supplemented from time to time, 
the “September 2007 Securities Purchase Agreement”) and (ii) the Related Agreements (as 
defined in the September 2007 Securities Purchase Agreement, together with the September 
2007 Securities Purchase Agreement, the “Valens Agreements”) and (b) Laurus to agree certain 
amendments to the Notes as set forth in (i) that certain Amended and Restated Secured Term 


Note made by the Company in favor of Laurus in the original principal amount of $1,428,000 
and (ii) that certain Third Amended and Restated Secured Term Note made by the Company in 
favor of Laurus in the original principal amount of $1,966,667 (collectively, the “Amended 
Laurus Notes”), each of the Company and the Guarantors hereby: 
 
                    a.   represents and warrants to Laurus that it has reviewed and approved the 
terms and provisions of each of the Valens Agreements, the Amended Laurus Notes and the 
documents, instruments and agreements entered into in connection therewith; 
 
                    b.   acknowledges, ratifies and confirms that all of the terms, conditions, 
representations and covenants contained in the Existing Laurus Agreements are in full force and 
effect and shall remain in full force and effect after giving effect to the execution and 
effectiveness of each of the Valens Agreements and the Amended Laurus Notes (provided that 
the representations and warranties made by the Company in the Existing Laurus Agreements 
shall be true and correct only as of the date of such agreements);   
 
                    c.   represents and warrants that no offsets, counterclaims or defenses exist as 
of the date hereof with respect to any of the undersigned’s obligations under any Existing Laurus 
Agreements;     
 
                    d.   acknowledges, ratifies and confirms the grant by each of the Company and 
the Guarantors to Laurus of a security interest in the assets of (including the equity interests 
owned by) each of the Company and the Guarantors, respectively, as more specifically set forth 
in the Existing Laurus Agreements, as applicable (the “Security Interest Grants”) and (ii) that 
the Security Interest Grants secure all the Obligations (as defined in the Existing Laurus 
Agreements); and     
 
                    e.   acknowledges and confirms that (i) the occurrence of an Event of Default 
under any of the Existing Laurus Agreements shall constitute an Event of Default under the 
Valens Agreements and (ii) the occurrence of an Event of Default under any of the Valens 
Agreements shall constitute an Event of Default under the Existing Laurus Agreements. 
 
          This letter agreement shall be governed by and construed in accordance with the laws of 
the State of New York without regard to the conflicts of law provisions thereof. This letter 
agreement may be executed by the parties hereto in one or more counterparts, each of which 
shall be deemed an original and all of which when taken together shall constitute one and the 
same agreement. Any signature delivered by a party by facsimile or electronic transmission shall 
be deemed to be an original signature hereto.   
 
[The remainder of this page is intentionally left blank]
 
 
2


          In Witness Whereof, the undersigned have executed this Reaffirmation and Ratification 
Agreement this 28th day of September, 2007.   
 
 
    eLEC COMMUNICATIONS CORP. 
 
 
    By: /s/ Paul H. Riss                                                             
    Name: Paul H. Riss     
    Title: Chief Executive Officer 
 
    Address: 75 South Broadway, Suite 302, White 
    Plains, NY 10602     
    Facsimile: 914-682-0820 
 
 
    VOX COMMUNICATIONS CORP. 
 
 
    By: /s/ Paul H. Riss                                                             
    Name: Paul H. Riss     
    Title: Chief Executive Officer 
 
 
    Address: 75 South Broadway, Suite 302, White 
    Plains, NY 10602     
    Facsimile: 914-682-0820 
 
 
    AVI HOLDING CORP. 
 
 
    By: /s/ Paul H. Riss                                                             
    Name: Paul H. Riss     
    Title: Chief Executive Officer 
 
 
    Address: 75 South Broadway, Suite 302, White 
    Plains, NY 10602     
    Facsimile: 914-682-0820 
 
 
3


    TELCOSOFTWARE.COM CORP. 
 
 
    By: /s/ Paul H. Riss                                                   
    Name: Paul H. Riss     
    Title: Chief Executive Officer 
 
 
    Address: 75 South Broadway, Suite 302, White 
    Plains, NY 10602     
    Facsimile: 914-682-0820 
 
 
    LINE ONE, INC.     
 
 
    By: /s/ Paul H. Riss                                                   
    Name: Paul H. Riss     
    Title: Chief Executive Officer 
 
 
    Address: 75 South Broadway, Suite 302, White 
    Plains, NY 10602     
    Facsimile: 914-682-0820 
 
Acknowledged and Agreed to by:         
 
LAURUS MASTER FUND, LTD.         
 
By: /s/ Pat Regan                         
Name: Pat Regan         
Title: Senior Managing Director         
 
 
4