Pervasip Corp (PVSP)

[Arthur]

Factor Fund has not "taken over the marketing".
The Loan Covenant states:

(D), to engage a marketing company on or before July 31, 2013 (“ Approved Consultant ”) on terms acceptable to Designee.

The loan covenant makes no mention that the marketing guy is to be on Factor Fund's dime.
So, the marketing guy's salary comes from the $240K "cash" part of the $650K loan, which will be doled up as needed by factor fund:

iv. for so long as no event of default has occurred under any Transaction Document, $240,000 in immediately available U.S. cash funds, which amount shall be paid to the Company in a series of monthly or more frequent tranches from time to time at the Buyer’s sole discretion between the Closing and December 31, 2013 (each, a “ Remainder Payment ” and, collectively, the “ Remainder Payments ”).

It is not clear to me if PVSP's new marketing campaign has started yet, and if "Jack" is on the job.
Factor Fund is certainly keeping a close eye on when and how the marketing money is spent, Pervasip has to provide Factor Fund with a weekly report showing its revenues and expenses.