Max Sound (MAXD) 10-K2014 FY Annual report

Filed: 1 Apr 15, 12:00am

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THISNOTEHASNOTBEENREGISTEREDUNDERTHESECURITIESACTOF1933,AS AMENDED(THE"ACT"),ORUNDERTHESECURITIESLAWSOFCERTAINSTATES. THESESECURITIESARESUBJECTTORESTRICTIONSONTRANSFERABILITYAND RESALEANDMAYNOTBETRANSFERREDORRESOLDEXCEPTASPERMITTEDUNDERTHEACTANDTHEAPPLICABLESTATESECURITIESLAWS,PURSUANTTO REGISTRATIONOREXEMPTIONTHEREFROM.LENDERSSHOULDBEAWARETHAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSELIN FORM ANDSUBSTANCE SATISFACTORY TO THEISSUER TOTHEEFFECTTHATANY PROPOSEDTRANSFERORRESALE ISINCOMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

LGCAPITALFUNDING,LLCCOLLATERALIZEDSECUREDPROMISSORYNOTE

BACKENDNOTE

$110,000.00 Brooklyn,NY

November4,2014

PrincipalandInterest

FORVALUERECEIVED,LGCapitalFunding,LLC,aNewYorkLimitedLiability Company(the"Company")herebyabsolutelyandunconditionallypromisestopaytoMaxSoundCorporation.(the“Lender"),ororder,theprincipalamountofOneHundredTenThousandDollars($110,000)nolaterthanJune29,2015,unlesstheLenderdoesnotmeetthe“currentinformation requirements”requiredunderRule144oftheSecuritiesActof1933,asamended,inwhichcasethe CompanymaydeclaretheoffsettingnoteissuedbytheLenderonthesame dateherewithtobein Default(asdefinedinthatnote)andcrosscancelitspaymentobligationsunderthisNoteaswellas theLenderspaymentobligationsundertheoffsettingnote.ThisFullRecourseNoteshallbear simple interest at the rate of 8%.

RepaymentsandPrepayments;Security.

a. AllprincipalunderthisNoteshallbedueandpayablenolaterthanJune29, 2015,unlesstheLenderdoesnotmeetthe“currentinformationrequirements”requiredunderRule 144oftheSecuritiesActof1933,asamended,inwhichcasetheCompanymaydeclarethe offsettingnoteissuedbytheLenderonthesamedateherewithtobeinDefault(asdefinedinthat note)andcrosscancelitspaymentobligationsunderthisNoteaswellastheLenderspayment obligationsundertheoffsettingnote.

b. TheCompanymaypaythisNoteatanytime.Thisnotemaynotbeassignedbythe Lender,exceptbyoperationoflaw.

c. ThisNoteshallinitiallybesecuredbythepledgeofthe$110,000.008%convertible promissorynoteissuedtotheCompanybytheLenderonevendateherewith(the“LenderNote”).

TheCompanymayexchangethiscollateralforothercollateralwithanappraisedvalueofatleast$110,000.00,byproviding3dayspriorwrittennoticetotheLender.IftheLenderdoes notobjecttothesubstitutionofcollateralinthat3dayperiod,suchsubstitutionofcollateral shallbedeemedtohavebeenacceptedbytheLender.AllcollateralshallberetainedbyNewVentureAttorneys,P.C.,whichshallactastheescrowagentforthecollateralforthebenefitofthe Lender.The CompanymaynoteffectanyconversionsundertheLenderNoteuntilithasmadefull cashpayment for the portion of the Lender Note being converted.

LenderInitialstoAcceptanceofboldedsectionabove.

EventsofDefault;Acceleration.

a. TheprincipalamountofthisNoteissubjecttoprepaymentinwholeorinpartupon theoccurrenceandduringthecontinuanceofanyofthefollowingevents(each,an“Eventof Default”):theinitiationofanybankruptcy,insolvency,moratorium,receivershiporreorganization byoragainsttheCompany,orageneralassignmentofassetsbytheCompanyforthebenefitof creditors.UpontheoccurrenceofanyEventofDefault,theentireunpaidprincipalbalanceofthis Noteandalloftheunpaidinterestaccruedthereonshallbeimmediatelydueandpayable.The Companymayoffset amountsdueto theLenderunder thisNoteby similaramounts thatmaybe due totheCompanybytheLenderresultingfrombreachesundertheLenderNote.

b. NoremedyhereinconferredupontheLenderisintendedtobeexclusiveofanyother remedyandeachandeveryremedyshallbecumulativeandinadditiontoeveryotherremedy hereunder,noworhereafterexistingatlaworinequityorotherwise.TheCompanyacceptsand agreesthatthisNoteisafullrecoursenoteandthattheHoldermayexerciseanyandallremedies availabletoitunderlaw.

Notices.

a. Allnotices,reportsandothercommunicationsrequiredorpermittedhereundershall beinwritingandmaybedeliveredinperson,bytelecopywithwrittenconfirmation,overnight deliveryserviceorU.S.mail,inwhicheventitmaybemailedbyfirst-class,certifiedorregistered, postageprepaid,addressed(i)iftoaLender,atsuchLender’saddressastheLendershallhave furnishedtheCompanyinwritingand(ii)iftotheCompanyatsuchaddressastheCompanyshall havefurnishedtheLender(s)inwriting.

b. Eachsuchnotice,reportorothercommunicationshallforallpurposesunderthis Notebetreatedaseffectiveorhavingbeengivenwhendeliveredifdeliveredpersonallyor,ifsent bymail,attheearlierofitsreceiptor72hoursafterthesamehasbeendepositedinaregularly maintainedreceptacleforthedepositoftheUnitedStatesmail,addressedandmailedasaforesaid, or,ifsentbyelectroniccommunicationwithconfirmation,uponthedeliveryofelectronic communication.

Miscellaneous.

a. NeitherthisNotenoranyprovisionshereofmaybechanged,waived,dischargedor terminatedorally,butonlybyasignedstatementinwriting.

b. NofailureordelaybytheLendertoexerciseanyrighthereundershalloperateasa waiverthereof,norshallanysingleorpartialexerciseofanyright,powerorprivilegeprecludeany otherright,powerorprivilege.TheprovisionsofthisNoteareseverableandifanyoneprovision hereofshallbeheldinvalidorunenforceableinwholeorinpartinanyjurisdiction,suchinvalidity orunenforceabilityshallaffectonlysuchprovisioninsuchjurisdiction.ThisNoteexpressesthe entireunderstandingofthepartieswithrespecttothetransactionscontemplatedhereby.The Company and every endorser and guarantor of this Note regardless of the time, order or place of signing hereby waivespresentment, demand,protest and noticeof everykind, and assentsto any extension or postponement of the time for payment or any other indulgence, to any substitution, exchange or release of collateral, and to the addition or release of any other party or person primarily or secondarily liable.

c. IfLender retainsan attorneyfor collection ofthis Note,or ifanysuit orproceeding is broughtfortherecoveryofall,oranypartof,orforprotectionoftheindebtednessrespectedbythis Note,thentheCompanyagreestopayallcostsandexpensesofthesuitorproceeding,oranyappeal thereof,incurredbytheLender,includingwithoutlimitation,reasonableattorneys'fees.

d. ThisNoteshallforallpurposesbegovernedby,andconstruedinaccordancewiththe lawsoftheStateofNewYork(withoutreferencetoconflictoflaws).

e. ThisNoteshallbebindingupontheCompany'ssuccessorsandassigns,andshall inuretothebenefitoftheLender'ssuccessorsandassigns.

INWITNESSWHEREOF,theCompanyhascausedthisNotetobeexecutedbyitsduly authorizedofficertotakeeffectasofthedatefirsthereinabovewritten.

LGCAPITALFUNDING,LLC

By:

Title:

APPROVED:

MAXSOUNDCORPORATION.

By:

Title:CFO

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