Exhibit 10.6
Loan Amendment
This agreement made as of this 1st day of April 2016 by and between ______________________and Full Spectrum Inc. (the"Company").
WHEREASonDecember 31, 2013 theCompanyentered intoaPromissory Note Agreement (the"2013 Note")with __________whereby____________ paid to the Company $250,000 in exchange of the 2013 Note of same principal value, which was to bear interest at a rate of 10% per annum and which was to be repaid in full on December 31, 2014.
WHEREAS the Company was unabletorepay the 2013 Note by its maturity dateandinterest continued to accrue at 10% per annum.
WHEREASon February26, 2015, theCompanymade a payment to ___________on the2013Noteof$50,000, of which $25,000 wasappliedto principaland $25,000was applied to accruedinterest.
WHEREAS on November 1, 2014, the Company entered into a Loan Agreement (the"201 4Note") with___________________,whereby ____________paidtothe Company $210,000 in exchangeforthe 2014 Noteof sameprincipal value,which was to bear a fixed interest payment of $16,800and which was toberepaid in full on March 16, 2015.
WHEREAS the Company was unable to repay the 2014 Note by its maturity dateand interest fromMarch16, 2015was to accrue at a rate of 18% per annum per the original 2014 Note.
WHEREAS on September 15, 2015 the Company and____________ agreed to decrease t11e interest ratefromthat date onthe 2014Note to 10% for nominal consideration.
NOW THEREFORE,the Companyand _____________have agreed that for both the2013Note and the 2014 Note that the aggregate outstanding remaining principal amountof $435,000 andaggregate remaining interest payable amount (as of December31, 2015)of $66,349shallcontinue to accrue interest atarate of 10% per annum,and thatsuchprincipal and interest shall become due and payableonApril 1, 2017. The Company may elect to payanyor alloutstandingprincipalandinterest prior to April 1, 2017 without penalty.
FURTHERMORE, _____________agrees towaive anyexisting defaultsorpenalties asof thedateof this agreement.Allother provisions of the 2013 Noteandthe 2014Note shallremain in full forceandeffect.
INWITNESS WHEREOF, the parties hereto have caused thisagreementto be executed by their respective offices thereunto dulyauthorized, asof the date written above.
Full Spectrum Inc. | |
Name: Stewart Kantor | |
Title: Chief ExecutiveOfficer |