Document:

Exhibit 10.7

 

Amendment
No. 1 to SENIOR CONVERTIBLE PROMISSORY NOTE 

 

This Amendment No.
1 (this “Amendment”) to the Senior Convertible Promissory Note (the “Note”) dated January
27, 2015 is effective as of December 31, 2014 (the “Effective Date”), by and among Loton, Corp., a Nevada corporation
(“Borrower”), and Trinad Capital Master Fund, Ltd., a Cayman Island exempted company (“Lender”).

 

WHEREAS, Borrower and
Lender entered into the Note to consolidate the outstanding principal and accrued interest that was owed by Borrower under certain
prior loans through the Effective Date and establish an increased line of credit for Borrower on the terms set forth in the Note.

 

WHEREAS, Borrower and
Lender desire to amend the Note as set forth in this Amendment, effective as of the Effective Date.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein contained, and other good and valuable consideration, receipt and sufficiency
of which is hereby acknowledged, the parties hereto hereby agree to amend the Note as follows:

 

1.          Amendment
to Maturity Date. Section 1 of the Note is hereby amended in its entirety as follows:

 

“All outstanding unpaid principal
and accrued but unpaid interest (the “Loan Balance”) shall be due and payable on June 30, 2016 or such later
date as Lender may agree to in writing (the “Maturity Date”) unless, prior to such date, this Note shall have
been prepaid in full pursuant to paragraph 4 or converted in its entirety into common stock of Borrower pursuant to paragraph 5.”

 

2.          Amendment
to Conversion Price. Section 5(a) of the Note is hereby amended in its entirety
as follows:

 

“Prior to the Maturity Date
or prepayment of the Loan, if Borrower consummates an Equity Financing (as defined in paragraph 5(b)), Lender may, at its sole
discretion, elect to convert all or any portion of the then-outstanding Loan Balance into the same type of shares of capital stock
issued by Borrower (the “Equity Securities”) in the Equity Financing that occurred immediately prior to the
conversion election at a price per share equal to the average price per share paid by investors in such Equity Financing. All such
shares of Equity Securities shall be subject to the same terms as the other investors purchasing such Equity Securities in the
Equity Financing. In the event of the conversion of this Note into Equity Securities pursuant to this paragraph 5: (i) Lender
agrees to surrender this Note for conversion and cancellation and to execute all Equity Securities documents in connection with
the conversion of this Note and the issuance of the shares of Equity Securities as may be reasonably requested by Borrower, including,
but not limited to, the execution of such subscription, investor rights, co-sale, voting or shareholder agreements executed by
investors in an Equity Financing; and (ii) Borrower shall pay to Lender, upon Lender’s request, cash in an amount equal
to that portion of the then-outstanding Loan Balance, if any, that would otherwise convert into a fractional share of Equity Securities
pursuant to this paragraph 5.”

 

3.          Capitalized
Terms. All capitalized terms in this Amendment, to the extent not otherwise defined herein, shall have the meaning assigned
to them in the Note.

 

    	 

    	 

    

  

4.          Continuing
Effectiveness. Except as modified by this Amendment, the Note shall remain in full force and effect and no party by virtue
of entering into this Amendment is waiving any rights or obligation that it has under the Note, and once this Amendment is executed
by the parties hereto, all references to the “Note” in the Note shall refer to the Note as modified by this Amendment.

 

5.          Successors.
The terms and conditions of this Amendment shall inure to the benefit of and be binding upon the successors and assigns of the
parties hereto.

 

6.          Governing
Law. This Amendment is governed by the laws of the State of California, without regard to conflict or choice of law principles
that would result in the application of any law other than the laws of the State of California.

 

7.          Counterparts.
This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together
comprise but a single instrument.

 

IN WITNESS WHEREOF,
the parties have executed this Amendment as of the date first above written.

 

	 	BORROWER
	 	 
	 	Loton, Corp.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Its:	Director
	 	 	 
	 	LENDER
	 	 
	 	Trinad Capital Master Fund, Ltd.
	 	 	 
	 	By:	 
	 	Name:	Robert S. Ellin
	 	Its:	DirectorExhibit 10.8

 

AMENDED AND RESTATED

SENIOR PROMISSORY NOTE

 

	$1,000,000	Original Issue Date: December 31, 2014
	 	Amendment No. 1: January 27, 2015 (effective December 31, 2014)
	 	Amended and Restated: February 5, 2015 (effective December 31, 2014)
	 	Los Angeles, CA

 

FOR VALUE RECEIVED,
Loton, Corp., a Nevada corporation (“Borrower”), promises to pay to the order of Trinad Capital Master Fund,
Ltd., a Cayman Island exempted company (“Lender”), the principal sum of One Million Dollars ($1,000,000) (the
“Maximum Loan Amount”), or so much of that sum as may be advanced pursuant to the terms of this Amended and
Restated Senior Promissory Note (this “Note”), plus interest at the applicable Note Rate (as defined in paragraph 2)
on the unpaid principal amount of each Advance (as defined in paragraph 5(a)) from the date of disbursement until the date
such amounts advanced are repaid by Borrower in full.

 

This Note amends and
restates in its entirety that certain Senior Convertible Promissory Note dated December 31, 2014, which was previously amended
pursuant to that certain Amendment No. 1 to the Senior Convertible Promissory Note dated January 27, 2015 (and effective December
31, 2014) (collectively, the “Original Note”). This Note does not constitute a satisfaction, release, termination,
novation or discharge of the Original Note. This Note is effective December 31, 2014 (the “Effective Date”).

 

Prior to the original
issue date of this Note, Lender advanced $700,000.00 to Borrower in various term loans during the period between April 2, 2012
and November 30, 2014. All of the principal and accrued interest owed to the Lender under the prior loans through the original
issue date in the amount of $770,150 constitutes a portion of the Outstanding Loan Balance under this Note and each and every prior
loan was terminated under the Original Note.

 

1.          Maturity.
All outstanding unpaid principal and accrued but unpaid interest (the “Loan Balance”) shall be due and payable
on June 30, 2016 or such later date as Lender may agree to in writing (the “Maturity Date”) unless, prior to
such date, this Note shall have been prepaid in full pursuant to paragraph 4.

 

2.          Interest.

 

(a)          The
principal sum outstanding at any time during the period from the Effective Date until the Maturity Date (the “Term”)
shall bear interest at the rate of six percent (6%) per annum (the “Note Rate”), but in no event more than
the maximum interest rate permitted by applicable law. Interest shall be calculated daily on the basis of a 365-day year at the
rate equal to the Note Rate, and shall be payable on the last business day of each calendar quarter commencing on March 31, 2015
(each, an “Interest Payment Date”).

 

(b)          Prior
to the Maturity Date, Borrower may from time to time in lieu of making a payment to Lender pursuant to paragraph 3 of the interest
due and payable under this Note on any applicable Interest Payment Date, elect that the amount of such interest be added to the
principal sum outstanding under this Note (such election, the “PIK Election”). Borrower shall provide
written notice of the PIK Election to Lender at least five (5) days before such applicable Interest Payment Date, which notice
shall state (i) the amount of interest due and payable under this Note to be added to the principal sum outstanding and (ii) the
date on which such interest would otherwise be due and payable to Lender. For the avoidance of doubt, immediately after each PIK
Election, the principal sum outstanding under this Note shall equal the sum of (x) the outstanding unpaid principal immediately
before the PIK Election, and (y) the amount of interest otherwise due and payable on the applicable Interest Payment Date.

 

    	 

    	 

    

  

3.          Manner
of Payment. All payments under this Note shall be made by wire transfer of immediately available funds to an account designated
by Lender in writing. Any payment shall be applied when received, first, to the payment of any accrued but unpaid interest and,
thereafter, to reduce the principal balance of this Note. If any payment of principal or interest on this Note is due on a day
which is not a Business Day, such payment shall be due on the next succeeding Business Day. As used herein, “Business
Day” means a day other than Saturday on which banks are generally open for business in New York City. 

 

4.          Prepayment.
Borrower may, without premium or penalty, at any time and from time to time, upon fifteen (15) days’ prior written notice
to Lender, prepay all or a part of the outstanding unpaid principal, together with accrued but unpaid interest thereon computed
to the date of prepayment.

 

5.          Advances.

 

(a)          Subject
to the terms and conditions of this Note, Borrower may from time to time during the Term request that Lender advance funds to
Borrower (each, an “Advance”). Borrower shall request each Advance (each, an “Advance Request”)
by written notice to Lender (each a “Notice of Advance”). Prior to the Maturity Date, Advances
may be repaid and re-borrowed as provided herein.

 

(b)          Upon
receipt of any such Notice of Advance, Lender may require such additional information and documentation from Borrower, including
without limitation information and documentation regarding the affairs, business, financial condition, operations, prospects or
management of Borrower.

 

(c)          Borrower
shall not be entitled to make any further Advance Requests (i) on or after the Maturity Date, (ii) in the event that the aggregate
outstanding amount of Advances, including the proposed Advance, equals or exceeds Maximum Loan Amount, and (iii) in the event
that any representation or warranty by Borrower contained herein is untrue or incorrect as of the date of any such Advance Request.

 

6.          Conditions
Precedent to Advances. Lender’s obligation to make Advances under this Note during the Term shall be subject in all
respects to the following conditions precedent as of the date of each Advance:

 

(a)          there
exists no Event of Default (as defined in paragraph 9) and all representations and warranties of Borrower contained herein are
true and correct in all respects;

 

(b)          Lender
has received a Notice of Advance and all information and documentation which Lender has requested in connection therewith; and

 

(c)          each
of Borrower’s representations and warranties in this Note shall be true, accurate, and complete on the date of the Advance
Request and on the effective date of each Advance.

 

7.          Representations
and Warranties. Borrower makes the following representations, warranties and agreements in favor of Lender, which representations
and warranties shall survive the execution of this Note and shall remain true, accurate and in full force and effect until all
obligations of Borrower under this Note have been satisfied and paid in full:

 

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(a)          Borrower
is a duly organized and validly existing corporation and in good standing under the laws of the State of Nevada, and has the power
and authority to enter into and perform its obligations under this Note; and

 

(b)          Borrower
has duly executed and delivered this Note, and this Note is a legal, valid and binding obligation of Borrower, enforceable against
Borrower in accordance with its terms.

 

8.          Covenants.
Borrower covenants and agrees that, on and after the date hereof, and until the Loan and any other obligations of Borrower hereunder
are paid and performed in full and satisfied, Borrower shall comply with each of the following covenants, unless compliance therewith
shall have been waived in writing by Lender:

 

(a)          Borrower
will pay when due all its payment obligations hereunder, in the manner and at the time and place specified in this Note or otherwise
by Lender in writing; and

 

(b)          Borrower
will not without the prior written consent of Lender guarantee any obligations other than in the ordinary course of business.

 

9.          Events
of Default. Upon written notice by the Lender and failure to cure by the Borrower within 5 business days of receipt of such
notice, the occurrence or existence of any one or more of the following shall constitute an “Event of Default”
hereunder:

 

(a)          Borrower
fails to make any payment when due or otherwise to perform any of the material terms, covenants or provisions of any loan agreement,
promissory note or other contract to which Borrower is a party; and/or

 

(b)          Borrower
fails to observe or perform any covenant, obligation, condition or agreement set forth herein.

 

10.         Remedies
Upon an Event of Default. Upon the occurrence and during the continuance of an Event of Default, Lender may declare by notice
to Borrower the entire outstanding principal balance of this Note, together with all accrued interest thereon, immediately due
and payable, without presentment, demand, protest or notice of protest of any kind, all of which are hereby expressly waived.
To the extent permitted by law, Borrower shall pay Lender all out-of-pocket costs and expenses, including reasonable attorneys’
fees, incurred by Lender in the collection of this Note upon any Event of Default.

 

11.         Obligation
for Fees and Expenses. Borrower agrees to pay immediately upon demand all costs and expenses of Lender, including reasonable
attorneys’ fees, (a) if after default this Note be placed in the hands of an attorney or attorneys, or other appropriate
agent(s) for collection; (b) if after an Event of Default hereunder, Lender finds it necessary or desirable to secure the
services or advice of one or more attorneys with regard to collection of this Note against Borrower, any guarantor or any other
party liable therefor or for the protection of its rights under this Note.

 

12.         No
Waiver. The acceptance by Lender of any payments under this Note after the date that such payment is due shall not constitute
a waiver of the right to require prompt payment when due of future or succeeding payments or to declare a default as herein provided
for any failure to so pay. The acceptance by Lender of the payment of a portion of any installment at any time that such installment
is in its entirety due and payable shall not cure such default and shall not constitute a waiver of Lender’s rights to require
full payment when due of all future or succeeding installments.

 

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13.         Governing
Law. This Note is governed by the laws of the State of California, without regard to conflict or choice of law principles
that would result in the application of any law other than the laws of the State of California.

 

14.         Assignment
and Delegation. Borrower shall have no right to assign its rights hereunder, or to delegate any of its obligations hereunder.
Lender shall be entitled to delegate its obligations hereunder and to assign this Note in whole or in part to any person or entity
without the consent of Borrower.

 

15.         Remedies
Cumulative. If Lender delays in exercising or fails to exercise any of its rights under this Note, that delay or failure will
not constitute a waiver of any of Lender’s rights or of any breach, default, or failure of condition under this Note. No
waiver by Lender of any of its rights or of any breach, default or failure of a condition under this Note shall be effective unless
it is stated in writing signed by Lender. All of Lender’s remedies in connection with this Note or under applicable law
shall be cumulative, and Lender’s exercise of any one or more of those remedies will not constitute an election of remedies.
Time is expressly made of the essence with respect to every provision hereof.

 

16.         Participation.
Borrower understands that Lender may transfer this Note, or sell or grant participation in some or all of Borrower’s indebtedness
outstanding under this Note. In connection with any such transaction, Lender may disclose to each prospective and actual transferee,
purchaser or participant all documents and information relating to the Loan. Lender shall give Borrower notice of any such transfer,
sale or grant.

 

17.         Notices.
Any notice, demand, consent, approval, direction, agreement or other communication (any “Notice”) required
or permitted hereunder shall be in writing and shall be validly given and effectively served if mailed by United States mail,
first class or certified mail, return receipt requested, postage prepaid, sent by or if sent by verifiable facsimile or e-mail.
Any Notice shall be deemed to have been validly given and effectively served hereunder three (3) days after so mailed or on the
business day the facsimile or e-mail was sent if delivered during normal business hours, or else on the next succeeding business
day. Any person shall have the right to specify, from time to time, as its address or addresses for purposes of this Note, any
other address or addresses upon giving three (3) days’ notice thereof to each other person then entitled to receive notices
or other instruments hereunder.

 

18.         Counterparts.
This Note may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together
comprise but a single instrument.

 

[Signature Page Follows]

 

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IN
WITNESS WHEREOF, the undersigned have executed this Amended and Restated Senior Promissory Note as
of the date first written above.

 

	 	BORROWER
	 	 
	 	Loton, Corp.
	 	 
	 	By:	 
	 	Name:	 
	 	Its:	Director
	 	 	 
	 	LENDER
	 	 	 
	 	Trinad Capital Master Fund, Ltd.
	 	 	 
	 	By:	 
	 	Name:	Robert S. Ellin
	 	Its:	Director

 

[SIGNATURE PAGE FOR AMENDED AND RESTATED
Senior PROMISSORY NOTE]

 

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