Document:

Exhibit 10.1 

 

April 5, 2017

 

BY FACSIMILE AND ELECTRONIC MAIL 

 

GKS Funding LLC

2550 N. Lakeview Avenue

Unit S2206

Chicago, IL 60614

Attention: Mo Garfinkle

 

Re:Letter Agreement Waiving Cure Period Relating
to Existing Default and Consenting to UCC Sale

Dear Mr. Garfinkle:

As you know,
Agritech Worldwide, Inc. (the “Company”) is obligated to GKS Funding LLC (the “Agent”) pursuant
to the terms of that certain Loan and Security Agreement, dated as of February 1, 2017 (as amended and in effect from time to time,
the “Loan Agreement”), between the Company, the Lenders party thereto and the Agent. As of the date of this
letter, the outstanding balance of the Company’s obligations under the Loan Agreement is approximately $1,011,800, plus accrued
and accruing legal fees and expenses. Unless otherwise specified herein, capitalized terms used in this letter shall have the meanings
ascribed to them in the Loan Agreement.

Over the past
several months, the Company has experienced significant operating losses and has been unable to raise additional capital in order
to pay the expenses necessary to continue to operate its business, as set forth on the budget prepared by the Company and attached
hereto as Exhibit A (the “Budgeted Expenses”). For the same reason, the Borrower was unable to pay interest
on the Loans on March 31, 2017 in accordance with Section 3.1(A) of the Loan Agreement (the “Existing Default”).
On March 31, 2017, the Company received a notice of Existing Default from the Agent, a copy of which is attached hereto as Exhibit
B. The Company acknowledges that the Existing Default has occurred and will become an Event of Default if not cured on or prior
to April 15, 2017 pursuant to Section 11.1(A)(ii) of the Loan Agreement.

As a result,
and after considering all options, the Board of Directors of the Company has determined that the Company will not have sufficient
funds to cure the Existing Default on or before April 15, 2017. In addition, given the inability to raise additional capital to
fund ongoing operations, the Company has also determined that it cannot continue to operate as a going concern. Thus, the Company
has determined that it is in the best interests of all constituents and the Company to cooperate with the Agent and the Agent’s
exercise of remedies. The Company and the Agent have agreed as follows:

	1.		The Company hereby waives the cure period with respect to the Existing Default immediately
upon execution of this letter. As a result and the Company agrees, immediately upon execution of this Agreement, the Existing
Default shall become an Event of Default (with, for avoidance of doubt, no further right to cure or grace period), and the Agent
shall have the right to exercise its remedies under the Loan Agreement and applicable law with respect to such Event of Default,
including, without limitation, by scheduling and conducting a UCC sale of all of the Collateral on or about April 17, 2017 (the
“UCC Sale”).

	2.		Agent agrees to fund loans to the Company up to the date of the UCC Sale to permit
the Company to pay the Budgeted Expenses as and when due and payable in accordance with Exhibit A hereto, pursuant to documentation
in form and substance acceptable to the Agent and Company (the “New Loans”). The New Loans: (a) shall be secured
by a first priority security interest in all of the real and personal assets, property, fixtures, rights and interests of the
Company, whether now existing or owned and hereafter arising or acquired and wherever located; (b) shall have priority in payment
over the Loans made by the Agent pursuant to the Loan Agreement; and (c) shall be repaid, before any other payments are made by
the Company, out of the first cash proceeds of the Collateral received by the Company.

	3.		The Company consents to, and shall fully cooperate with the Agent in connection with,
the UCC Sale and the disposition of the Collateral in connection therewith, as well as the exercise by the Agent of any of its
other right and remedies in connection therewith.

	4.		To induce Agent to enter into this letter and to fund the loans hereunder, the Company
represents and warrants to Agent that the Company has the right, power and capacity and is duly authorized and empowered to enter
into, execute, deliver and perform this letter.

 

	 	Sincerely,
	 	 
	 	AGRITECH WORLDWIDE, INC.
	 	 
	 	By: 	/s/ Edward B. Smith
	 	 	Name: Edward B. Smith
Title: Director

ACCEPTED AND AGREED:

	GKS FUNDING LLC	 	 
	 	 	 
	By:	/s/ Mo Garfinkle	 	 
	 	Name: Mo Garfinkle	 	 
	 	Title: Manager	 	 

    	 	1	 

    	 

    

  

EXHIBIT A

 

Budgeted Expenses

	 	 	To 4/15	 	 	4/15 to 5/1	 
	Total Cash In	 	$	101,322	 	 	$	17,016	 
	 	 	 	 	 	 	 	 	 
	Total Cash Out	 	$	125,506	 	 	$	94,526	 
	 	 	 	 	 	 	 	 	 
	Deficit	 	$	(24,184	)	 	$	(77,510	)

    	 	2	 

    	 

    

 

EXHIBIT B

GKS FUNDING LLC

2550 N. Lakeview Avenue

Unit S2206

Chicago, Illinois 60614

March 31, 2017

VIA FACSIMILE AND EMAIL 

Agritech Worldwide, Inc.

1011 Campus Drive

Mundelein, Illinois 60060

Attention: Jonathan Kahn

 

	 	Re:	Notice of Default

Ladies and Gentlemen:

We refer
to that certain Loan and Security Agreement, dated as of February 1, 2017 (as amended, restated, supplemented or otherwise
modified from time to time, the “Loan Agreement”), among Agritech Worldwide, Inc., a Nevada corporation (the
“Borrower”), GKS Funding LLC (the “Agent”) and the Lenders from time to time party thereto.
Unless otherwise specified herein, capitalized terms used in this letter shall have the meanings ascribed to them in the Loan Agreement.

This letter
is to inform you that a certain Unmatured Event of Default under the Loan Agreement has occurred and is continuing due to the Borrower’s
failure to pay interest on the Loans on March 31, 2017 in accordance with Section 3.1(A) of the Loan Agreement
(the “Existing Default”), which Existing Default will become an Event of Default if not cured on or prior to
April 15, 2017 pursuant to Section 11.1(A)(ii) of the Loan Agreement.

In accordance
with the express terms of the Loan Agreement and in view of the existence of the Existing Default, the Agent and Lenders are under
no obligation to make any Loans or other additional advances under the Loan Agreement, or to provide any other financial accommodations
under the Loan Agreement. Further, this letter hereby notifies you that in the event the Existing Default is not cured on or prior
to April 15, 2017, the Liabilities shall be immediately due and payable, without notice or demand by Agent or any Lender to
the Borrower and Agent and Lenders may, at the election of Agent and the Required Lenders, exercise any of the remedies set forth
in the Loan Agreement, the other Loan Documents, and as otherwise provided by applicable law.

In addition
to the foregoing, we remind you that no temporary forbearance by Agent or Required Lenders (in each case, in their sole discretion)
of any rights or remedies of Lenders, nor any delay or omission of Agent or Required Lenders (in each case, in their sole discretion)
to exercise any right or remedy under the Loan Documents, nor the making of Loans or other advances under the Loan Agreement, or
any other extension of credit or other financial accommodation from time to time by Agent or any Lender (in each case, in their
sole discretion), notwithstanding the existence of an Event of Default or the inability of the Borrower to satisfy the conditions
precedent to such Loans or other advances, nor anything in this letter or any other communication or in any ongoing discussions
or negotiations which have or may take place between or among Agent or any Lender and the Borrower shall directly or indirectly
(a) create any obligation to defer or forbear from any enforcement action, (b) create any obligation to make any further
Loans, extensions of credit or financial accommodations, (c) constitute or be construed as a consent or waiver of any past,
present or future Event of Default, Default or other violation of any provisions of any Loan Document or an acquiescence therein,
(d) amend, modify or operate as a waiver of any provision of any Loan Document or any right, power, privilege or remedy of
Lenders thereunder, or (e) constitute a course of dealing or other basis for altering any Liabilities of the Borrower or any
other Person under any Loan Document or any other contract or instrument. Nothing contained in this letter shall confer on the
Borrower or any other Person any right to other or further notice or cure periods with respect to any Event of Default.

    	 	3	 

    	 

    

Each of
Agent and Lenders hereby expressly reserves all of its rights, powers, privileges and remedies under the Loan Agreement and the
other Loan Documents and/or applicable law, including, without limitation, its right at any time, as applicable, and without further
notice, (i) to cease making Loans, (ii) to terminate its commitments, (iii) to accelerate the Loans, (iv) to
commence any legal or other action to collect any or all of the Liabilities from the Loan Parties (including, without limitation,
to charge, collect or demand interest at the Default Rate) and/or any Collateral or any property pledged by any other person or
entity as security for any or all of the Liabilities, (v) to foreclose or otherwise realize on any or all of the Collateral
and/or appropriate, set-off or apply to the payment of any or all of the Liabilities, any or all of the Collateral and (vi) to
take any other enforcement action or otherwise exercise any or all rights and remedies provided for by any Loan Document or applicable
law. All such rights, powers, privileges and remedies are cumulative and without limitation of any other available rights, powers,
privileges and remedies. No oral representations or course of dealing on the part of Agent or any Lender, or any of their respective
officers, employees, attorneys or agents, and no failure or delay by any such Person with respect to the exercise of any right,
power, privilege or remedy under any Loan Document or applicable law shall operate as a waiver thereof, and the single or partial
exercise of any such right, power, privilege or remedy shall not preclude any later exercise of any other right, power, privilege
or remedy.

This letter
is made under, and shall be governed by, the laws of the State of Illinois, without regard to conflict of law principles. If you
have any questions, please do not hesitate to contact us.

[Remainder of this Page Intentionally
Left Blank.]

 

 

    	 	4	 

    	 

    

 

	 	Very Truly Yours,
	 	 
	 	GKS Funding LLC, as Agent
	 	 
	 	By: 	/s/ Mo Garfinkle
	 	Name:	Mo Garfinkle
	 	Title:	Manager

 

	cc:	VIA FACSIMILE and EMAIL 
	 	 
	 	Chrysler Building
	 	405 Lexington Avenue
	 	26th Floor, New York, New York 10174
	 	Attention: Leslie Marlow
	 	Facsimile No.: (212) 208-4657

 

 

    	 	5Exhibit 10.1

 

AMENDMENT DATED MARCH 31, 2017, TO
THE SECOND

AMENDED LETTER LOAN AGREEMENT AND
THE SECOND AMENDED

PROMISSORY NOTE, BOTH DATED NOVEMBER
13, 2014

 

This Amendment to that certain Second Amended
Letter Loan Agreement and that certain Second Amended Promissory Note, both dated December 13, 2014, between CATI Operating, LLC
(“CATI”), as assignee of Lucas Energy, Inc. – now known as Camber Energy, Inc. (“CEI”) –
and Louise H. Rogers, an individual as her separate property (“Rogers”), is entered into and made effective
as of the 31st day of March, 2017, assuming all conditions described below are first met. This document is referred to as the “March
2017 Amendment.”

 

Recitals

 

On or about November 18, 2014, to be effective
November 13, 2014, CEI and Rogers entered into the Second Amended Letter Loan Agreement (“2d LLA”) and the Second
Amended Promissory Note (“2d Note”). On August 12, 2015, CEI and Rogers entered into an amendment to the 2d
Note and 2d LLA extending the maturity date to September 13, 2015, and including other changes. On August 28, 2015, CEI and Rogers
entered into another amendment to the 2d Note and 2d LLA extending the maturity date to October 31, 2016, and including other changes.
On or about December 14, 2015, CEI, Rogers, and CATI entered into several agreements under which CEI assigned all of its oil and
gas properties and related rights to CATI and CATI became the assignee of CEI under the 2d LLA and the 2d Note (as well as the
other Loan Documents). On October 31, 2016, CATI and Rogers entered into an agreement extending the maturity date of the 2d LLA
and the 2d Note to January 31, 2017. On January 31, 2017, CATI and Rogers entered into an agreement extending the maturity date
of the 2d LLA and the 2d Note to April 30, 2017. All references to the 2d LLA and the 2d Note include the August 12, 2015 and August
28, 2015, amendments, the December 14, 2015, amendments and assignments, and the October 31, 2016, and January 31, 2017, maturity
extension agreements. CATI and Rogers now desire to again extend the maturity date of the 2d LLA and the 2d Note in exchange for
good and valuable consideration to Rogers as set forth below.

 

Terms of March 2017 Amendment

 

In exchange for CATI’s immediate payments
of the amount of $9,000.00 to Rogers and $9,000.00 to Robertson Global Credit, LLC, CATI and Rogers desire to amend the Maturity
Date as that term is defined in the 2d LLA and the 2d Note (as previously amended) from April 30, 2017, to July 31, 2017.
These payments shall be wired as instructed by counsel for Rogers no later than 12:00 noon on Friday, March 31, 2017. Upon
receipt of both of these payments by the intended recipients by this deadline, this March 2017 Amendment becomes effective. If
these payments are not made by this deadline, this Amendment is void and of no force or effect.

 

All capitalized terms in this March
2017 Amendment shall have the meaning given in this document, and if not defined in this document, they shall have the
meaning given in the 2d LLA in its Schedule A entitled “Definitions.”

 

     

     

    

 

This March 2017 Amendment is intended
to be a part of the 2d LLA and the 2d Note (and all of the other Loan Documents) (as amended), effective as of March 31,
2017, assuming all payments described above have been timely made.

 

CATI and Rogers have duly executed this
March 2017 Amendment as of the dates set forth beside their respective signatures.

 

CATI and Rogers agree that electronic signatures
shall bind them to the same extent as an original signature. This March 2017 Amendment may be executed in multiple counterparts,
which together create a single document.

 

 

CATI Operating, LLC

By Camber Energy, Inc., its sole Member 

 

	By:	/s/ Anthony C. Schnur	 	Date of Signature:  March 31, 2017
	 	Anthony C. Schnur, Chief Executive Officer	 	 

 

 

Louise H. Rogers

 

	/s/ Louise H. Rogers SEC	 	Date of Signature:  March 30, 2017
	Louise H. Rogers	 	 
	By Sharon E. Conway as her attorney-in-fact	 	 

 

 

 

	Amendment Dated
        March 31, 2017, to the Second Amended Letter Loan

        Agreement and the
        Second Amended Promissory Note, Both Dated November 13, 2014

        Rogers - CATI/March
        31, 2017
	Page
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