Document:

ex_144866.htm

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of May 1, 2019, by and between TRUE NATURE HOLDING, INC., a Delaware corporation, with its address at 1355 Peachtree Street, Suite 1150, Atlanta, Georgia 30309 (the “Company”), and POWER UP LENDING GROUP LTD., a Virginia corporation, with its address at 111 Great Neck Road, Suite 216, Great Neck, NY 11021 (the “Buyer”).

 

WHEREAS:

 

A.     The Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “1933 Act”); and

 

B.     Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement a convertible note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount of $33,000.00 (together with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the terms thereof, the “Note”), convertible into shares of common stock, $0.01 par value per share, of the Company (the “Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note.

 

NOW THEREFORE, the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

1.     Purchase and Sale of Note.

 

a.     Purchase of Note. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase from the Company such principal amount of Note as is set forth immediately below the Buyer’s name on the signature pages hereto.

 

b.     Form of Payment. On the Closing Date (as defined below), (i) the Buyer shall pay the purchase price for the Note to be issued and sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available funds to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the principal amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto, and (ii) the Company shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase Price.

 

c.     Closing Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 6 and Section 7 below, the date and time of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be 12:00 noon, Eastern Standard Time on or about May 2, 2019, or such other mutually agreed upon time. The closing of the transactions

 

 

 

 

contemplated by this Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to by the parties.

 

2.     Buyer’s Representations and Warranties. The Buyer represents and warrants to the Company that:

 

a.     Investment Purpose. As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon conversion of or otherwise pursuant to the Note (such shares of Common Stock being collectively referred to herein as the “Conversion Shares” and, collectively with the Note, the “Securities”) for its own account and not with a present view towards the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act.

 

b.     Accredited Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D (an “Accredited Investor”).

 

c.     Reliance on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance upon specific exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of the Buyer to acquire the Securities.

 

d.     Information. The Company has not disclosed to the Buyer any material nonpublic information and will not disclose such information unless such information is disclosed to the public prior to or promptly following such disclosure to the Buyer.

 

e.     Legends. The Buyer understands that the Note and, until such time as the Conversion Shares have been registered under the 1933 Act; or may be sold pursuant to an applicable exemption from registration, the Conversion Shares may bear a restrictive legend in substantially the following form:

 

"THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (2) THE ISSUER OF SUCH SECURITIES RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY ACCEPTABLE TO THE ISSUER’S TRANSFER AGENT, THAT SUCH SECURITIES MAY BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE

 

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TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS."

 

The legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to an exemption from registration without any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such holder provides the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Security may be made without registration under the 1933 Act, which opinion shall be accepted by the Company so that the sale or transfer is effected. The Buyer agrees to sell all Securities, including those represented by a certificate(s) from which the legend has been removed, in compliance with applicable prospectus delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided by the Buyer with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144, at the Deadline, it will be considered an Event of Default pursuant to Section 3.2 of the Note; provided such opinion complies with the Irrevocable Transfer Agent Instructions (as defined herein).

 

f.     Authorization; Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered on behalf of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with its terms.

 

3.     Representations and Warranties of the Company. The Company represents and warrants to the Buyer that:

 

a.     Organization and Qualification. The Company and each of its Subsidiaries (as defined below), if any, is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated and conducted. “Subsidiaries” means any corporation or other organization, whether incorporated or unincorporated, in which the Company owns, directly or indirectly, any equity or other ownership interest.

 

b.     Authorization; Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement, the Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and the consummation by it of the transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and reservation for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company’s Board of Directors and

 

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no further consent or authorization of the Company, its Board of Directors, or its shareholders is required, (iii) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized representative is the true and official representative with authority to sign this Agreement and the other documents executed in connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery by the Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

 

c.     Capitalization. As of the date hereof, the authorized common stock of the Company consists of 500,000,000 authorized shares of Common Stock, $0.01 par value per share, of which 25,522,996 shares are issued and outstanding; and 6,624,289 shares are reserved for issuance upon conversion of the Note. All of such outstanding shares of capital stock are, or upon issuance will be, duly authorized, validly issued, fully paid and non-assessable. .

 

d.     Issuance of Shares. The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note in accordance with its terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Company and will not impose personal liability upon the holder thereof.

 

e.     No Conflicts. The execution, delivery and performance of this Agreement and the Note by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Certificate of Incorporation or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event which with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to which the Company or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations and regulations of any self-regulatory organizations to which the Company or its securities are subject) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect). The businesses of the Company and its Subsidiaries, if any, are not being conducted, and shall not be conducted so long as the Buyer owns any of the Securities, in violation of any law, ordinance or regulation of any governmental entity. “Material Adverse Effect” means any material adverse effect on the business, operations, assets, financial condition or prospects of the Company or its Subsidiaries, if any, taken as a whole, or on the transactions contemplated hereby or by the agreements or instruments to be entered into in connection herewith.

 

f.     SEC Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “1934 Act”) (all of the

 

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foregoing filed prior to the date hereof and all exhibits included therein and financial statements and schedules thereto and documents (other than exhibits to such documents) incorporated by reference therein, being hereinafter referred to herein as the “SEC Documents”). Upon written request the Company will deliver to the Buyer true and complete copies of the SEC Documents, except for such exhibits and incorporated documents. As of their respective dates or if amended, as of the dates of the amendments, the SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. None of the statements made in any such SEC Documents is, or has been, required to be amended or updated under applicable law (except for such statements as have been amended or updated in subsequent filings prior the date hereof). As of their respective dates or if amended, as of the dates of the amendments, the financial statements of the Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with United States generally accepted accounting principles, consistently applied, during the periods involved and fairly present in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). The Company is subject to the reporting requirements of the 1934 Act.

 

g.     Absence of Certain Changes. Since December 31, 2018, except as set forth in the SEC Documents, there has been no material adverse change and no material adverse development in the assets, liabilities, business, properties, operations, financial condition, results of operations, prospects or 1934 Act reporting status of the Company or any of its Subsidiaries.

 

h.     Absence of Litigation. Except as set forth in the SEC Documents, there is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company or any of its Subsidiaries, threatened against or affecting the Company or any of its Subsidiaries, or their officers or directors in their capacity as such, that could have a Material Adverse Effect. The Company and its Subsidiaries are unaware of any facts or circumstances which might give rise to any of the foregoing.

 

i.     No Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would require registration under the 1933 Act of the issuance of the Securities to the Buyer. The issuance of the Securities to the Buyer will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes of any shareholder approval provisions applicable to the Company or its securities.

 

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j.     No Brokers. The Company has taken no action which would give rise to any claim by any person for brokerage commissions, transaction fees or similar payments relating to this Agreement or the transactions contemplated hereby.

 

k.     No Investment Company. The Company is not, and upon the issuance and sale of the Securities as contemplated by this Agreement will not be an “investment company” required to be registered under the Investment Company Act of 1940 (an “Investment Company”). The Company is not controlled by an Investment Company.

 

l.     Breach of Representations and Warranties by the Company. If the Company breaches any of the representations or warranties set forth in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered an Event of default under Section 3.4 of the Note.

 

4.     COVENANTS.

 

a.     Best Efforts. The Company shall use its best efforts to satisfy timely each of the conditions described in Section 7 of this Agreement.

 

b.     Form D; Blue Sky Laws. The Company agrees to timely make any filings required by federal and state laws as a result of the closing of the transactions contemplated by this Agreement.

 

c.     Use of Proceeds. The Company shall use the proceeds for general working capital purposes.

 

d.     Expenses. At the Closing, the Company’s obligation with respect to the transactions contemplated by this Agreement is to reimburse Buyer’ expenses shall be $3,000.00 for Buyer’s legal fees and due diligence fee.

 

e.     Corporate Existence. So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence and shall not sell all or substantially all of the Company’s assets, except with the prior written consent of the Buyer.

 

f.     Breach of Covenants. If the Company breaches any of the covenants set forth in this Section 4, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered an event of default under Section 3.4 of the Note.

 

g.     Failure to Comply with the 1934 Act. So long as the Buyer beneficially owns the Note, the Company shall comply with the reporting requirements of the 1934 Act; and the Company shall continue to be subject to the reporting requirements of the 1934 Act.

 

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h.     Trading Activities. Neither the Buyer nor its affiliates has an open short position in the common stock of the Company and the Buyer agrees that it shall not, and that it will cause its affiliates not to, engage in any short sales of or hedging transactions with respect to the common stock of the Company.

 

 

i.     Right of First Refusal. Unless it shall have first delivered to the Buyer, at least forty eight (48) hours prior to the closing of such Future Offering (as defined herein), written notice describing the proposed Future Offering (“ROFR Notice”), including the terms and conditions thereof, identity of the proposed purchaser and proposed definitive documentation to be entered into in connection therewith, and providing the Buyer an option during the forty eight (48) hour period following delivery of such notice to purchase the securities being offered in the Future Offering on the same terms as contemplated by such Future Offering (the limitations referred to in this sentence and the preceding sentence are collectively referred to as the “Right of First Refusal”), the Company will not conduct any equity (or debt with an equity component) financing in an amount less than $150,000 (“Future Offering(s)”) during the period beginning on the Closing Date and ending nine (9) months following the Closing Date. In the event the terms and conditions of a proposed Future Offering are amended in any respect after delivery of the notice to the Buyer concerning the proposed Future Offering, the Company shall deliver a new notice to the Buyer describing the amended terms and conditions of the proposed Future Offering and the Buyer thereafter shall have an option during the forty eight (48) hour period following delivery of such new notice to purchase the securities being offered on the same terms as contemplated by such proposed Future Offering, as amended.

 

5.     Transfer Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent to issue certificates, registered in the name of the Buyer or its nominee, for the Conversion Shares in such amounts as specified from time to time by the Buyer to the Company upon conversion of the Note in accordance with the terms thereof (the “Irrevocable Transfer Agent Instructions”).  In the event that the Company proposes to replace its transfer agent, the Company shall provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered pursuant to this Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved Amount as such term is defined in the Note) signed by the successor transfer agent to Company and the Company. Prior to registration of the Conversion Shares under the 1933 Act or the date on which the Conversion Shares may be sold pursuant to an exemption from registration, all such certificates shall bear the restrictive legend specified in Section 2(e) of this Agreement.  The Company warrants that: (i) no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 5, will be given by the Company to its transfer agent and that the Securities shall otherwise be freely transferable on the books and records of the Company as and to the extent provided in this Agreement and the Note; (ii) it will not direct its transfer agent not to transfer or delay, impair, and/or hinder its transfer agent in transferring (or issuing)(electronically or in certificated form) any certificate for Conversion Shares to be issued to the Buyer upon conversion of or otherwise pursuant to the Note as and when required by the Note and this Agreement; and (iii) it will not fail to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer

 

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instructions in respect thereof) on any certificate for any Conversion Shares issued to the Buyer upon conversion of or otherwise pursuant to the Note as and when required by the Note and/or this Agreement.  If the Buyer provides the Company and the Company’s transfer agent, at the cost of the Buyer, with an opinion of counsel in form, substance and scope customary for opinions in comparable transactions, to the effect that a public sale or transfer of such Securities may be made without registration under the 1933 Act, the Company shall permit the transfer, and, in the case of the Conversion Shares, promptly instruct its transfer agent to issue one or more certificates, free from restrictive legend, in such name and in such denominations as specified by the Buyer.  The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer, by vitiating the intent and purpose of the transactions contemplated hereby.  Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Section 5 may be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Section, that the Buyer shall be entitled, in addition to all other available remedies, to an injunction restraining any breach and requiring immediate transfer, without the necessity of showing economic loss and without any bond or other security being required.

 

6.     Conditions to the Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the Note to the Buyer at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions thereto, provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion:

 

a.     The Buyer shall have executed this Agreement and delivered the same to the Company.

 

b.     The Buyer shall have delivered the Purchase Price in accordance with Section 1(b) above.

 

c.     The representations and warranties of the Buyer shall be true and correct in all material respects as of the date when made and as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date), and the Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Buyer at or prior to the Closing Date.

 

d.     No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

7.     Conditions to The Buyer’s Obligation to Purchase. The obligation of the Buyer hereunder to purchase the Note at the Closing is subject to the satisfaction, at or before the Closing Date

 

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of each of the following conditions, provided that these conditions are for the Buyer’s sole benefit and may be waived by the Buyer at any time in its sole discretion:

 

a.     The Company shall have executed this Agreement and delivered the same to the Buyer.

 

b.     The Company shall have delivered to the Buyer the duly executed Note (in such denominations as the Buyer shall request) in accordance with Section 1(b) above.

 

c.     The Irrevocable Transfer Agent Instructions, in form and substance satisfactory to the Buyer, shall have been delivered to and acknowledged in writing by the Company’s Transfer Agent.

 

d.     The representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as of the Closing Date as though made at such time (except for representations and warranties that speak as of a specific date) and the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date. The Buyer shall have received a certificate or certificates, executed by the chief executive officer of the Company, dated as of the Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested by the Buyer including, but not limited to certificates with respect to the Board of Directors’ resolutions relating to the transactions contemplated hereby.

 

e.     No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

f.     No event shall have occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but not limited to a change in the 1934 Act reporting status of the Company or the failure of the Company to be timely in its 1934 Act reporting obligations.

 

g.     The Conversion Shares shall have been authorized for quotation on an exchange or electronic quotation system and trading in the Common Stock on such exchange or electronic quotation system shall not have been suspended by the SEC or an exchange or electronic quotation system.

 

h.     The Buyer shall have received an officer’s certificate described in Section 3(d) above, dated as of the Closing Date.

 

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8.     Governing Law; Miscellaneous.

 

a.     Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Virginia without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in New York and the county of Nassau. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The Company and Buyer waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement, the Note or any related document or agreement by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

b.     Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party.

 

c.     Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation of, this Agreement.

 

d.     Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision hereof.

 

e.     Entire Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.

 

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f.     Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be as set forth in the heading of this Agreement with a copy by fax only to (which copy shall not constitute notice) to Naidich Wurman LLP, 111 Great Neck Road, Suite 214, Great Neck, NY 11021, Attn: Allison Naidich, facsimile: 516-466-3555, e-mail: allison@nwlaw.com. Each party shall provide notice to the other party of any change in address.

 

g.     Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns. Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other. Notwithstanding the foregoing, the Buyer may assign its rights hereunder to any person that purchases Securities in a private transaction from the Buyer or to any of its “affiliates,” as that term is defined under the 1934 Act, without the consent of the Company.

 

h.     Survival. The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company agrees to indemnify and hold harmless the Buyer and all of its officers, directors, employees and agents for loss or damage arising as a result of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

 

i.     Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

j.     No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

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k.     Remedies. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being required.

 

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

 

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IN WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above written.

 

 

TRUE NATURE HOLDING, INC.

 

By:________________________________

James Crone

President 

 

 

POWER UP LENDING GROUP LTD.

 

By:                                                                

Name: Curt Kramer

Title: Chief Executive Officer

111 Great Neck Road, Suite 216

Great Neck, NY 11021

 

 

	
			Aggregate Principal Amount of Note:

				
			$33,000.00

			
	 	 
	
			Aggregate Purchase Price:

				
			$33,000.00

			

 

 

 

13cytx-ex103_267.htm

 

EXHIBIT 10.3

 

SEVENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

THIS SEVENTH AMENDMENT to Loan and Security Agreement (this “Amendment”) is made effective as of April 24, 2019 (the “Amendment Date”) and made, by and among OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 133

North Fairfax Street, Alexandria, Virginia 22314 (in its individual capacity, “Oxford”; and in its capacity as Collateral Agent, “Collateral Agent”), the Lenders listed on Schedule 1.1 thereof from time to time including Oxford in its capacity as a Lender (each a “Lender” and

collectively, the “Lenders”) and CYTORI THERAPEUTICS, INC., a Delaware corporation with offices located at 3020 Callan Road, San Diego, CA  92121 (“Borrower”).

 

WHEREAS, Collateral Agent, Borrower and Lenders party thereto from time to time have entered into that certain Loan and Security Agreement, dated as of May 29, 2015 (as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”) pursuant to which Lenders have provided to Borrower certain loans in accordance with the terms and conditions thereof; and

 

WHEREAS, Borrower, Lenders and Collateral Agent desire to amend certain provisions of the Loan Agreement as provided herein and subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the promises, covenants and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower, Lenders and Collateral Agent hereby agree as follows:

 

	
 
	
1.
	
Capitalized terms used herein but not otherwise defined shall have the respective meanings given to them in the Loan Agreement.
	
 

 

	
 
	
2.
	
Section 2.2(b) of the Loan Agreement is hereby amended and restated in its entirety as follows:
	
 

 

(b)       Repayment.  Borrower shall make monthly payments of interest only commencing on the first (1st) Payment Date following the Funding Date of each Term Loan, and continuing on the Payment Date of each successive month thereafter through and including the Payment Date immediately preceding the Amortization

Date.  Borrower agrees to pay, on the Funding Date of each Term Loan, any initial partial monthly interest payment otherwise due for the period between the Funding Date of such Term Loan and the first Payment Date thereof.  Commencing on the Amortization Date, and continuing on the Payment Date of each month thereafter until April 30, 2019, Borrower shall make consecutive monthly payments of principal (except that no

payments of principal shall be made on the Payment Dates from September 1, 2017 through December 1, 2017; provided, further, that upon the occurrence of the I/O Extension Event payments of principal shall also not be made on the Payment Dates from January 1, 2018 through August 1, 2018) and applicable interest (regardless of whether or not on any given Payment Date a principal payment is due hereunder), in arrears, to each Lender, as calculated by Collateral Agent (which calculations shall be deemed correct absent manifest error) based upon: (1) the amount of such Lender’s Term Loan, (2) the

 

 

effective rate of interest, as determined in Section 2.3(a), and (3) a repayment schedule equal to forty-two (42) months (except that as set forth above, no payments of principal shall be made on the Payment Dates from September 1, 2017 through August 1, 2018; provided, further, that payments of principal shall also not be made on the Payment Dates from September 1, 2018 through March 1, 2019).  Thereafter, commencing on May 1,

2019, Borrower shall make monthly payments of interest only on the Payment Date of each successive month through and including the Payment Date immediately preceding the Second Amortization Date.  Commencing on the Second Amortization Date, and continuing on each successive Payment Date thereafter, Borrower shall make consecutive equal monthly payments of principal, together with applicable interest, in arrears, to each Lender, as calculated by Collateral Agent (which calculations shall be deemed correct absent manifest error) based upon: (1) the amount of such Lender’s Term Loan, (2) the effective rate of interest, as determined in Section 2.3(a), and (3) a repayment schedule with respect to the Term Loans as set forth on the Amortization Table (as amended from time to time) attached to the Disbursement Letter entered into as of the Effective Date. The Final Payment and all unpaid principal and accrued and unpaid interest with respect to each Term Loan are due and payable in full on the Maturity Date.  Each Term Loan may only be prepaid in accordance with Sections 2.2(c) and 2.2(d).

 

	
 
	
3.
	
Section 2.2(d) of the Loan Agreement is hereby amended and restated as follows: (d)Permitted Prepayment of Term Loan.  Borrower shall have the option to
	
 

prepay all, but, subject to the second paragraph of this Section 2.2(d), not less than all, of the Term Loan advanced by the Lenders under this Agreement, provided Borrower, subject to the second paragraph of this Section 2.2(d), (i) provides written notice to Collateral Agent of its election to prepay the Term Loan at least fifteen (15) days prior to such prepayment, and (ii) pays to the Lenders on the date of such prepayment, payable to each Lender in accordance with its respective Pro Rata Share, an amount equal to the sum of (A) all outstanding principal of the Term Loan plus accrued and unpaid interest

thereon through the prepayment date, (B) the Final Payment, (C) the Prepayment Fee, plus (D) all other Obligations that are due and payable, including Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts.

 

Notwithstanding anything herein to the contrary, Borrower shall promptly pay to each Lender (in accordance with its Pro Rata Share) (i) 75% of all proceeds received by Borrower from the issuance and sale by Borrower of its unsecured subordinated convertible debt, (ii) 75% of all proceeds received by Borrower in connection with a joint venture, collaboration or other partnering transaction, (iii) 75% of all proceeds received

by Borrower in connection with any licenses, (iv) 75% of all proceeds received by Borrower in the form of dividends (other than non-cash dividends received from wholly owned Subsidiaries of Borrower) and (v) all net proceeds received by Borrower from sale or transfer of any assets of Borrower (provided, that strictly for (a) the Lorem

Transaction, Borrower shall obligated to pay hereunder only One Million Sixty Hundred Fifty Thousand Dollars ($1,650,000) and (b) the Shirahama Transaction, Borrower shall obligated to pay hereunder only One Million Four Hundred Thousand Dollars

 

 

($1,400,000); provided, further, that nothing in this Section 2.2(d) is a consent to or meant to be construed as a consent to any disposition of any assets of Borrower not otherwise permitted by this Agreement, including, without limitation pursuant to the Lorem Transaction or the Shirahama Transaction).  For the purposes of clarification, proceeds received from sale and issuance by Borrower of its equity securities (which are not in the form of convertible debt) shall not be subject to the payment obligations of Borrower under the immediately preceding sentence. All such payments shall be applied to (A) payment of a portion of the outstanding principal of the Term Loans plus all accrued and unpaid interest thereon outstanding on such portion being prepaid, (B) the applicable Final Payment with respect to the portion of such Term Loans being prepaid, and (C) the applicable Prepayment Fee with respect to the portion of such Term Loans being prepaid.  For the purposes of clarity, any partial prepayment of Term Loans hereunder shall be applied pro-rata to all outstanding amounts under each Term Loan,

and shall be applied pro-rata within each Term Loan tranche to reduce amortization payments under Section 2.2(b) on a pro-rata basis.

 

	
 
	
4.
	
Section 2.5 of the Loan Agreement is hereby amended by deleting the word “and” immediately following Section 2.5(i), replacing “.” at the end of Section 2.5(j) with “; and” and adding Section 2.5(k) thereto as follows:
	
 

 

(k)       Seventh Amendment Fee.  A fully earned and non-refundable seventh amendment fee in the amount of Six Hundred Thousand Dollars ($600,000.00) which shall become due and payable upon the earlier of: (i) the Maturity Date, (ii) the acceleration of any Term Loan, or (iii) the prepayment of a Term Loan pursuant to Section 2.2(c) or (d); provided, however, in lieu of paying the aforementioned fee of Six Hundred Thousand Dollars ($600,000.00), Borrower may pay on April 26, 2019 and also notify Collateral Agent of such payment on such date, a fully earned and non-refundable seventh amendment fee in the amount of Three Hundred Sixty Five Thousand Dollars ($365,000.00).

 

	
 
	
5.
	
The amortization table attached as Exhibit A to the Disbursement Letter entered into on the Effective Date, is hereby amended and restated as set forth on Exhibit A hereto.
	
 

 

	
 
	
6.
	
Section 13.1 of the Loan Agreement is hereby amended by adding the following definitions therein in alphabetical order:
	
 

 

“Lorem Transaction” is the sale of certain assets of Borrower as set forth in the Asset and Equity Purchase Agreement, dated as of March 29, 2019, by and among Borrower, Lorem Vascular Pte. Ltd., a company incorporated in Singapore, and with respect to Section 6.06 only, Cytori Therapeutics, K.K., a kabushiki kaisha organized under the laws of Japan.

 

“Shirahama Transaction” is the sale of certain assets of Borrower as set forth in the Asset and Share Sale and Purchase Agreement, dated on or about April 24, 2019, by and between Borrower and Seijirō Shirahama, an individual with an address at 1-6-15

Hazawa, Nerima-ku, Tokyo, 176-0003 Japan.

 

 

 

	
 
	
7.
	
Section 13.1 of the Loan Agreement is hereby further amended by amending and restating the following definitions therein as follows:
	
 

 

“Maturity Date” is June 1, 2021.

 

“Second Amortization Date” is May 1, 2020.

 

 

 

8.    Limitation of Amendment.

 

a.   The amendments set forth above are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any

Loan Document, or (b) otherwise prejudice any right, remedy or obligation which Lenders or Borrower may now have or may have in the future under or in connection with any Loan Document, as amended hereby.

 

b.   This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

 

	
 
	
9.
	
To induce Collateral Agent and Lenders to enter into this Amendment, Borrower hereby represents and warrants to Collateral Agent and Lenders as follows:
	
 

 

a.   Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;

 

b.   Borrower has the power and due authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;

 

c.   The organizational documents of Borrower delivered to Collateral Agent on the Effective Date, and updated pursuant to subsequent deliveries by Borrower to Collateral Agent, remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (i) any material law or regulation binding on or affecting Borrower, (ii) any material contractual restriction with a Person binding on Borrower, (iii) any material order, judgment or decree of any

 

 

court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (iv) the organizational documents of Borrower;

 

d.   The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and

 

e.   This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.

 

10.  Borrower hereby remises, releases, acquits, satisfies and forever discharges the Lenders and Collateral Agent, their agents, employees, officers, directors, predecessors, attorneys and all others acting or purporting to act on behalf of or at the direction of the Lenders and Collateral Agent (“Releasees”), of and from any and all manner of actions, causes of action, suit, debts, accounts, covenants, contracts, controversies, agreements, variances, damages, judgments, claims and demands whatsoever, in law or in equity, which any of such parties ever had, now has or, to the extent arising from or in connection with any

act, omission or state of facts taken or existing on or prior to the date hereof, may have after the date hereof against the Releasees, for, upon or by reason of any matter, cause or thing whatsoever relating to or arising out of the Loan Agreement or the other Loan Documents on or prior to the date hereof through the date hereof.  Without limiting the generality of the foregoing, Borrower waives and affirmatively agrees not to allege or otherwise pursue any defenses, affirmative defenses, counterclaims, claims, causes of action, setoffs or other rights they do, shall or may have as of the date hereof, including the rights to contest: (a) the right of Collateral Agent and each Lender to exercise its rights and remedies described in the Loan Documents; (b) any provision of this Amendment or the Loan Documents; or (c) any conduct of the Lenders or other Releasees relating to or arising out of the Loan Agreement or the other Loan Documents on or prior to the date hereof.

 

11.  Except as expressly set forth herein, the Loan Agreement shall continue in full force and effect without alteration or amendment.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.

 

12.  This Amendment shall be deemed effective as of the Amendment Date upon (a) the due execution and delivery to Collateral Agent of this Amendment by each party hereto, (b) Borrower’s payment of all Lenders’ Expenses incurred through the date hereof, which may be debited from any of Borrower’s accounts and (c) Borrower’s payment, in accordance with Section 2.2(d) of the Loan Agreement, of the portion of the net proceeds

 

 

received by Borrower pursuant to the Lorem Transaction the Shirahama Transaction as required to be repaid pursuant to Section 2.2(d).

 

13.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which, taken together, shall constitute one and the same instrument.

 

14.  This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of California.

 

 

 

[Balance of Page Intentionally Left Blank]

 

 
 
 

 

IN WITNESS WHEREOF, the parties hereto have caused this Seventh Amendment to Loan and Security Agreement to be executed as of the date first set forth above.

 

 

BORROWER:

 

CYTORI THERAPEUTICS, INC.

 

 

By: /s/ Marc Hedrick

Name: Marc Hedrick

Title: President and CEO

 

 

 

COLLATERAL AGENT AND LENDER:

 

OXFORD FINANCE LLC

 

 

By: /s/ Joshua Friedman

Name: Joshua Friedman

Title: Vice President

 

 

 

 

 

 

 

 

 

 

 

 

~                             ~

Exhibit A

 

Amortization Table

 

Please see attached

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oxford Finance LLC Amortization Table Cytori L5 AA01

 

 

																								
	
Start Date:
	
5/29/2015
	
 
	
Disclaimer:
			
	
Interest Rate:
	
8.95%
	
 
	
THIS IS A STANDARD AMORTIZATION
			
	
Term: Payment:

1st Amendment Fee:
	
48

Varies

$25,000.00
	
18 IO + 30 PI
	
SCHEDULE. IT IS NOT INTENDED TO BE USED FOR PAYOFF PURPOSES.
			
	
2nd Amendment Fee:
	
$250,000.00
	
 
	
 
			
	
3rd Amendment Fee:
	
$50,000.00
	
 
	
 
			
	
Fourth Amendment Fee:
	
$350,000.00
	
 
	
 
			
	
Fifth Amendment Fee:
	
$5,000.00
	
 
	
 
			
	
Sixth Amendment Fee:
	
$5,000.00
	
 
	
 
			
	
Final Payment:
	
$994,463.88
	
6.15%
	
 
			
	
Amount:
	
17,700,000.00
	
 
	
 
			
	
Interim Interest Days:
	
3
	
 
	
 
			
	
Interim Interest:
	
$13,201.25
	
 
	
 
			
	
 

PMT No.
	
 

Payment

Date
	
 

Beginning

Balance
	
 

Monthly

Payment
	
 

Interest
	
 

Principal
	
 

Ending

Balance

	
 
	
6/1/15
	
 
	
Interim interest due
	
 
	
$17,700,000.00 
	
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
1
	
7/1/15
	
$17,700,000.00 
	
$132,012.50 
	
$132,012.50 
	
$0.00 
	
$17,700,000.00 

	
2
	
8/1/15
	
$17,700,000.00 
	
$136,412.92 
	
$136,412.92 
	
$0.00 
	
$17,700,000.00 

	
3
	
9/1/15
	
$17,700,000.00 
	
$136,412.92 
	
$136,412.92 
	
$0.00 
	
$17,700,000.00 

	
4
	
10/1/15
	
$17,700,000.00 
	
$132,012.50 
	
$132,012.50 
	
$0.00 
	
$17,700,000.00 

	
5
	
11/1/15
	
$17,700,000.00 
	
$136,412.92 
	
$136,412.92 
	
$0.00 
	
$17,700,000.00 

	
6
	
12/1/15
	
$17,700,000.00 
	
$132,012.50 
	
$132,012.50 
	
$0.00 
	
$17,700,000.00 

	
7
	
1/1/16
	
$17,700,000.00 
	
$136,412.92 
	
$136,412.92 
	
$0.00 
	
$17,700,000.00 

	
8
	
2/1/16
	
$17,700,000.00 
	
$136,412.92 
	
$136,412.92 
	
$0.00 
	
$17,700,000.00 

	
9
	
3/1/16
	
$17,700,000.00 
	
$127,612.08 
	
$127,612.08 
	
$0.00 
	
$17,700,000.00 

	
10
	
4/1/16
	
$17,700,000.00 
	
$136,412.92 
	
$136,412.92 
	
$0.00 
	
$17,700,000.00 

	
11
	
5/1/16
	
$17,700,000.00 
	
$132,012.50 
	
$132,012.50 
	
$0.00 
	
$17,700,000.00 

	
12
	
6/1/16
	
$17,700,000.00 
	
$136,412.92 
	
$136,412.92 
	
$0.00 
	
$17,700,000.00 

	
13
	
7/1/16
	
$17,700,000.00 
	
$132,012.50 
	
$132,012.50 
	
$0.00 
	
$17,700,000.00 

	
14
	
8/1/16
	
$17,700,000.00 
	
$136,412.92 
	
$136,412.92 
	
$0.00 
	
$17,700,000.00 

	
15
	
9/1/16
	
$17,700,000.00 
	
$136,412.92 
	
$136,412.92 
	
$0.00 
	
$17,700,000.00 

	
16
	
10/1/16
	
$17,700,000.00 
	
$132,012.50 
	
$132,012.50 
	
$0.00 
	
$17,700,000.00 

	
17
	
11/1/16
	
$17,700,000.00 
	
$136,412.92 
	
$136,412.92 
	
$0.00 
	
$17,700,000.00 

	
18
	
12/1/16
	
$17,700,000.00 
	
$132,012.50 
	
$132,012.50 
	
$0.00 
	
$17,700,000.00 

	
19
	
1/1/17
	
$17,700,000.00 
	
$726,412.92 
	
$136,412.92 
	
$590,000.00 
	
$17,110,000.00 

	
20
	
2/1/17
	
$17,110,000.00 
	
$721,865.82 
	
$131,865.82 
	
$590,000.00 
	
$16,520,000.00 

	
21
	
3/1/17
	
$16,520,000.00 
	
$704,997.56 
	
$114,997.56 
	
$590,000.00 
	
$15,930,000.00 

	
22
	
4/1/17
	
$15,930,000.00 
	
$712,771.63 
	
$122,771.63 
	
$590,000.00 
	
$15,340,000.00 

	
23
	
5/1/17
	
$15,340,000.00 
	
$704,410.83 
	
$114,410.83 
	
$590,000.00 
	
$14,750,000.00 

	
24
	
6/1/17
	
$14,750,000.00 
	
$703,677.43 
	
$113,677.43 
	
$590,000.00 
	
$14,160,000.00 

	
25
	
7/1/17
	
$14,160,000.00 
	
$695,610.00 
	
$105,610.00 
	
$590,000.00 
	
$13,570,000.00 

	
26
	
8/1/17
	
$13,570,000.00 
	
$694,583.24 
	
$104,583.24 
	
$590,000.00 
	
$12,980,000.00 

	
27
	
9/1/17
	
$12,980,000.00 
	
$100,036.14 
	
$100,036.14 
	
$0.00 
	
$12,980,000.00 

	
28
	
10/1/17
	
$12,980,000.00 
	
$96,809.17 
	
$96,809.17 
	
$0.00 
	
$12,980,000.00 

	
29
	
11/1/17
	
$12,980,000.00 
	
$100,036.14 
	
$100,036.14 
	
$0.00 
	
$12,980,000.00 

	
30
	
12/1/17
	
$12,980,000.00 
	
$96,809.17 
	
$96,809.17 
	
$0.00 
	
$12,980,000.00 

	
31
	
1/1/18
	
$12,980,000.00 
	
$100,036.14 
	
$100,036.14 
	
$0.00 
	
$12,980,000.00 

	
32
	
2/1/18
	
$12,980,000.00 
	
$100,036.14 
	
$100,036.14 
	
$0.00 
	
$12,980,000.00 

	
33
	
3/1/18
	
$12,980,000.00 
	
$90,355.22 
	
$90,355.22 
	
$0.00 
	
$12,980,000.00 

	
34
	
4/1/18
	
$12,980,000.00 
	
$100,036.14 
	
$100,036.14 
	
$0.00 
	
$12,980,000.00 

	
35
	
5/1/18
	
$12,980,000.00 
	
$96,809.17 
	
$96,809.17 
	
$0.00 
	
$12,980,000.00 

	
36
	
6/1/18
	
$12,980,000.00 
	
$100,036.14 
	
$100,036.14 
	
$0.00 
	
$12,980,000.00 

	
37
	
7/1/18
	
$12,980,000.00 
	
$96,809.17 
	
$96,809.17 
	
$0.00 
	
$12,980,000.00 

	
38
	
8/1/18
	
$12,980,000.00 
	
$100,036.14 
	
$100,036.14 
	
$0.00 
	
$12,980,000.00 

	
39
	
9/1/18
	
$12,980,000.00 
	
$100,036.14 
	
$100,036.14 
	
$0.00 
	
$12,980,000.00 

	
40
	
10/1/18
	
$12,980,000.00 
	
$96,809.17 
	
$96,809.17 
	
$0.00 
	
$12,980,000.00 

	
41
	
11/1/18
	
$12,980,000.00 
	
$100,036.14 
	
$100,036.14 
	
$0.00 
	
$12,980,000.00 

	
42
	
12/1/18
	
$12,980,000.00 
	
$96,809.17 
	
$96,809.17 
	
$0.00 
	
$12,980,000.00 

	
43
	
1/1/19
	
$12,980,000.00 
	
$100,036.14 
	
$100,036.14 
	
$0.00 
	
$12,980,000.00 

	
44
	
2/1/19
	
$12,980,000.00 
	
$100,036.14 
	
$100,036.14 
	
$0.00 
	
$12,980,000.00 

	
45
	
3/1/19
	
$12,980,000.00 
	
$90,355.22 
	
$90,355.22 
	
$0.00 
	
$12,980,000.00 

	
46
	
4/1/19
	
$12,980,000.00 
	
$965,369.47 
	
$100,036.14 
	
$865,333.33 
	
$12,114,666.67 

	
 
	
4/24/19
	
$12,114,666.67 
	
$1,599,127.98 
	
$69,272.34 
	
$1,529,855.64 
	
$10,584,811.03 

 

 

																								
	
47
	
5/1/19
	
$10,584,811.03 
	
$18,420.51 
	
$18,420.51 
	
$0.00 
	
$10,584,811.03 

	
48
	
6/1/19
	
$10,584,811.03 
	
$81,576.55 
	
$81,576.55 
	
$0.00 
	
$10,584,811.03 

	
49
	
7/1/19
	
$10,584,811.03 
	
$78,945.05 
	
$78,945.05 
	
$0.00 
	
$10,584,811.03 

	
50
	
8/1/19
	
$10,584,811.03 
	
$81,576.55 
	
$81,576.55 
	
$0.00 
	
$10,584,811.03 

	
51
	
9/1/19
	
$10,584,811.03 
	
$81,576.55 
	
$81,576.55 
	
$0.00 
	
$10,584,811.03 

	
52
	
10/1/19
	
$10,584,811.03 
	
$78,945.05 
	
$78,945.05 
	
$0.00 
	
$10,584,811.03 

	
53
	
11/1/19
	
$10,584,811.03 
	
$81,576.55 
	
$81,576.55 
	
$0.00 
	
$10,584,811.03 

	
54
	
12/1/19
	
$10,584,811.03 
	
$78,945.05 
	
$78,945.05 
	
$0.00 
	
$10,584,811.03 

	
55
	
1/1/20
	
$10,584,811.03 
	
$81,576.55 
	
$81,576.55 
	
$0.00 
	
$10,584,811.03 

	
56
	
2/1/20
	
$10,584,811.03 
	
$81,576.55 
	
$81,576.55 
	
$0.00 
	
$10,584,811.03 

	
57
	
3/1/20
	
$10,584,811.03 
	
$76,313.55 
	
$76,313.55 
	
$0.00 
	
$10,584,811.03 

	
58
	
4/1/20
	
$10,584,811.03 
	
$81,576.55 
	
$81,576.55 
	
$0.00 
	
$10,584,811.03 

	
59
	
5/1/20
	
$10,584,811.03 
	
$835,002.98 
	
$78,945.05 
	
$756,057.93 
	
$9,828,753.10 

	
60
	
6/1/20
	
$9,828,753.10 
	
$831,807.58 
	
$75,749.65 
	
$756,057.93 
	
$9,072,695.17 

	
61
	
7/1/20
	
$9,072,695.17 
	
$823,725.12 
	
$67,667.18 
	
$756,057.93 
	
$8,316,637.24 

	
62
	
8/1/20
	
$8,316,637.24 
	
$820,153.79 
	
$64,095.86 
	
$756,057.93 
	
$7,560,579.30 

	
63
	
9/1/20
	
$7,560,579.30 
	
$814,326.90 
	
$58,268.96 
	
$756,057.93 
	
$6,804,521.37 

	
64
	
10/1/20
	
$6,804,521.37 
	
$806,808.32 
	
$50,750.39 
	
$756,057.93 
	
$6,048,463.44 

	
65
	
11/1/20
	
$6,048,463.44 
	
$802,673.10 
	
$46,615.17 
	
$756,057.93 
	
$5,292,405.51 

	
66
	
12/1/20
	
$5,292,405.51 
	
$795,530.45 
	
$39,472.52 
	
$756,057.93 
	
$4,536,347.58 

	
67
	
1/1/21
	
$4,536,347.58 
	
$791,019.31 
	
$34,961.38 
	
$756,057.93 
	
$3,780,289.65 

	
68
	
2/1/21
	
$3,780,289.65 
	
$785,192.41 
	
$29,134.48 
	
$756,057.93 
	
$3,024,231.72 

	
69
	
3/1/21
	
$3,024,231.72 
	
$777,109.94 
	
$21,052.01 
	
$756,057.93 
	
$2,268,173.79 

	
70
	
4/1/21
	
$2,268,173.79 
	
$773,538.62 
	
$17,480.69 
	
$756,057.93 
	
$1,512,115.86 

	
71
	
5/1/21
	
$1,512,115.86 
	
$767,335.79 
	
$11,277.86 
	
$756,057.93 
	
$756,057.93 

	
72
	
6/1/21
	
$756,057.93 
	
$761,884.83 
	
$5,826.90 
	
$756,057.93 
	
$0.00 

	
Final
	
6/1/21
	
Final Payment
	
$1,679,463.88 
	
$1,679,463.88 
	
$0.00 
	
 

	
 
	
 
	
 
	
$26,274,796.68 
	
$8,574,796.68 
	
$17,700,000.00

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]