Document:

Blueprint

EXHIBIT 10.1

 

AGREEMENT

 

 

This
Agreement (the “Agreement”) is made and entered
into as of December 2, 2016 by and among Friendable, Inc., a Nevada
corporation (the “Company”), and Alpha Capital
Anstalt (“Alpha”). Capitalized terms used
but not defined herein will have the meanings assigned to them in
the October 7, 2016 Securities Purchase Agreement and Transaction
Documents (as defined below). Capitalized terms defined herein
shall be incorporated in the Transaction Documents, as
appropriate.

 

WHEREAS, the
Company and Alpha entered into a Securities Purchase Agreement
(“SPA”) and
other Transaction Documents (collectively, “Transaction Documents”) and Alpha
was issued Convertible Notes and Warrants; and

 

WHEREAS, the
Company and Alpha would like to amend Schedules 2.1 and 4.9 of the
SPA.

 

NOW
THEREFORE, in consideration of promises and mutual covenants
contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby consent and agree as follows:

 

1.           

Annexed hereto are
the amended Schedule 2.1 of
the SPA. For the avoidance of doubt, Alpha: (a) has already funded
$295,000 in November 2016; and (b) will be funding $295,000 in each
of December 2016, and January 2017, pursuant to the amended
Schedule 2.1 of the
SPA.

 

2.           

Except as
specifically described herein, there is no other waiver expressed
or implied.

 

3.           

The invalidity or
unenforceability of any provision hereof will in no way affect the
validity or enforceability of any other provision of the
Transaction Documents.

 

4.           

This Agreement
shall be binding upon and inure to the benefit of the parties,
their successors and assigns.

 

5.           

This Agreement
shall be effective upon the execution by all of the parties
herein.

 

6.           

This Agreement
replaces any Agreement and Assignment that was executed on or about
November 7, 2016.

 

7.           

This Agreement may
be executed in counterparts, all of which when taken together shall
be considered one and the same Agreement and shall become effective
when the counterparts have been signed by each party and delivered
to the other party, it is being understood that all parties need
not sign the same counterpart. In the event that any signature is
delivered by facsimile or PDF transmission, such signature shall
create a valid and binding obligation of the party executing (or on
whose behalf such signature is executed) the same with the same
force and effect as if such facsimile signature were an original
thereof.

 

 

 

(Signatures to follow)

 

 

1

 

 

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

 

 

	

 

	
FRIENDABLE,
INC.

the
“Company”

 

	

 

	

 

	

 

	

 

	

 

	
 

	
By:  

	
/s/ 
Robert
A. Rositano Jr.

	

 

	

 

	

 

	
Name:
Robert A. Rositano Jr.

	

 

	

 

	

 

	

Title:
CEO

	

 

 

 

 

	

 

	
ALPHA
CAPITAL ANSTALT

the
“Purchaser”

 

	

 

	

 

	

 

	

 

	

 

	
 

	
By:  

	
/s/ 
Konrad
Ackermann

	

 

	

 

	

 

	
Name:
Konrad Ackermann

	

 

	

 

	

 

	

Title:
Director

	

 

 

 

 

 

 

 

 

2

 

 

SCHEDULE 2.1 TO THE SPA

 

 

$1,350,000 to be funded as follows:

 

$465,000.00 on the initial Closing Date

 

$295,000.00 on November 7, 2016

 

$295,000.00 on December 5, 2016

 

$295,000.00 on January 4, 2017

 

 

 

 

 

 

 

 

 

 

3

 

 

SCHEDULE 4.9 TO THE SPA

 

 

 

$750,000
to be funded to Hang With as follows:

 

$225,000
on the initial Closing Date payment out of gross Subscription
Amount of $465,000

 

$175,000
following the November 2016 payment out of gross Subscription
Amount of $295,000

 

$175,000
following the December 2016 payment out of gross Subscription
Amount of $295,000

 

$175,000
following the January 2017 payment out of gross Subscription Amount
of $295,000

 

The
Company will use the net proceeds of the Closings following an
aggregate of $750,000 of payments to Hang With (up to $840,000 in
the aggregate including $240,000 in expected payments from Coventry
Enterprises, LLC) for working capital purposes.

 

 

 

 

 

 

 

 

 

 

4Blueprint

  EXHIBIT
10.2

 

FUNDING
COMMITMENT LETTER DATED DECEMBER 2, 2016

 

 

Dear
Mr. Rositano, please let this letter serve as a commitment letter
for Coventry Enterprises, LLC to commit to fund the following
amounts into Friendable, Inc. (the “Company”) in
connection with a Securities Purchase Agreement dated October 7,
2016, as amended, by and among the Company and Alpha Capital
Anstalt.

 

 

	

Date

	

Amount

	

Net
Amount

	

On or
prior to December 5, 2016

	

$88,000

	

$84,000

	

On or
prior to January 4, 2017

	

$84,000

	

$80,000

 

Sincerely,

 

 

Coventry
Enterprises, LLC

 

/s/ Jack Bodenstein

By:
Jack Bodenstein

 

Title:
Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

_____

Company
InitialsExhibit 10-20

		
			AMENDMENT AND MODIFICATION OF PROMISSORY NOTE
		

		
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			THIS AMENDMENT AND MODIFICATION OF PROMISSORY NOTE (this “Amendment”) dated as of NOVEMBER 1, 2016 (the “Effective Date”), is by and between THE NATIONAL CREDIT UNION ADMINISTRATION BOARD AS LIQUIDATING AGENT OF MEMBERS UNITED CORPORATE FEDERAL CREDIT UNION (together with its successors and assigns, “Lender”) and MINISTRY PARTNERS INVESTMENT COMPANY, LLC, a California limited liability company (“Debtor”).
		

		
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			RECITALS
		

		
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			WHEREAS, Debtor executed that certain PROMISSORY NOTE dated as of NOVEMBER 4, 2011 in the principal/notational amount of EIGHTY-SEVEN MILLION THREE HUNDRED TWENTY-FIVE THOUSAND THREE HUNDRED FOUR AND 24/100 DOLLARS ($87,325,304.24), payable to the order of Lender (as amended, modified or restated from time to time, the “Note”);
		

		
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			WHEREAS, the parties desire to amend and modify the Note pursuant to the terms and conditions set forth herein;
		

		
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			NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		

		
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			1. Definitions.  Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have the same meanings as in the Note, as amended hereby. 
		

		
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			2. Amendment to Section 3.  Section 3 of the Note is hereby amended in its entirety to read as follows:
		

		
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			3. Payment Schedule.  Except as expressly provided herein to the contrary, all payments on this Note shall be applied in the following order of priority: (a) the payment or reimbursement of any expenses, costs or obligations (other than the outstanding principal balance hereof and interest hereon) for which either Debtor shall be obligated or Lender shall be entitled pursuant to the provisions of this Note or the other Loan Documents, (b) the payment of accrued but unpaid interest hereon, and (c) the payment of all or any portion of the principal balance hereof then outstanding hereunder, in the direct order of maturity.  If an Event of Default exists under any of the other Loan Documents, then Lender may, at the sole option of Lender, apply any such payments, at any time and from time to time, to any of the items specified in clauses (a), (b) or (c) above without regard to the order of priority otherwise specified herein and any application to the outstanding principal balance hereof may be made in either direct or inverse order of maturity.  If any payment of principal or interest on this Note shall become due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in computing interest in connection with such payment.  
		

		
			The outstanding principal balance of this Note and accrued and unpaid interest thereon shall be due and payable as follows:
		

		
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			(a)ONE HUNDRED NINETEEN (119) consecutive monthly payments of principal and interest in the amount of FOUR HUNDRED FIFTY THOUSAND FOUR HUNDRED FIFTY AND 53/100 DOLLARS ($450,450.53) shall be due and payable commencing on NOVEMBER 30, 2016 and continuing on the LAST day of each calendar month thereafter; and
		

		
			(b)ONE (1) final payment of the outstanding principal balance of this Note, including all accrued and unpaid interest, shall be due and payable on the EARLIEST of (i) the acceleration of the Indebtedness pursuant to the terms of the Loan Documents; or (ii) NOVEMBER 1, 2026 (the EARLIEST of such dates being the “Maturity Date”).
		

		 

		

			AMENDMENT AND MODIFICATION TO PROMISSORY NOTE – PAGE 1

		

		

			THE NATIONAL CREDIT UNION ADMINISTRATION BOARD AS LIQUIDATING AGENT OF MEMBERS UNITED CORPORATE FEDERAL CREDIT UNION –  MINISTRY PARTNERS INVESTMENT COMPANY, LLC

		

 

		
			4. Conditions Precedent.  The obligations of Lender under this Amendment shall be subject to the condition precedent that Debtor shall have executed and delivered to Lender this Amendment and such other documents and instruments incidental and appropriate to the transaction provided for herein as Lender or its counsel may reasonably request.
		

		
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			5. Payment of Fees and Expenses.  Debtor further agrees to pay all reasonable attorneys’ fees of Lender in connection with the drafting and execution of this Amendment.  
		

		
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			6. Ratifications.  Except as expressly modified and superseded by this Amendment, the Loan Documents as previously entered into and amended from time to time are ratified and confirmed and continue in full force and effect.  The Loan Documents, as modified by this Amendment, continue to be legal, valid, binding and enforceable in accordance with their respective terms.  Without limiting the generality of the foregoing, Debtor hereby ratifies and confirms that all liens heretofore granted to Lender were intended to, do and continue to secure the full payment and performance of the Indebtedness.  Debtor agrees to perform such acts and duly authorize, execute, acknowledge, deliver, file and record such additional assignments, security agreements, modifications or agreements to any of the foregoing, and such other agreements, documents and instruments as Lender may reasonably request in order to perfect and protect those liens and preserve and protect the rights of Lender in respect of all present and future Collateral.  The terms, conditions and provisions of the Loan Documents (as the same may have been amended, modified or restated from time to time) are incorporated herein by reference, the same as if stated verbatim herein.  Debtor hereby acknowledges and agrees that as of the Amendment Effective Date, the outstanding principal balance of the Note is SIXTY-SEVEN MILLION SEVEN HUNDRED FORTY THOUSAND ONE HUNDRED SIXTY-TWO AND 54/100 DOLLARS ($67,740,162.54). and  such amount is due and owing to Lender without any offset or defense to payment.
		

		
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			7. Representations, Warranties and Confirmations.  Debtor hereby represents and warrants to Lender that (a) this Amendment and any other Loan Documents to be delivered under this Amendment (if any) have been duly executed and delivered by Debtor, are valid and binding upon Debtor and are enforceable against Debtor in accordance with their terms, except as limited by any applicable bankruptcy, insolvency or similar laws of general application relating to the enforcement of creditors’ rights and except to the extent specific remedies may generally be limited by equitable principles, (b) no action of, or filing with, any governmental authority is required to authorize, or is otherwise required in connection with, the execution, delivery and performance by Debtor of this Amendment or any other Loan Document to be delivered under this Amendment, and (c) the execution, delivery and performance by Debtor of this Amendment and any other Loan Documents to be delivered under this Amendment do not require the consent of any other person and do not and will not constitute a violation of any laws, agreements or understandings to which Debtor is a party or by which Debtor is bound.
		

		
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			8. Release.  Each Obligor hereby acknowledges and agrees that there are no defenses, counterclaims, offsets, cross-complaints, claims or demands of any kind or nature whatsoever to or against Lender or the terms and provisions of or the obligations of such Obligor under the Loan Documents and the other agreements, instruments and documents evidencing, securing, governing, guaranteeing or pertaining thereto, and that Obligor has no right to seek affirmative relief or damages of any kind or nature from Lender.  To the extent any such defenses, counterclaims, offsets, cross-complaints, claims, demands or rights exist, each Obligor hereby waives, and hereby knowingly and voluntarily releases and forever discharges Lender and its predecessors, officers, directors, agents, attorneys, employees, successors and assigns, from all possible claims, demands, actions, causes of action, defenses, counterclaims, offsets, cross-complaints, damages, costs, expenses and liabilities whatsoever, whether known or unknown, such waiver and release being with full knowledge and understanding of the circumstances and effects of such waiver and release and after having consulted legal counsel with respect thereto.
		

		
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			9. Multiple Counterparts.  This Amendment may be executed in a number of identical separate counterparts, each of which for all purposes is to be deemed an original, but all of which shall constitute, collectively, one agreement.  Signature pages to this Amendment may be detached from multiple separate counterparts and attached to the same document and a telecopy or other facsimile of any such executed signature page shall be valid as an original.
		

		 

		

			AMENDMENT AND MODIFICATION TO PROMISSORY NOTE – PAGE 2

		

		

			THE NATIONAL CREDIT UNION ADMINISTRATION BOARD AS LIQUIDATING AGENT OF MEMBERS UNITED CORPORATE FEDERAL CREDIT UNION –  MINISTRY PARTNERS INVESTMENT COMPANY, LLC

		

 

		
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			10.Reference to Agreement.  Each of the Loan Documents, including the Note and any and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof containing a reference to the Note shall mean and refer to the Note as amended hereby.
		

		
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			11.Severability.  Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.
		

		
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			12.Headings.  The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.
		

		
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			13.Regulation B—Notice of Joint Intent.  If Obligor is more than one Person, Federal Regulation B (Equal Credit Opportunity Act) requires Lender to obtain evidence of Obligor’s intention to apply for joint credit.  Obligor’s signature below shall evidence such intent.  Obligor’s intent shall apply to future related extensions of joint credit and joint guaranty.
		

		
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			NOTICE OF FINAL AGREEMENT
		

		
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			THE NOTE AND THE OTHER LOAN DOCUMENTS, AS AMENDED BY THIS AMENDMENT REPRESENT THE FINAL AGREEMENT BETWEEN AND AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN AND AMONG THE PARTIES.
		

		
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			REMAINDER OF PAGE LEFT INTENTIONALLY BLANK
		

		

		

		 

		

			AMENDMENT AND MODIFICATION TO PROMISSORY NOTE – PAGE 3

		

		

			THE NATIONAL CREDIT UNION ADMINISTRATION BOARD AS LIQUIDATING AGENT OF MEMBERS UNITED CORPORATE FEDERAL CREDIT UNION –  MINISTRY PARTNERS INVESTMENT COMPANY, LLC

		

 

		EXECUTED as of the Amendment Effective Date.
		

		
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						LENDER:

					
					
						ADDRESS:

				
	
					
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						THE NATIONAL CREDIT UNION

					
					
						National Credit Union Administration

				
	
					
						ADMINISTRATION BOARD AS LIQUIDATING

					
					
						Asset Management and Assistance Center

				
	
					
						AGENT OF MEMBERS UNITED CORPORATE

					
					
						4807 Spicewood Springs Road, Suite 5100

				
	
					
						FEDERAL CREDIT UNION

					
					
						Austin, TX 78759

				

		
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						By:

					
					
						/s/ Loraine G. Wood

				
	
					
						Name:

					
					
						Loraine G. Wood

				
	
					
						Title:

					
					
						Agent for the Liquidating Agent

				

		
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						With copies of notices to:

					
					
						Gardere Wynne Sewell LLP

				
	
					
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						2021 McKinney Avenue, Suite 1600

				
	
					
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						Dallas, TX 75201

				
	
					
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						Attention: Steven S. Camp

				

		
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						DEBTOR:

					
					
						ADDRESS:

				
	
					
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						MINISTRY PARTNERS INVESTMENT

					
					
						915 W. Imperial Highway, Suite 120

				
	
					
						COMPANY, LLC

					
					
						Brea, CA 92821

				

		
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						By:

					
					
						/s/ Joseph Turner

				
	
					
						Name:

					
					
						Joseph Turner

				
	
					
						Title:

					
					
						President and Chief Executive Officer

				

		
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			AMENDMENT AND MODIFICATION TO PROMISSORY NOTE – PAGE 4

		

		

			THE NATIONAL CREDIT UNION ADMINISTRATION BOARD AS LIQUIDATING AGENT OF MEMBERS UNITED CORPORATE FEDERAL CREDIT UNION –  MINISTRY PARTNERS INVESTMENT COMPANY, LLC

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