Document:

Exhibit

Exhibit 4.23

PROMISSORY NOTE

$2,000,000.00                                        March 1, 2017
FOR VALUE RECEIVED, MONEYONMOBILE, INC., a Texas corporation ("Maker" or "MoneyOnMobile"), does hereby promise to pay to the order of HALL MOM, LLC, a Texas limited liability company ("Payee" or "Hall"), at its office, 2323 Ross Ave, Ste. 200, Dallas, Texas 75201, or at such other place as the holder hereof may from time to time designate in writing, in lawful money of the United States, the principal sum of TWO MILLION AND NO/l 00THS DOLLARS ($2,000,000.00) or so much of such sum as may be advanced from time to time, with interest thereon as provided in this Note.

		
	1.
	Certain Definitions. For the purposes hereof, the terms set forth below shall have the following meanings:

a."Applicable Law" shall mean (i) the laws of the United States of America applicable to contracts made or performed in the State of Texas,  now or at any time hereafter prescribing maximum rates of interest or eliminating maximum rates of interest on loans and extensions of credit, (ii) the laws of the State of Texas, as the same may be amended from time to time, now or at any time hereafter prescribing or eliminating maximum rates of interest on loans and extensions of credit, and (iii) any other laws at any time applicable to contracts made or performed in the State of Texas which permit a higher interest  rate ceiling hereunder.

b."Base Rate" shall mean ten percent (10%) per annum for the period March 1, 2017, through May 31, 2017, and fifteen percent (15%) per annum thereafter.

		
	c.
	"Maturity Date" shall mean December 31, 2017.

d."Highest Lawful Rate" shall mean at the particular time in question the lesser of (i) eighteen percent (18%) per annum or, (ii) the maximum rate of interest which, under Applicable Law, Payee is then permitted to charge Maker in regard to the loan evidenced by this Note. If the maximum rate of interest which, under Applicable Law, Payee is permitted to charge Maker in regard to the loan evidenced by this Note shall change after the date hereof, the Highest Lawful Rate shall be automatically increased or decreased, as the case may be, from time to time as of the effective date of each change in the Highest Lawful Rate without notice to Maker.
		
	2.
	Calculation and Payment of Principal and Interest.

a.This  Note  shall  be  paid  in  minimum  monthly    installments  of
$50,000 each month commencing on April 1, 2017, and continuing on the first day of each month thereafter which payments may be applied to principal or interest in Payee's discretion.

b.Interest on this Note shall accrue at the Base Rate monthly in arrears on the third (3rd) day of each calendar month, commencing on April 1, 2017, and continuing regularly thereafter until the Maturity Date. All unpaid principal and accrued but unpaid interest shall be due and payable in full on the Maturity Date.
c.Interest on this Note shall be calculated at the Base Rate on the number of days actually elapsed, but computed as though each year consisted of 360 days.

d.If the date for any payment or prepayment hereunder falls on a day which is a Saturday, Sunday, or legal holiday in the State of Texas, then for all purposes of this Note, the 

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Exhibit 4.23

same shall be deemed to have fallen on the  next following day, and such extension of time shall in such case be included in the calculation of interest.
e.All payments on this Note pursuant to this paragraph 2 shall be applied first to the payment of any accrued and unpaid Late Charge, as hereinafter defined, then to accrued and unpaid interest and then to the payment of principal; provided, however, if an Event of Default, as hereinafter defined, has occurred and is continuing, payments on this Note shall be applied as Payee shall elect,  in Payee's  sole discretion.

		
	3.
	Prepayment. Maker may prepay all or any part of the principal balance of this Note upon ten (10) days prior written notice to Payee.

		
	4.
	Waiver. Maker and all sureties, endorsers, accommodation parties, guarantors and other parties now or hereafter liable for the payment of this Note,  in whole or in part, hereby severally (i) except as otherwise specifically set forth in this  Note, waive demand, notice of demand, presentment for payment, notice of nonpayment, notice of default, protest, notice of protest, notice of intent to accelerate, notice of acceleration, notice of dishonor and all other notices, and further waive diligence in collecting this Note, in taking action to collect this Note, in bringing suit to collect this Note, or in enforcing this Note or any of the security for this Note; (ii) agree to any substitution, subordination, exchange or release of any security for this Note or the release of any party primarily or secondarily liable for the payment of this Note;

(iii) agree that Payee shall not be required to first institute suit or exhaust its remedies hereon against Maker or others liable or to become liable for the payment of this Note or to enforce its rights against any security for the payment of this Note; and (iv) consent to any extension of time for the payment of this Note, or any installment hereof, made by agreement by Payee with any person now or hereafter liable for the payment of this Note, even if Maker is not a party to such agreement.

		
	5.
	Events of Default

a.Upon the happening of any of the following events (each an "Event of Default"), Payee shall, in the event of a default other than a monetary default, send written (or electronic) notice of the default to Harold Montgomery, as President of Maker. Maker shall have a period of seven (7) days from that date of such notice to cure any non-monetary default (the "Cure Period"),. In the event that Maker fails to cure any non-monetary default hereunder within the time period allowed or in the event of a monetary default, Payee may, at its option, by written notice thereof to Maker, declare immediately due and payable the entire principal balance of this Note together with all interest accrued and owing hereon, plus any other sums payable at the time of such declaration pursuant to this Note, or any instrument securing this Note, including, without limitation, the Deed of Trust. Events of Default include the following:

		
	1.
	Maker  fails  to  pay  any  installment   of  principal  and/or interest due under Note as and when same becomes due and payable in accordance with the terms hereof or any other obligation of Maker to Payee involving the payment of money,

		
	11.
	The entry of a judgment in favor of any  party  other than Payee against Maker,

m. Any action to enforce or execute on a lien against MoneyOnMobile's assets or property by any party other than Hall in excess of $50,000,

1v. Maker becomes the subject of a voluntary or involuntary bankruptcy proceeding, 

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Exhibit 4.23

or if a receiver is appointed over any of its property,

v. Failure of  MoneyonMobile  to  provide  to  Hall  any  non­ public   information   it   has   provided   to   any   lender or

noteholder within five days of providing same to such lender or notheholder;

v1. Failure of MoneyonMobile to provide to Hall a liquidity calculation  on the first business day of each month;

v11.      Maker  fails  to keep or observe  any  other  material  promise or covenant herein or in the Settlement Agreement of  even date herewith.

b.The failure to exercise the foregoing option upon the happening of one or more Events of Default shall not constitute a waiver of the right to exercise the same or any other option at any subsequent time, and no such failure shall nullify any prior exercise of any such option without the express written consent of Payee.

		
	6.
	Default Interest; Late Charg . If any installment of principal and/or interest is not paid on or before the last day of the Cure Period or if the entire unpaid principal balance and accrued but unpaid interest is not paid on or before the earlier to occur of the (i) Maturity Date, or, (ii) any accelerated maturity date as permitted hereby, all unpaid amounts of this Note, including principal and interest, shall thereafter bear interest at a rate of interest (the "Default Rate") equal to the Highest Lawful Rate; provided, however, that the obligation to pay such interest is subject to the limitation contained in the following paragraph. Without limitation of the rights of Payee if a payment is not paid on or before the last day of the Cure Period and without limitation of the obligation of Maker to pay such payments on the due dates thereof, at the option of Payee, Maker will pay a reasonable late charge (the "Late Charge") as required by Payee, not exceeding five percent (5%) of any installment of principal that is not paid on or before the 3rd day of the month in which it is due to cover the extra expenses involved in handling delinquent payments, subject to the limitation contained in the following paragraph.

		
	7.
	Compliance with Law. All agreements between Maker and Payee, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of demand or acceleration of the Maturity Date, or otherwise, shall the interest contracted for, charged, received, paid or agreed to be paid to Payee in regard to the loan evidenced by this Note exceed the maximum amount permissible under Applicable Law. If, from any circumstance whatsoever,   interest  would  otherwise  be  payable  to  Payee  in  excess  of  the

maximum amount permissible under Applicable Law, the interest payable to Payee shall be reduced to the maximum amount permissible under Applicable Law; and if from any circumstance Payee shall ever receive anything of value deemed interest by Applicable Law in excess of the maximum amount permissible under Applicable Law, an amount equal to the excessive intere st shall be applied to the reduction of the principal hereof and not to the payment of interest, or if such excessive amount of interest exceeds the unpaid balance of principal hereof, such excess shall be refunded to Maker. All interest paid or agreed to be paid to Payee shall, to the extent permitted by Applicable Law, be  amortized, prorated, allocated , and spread throughout the full period (including any renewal or extension) until payment in full of the principal so that the interest hereon for such full period shall not exceed the maximum amount permissible under Applicable Law. Payee expressly disavows any intent to contract for, charge or receive interest in an amount which exceeds the maximum amount permissible under Applicable Law. This paragraph shall control all agreements between Maker and Payee.

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Exhibit 4.23

		
	8.
	Attorney's Fees and Costs. If an Event of Default shall occur and Maker  fails to  cure such default by the end of the Cure Period, and in the event that thereafter this Note is placed in the hands of an attorney for collection, or in the event this Note is collected in whole or in part through legal proceedings  of any  nature, then and in  any such case Maker promises to pay, and there shall be added  to  the  unpaid principal balance hereof, all reasonable costs  of  collection,  including,  but  not limited to, reasonable attorneys' fees incurred by  the holder  hereof,  on account of such collection , whether or not suit is filed.

		
	9.
	Cumulative Rights. No delay on the part of the holder of this Note in the exercise of any power or right under this Note or under any other instrument executed pursuant hereto shall operate as a waiver thereof, nor shall a single or partial exercise of any power or right preclude other or further exercise thereof or the exercise of any other power or right. Enforcement by the holder of this Note of any security for the payment hereof shall not constitute any election by it of remedies so as to preclude the exercise of any other remedy available to it.

		
	10.
	Headings. The paragraph headings used in this Note are for convenience of reference only, and shall not affect the meaning or interpretation of this Note.

		
	11.
	Notices. All notices, objections, and approvals referred to in this Note must be given in writing and will be effective on the sooner of the following: (1) the day the notice is actually received at the address of the addressee thereof after being sent by overnight delivery such as Federal Express or having been personally hand delivered by the sender; (ii) three days after the notice has been deposited in the United  States  Mail,  postage  prepaid,  registered or certified  mail,  return receipt

requested, and properly addressed to the party to receive said notice, or (iii) the day the notice is sent to the addressee by telecopier, facsimile or similar transmitting machine, as the case may be, with machine-generated  evidence of such delivery.  The notice addresses of the parties will be those specified below  until  further notice:

MoneyOnMobile, Inc. 500 N. Akard, Suite 2850
Dallas,  Texas  75201 Attention: Harold Montgomery

HALL MOM, LLC
2323 Ross Ave, Ste. 200
Dallas, Texas 75201 Attn: Bryan Tolbert

		
	1.
	Governing Law. This Note shall be deemed to have been executed and shall be performed in the State of Texas and this Note and the Loan Documents shall be governed by its laws except to the extent the laws of the State in which the collateral granted under the Loan Documents ("Collateral") is located affect enforceability of the liens granted in the Loan Documents. Maker irrevocably agrees that subject to Payee's sole and absolute elected, Payee may bring suit, action, or other legal proceedings arising out of the Loan Documents in courts located in Texas or the State in which  the Collateral  is located,  whether  local, state, or federal. Maker hereby submits to the jurisdiction of such court(s) and waives any right maker may have to request a change of venue or a removal to another court.

		
	2.
	Successors and Assigns. The term "Payee" shall include all of Payee's successors and assigns to whom the benefits of this Note shall inure.

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Exhibit 4.23

MAKER    MONEYONMOBILE, INC.
a Texas corporation

/s/ Harold Montgomery
HAROLD MONTGOMERY
Chief Executive Officer

Page 5Exhibit
10.1

 

TWELFTH
AMENDMENT TO CREDIT AND SECURITY AGREEMENT

 

This
Twelfth Amendment to Credit and Security Agreement (this “Amendment”) is made effective as of June 29, 2017,
by and among MB FINANCIAL BANK, N.A., successor in interest to Cole Taylor Bank (“Lender”), MENDOCINO BREWING
COMPANY, INC., a California corporation (“MBC”), and RELETA BREWING COMPANY LLC, a Delaware limited liability
company (“RBC”; RBC and MBC are collectively referred to as “Borrowers” and, individually,
as a “Borrower”).

 

PRELIMINARY
STATEMENTS

 

A.
Borrowers and Lender have entered into that certain Credit and Security Agreement dated as of June 23, 2011 (as amended, restated,
or otherwise modified from time to time, the “Credit Agreement”).

 

B.
As of the date hereof, Events of Default under Section 13.01(b) of the Credit Agreement are continuing, including, without
limitation, the failure to comply with the Tangible Net Worth covenant contained in Section 12.01 of the Credit Agreement
and the failure to comply with the Fixed Charge Coverage covenant contained in Section 12.02 of the Credit Agreement, each
as of the period ending April 30, 2017 and the dates set forth in the Second Amendment to Credit and Security Agreement dated
as of June 21, 2015 (collectively, the “Existing Defaults”).

 

C.
Borrowers have advised the Lender that Borrowers are unable to pay the Obligations by the current Maturity Date and have requested
that Lender amend the Credit Agreement to extend the Maturity Date. Borrowers acknowledge that the failure to pay the Obligations
in full by the Maturity Date is an Event of Default. Lender has therefore agreed to amend the Credit Agreement to extend the Maturity
Date to no later than September 30, 2017 on the terms and conditions set forth below. Lender has absolutely no commitment and
has made no agreement to extend the Maturity Date beyond September 30, 2017.

 

NOW
THEREFORE, in consideration of the foregoing and such other consideration as the parties mutually agree, the parties hereto
agree as follows:

 

1.
Preliminary Statements. The preliminary statements set forth above are accurate, represent the intent of the parties hereto
and are incorporated herein by reference. Unless otherwise defined in this Amendment, capitalized terms used herein will have
the same meaning in this Amendment as set forth in the Credit Agreement.

 

2.
Amendment to Credit Agreement. Definition of “Maturity Date” in Section 1.01 of the Credit Agreement
is hereby deleted in its entirety and replaced with the following:

 

“‘Maturity
Date’ means September 30, 2017.”

 

3.
Reservation of Rights; No Waiver. As a result of the Existing Defaults, Lender is permitted to exercise its default rights
and remedies as provided in the Credit Agreement without further notice or demand. All new advances continue to be in the sole
discretion of Lender and neither the entering into this Amendment nor the making of additional advances by Lender waives any of
the default rights and remedies of Lender under Section 13.02 of the Credit Agreement or otherwise. All default rights
and remedies of Lender are therefore reserved.

 

    	 

    	 

    

 

4.
Conditions Precedent to Effectiveness of this Amendment. The following are conditions precedent to the effectiveness of
this Amendment, notwithstanding anything contained herein to the contrary:

 

(a)
Lender shall have received a fully executed copy of this Amendment in form and substance satisfactory to Lender; and

 

(b)
Lender shall have received payment from Borrowers of all amounts due to Lender in connection with this Amendment.

 

5.
Expenses. Immediately upon request, Borrowers shall pay all reasonable expenses and costs of Lender (including, without
limitation, the reasonable attorney fees of counsel for Lender and reasonable expenses of counsel for Lender) in connection with
the preparation, negotiation, execution and approval of this Amendment and any and all other documents, instruments and things
contemplated hereby, whether or not such transactions are consummated, together with all other reasonable expenses and costs incurred
by Lender chargeable to Borrowers pursuant to the terms of the Credit Agreement which are unpaid at such time.

 

6.
Amendment Fee. Borrowers agree to pay an amendment fee of $45,000.00 (the “Amendment Fee”) in installments
set forth in the schedule below, which fee Lender may charge as a Revolving Loan.

 

	Installment Amount	 	 	Date Due
	$	15,000.00	 	 	On the date of this Amendment
	$	15,000.00	 	 	August 1, 2017
	$	15,000.00	 	 	September 1, 2017

 

Any
unpaid balance of the Amendment Fee will become immediately due and payable if the Borrowers pay all of the Obligations in full
on or before the Maturity Date.

 

7.
Ratification; Estoppel; Reaffirmation.

 

(a)
Each Borrower reaffirms the Credit Agreement and other Loan Documents, and ratifies the Credit Agreement and the other Loan Documents,
as amended, modified, and supplemented.

 

(b)
Each Borrower reaffirms to Lender each of the representations, warranties, covenants and agreements set forth in Sections 9
through 12 of the Credit Agreement and the other Loan Documents with the same force and effect as if each were separately
stated herein and made as of the date hereof to Lender.

 

(c)
Each Borrower further represents and warrants that, as of the date hereof, there are no counterclaims, defenses or offsets of
any nature whatsoever to the Loans or any of the Loan Documents and that, as of the date hereof, no Event of Default (other than
the Existing Defaults) has occurred or exists under any of the Loan Documents.

 

(d)
Each Borrower ratifies, affirms and agrees that the Credit Agreement and other Loan Documents, as amended, modified, and supplemented
hereby by this Amendment, represent the valid, enforceable and collectible obligations of Borrower.

 

    	 

    	 

    

 

8.
Release. Each Borrower does hereby release, remise, acquit and forever discharge Lender and Lender’s employees, agents,
representatives, consultants, attorneys, fiduciaries, servants, officers, directors, partners, predecessors, successors and assigns,
subsidiary corporations, parent corporation, and related corporate divisions (all of the foregoing hereinafter called the “Released
Parties”), from any and all action and causes of action, judgments, executions, suits, debts, claims, demands, liabilities,
obligations, damages and expenses of any and every character, known or unknown, direct and/or indirect, at law or in equity, of
whatsoever kind or nature, whether heretofore or hereafter arising, for or because of any matter or things done, omitted or suffered
to be done by any of the Released Parties prior to and including the date of execution hereof, and in any way directly or indirectly
arising out of or in any way connected to this Amendment, the Credit Agreement and the other Loan Documents (all of the foregoing
hereinafter called the “Released Matters”). Each Borrower acknowledges that the agreements in this paragraph
are intended to be in full satisfaction of all or any alleged injuries or damages arising in connection with the Released Matters.
Each Borrower represents and warrants to Lender that it has not purported to transfer, assign or otherwise convey any right, title
or interest of such Borrower in any Released Matter to any other Person and that the foregoing constitutes a full and complete
release of all Released Matters.

 

EACH
BORROWER INTENDS THE ABOVE RELEASE TO COVER, ENCOMPASS, RELEASE, AND EXTINGUISH, INTER ALIA, ALL CLAIMS, DEMANDS, AND CAUSES
OF ACTION THAT MIGHT OTHERWISE BE RESERVED BY THE CALIFORNIA CIVIL CODE SECTION 1542, (OR ITS EQUIVALENT UNDER ILLINOIS LAW) WHICH
PROVIDES AS FOLLOWS:

 

“A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

EACH
BORROWER ACKNOWLEDGES THAT IT MAY HEREAFTER DISCOVER FACTS DIFFERENT FROM OR IN ADDITION TO THOSE NOW KNOWN OR BELIEVED TO BE
TRUE WITH RESPECT TO SUCH CLAIMS, DEMANDS, OR CAUSES OF ACTION, AND AGREES THAT THIS AMENDMENT AND THE ABOVE RELEASE ARE AND WILL
REMAIN EFFECTIVE IN ALL RESPECTS NOTWITHSTANDING ANY SUCH DIFFERENCES OR ADDITIONAL FACTS

 

9.
No Cancellation. This Amendment evidences the same indebtedness as evidenced by the Credit Agreement and other Loan Documents
(as modified hereby). This Amendment is secured by the Collateral as provided in the Credit Agreement including all amendments
and modifications thereto. This Amendment is an extension, modification and amendment of the prior documents and the execution
hereof does not evidence a cancellation of the indebtedness evidenced by the prior documents.

 

10.
Miscellaneous.

 

(a)
No inference in favor of, or against, any party will be drawn from the fact that such party has drafted any portion of this Amendment,
the Credit Agreement, or any other Loan Document, as each may be amended.

 

    	 

    	 

    

 

(b)
This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which, when so executed and delivered, shall be deemed an original, but all of which counterparts together shall constitute but
one agreement. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e.,
“pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Amendment.
Any party who chooses to deliver its signature in such manner agrees to provide promptly to the other parties a copy of this Amendment
with its inked signature, but the party’s failure to deliver a copy of this Amendment with its inked signature shall not
affect the validity, enforceability and binding effect of this Amendment.

 

(c)
This Amendment shall be governed and controlled by the internal laws of the State of Illinois as to interpretation, enforcement,
validity, construction, effect, and in all other respects.

 

(d)
This Amendment will be binding upon and will inure to the benefit of the parties hereto and to their respective successors and
assigns.

 

(e)
Sections 16.03 and 16.09 of the Credit Agreement are specifically incorporated herein as though set forth in full.

 

(f)
This Amendment is a Loan Document.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above.

 

LENDER

MB
FINANCIAL BANK, N.A.

 

	By:	/sd/
    Martha     Gaskin	 
	Name:	Martha
    Gaskin	 
	Title:	Senior
    Vice President	 

 

BORROWERS

MENDOCINO
BREWING COMPANY, INC.,

a California corporation

 

	By:	/sd/
    Mahadevan Narayanan	 
	Name:
    	Mahadevan
    Narayanan	 
	Title:
    	Chief
    Financial Officer	 

 

RELETA
BREWING COMPANY LLC,

a
Delaware limited liability company

 

	By:	MENDOCINO
    BREWING COMPANY,	 
	 	a
California corporation, 	 
	 	its
sole member	 

 

	By:	/sd/
    Mahadevan Narayanan	 
	Name:	Mahadevan
Narayanan	 
	Title:
    	Chief
    Financial Officer

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