Document:

exhibit10-2.htm

Exhibit 10.2

April 17, 2013

AMENDED AND RESTATED CONVERTIBLE PROMISSORY NOTE

This Amended and Restated Convertible Promissory Note replaces and extinguishes the previously executed Convertible Promissory Notes (All Terms and Conditions) dated January 12, 2011 and March 1, 2011.  Attachment A is attached.

THEREFORE, FOR VALUE RECEIVED the undersigned, promises to pay to Casprey Capital Corp., a New York Corporation, (the “Holder”) the principal sum as calculated and accrued pursuant to the aggregate of the previously issued promissory notes listed on Attachment A herein, that hereby amended and restated in each of the notes entirety, at the rate of eight percent(8%) per annum on the unpaid balance until paid or until default, both principal and interest payable in lawful money of the United States of America, at 161 Liberty Avenue, Staten Island, New York 10305, or at such place as the legal holder hereof may designate in writing.  It is understood and agreed that additional amounts may be advanced by the Holder hereof and such advances will be added to the principal of the Convertible Promissory Note (the Note) and will accrue interest at the above specified rate of interest from the date of advance until paid.  Such and advance will be added to this Note by the Holder and the Maker both acknowledging the advance by executing the Acknowledgement of Advance Form as shown on Attachment B herein.  Each fully executed Acknowledgement of Advance Form shall be attached to this Note and shall become a part thereto.  Notwithstanding anything to the contrary herein, the Holder may elect, payment of the principal and /or interest, owed pursuant to this Note by requesting the Maker to issue or exchange to or with the Holder, or his assigns the number of Common Stock shares of the Maker.  The Maker has agreed to allow the Holder to convert the shares at a Fixed Price of .0001, due to lack of liquidity and marketability of the Maker’s common stock.  However, the Holder shall not have the right and the Maker shall not have the obligation, to convert all or any portion of the Convertible Promissory Note if and to the extent that the issuance to the Holder of shares of the Maker’s Common Stock upon such conversion would result in the Holder being deemed the beneficial owner of the more than 4.99% of the then outstanding shares of Common Stock within  the meaning of Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules promulgated there under.  The Holder may elect payment of the principal of this Note, before any repayment of interest.  For purposes of determining the holding period of this Note under Rule 144 of the regulations promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended, Attachment A shall serve as evidence of the original issuance date of each advance for purposes of determining the holding period under Rule 144.

Unless otherwise provided, this Note may be prepaid in full or in part at any time without penalty or premium.  Partial prepayments shall be applied to installments due in reverse order of their maturity.

In the event of (a) default in payment of any installment of principal or interest hereof as the same becomes due and such default is not cured within ten (10) days from the due date, or (b) default under the terms of any instruments securing this Convertible Promissory Note, and such default is not cured within fifteen (15) days after written notice to maker, then in either such event the Holder may, without further notice, declare the remainder of the principal sum, together with all interest accrued thereon, and the prepayment premium, if any, at once due and payable.  Failure to exercise this option shall not constitute a waiver of the right to exercise the same at any other time.  The unpaid principal of this Note and any part thereof, accrued interest and all other sums due under this Convertible Promissory Note shall bear interest at the rate of prime plus 2 percent per annum after default until paid.

All parties to this Note, including maker and any sureties, endorsers, or guarantors, hereby waive protest, presentment, notice of dishonor, and notice of acceleration of maturity and agree to continue to remain bound for the payment of principal, interest, and all other sums due under this Note, notwithstanding any change or changes by way of release, surrender, exchange, modification or substitution of any security for this Note or by way of any extension or extensions of time for the payment of principal and interest: and all such parties waive all and every kind of notice of such change or changes and agree that the same may be made without notice consent of any of them.

Upon default. The Holder of this Note may employ an attorney to enforce the Holder’s rights and remedies and the maker, principal, surety, guarantor and endorsers of this Convertible Promissory Note hereby agree to pay to the Holder reasonable attorneys fees, plus all other reasonable expenses incurred by the Holder in exercising any the Holder’s right and remedies upon default.  The failure to exercise any such right or remedy shall not be a waiver or release of such rights or remedies or the right to exercise any of them at another time.

This Convertible Promissory Note is to be governed and construed in accordance with the laws of the State of New York.

IN TESTIMONY WHEREOF, each corporate maker has caused this instrument to be executed in its corporate name by its President, and its corporate seal to be hereto affixed, all by order of its Board of Directors first duly given, the day and year first written above:

 

	  	  
	
Maker

	
Holder

	
Vitamin Blue Inc., Delaware Corp

	
Casprey Capital Corp

	
1005 West 18 Street

	
161 Liberty Avenue

	
Costa Mesa, CA 92627

	
Staten Island, New York. 10305

	  	  
	  	  
	
_________________________

	
________________________

	
Frank Ornelas (President)

	
James Yeung (Owner)

  

  

  

Attachment A

Casprey Capital Corp. (VTMB)

Loans as of (4/17/13)

	
Date

	
Amount

	  
	
1) January 12, 2011

	
$10,000

	  
	
2) March 1, 2011

	
$10,000

	  

	
___________________

	
___________________

	  
	
Frank Ornelas (Pres)

	
James Yeung (Pres)

	  
	
Vitamin Blue, Inc.

	
Casprey Capital CorpLOANAGREEMENTMHAApril2013

LOAN AGREEMENT

THIS LOAN AGREEMENT (the "Agreement") is entered into as of the 23h day of April, 2013, by and between DubLi, Inc., 5200 Town Center Circle, Boca Raton, FL 33486, U.S.A. (the “Borrower”) and Michael Hansen, P.O. Box 283612, Dubai, U.A.E. (the “Lender”).

WHEREAS, the Lender, due to the impact of a financial crisis in the Republic of Cyprus, needs to cover a temporary liquidity gap;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree to enter into this Agreement in accordance with the following provisions:

1.    Principal amount.  The principal amount shall be any amount up to US$ 1,000,000 (One Million US Dollars). The amount will be provided as requested by Borrower. 

2.    Payments.  The entire principal balance of this Agreement then unpaid, together with all accrued and unpaid interest and all other amounts payable hereunder, shall be due and payable in full on September 30, 2013.

3.    Interest.  Principal owing hereunder from time to time shall accrue interest at a fixed rate of 3.00% per annum, computed based on the actual number of days elapsed and a 365-day year.  Interest will be calculated starting May 1, 2013 and continue until loan is paid in full.  The annual interest rate following the occurrence and during the continuance of an Event of Default (see section 5), which if susceptible to cure is not cured within ten (10) days, otherwise then from the first date of such occurrence, shall automatically be increased to (15%) for the uncured period or upon satisfaction of the outstanding balance. 

4.    Other Payment Terms.

4.1.    Should any payment become due and payable on any day other than a Business Day for Lender, the date of such payment shall be extended to the next succeeding Business Day, and, in the case of a payment of principal or past due interest or any installment of either thereof, interest shall accrue and be payable thereon for the period of such extension at the applicable interest rate or rates specified herein.  Each payment by Borrower on account of the principal of or interest on this Agreement or of any fee or other amount payable to Lender shall be made not later than 11:00 a.m. (Eastern Standard time) on the applicable due date (or if such day is not a Business Day, the next succeeding Business Day).  Any payment made after 11:00 a.m. shall be credited on the next succeeding Business Day.  All payments shall be made to Lender at Lender’s office, in U.S. Dollars, in immediately available funds. 

4.2.    Borrower shall have the right, from time to time, to prepay the unpaid principal, in whole or in part, without premium or penalty, upon the payment of accrued interest on the amount prepaid to and including the date of payment.

5.    Event of Default.  Borrower’s failure to pay principal or interest due under this Agreement as and when due and payable, and the continuation of such failure for more than fifteen (15) days, shall constitute an “Event of Default”.  Upon the happening of an Event of Default or at any time thereafter during the continuance of any such event, the Lender may, with or without notice to the Borrower, terminate this agreement and declare any balance under this Agreement then unpaid to be due 

and payable, both as to principal and interest, without presentment, demand, protest, or other notice of any kinds, all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding.  

6.    Waivers.  Borrower expressly waives demand and presentment for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, notice of intent to accelerate, notice of acceleration, all other notices, bringing of suit and diligence in taking any action to collect amounts called for hereunder.  

7.    Applicable Law; Venue.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Florida; subject, however, to the effect of applicable federal law.  Jurisdiction and venue for any action brought to enforce or interpret any term or condition set forth in this Agreement or the other Security Documents, or which relates in any way to this Agreement, shall be solely in Florida, to the exclusion of all other jurisdictions and venues.

8.    Assigns.  As used herein, the terms “Borrower” and “Lender” shall be deemed to include their respective successors, legal representatives and assigns, whether by voluntary action of the parties or by operation of law.

IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement effective the date above written.

BORROWER:

DubLi, Inc.

By:  /s/ Andreas Kusche
Andreas Kusche, General Counsel

LENDER:

By:  /s/ Michael Hansen
Michael Hansen

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