SEC Contract Filing

Filing Date: 2018-03-30

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured
Promissory Note</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; text-transform: lowercase">(Single
Advance &ndash; Non-Revolving)</FONT></P>

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 <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,187,000.00</FONT></TD>
 <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
 27, 2018</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR
VALUE RECEIVED, <B>NEPHROS, INC., a Delaware corporation </B>(&ldquo;<U>Borrower</U>&rdquo;), promises to pay to <B>TECH CAPITAL,
LLC, a California limited liability company</B> (&ldquo;<U>Lender</U>&rdquo;), or order, at Lender&rsquo;s place of business at
2010 North First Street, Suite 300, San Jose, California 95131, or at such other place as may be designated in writing to Borrower
by the holder of this Secured Promissory Note (this &ldquo;<U>Note</U>&rdquo;), the principal sum of <B>One Million One Hundred
Eighty-Seven Thousand and 00/100 Dollars ($1,187,000.00) </B>(as such amount shall change from time to time, the &ldquo;<U>Loan
Amount</U>&rdquo;), which shall be subject to and disbursed under the additional terms and conditions of that certain <B>Loan
and Security Agreement</B> dated August 16, 2017 and all of the riders and amendments thereto by and between Borrower and Lender
(the &ldquo;<U>Loan Agreement</U>&ldquo;), together with interest from the date of the Advance (as defined below) on the unpaid
principal balance at a rate (the &ldquo;<U>Rate</U>&rdquo;) of <B>eight percent (8.00%) per annum</B>. Upon the occurrence of
a default or an event of default under this Note, the rate of interest on the Note shall be increased at the option of Lender
by an additional <B>three percent (3.00%)</B>. Interest shall be computed on the basis of a 360-day year and shall be charged
to Borrower&rsquo;s Revolving Line (as defined below) on the first day of the following month, and, if not so paid, it shall thereafter
bear like interest as the principal.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
The amount to be advanced under this Note shall be made in one advance (the &ldquo;<U>Advance</U>&rdquo;) of $1,187,000.00 on
or about the date hereof. The Advance under this Note will be used: (a) to repay all obligations of Borrower to Lambda Investors
LLC (and other creditors) (the &ldquo;<U>Incumbent Loan</U>&rdquo; and such creditors, collectively, the &ldquo;<U>Incumbent Lender</U>&rdquo;)
under that certain existing Note and Warrant Agreement entered into on or about June 7, 2016, and (b) for working capital purposes..</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Lender may, at its option, charge Borrower&rsquo;s Revolving Line for the principal, interest, and fees hereunder, which are due
and payable on the dates and in the manner that follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Interest payments will be due and payable in arrears commencing on the first day of the first month following disbursement of
the Advance hereunder and continuing on the first day of each month thereafter while amounts hereunder are due and owing;</FONT></P>

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