SEC Contract Filing

Filing Date: 2016-12-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.28
<SEQUENCE>11
<FILENAME>s104854_ex10-28.htm
<DESCRIPTION>EXHIBIT 10.28
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.28</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT, WAIVER AND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT NO. 3 TO </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURED CONVERTIBLE PROMISSORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AND LETTER AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">GREENWOOD HALL, INC.
a Nevada corporation (including any successor in interest thereto, &ldquo;<B><U>Company</U></B>&rdquo;), COLGAN FINANCIAL GROUP,
INC., a Connecticut corporation (&ldquo;<B><U>CFG</U></B>&rdquo;) and ROBERT LOGAN (&ldquo;<B><U>Logan</U></B>,&rdquo; and together
with CFG, the &ldquo;<B><U>Holder</U></B>&rdquo;), are parties to that certain Secured Convertible Promissory Note, dated December
18, 2014; Consent, Waiver and Amendment No. 1 (&ldquo;<B><U>First Amendment</U></B>&rdquo;) to Secured Convertible Promissory Note
dated April 13, 2015; and Consent, Waiver and Amendment No. 2 (&ldquo;<B><U>Second Amendment</U></B>&rdquo;) to Secured Convertible
Promissory Note dated September 15, 2015 (collectively, as hereafter amended, the &ldquo;<B><U>Note</U></B>&rdquo;), together with
a Letter Agreement dated December 18, 2014 between the Company and the Holder (the &ldquo;<B><U>Letter Agreement</U></B>&rdquo;);
and desire to further amend such Note and Letter Agreement pursuant to this Consent, Waiver and Amendment No. 3 to Secured Convertible
Promissory Note (this &ldquo;<B><U>Amendment</U></B>&rdquo;), which Amendment is hereby dated as of October __, 2016 (the &ldquo;<B><U>Effective
Date</U></B>). Capitalized terms used, but not otherwise defined, shall have the meanings set forth in the Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Now, therefore, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Company and Holder hereby agree
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confirmations</U>.
As of October 6, 2016, Company hereby confirms that it is unconditionally indebted to Holder in the amount of $<B><U>400,000.00</U></B>,
reflecting principal and accrued interest through October 6, 2016. Company hereby confirms to Holder that it is unconditionally
indebted to the Holder for all amounts owed under the Note and that Company has no claims, causes of action or counterclaims, whatsoever,
in law or equity, in connection with the Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consent
to Certain Transactions; Waiver of Existing Defaults</U>. Subject to the conditions set forth in this Amendment, Holder agrees
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holder
consents to Company&rsquo;s grant of a senior security interest in all of the Collateral to Moriah Education Management, LLC (&ldquo;<B><U>Moriah</U></B>&rdquo;)
pursuant to that certain Loan and Security Agreement, dated concurrently herewith, by and among Company and its subsidiary, PCS
Link, Inc. (each and collectively, the &ldquo;<B><U>Borrower</U></B>&rdquo;) and Moriah.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holder
hereby waives any defaults or events of default known to exist as of the date hereof under the Note, but not defaults or events
of default that are unknown or arise after the date hereof under the Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
 <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
 <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
 <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments
to Note and Letter Agreement</U>.</P>

<P STYLE="font: