Common use of Amendment to Payment Obligations Clause in Contracts

Amendment to Payment Obligations. Notwithstanding anything in the Loan Agreement to the contrary, effective as of the date in which Borrower satisfies all Conditions To Effectiveness herein (“Effective Date”): • The principal amount outstanding under the Notes will bear interest, and be deemed to have been bearing interest at all times from and after March 1, 2016, at a rate of interest equal to ten percent (10%) per annum, subject to the Reduction Milestone. • At all times from and after March 1, 2016, amounts outstanding under the Notes shall be repaid according to the revised amortization schedules (each an Amortization Schedule, collectively, the “Revised Amortization Schedules”) affixed to the Amended and Restated Promissory Notes which are attached hereto as Exhibit 1, (“AR Note #1”), Exhibit 2, (“AR Note #2”), Exhibit 3, (“AR Note #3” and together with AR Note # 1 the “First Amended and Restated Notes”), which First Amended and Restated Notes shall amend and restate the Notes. The Revised Amortization Schedules set forth monthly payments of interest only through August 31, 2017, and a payment of all outstanding principal and accrued and unpaid interest remaining on the Revised Maturity Date (as defined below). • The Maturity Date under the Notes shall be extended until August 31, 2017 (“Revised Maturity Date”). • On the Revised Maturity Date of the First Amended and Restated Notes, in addition to the regularly scheduled payments of principal and interest and Initial End of Term Payments (set forth in each of the First Amended and Restated Notes), Borrower shall pay to Lender an additional end of term payment for each of the First Amended and Restated Notes as follows, as further set forth in the First Amended and Restated Notes (the “Additional End of Term Payments”): ¡ AR Note #1: $125,000; ¡ AR Note #2: $125,000; and ¡ AR Note #3: $187,500 • So long as no Default, or Event of Default has occurred and is continuing and Borrower has provided to Lender, written evidence satisfactory to Lender (as set forth in the paragraph “Milestone Confirmation” below) that Borrower has achieved the Reduction Milestone, then upon Lender’s confirmation of the satisfaction of such Reduction Milestone the Interest Rate under the First Amended and Restated Notes shall be modified commencing on the date of the next scheduled monthly payment and at all times thereafter, a rate equal nine and one half percent (9.50%) per annum, and the Additional End of Term Payments will be reduced to the following (the “Revised Additional End of Term Payments”): ¡ AR Note #1: $100,000; ¡ AR Note #2: $100,000; and ¡ AR Note #3: $150,000 • Milestone Confirmation. Borrower shall deliver to Lender, if achieved, written notice of Company’s completion of the Reduction Milestone. Such notice must include supporting documentation satisfactory to Lender that such milestone has been completed. If Borrower fails to provide such notice, the First Amended and Restated Notes shall continue to be payable in accordance with their terms.

Amendment to Payment Obligations. Notwithstanding anything in the Loan Agreement or the Notes to the contrary, effective as of the date in which Borrower satisfies all Conditions To Effectiveness herein (“Effective Date”): conditions to effectiveness set forth in Section 3, the following terms shall be in effect: Upon and following completion of the IPO Milestone: • The principal amount outstanding under the Notes Secured Obligations will bear interest, and be deemed to have been bearing interest at all times from and after March 1, 2016the first day of the month following completion of the IPO Milestone, at a rate of interest per annum equal to ten eight percent (108.00%) per annum, subject to the Reduction Milestone. • At all times from and after March 1, 2016, amounts outstanding under the Notes shall be repaid according to the revised amortization schedules (each an Amortization Schedule, collectively, the “Revised Amortization Schedules”) affixed to the Amended and Restated Promissory Notes which are attached hereto as Exhibit 1, (“AR Note #1”), Exhibit 2, (“AR Note #2”), Exhibit 3, (“AR Note #3” and together with AR Note # 1 the “First Amended and Restated Notes”), which First Amended and Restated Notes shall amend and restate is less than the Notes. The Revised Amortization Schedules Interest Rate set forth monthly payments of interest only through August 31, 2017, in the respective Notes and a payment of all outstanding principal and accrued and unpaid interest remaining on the Revised Maturity Date (as defined below)Loan Agreement prior to the First Amendment Closing Date. • The Maturity Date under for each of the Notes shall be extended until August by 24 months and shall be as follows: • Note #1: September 30, 2025 • Note #2: December 31, 2017 (“Revised Maturity Date”). 2025 • Note #3: December 31, 2025 • Note #4: April 30, 2026 • Note #5: April 30, 2026 • On the Revised new Maturity Date Dates of the First Amended and Restated Notes, Notes in addition to the regularly scheduled payments of principal and interest and Initial regularly scheduled End of Term Payments (set forth in each of due under the First Amended and Restated Notes), Borrower shall pay to Lender an additional end of term payment for each of the First Amended and Restated Notes as follows, as further set forth in the First Amended and Restated Notes follows (the “Additional End of Term Payments”): ¡ AR Note #• If prepaid in months 1: $125,000; ¡ AR Note #2: $125,000; and ¡ AR Note #3: $187,500 • So long as no Default, or Event of Default has occurred and is continuing and Borrower has provided to Lender, written evidence satisfactory to Lender (as set forth in -12 following the paragraph “Milestone Confirmation” below) that Borrower has achieved the Reduction Milestone, then upon Lender’s confirmation of the satisfaction of such Reduction Milestone the Interest Rate under the First Amended and Restated Notes shall be modified commencing on the date of the next scheduled monthly payment and at all times thereafter, a rate equal nine and one half percent (9.50%) per annum, and the Additional End of Term Payments will be reduced to the following (the “Revised Additional End of Term Payments”): ¡ AR Note #1: $100,000; ¡ AR Note #2: $100,000; and ¡ AR Note #3: $150,000 • Milestone Confirmation. Borrower shall deliver to Lender, if achieved, written notice of Company’s completion of the Reduction IPO Milestone, an additional one percent (1.00%) of the original principal amount of such Advance; and • If prepaid after month 12 following the completion of the IPO Milestone, an additional two percent (2.00%) of the original principal amount of such Advance. Such notice must include supporting documentation satisfactory • Where any provision of this Amendment relates to Lender that such milestone has been completeda provision appearing in any of the Notes or the Loan Agreement the same provisions in said Notes and Loan Agreement shall be deemed likewise amended. If Borrower fails • Upon completion of the IPO Milestone, You agree to provide such notice, execute amended and restated promissory notes to reflect the First Amended and Restated provisions of this Amendment relating to the Notes shall continue to be payable in accordance with their termsas requested by Us.