Lender Agreement
Exhibit 10.2
This Lender Agreement ("Agreement") is entered into by and between OrangeHook, Inc. ("OrangeHook"), a Florida corporation with headquarter offices at 000 Xxxxx Xxx. X., Xxx. 000, Xxxxxxx, XX 00000 and Xxxxxxx Xxxxxxxxx ("Xxxxxxxxx") of 0000 Xxxxxxxx Xx. X., Xxxxxxxx, XX 00000 (collectively, the "Parties") on April 20, 2017.
The Parties agree as follows:
1. Xxxxxxxxx previously originated a loan of $250,000 to OrangeHook on March 30, 2017 (the "March Loan"). Xxxxxxxxx is now originating an additional loan of $100,000 to OrangeHook as of the date hereof (the "April Loan," and collectively with the March Loan, the "Loans").
2. In consideration for the Loans, OrangeHook agrees to pay Xxxxxxxxx interest on each loan in an amount equal to 20 basis points per day of the outstanding principal balance of such Loan beginning on the date of origination of each Loan and ending on the date the respective Loans are repaid in full. The principal balance of the Loans, together with all accrued and unpaid interest, will be paid by OrangeHook to Xxxxxxxxx no later than May 29, 2017 ("Maturity Date"); provided, however, (a) if OrangeHook defaults in the repayment of principal and interest, OrangeHook will have 30 days to cure such default after receipt of written notice of default from Xxxxxxxxx, and (b) that Xxxxxxxxx will be paid a minimum of $10,500 in interest even if the Loans are repaid prior to the Maturity Date.
3. Regardless of the source, the first $350,000 of any monies received will be paid to Xxxxxxxxx upon receipt and Xxxxxxxxx'x receipt of such amount will constitute a payment under this Agreement. The amount of the Loan will be reduced on a dollar-for-dollar basis upon Xxxxxxxxx'x receipt of any payments from OrangeHook under this Agreement.
4. Upon mutual agreement, additional loans may be issued to OrangeHook under the same terms of this Agreement, provided that the issuance of any additional loans will be dependent upon the repayment of the principal on any previous loan by an amount such that the total outstanding principal amount borrowed under any loan or loans provided by Xxxxxxxxx does not exceed $350,000 in the aggregate. The minimum amount of interest will be determined by mutual agreement of the Parties.
5. The source of repayment may be amended by the Parties through MUTUAL AGREEMENT, should BOTH parties agree. For example, ANY MONIES may be substituted for specific receivables by mutual agreement.
Agreed to and Accepted By:
/s/ Xxxxx X. Xxxxxxx
Xxxxx X. Xxxxxxx
Title: CFO
/s/ Xxxxxxx Xxxxxxxxx
Xxxxxxx Xxxxxxxxx
