Amendment to Term Note
Amendment to Term Note
Effective Date: December 16, 2014
WHEREAS, Cachet Financial Solutions Inc., a Minnesota corporation (“Company” or “Borrower”), and The Xxxxxxxx Xx Xxxxx Trust (“Lender”) (collectively “Parties”) entered into a Term Note for $613,808, effective December 14, 2012 (the "Agreement"); and
WHEREAS, the Parties desire to amend the payment terms as set forth in the Agreement to require Borrower to make four $50,000 payments beginning December 31, 2014 and extend the Maturity Date of the Agreement to April 30th, 2015.
NOW THEREFORE, for valuable consideration, the adequacy and receipt of which are hereby acknowledged, the parties agree as follows:
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1. |
Capitalized terms not defined herein have the meanings ascribed to them in the Agreement. |
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2. |
The second paragraph of the Agreement shall be amended and restated in its entirety asset forth below. |
Borrower will pay this loan according to below payment schedule with all outstanding principal plus all accrued, unpaid interest becoming due on April 30th, 2015 (the “Maturity Date”), subject to any prepayment.
Payment Schedule
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$50,000 due on December 31, 2014; |
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$50,000 due on January 31, 2015; |
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$50,000 due on February 28th, 2015; |
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$50,000 due on March 31, 2015; |
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The remaining balance of accrued, unpaid interest and principal due on April 30th, 2015 |
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3. |
All terms and conditions of the Agreement shall remain in full force and effect, except to the extent specifically modified herein. |
IN WITNESS WHEREOF, each of the Parties has caused this Amendment to be executed by its duly authorized representative as of the Effective Date written above.
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Lender: |
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Cachet Financial Solutions Inc. |
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By: |
/s/ Xxxxxxxx Xx Xxxxx |
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By: |
/s/ Xxxxxxx X. Xxxx |
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Xxxxxxxx De Jonge |
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Xxxxxxx X. Xxxx |
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Xxxxxx |
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Chief Executive Officer |
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