Options Media Group Holdings, Inc.
Exhibit 10.6
Options Media Group Holdings, Inc.
000 XX 00xx Xxxxxx, Xxxxx 000
Xxxx Xxxxx, Xxxxxxx 00000
October 23, 2009
GFT Holdings, Inc.
0000 Xxxxxxxxx Xxxx
Xxxx Xxxxx, XX 00000
Attention: Xxxxxx Xxxxxx, President
Re:
Dear Xx. Xxxxxx:
This letter agreement (the “Agreement”) sets forth the terms and conditions for the amendment of that certain Secured Promissory Note dated March 13, 2009 in the original principal amount of $300,000 made by Options Media Group Holdings, Inc., a Nevada corporation (“Company”) in favor of GFT Holdings, Inc. (“Holder”), as amended by that certain letter agreement dated August 13, 2009 (the “Note”) and that certain Secured Loan Agreement dated March 13, 2009 between the Company and the Holder, as amended by that certain letter agreement dated August 13, 2009 (the “Loan Agreement”).
In consideration for the Holder extending the due date of the Note from September 30, 2009 to December 31, 2009 at which time the entire principal balance and all accrued interest shall be due and payable, waiving interest which has accrued under the Note through September 30, 2009, and not exercising the right to charge default interest under the Note, the Company shall, upon receipt of the Holder’s executed Agreement, the original Note, and an investment representation letter in the form attached hereto as Exhibit A, issue the Holder an amended and restated note in the form attached hereto as Exhibit B and 500,000 shares of common stock of the Company.
All other terms and conditions of the Loan Agreement and of any guaranty or indemnity agreement executed and delivered by anyone in connection herewith or therewith shall remain in full force and effect.
If the foregoing is acceptable to you, please sign in the place indicated below and return an executed copy to us.
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| Very truly yours, |
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| Xxxxx Xxxxxxx |
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| Chief Executive Officer |
GFT Holdings, Inc.
October 23, 2009
Page 2
AGREED AND ACCEPTED:
GFT Holdings, Inc.
By: __________________________
Xxxxxx Xxxxxx, President