AMENDMENT NO. 2 TO 6% SENIOR SECURED CONVERTIBLE NOTE
Exhibit 10.8
AMENDMENT NO. 2 TO 6% SENIOR SECURED CONVERTIBLE NOTE
THIS AMENDMENT NO. 2 TO 6% SENIOR SECURED CONVERTIBLE NOTE (this “Amendment”), made this 9th day of July, 2015 (the “Amendment Effective Date”) by and between GrowLife, Inc. (the “Company”), a Delaware corporation, on the one hand and _________ (the “Holder”) on the other hand. The Company and the Holder shall each separately be referred to as a “Party” and collectively as the “Parties.”
RECITALS
WHEREAS, the Company and the Holder entered into that certain 6% Senior Secured Note on March 16, 2012, and amended on September 10, 2014 and April 1, 2015 (collectively, the “Note”);
WHEREAS, the Company and Holder have agreed to increase the interest rate and default interest rate on the Note from 6% and 12%, respectively, to 10% and 20%, respectively;
WHEREAS, the Company and Holder have agreed that the default interest rate of 20% has accrued on the Note from that certain Event of Default on April 8, 2014 until otherwise remedied as set forth in the Note; and
WHEREAS, the Company and Holder have agreed to again amend the Holder’s Note to provide for the increased interest rate;
NOW, THEREFORE, in consideration of the foregoing and for such other good and valuable consideration the sufficiency of which is hereby acknowledged, the Company and the Seller hereby agree as follows:
AGREEMENT
1. | Section 2(a) of the Note, entitled Interest Rate is hereby replaced in its entirety with the following language: |
(a) Interest Rate. Interest shall accrue daily on the outstanding principal amount of this Note at a rate per annum equal to ten percent (10%), subject to Section 2(d) hereof, based on the original lending dates set forth on Annex B attached hereto and incorporated herein by reference.
2. | Section 2(d) of the Note, entitled Default Interest is hereby replaced in its entirety with the following language: |
(d) Default Interest. After April 8, 2014, the interest rate on this Note shall accrue at an interest rate of twenty percent (20%) per annum.
3. | In the event there is a conflict between this Amendment and the Note, the terms of this Amendment shall control. All other terms of the Agreements and Note shall remain in full force and effect. |
IN WITNESS WHEREOF, the Company and Holder have executed this Amendment as of the date first set forth above.
“COMPANY” | ||||
GROWLIFE, INC. , | ||||
a Delaware corporation | ||||
By: | ||||
Name: Xxxxx Xxxxx | ||||
Title: President | ||||
“HOLDER” | ||||
By: | ||||
Name: |
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