Extension Agreement to Loan and Security Agreements between Oakridge Global Energy Solutions, Oak Ridge Micro-Energy, and Expedia Holdings Limited
Oakridge Global Energy Solutions, its subsidiary Oak Ridge Micro-Energy, and Expedia Holdings Limited have agreed to extend the due date for repayment of a loan, including accrued interest, from June 30, 2015, to August 31, 2015. This extension also applies to related security agreements, with all other terms and liens remaining unchanged. The agreement simply extends the repayment deadline and does not alter any other conditions of the original agreements.
EXTENSION AGREEMENT
This EXTENSION AGREEMENT is made and entered into effective as of the 30th day of June, 2015, by and between Oakridge Global Energy Solutions, Inc., a Colorado corporation (“Oakridge”); Oak Ridge Micro-Energy, Inc., a Nevada corporation and wholly-owned subsidiary of Oakridge (“Oak Ridge Nevada”); and Expedia Holdings Limited, a corporation organized under the laws of Hong Kong (“Expedia”).
RECITALS
WHEREAS, on or about February 24, 2014, Oakridge and Expedia entered into a Loan Agreement and a Security Agreement; and
WHEREAS, on or about February 24, 2014, Oak Ridge Nevada and Expedia, entered into an Intellectual Property Security Agreement; and
WHEREAS, pursuant to the Loan Agreement, the term of the Loan Agreement, as previously extended by the parties, expires on June 30, 2015; and
WHEREAS, Oakridge and Expedia desire to further extend the due date of the loan amount and accrued interest under the Loan Agreement to August 31, 2015, and all parties desire to also extend the Security Agreement and the Intellectual Property Security Agreement;
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Oakridge and Expedia hereby agree to extend the due date of the loan referenced in the Loan Agreement to August 31, 2015, along with accrued interest, and that such extension shall have no other effect on the Loan Agreement or the liens granted in the Security Agreement or the Oak Ridge Nevada Intellectual Property Security Agreement, whatsoever.
OAKRIDGE GLOBAL ENERGY SOLUTIONS, INC.
Dated: __ July 6, 2015________.
By__/s/Stephen J. Barber__________________
Stephen J. Barber, Chief Executive Officer
OAK RIDGE MICRO-ENERGY, INC.
Dated: __ July 6, 2015________.
By__/s/Stephen J. Barber__________________
Stephen J. Barber, President
EXPEDIA HOLDINGS LIMITED
Dated: __ July 6, 2015________.
By__/s/Jiahe Hong_______________________
Jiahe Hong, Director
Expedia Holdings Limited
