Loan Amendment Agreement between Full Spectrum Inc. and Lender (February 11, 2016)

Contract Categories: Business Finance › Modification Agreements
Summary

This agreement amends the terms of a loan between Full Spectrum Inc. and its lender. The total amount owed, including principal and interest, is due by April 1, 2017, with additional interest accruing at 6% per year from January 1, 2016. Full Spectrum Inc. may repay the loan early without penalty. The lender waives any penalties or defaults as of the agreement date. All other original loan terms remain unchanged.

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EX-10.0 2 s115228_ex10-0.htm EXHIBIT 10.0

 

Exhibit 10.0

 

Loan Amendment

 

This agreement made as of this 11th day of February 2016 by and between ____________________ and Full Spectrum Inc. (the "Company").

 

Whereas the Company is indebted to _________ in the principal amount of $550,000 and interest of $272,408 through December 31, 2015 ("Loan"); and

 

Whereas the Parties wish to amend certain terms respecting the Loan as stated below:

 

It is hereby agreed:

 

1.       All principal and interest outstanding under the Loan along with any additional interest accrued from January 1st, 2016 forward shall be due and owing on April 1, 2017. Additional interest on the principal amount stating January 1st, 2016 shall accrue at the rate of 6% per annum. The Company, at it's election, may pay the outstanding principal and interest prior to April 1, 2017 without penalty with the interest accrued to that date.

 

2.       ____________ waives any penalties or defaults existing as of this date.

 

3.       All other terms of the Loan shall continue.

 

Full Spectrum Inc.