Fourth Amendment to Revolving Promissory Note Agreement with Kirk Blosch dated as of May 10, 2023

Contract Categories: Business Finance - Note Agreements
EX-10.1 2 f10q0623ex10-1_outdoor.htm FOURTH AMENDMENT TO REVOLVING PROMISSORY NOTE AGREEMENT WITH KIRK BLOSCH DATED AS OF MAY 10, 2023

Exhibit 10.1

 

FOURTH AMENDMENT TO REVOLVING PROMISSORY NOTE AGREEMENT

 

This Fourth Amendment to Revolving Promissory Note Agreement is made and entered into as of the 10th day of May 2023, by and between Outdoor Specialty Products, Inc., a Nevada corporation (“Borrower”), and Kirk Blosch (“Noteholder”).

 

WHEREAS, Borrower and Noteholder entered into that certain Revolving Promissory Note Agreement, dated January 4, 2021, in the original principal amount of $40,000.00, as amended on December 1, 2021, June 2, 2022, and November 21, 2022 (collectively, the “Original Note”), which currently provides for a maturity date of December 31, 2023 and a maximum principal indebtedness of $75,000.00; and

 

WHEREAS, Borrower and Noteholder desire to further amend the Original Note to increase the amount of principal indebtedness as provided herein.

 

NOW, THEREFORE, in consideration of the premises and covenants set forth herein, the parties hereto agree as follows:

 

1. Increase in Principal Indebtedness. The Original Note is hereby amended by changing the principal amount of the Note at the top of the first page from US $75,000 to US $85,000 and by changing the amount of the Principal Indebtedness in the preamble of the Original Note from SEVENTY-FIVE THOUSAND AND NO/100 DOLLARS ($75,000) to EIGHTY-FIVE THOUSAND AND NO/100 DOLLARS ($85,000.00).

 

2. Defined Terms / No Further Modification. Any terms used but not defined herein shall have the meanings ascribed to them in the Original Note. Except as expressly set forth herein, the Original Note shall remain unmodified and shall continue in full force and effect.

 

Dated as of the date first written above.

 

  Borrower: OUTDOOR SPECIALTY PRODUCTS, INC.
       
    By /s/ Kirk Blosch
    Name: Kirk Blosch
    Title: President
       
  Noteholder:    
       
    /s/ Kirk Blosch
    Kirk Blosch