Extension Agreement for Convertible Promissory Note between Innovative Payment Solutions, Inc. and Cavalry Fund I LP
Innovative Payment Solutions, Inc. and Cavalry Fund I LP have agreed to extend the maturity date of a convertible promissory note originally due on February 16, 2022, to August 16, 2022. In exchange for this extension, the principal amount of the note is increased by 10%, resulting in a new principal of $866,242.37. All other terms of the original note remain unchanged. This agreement is effective upon signature by both parties.
Exhibit 4.1
Innovative Payment Solutions, Inc.
19355 Business Center Drive, #9
Northridge, CA 91324
February 3, 2022
Holder of the Original Issue Discount Convertible Promissory Note
| Re: | Extension of Maturity Date |
Dear Holder:
Reference is made to that certain Original Issue Discount Convertible Promissory Note (the “Note”) made by Innovative Payment Solutions, Inc. and issued on February 16, 2021 and due on February 16, 2022 (the “Maturity Date”). In consideration for increasing the principal amount outstanding on your Note by 10%, please indicate your agreement to extend the Maturity Date of the Note to August 16, 2022 by duly executing this letter agreement below.
This letter agreement is limited as specified herein and the execution, delivery and effectiveness of this letter agreement shall not operate as a modification or waiver of any provision of the Note except as expressly set forth herein.
This letter agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
| Sincerely, | ||
| INNOVATIVE PAYMENT SOLUTIONS, INC. | ||
| By: | /s/ William D. Corbett | |
| Name: | William D. Corbett | |
| Title: | Chief Executive Officer | |
Accepted and Agreed to:
Name of Holder: Cavalry Fund I LP
Signature of Authorized Signatory of Holder: /s/ Thomas Walsh
Name of Authorized Signatory: Thomas Walsh
Title of Authorized Signatory: Managing Member
Aggregate principal amount of Note post increase: $866,242.37
