So, the creditor re-lent OCLG the funds to repay their debt over time while maintaining operations it looks to me? So they are guaranteeing their repayment (plus interest), instead of forcing company into BK... am I interpreting this correctly?
***Also looks as though the agreement is secured by all of the subsidiaries, Dotolo patent, and personally by both CEO and CFO.... INTERESTING... No BK filings for either of them personally. Waiting to see what happens to SS. The revenue should still be coming in if Amian Angels and Esteemcare are still in business.
Issuance and Effective Date: as of April 8, 2016
$2,113,008.53
FOR VALUE RECEIVED, ONCOLOGIX TECH, INC., a Nevada corporation (“Borrower”), whose address is P.O. Box 8832, Grand Rapids, Michigan 49518, hereby promises to pay to the order of TCA Global Credit Master Fund, LP, a Cayman Islands limited partnership, with an office located at 3960 Howard Hughes Parkway, Suite 500, Las Vegas, Nevada 89169, and its successors or assigns (collectively, the “Holder”), on or before the Extended Maturity Date (as defined in the Credit Agreement): (i) the principal amount of Two Million One Hundred Thirteen Thousand Eight and 5 3 / 1 00 Dollars ($2,113,008.53); together with (ii) interest on the unpaid principal balance hereof at the rate of eighteen percent (18%) per annum (the “Interest Rate”) commencing as of the effective date hereof; together with (iii) all other Obligations due, owing and payable under the terms of the Credit Agreement and all other Loan Documents, all in accordance with the terms hereof and the terms and provisions of that certain Credit Agreement between the Borrower and the Holder dated as of November 30, 2015, but made effective as of January 3, 2014 (the “Original Credit Agreement”), as amended by Amendment No. 1 to Credit Agreement, dated effective as of September 25, 2014 (the “First Amendment”), as amended by the Settlement Agreement dated as of February 5, 2016 (the “Original Settlement Agreement”), as amended by the First Amendment to Settlement Agreement dated as of February 23, 2016 (the “First Amended Settlement Agreement”), as amended by the Second Amendment to Settlement Agreement dated as of even date herewith (the “Second Amended Settlement Agreement”) (the Original Credit Agreement, the First Amendment, the Original Settlement Agreement, the First Amended Settlement Agreement, and the Second Amended Settlement Agreement, together with all other renewals, extensions, future advances, amendments, modifications, substitutions, or replacements thereof, sometimes collectively referred to as the “Credit Agreement”). This Second Replacement Promissory Note (this note, and all modifications, extensions, future advances, supplements, and renewals thereof, and any substitutions therefor, hereinafter referred to as the “Note) shall be payable in accordance with the terms of the Credit Agreement and the specific terms set forth below. Capitalized words and phrases not otherwise defined herein shall have the meanings assigned thereto in the Credit Agreement.
This Note is being executed in substitution for and to supersede the Amended and Restated Revolving Convertible Promissory Note issued and effective September 25, 2014, by Borrower to Lender (the “Amended and Restated Note”), in its entirety. It is the intention of the Borrower and Lender that while this Note replaces and supersedes the Amended and Restated Note, in its entirety, it is not in payment or satisfaction of the Amended and Restated Note, but rather is the substitute of one evidence of debt for another without any intent to extinguish the old. Nothing contained in this Note shall be deemed to extinguish the indebtedness and obligations evidenced by the Amended and Restated Note or constitute a novation of the indebtedness evidenced by the Amended and Restated Note.
PAYMENT SCHEDULE
Payment
Date Payment
No. Interest
Payment Prin. Payment Redemption
Premium Total
Payable Balance
Outstanding
4/30/16 1 $ 31,695.13 $ 0 $ 0 $ 31,695.13 $ 2,113,008.53
5/30/16 2 $ 31,695.13 $ 0 $ 0 $ 31,695.13 $ 2,113,008.53
6/30/16 3 $ 31,695.13 $ 81,780.44 $ 11,785.54 $ 125,261.10 $ 2,031,228.09
7/30/16 4 $ 30,468.42 $ 83,007.14 $ 11,785.54 $ 125,261.10 $ 1,948,220.95
8/30/16 5 $ 29,223.31 $ 84,252.25 $ 11,785.54 $ 125,261.10 $ 1,863,968.70
9/30/16 6 $ 27,959.53 $ 85,516.03 $ 11,785.54 $ 125,261.10 $ 1,778,452.67
10/30/16 7 $ 26,676.79 $ 86,798.77 $ 11,785.54 $ 125,261.10 $ 1,691,653.90
11/30/16 8 $ 25,374.81 $ 88,100.75 $ 11,785.54 $ 125,261.10 $ 1,603,553.14
12/30/16 9 $ 24,053.30 $ 89,422.27 $ 11,785.54 $ 125,261.10 $ 1,514,130.88
1/30/17 10 $ 22,711.96 $ 90,763.60 $ 11,785.54 $ 125,261.10 $ 1,423,367.28
2/28/17 11 $ 21,350.51 $ 92,125.05 $ 11,785.54 $ 125,261.10 $ 1,331,242.22
3/30/17 12 $ 19,968.63 $ 93,506.93 $ 11,785.54 $ 125,261.10 $ 1,237,735.30
4/30/17 13 $ 18,566.03 $ 94,909.53 $ 11,785.54 $ 125,261.10 $ 1,142,825.76
5/30/17 14 $ 17,142.39 $ 96,333.18 $ 11,785.54 $ 125,261.10 $ 1,046,492.58
6/30/17 15 $ 15,697.39 $ 97,778.17 $ 11,785.54 $ 125,261.10 $ 948,714.41
7/30/17 16 $ 14,230.72 $ 99,244.85 $ 11,785.54 $ 125,261.10 $ 849,469.56
8/30/17 17 $ 12,742.04 $ 100,733.52 $ 11,785.54 $ 125,261.10 $ 748,736.04
9/30/17 18 $ 11,231.04 $ 102,244.52 $ 11,785.54 $ 125,261.10 $ 646,491.52
10/30/17 19 $ 9,697.37 $ 103,778.19 $ 11,785.54 $ 125,261.10 $ 542,713.33
11/30/17 20 $ 8,140.70 $ 105,334.86 $ 11,785.54 $ 125,261.10 $ 437,378.47
12/30/17 21 $ 6,560.68 $ 106,914.89 $ 11,785.54 $ 125,261.10 $ 330,463.58
1/30/18 22 $ 4,956.95 $ 108,518.61 $ 11,785.54 $ 125,261.10 $ 221,944.97
2/28/18 23 $ 3,329.17 $ 110,146.39 $ 11,785.54 $ 125,261.10 $ 111,798.58
3/30/18 24 $ 1,676.98 $ 111,798.58 $ 11,785.54 $ 125,261.10 $ 0
