Exhibit 3.5

 

AMENDED AND RESTATED MASTER REVOLVING NOTE

 

 

MAXIMUM AMOUNT:

ORIGINAL ISSUE DATE:

SEPTEMBER 1, 2021

 

MATURITY DATE

October 10, 2031

Up to $2,500,000

AMENDED AND RESTATED

ISSUANCE DATE:

 
  AUGUST 6, 2025  

 

 

On the Maturity Date, stated above, for value received, Ridepair Inc., a Delaware company (“The Company”), promises to pay, to the order of Ridepair Programming LLC, a Utah LLC or their nominee (“Holder”), at a place designated by the Holder, the sum of all Advances (as defined below) up to the principal amount Two Million Five Hundred Thousand Dollars ($2,500,000), or so much of said sum as has been advanced and is then outstanding hereunder, together with interest thereon as hereafter set forth. Holder has, at its sole discretion, the right to convert principal and interest to Ridepair Inc. Common Stock at fifty cents ($0.50) per share, BUT ONLY upon the earlier to occur of (i) the Maturity Date, (ii) upon a Default (as defined below) that is not cured within five (5) business days notice by Holder to Company, or (iii) immediately a Change of Control. “Change of Control” means (i) a sale of all or substantially all of the Company’s assets other than to an Excluded Entity (as defined below), (ii) a merger, consolidation or other capital reorganization or business combination transaction of the Company with or into another corporation, limited liability company or other entity other than an Excluded Entity (as defined below), or (iii) the consummation of a transaction, or series of related transactions, in which any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of all of the Company’s then outstanding voting securities. Notwithstanding the foregoing, a transaction shall not constitute a Change of Control if its primary purpose is to (A) change the jurisdiction of the Company’s incorporation, (B) create a holding company that will be owned in substantially the same proportions by the persons who hold the Company’s securities immediately before such transaction, or (C) obtain funding for the Company in a financing that is approved by the Company’s Board. An “Excluded Entity” means a corporation or other entity of which the holders of voting capital stock of the Company outstanding immediately prior to such transaction are the direct or indirect holders of voting securities representing at least a majority of the votes entitled to be cast by all of such corporation’s or other entity’s voting securities outstanding immediately after such transaction.

 

Interest shall not be payable on the unpaid principal balance until maturity, whether by acceleration or otherwise or upon the occurrence of an Event of Default, as later defined, at a per annum rate equal to Ten Percent (10.0%), and after that at a rate equal to the Default Rate (as that term is defined herein). Interest shall be calculated and accrued at the end of each month on the outstanding principal of the Note.

 

From time to time, the Company may request, and Holder may, in its sole discretion, approve an advance (each an “Advance”) under this Note; provided that the amount of the Advance, together with all other advances under the Note, shall not exceed the maximum amount set forth above.

 

The “Default Rate” under this Note shall be Fifteen Percent (15%) per annum.

 

The principal amount payable under this Note shall be the sum of all advances made by the Holder to or at the request of the undersigned, less principal payments actually received in cash by the Holder. The books and records of the Holder shall be the best evidence of the principal amount and the unpaid interest amount owing at any time under this Note and shall be conclusive absent manifest error. No interest shall accrue under this Note until the date of the first advance made by the Holder; after that interest on all advances shall accrue and be computed on the principal balance outstanding from time to time under this Note until the same is paid in full. At no time shall the Holder be under any obligation to make any advances to the undersigned pursuant to this Note (notwithstanding anything expressed or implied in this Note or elsewhere to the contrary, including without limit if the Holder supplies the undersigned with a borrowing formula) and the Holder, at any time and from time to time, without notice, and in its sole discretion, may refuse to make advances to the undersigned without incurring any liability due to this refusal and without affecting the undersigned's liability under this Note for any and all amounts advanced.

 

 

 

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This Note, and any other indebtedness and liabilities of any kind of the undersigned to the Holder, and any and all modifications, renewals or extensions thereof, whether joint or several, contingent or absolute, now existing or later arising, and however evidenced (collectively, the “Indebtedness”), are secured by five million shares (5,000,000) of Common Stock of Ridepair Inc. ( the “Collateral”).

 

If (a) the undersigned, or any guarantor under a guaranty of all or part of the Indebtedness (“guarantor”) fail(s) to pay any of the Indebtedness when due, by maturity, acceleration or otherwise, or fail(s) to pay any Indebtedness owing on a demand basis upon demand; or (b) the undersigned or any guarantor fail(s) to comply with any of the terms or provisions of any agreement between the undersigned or any guarantor and the Holder; or (c) the undersigned or any guarantor become(s) insolvent or the subject of a voluntary or involuntary proceeding in bankruptcy, or a reorganization, arrangement or creditor composition proceeding, (if a business entity) cease(s) doing business as a going concern, (if a natural person) die(s) or become(s) incompetent, (if a partnership) dissolve(s) or any general partner of it dies, becomes incompetent or becomes the subject of a bankruptcy proceeding, or (if a corporation) is the subject of a dissolution, merger or consolidation; or (d) any warranty or representation made by the undersigned or any guarantor in connection with this Note or any of the Indebtedness shall be discovered to be untrue or incomplete; or (e) there is any termination, notice of termination, or breach of any guaranty, pledge, collateral assignment or subordination agreement relating to all or any part of the Indebtedness; or (f) there is any failure by the undersigned or any guarantor to pay when due any of its indebtedness (other than to the Holder) or in the observance or performance of any term, covenant or condition in any document evidencing, securing or relating to such indebtedness; or (g) the Holder deems itself insecure, believing in good faith that the prospect of payment or performance of this Note or any of the Indebtedness is impaired or shall fear deterioration, removal or waste of any of the Collateral; or (h) there is filed or issued a levy or writ of attachment or garnishment or other like judicial process upon the undersigned or any guarantor or any of the Collateral, including, without limit, any accounts of the undersigned or any guarantor with the Holder, then the Holder, upon the occurrence of any of these events (each a “Default”), may, at its option and without prior notice to the undersigned, declare any or all of the Indebtedness to be immediately due and payable (notwithstanding any provisions contained in the evidence of it to the contrary), sell or liquidate all or any portion of the Collateral, set off against the Indebtedness any amounts owing by the Holder to the undersigned, charge interest at the default rate provided in the document evidencing the relevant Indebtedness, and exercise any one or more of the rights and remedies granted to the Holder by any agreement with the undersigned or given to it under applicable law.

 

This Note shall bind the undersigned and the undersigned’s successors and assigns.

 

The undersigned waives presentment, demand, protest, notice of dishonor, notice of demand or intent to demand, notice of acceleration or intent to accelerate, and all other notices, and agrees that no extension or indulgence to the undersigned or release, substitution or nonenforcement of any security, or release or substitution of any guarantor or any other party, whether with or without notice, shall affect the obligations of the undersigned hereunder. The undersigned waives all defenses or right to discharge available under Section 3-605 of the Uniform Commercial Code and waives all other suretyship defenses or right to discharge. The undersigned agrees that the Holder has the right to sell, assign, or grant participations, or any interest, in any or all of the Indebtedness, and that, in connection with this right, but without limiting its ability to make other disclosures to the full extent allowable, the Holder may disclose all documents and information which the Holder now or later has relating to the undersigned or the Indebtedness.

 

The undersigned agrees to reimburse the holder or owner of this Note for any and all costs and expenses (including, without limit, court costs, legal expenses and reasonable attorneys' fees, whether inside or outside counsel is used, whether or not suit is instituted and, if suit is instituted, whether at the trial court level, appellate level, in a bankruptcy, probate or administrative proceeding or otherwise) incurred in collecting or attempting to collect this Note or incurred in any other matter or proceeding relating to this Note.

 

The undersigned acknowledges and agrees that there are no contrary agreements, oral or written, establishing a term of this Note and agrees that the terms and conditions of this Note may not be amended, waived or modified except in a writing signed by an officer of the Holder expressly stating that the writing constitutes an amendment, waiver or modification of the terms of this Note. If any provision of this Note is unenforceable in whole or part for any reason, the remaining provisions shall continue to be effective. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEVADA.

 

THE MAXIMUM INTEREST RATE SHALL NOT EXCEED 25%, OR THE HIGHEST APPLICABLE USURY CEILING, WHICHEVER IS LESS.

 

 

 

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THE UNDERSIGNED AND THE HOLDER ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS NOTE OR THE INDEBTEDNESS.

 

  THE COMPANY:
   
  Ridepair Inc.
  A Delaware company
   
  By: /s/ Deborah Kenney
   
  Print name: Deborah Kenney
  Title: President
   
  HOLDER:
   
  Name: Ridepair Programming LLC
  A Utah Company
   
   
   
  By: /s/ Peter D’Arruda
  Print name: Peter D’Arruda
  Title: Manager

 

 

 

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ADVANCE SCHEDULE

 

Period Amount of Advance Amount of Payment Balance Owing

 

9/30/2021

$60,000 - $60,000

 

9/30/2022

$114,850   $174,850

 

9/30/2023

 

$649,500

 

 

$824,600

 

9/30/2024

$200,000   $1,024,600

 

07/31/2025

$839,900   $1,864,500

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

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