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TERMINATION OF LOAN AGREEMENT
This Termination of Loan Agreement (“Agreement”) is made this 15th day of November 2012 between GILLA INC, a Nevada corporation (“Company”) and CREDIFINANCE CAPITAL CORP., a Delaware corporation (“Noteholder”).
WHEREAS, the Parties entered into the Loan Agreement dated April 15, 2011 (attached hereto as Schedule “A”) in order to provide working capital and other resources for the business of Company;
WHEREAS, the Parties desire to terminate the Loan Agreement;
NOW, THEREFORE, the parties agree as follows:
1. The Loan . All amounts owing under the Loan Agreement are now reflected in the New Loan Agreement (“New Loan Agreement”) dated November 15, 2012 (attached hereto as Schedule “B”)
2. The Loan Agreement is hereby terminated with no further responsibilities to both Parties, other than the New Loan Agreement. The occurrence of any of the following shall constitute“Events of Default,” and upon the occurrence of any of the following Events of Default: (i) Company shall fail to make any payment of interest or principal or to perfor