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DLYT > SEC Filings for DLYT > Form 8-K on 2-Nov-2012All Recent SEC Filings

Show all filings for DAIS ANALYTIC CORP

Form 8-K for DAIS ANALYTIC CORP


2-Nov-2012

Termination of a Material Definitive Agreement


Item 1.02 Termination of a Material Definitive Agreement.

On October 29, 2012, Dais Analytic Corporation (the "Company") repaid $1,323,561.65 (consisting of principal and interest ) to satisfy and terminate an unsecured convertible promissory note (the "Convertible Note") issued to Platinum-Montaur Life Sciences, LLC ("Platinum-Montaur"). With the repayment of the Convertible Note, we also terminated a forbearance agreement, dated June 15, 2012 (the "Forbearance Agreement"), with Platinum Montaur.

The Convertible Note was originally issued by the Company in December 2009. Pursuant to the original terms of the Convertible Note, the Company was to pay Platinum-Montaur interest at the rate of 10%. In connection with the repayment of the Convertible Note, the Company and Platinum-Montaur entered into the Forbearance Agreement. Pursuant to the Forbearance Agreement and, commencing on the date thereof, the Convertible Note accrued interest at the rate of 20% per annum, and Platinum-Montaur was granted rights, under certain conditions, to receive and dispose of certain of the Company's assets to repay the Convertible Note.

With the repayment of the Convertible Note, the Convertible Note and Forbearance Agreement were terminated. There were no early termination penalties or other penalties associated with the termination of the Convertible Note or Forbearance Agreement. With the payment on July 13, 2012 of all outstanding principal and interest due pursuant to the Secured Convertible Promissory Note, issued to Platinum-Montaur on March 22, 2011, the Company has repaid all debt obligations to Platinum-Montaur.


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