ALTITUDE INTERNATIONAL HOLDINGS, INC. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

Item 1.01 Entry into a Material Definitive Agreement.

On December 16, 2022, Altitude International Holdings, Inc. (the "Company"), Altitude Hospitality, LLC and Trident Water, LLC entered into an "Acknowledgment and Consent Agreement" (the "Consent Agreement") with FVP Servicing, LLC ("FVP"), the administrative agent for certain lenders, and certain lenders (the "Lenders"). The Consent Agreement relates to a default by the Company under that certain Amended and Restated Loan Agreement (the "Loan Agreement") executed on September 2, 2022.

Under the terms of the Consent Agreement, the Lenders agreed to make one or more advances to Altitude Hospitality, LLC (or directly to any applicable payee) by disbursing, in their sole and absolute discretion, up to an aggregate amount of $1,250,000.00 of the proceeds of the Growth Capital Loan defined in the Loan Agreement on deposit in the Interest Reserve Account (as defined in the Loan Agreement) to be used solely for working capital expenditures of Altitude Hospitality, LLC.

In exchange for this advance, the Company and its subsidiaries acknowledged liability under the Loan Agreement, waived certain rights and cure periods, and released FVP and the lenders from claims. The Company also agreed to set up certain deposit account control agreements and obtain collateral access agreements from its landlords within ninety days of the date of the Consent Agreement.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.   Description

10.1            Acknowledgment and Consent Agreement
104           Cover Page Interactive Data File (formatted as Inline XBRL)

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