MODIFIED TERMS. Paragraph 2 is modified to include the following provision: The Contract shall be in effect from July 1, 2020 through June 30, 2021 (“Year 2”) with the option to extend for three additional years.
MODIFIED TERMS. Paragraph 3 is modified to include the following provision: “Total compensation under this Contract for the period from October 1, 2020 through June 30, 2021 (“Year 2”) shall not exceed $100,000.00.”
MODIFIED TERMS. Section 2, Term, is modified to include the following provision: “This Contract shall be in effect from July 1, 2023 through June 30, 2024 (“Year 3”).”
MODIFIED TERMS. On and after the Effective Date, all references to the Credit Agreement or the other Loan Documents in each of the Credit Agreement or the other Loan Documents shall hereafter mean the Credit Agreement or the other Loan Documents as modified by this Amendment and Consent. Except as specifically modified hereby or otherwise agreed, the Credit Agreement and the other Loan Documents are hereby ratified and confirmed and shall remain in full force and effect according to their respective terms.
MODIFIED TERMS. Paragraph 1 of the Contract is modified as follows: Section 1(a), 1(b), 1(c) and 1(d) are deleted and replaced with the following:
MODIFIED TERMS. The following sections of the Lease shall be incorporated by reference as modified in the manner set forth below (collectively, the "MODIFIED TERMS"):
(i) With respect to Articles 9.01 and 9.02 (Alterations and Signage) Exult shall obtain Landlord's and IP's prior written consent.
(ii) With respect to Article VIII (Landlord's Obligations) "Landlord" as used therein shall mean Landlord.
MODIFIED TERMS. (a) The Borrower and the Lenders hereby agree that that the Secured Obligations under the Loan Agreement shall include an additional advance of SEVEN HUNDRED THOUSAND dollars ($700,000) made by the Lenders to the Borrower on the date of this Second Amendment (the “Tranche B Loan”). The Borrower acknowledges and agrees that the Tranche B Loan was funded with a non-refundable, original issue discount of ONE HUNDRED THOUSAND dollars ($100,000.00). Such original issue discount is a payment for the use of money loaned hereunder, and not a payment for services, and shall be taken into account as required by the original issue discount rules of the Internal Revenue Code of 1986, as amended. Such original issue discount is fully earned on the date hereof and is not refundable under any circumstances.
(b) Notwithstanding Section 2.1(c) of the Loan Agreement, the Tranche B Loan shall not bear interest; provided, however, that after the occurrence, and during the continuance of an Event of Default, the Tranche B Loan shall bear interest in accordance with Section 2.3 of the Loan Agreement.
(c) The Borrower will repay the Secured Obligations in equal weekly installments of FIFTY THOUSAND dollars ($50,000.00) due and payable on the last Business Day of each calendar week commencing with Friday, July 7, 2023, until the Secured Obligations have been repaid in full. Such weekly payments shall be applied to the Secured Obligations in the following order, (1) first, to the Tranche B Loan until it has been repaid in full, (2) second, to the accrued and unpaid interest on the Term Loan Advance, and (3) to the third, to the outstanding principal balance of the Term Loan Advance. The Borrower’s failure to make any such weekly installment payment on the due date therefor shall be an immediate Event of Default under the Loan Agreement. For the avoidance of doubt, the foregoing weekly payment is in addition to, and not in limitation of, any payments of principal or interest required under Section 2.1 of the Loan Agreement or any other relevant provisions thereof.
(d) The Tranche B Loan shall be evidenced by one or more accounts or records maintained by the Lenders. Such accounts or records shall be conclusive, absent manifest error, of the outstanding amount of the Tranche B Loan and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the T...
MODIFIED TERMS. All terms found in the First Extension regarding the obligations of Year 2 are preserved.
MODIFIED TERMS. Paragraph 1 is modified to include the following provision:
MODIFIED TERMS. ALC Schools LLC changed their name and is now known as EverDriven Technologies LLC.
