AMENDMENT NO. 2 TO $4.3 MILLION CREDIT AGREEMENT
Exhibit
10.131
AMENDMENT
NO. 2
TO
$4.3
MILLION CREDIT AGREEMENT
THIS
AMENDMENT is
dated
as of January 31, 2007, and relates to the $4,300,000 Credit Agreement dated
as
of November 22, 2006, as amended as of December 22, 2006, among STANFORD
INTERNATIONAL BANK LIMITED,
an
Antiguan banking corporation, as Lender, and AMERICAN
LEISURE HOLDINGS, INC.,
a
Nevada corporation (“ALHI”) and XXXXX
CREEK ACQUISITION COMPANY, LLC,
a
Florida limited liability company (“RCAC”) as Borrowers (the
“Agreement”).
1. Terms
defined in the Credit Agreement are used herein as defined therein.
2. Section
2.1 of the Agreement is hereby amended to increase the gross Loan amount from
$5,420,000 to $7,300,000 and Exhibit “C” is hereby amended to read as set forth
in the updated Exhibit “C” of even date attached hereto.
3. The
Note
shall be amended and restated as of this date in the amount of $15.3 million
in
the form attached as amended Exhibit “B,” with interest on the Loan payable
quarterly in arrears on January 10, 2007, and April 10, 2007, and a maturity
date of June 30, 2007.
4. Section
2.4 of the Agreement is hereby amended to provide for execution and delivery
to
Lender of a Fourth Mortgage Modification Agreement and Future Advance
Certificate (the “Fourth Modification”) in form and substance acceptable to
Lender to reflect the increase in the maximum Loan amount set forth herein
(hereafter, the Mortgage, as amended through the Fourth Modification, shall
be
referred to as the “Mortgage”).
5. ALHI’s
chairman, Xxxxxxx Xxxxxx, shall execute and deliver to Lender an amended and
restated Guaranty in form and substance satisfactory to Lender covering the
amended maximum Loan amount of $7.3 million.
6. Except
as
expressly amended herein, all terms and provisions of the Agreement shall remain
in full force and effect.
[Signature
page to follow]
}
STANFORD
INTERNATIONAL BANK LIMITED
By:
By:
/s/ Xxxxxxx X. Xxxxxx,
CEO
XXXXX
CREEK ACQUISITIONS COMPANY, LLC
By:
/s/ Xxxxxxx X. Xxxxxx,
Manager
