FIRST AMENDMENT TO DISCOUNT FACTORING AGREEMENT
EXHIBIT 10.8
FIRST AMENDMENT TO DISCOUNT
FACTORING AGREEMENT
This
FIRST AMENDMENT TO DISCOUNT FACTORING AGREEMENT (this “Amendment”), dated as of
October 25, 2007, is by and between Harbrew Imports, Ltd. Corp., (“Company”) and Capstone
Business Credit, LLC (“Factor”).
WITNESSETH:
WHEREAS,
Company and Factor have entered into a Discount Factoring Agreement (the “Agreement”), dated as of
January 22, 2007 pursuant to which Company appointed Factor as its sole factor
with respect to sales of its merchandise; and
WHEREAS,
the parties wish to amend the Agreement as set forth below.
NOW,
THEREFORE, for and in consideration of the foregoing recitals, and other good
and valuable consideration, the receipt and legal sufficiency of which are
hereby acknowledged, the parties agree as follows:
1.
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Section
1 of Schedule A to the Agreement is hereby amended by deleting the
reference to 20% contained therein and inserting 10% in its
place:
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2.
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Effect. Except
as specifically set forth herein, this Amendment does not limit, modify,
amend, waive, grant any consent with respect to, or otherwise affect
(a) any right, power or remedy of the Factor under the Agreement,
(b) any provision of the Agreement, all of which shall remain in full
force and effect and are hereby ratified and confirmed. This
Amendment does not entitle, or imply any consent or agreement to, any
further or future modification of, amendment to, waiver of, or consent
with respect to any provision of the
Agreement.
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3.
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Counterparts;
Facsimile Signatures. This Amendment may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed
to be an original with the same effect as if all the signatures were on
the same instrument. Delivery of an executed counterpart of the
signature page to this Amendment by telecopier shall be effective as
delivery of a manually executed counterpart of this
Amendment. Any party delivering an executed counterpart of the
signature page to this Amendment by telecopier shall thereafter promptly
deliver a manually executed counterpart of this Amendment, but the failure
to deliver such manually executed counterpart shall not affect the
validity, enforceability, and binding effect of this
Amendment.
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4.
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Governing Law, Venue,
and Waiver of Jury Trial. THIS AMENDMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK AND IS SUBJECT TO THE PROVISION OF SECTION 24 OF
THE AGREEMENT, RELATING TO WAIVER OF JURY TRIAL, THE PROVISIONS OF WHICH
ARE BY THIS REFERENCE HEREBY INCORPORATED HEREIN IN
FULL.
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[Signatures
are on the next page.]
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IN
WITNESS WHEREOF, this Amendment has been executed as of the date first above
written.
COMPANY: | |||
HARBREW IMPORTS, LTD | |||
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By:
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/s/ Xxxxxxx XxXxxxx | |
Name: Xxxxxxx XxXxxxx | |||
Title: President | |||
FACTOR : | |||
CAPSTONE BUSINESS CREDIT, LLC | |||
By: | /s/ Xxxxxx X. Xxxxxxxxx | ||
Name: Xxxxxx X. Xxxxxxxxx | |||
Title: Managing Member |
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REAFFIRMATION
OF GUARANTOR
The undersigned has executed a guaranty
in favor of Capstone Business Credit, LLC (“CBC”), with respect
to the obligations of Harbrew Imports, Ltd. Corp., a New York corporation
(“Debtor”),
owing to CBC pursuant to that certain Discount Factoring Agreement dated as of
January 22, 2007 (the “Agreement”), as
amended by that certain First Amendment to Discount Factoring Agreement, dated
as of even date herewith (as the same may be amended, restated, modified or
supplemented from time to time hereafter, the “Amendment”), between
Debtor and CBC.
In consideration of the foregoing, and
other valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the undersigned hereby acknowledges notice of the Amendment,
consents to the terms contained therein, and reaffirms and agrees that: (a) his
obligations, guaranty, grants and/or subordinations, as the case may be, under
the guaranty shall remain in full force and effect under the Agreement, as
amended by the Amendment, as if made contemporaneously therewith; (b) that each
reference in a guaranty by the undersigned to the Agreement shall mean and be a
reference to the Agreement, as amended by the Amendment; (c) nothing in such
guaranty obligates CBC to notify the undersigned of any changes in the financial
accommodations made available to Debtor, or to seek reaffirmations of such
guaranties; and (d) no requirement to so notify the undersigned or to seek
reaffirmations in the future shall be implied by the execution of this
Reaffirmation of Guarantor. All capitalized terms used, but not
otherwise defined herein, shall have the meanings given to them in the
Agreement.
Dated: October 25, 2007 | GUARANTOR: | ||
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By:
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/s/ Xxxxxxx XxXxxxx | |
Xxxxxxx XxXxxxx, individually | |||
Address: 0000 Xxxxx Xxxxx | |||
Xxxxxxxx,
XX 00000
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