AMENDMENT NO. 1 to LINE OF CREDIT AGREEMENT
AMENDMENT NO. 1 to LINE OF CREDIT AGREEMENT
THIS AMENDMENT (the “Amendment”), is entered into with effect as of the 30th day of September 2015 (the “Effective Date”), is intended to amend the Line of Credit Agreement dated as of September 30, 2014 (the “Agreement”), by and among Vert CAPITAL CORP., a Delaware corporation, with its headquarters at 00000 Xxxx Xxxx, Xxx Xxxxxxx, XX 00000 (the “Lender”); and BOXLIGHT CORPORATION (formerly Logical Choice Corporation), a Nevada corporation (“Borrower”).
Recitals
WHEREAS, the Agreement provided that the Lender would provide to the Borrower a line of credit of up to $500,000 (the “Line of Credit”), and
WHEREAS, the Parties now wish to amend the Agreement to increase the Line of Credit to a maximum of $750,000.
NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
Terms and Conditions
| 1. | GENERAL |
All terms with capital letters and not otherwise defined in this Amendment shall have the same meanings given to them in the Agreement.
| 2. | AMENDMENT |
| 2.1. | Line of Credit |
The maximum amount of the Line of Credit is hereby increased to Seven Hundred and Fifty Thousand ($750,000) Dollars. All references in the Agreement and in the Line of Credit Documents to “Five Hundred Thousand Dollars”, or “$500,000”, is hereby deleted and shall be replaced with “Seven Hundred and Fifty Thousand Dollars” or “$750,000”, as applicable.
| 3. | RATIFICATION |
Except as specifically stated in this Amendment, the Agreement is, in all other respects, ratified and confirmed and shall continue in full force and effect.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.
| VERT CAPITAL CORP. | BOXLIGHT CORPORATION |
| By: | /s/ Xxxx X. Xxxxx | By: | /s/ Xxxxx Xxxxxxx | |
| Name: | Xxxx X. Xxxxx | Name: | Xxxxx Xxxxxxx | |
| Title: | CEO | Title: | Chief Financial Officer |
| Date: As of September 30, 2015 | Date: As of September 30, 2015 |
