July 15, 2009 Prosperity Bank Houston, Texas 77002 Attention of Randall R. Reeves, President-Houston Area Re: Amendment no. 2 to Credit Agreement Dated as of May 11, 2009, between Sanders Morris Harris Group Inc. and Prosperity Bank Ladies and Gentlemen:
Exhibit
10.10
July 15,
2009
Prosperity
Bank
000
Xxxxxx Xxxxxx, Xxxxx X000
Houston,
Texas 77002
Attention
of Xxxxxxx X. Xxxxxx, President-Houston Area
Re: Amendment
no. 2 to Credit Agreement Dated as of May 11, 2009, between Xxxxxxx Xxxxxx
Xxxxxx Group Inc. and Prosperity Bank
Ladies
and Gentlemen:
Reference
is made to the Credit Agreement Dated as of May 11, 2009 (the “Credit
Agreement”), between Xxxxxxx Xxxxxx Xxxxxx Group Inc. (“Borrower”) and
Prosperity Bank (“Lender”), pursuant to which Xxxxxx made a $25,000,000 term
loan to Borrower on the terms and conditions set forth in the Credit Agreement.
Terms used herein with their initial letter capitalized shall have the meaning
assigned to them in the Credit Agreement unless otherwise defined
herein.
The
purpose of this letter is to amend the optional prepayments provision set forth
in Section 2.04 of Article II of the Credit Agreement.
In
consideration of the foregoing and the following mutual agreements, the Lender
and Xxxxxxxx agree as follows:
1. The
final sentence of Section 2.04 of the Credit Agreement is deleted and the
following substituted in place thereof:
Each
prepayment of the Loan pursuant to this Section 2.04 shall be
applied to the principal repayment installments thereof in inverse order of
maturity; provided,
however, notwithstanding and in addition to the foregoing, the Borrower
may prepay a maximum of three regularly scheduled monthly principal payments in
any calendar quarter, and such prepayments if made shall be applied to the
principal repayment installments thereof in the direct order of
maturity.
2. Except
as modified by the foregoing amendment, all terms, conditions, and provisions of
the Credit Agreement are and shall remain in full force and effect.
Prosperity
Bank
July 15,
2009
Page
2
Please
acknowledge your agreement with the foregoing amendment by signing this letter
in the space provided below.
Very
truly yours,
Xxxxxxx
Xxxxxx Xxxxxx Group Inc.
By:
/s/ Xxxx Xxxxx
Xxxx
Xxxxx, Chief Financial Officer
Accepted
and agreed to this 15th day
of
July,
2009.
Prosperity
Bank
By:
/s/ Xxxxxxx X. Xxxxxx
Name:
Xxxxxxx X. Xxxxxx
Title:
President-Houston Area
