FIRST AMENDMENT TO SECURITY AGREEMENT
FIRST
AMENDMENT TO
This
FIRST AMENDMENT TO SECURITY AGREEMENT (this "Amendment"),
effective as of June 30, 2008, is made by and between
Well Chance Investments Limited, a company incorporated in the British Virgin
Islands (the "Company"),
and
RMK
Emerging Growth Opportunity Fund LP, a Delaware limited partnership (the
"Lender").
WHEREAS,
on January 31, 2008, the Company entered into a Security Agreement (the
"Security
Agreement")
with
the Lender to secure the loan (the "RMK
Loan")
made
under a Loan Agreement with the Lender (the "Loan
Agreement");
and
WHEREAS,
subsequent to executing the Loan Agreement, the parties determined that the
aggregate amount for the RMK Loan should be 375,733.15, consisting of an Initial
Loan of $175,733.15, and an Additional Loan of up to $200,000, which is
consistent with the outstanding balance as of March 31, 2008.
NOW,
THEREFORE, for good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto hereby agree as follows:
1. Defined
Terms.
Capitalized terms used but not defined herein have the meanings assigned to
them
in the Loan Agreement.
2. Amendment
of Recitals.
The
first WHEREAS clause in the Security Agreement is hereby deleted in its entirety
and replaced by the following:
"WHEREAS,
on the Effective Date, the Company entered into a Loan Agreement with the Lender
to evidence a bridge loan from the Lender to the Company in the aggregate amount
of $375,733.15, consisting of an Initial Loan of $175,733.15, and an Additional
Loan of $200,000 (collectively, the "RMK Loan");"
3. Effect
of Amendment.
Except
as expressly amended hereby, the Security Agreement shall continue in full
force
and effect and its terms are incorporated herein by this reference and shall
constitute a part of this Amendment. Any references to the "Security Agreement"
or to the words hereof, hereunder or words of similar effect in the Security
Agreement shall mean the Security Agreement as amended hereby. In the event
of
any conflict between the Security Agreement and this Amendment, the terms and
conditions of this Amendment shall control.
4.
Counterparts;
Facsimile Signatures.
This
Amendment may be executed in separate counterparts each of which will be an
original and all of which taken together will constitute one and the same
agreement. This Amendment may be executed using facsimiles of signatures, and
a
facsimile of a signature shall be deemed to be the same, and equally
enforceable, as an original of such signature.
*
* * * *
*
IN
WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be
executed and delivered by its duly authorized officer as of August 23,
2008.
THE
COMPANY:
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WELL
CHANCE INVESTMENTS LIMITED
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By: | /s/ Xxxxxxx Dash | |
Xxxxxxx
Dash,
Chief
Executive Officer
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THE
LENDER:
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RMK EMERGING GROWTH OPPORTUNITY FUND LP | ||
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By: | /s/ Xxxx X. Xxxxxxx | |
Xxxx
X. Xxxxxxx, as authorized
signatory
for and on behalf of
ARC
EMERGING GROWTH PARTNERS, LLC, General Partner of RMK Emerging Growth
Opportunity Fund LP
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