July 25, 2007
EXHIBIT 10.63
July 25, 2007
XXXXX ONLINE, INC
00 Xxxxxxxxxx Xx.
Xxxxxxx, XX 00000
Gentlemen:
It is mutually agreed that the financing agreement entered into between us dated April 5, 2007 as amended or supplemented (the “Financing Agreement”) is amended effective June 30, 2007 as follows:
Section 6.9 of the Financing Agreement is amended by decreasing the Tangible Net Worth amount to $50,000.00 and increasing the Working Capital deficit amount to $2,500,000.00. The amended section shall now read as follows:
“6.9 Borrower shall until payment in full of all Obligations to Lender and termination of this Agreement (a) cause to be maintained at the end of each fiscal quarter (i.e., December, March, June, September), Tangible Net Worth in an amount not less than $50,000.00 and (b) cause to be maintained at the end of each such fiscal quarter, a Working Capital deficit of not more than $2,500,000.00.”
Except as hereinabove specifically set forth the Financing Agreement, shall continue unmodified.
XXXXXXXXX & XXXXXXXXX, NC. | ||
By: | /s/ Xxx Xxxxx | |
Xxx Xxxxx | ||
Vice President |
THE FOREGOING IS ACKNOWLEDGED AND AGREED TO: | ||
XXXXX ONLINE, INC. | ||
BY: | /s/ Xxxx X. Xxxxx | |
Name & Title: | CFO & CEO |