AMENDMENT NO.2 TO LINE OF CREDIT
Exhibit 10.2
AMENDMENT NO.2 TO LINE OF CREDIT
AMENDMENT NO.2 (this “Amendment”) dated as of March 31, 2010 to REVOLVING LINE OF CREDIT (as amended, modified or supplemented prior to the date hereof, the “Line of Credit”) dated as of August 27, 2008, among ENVERSA COMPANIES LLC (the “Borrower”) and INTERNET UNIVERSITY, INC. (the “Lender”). All capitalized terms used but not defined herein shall have the same meanings herein as in the Line of Credit.
WHEREAS, the parties to the Line of Credit desire to amend the Line of Credit in order to, among other things, extend the maturity date of the Line of Credit and provide a schedule for payments thereunder all on the terms and subject to the conditions set forth herein.
WHEREAS, the Borrower has requested, and the Lender has agreed, to amend the Line of Credit as set forth below.
NOW, THEREFORE, in consideration of the premises and mutual covenants and obligations hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, Comerworld Corporation (the “Parent”) and the Lender, intending to be legally bound, hereby agree as follows:
The parties hereto agree that the following Schedule A to the Line of Credit shall be removed in its entirety and replaced with Schedule A as attached hereto. Interest payments and all other terms remain as stated in the original agreement.
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BORROWER: |
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ENVERSA COMPANIES, LLC |
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/s/ Xxxxx X. Xxxx |
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Name: Xxxxx X. Xxxx |
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Title: Chief Executive Officer |
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PARENT: |
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CORNERWORLD CORPORATION |
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/s/ Xxxxx X. Xxxx |
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Name: Xxxxx X. Xxxx |
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Title: Chief Executive Officer |
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LENDER: |
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INTERNET UNIVERSITY, INC. |
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/s/ Xxxx Xxxxxxxx |
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Name: Xxxx Xxxxxxxx |
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Title: Senior Vice President |
1
Schedule A to Line of Credit:
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Scheduled Payment Date |
Amount |
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April 15, 2009 |
$15,000 |
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May 1, 2009 |
$15,000 |
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June 1, 2009 |
$15,000 |
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July 1, 2009 |
$15,000 |
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August 1, 2009 |
$15,000 |
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September 1, 2009 |
$15,000 |
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October 1, 2009 |
$15,000 |
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November 1, 2009 |
$30,000 |
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March 31, 2010 |
$25,000 |
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April 30, 2010 |
$25,000 |
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May 31, 2010 |
$25,000 |
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June 30, 2010 |
$25,000 |
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July 31, 2010 |
$25,000 |
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August 31, 2010 |
$25,000 |
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September 30, 2010 |
$25,000 |
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October 31, 2010 |
$25,000 |
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November 30, 2010 |
$25,000 |
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December 31, 2010 |
$40,000 |
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