Exhibit 10.16
000 XXXXXXX XXXXXX-00XX XXXXX
XXX XXXX, XX 00000-0000
PHONE 000-000-0000
FAX 000-000-0000
xxx.xxxxxxxxx@xxxxxxxxxxxxxxx.xxx
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Xxxxxxx X. Xxxxxxxxx
STERLING FINANCIAL SERVICES CO., INC. Administrative Vice President
March 20, 2002
Xxxxx Xxxxxxxxx, President
Easy Money Group et al
0000 Xxxxxxxxx Xxxx, Xxxxx 000
Xxxxxxxx Xxxxx, XX 00000
Re: Loan, Security and Service Agreement ("Agreement") made this 12th day of
December, 1996, and amended from time to time between Sterling Financial
Services Company, Inc. (formerly known as Sterling Financial Services Co.)
as Lender, and the corporations listed on Exhibit A attached hereto
individually and collectively as Borrower
Dear Xx. Xxxxxxxxx:
Section 1.1(b)(i) of the captioned Agreement is amended in its entirety as
follows:
Definition of Advance Limit. The term "Advance Limit" shall mean the amount of
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the Revolving Loan which the Lender may, in its sole and absolute discretion,
from time to time make to Borrower, up to the lesser of One Million Three
Hundred Thousand Dollars ($1,300,000) or 35% of the amount of the Borrower's
"Eligible Receivables" (as hereinafter defined). The amount of the Revolving
Loan shall decrease by $54,167 each month for a successive twenty-four (24)
month period commencing on July 1, 2002 and terminating on June 1, 2004 as set
forth in Schedule 1 attached hereto.
All other terms of the Loan, Security and Service Agreement shall remain
unchanged.
Please signify your agreement to the foregoing by executing the enclosed two (2)
copies of this letter and return them to us at your earliest convenience.
Very truly yours,
Xxxxxxx X. Xxxxxxxxx
cc: X. Xxxxx, President, Sterling Financial Services Company, Inc.
SIGNATURE PAGE TO LETTER AGREEMENT DATED MARCH 20, 2002
Agreed To And Accepted:
BORROWER:
Easy Advances of MS, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Easy Money Holdings Corporation By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Easy Money, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Easy Money of California, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Easy Money of Colorado, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Easy Money of Indiana, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Easy Money of Kansas, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Easy Money of Kentucky, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Easy Money of Louisiana, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Easy Money of Maryland, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Easy Money of Nevada, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Easy Money of NM, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Easy Money of Tennessee, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Easy Money of Utah, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
2
(Continued) SIGNATURE PAGE TO LETTER AGREEMENT DATED MARCH 20, 2002
Agreed To And Accepted:
BORROWER (continued):
Easy Money of Virginia, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
EM Holdings, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Fast Cash, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Gulf Investment Group, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Lone Star Endeavors, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Loan Alternative Corporation, The By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Money Express Leasing, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Sunnybrook, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Sunnybrook of Arizona, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Sunnybrook of Hawaii, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Sunnybrook of MD, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Sunnybrook of Mississippi, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Sunnybrook of Missouri, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Sunnybrook of North Florida, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
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(Continued) SIGNATURE PAGE TO LETTER AGREEMENT DATED MARCH 20, 2002
Agreed To And Accepted:
BORROWER (continued):
Money Network Financial Services, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
The Cheyenne Servicing Corporation, LTD By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Easy Money Auto Sales, Inc. By: /s/ Xxxxx Xxxxxxxxx
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as successor to Easy Money Title Loans, Inc. Xxxxx Xxxxxxxxx, President
Easy Money Check Cashing, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
EM Consumer Services of MD, Inc. By: /s/ Xxxxx Xxxxxxxxx
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formerly Dollar Express, Inc. Xxxxx Xxxxxxxxx, President
JHF Enterprises, Inc. By: /s/ Xxxxx Xxxxxxxxx
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d/b/a Easy Money Xxxxx Xxxxxxxxx, President
JHF Enterprises, Inc. By: /s/ Xxxxx Xxxxxxxxx
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d/b/a Cash 2 U Xxxxx Xxxxxxxxx, President
Tidewater Services of Delaware, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
Payday Check Cashing, Inc. By: /s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, President
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EXHIBIT A TO LOAN SECURITY AND SERVICE AGREEMENT DATED
DECEMBER 12, 1996 AND AMENDED FROM TIME TO TIME BETWEEN
STERLING FINANCIAL SERVICES COMPANY, INC. (formerly known as Sterling
Financial Services Co.) AND THE FOLLOWING BORROWING CORPORATIONS:
CORPORATE NAME STATE OF INCORPORATION
Cheyenne Servicing Corporation, Ltd, The DE
Easy Advances of MS, Inc. MS
Easy Money Check Cashing, Inc. NV
Easy Money Holding Corporation VA
Easy Money, Inc. VA
Easy Money of California, Inc. CA
Easy Money of Colorado, Inc. CO
Easy Money of Indiana, Inc. IN
Easy Money of Kansas, Inc. KS
Easy Money of Kentucky, Inc. KY
Easy Money of Louisiana, Inc. LA
Easy Money of Maryland, Inc. MD
Easy Money of Nevada, Inc. NV
Easy Money of NM, Inc. NM
Easy Money of Tennessee, Inc. TN
Easy Money of Utah, Inc. UT
Easy Money of Virginia, Inc. VA
Easy Money Auto Sales, Inc. (as successor to FL
Easy Money Title Loans, Inc.)
EM Consumer Services, Inc. CO
EM Consumer Services of MD, Inc. MD
EM Holdings, Inc. VA
Fast Cash, Inc. LA
Gulf Investment Group, Inc. MS
JHF Enterprises, Inc. (d/b/a Easy Money & Cash 2 U) FL
Lone Star Endeavors, Inc. TX
Loan Alternative Corporation, The TX
Money Express Leasing, Inc. MD
Money Network Financial Services, Inc. NV
Payday Check Cashing, Inc. LA
Sunnybrook, Inc. NM
Sunnybrook of Arizona, Inc. AZ
Sunnybrook of Hawaii, Inc. HI
Sunnybrook of MD, Inc. MD
Sunnybrook of Mississippi, Inc. MS
Sunnybrook of Missouri, Inc. MO
Sunnybrook of North Florida, Inc. FL
Tidewater Services of Delaware DE
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SCHEDULE 1: REVOLVING LOAN AMORTIZATION SCHEDULE
Period Amortization Balance
1,300,000
July, 2002 54,167 1,245,833
August, 2002 54,167 1,191,666
September, 2002 54,167 1,137,499
October, 2002 54,167 1,083,332
November, 2002 54,167 1,029,165
December, 2002 54,167 974,998
January, 2003 54,167 920,831
February, 2003 54,167 866,664
March, 2003 54,167 812,497
April, 2003 54,167 758,330
May, 2003 54,167 704,163
June, 2003 54,167 649,996
July, 2003 54,167 595,829
August, 2003 54,167 541,662
September, 2003 54,167 487,495
October, 2003 54,167 433,328
November, 2003 54,167 379,161
December, 2003 54,167 324,994
January, 2004 54,167 270,827
February, 2004 54,167 216,660
March, 2004 54,167 162,493
April, 2004 54,167 108,326
May, 2004 54,167 54,159
June, 2004 54,159 0
6
