Exhibit 10.2
AMENDMENT TO SECURITY AGREEMENT
Amendment to the Security Agreement dated March 20, 2001, by and between Xxxxxxx
Xxxxxxxxx ("Secured Party") and Star Multi Care Services, Inc., Amserv
Healthcare of New Jersey, Inc., Amserv Healthcare of Ohio, Inc. and EFCC
Acquisition Corp. (collectively referred to herein as the "Debtors").
The Secured Party and the Debtors hereby agree to amend the Security Agreement
on the date hereof as set forth below:
1. The parties hereby acknowledge that the revised sum of One Hundred
Twenty-five Thousand Dollars ($125,000), pursuant to the Second Amendment to
Promissory Note dated May 17, 2002, by and between the Debtors and Secured
Party, is owed and payable to the Secured Party (said amount hereinafter
referred to as the "Debt");
2. The parties also acknowledge that additional loans and advances may be made
by the Secured Party to the Debtors and these additional loans and advances
shall be incorporated into the term Debt and shall be secured under this
Security Agreement.
3. The Secured Party and the Debtors hereby agree to amend the following legend
to the Security Agreement:
THE OBLIGATIONS, RIGHTS, REMEDIES AND SECURITY INTERESTS EVIDENCED
BY THIS SECURITY AGREEMENT ARE SUBORDINATED TO THE PRIOR PAYMENT IN
FULL OF THE HHCF OBLIGATIONS (AS DEFINED IN THE SUBORDINATION
AGREEMENT HEREINAFTER REFERRED TO) PURSUANT TO, AND TO THE EXTENT
PROVIDED IN, THAT CERTAIN SUBORDINATION AGREEMENT DATED AS OF AUGUST
31, 2001 AMONG XXXXXXX XXXXXXXXX, XXXXXX HEALTHCARE FINANCE, INC.
AND THE BORROWERS NAMED THEREIN.
4. Section 1 of the Security Agreement is hereby amended by substituting the
words: "Xxxxxx Healthcare Finance, Inc." for "HFG Healthco-4 LLC" and shall be
so substituted throughout the Security Agreement.
4. All other terms and conditions shall remain unchanged.
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
as of the 17th day of May, 2002.
STAR MULTI CARE SERVICES, INC.
By:___________________________
Dated: May 17, 2002
AMSERV HEALTHCARE OF NEW JERSEY, INC.
By:___________________________
Dated: May 17, 2002
AMSERV HEALTHCARE OF OHIO, INC.
By:___________________________
Dated: May 17, 2002
EFCC ACQUISITION CORP.
By:___________________________
Dated: May 17, 2002
XXXXXXX XXXXXXXXX
BY:___________________________
Dated: May 17, 2002
