AMENDMENT NO. 1 TO THE BRIDGE LOAN AGREEMENT
EXHIBIT 10.7
AMENDMENT NO. 1 TO THE
This Amendment No. 1 to the Bridge Loan Agreement (this "Amendment") is entered into as of the 9TH day of July, 2008, by and among S3 Investment Company, Inc., a California corporation (the “Company” or “SIVC”), and the investors listed on the SCHEDULE OF INVESTORS attached to the original Bridge Loan Agreement (the “Investors”).
Investors and the Company have previously entered into that certain Bridge Loan Agreement dated January 28, 2008 (the "Agreement"). Investors and the Company desire to amend the Agreement as provided herein. Terms defined in the Agreement which are used herein shall have the same meanings as set forth in the Agreement, unless otherwise specified.
NOW, THEREFORE, Investors and the Company hereby modify and amend the Agreement as follows:
1. The first sentence of Section 2.2(a) of the Agreement is hereby amended in its entirety to read as follows:
“On the funding dates set forth below, the Company may, at one or more additional closings (each an “Additional Closing”), issue and sell to the Investors additional Senior Notes in the amount set forth opposite such Investor’s name listed on the Schedule of Investors, and such Senior Notes having an aggregate principal amount of up to $500,000, provided, however, that achievement of the milestone event at each such Additional Closing shall have been previously approved by a majority of the aggregate principal amount of the Senior Notes:”
2. The Schedule of Investors to the Agreement is hereby amended in its entirety to read as follows:
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SCHEDULE TO
SCHEDULE OF INVESTORS
NAME AND ADDRESS INITIAL LOAN
AMOUNT
Ancora Greater China Fund, LP (“Ancora”)
$66,667
One Chagrin Highlands
0000 Xxxxxx Xxxxx Xx. 000
Xxxxxxxxx, XX 00000
Attn: Xxxx Xxxxxxxxxx
The Bosphorous Group, Inc. (“Bosphorous”)
$20,833
000 Xxxxx Xxxxxx Xxxxxx, Xxxxx 000
Xxxxxx Xxxx, XX 00000
attn: Xxxxxx X. XxXxxxx, President
EIN: 00-0000000
Xxxxxxx Xxxxxx (“Hayden”)
$12,500
Hayden Communications, Inc.
c/o Xxxxxxxx Xxxxx
0000 Xxxxxx Xxxxx
Xxxxx, XX 00000
Office (000) 000-0000
Cell (000) 000-0000
xxxx@xxxxxxxx.xxx
Xxxxxxx X. Xxxxxx (“Xxxxxx”)
$0
0000 Xxxxx Xxxxxx Xxxxx
Xxx Xxxxxxx, XX 00000
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ADDITIONAL CLOSINGS: |
| ||
Name | Date | Amount |
|
| 1-Feb |
|
|
Ancora |
| $40,000 |
|
Bosphorous | $12,500 |
| |
Hayden |
| $7,500 |
|
Xxxxxx |
| $0 |
|
| 7-Mar |
|
|
Ancora |
| $40,000 |
|
Bosphorous | $0 |
| |
Hayden |
| $0 |
|
Xxxxxx |
| $20,000 |
|
| 4-Apr |
|
|
Ancora |
| $40,000 |
|
Bosphorous | $0 |
| |
Hayden |
| $0 |
|
Xxxxxx |
| $20,000 |
|
| 2-May |
|
|
Ancora |
| $40,000 |
|
Bosphorous | $2,083 |
| |
Hayden |
| $1,250 |
|
Xxxxxx |
| $16,667 |
|
| 6-June |
|
|
Ancora |
| $40,000 |
|
Bosphorous |
| $6,250 |
|
Hayden |
| $3,750 |
|
Xxxxxx |
| $10,000 |
|
| 3-July |
|
|
Ancora |
| $40,000 |
|
Bosphorous |
| $6,250 |
|
Hayden |
| $3,750 |
|
Xxxxxx |
| $10,000 |
|
| 1-August |
|
|
Ancora |
| $40,000 |
|
Bosphorous |
| $6,250 |
|
Hayden |
| $3,750 |
|
Xxxxxx |
| $10,000 |
|
| 5-September |
|
|
Ancora |
| $53,334 |
|
Bosphorous |
| $8,333 |
|
Hayden |
| $5,000 |
|
Xxxxxx |
| $13,333 |
|
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3. The term “Investors” in the Agreement shall mean the investors listed on the SCHEDULE OF INVESTORS as amended by this Amendment.
4. In the event of a conflict between the terms and provisions of this Amendment and the terms and provisions of the Agreement, the terms and provisions of this Amendment shall govern. In all other respects, the Agreement, as supplemented, amended and modified, shall remain in full force and effect.
IN WITNESS WHEREOF, the Company and Investors have executed this Amendment as of the day and year first written above.
By /s/ Xxxxx X. Xxxxxx, Xx.
Name: Xxxxx X. Xxxxxx, Xx.
Title: President
Investors:
ANCORA GREATER CHINA FUND, LP
By /s/ Xxxx Xxxxxxxxxx
Name: Xxxx Xxxxxxxxxx
THE BOSPHOROUS GROUP, INC.
By /s/ Xxxxxx X. XxXxxxx
Name: Xxxxxx X. XxXxxxx
Title: President
By /s/ Xxxxxxx Xxxxxx
Name: Xxxxxxx Xxxxxx
By his acceptance below this day of July 9, 2008, the undersigned additional Investor hereby agrees to the terms and conditions of the Agreement and consents to the above-stated terms.
/s/ Xxxxxxx Xxxxxx
Xxxxxxx Xxxxxx
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