AMENDMENT TO LOAN AGREEMENT
Exhibit
10.1
AMENDMENT
TO LOAN AGREEMENT
This
Amendment dated as of the 12th
day of
June, 2007, by and between COMPENSATION
RISK MANAGERS, LLC.,
a New
York limited liability company with offices at 000 Xxxxxxxxx Xxxxxx,
Xxxxxxxxxxxx, Xxx Xxxx 00000 (“Borrower”) and KEYBANK
NATIONAL ASSOCIATION,
a
national banking association with offices at 0000 Xxxxxxxx Xxxx, XX-00-00-0000,
Xxxxxxxx, Xxxx 00000 ("Lender") to that certain Amended and Restated Loan
Agreement dated October 3, 2005 between Borrower and Lender (the
“Agreement”).
W
I T N E
S S E T H :
WHEREAS,
pursuant to the Agreement, Lender made available to Borrower a revolving credit
facility in the maximum principal amount of $5,000,000.00, and
WHEREAS,
Borrower and Lender have agreed to increase and extend said revolving credit
facility,
NOW,
THEREFORE, in consideration of the mutual covenants herein contained, Borrower
and Lender, incorporating the defined terms used in the Agreement, hereby amend
the Agreement as follows:
| 1. |
Section
2.1. Revolving
Credit Facility.
The Loan is amended to provide as
follows:
|
|
a.
|
the
principal amount shall be increased to $7,000,000.00.
|
| b. | the sublimit for Letters of Credit shall be $2,000,000.00. |
| 2. |
Section
2.2. Term
of Facility. The
Loan, if not sooner demanded, shall mature and become due and payable
on
June 30, 2008.
|
| 3. |
Section
2.5. Draw
Fee. The
Borrower will pay a fee equal to 1.50% per annum of the amount requested
for each Letter of Credit, calculated from the time issued until
the
current expiration date of the
Loan.
|
Except
as
hereby amended, the Agreement shall remain in full force and
effect.
IN
WITNESS WHEREOF, Borrower and Lender have executed this Amendment as of the
date
first hereinabove set forth.
| COMPENSATION RISK MANAGERS, LLC | KEYBANK NATIONAL ASSOCIATION | ||
|
By:
/s/ Xxxxx X. Xxxxxxxx
|
By:
/s/ Xxxxxx X. Xxxxxx
|
||
|
Name:
Xxxxx X. Xxxxxxxx
|
Name:
Xxxxxx X. Xxxxxx
|
||
|
Title:
Chief Financial Officer
|
Title:
Senior Vice President
|
