Amendment No.1 of the Inter Company Lending Agreement between Capital Solutions Management LP, Capital Solutions Distributors LLC and CS Financing Corporation
Exhibit 10.21
Amendment
No.1
of
the
between
Capital
Solutions Management LP,
Capital
Solutions Distributors LLC
and
CS
Financing Corporation
This
Amendment (“Amendment”) of the Inter Company Lending Agreement (“Agreement”) is
entered into on October 2, 2008 but is effective as of September 1, 2008, and is
made between Capital Solutions Management LP (“CSM”), Capital Solutions
Distributors, LLC (“CSD”) and CS Financing Corporation (“CSF”).
1. Section
1.1 is amended and restated to read as follows:
|
|
“1.1.
|
The
parties agree that that each may borrow from another party, upon mutual
consent, at an annual interest rate equal to the Prime Rate (as
established by the Bank of America) and based upon a 365 day calendar
year.
|
|
|
1.1.1.
|
If
a loan, in whole or in part, is not repaid prior to the end of a calendar
quarter, the interest rate of the loan, for the entire period of the
loan’s existence, is increased to fifteen percent (15%) per
annum.
|
|
|
1.1.2.
|
In
the event that the loan interest rate is increased under section 1.1.1.
above, the borrower shall pay the retroactive increase in the interest no
later than the next due date of an interest payment following the end of
the calendar quarter.”
|
|
2.
|
Section
1.3 is amended and restated to read as
follows:
|
|
|
“1.3.
|
Interest
upon such loans shall be due and payable upon the 30th
of each calendar month, regardless of whether any, or all, of the
principal has been paid.”
|
This
Amendment is executed by parties as follows:
Capital
Solutions Management, LP
By: __/s/ Xxxxxxx
Redpath___________________
Xxxxxxx Xxxxxxx
Managing Partner
Capital
Solutions Distributors, LLC
By: __/s/ Xxxxxxx
Redpath____________________
Xxxxxxx Xxxxxxx
President
CS
Financing Corporation
By: __/s/ Xxxxxxx
Redpath_____________________
Xxxxxxx Xxxxxxx
CEO
