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EXHIBIT 10.11
AMENDMENT TO
SECURED DEMAND NOTE COLLATERAL AGREEMENT
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FORM SDN-A
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NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
▇▇▇▇ ▇ ▇▇▇▇▇▇, ▇.▇., ▇▇▇▇▇▇▇▇▇▇, ▇.▇. ▇▇▇▇▇
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NASD
SECURED DEMAND NOTE
COLLATERAL AGREEMENT
AMENDMENT EXTENDING THE MATURITY DATE
SDN-A
BETWEEN:
LENDER Summit Group of Companies Inc.
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(NAME)
▇▇ ▇▇▇▇▇ ▇▇▇.
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(STREET ADDRESS)
▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
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(CITY) (STATE) (ZIP)
AND
BROKER-DEALER Summit Brokerage Services Inc.
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(NAME)
▇▇ ▇▇▇▇▇ ▇▇▇.
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(STREET ADDRESS)
▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
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(CITY) (STATE) (ZIP)
NASD ID NO: 034643
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DATE FILED: 3/20/01
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NASD
SECURED DEMAND NOTE COLLATERAL AGREEMENT
AMENDMENT EXTENDING THE MATURITY DATE
AGREEMENT dated 3/20/01 to be effective 5/1/01 between Summit Group of
Companies Inc (the "Lender") and Summit Brokerage Services, Inc. (the
"Broker-Dealer").
In consideration of the sum of $40,000 (the unpaid principal amount) and
subject to the terms and conditions set forth in the Subordination Agreement
approved by the National Association of Securities Dealers, Inc., scheduled to
mature on 4/30/01 bearing the Loan Number 07-D-SDN-10286, the Broker-Dealer and
the Lender agree to extend the maturity date of the Agreement and Secured Demand
Note until 4/30/02. This amendment shall not become effective unless and until
the NASD has found the Amendment acceptable.
If applicable, the interest rate on this Subordination Agreement is changed
from _______________ to ____________ percent per annum, effective as of the date
of this Amendment.
IN WITNESS WHEREOF the parties have set their hands and seal this 23rd day
of March 2001.
Summit Brokerage Services, Inc.
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(Name of Broker-Dealer)
By /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, CFO L.S.
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▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, CFO
(Authorized Person)
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ L.S.
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▇▇▇▇▇▇▇ ▇▇▇▇▇▇, CEO
Summit Group of Companies Inc
(Lender)
FOR NASD USE ONLY
ACCEPTED:
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(Name)
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(Title)
EFFECTIVE DATE:
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LOAN NUMBER:
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SUBORDINATED LOAN AGREEMENT
LENDER'S ATTESTATION
It is recommended that you discuss the merits of this investment with
an attorney, accountant or some other person who has knowledge and experience
in financial and business matters prior to executing this Agreement.
1. I have received and reviewed a copy of Appendix D of 17 CFR
240.15c3-1, and am familiar with its provisions.
2. I am aware that the funds or securities subject to this
Agreement are not covered by the Securities Investor
Protection Act of 1970.
3. I understand that I will be furnished financial statements
pursuant to SEC Rule 17a-5(c).
4. On the date this Agreement was entered into, the
broker-dealer carried funds or securities for my account.
(State Yes or No) Yes
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5. Lender's business relationship to the broker-dealer is:
Affiliated Corporation -- 100% Owned By Broker/Dealer's
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Majority Shareholder.
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6. If not a partner or stockholder actively engaged in the
business of the broker-dealer, acknowledge receipt of the
following:
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a. Certified audit and accountant's certificate dated
12/31/00
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b. Disclosure of financial and/or operational problems
since the last certified audit which required
reporting pursuant to SEC Rule 17a-11. (If no such
reporting was required, state "none") None
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c. Balance sheet and statement of ownership equity dated
12/31/00
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d. Most recent computation of net capital and aggregate
indebtedness or aggregate ___________ debit items
dated 12/31/00 reflecting a net capital of $74,254
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and a ratio of 706%
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e. Debt/equity ratio as of 12/31/00 of 8%
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f. Other disclosures: None
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Dated: 3/23/01 /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ L.S.
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(LENDER)
Summit Group of Companies, Inc.
▇▇▇▇▇▇▇ ▇▇▇▇▇▇, CEO
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[LETTERHEAD]
March 30, 2001 BD# 34643
▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
Summit Brokerage Services, Inc.
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▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇
Re: Subordinated Loan Agreement Maturity Date Extension
Control #: 07-D-SDN-10286
Lender: Summit Group of Companies, Inc.
Amount: $40,000.00
Dear ▇▇. ▇▇▇▇▇▇▇▇▇:
The amendment extending the maturity date of the above referenced agreement
from April 30, 2001 to April 30, 2002 is accepted by the NASD Regulation, Inc.
It is important to note that the limitations required by paragraph V, which
covers permissive prepayments, will run from the effective date of the original
agreement, not from the date of this amendment.
If you have any questions regarding this Agreement or our acceptance thereof,
please contact me at (▇▇▇) ▇▇▇-▇▇▇▇.
Sincerely,
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇/SLS
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▇▇▇▇▇ ▇. ▇▇▇▇▇
Supervisor of Examiners
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