LOAN AND SECURITY AMENDMENT
Exhibit
10.1
LOAN
AND SECURITY AMENDMENT
THIS
LOAN
AND SECURITY AMENDMENT (the "Amendment")
has
been executed, as of this 2nd day of April, 2007 ("Closing
Date"),
by
and between RBL Capital Group, LLC ("RBL"), and Acies Inc., a wholly owned
subsidiary of Acies Corporation. ("Borrower").
Recitals
Borrower
has applied to RBL for a Term Loan; as such term is defined in the Agreement,
in
the maximum principal sum of $2,000,000.00.
Whereas
Borrower has previously borrowed $350,000.00 under the original Loan and
Security Agreement dated October 31, 2006.
Whereas
Borrower had requested and received an additional Loan of $30,000.00 that is
governed and controlled by the original Loan and Security Agreement dated
October 31, 2006 and further documented under a separate Term Loan Note dated
January 5, 2007.
Whereas
Borrower has requested and received an additional Loan of $80,000.00 that is
governed and controlled by the original Loan and Security Agreement dated
October 31, 2006 and further documented under a separate Term Loan Note dated
March 2, 2007.
Whereas
Borrower has requested and received an additional Loan of $300,000.00 that
is
governed and controlled by the original Loan and Security Agreement dated
October 31, 2006 and further documented under a separate Term Loan Note dated
April 2, 2007.
Whereas
Borrower agrees to net out any fees due to RBL at time of funding.
Whereas
Borrower further acknowledges that the original Term Loan Note and original
Loan
and Security Agreement both dated October 31, 2006 are still in full force
and
effect.
Subject
to and in accordance with the terms and conditions of this Amendment, the
payment schedule attached hereto, the original Loan and Security Agreement
dated
October 31, 2006, and the new Term Loan Note dated April 2, 2007, RBL is willing
to make this additional loan to Borrower.
IN
WITNESS WHEREOF, Borrower and RBL have caused this Amendment to be duly executed
by their duly authorized officer, all as of the day and year first above
written.
Acies
Inc., a wholly owned subsidiary of Acies Corporation
|
||
|
|
|
By: | ||
Printed: |
|
|
Its: |
|
|
("Borrower")
|
RBL
Capital Group, LLC
|
||
|
|
|
By: | ||
Printed: |
|
|
Its: |
|
|
("RBL")
|