Re: Default WaiverClearpoint Business Resources, Inc • April 15th, 2010 • Services-help supply services
Reference is made to (i) the Amended and Restated Revolving Credit Agreement dated as of August 14, 2009 (the “Loan Agreement”) by and between ComVest Capital, LLC (the “Lender”) and ClearPoint Business Resources, Inc. (the “Borrower”), (ii) the Waiver letter dated August 14, 2009 (“Waiver Letter”) by and between the Lender and the Borrower, with respect to certain Events of Default existing at the date thereof, and (iii) the Registration Rights dates as of June 20, 2008 (as amended, the “Registration Rights Agreement”) made by the Borrower for the benefit of the Lender and all other and/or subsequent Holders ( as such term is defined in such Registration Rights Agreement). All capitalized terms used without herein without definition have the respective meanings ascribed to them in the Loan Agreement.
iLabor Network Supplier Agreement Amendment No. 3Network Supplier Agreement • April 15th, 2010 • Clearpoint Business Resources, Inc • Services-help supply services
WHEREAS, the Company and ClearPoint agreed to a reduction in the Compensation from 1.25% to 0.75%, effective November 1, 2009 in exchange for the Transferred Accounts, generating a minimum of $96,153 in gross billings on a weekly basis, and that minimum has not been met. The Parties hereby agree that the Compensation rate effective as of the date of this Amendment No. 3, shall be 0.75% on all Staffchex collections, excluding those accounts listed on Attachment A of Amendment No. 2. Of the 0.75% Compensation rate, 0.50% shall be deferred in accordance with Amendment No. 2 until February 1, 2010. Additionally, Staffchex agrees to direct WFBC to pay ClearPoint $2,885 per week, effective January 11, 2010, in lieu of Transferred Accounts until such time as the total Transferred Accounts increases to $96,153. For the period December 14, 2009 through January 8, 2010, Staffchex will pay ClearPoint 3% of actual billings for Transferred Accounts. Determination of a completed transfer is in the s
