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Exhibit
10.4
FIRST AMENDMENT
TO
REVOLVING LINE OF CREDIT
AGREEMENT
This First Amendment (this
“Amendment”) is made as of to that certain Revolving
Line of Credit Agreement dated March 16, 2007 (the “Loan
Agreement”) by and among SOVEREIGN BANK (the
“Bank”) and MEDICAL SOLUTIONS MANAGEMENT, INC., a
Nevada corporation having its principal place of business at 237
Cedar Hill Street, Marlborough, Massachusetts 01752 (the
“Borrower”). Capitalized terms used and not defined in
this Amendment shall have the meanings ascribed to them in the Loan
Agreement.
RECITALS
The Borrower has requested
that the Bank agree to amend the Loan Agreement to increase the
maximum amount of the Credit to S3,000,000.00. The Bank is willing
to so increase the maximum amount of the Credit provided that the
Borrower causes the Letter of Credit to be increased
commensurately, and on the additional terms and conditions set
forth in this Amendment.
AGREEMENT
In consideration of the
foregoing, of the undertakings of the Borrower and the Bank herein,
and for other good and valuable consideration, receipt and
sufficiency of which is hereby acknowledged, the parties hereto
hereby agree as follows:
1. Upon delivery to the Bank of an
executed and effective Amendment No. 1 to Letter of Credit in
the form of Exhibit A hereto, Section 1.1 of the Loan
Agreement shall be amended to read as follows:
“1.1 Revolving
Credit Facility . Subject to the terms and conditions set forth
herein, and in reliance upon the representations, warranties and
covenants of the Borrower contained herein, the Bank hereby
establishes a revolving credit facility in favor of the Borrower in
the aggregate principal amount of $3,000,000.00 (the
“Credit” or “Revolving Credit Loan”). Each
borrowing of money pursuant to the Credit (a “Loan” or
“Loans”) shall be made at such times during the
Commitment Period (as hereinafter defined) as the Borrower may
request by written or telephonic notice (immediately confirmed in
writing) given to the Bank, specifying the proposed date and the
amount of the Loan. Provided there is no continuing Default or
Event of Default, the Bank shall make such Loans to the Borrower by
crediting the Borrower’s account with the Bank. The Borrower
may, at its option, borrow, pay, prepay and re-borrow hereunder all
or any portion of the Loans in accordance with the provisions
hereof.
The Borrower’s right to
request Loans under the Credit shall terminate one hundred twenty
(120) days prior to the expiry of the Letter of Credit
referenced in Section 1.8 (the “Commitment Period”
or “Maturity Date”). The Loans shall otherwise be
payable in according with the provisions of the
Note.”
2. Upon delivery to the Bank of an
executed and effective Amendment No. 1 to Letter of Credit in
the form of Exhibit A hereto, Section 1.8 of the Loan
Agreement is hereby amended to read as follows:
“1.8 Collateral
Security . The Obligations of the Borrower are supported by an
irrevocable Standby Letter of Credit issued in favor of the Bank in
the maximum drawing amount of $3,060,000.00 (the “Letter of
Credit”) issued by Custodial Trust Company, an
affi
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