Exhibit 10.1
THIRD AMENDMENT TO
REVOLVING LINE OF CREDIT
AGREEMENT
This Third Amendment (this
“Amendment”) is made as of November 14,
2008 to that certain Revolving Line of Credit Agreement dated
March 16, 2007, as amended May 15, 2007 and
December 3, 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 and the Bank have
mutually agreed to amend the Loan Agreement to extend the Maturity
Date of the Revolving Credit Facility and to change the effective
Interest Rate of the Note. The Bank is willing to so amend the
Revolving Credit Facility 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. The second paragraph of
Section 1.1 of the Loan Agreement shall be amended to read as
follows:
“1.1 (a) Maturity of
Loan . The Borrower’s right to request Loans under the
Credit Agreement shall terminate on December 14, 2008 (the
“Maturity Date”). All Loans shall be due and payable in
full on said Maturity Date.
2. Section 1.2 of the Loan
Agreement shall be deleted in its entirety and replaced with the
following text:
“1.2 Payments; Interest,
Application of Payments. The Loans made in connection with the
Credit and all repayments thereof shall be evidenced by a Revolving
Line of Credit Note of the Borrower of even date herewith (the
“Note”) payable to the order of the Bank substantially
in the form of Exhibit A annexed hereto. The Note shall bear
interest on the principal balance from time to time outstanding,
payable on each Interest Payment Date (as defined in Rider A to the
note) at Sovereign Bank’s Prime Rate, as it may exist from
time to time. Interest shall be calculated on the basis of a
360-day year for the actual number of days elapsed. Payments of
principal may be made from time to time by the Borrower in its
discretion, provided that all principal, interest, and unpaid costs
shall be due and payable on the Maturity Date or on Demand of the
Bank during the occurrence of an Ev
