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EXHIBIT
10.6
AMENDMENT TO FACTORING
AND SECURITY AGREEMENT
This Amendment to Factoring
and Security Agreement dated February 26, 2008, is made by and
between THERMO CREDIT LLC (hereinafter referred to as the
“Purchaser”) and Progressive Concepts, Inc.
(“Seller”), who hereby agree as follows:
WHEREAS, Purchaser and
Seller entered into a Factoring and Security Agreement (hereinafter
the “Agreement”) dated as of August 10, 2006 (all
capitalized terms not otherwise defined herein shall have the
meaning set forth in the Agreement);
WHEREAS, the Agreement
was amended on May 18, 2007 to increase the amount of the
Purchase Commitment contained in the Term Sheet and modify certain
fees structures;
WHEREAS, the Purchaser
and Seller desire to further amend the Agreement to increase the
amount of the Purchase Commitment contained in the Term Sheet and
to make other modifications as reflected below;
NOW, THEREFORE, for
and in consideration of the foregoing, the mutual covenants and
agreements herein contained and other good and valuable
consideration, Seller and Purchaser hereby mutually enter into this
Amendment to the Agreement as follows:
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1. |
The Purchase Commitment reflected on Schedule 1 is
hereby amended to be: “Fifteen Million Dollars
($15,000,000.00).” |
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2. |
Discount Fees as reflected in Schedule 1 are modified as
follows (such change effective the date of this Second
Amendment): |
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a. |
Initial Fee : 1.05% of the Purchased Receivable |
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