Amendment to Loan Commitment Agreement between Aerkomm Inc. and Lenders (Rising Development Co., Ltd. and Well Thrive Limited) dated May 10, 2019
Aerkomm Inc. and its lenders, Rising Development Co., Ltd. and Well Thrive Limited, have amended their original loan commitment agreement. The amendment allows Aerkomm to access up to 25% of a $20 million loan before the transfer of land title to its subsidiary, Aerkomm Taiwan, if the company provides proof that the funds will be used to pay its vendors. This change is intended to help Aerkomm meet immediate cash needs related to its Aerkomm++ program.
Exhibit 10.2(a)
Amendment
to
Loan Commitment
May 10, 2019
Reference is made to that certain Loan Commitment dated May 9, 2019 (the “Commitment”), pursuant to which Rising Development Co., Ltd. and Well Thrive Limited (each, a “Lender”, and collectively, the “Lenders”) have committed to make a loan of up to $20,000,000 to Aerkomm, Inc. (the “Company”). Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them in the Commitment.
The Commitment provides that the Initial Closing Date shall be within 30 days following the date the title of the Land is vested in the Company’s subsidiary Aerkomm Taiwan. Considering the fact that the Company may have cash requirement to pay its vendors in connection with its Aerkomm++ program prior to the time set for the initial closing under the Commitment, the Lenders hereby agree to an earlier closing of up to 25% of the Loan upon the Company request prior to the time the title of the Land is vested in the Company’s subsidiary Aerkomm Taiwan, provided that the Company provide adequate evidence to the Lenders that the proceeds of the advance closing would be applied to pay the Company’s vendors.
Executed as of the date first written above: | ||
COMPANY: AERKOMM INC. | ||
By: | /s/ JEFFREY WUN | |
Name: | JEFFREY WUN | |
Title: | CEO | |
LENDERS: | ||
RISING DEVELOPMENT CO., LTD. | ||
By: | /s/ CHANG, CHI-HUNG | (Corporate and personal seals) |
Name: | CHANG, CHI-HUNG | |
Title: | Chairman | |
WELL THRIVE LIMITED | ||
By: | /s/ CHANG, SHENG-CHUN | (Corporate stamp) |
Name: | CHANG, SHENG-CHUN | |
Title: | Chairman |
Amendment to Loan Commitment | 1 |