Annex A to Second Amendment to Securities Purchase Agreement – Maximum Debt to Value Ratios and Balances
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Summary
This annex, part of the Second Amendment to a Securities Purchase Agreement, sets out the maximum outstanding debt balances and corresponding debt-to-value ratios allowed for each month from March 2007 through December 2011. The agreement specifies a reduction in the maximum balance from $28 million to $14 million in July 2008, with further gradual reductions thereafter. These terms are designed to limit the borrower's debt relative to asset value over time, ensuring compliance with agreed financial covenants.
EX-10.2 3 annexarepayment.htm ANNEX A TO THE SECOND AMENDMENT TO THE SECURITIES PURCHASE AGREEMENT annexarepayment.htm
ANNEX A TO THE SECOND AMENDMENT TO
THE SECURITIES PURCHASE AGREEMENT
Maximum Debt to Value Ratios and Maximum Balances
| Month End | Maximum Outstanding Balance | Maximum Debt to Value Ratio |
| 3/31/2007 | 28,000,000 | 80.00% |
| 4/30/2007 | 28,000,000 | 80.00% |
| 5/31/2007 | 28,000,000 | 80.00% |
| 6/30/2007 | 28,000,000 | 80.00% |
| 7/31/2007 | 28,000,000 | 80.00% |
| 8/31/2007 | 28,000,000 | 80.00% |
| 9/30/2007 | 28,000,000 | 80.00% |
| 10/31/2007 | 28,000,000 | 80.00% |
| 11/30/2007 | 28,000,000 | 80.00% |
| 12/31/2007 | 28,000,000 | 80.00% |
| 1/31/2008 | 28,000,000 | 80.00% |
| 2/29/2008 | 28,000,000 | 80.00% |
| 3/31/2008 | 28,000,000 | 80.00% |
| 4/30/2008 | 28,000,000 | 80.00% |
| 5/31/2008 | 28,000,000 | 80.00% |
| 6/30/2008 | 28,000,000 | 80.00% |
| 7/31/2008 (*) | 14,000,000 | 80.00% |
| 8/31/2008 | 14,000,000 | 80.00% |
| 9/30/2008 | 14,000,000 | 80.00% |
| 10/31/2008 | 14,000,000 | 80.00% |
| 11/30/2008 | 14,000,000 | 80.00% |
| 12/31/2008 | 14,000,000 | 80.00% |
| 1/31/2009 | 14,000,000 | 80.00% |
| 2/28/2009 | 14,000,000 | 80.00% |
| 3/31/2009 | 14,000,000 | 80.00% |
| 4/30/2009 | 13,777,500 | 79.59% |
| 5/31/2009 | 13,216,500 | 79.65% |
| 6/30/2009 | 12,740,000 | 79.22% |
| 7/31/2009 | 12,211,000 | 78.95% |
| 8/31/2009 | 11,698,000 | 78.60% |
| 9/30/2009 | 11,167,000 | 78.29% |
| 10/31/2009 | 10,492,500 | 78.13% |
| 11/30/2009 | 10,003,000 | 77.58% |
| 12/31/2009 | 9,462,000 | 77.31% |
| 1/31/2010 | 8,987,000 | 76.90% |
| 2/28/2010 | 8,502,500 | 76.58% |
| 3/31/2010 | 8,008,500 | 76.26% |
| 4/30/2010 | 7,472,000 | 75.98% |
| 5/31/2010 | 6,943,500 | 75.64% |
| 6/30/2010 | 6,414,500 | 75.31% |
| 7/31/2010 | 5,893,000 | 74.97% |
| 8/31/2010 | 5,371,000 | 74.64% |
| 9/30/2010 | 4,856,500 | 74.30% |
| 10/31/2010 | 3,824,500 | 74.62% |
| 11/30/2010 | 2,409,000 | 74.80% |
| 12/31/2010 | 2,343,500 | 72.75% |
| 1/31/2011 | 2,343,500 | 72.26% |
| 2/28/2011 | 2,061,500 | 72.37% |
| 3/31/2011 | 1,543,500 | 72.35% |
| 4/30/2011 | 1,543,500 | 69.88% |
| 5/31/2011 | 1,543,500 | 69.77% |
| 6/30/2011 | 1,518,500 | 70.70% |
| 7/31/2011 | 948,000 | 71.11% |
| 8/31/2011 | 948,000 | 69.89% |
| 9/30/2011 | 895,500 | 67.74% |
| 10/31/2011 | 627,000 | 59.71% |
| 11/30/2011 | 627,000 | 66.77% |
| 12/31/2011 | 0 | 66.97% |
(*) Maximum Balance Outstanding reduced from $28,000,000 to $14,000,000 by July 2008 Second Amendment to Securities Purchase Agreement
Annex A
