Waiver Letter Regarding Events of Default under Revolving Credit and Term Loan Agreement between ComVest Capital, LLC and ClearPoint Business Resources, Inc.

Contract Categories: Business Finance › Waiver Agreements
Summary

ComVest Capital, LLC (the lender) agrees to waive certain defaults by ClearPoint Business Resources, Inc. (the borrower) under their existing loan agreement, specifically the failure to pay some principal installments. This waiver is limited to these specific defaults and does not apply to any other current or future defaults. The lender reserves the right to collect increased interest related to these defaults at a later date, but no later than the loan's maturity. Both parties have acknowledged and agreed to these terms in writing.

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EX-10.5 5 v150264_ex10-5.htm Unassociated Document
[Letterhead of ComVest Capital, LLC]

 
May 19, 2009
 
ClearPoint Business Resources, Inc.
1600 Manor Drive, Suite 110
Chalfont, PA  18914

Re:  Waiver Letter
 
Dear Sirs:
 
Reference is made to the Revolving Credit and Term Loan Agreement dated as of June 20, 2008 (the “Agreement”) by and between ComVest Capital, LLC (the “Lender”) and ClearPoint Business Resources, Inc. (the “Borrower”).

On the date hereof, there exist Events of Default under the Agreement consisting of the failure to pay certain principal installments required under the Term Note issued pursuant to the Agreement.  The Lender hereby waives such Events of Default, provided that the Lender reserves the right to collect, at a later time (but not later than the maturity date under the Agreement), the increased interest that the Lender was permitted to charge during the continuance of such Events of Default.
 
The foregoing waiver is effective only in this specific instance, and is not to be construed as a waiver of (or agreement to waive) any other Event of Default which may exist or arise.
 

 
Very truly yours,
  
       
 
COMVEST CAPITAL, LLC
  
       
 
By:
/s/ Robert Capalbo
  
   
Name:  Robert Capalbo
  
   
Title:  SVP
  
 
Acknowledged, Confirmed and Agreed To:

CLEARPOINT BUSINESS RESOURCES, INC.
 
By:
/s/ John G. Phillips
  
 
Name:  John G. Phillips
  
 
Title:  CFO