Further Amendment to Policy Purchase Agreement between Universal Settlements International Inc. and Crown Alliance Capital Limited

Summary

This amendment updates the Policy Purchase Agreement between Universal Settlements International Inc. (USI) and Crown Alliance Capital Limited (CACL). It extends the agreement's termination date to March 29, 2013. It also changes how proceeds are distributed if a policy matures early: USI will first receive the purchase price from the maturity proceeds, and any remaining funds will be split equally between USI and CACL. The amendment is signed by both parties' presidents.

EX-10.1 2 cacl_ex10.htm FURTHER AMENDMENT TO POLICY PURCHASE AGREEMENT ex10.1


FURTHER AMENDMENT


to POLICY PURCHASE AGREEMENT entered March 15. 2012 (As amended April 27, 2012)



In reference to the Policy Purchase Agreement by and between Universal Settlements International Inc. (“USI”) and Crown Alliance Capital limited (“CACL”) (together, the “parties”) as noted above, section 18 of said agreement headed “Termination Date” is hereby further amended to extend termination date to March 29, 2013


In addition, the parties agree that with the material delay in placing the Funding Cost into escrow as set out in section 1 of above noted agreement, and the material extensions to the Termination date, the parties agree that in the event of any early maturities, section 1(c) of the above agreement headed Early Maturities, is amended to provide that the purchase price of any policy where there is an early maturity shall be paid to USI out of the maturity proceeds first, with the balance of the maturity proceeds after payment of the policy purchase price to USI to be shared equally between the parties.



USI:

 

By: /s/ J. Panos     Date: Nov. 23, 2012

 

 

J. Panos, President

 

 

Universal Settlements International Inc.

 

 

5500 North Service Road, Suite 703

 

 

Burlington

 

 

Ontario, L7L 6W6


Purchaser:

 

By: /s/ L. Fusco     Date: Nov. 23, 2012

 

 

L. Fusco, president

 

 

Crown Alliance Capital Limited

 

 

3601 Highway 7 East, Suite 203

 

 

Markham

 

 

Ontarion L3R 8X6