Further Amendment to Policy Purchase Agreement between Universal Settlements International Inc. and Crown Alliance Capital Limited
Universal Settlements International Inc. and Crown Alliance Capital Limited have agreed to further amend their Policy Purchase Agreement. The amendment extends the agreement's termination date to October 31, 2013. It also changes how proceeds from early policy maturities are handled: USI will first receive the purchase price from any early maturity, and any remaining proceeds will be split equally between both parties. This amendment addresses delays in funding and the extended timeline for the agreement.
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 October 31, 2013.
In addition, the parties have agreed 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 agreed 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 |
|
| J. Panos, President |
|
| Universal Settlements International Inc. |
|
| 5500 North Service Road, Suite 703 |
|
| Burlington |
|
| Ontario, L7L 6W6 |
|
|
|
| Purchaser | BY: /s/ L. Fusco |
|
| L. Fusco, President |
|
| Crown Alliance Capital Limited |
|
| 2895 Drew Road, Suite 217 |
|
| Mississauga |
|
| Ontario L4T DA4 |
