Second Amendment to Subordinated Promissory Note between eCommerce Funding LLC and SWL Investments LP
eCommerce Funding LLC and SWL Investments LP have agreed to amend their existing subordinated promissory note, originally dated November 1, 2018. This second amendment increases the principal amount of the loan from $1,500,000 to $2,200,000, effective January 1, 2022. All other terms and conditions of the original note remain unchanged. The agreement is signed by authorized representatives of both parties.
Exhibit 10.10
SECOND AMENDMENT TO
SUBORDINATED PROMISORY NOTE
DATED NOVEMBER 1, 2018
WHEREAS ECOMMERCE FUNDING LLC, a Utah limited liability company (“Maker”) and SWL INVESTMENTS LP, an Oklahoma limited partnership (“Holder”) entered into a subordinated note agreement (the “Note”) on November 1, 2018 for the principal amount of $500,000; and
WHEREAS A First Amendment to Subordinated Note was entered into on April 1, 2019 whereby the principal amount of the note was increased from $500,000 to $1,500,000; and
WHEREAS Maker has need for funds in addition to that amount provided by the Note; it is
AGREED by both the Maker and Holder that the principal amount of the Note be amended to increase the principal amount of the Note from $1,500,000, as amended on April 1, 2019 to $2,200,000, with the same terms and conditions as stated in the original note.
This Amendment to the Note is hereby approved with an effective date of January 1, 2022.
| “Maker” | ||
| eCommerce Funding LLC | ||
| By: | /s/ Keith L. Merrell | |
| Name: | Keith L. Merrell | |
| Title: | CFO | |
| “Holder” | ||
| SWL Investments LP | ||
| By: | /s/ S.Whitfield Lee | |
| Name: | S.Whitfield Lee | |
| Title: | President | |
