First Amendment to Loan and Security Agreement by and among Modern Round, Inc., Black Powder Management, L.L.C., and BK Entertainment, LLC
This amendment, effective June 30, 2016, updates the original Loan and Security Agreement between Modern Round, Inc. (the borrower), and Black Powder Management, L.L.C. and BK Entertainment, LLC (the lenders). The main change is an increase in the maximum loan commitment to $2,000,000. All other terms of the original agreement remain unchanged. The amendment is binding on all parties and their successors or assigns.
Exhibit 10.11(a)
First Amendment to Loan and
Security Agreement
This First Amendment to Loan and Security Agreement (First Amendment) is dated as of June 30, 2016 (the Effective Date), by and among (i) Modern Round, Inc., a Nevada limited liability company (Borrower), (ii) Black Powder Management, L.L.C., a Nevada limited liability company (Black Powder), and (iii) BK Entertainment, LLC, an Arizona limited liability company (BK Entertainment) and together with Black Powder, each, a (Lender), and collectively, the (Parties).
WHEREAS, the Parties entered into a Loan and Security Agreement on May 11, 2016 (the Agreement), and,
WHEREAS, the Parties hereby agree to expand the Maximum Commitment of the Agreement in accordance with the terms of the Agreement as well as the terms provided herein.
NOW THEREFORE, in consideration of the mutual covenants contained herein each of Maker and Holder mutually covenant and agree as follows:
| The Maximum Available as set forth in the Agreement is increased to $2,000,000 |
| This First Amendment binds and benefits both Parties and any successors or assigns. This document, including the Agreement, is the entire agreement between the Parties |
All other terms and conditions of the Agreement remain unchanged.
[SIGNATURE PAGES FOLLOW]
IN WITNESS WHEREOF, Borrower and Lenders have executed this First Amendment as of the date first set forth above.
BORROWER | ||
MODERN ROUND, INC., a Nevada corporation | ||
By: | /s/ Ronald L. Miller, Jr. | |
Name: | Ronald L. Miller, Jr. | |
Title: | VP & CFO | |
7333 East Doubletree Ranch Road Suite D-250 Scottsdale, AZ 85258 |
[SIGNATURE PAGE TO FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT]
LENDERS | ||
BLACK POWDER MANAGEMENT, L.L.C., a Nevada limited liability company | ||
By: | /s/ Mitchell A. Saltz | |
Name: | Mitchell A. Saltz | |
Title: | Manager | |
7377 East Doubletree Ranch Road Suite 200 Scottsdale, AZ 85258 | ||
BK ENTERTAINMENT LLC, an Arizona limited liability company | ||
By: | /s/ Barry Monheit | |
Name: | Barry Monheit | |
Title: | Manager | |
6130 E. Mockingbird Lane Paradise Valley, AZ 85253 |
[SIGNATURE PAGE TO FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT]