Amendment to Intercompany Current Account Contract between Sport City Cádiz S.L. and Sportech City USA Corp
Sport City Cádiz S.L. (the Parent Company) and Sportech City USA Corp (the Subsidiary) have agreed to amend their previous intercompany current account contract, originally signed on September 1, 2023. The amendment updates key terms, including setting a $1,000,000 maximum financing line, allowing the Subsidiary to request partial disbursements, establishing a 4.19% APR interest rate, and requiring repayment by December 31, 2029. The amendment also removes the capitalization option clause. All other terms of the original contract remain in effect.
Exhibit 10.2
In Puerto Real, on January 5th, 2024
AMENDMENT
On one side, Mr. Manuel Ignacio Díaz Charlo, of legal age, with NIF 34084001Y, residing at Puerto Real, Calle Portugal 2, acting on behalf and representation of the company SPORT CITY CÁDIZ S.L. with CIF B67957661 (hereinafter, PARENT COMPANY).
On the other side, Mr. Iván Contreras Torres, of legal age, with NIF 43516493X, residing at Cádiz, C/Estra Paseo de los Ingleses 4, acting on behalf and representation of the company SPORTECH CITY USA CORP with United States EIN ###-###-#### (hereinafter, SUBSIDIARY).
DECLARE
| 1. | That on September 1st, 2023, they signed an INTERCOMPANY CURRENT ACCOUNT CONTRACT. | |
| 2. | That it is in the interest of both parties to modify the content of the following clauses while maintaining the absolute validity of the remaining clauses. | |
| 3. | That all modifications are considered effective as of September 1st, 2023. | |
| 4. | That the modifications are made in accordance with the following: |
STIPULATIONS
FIRST.- The wording of the following clauses is modified.
First.- OBJECT
The LENDER grants the BORROWER a financing line with a maximum amount of $1,000,000.00 (ONE MILLION DOLLARS).
Second.- DISBURSEMENTS
The SUBSIDIARY may request partial disbursements from the indicated maximum amount as needed.
Fourth.- INTEREST
Given the nature of the financial operation, both parties agree that the daily final balance interest rate is set at 4.19% APR.
Fifth.- OBLIGATIONS OF THE SUBSIDIARY
Repayment of the disbursed amounts before December 31st, 2029. The total or partial repayment of the debt must be made in dollars.
SECOND.- The clause “Sixth.- Capitalization Option” is deleted and therefore ceases to be in effect.
THIRD.- Consequently, the remaining clauses are renumbered as follows, maintaining all their current wording and full validity:
| Original Contract | Amendment | |
| Third | Third | |
| Eighth | Sixth | |
| Tenth | Seventh | |
| Eleventh | Eighth | |
| Twelfth | Ninth |
| /s/ Iván Contreras Torres | ||
| Signed: | THE SUBSIDIARY | |
| /s/ Mr. Iván Contreras Torres | ||
| Signed: | THE PARENT COMPANY | |
