Amendment to Factoring Agreement between Rosenthal & Rosenthal, Inc. and Majesco Sales, Inc. dated March 18, 1999

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Summary

This amendment updates the existing Factoring Agreement between Rosenthal & Rosenthal, Inc. and Majesco Sales, Inc. Effective April 15, 1999, the commission rate is set at 0.55%, the interest rate at 8.75%, and the Prime Rate at 7.75%. It also introduces a new provision requiring Majesco Sales, Inc. to pay additional liquidated damages if they terminate the agreement early, calculated as $35,000 per month until the earliest permitted termination date. All other terms of the original agreement remain unchanged.

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EX-10.2 3 file003.htm AMENDMENT TO FACTORING AGREEMENT 
  Exhibit 10.2 March 18, 1999 MAJESCO SALES, INC. 244 Fernwood Avenue Edison, NJ 08837 Re: FACTORING AGREEMENT It is mutually agreed that the Factoring Agreement entered into between us dated April 24, 1989, as amended or supplemented (the "Factoring Agreement") is amended effective April 15th, 1999 as follows: The commission rate specified in Paragraph 6.(a) is hereby amended to read 0.55%. The interest rate specified in Paragraph 7.(a) is hereby amended to read 8.75%. The Prime Rate referred to in the last sentence of paragraph 7.(b) is hereby amended to read 7.75% The following is hereby added after the first sentence of Paragraph 9: "Should you desire to terminate the Factoring Agreement other than as provided in the Factoring Agreement, as a condition to such termination, you shall pay to Lender, in addition to any other fees payable pursuant to the Factoring Agreement, additional liquidated damages in an amount equal to the number of months (or part thereof) from the date of such desired termination until the earliest date that termination could have been effected pursuant to the terms of the Factoring Agreement, multiplied by $35,000." In all other respects the terms and conditions of the aforesaid agreement, as the same may have heretofore been amended, shall remain unchanged. ROSENTHAL & ROSENTHAL, INC. BY: --------------------------------- THE FOREGOING IS ACKNOWLEDGED AND AGREED TO: MAJESCO SALES, INC. BY: --------------------------------------