Exhibit 10.10
 
 
July 15, 2009

Prosperity Bank
777 Walker Street, Suite L140
Houston, Texas 77002
Attention of Randall R. Reeves, President-Houston Area

Re:           Amendment no. 2 to Credit Agreement Dated as of May 11, 2009,
between Sanders Morris Harris Group Inc. and Prosperity Bank

Ladies and Gentlemen:

Reference is made to the Credit Agreement Dated as of May 11, 2009 (the “Credit
Agreement”), between Sanders Morris Harris Group Inc. (“Borrower”) and
Prosperity Bank (“Lender”), pursuant to which Lender made a $25,000,000 term
loan to Borrower on the terms and conditions set forth in the Credit Agreement.
Terms used herein with their initial letter capitalized shall have the meaning
assigned to them in the Credit Agreement unless otherwise defined herein.

The purpose of this letter is to amend the optional prepayments provision set
forth in Section 2.04 of Article II of the Credit Agreement.

In consideration of the foregoing and the following mutual agreements, the
Lender and Borrower agree as follows:

1.           The final sentence of Section 2.04 of the Credit Agreement is
deleted and the following substituted in place thereof:

Each prepayment of the Loan pursuant to this Section 2.04 shall be applied to
the principal repayment installments thereof in inverse order of maturity;
provided, however, notwithstanding and in addition to the foregoing, the
Borrower may prepay a maximum of three regularly scheduled monthly principal
payments in any calendar quarter, and such prepayments if made shall be applied
to the principal repayment installments thereof in the direct order of maturity.

2.           Except as modified by the foregoing amendment, all terms,
conditions, and provisions of the Credit Agreement are and shall remain in full
force and effect.
 
 
 
 

--------------------------------------------------------------------------------

 
 
Prosperity Bank
July 15, 2009
Page 2

 

Please acknowledge your agreement with the foregoing amendment by signing this
letter in the space provided below.

Very truly yours,

Sanders Morris Harris Group Inc.

By:  /s/ Rick Berry

--------------------------------------------------------------------------------

Rick Berry, Chief Financial Officer

Accepted and agreed to this 15th day of
July, 2009.

Prosperity Bank

By:  /s/ Randall R. Reeves

--------------------------------------------------------------------------------

Name: Randall R. Reeves
Title: President-Houston Area
 
 

--------------------------------------------------------------------------------