Document:

Unassociated Document

Exhibit 10.16

SEAWRIGHT HOLDINGS

INCORPORATED

	
600 Cameron Street

Tel 703-340-1629

	
Alexandria, Virginia 22314

Fax 703-880-7331

November 10, 2010

David Levy

Amicus Funding, Inc.

895 Linganore Drive

McLean, Virginia 22102

	
  

	
Re:

	
Promissory Note dated November 10, 2009 for $140,000 (the “Note”)

Dear Mr. Levy:

 

I am writing to memorialize the agreement between Amicus Funding, Inc. (“Amicus”), Seawright Holdings, Inc. (“Seawright”) and Joel Sens (“Sens”) regarding the conversion of the Note into shares of common stock of Seawright.  As of the date of this agreement, the Note has a principal balance of $140,000 and accrued interest of $10,000, for a total amount owed of $150,000.  Amicus and Seawright hereby agree to convert the Note into shares of Seawright common stock at $0.40 per share, or 375,000 shares of common stock (the “Conversion Shares”).  Amicus agrees to release its Deed of Trust lien on certain land of Seawright in August County, Virginia, and agrees to execute any documents that Seawright may reasonably request to remove its lien of record.

 

Seawright agrees to provide at its expense any legal opinion that its transfer agent requires to remove the restrictive legend from the Conversion Shares under Rule 144, provided that Amicus provides any representation letter required by such attorney to confirm that Amicus is eligible to sell such Conversion Shares under Rule 144.  Seawright represents that Amicus is currently eligible to sell all 375,000 of the Conversion Shares acquired hereunder under Rule 144.

 

Amicus shall have the right at any time until March 30, 2011 to put any of the Conversion Shares to Seawright at a price of $0.40 per share (the “Put Price”), which option shall be exercised by delivery of a written notice (a “Put Notice”) to Seawright demanding that Seawright purchase the Conversion Shares for the Put Price accompanied by the Conversion Shares duly endorsed with a medallion guarantee. Seawright shall pay the Put Price for the Conversion Shares within three business days of receipt of a Put Notice by wire transfer or certified funds.

 

Amicus hereby represents and warrants to Seawright and Sens as follows:

 

	
(a)  

	
Amicus has had a reasonable opportunity to ask questions of and receive answers from Seawright’s officers and directors concerning Seawright, and to obtain any additional information, documents or instruments available without unreasonable effort or expense necessary to verify the accuracy of the information received by Amicus or to answer any questions which Amicus may have.   Prior to deciding to convert the Note into Seawright common stock, Amicus was provided, and reviewed, the unaudited financial statements of Seawright, and was familiar with its assets, liabilities, revenues, income or loss, and business prospects.  All such questions have been answered to the full satisfaction of Amicus.

 

 

  

1

  

 

	
(b)  

	
Amicus alone or together with persons retained by Amicus with respect to this investment has such knowledge and experience in financial and business matters and investments that Amicus is fully capable of evaluating the merits and risks of this investment.  Amicus has carefully considered and has, to the extent he, she or it believes such discussion necessary, discussed with his, her or its professional, legal, tax and financial advisors, the suitability of an investment in the Interest for his, her or its particular tax and financial situation and that Amicus and his, her or its advisors, if such advisor were deemed necessary, have determined that the shares are a suitable investment for Amicus.

 

	
(c)  

	
Amicus acknowledges that only a limited public market exists for Seawright common stock and, accordingly, Amicus may not be able to readily liquidate the shares of common stock that is receiving hereunder.  Amicus acknowledges that no party can predict the future market price of Seawright common stock, or the price at which Amicus will be able to sell the Seawright common stock that it acquires hereunder, and that Amicus may receive more or less from the sale of the Seawright common stock than the amount owed on the Note.

 

	
(d)  

	
Amicus (i) has adequate means of providing for Amicus’s needs and possible contingencies, (ii) has no need for liquidity in this investment, (iii) is able to bear to the economic risks of an investment in the shares, and (iv) can afford a complete loss of such investment.  Amicus recognizes that investment in the shares involves numerous risks.

 

	
(e)  

	
Amicus is acquiring the shares solely for Amicus’s own account for investment purposes only and not for the account of any other person or for the distribution, assignment or resale to others, except to the extent permitted by SEC Rule 144.  No other person or entity has a beneficial interest in the shares being acquired by Amicus under this agreement.

 

	
(f)  

	
Amicus acknowledges that the shares to be acquired by Amicus will be issued and sold without registration and in reliance upon certain exemptions under the 1933 Act, and reliance upon certain exemptions from registration requirements under applicable state securities laws.  Amicus will make no transfer or assignment of any such shares except in compliance with the 1933 Act, and any applicable state securities laws.

 

	
(g)  

	
Amicus has full legal power and authority to execute, deliver and perform this agreement and such execution, delivery and performance will not violate any agreement, contract, law, rule, decree or other legal restriction to which Amicus is subject or bound.

 

 Please indicate your agreement to the terms of this agreement by signing this letter and returning it to me, and your shares will be issued promptly thereafter.

 

Very truly yours,

 

SEAWRIGHT HOLDINGS, INC.

 

/s/ Joel P. Sens

___________________________________

By Joel Sens, Chief Executive Officer

 

 

/s/ Joel P. Sens

__________________________________

Joel Sens, Individually

Accepted and agreed to:

AMICUS FUNDING, INC.

/s/ David Levy

___________________________________

By: David Levy, President

2exhibit_4-1.htm

Exhibit 4.1

 

 

EIGHTH AMENDMENT TO THE

 

TRANSFER AND SERVICING AGREEMENT

 

 

This EIGHTH AMENDMENT TO THE TRANSFER AND SERVICING AGREEMENT, dated as of June 15, 2011 (this “Amendment”) is made among World Financial Network National Bank (“WFN”), as Servicer; WFN Credit Company, LLC (“WFN Credit”), as Transferor, and World Financial Network Credit Card Master Note Trust (the “Issuer”), as Issuer, to the Transfer and Servicing Agreement, dated as of August 1, 2001, among WFN, as Servicer, WFN Credit, as Transferor, and the Issuer, (as amended by the First Amendment to the Transfer and Servicing Agreement, dated as of November 7, 2002, among WFN Credit, WFN, as Servicer and the Issuer, as further amended by the Omnibus Amendment, dated as of March 31, 2003, among WFN, WFN Credit, the Issuer and The Bank of New York Mellon Trust Company, N.A., formerly known as The Bank of New York Trust Company, N.A., successor to BNY Midwest Trust Company, as Trustee, as further amended by the Third Amendment to the Transfer and Servicing Agreement, dated as of May 19, 2004, among WFN, as Servicer, WFN Credit, as Transferor, and the Issuer, as further amended by the Fourth Amendment to the Transfer and Servicing Agreement, dated as of March 30, 2005, among WFN, as Servicer, WFN Credit, as Transferor, and the Issuer, as further amended by the Fifth Amendment to the Transfer and Servicing Agreement, dated as of June 13, 2007, among WFN, as Servicer, WFN Credit, as Transferor and the Issuer, as further amended by the Sixth Amendment to Transfer and Servicing Agreement, dated as of October 26, 2007, among WFN, as Servicer, WFN Credit, as Transferor, and the Issuer, as further amended by the Seventh Amendment to Transfer and Servicing Agreement, dated June 28, 2010, among WFN, as Servicer, WFN Credit, as Transferor and the Issuer and as further amended from time to time, the “Transfer Agreement”).  Capitalized terms used and not otherwise defined in this Amendment are used as defined in the Transfer Agreement.

 

WHEREAS, the parties hereto desire to amend the Transfer Agreement as set forth below;

 

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:

 

1. Amendment to Transfer Agreement.  The Transfer Agreement is hereby amended by adding a new Section 2.11 as follows:

 

Section 2.11  Enhancement.  The Issuer is hereby authorized and empowered to amend or replace any Enhancement Agreement in accordance with the terms of such Enhancement Agreement.

 

2. Binding Effect; Ratification. (a) This Amendment shall become effective, as of the date hereof, (i) upon receipt hereof by each of the parties hereto of counterparts duly executed and delivered by each of the parties hereto, and (ii) satisfaction of each of the conditions precedent described in Section 9.1(a) of the Transfer Agreement.

 

(b)   On and after the execution and delivery hereof, this Amendment shall be a part of the Transfer Agreement and each reference in the Transfer Agreement to “this Agreement” or “hereof,” “hereunder” or words of like import, and each reference in any other Transaction Document to the Transfer Agreement shall mean and be a reference to the Transfer Agreement as amended hereby.

 

(c)   Except as expressly amended hereby, the Transfer Agreement shall remain in full force and effect and is hereby ratified and confirmed by the parties hereto.

 

3. Miscellaneous. (a) THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

(b)   Headings used herein are for convenience of reference only and shall not affect the meaning of this Amendment.

 

(c)   This Amendment may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same agreement.

 

[Signature Page Follows]

 

	  	  	
Eighth Amendment to Transfer Agreement

  

  

  

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

WORLD FINANCIAL NETWORK NATIONAL

BANK, as Servicer

By:  /s/ Ronald C. Reed                                                                        

Name:  Ronald C. Reed

Title:  Treasurer

WFN CREDIT COMPANY, LLC, asTransferor

By:  /s/ Daniel T. Groomes                                                                        

Name:  Daniel T. Groomes

Title:  President

WORLD FINANCIAL NETWORK CREDIT

CARD MASTER NOTE TRUST, as Issuer

By: U.S. Bank Trust National Association, not in its

individual capacity, but solely as Owner Trustee on

behalf of the Issuer

By:   /s/ Mildred F. Smith                                                                        

Name:  Mildred F. Smith

Title:  Vice President

	  	  	
Eighth Amendment to Transfer Agreement

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