Attached files
file | filename |
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S-1/A - FORM S-1/A - PATRIOT RISK MANAGEMENT, INC. | c54053a7sv1za.htm |
EX-23.2 - EX-23.2 - PATRIOT RISK MANAGEMENT, INC. | c54053a7exv23w2.htm |
EX-10.75 - EX-10.75 - PATRIOT RISK MANAGEMENT, INC. | c54053a7exv10w75.htm |
EX-10.66 - EX-10.66 - PATRIOT RISK MANAGEMENT, INC. | c54053a7exv10w66.htm |
EX-10.62 - EX-10.62 - PATRIOT RISK MANAGEMENT, INC. | c54053a7exv10w62.htm |
EX-10.63 - EX-10.63 - PATRIOT RISK MANAGEMENT, INC. | c54053a7exv10w63.htm |
Exhibit 10.76
December 31, 2008
Ullico Inc.
1625 Eye Street, NW
Washington, D.C. 20006
1625 Eye Street, NW
Washington, D.C. 20006
Re:
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Commercial Loan Agreement, dated as of December 31, 2008 (the Loan Agreement), by and between (i) Patriot Risk Management, Inc., PRS Group, Inc., Guarantee Insurance Group, Inc., Patriot Risk Services, Inc., Patriot Risk Management of Florida, Inc. and SunCoast Capital, Inc. (collectively, the Borrowers) and (ii) Ullico Inc., a Maryland corporation (the Lender) |
Ladies and Gentlemen:
Reference is hereby made to the Loan Agreement. Unless otherwise defined herein, capitalized
terms shall have their respective meanings set forth in the Loan Agreement.
In connection with the execution of the Loan Agreement and the closing thereunder, Borrowers
acknowledge that they have not delivered the following to Lender:
(i) | Secretarys Certificate, with all applicable exhibits, for Patriot Risk Management of Florida, Inc.; | ||
(ii) | Secretarys Certificate, with all applicable exhibits, for SunCoast Capital, Inc.; | ||
(iii) | Perfection Certificate for Patriot Risk Management of Florida, Inc.; and | ||
(iv) | Perfection Certificate for SunCoast Capital, Inc. |
The items described in clauses (i) through (iv) above are referred to herein as the
Deliverables.
Notwithstanding such failure and the terms of Section 31(b) of the Loan Agreement, and subject
to the terms of this letter agreement, Lender has agreed to consummate the closing and make the
referenced $5,450,000 loan to Borrowers pursuant to the Loan Agreement. Borrowers agree and
covenant that, notwithstanding any of the terms, conditions, representations or warranties
contained in the Loan Agreement, Borrowers shall deliver to Lender the Deliverables on or before
January 5, 2009.
401 E. Las Olas Blvd., Ste 1540 Fort Lauderdale, FL 33301 PHONE 954.670.2937 FAX 954.779.3556 www.prmigroup.com
December 31, 2008
Page 2
Page 2
Failure by Borrowers to satisfy any of the conditions set forth above shall constitute an
Event of Default under the Loan Agreement.
Very truly yours, PATRIOT RISK MANAGEMENT, INC. |
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By: | /s/ Steven M. Mariano | |||
Name: | ||||
Title: | ||||
PRS GROUP, INC. |
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By: | /s/ Eric S. Dawson | |||
Name: | Eric S. Dawson | |||
Title: | Secretary | |||
GUARANTEE INSURANCE GROUP, INC. |
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By: | /s/ Steven M. Mariano | |||
Name: | ||||
Title: | ||||
PATRIOT RISK SERVICES, INC. |
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By: | /s/ Eric S. Dawson | |||
Name: | Eric S. Dawson | |||
Title: | Secretary | |||
PATRIOT RISK MANAGEMENT OF FLORIDA, INC. |
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By: | /s/ Eric S. Dawson | |||
Name: | Eric S. Dawson | |||
Title: | Secretary | |||
SUNCOAST CAPITAL, INC. |
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By: | /s/ Steven M. Mariano | |||
Name: | ||||
Title: | ||||