Grand Card filed with the U.S. Bankruptcy Court a first amendment to the asset purchase agreement (APA) proposed for Grandparents.com.
The amendment notes, “The definition of ‘DIP Loan’ appearing in Section 1.1 of the Original Asset Purchase Agreement is hereby amended and restated to read in its entirety as follows: ‘DIP Loan’ means the debtor-in-possession financing created by the DIP Order by converting the availability of loan proceeds under the Existing Loan to such debtor-in-possession financing.” (b) Section 2.4 of the Original Asset Purchase Agreement is hereby amended, such that the phrase ‘which represents all of the debt and accrued interest thereon outstanding under the Existing Loan’ shall be amended to read ‘which represents a portion of the debt and accrued interest thereon outstanding under the DIP Loan and the Existing Loan’. (c) Schedule 3.6 of the Original Asset Purchase Agreement is hereby amended and restated to read in its entirety as Schedule 3.6 – assigned contracts.”
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