EXHIBIT 10.14
AMENDMENT TO
BRIDGE LOAN AGREEMENT
THIS AMENDMENT TO BRIDGE LOAN AGREEMENT (the "Amendment") is made and
entered into this 17th day of November 2004 (the "Effective Date"), by and
between ENER1 GROUP, INC., a Florida corporation ("Ener1") and SPLINEX
TECHNOLOGY INC., a Delaware corporation, with principal place of business at
550 West Cypress Creek Rd., Suite 410, Ft. Lauderdale, Florida 33309,
("Splinex").
WHEREAS, the parties hereto have entered into that certain Bridge Loan
Agreement dated November 2, 2004 (the "Bridge Loan Agreement"), pursuant to
which Ener1 loaned to Splinex $100,000.00; and
WHEREAS, Splinex wishes to borrow additional funds pursuant to the
terms in the Bridge Loan Agreement from time to time as agreed in each instance
by the parties; and
WHEREAS, the parties wish to amend the Bridge Loan Agreement as
provided herein.
NOW, THEREFORE, in consideration of the following premises and for
other good and valuable considerations, the parties hereby agree as follows:
1. MASTER BRIDGE LOAN AGREEMENT. The Bridge Loan Agreement shall
operate as and be referred to as a Master Bridge Loan Agreement to facilitate
the lending of additional funds, as requested by Splinex, and as agreed to by
Ener1 (each a "Funding Request"). Prior to funding any additional Funding
Request, Splinex will deliver to Ener1 a Note in the form attached to the
Bridge Loan Agreement in the amount of the funds to be advanced (each such
Note, a "New Note" and the amount of such New Note, the "New Note Amount"). The
Bridge Loan Agreement shall contain as Schedule I thereto a Schedule of all
Notes issued pursuant to the Master Bridge Loan Agreement and shall be revised
at the time of any additional Funding Request as provided in Schedule I hereto,
which shall be signed by a duly authorized officer of each party.
2. FUNDING OF NEW BRIDGE LOAN. No later than five business days
after the delivery of a New Note, Ener1 shall effect wire transfers of
immediately available funds of the New Note Amount. The date upon which
Splinex's bank has confirmed receipt of such funds in Splinex's account shall
be the "Funding Date" for each New Note Amount.
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3. INTEREST. The Bridge Loan Amount shall accrue interest at the
rate of 5% per annum measured from the Funding Date for each amount delivered
in the aggregate Bridge Loan Amount.
4. GOVERNING LAW. This Amendment shall be governed by and
construed in accordance with the laws of the State of Florida.
5. BRIDGE LOAN AGREEMENT. All terms of the Bridge Loan Agreement
not contrary to the terms herein, shall remain in full force and effect and all
subsequent fundings shall be pursuant to the terms of the Bridge Loan Agreement
as amended hereby.
6. COUNTERPARTS. This Amendment may be executed in two
counterparts, each of which shall be deemed an original and all of which
together shall constitute the same agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the day and year first above written.
ENER1 GROUP, INC., SPLINEX TECHNOLOGY INC.
/s/ Mike Zoi /s/ Gerard Herlihy
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Name: Mike Zoi Name: Gerard Herlihy
Title: President Title: Chief Financial Officer
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SCHEDULE I
SCHEDULE OF NOTES
DATE OF ISSUANCE AMOUNT OF NOTE
November 2, 2004 $100,000.00
November 17, 2004 $ 30,000.00
TOTAL: $130,000.00
DATED: NOVEMBER 17, 2004
ENER1 GROUP, INC., SPLINEX TECHNOLOGY INC.
/s/ Mike Zoi /s/ Gerard Herlihy
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Name: Mike Zoi Name: Gerard Herlihy
Title: President Title: Chief Financial Officer
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