CHANGE IN TERMS AGREEMENT
DESCRIPTION OF EXISTING INDEBTEDNESS. LENDER IS THE HOLDER OF THAT CERTAIN
PROMISSORY NOTE DATED JULY 1, 2008 IN THE ORIGINAL PRINCIPAL AMOUNT OF
$9,000,000.00 AND ANY AND ALL CHANGE IN TERMS AGREEMENTS PREVIOUSLY EXECUTED.
DESCRIPTION OF COLLATERAL. ALL ACCOUNTS AS MORE COMPLETELY DESCRIBED IN
THE COMMERCIAL SECURITY AGREEMENT DATED JULY 1, 2008 TOGETHER WITH ALL
MODIFICATIONS OF, CONSOLIDATIONS OF, ADDITIONS OF, REPLACEMENTS OF AND
SUBSTITUTIONS OF THE COLLATERAL.
DESCRIPTION OF CHANGE IN TERMS. BORROWER AND LENDER HEREBY AGREE TO
MODIFY THE ABOVE REFERENCED PROMISSORY NOTE AS FOLLOWS:
1) THE MATURITY DATE SHALL BE EXTENDED FROM JULY 5, 2009 TO DECEMBER 15, 2009.
2) MODIFICATIONS AND/OR ADDITIONS TO THE BUSINESS LOAN AGREEMENT (ASSET
BASED) AS MORE COMPLETELY DESCRIBED IN SAID DOCUMENT OF EVEN DATE HEREWITH.
3) AS OF THE DATE OF THIS AGREEMENT THE INTEREST RATE WILL BE ADJUSTED TO THE
CURRENT PRIME RATE, MINUS A MARGIN OF .1250 PERCENTAGE POINTS WITH A FLOOR
RATE OF 5.750 PERCENTAGE POINTS, RESULTING IN A CURRENT RATE OF 5.750 PERCENT,
AS MORE COMPLETELY DESCRIBED IN THE “VARIABLE INTEREST RATE” PARAGRAPH
4) PAYMENTS SHALL BE DUE AND PAYABLE AS DESCRIBED IN THE “PAYMENT”
PARAGRAPH CONTAINED HEREIN.
PAYMENT. Borrower will pay this loan in one payment of all outstanding principal plus all accrued unpaid
interest on December 15, 2009. In addition, Borrower will pay regular monthly payments of all accrued unpaid
interest due as of each payment date, beginning July 15, 2009, with all subsequent interest payments to be due on
the same day of each month after that.
VARIABLE INTEREST RATE. The interest rate on this loan is subject to change from time to time based on
changes in an independent index which is the The Prime Rate as quoted in the Money Section of the Wall Street
Journal, when a range of rates is published the highest rate will be applied (the “Index”