Exhibit 10.22
AMENDMENT, MODIFICATION AND EXTENSION AGREEMENT
This Amendment, Modification and Extension Agreement is made as of November
16, 2002, between REPUBLIC CREDIT CORPORATION I ("Republic") of Denver, Colorado
(Creditor), and XXXXXXX COMMUNICATIONS CORPORATION ("MCC") of Cedar Rapids, Iowa
(Debtor) and SILENT WOMAN, L.L.C. ("SW") of Cedar Rapids, Iowa. Republic, MCC,
and SW shall collectively be referred to herein as "the Parties".
WHEREAS, the Parties have previously entered into a Compromise, Settlement
and Mutual Release Agreement, executed by MCC and SW on June 20, 2002; and
WHEREAS, Paragraph 7.1 CLOSING contains a deadline of midnight December 31,
2002; and
WHEREAS, the parties wish to provide for an extension of that deadline.
NOW, THEREFORE, in consideration of the mutual promises and covenants set
forth herein, the Parties hereby agree as follows:
1. A copy of the Compromise, Settlement and Mutual Release Agreement is
attached hereto as Exhibit 1, and incorporated herein by this reference.
2. This Amendment, Modification and Extension Agreement is intended to
amend and modify certain provisions of Paragraph 7.1 CLOSING, contained in
"SECTION SEVEN MISCELLANEOUS" of the Compromise, Settlement and Mutual Release
Agreement by adding the following sentence to the end of current Paragraph 7.1:
If MCC requests any extensions of the December 31, 2002 date in the
previous sentence, then Republic shall grant to MCC up to three (3)
additional one-month extensions on the following basis: Each one-month
extension shall be granted to MCC provided that Republic has received
$10,000.00 in good and available funds prior to the first day of the
month for each such extension. Republic shall not extend the
expiration date beyond March 31, 2003.
Republic's wiring instructions are as follows:
Xxxxx Fargo Bank West, NA
ABA: 000000000
Account Number: 1448019867
For further credit to: Republic Credit Corporation I
Reference: Xxxxxxx Communications Corp/000-0000-00/RCCI
3. The Parties agree that this Amendment, Modification and Extension
Agreement complies with Paragraph 7.2 of the Compromise, Settlement and Mutual
Release Agreement, (see Exhibit 1).
4. The Parties further agree that the Compromise, Settlement and Mutual
Release Agreement remains in full force and effect as to all other terms and
conditions contained therein, not expressly amended, modified or extended
herein.
IN WITNESS WHEREOF, the Parties have executed this Agreement.
REPUBLIC CREDIT CORPORATION I
By:/s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx Date
Vice President
XXXXXXX COMMUNICATIONS CORPORATION
By:/s/ Xxxxx Xxxxxx
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Principal Accounting Officer Date
By:
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Attorney for MCC Date
SILENT WOMAN, L.L.C.
By:/s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx, Member Date
