EXHIBIT 10.3
NOTE EXTENSION AGREEMENT
This Note Extension Agreement (the "Agreement") is by and between Celcor, Inc.
("Celcor") and Northeast (USA) Corp. ("Northeast") is dated as of March 15,
1995.
WHEREAS: Northeast has previously executed a promissory note ("Note") dated
August 9, 1994 for $700,000 in favor of Celcor. Such Note was due November
30, 1994 and is unpaid at this date.
WHEREAS: Northeast shareholders have executed a Pledge Agreement securing the
Note with their shares of Northeast stock.
WHEREAS: Celcor and Northeast have agreed, under certain terms and
conditions, to merge. The process of completing the merger is continuing as
of this date.
WHEREAS: It is in the best interest of Celcor and Northeast that the maturity
of the Note be extended.
IT IS THEREFORE AGREED that the terms of the Note be hereby modified as
follows:
1. The maturity date of the Note is hereby extended to June 30, 1995.
2. Interest of the Note shall accrue from April 1, 1995.
3. At the effective date of any merger between Celcor and Northeast, such
Note and the Pledge Agreement shall be cancelled and all accrued interest, if
any, shall be forgiven.
Agreed to this 15th day of March, 1995.
CELCOR, INC.
/s/ Xxxxxxx X. Xxxxx, Xx.
Xxxxxxx X. Xxxxx, Xx.
President
NORTHEAST (USA) CORP.
/s/ Nanshan Wu
Nanshan Wu
President
NOTE EXTENSION AGREEMENT
This Note Extension Agreement (the "Agreement") is by and between Celcor, Inc.
("Celcor") and Northeast (USA) Corp. ("Northeast") is dated as of June 30,
1995.
WHEREAS: Northeast has previously executed a promissory note ("Note") dated
August 9, 1994 for $700,000 in favor of Celcor. Such Note, by terms of a
previous extension agreement was due June 30, 1995 and is unpaid at this date.
WHEREAS: Northeast shareholders have executed a Pledge Agreement securing the
Note with their shares of Northeast stock.
WHEREAS: Celcor and Northeast have agreed, under certain terms and
conditions, to merge. The process of completing the merger is continuing as
of this date.
WHEREAS: It is in the best interest of Celcor and Northeast that the maturity
of the Note be extended.
IT IS THEREFORE AGREED that the terms of the Note be hereby modified as
follows:
1. The maturity date of the Note is hereby extended to October 31, 1995.
2. If unpaid at maturity, interest of the Note shall accrue from November
1, 1995.
3. At the effective date of any merger between Celcor and Northeast, such
Note and the Pledge Agreement shall be cancelled and all accrued interest, if
any, shall be forgiven.
Agreed to this 30th day of June, 1995.
CELCOR, INC.
/s/ Xxxxxxx X.Xxxxx, Xx.
Xxxxxxx X. Xxxxx, Xx.
President
NORTHEAST (USA) CORP.
/s/ Nanshan Wu
Nanshan Wu
President
