PaineWebber Incorporated
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000-0000
PaineWebber
October 25, 1996
COMMERCIAL ASSETS, INC.
0000 X. Xxxxxxxx, Xxxxx 000
Xxxxxx, Xxxxxxxx 00000
RE: Amendment to Loan and Security Agreement
Ladies and Gentleman:
This letter is to confirm the understanding and agreement between you
and Pain Xxxxxx Real Estate Securities Inc. ("Lender") relating to that certain
Loan and Security Agreement dated as of November 29, 1994, by and between
Commercial Assets, Inc. ("Borrowers") and Lender (the "Agreement"). Each
initially capitalized term used and not defined herein shall have the meaning
specified therefor in the Agreement.
In consideration of Lender agreeing to extend the Termination Date on
the terms and conditions specified herein, and for other good and valuable
consideration, Borrower and Lender hereby agree to amend the Agreement as
follows:
1. Section 1.1 of the Agreement is amended by deleting the definition of
the "Initial Committed Amount" and replacing it with the following:
"Initial Committed Amount" means $4,000,000; provided, however, that
effective as of November 29, 1995, the Initial Committed Amount shall be $0."
2. Section 1.1 of the Agreement is further amended by deleting the
definition of the term "Termination Date" and replacing it with the following:
"Termination Date" means November 28, 1997 or such later date as may be
set pursuant to the terms of Section 3.5."
3. Section 3.1 of the Agreement is amended by deleting the third
sentence in its entirety and by replacing it with the following:
"Effective as of November 29, 1996, Lender's Commitment shall equal $O.,
and Lender shall have no obligation to make any Advance to or for the account of
Borrower."
PaineWebber
4. Section 3.5 of the Agreement is amended by deleting the date "August 29,
1995" on the second line thereof and by replacing such date with "August 28,
1997".
Please acknowledge your agreement with the foregoing terms and
conditions by signing and returning a signed copy of this letter to XXXXX XXXXXX
REAL ESTATE SECURITIES INC., 1285 Avenue of the Americas, New York, N.Y. 10019,
attention: Xxxxxx Xxxxxxxxxxxx, First Vice President
Very truly yours,
XXXXX XXXXXX REAL
ESTATE SECURITIES INC.
By: /s/Xxxxxx Xxxxxxxxxxxx
------------------------------
Name: Xxxxxx Xxxxxxxxxxxx
----------------------------
Title: First Vice President
---------------------------
Accepted and agreed to
this ____day of _______, 1996:
COMMERCIAL ASSETS, INC.
By: /s/Xxxxx Xxxxxxx
------------------------------
Name: Xxxxx Xxxxxxx
----------------------------
Title: Senior Vice President and
---------------------------
Chief Financial Officer
