Exhibit 10.11
First Union
RENEWAL AGREEMENT
Date: February 23, 2001
BORROWER
Name: Optical Cable Corporation
0000 Xxxxxxxxx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
RENEWAL. First Union National Bank (hereinafter "Bank") and Borrower hereby
extend the maturity of a promissory note dated March 10, 1999 in the original
principal amount of $5,000,000.00 made by Borrower and delivered to Bank (the
"Note") to March 31, 2002 when all outstanding principal and accrued interest
shall be due and payable.
AFFIRMATIONS OF BORROWER. Borrower affirms and represents that the most recent
Commercial Loan invoice received by Borrower with respect to the Obligations is
correct, that the Note, as modified hereby, and other Loan Documents are in full
force and effect, that Borrower has no defense to payment or performance of the
Obligations, that no setoffs against the Obligations exist, and that Borrower
has no counterclaims against Bank. Borrower ratifies and confirms all provisions
of the Note and other Loan Documents, including the confession of judgment
contained therein, and affirms that the maturity date is the only provision of
the Loan Documents that has been modified.
MISCELLANEOUS. This Agreement and the other Loan Documents constitute the sole
agreement of the parties and supersede all oral negotiations and prior writings
with respect to the subject matter thereof. This Agreement may be signed in
counterparts. Terms used in this Agreement which are capitalized shall have the
meanings ascribed to such terms in the Note.
IN WITNESS WHEREOF, the undersigned have signed and sealed this Agreement the
date and year first above written.
PLACE OF EXECUTION AND DELIVERY. Borrower here by certifies that this Agreement
was executed in the Commonwealth of Virginia and delivered to Bank in the
Commonwealth of Virginia.
Borrower name: Optical Cable Corporation
Taxpayer Identification Number: 00-0000000
By: s/Xxxxxx Xxxxxxxx
Name printed: Xxxxxx Xxxxxxxx
Title: President
First Union National Bank
By: s/Xxxxx X. Xxxxx
Name printed: Xxxxx X. Xxxxx
Title: Senior Vice President