Amendment to Note
This Amendment to Note ("Amendment"), made, delivered, and effective as of
September 7, 1999, by and between Pro Golf International, Inc. ("Borrower") and
COMERICA BANK ("Bank").
WHEREAS, Borrower and Bank are parties to that certain Master Revolving Note in
the original principal amount of $8,500,000 dated June 22, 1999 ("Note"); and
WHEREAS, Bank and Borrower desire to amend the Note as set forth below;
NOW, THEREFORE, in consideration of the premises and the mutual promises
contained in this Amendment, Borrower and Bank agree as follows:
1. The reference to "September 7, 1999" in the first sentence of the Note is
deleted and "November 8, 1999" is inserted in lieu thereof. The indebtedness
outstanding under the Note shall now be due and payable in full on the earlier
of November 8, 1999 and DEMAND by Bank.
2. Borrower is responsible for all costs incurred by Bank, including without
limit reasonable attorney fees, with regard to the preparation and execution
of this Amendment.
3. The execution of this Amendment shall not be deemed to be a waiver of any
Default or Event of Default.
4. All the terms used in this Amendment which are defined in the Note shall have
the same meaning as used in the Note, unless otherwise defined in this
Amendment.
5. Borrower waives, discharges, and forever releases Bank, Bank's employees,
officers, directors, attorneys, stockholders, and their successors and
assigns, from and of any and all claims, causes of action, allegations or
assertions that Borrower has or may have had at any time up through and
including the date of this Amendment, against any or all of the foregoing,
regardless of whether any such claims, causes of action, allegations or
assertions are known to Borrower or whether any such claims, causes of
action, allegations or assertions arose as result of Bank's actions or
omissions in connection with the Note, or any amendments, extensions or
modifications thereto, or Bank's administration of the debt evidenced by the
Note or otherwise. Nothing set forth in this Amendment shall be deemed to
modify the demand nature of the Note.
6. This Amendment is not an agreement to any further or other amendment of the
Note.
7. Borrower expressly acknowledges and agrees that except as expressly amended
in this Amendment, the Note, as amended, remains in full force and effect and
is ratified, confirmed and restated.
IN WITNESS WHEREOF, the parties have executed and delivered this Amendment on
the date set forth above.
Name(s) of Borrower(s): Pro Golf International, Inc.
By:_____________________________ By:________________________________
SIGNATURE OF SIGNATURE OF
Its:____________________________ Its:_______________________________
TITLE (IF APPLICABLE) TITLE (IF APPLICABLE)
COMERICA BANK
By:_______________________________
SIGNATURE OF
Its:______________________________
TITLE
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The above Amendment to Note is consented to by the undersigned Guarantors as of
September 7, 1999.
Ajay Sports, Inc.
Xxxxxxxx Partners, Inc.
Pro-Golf of America, Inc.
Colorado Ridge Corporation
Acrodyne Corporation
By:____________________________________________
Xxxxxx X. Xxxx, President of each of the above entities
Tico
By:____________________________________________
Xxxxxx X. Xxxx, Managing Partner
Sico
By:____________________________________________
Xxxxxxx X. Xxxx, Managing Partner
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Xxxxxx X. Xxxx, individually
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Xxxxxxx X. Xxxx, individually
