Exhibit 10.23
ALL INDEBTEDNESS EVIDENCED HEREBY AND REFERENCED HEREIN IS SUBORDINATED IN RIGHT
OF PAYMENT TO THE PRIOR PAYMENT IN FULL OF ALL INDEBTEDNESS OWED TO FINOVA
CAPITAL CORPORATION
NOTE MODIFICATION AGREEMENT
THIS NOTE MODIFICATION AGREEMENT made and entered into as of the 1st day of
December 1999, by and between H. Xxxxx Xxxx (hereinafter called "Payee") and
nStor Technologies, Inc., a Delaware corporation (hereinafter called "Maker").
W I T N E S S E T H:
WHEREAS, Payee is the holder of a Demand Note executed by Maker dated April 1,
1999, evidencing Maker's indebtedness to Payee in the original principal amount
of FIVE HUNDRED THOUSAND and 00/100ths U.S. Dollars (U.S. $500,000.00) (a copy
of said Demand Note is attached hereto and incorporated herein as Exhibit"A");
and
WHEREAS on or about July 15, 1999, the above-described Demand Note was modified
pursuant to a Note Modification Agreement to increase the principal amount of
the Demand Note from FIVE HUNDRED THOUSAND and 00/100ths US Dollars (U.S.
$500,000.00) to SEVEN HUNDRED FIFTY THOUSAND and 00/100ths U.S. Dollars (U.S.
$750,000,000); and
WHEREAS, on or about November 1, 1999, the above-described Demand Note was
further modified pursuant to a Note Modification Agreement to increase the
principal amount of the Demand Note from SEVEN HUNDRED FIFTY THOUSAND and
00/100ths U.S. Dollars ($750,000.00) to ONE MILLION and 00/100 U.S. Dollars
($1,000,000.00 and
WHEREAS, Maker desires to have available to borrow under the line of credit an
additional principal amount of FIVE HUNDRED THOUSAND and 00/100ths U.S. Dollars
(U.S. $500,000.00) pursuant to the attached Demand Note, and to increase the
Principal Amount of the attached Demand Note to a total of ONE MILLION FIVE
HUNDRED THOUSAND and 00/100ths U.S. Dollars (U.S. $1,500,000.00); and
WHEREAS, Payee is willing to make available to Maker under the line of credit an
additional sum of FIVE HUNDRED THOUSAND AND 00/100ths U.S. Dollars (U.S.
$500,000.00) and to increase the Principal Amount of the attached Demand Note to
a total Principal Amount of ONE MILLION FIVE HUNDRED THOUSAND and 00/100ths U.S.
Dollars (U.S. $1,500,000.00);
NOW, THEREFORE, in consideration of the premises and the covenants and
agreements herein contained, the sum of TEN and 00/100ths U.S. Dollars (U.S.
$10.00) and other good and valuable considerations, the receipt and sufficiency
whereof is hereby acknowledged, the parties do hereby agree as follows:
1. The foregoing recitals are true and correct in all respects.
2. The parties hereby agree that as of the 1st day of December 1999,
Payee shall make available to Maker under its line of credit an
additional principal sum of FIVE HUNDRED THOUSAND and 00/100th U.S.
Dollars (U.S. $500,000.00) subject to the terms and conditions
contained in the Demand Note, a copy of which is attached hereto and
incorporated herein as Exhibit "A".
3. The parties further agree that as of December 1, 1999, the "Principal
Amount" as that term is defined in the Demand Note attached hereto and
incorporated herein as Exhibit "A", shall hereinafter mean the total
sum of ONE MILLION FIVE HUNDRED THOUSAND and 00/100ths U.S. Dollars
(U.S. $1,500,000.00) which Maker has made available to Payee under its
line of credit pursuant to said Demand Note.
4. The parties hereby agree that the Principal Amount, as hereinabove
amended, which is outstanding under the line of credit, shall bear
interest at the rate of ten percent (10%) per annum, payable monthly,
as set forth in the attached Demand Note, until the Principal Amount
of the Demand Note as hereinabove amended is paid in full.
5. The parties hereby agree and acknowledge that all other terms and
conditions as set forth in the attached Demand Note shall remain the
same throughout the term of the note and shall apply to the Principal
Amount of ONE MILLION FIVE HUNDRED THOUSAND and/00/100ths U.S. DOLLARS
(U.S. $1,500,000.00).
6. The Maker hereby certifies, confirms and agrees that the Demand Note,
as hereinbefore and hereinabove modified and amended, is in full force
and effect, is valid and enforceable in accordance with its terms and
conditions, and is not subject to any defenses or offsets of any kind
or nature whatsoever.
7. This agreement shall be binding upon the parties hereto and their
respective successors and assigns.
IN WITNESS WHEREOF, the parties hereto have caused these presents to be executed
on the day and year first above written.
Maker:
NStor Technologies, Inc.
By: /S/ Xxxxx Xxxx
___________________________________
Name: Xxxxx Xxxx
Title: Controller
Payee:
By: /S/ H. Xxxxx Xxxx
___________________________________
Name: H. Xxxxx Xxxx
Exhibit 10.24
ALL INDEBTEDNESS EVIDENCED HEREBY AND REFERENCED HEREIN IS SUBORDINATED IN RIGHT
OF PAYMENT TO THE PRIOR PAYMENT IN FULL OF ALL INDEBTEDNESS OWED TO FINOVA
CAPITAL CORPORATION
NOTE MODIFICATION AGREEMENT
THIS NOTE MODIFICATION AGREEMENT made and entered into as of the 16th day of
December 1999, by and between H. Xxxxx Xxxx (hereinafter called "Payee") and
nStor Technologies, Inc., a Delaware corporation (hereinafter called "Maker").
W I T N E S S E T H:
WHEREAS, Payee is the holder of a Demand Note executed by Maker dated
April 1, 1999, evidencing Maker's indebtedness to Payee in the original
principal amount of FIVE HUNDRED THOUSAND and 00/100ths U.S. Dollars (U.S.
$500,000.00) (a copy of said Demand Note is attached hereto and
incorporated herein as Exhibit "A"); and
WHEREAS on or about July 15, 1999, the above-described Demand Note was
modified pursuant to a Note Modification Agreement to increase the
principal amount of the Demand Note from FIVE HUNDRED THOUSAND and
00/100ths US Dollars (U.S. $500,000.00) to SEVEN HUNDRED FIFTY THOUSAND and
00/100ths U.S. Dollars ($750,000,000); and
WHEREAS, on or about November 1, 1999, the above-described Demand Note
was further modified pursuant to a Note Modification Agreement to increase
the principal amount of the Demand Note from SEVEN HUNDRED FIFTY THOUSAND
and 00/100ths U.S. Dollars ($750,000.00) to ONE MILLION and 00/100ths U.S.
Dollars ($1,000,000.00); and
WHEREAS, on or about December 1, 1999, the above-described Demand Note
was further modified pursuant to a Note Modification Agreement to increase
the principal amount of the Demand Note from ONE MILLION and 00/100ths U.S.
Dollars ($1,000,000.00) to ONE MILLION FIVE HUNDRED and 00/100ths U.S.
Dollars ($1,500,000.00); and
WHEREAS, Maker desires to have available to borrow under the line of
credit an additional principal amount of ONE HUNDRED THOUSAND and 00/100ths
U.S. Dollars ($100,000.00) pursuant to the attached Demand Note, and to
increase the Principal Amount of the attached Demand Note to a total of ONE
MILLION SIX HUNDRED THOUSAND and 00/100ths U.S. Dollars ($1,600,000.00);
and
WHEREAS, Payee is willing to make available to Maker under the line of
credit an additional sum of ONE HUNDRED THOUSAND AND 00/100ths U.S. Dollars
($100,000.00) and to increase the Principal Amount of the attached Demand
Note to a total Principal Amount of ONE MILLION SIX HUNDRED THOUSAND and
00/100ths U.S. Dollars ($1,600,000.00).
NOW, THEREFORE, in consideration of the premises and the covenants and
agreements herein contained, the sum of TEN and 00/100ths U.S. Dollars
($10.00) and other good and valuable considerations, the receipt and
sufficiency whereof is hereby acknowledged, the parties do hereby agree as
follows:
1. The foregoing recitals are true and correct in all respects.
2. The parties hereby agree that as of the 16th day of December 1999,
Payee shall make available to Maker under its line of credit an
additional principal sum of ONE HUNDRED THOUSAND and 00/100th U.S.
Dollars ($100,000.00) subject to the terms and conditions contained in
the Demand Note, a copy of which is attached hereto and incorporated
herein as Exhibit "A".
3. The parties further agree that as of December 16, 1999, the "Principal
Amount" as that term is defined in the Demand Note attached hereto and
incorporated herein as Exhibit "A", shall hereinafter mean the total
sum of ONE MILLION SIX HUNDRED THOUSAND and 00/100ths U.S. Dollars
($1,600,000.00) which Maker has made available to Payee under its line
of credit pursuant to said Demand Note.
4. The parties hereby agree that the Principal Amount, as hereinabove
amended, which is outstanding under the line of credit, shall bear
interest at the rate of ten percent (10%) per annum, payable monthly,
as set forth in the attached Demand Note, until the Principal Amount
of the Demand Note as hereinabove amended is paid in full.
5. The parties hereby agree and acknowledge that all other terms and
conditions as set forth in the attached Demand Note shall remain the
same throughout the term of the note and shall apply to the Principal
Amount of ONE MILLION SIX HUNDRED THOUSAND and/00/100ths U.S. DOLLARS
($1,600,000.00).
6. The Maker hereby certifies, confirms and agrees that the Demand Note,
as hereinbefore and hereinabove modified and amended, is in full force
and effect, is valid and enforceable in accordance with its terms and
conditions, and is not subject to any defenses or offsets of any kind
or nature whatsoever.
7. This agreement shall be binding upon the parties hereto and their
respective successors and assigns.
IN WITNESS WHEREOF, the parties hereto have caused these presents to be
executed on the day and year first above written.
Maker:
nStor Technologies, Inc.
By: /S/ Xxxxx Xxxx
_____________________________________
Name: Xxxxx Xxxx
Title: Controller
Payee:
By: /S/ H. Xxxxx Xxxx
_____________________________________
Name: H. Xxxxx Xxxx
Exhibit 10.25
April 12, 2000
nStor Technologies, Inc.
Re: Financing
Gentlemen:
This letter confirms that the undersigned has agreed to commit to a $2,000,000
revolving line of credit facility to nStor Technologies until nStor has
successfully completed an agreement with a financial institution for a line of
credit which would finance nStor's daily operations (the"Bank Closing Date").
The terms of this commitment will be based on interest at 10% per annum payable
monthly, with a maturity date based on the earlier of the Bank Closing Date or
April 30, 2001.
Very truly yours,
/s/ H. Xxxxx Xxxx
___________________
H. Xxxxx Xxxx
HIL:bf
000 Xxxxxxx Xxxxxxxxx
Xxxx Xxxx Xxxxx, XX 00000
