EXHIBIT 10.22
FIFTH ADDENDUM TO COLLATERAL SECURITY AGREEMENT DATED
NOVEMBER 1, 2001 BETWEEN ACTRADE CAPITAL, INC. AND XETEL
CORPORATION (THE "AGREEMENT")
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A. Effective April 12, 2002, Paragraph 3 (iii) of the Agreement is hereby
modified to read as follows:
"3. GENERAL TERMS OF THIS SECURITY AGREEMENT. The parties agree that the
following terms and conditions shall govern this Security Agreement:
(iii) Upon default in payment of (i) sum of $25,000 on or before April
12, 2002, (default charges for extending the debt to June 30,
2002), (ii) the Restructured TADs, less any payments made, on or
before June 30, 2002, or (iii) any facts otherwise constituting a
default under this Agreement, Actrade shall immediately notify
Maker in writing that a default has been declared. Maker shall
have two (2) business days to cure the default. If not cured
within such period then, without further notice to Maker, Actrade
shall take all steps necessary to effect enforcement and
collection of the collateral security described herein in
Schedule A.
B. In all other respects the aforesaid Agreement and each and every
provision thereof shall remain in full force and effect, without change
or modification thereto.
IN WITNESS WHEREOF, THE PARTIES HERETO HAVE EXECUTED THIS ADDENDUM TO THE
AGREEMENT UNDER THEIR SEALS AS OF APRIL 12, 2002.
ACTRADE CAPITAL, INC. XETEL CORPORATION
By: /s/ XXXXXXX XXXXXX By: /s/ [ILLEGIBLE]
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Xxxxxxx Xxxxxx NAME: [ILLEGIBLE]
Vice President, Credit & Collections TITLE: CEO
