CHANGE IN TERMS AGREEMENT
Exhibit 10.32
|
Principal |
|
Loan Date |
|
Maturity |
|
Loan No |
|
Call / Coll |
|
Account |
|
Officer |
|
Initials |
|
|
|
$ |
100,000.00 |
|
03–15–2004 |
|
08–28–2004 |
|
0100961001 |
|
02 |
|
103369 |
|
248 |
|
|
|
References in the shaded area are for Lender’s use only and do not
limit the applicability of this document to any particular loan or item.
Any item above containing “***” has been omitted due to text length
limitations.
|
Borrower: |
PRIMAL SOLUTIONS, INC. |
Lender: |
SUNWEST BANK |
|
|
WIRELESS BILLING SYSTEMS |
|
Commercial Banking |
|
|
18881 XXX XXXXXX, SUITE 000 |
|
00000 XXXX 00xx XXXXXX |
|
|
IRVINE, CA 92612 |
|
TUSTIN, CA 92780 |
|
Principal Amount: $100,000.00 |
|
Initial Rate: 6.500% |
|
Date of Agreement: March 15, 2004 |
DESCRIPTION OF EXISTING INDEBTEDNESS. A PROMISSORY NOTE DATED APRIL 8, 2002 IN THE AMOUNT OF $100,00.00 EVIDENCING A REVOLVING LINE OF CREDIT WITH A CURRENT BALANCE OF $100,000.00.
DESCRIPTION OF COLLATERAL. UCC1 AND SECURITY AGREEMENT COVERING ALL BUSINESS ASSETS.
DESCRIPTION OF CHANGE IN TERMS. EXTEND MATURITY DATE FROM APRIL 30, 2004 TO AUGUST 28, 2004.
CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect. Consent by Xxxxxx to this Agreement does not waive Xxxxxx’s right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Xxxxxx in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it. This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.
PRIOR TO SIGNING THIS AGREEMENT, EACH XXXXXXXX READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. EACH BORROWER AGREES TO THE TERMS OF THE AGREEMENT.
CIT SIGNERS:
|
PRIMAL SOLUTIONS, INC. |
||
|
|
||
|
By: |
/s/ Xxxxxx X. Xxxxxxx |
|
|
|
XXXXXX X. XXXXXXX, President/ CEO of PRIMAL |
|
|
|
||
|
|
||
|
WIRELESS BILLING SYSTEMS |
||
|
|
||
|
By: |
/s/ Xxxxxx X. Xxxxxxx |
|
|
|
XXXXXX X. XXXXXXX, President/CEO of WIRELESS |
|
|
Principal |
|
Loan Date |
|
Maturity |
|
Loan No |
|
Call / Coll |
|
Account |
|
Officer |
|
Initials |
|
|
|
$ |
100,000.00 |
|
03–15–2004 |
|
08–28–2004 |
|
0100961001 |
|
02 |
|
103369 |
|
248 |
|
/s/ [ILLEGIBLE] |
|
References in the shaded area are for Lender’s use only and do not
limit the applicability of this document to any particular loan or item.
Any item above containing “***” has been omitted due to text length
limitations.
|
Borrower: |
PRIMAL SOLUTIONS, INC. |
Lender: |
SUNWEST BANK |
|
|
WIRELESS BILLING SYSTEMS |
|
Commercial Banking |
|
|
18881 XXX XXXXXX, SUITE 000 |
|
00000 XXXX 00xx XXXXXX |
|
|
IRVINE, CA 92612 |
|
TUSTIN, CA 92780 |
|
Principal Amount: $100,000.00 |
|
Initial Rate: 6.500% |
|
Date of Agreement: March 15, 2004 |
DESCRIPTION OF EXISTING INDEBTEDNESS. A PROMISSORY NOTE DATED APRIL 8, 2002 IN THE AMOUNT OF $100,00.00 EVIDENCING A REVOLVING LINE OF CREDIT WITH A CURRENT BALANCE OF $100,000.00.
DESCRIPTION OF COLLATERAL. UCC1 AND SECURITY AGREEMENT COVERING ALL BUSINESS ASSETS.
DESCRIPTION OF CHANGE IN TERMS. EXTEND MATURITY DATE FROM APRIL 30, 2004 TO AUGUST 28, 2004.
CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect. Consent by Xxxxxx to this Agreement does not waive Xxxxxx’s right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Xxxxxx in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it. This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.
PRIOR TO SIGNING THIS AGREEMENT, EACH XXXXXXXX READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. EACH BORROWER AGREES TO THE TERMS OF THE AGREEMENT.
CIT SIGNERS:
|
PRIMAL SOLUTIONS, INC. |
||
|
|
||
|
By: |
/s/ Xxxxxx X. Xxxxxxx |
|
|
|
XXXXXX X. XXXXXXX, President/ CEO of PRIMAL |
|
|
|
||
|
|
||
|
WIRELESS BILLING SYSTEMS |
||
|
|
||
|
By: |
/s/ Xxxxxx X. Xxxxxxx |
|
|
|
XXXXXX X. XXXXXXX, President/CEO of WIRELESS |
|
