EXHIBIT 10.24
ADDENDUM TO COLLATERAL SECURITY AGREEMENT DATED NOVEMBER 1, 2001 BETWEEN
ACTRADE CAPITAL, INC. AND XETEL CORPORATION (THE "AGREEMENT")
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A. Effective February 4, 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) the sum of $8,667.13 on or before
February 6, 2002, (default charges for extending the debt to
February 20, 2002), (ii) the Restructured TADs on or before
February 20, 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 FEBRUARY 4, 2002.
ACTRADE CAPITAL, INC. XETEL CORPORATION
By: By: /s/ [ILLEGIBLE]
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Xxxxxxx Xxxxxx NAME: [ILLEGIBLE]
Vice President, Credit & TITLE: CEO
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