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AMENDMENT TO LOAN AGREEMENT
WHEREAS ICHOR Corporation ("Ichor"), ICHOR Services, Inc. ("ISI") and
Xxxxxxxx Financial Corporation (the "Lender") entered into a loan agreement
effective the 15th day of January, 1997 (the "Loan Agreement"), wherein Ichor
and ISI (collectively the "Borrowers") requested that a credit facility be
made available to them by the Lender and the Lender agreed to make the credit
facility available to the Borrowers upon the terms and conditions set out in
the Loan Agreement; and
WHEREAS the Borrowers and the Lender desire to amend the Loan Agreement,
in accordance with section 1.3 thereof, to reflect a change in the Principal
Sum to be made available by the Lender to the Borrowers pursuant to such
credit facility and have agreed to enter into this amendment agreement (the
"Amendment Agreement").
NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of one dollar
($1.00) paid by the parties to each other, receipt of this sum being
acknowledged by each of the parties, and other good and valuable
consideration, the Borrowers jointly and severally covenant and agree with the
Lender and the Lender covenants and agrees with the Borrowers as follows:
1. All capitalized terms used and not otherwise defined herein shall have
the meanings assigned to them in the Loan Agreement.
2. The definition of "Principal Sum" contained in section 1.1 of the Loan
Agreement is hereby amended to delete the reference to "$250,000" and
insert in its place "$750,000".
3. The Lender and the Borrowers hereby confirm and ratify the Loan Agreement
as amended and modified by this Amendment Agreement.
4. Each of the Borrowers represents and warrants to the Lender as follows:
(a) each of the Borrowers has taken all necessary action to authorize the
creation, execution, delivery and performance of this Amendment
Agreement and this Amendment Agreement has been duly executed by the
Borrowers, as required, and when delivered, will, together with the
Loan Agreement and Ancillary Documents, constitute legal, valid and
binding obligations of the Borrowers, enforceable in accordance with
their terms;
(b) each of the Borrowers has to date fulfilled and will hereafter
continue to fulfill each covenant, agreement and condition on its
part to be performed under the Loan Agreement, as amended, and
Ancillary Documents;
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(c) neither of the Borrowers has knowledge of the existence of any event
of default or any event which, upon notice or lapse of time or both,
would become an event of default under the Loan Agreement, as
amended; and
(d) neither of the Borrowers has entered into any amendment or supplement
to the Loan Agreement other than this Amendment Agreement.
5. This Amendment Agreement is declared to be supplemental to the Loan
Agreement and is to form part of and shall have the same effect as though
incorporated in the Loan Agreement.
6. This Amendment Agreement may be executed in several parts in the same
form and by facsimile, and such parts as so executed shall together
constitute one original document, and such parts, if more than one, shall
be read together and construed as if all the signing parties had executed
one copy of this Amendment Agreement.
7. This Amendment Agreement will enure to the benefit of and be binding upon
the parties hereto and their respective successors and assigns.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to Loan
Agreement to be duly executed effective as of the date set out herein.
Dated: June 30, 1997
ICHOR CORPORATION XXXXXXXX FINANCIAL CORPORATION
By: /s/ Xxxx X. Xxxxxxxxx By: /s/ Xxxx Xxxxxxx
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Name: Xxxx Xxxxxxxxx Name: X. Xxxxxxx
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Title: Chief Operating Officer Title: Director
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ICHOR SERVICES, INC.
By: /s/ Xxxx X. Xxxxxxxxx
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Name: Xxxx Xxxxxxxxx
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Title: President
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