CHANGE IN TERMS AGREEMENT
EXHIBIT
4.1
|
Principal
$1,500,000.00
|
Loan
Date
06-03-07
|
Maturity
07-03-2007
|
Loan
No.
0000000
|
Call
/ Coll
4
/ 15
|
Account
G001097
|
Officer
BC
|
Initials
|
|
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:
|
XXXXXXX
TECHNOLOGIES, LLC
0000
X 000XX
XX
XXXXX,
XX 00000
|
Lender:
|
NEBRASKA
STATE BANK OF OMAHA
LAKESIDE
BRANCH
00000
XXXXXXXX XXXXX XXX
XXXXX,
XX 00000
(402)
571-2300
|
| Principal Amount: $1,500,000.00 |
Initial
Rate:
10.250%
|
Date
of Agreement: May 3,
2007
|
DESCRIPTION
OF EXISTING INDEBTEDNESS.
A
Promissory Note dated August 12, 2005, in the principal amount of
$1,500,000.00.
DESCRIPTION
OF COLLATERAL. Existing
collateral remains as described in the original promissory note in addition
to
other collateral that may secure this indebtedness, all the terms and conditions
of which are hereby incorporated and made part of the Agreement.
DESCRIPTION
OF CHANGE IN TERMS. The
maturity date on the Promissory Note has been extended to June 3, 2007, at
which
time all outstanding principal and accrued interest shall be due and payable
in
full.
PAYMENT. Borrower
will pay this loan In full Immediately upon Lender's demand. If no demand
Is
made, Borrower will pay this loan In one payment of all outstanding principal
plus all accrued unpaid Interest on June 3, 2001.
VARIABLE
INTEREST RATE. The
interest rate on this loan is subject to change from time to time based on
changes in an independent index which is the National Prime Rate as published
in
the Money Section of the Wall Street Journal (the "Index"). The Index is
not
necessarily the lowest rate charged by Lender on its loans. If the Index
becomes
unavailable during the term of this loan, Lender may designate a substitute
index after notifying Borrower. Lender will tell Borrower the current Index
rate
upon Borrower's request. The interest rate change will not occur more often
than
each day. Borrower understands that Lender may make loans based on other
rates
as well. The
Index currently is 8.250% per annum.
The
interest rate to be applied to the unpaid principal balance during this loan
will be at a rate of 2.000 percentage points over the Index, resulting in
an
initial rate of 10.250% per annum. NOTICE: Under no circumstances will the
interest rate on this loan be more than the maximum rate allowed by applicable
law.
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 Lender to this
Agreement does not waive Lender'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 Lender 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, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS
OF
THIS AGREEMENT, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER
AGREES
TO THE TERMS OF THE AGREEMENT.
BORROWER:
XXXXXXX
TECHNOLOGIES, LLC
XXXXXXX
TECHNOLOGIES CORP., Manager of XXXXXXX TECHNOLOGIES, LLC
By:________________________________________
X.X.
X'XXXXX, CHIEF OPERATING OFFICER of
XXXXXXX
TECHNOLOGIES CORP.
LENDER:
NEBRASKA
STATE BANK OF OMAHA
X_________________________________________
XXXXX
XXXXXX, Senior Vice President
