AMENDMENT TO NOTE
Exhibit No. 10.60
AMENDMENT TO NOTE
This Amendment to Note
(“Amendment”), made, delivered, and effective as of June ___, 2010, by and
between Advanced Photonix, Inc. (“Borrower”) and THE PRIVATEBANK AND TRUST
COMPANY (“Bank”).
WHEREAS, Borrower and Bank
are parties to that certain Promissory Note (Term Loan-Prime) in the original
principal amount of $1,735,716.61 dated September 25, 2008 (“Note”);
and
WHEREAS, Bank and Borrower
desire to amend the Note as set forth below;
NOW, THEREFORE, in
consideration of the premises and the mutual promises contained in this
Amendment, Borrower and Bank agree as follows:
The definition of Applicable Margin is amended
to read as follows:
“‘Applicable Margin’ shall mean two
percent (2%).”
Borrower is responsible for all costs incurred
by Bank, including without limit reasonable attorney fees, with regard to the
preparation and execution of this Amendment.
The execution of this Amendment shall not be
deemed to be a waiver of any Default or Event of Default.
All the terms used in this Amendment which are
defined in the Note shall have the same meaning as used in the Note, unless
otherwise defined in this Amendment.
Borrower waives, discharges, and forever
releases Bank, Bank’s employees, officers, directors, attorneys, stockholders,
and their successors and assigns, from and of any and all claims, causes of
action, allegations or assertions that Borrower has or may have had at any time
up through and including the date of this Amendment, against any or all of the
foregoing, regardless of whether any such claims, causes of action, allegations
or assertions are known to Borrower or whether any such claims, causes of
action, allegations or assertions arose as result of Bank’s actions or omissions
in connection with the Note, or any amendments, extensions or modifications
thereto, or Bank’s administration of the debt evidenced by the Note or
otherwise.
This Amendment is not an agreement to any
further or other amendment of the Note.
Borrower expressly acknowledges and agrees
that except as expressly amended in this Amendment, the Note, as amended,
remains in full force and effect and is ratified, confirmed and
restated.
IN WITNESS WHEREOF, the
parties have executed and delivered this Amendment on the date set forth
above.
THE PRIVATEBANK AND TRUST ADVANCED PHOTONIX,
INC.
COMPANY
COMPANY
| By: | By: | ||
| Its: | Its: |
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