Exhibit 10.41
-------------
RENEWAL AGREEMENT
Date: /s/ 6/20/07
-----------------
BORROWER
Name: Paragon Technologies, Inc. (the "Borrower")
Address: 000 Xxxxxxx Xxxx
Xxxxxx, Xxxxxxxxxxxx 00000
Renewal. Wachovia Bank, National Association (hereinafter "Bank") and Borrower
hereby extend the maturity date of the promissory note dated June 20, 2006 in
the original principal amount of $5,000,000.00 made by Borrower and delivered to
Bank (the "Note") to June 30, 2008 when all outstanding principal and accrued
interest shall be due and payable and extend the termination date of the loan
agreement dated June 20, 2006 between Bank and Borrower (the "Loan Agreement")
to June 30, 2008 when Bank's commitment to lend shall terminate.
No Other Changes. Except as extended by this Agreement, the Note, Loan Agreement
and all other documents executed or delivered in connection therewith, including
without limitation, any notes, commitment letters that survives closing, loan
agreements, credit agreements, guaranty agreements, security agreements,
security instruments, financing statements, mortgage instruments, and any
renewals or modifications thereof (collectively, the "Loan Documents"), shall
continue in full force and effect, in accordance with their respective terms,
except that all references to the Note and Loan Agreement therein shall
henceforth refer to the Note and Loan Agreement as extended hereby. This letter
does not represent any new indebtedness or satisfaction of the indebtedness
evidenced by the Note and Loan Agreement and shall in no way adversely affect or
impair the lien priority of any applicable Loan Document.
Affirmations of Borrower. Borrower affirms and represents that the most recent
Commercial Loan Invoice received by Borrower with respect to the obligations
under the Note and Loan Agreement (the "Obligations") is correct, that Borrower
has no defense to payment or performance of the Obligations, that no setoffs
against the Obligations exist, and that Borrower has no counterclaims against
Bank. Borrower ratifies and confirms all provisions of the Note, Loan Agreement
and other Loan Documents, including the confession of judgment contained
therein, and affirms that the maturity and termination date is the only
provision of the Loan Documents that has been modified.
Miscellaneous. This Agreement and the other Loan Documents constitute the sole
agreement of the parties and supersede all oral negotiations and prior writings
with respect to the subject matter thereof. This Agreement may be signed in
counterparts.
IN WITNESS WHEREOF, the undersigned have signed and sealed this Agreement the
day and year first above written.
Place of Execution and Delivery. Borrower hereby certifies that this Agreement
was executed in the Commonwealth of Pennsylvania and delivered to Bank in the
Commonwealth of Pennsylvania.
Wachovia Bank, National Association
By: /s/ Xxxxxxx Xxxxx
---------------------------------------------------
Xxxxxxx Xxxxx, Vice President
Borrower name: Paragon Technologies. Inc.
-------------------------
By: /s/ Xxxxxxx X. Xxxxxxxx (Seal)
-----------------------------------------------
Name printed: Xxxxxxx X. Xxxxxxxx
-------------------
Title: Acting CEO
----------
