Exhibit 10.1
SECOND EXTENSION TO COMMERCIAL LOAN AND SECURITY AGREEMENT
THIS SECOND EXTENSION TO COMMERCIAL LOAN AND SECURITY AGREEMENT is made
as of the 21 day of July 2005, by and among STANFORD FINANCIAL GROUP COMPANY, a
Florida corporation having its place of business at 0000 Xxxxxxxxxx, Xxxxxxx, XX
00000, and SUPERIOR GALLERIES, INC., a Delaware corporation with a place of
business at 0000 X. Xxxxxxx Xxxx., Xxxxxxx Xxxxx, Xxxxxxxxxx 00000, as follows:
1. The payment period of the Commercial Loan and Security Agreement
between the parties dated October 1, 2003 ("Loan Agreement") is hereby extended
through and including October 1, 2006 in accordance with Section 1.4(c) of said
Loan Agreement. The parties further agree that the second sentence of the second
paragraph of the Commercial Note between them dated October 1, 2003 shall be
amended to state as follows: "All principal and interest evidenced by this Note,
if not sooner paid, or demanded, shall be due and payable on October 1, 2006, or
such later date as shall be mutually agreed in writing by the parties, without
the necessity of demand or notice."
2. Except as modified by Paragraph 1 hereof, and the modifications
under the amendment to the Loan Agreement as of March 29, 2005, all terms and
conditions of the Loan Agreement shall continue in full force and effect through
the extended payment period.
SIGNED, SEALED AND DELIVERED
IN THE PRESENCE OF:
SUPERIOR GALLERIES, INC.
/s/ Xxxx Biberkraut BY: /s/ Xxxxxxx XxXxxxxx
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Xxxxxxx XxXxxxxx
Its Chairman, Duly Authorized
STANFORD FINANCIAL GROUP COMPANY
BY: /s/ Xxx Xxxxx
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