FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT
This is the fifth amendment to the Loan and Security Agreement dated November
9, 1988 between Cambex Corporation of 000 Xxxxxx Xxxxxx, Xxxxxxx,
Xxxxxxxxxxxxx 00000 ("Borrower") and BA Associates, Inc. of 0 Xxxxxxx Xxxxxx,
Xxxxxxx, XX 00000 ("Lender").
Section 3.1 as written in the Agreement is deleted and replaced with the
following:
3.1 The Borrower requested and Lender hereby agrees to make a loan to
Borrower from time to time as required by Borrower of up to a maximum
of One Million and Fifty Thousand Dollars ($1,050,000) being
outstanding at any one time and enter that amount as debits in the
Loan Account. Lender shall also record in the Loan Account all
payments made by the Borrower on account of indebtedness evidenced by
the Loan Account and all proceeds of Collateral which are finally
paid to Lender at its office in cash or solvent credits, and may
record therein, in accordance with customary accounting practice,
other debits and credits, including all charges and expenses properly
chargeable to the Borrower, and any other Obligation. The debit
balance of the Loan Account shall reflect the amount of the
Borrower's indebtedness to Lender from time to time by reason of
loans and other appropriate charges hereunder. At least once each
month Lender shall render a statement of account showing as of its
date the debit balance of the Loan Account which, unless within
thirty days of such date notice to the contrary is received by Lender
from the Borrower, shall be considered correct and accepted by and
conclusively binding upon the Borrower.
In consideration for increasing the amount of available funds that Cambex
Corporation ("Borrower") may borrow, Borrower agrees to issue to BA
Associates ("Lender") a Warrant for the purchase of 50,000 (Fifty Thousand)
shares of Cambex Corporation Common Stock. The exercise price of the Warrant
is $1.25 (one dollar and twenty-five cents) per share.
Agreed to and Accepted:
Cambex Corporation BA Associates
By: Xxxxxx X. Xxxx By: Xxxxx Xxxxxxx
Title: President Title: President
Date: 12/27/00 Date: 12/27/00
