CHANGE IN TERMS AGREEMENT
EXHIBIT 10.1
BORROWER:
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Lender: | |
XXXXXXXXXXXX RESOURCES, INC.
|
FIRST INTERSTATE BANK | |
XX XXX 000
|
XXXXXXXX XXXXXX-XXXXXXXXXX XXXX. | |
XXXXXX, XX 00000-0000
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000 XXXXX 00xx XXXXXX | |
XX XXX 00000 | ||
XXXXXXXX, XX 00000 |
Date of Agreement: OCTOBER 28, 2008
Note Number: 1100236355
Description of Existing Indebtedness: REVOLVING LINE OF CREDIT SHOWING A
CURRENT PRINCIPAL BALANCE OF $6,200,000.00.
Description of Collateral: 10,000 SHARES OF XXXXXXXXXXXX RESOURCES STOCK AND
ALL INVENTORY, CHATTEL PAPER, ACCOUNTS, GENERAL INTANGIBLES
Description of Change in Terms: THE LINE IS LOWERED FROM A MAXIMUM CREDIT OF
$20,000,000.00 TO A MAXIMUM CREDIT OF $10,000,000.00; THE MATURITY DATE IS
EXTENDED TO NOVEMBER 28, 2008. ALL OTHER TERMS AND CONDITIONS TO REMAIN.
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.
BORROWER AGREES TO THE TERMS OF THE AGREEMENT AND ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THE
AGREEMENT.
BORROWER: XXXXXXXXXXXX RESOURCES, INC. |
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BY: | /s/ Xxxx Xxxxxx | |||
XXXX XXXXXX, VICE PRESIDENT | ||||
FIRST INTERSTATE BANK |
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BY: | /s/ Xxxxx Xxxxxxxxx | |||
XXXXX XXXXXXXXX, VICE PRESIDENT | ||||