EXHIBIT 10.24
SIXTH ADDENDUM TO COLLATERAL SECURITY AGREEMENT DATED
NOVEMBER 1, 2001 BETWEEN ACTRADE CAPITAL, INC. AND XETEL
CORPORATION (THE "AGREEMENT")
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A. Effective June 28, 2002, Paragraph 3 (iii) of the Agreement is hereby
modified to read as follows:
"3. GENERAL TERMS OF THIS SECURITY AGREEMENT. The parties agree that the
following terms and conditions shall govern this Security Agreement:
(iii) Upon default in payment of (i) sum of $30,000 on or before June
30, 2002, (default charges for extending the debt to September 15,
2002), (ii) the Restructured TADs, less any payments made, on or
before September 15, 2002, or (iii) any facts otherwise
constituting a default under this Agreement, Actrade shall
immediately notify Maker in writing that a default has been
declared. Maker shall have two (2) business days to cure the
default. If not cured within such period than, without further
notice to Maker, Actrade shall take all steps necessary to effect
enforcement and collection of the collateral security described
herein in Schedule A.
B. In all other respects the aforesaid Agreement and each and every
provision thereof shall remain in full force and effect, without change
or modification thereto.
IN WITNESS WHEREOF, THE PARTIES HERETO HAVE EXECUTED THIS ADDENDUM TO THE
AGREEMENT UNDER THEIR SEALS AS OF JUNE 28, 2002.
ACTRADE CAPITAL, INC. XETEL CORPORATION
By: By: /s/ [ILLEGIBLE]
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Xxxxxxx Xxxxxx NAME:
Vice President, Credit & Collections TITLE: CEO
