CHANGE IN TERMS AGREEMENT
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Principal
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Loan
Date
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Maturity
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Loan
No
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Call
/ Coll
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Account
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Officer
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Initials
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$750,000.00
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03-30-2005
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03-30-2007
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1050142641
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References
in the above area are for Lender’s use only and do not limit the
applicability of the document to any particular loan or item.
Any
item above containing “***” has been omitted due to text length
limitations.
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Borrower: AT&S
Holdings, Inc. Lender:
BANK OF THE WEST
American
Trailer & Storage, Inc. Kansas
City BBC #21383
0000
Xxxxxxxxxx
Xxxxxxxxxx 000
X.X.
Xxxx Xxxx Xxx
Xxxxxx
Xxxx, XX
00000
Xxx’x
Xxxxxx, XX 00000
(000)
000-0000
Principal
Amount: $750,000.00 Date
of
Agreement: March
28,
2006
DESCRIPTION
OF EXISTING INDEBTEDNESS.
Promissory
Note date March 30, 2005 in the original amount of $650,000.00.
DESCRIPTION
OF COLLATERAL.
Commercial
Security Agreement dated October 1, 2003; Commercial Security Agreement dated
November 12, 2003; Commercial Security Agreement dated September 18, 2003;
Commercial Security Agreement dated January 30, 2004; Commercial Security
Agreement dated February 9, 2004; Commercial Security Agreement dated March
23,
2004; Commercial Security Agreement dated April 14, 2004; Commercial Security
Agreement dated April 28, 2004; Commercial Security Agreement dated May 12,
2004; Commercial Security Agreement dated June 15, 2004; Commercial Security
Agreement dated November 12, 2004 and any security agreements or other
collateral documents between Borrower and Lender, previously existing or
hereafter executed.
DESCRIPTION
OF CHANGE IN TERMS.
1. Extension
of Maturity Date. Consistent
with our existing periodic payment arrangement, the Maturity Date of the
Promissory Note shall be extended to March 30, 2007.
2. The
heading captioned “PROMISE
TO PAY” of
the
Promissory Note is deleted in its entirety and the paragraph below is
substituted in lieu there of:
PROMISE
TO PAY. AT&S
Holdings, Inc. and American Trailer & Storage, Inc. (‘Borrower’) jointly and
severally promises to pay to BANK OF THE WEST (“Lender”), or order, in lawful
money of the United States of America, the principal amount of Seven Hundred
Fifty Thousand & 00/100 Dollars ($750,000.00) or so much as may be
outstanding, together with interest on the unpaid outstanding principal balance
of each advance. Interest shall be calculated from the date of each advance
until repayment of each advance.
3. The
heading captioned “VARIABLE
INTEREST RATE”
of
the
Promissory Note is deleted in its entirety and the paragraph below is
substituted in lieu thereof:
VARIABLE
INTEREST RATE. The
interest rate on this Note is subject to change from time to time based on
changes in an independent index which is the highest base rate on corporate
loans at large U.S. money center commercial banks that the Wall Street Journal
publishes as the Prime Rate (“the Index”). The Index is not necessarily the
lowest rate charged by Lender on its loans. If the Index becomes unavailable
during the term of this loan, Lender may designate a substitute index after
notice to Borrower. Lender will tell Borrower the current Index rate upon
Borrower’s request. The interest rate change will not occur more often than each
day. The interest rate may change daily following the date of this Change in
Terms Agreement. Borrower understands that Lender may make loans based on other
rates as well. The
Index currently is 7.500% per annum. The interest rate to be applied to the
unpaid balance of this Note will be at a rate equal to the Index, resulting
in
an initial rate of 7.500% per annum. NOTICE:
Under no circumstances will the interest rate on this Note be more than the
maximum rate allowed by applicable law.
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 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 person 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, EACH BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS
OF THIS AGREEMENT. EACH BORROWER AGREES TO THE TERMS OF THE
AGREEMENT.
CHANGE
IN TERMS SIGNERS:
AT&S
Holdings, Inc.
By:___//s//________________________________ By:______//s//_________________________________
Xxxxxxx
X. Xxxxx, XX, Chief Financial Officer of
Xxxxxxx X. Xxxxx, Chairman of AT&S Holdings, Inc.
AT&S
Holdings, Inc.
AMERICAN
TRAILER & STORAGE, INC.
By:______//s//_________________________________ By:__________//s//__________________________________
Xxxxxxx
X. Xxxxx, XX, Chief Financial Officer of
Xxxxxxx X. Xxxxx, Chairman of American Trailer &
American
Trailer & Storage, Inc.
Storage, Inc.
BANK
OF THE WEST
X_//s//________________________________________________
Xxxxxxxxx
X. Xxxxx, Loan Officer of BANK OF THE WEST
