Amendment to Note Agreement
This Amendment to Note Agreement (the "Amendment") is entered into as
of March 30, 2000 between EFTC Corporation ("EFTC") and Xxxxxxx Family Limited
Partnership I ("Xxxxxxx").
Recitals
A. EFTC authorized and issued subordinated notes to Xxxxxxx in an
aggregate principal amount of $5,000,000 due 2000 (the "Original Notes")
pursuant to the Note Agreement (the "Agreement") dated November 11, 1999 between
EFTC and Xxxxxxx.
B. $2,000,000 in principal amount of the Original Notes has been
paid by EFTC and the parties now wish to issue a new note for the benefit of
Xxxxxxx in order to provide for subordinated notes with a term of four years.
Agreement
NOW, THEREFORE, the parties hereby agree as follows:
1. The first two full sentences of Section 1a. of the Agreement
shall be deleted and replaced with the following:
The Company has duly authorized an issue of subordinated notes in an
aggregate principal amount of $3,000,000 in the form of Exhibit 1 to
this Amendment (the "Notes"). The Notes shall bear interest, be payable
and have such other terms as provided in Exhibit 1 and shall otherwise
be governed by the provisions of this Agreement.
2. Section 8b. of the Agreement shall be amended with the addition
of the following language at the end of such section:
; provided however that interest shall continue to be paid only in the
form of payment-in- kind notes (the "PIK Notes") issued in lieu of cash
interest, in such manner as described in the Notes, until such time as
such default or event of default shall have been cured or waived or
shall have ceased to exist.
3. The parties hereby affirm and ratify the other provisions of the
Agreement.
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IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of March 30, 2000.
EFTC Corporation
By: /s/ Xxxx Xxxxxxxx
Name: Xxxx Xxxxxxxx
Title: Chairman
Xxxxxxx Family Limited Partnership I
By: /s/ Xxxxxxx Xxxxxxx
Name:
Title
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Exhibit 1
Form of Subordinated Notes
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