EXHIBIT 10.1
CHANGE IN TERMS AGREEMENT
Principal Loan Date Maturity Loan No. Account Officer Initials
$500,000.00 5-21-2001 899021-0001 *** FY
Borrower: Hytek Microsystems, Inc. Lender: Bank of the West
000 Xxx Xxxxxxx Xx. Reno Bus. Banking
Carson City, NV 89706-1609 0000 Xxxxxxx Xxxx
Xxxx , XX 00000
(000) 000-0000
Principal Amount: $500,000.00 Initial Rate: 6.25% Date of Agreement: May 22,
2002
Description of Existing Indebtedness: Promissory Note dated May 21, 2001 in the
amount of $1,000,000.00
Description of Collateral: Commercial Security Agreement dated May 16, 2000.
Description of Change in Terms.
1. The principal amount of the Promissory Note shall be decreased from
$1,000,000.00 to $500,000.00.
2. The interest rate shall be changed from Bank of the West prime rate to Bank
of the West prime rate plus 1.5% effective May 16, 2002.
3. The Business Loan Agreement dated May 21, 2001 is hereby terminated and
replaced with Business Loan Agreement dated May 22, 2002.
4. Borrower shall pay Lender a Documentation Fee in the amount of $200.00 and
a Revision Fee in the amount of $1,000.00 prior to this
Change in Terms
Agreement being processed.
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 Xxxxxx to this Agreement does not waive Xxxxxx's right to strict
performance of the obligation(s) as changed, nor obligate the Lender to make any
future changes in terms. Nothing in this Agreement will constitute a
satisfaction of the obligation(s). It is the intention of the 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
to all such subsequent actions.
Prior to signing this Agreement, borrower read and understood all the provisions
of this Agreement, including the Variable Interest Rate provisions. Xxxxxxxx
agrees to the terms of the Agreement.
Borrower:
Hytek Microsystems, Inc.
By: /s/ Xxxxxxx X. Xxxxx By: /s/ Xxxxx Xxxxxxx
President of Hytek Microsystems, Inc. Secretary/Treasurer of Hytek Microsystems, Inc.
Lender:
Bank of the West
/s/ Xxxxx Xxxxx
Authorized Signer
