RE: Modification to Letter Agreement (Letter Agreement) dated July 2004 between Z-Axis Corporation (Borrower) and Colorado Business Bank (Bank) relating to a Promissory Note dated June 2, 2003 (Line Commitment)
Exhibit 10.1
![(COLORADO BUSINESS BANK LOGO)](https://www.sec.gov/Archives/edgar/data/723928/000103570406000413/d36795d3679500.gif)
January 3, 2006
Xx. Xxxx Xxxxxxxx
And Xxxxxxxxx X. Xxxxx
Z-Axis Corporation
The Quadrant, 0000 XXX Xxxxxxx #000
Xxxxxxxxx Xxxxxxx, XX 00000
And Xxxxxxxxx X. Xxxxx
Z-Axis Corporation
The Quadrant, 0000 XXX Xxxxxxx #000
Xxxxxxxxx Xxxxxxx, XX 00000
RE:
|
Modification to Letter Agreement (Letter Agreement) dated July 2004 between Z-Axis Corporation (Borrower) and Colorado Business Bank (Bank) relating to a Promissory Note dated June 2, 2003 (Line Commitment) |
Dear Xxxx and Xxxxxxxxx:
Please let this letter serve as evidence that, in consideration of reducing the above referenced
Line Commitment from $500,000 to $250,000 and a fee of $1,000.00, Colorado Business Bank has
revised Z-Axis Corporation’s minimum net worth requirement from $1,000,000.00 to $700,000.00. This
change was retroactive as of 9/30/05, with Z-Axis in full compliance with the terms and conditions
of the above referenced Letter Agreement as of 12/31/05. All other terms and conditions of the
Letter Agreement remain unchanged.
Please acknowledge your agreement with the above referenced changes by signing below.
Sincerely,
![-s- Nancy Snyder](https://www.sec.gov/Archives/edgar/data/723928/000103570406000413/d36795d3679501.gif)
Xxxxx Xxxxxx
Senior Vice President
Senior Vice President
Acknowledged:
Z-Axis Corporation
By
|
/s/ Xxxx Xxxxxxxx
|
|||||
Xxxx Xxxxxxxx, CEO | ||||||
By
|
/s/ Xxxxxxxxx X. Xxxxx
|
|||||
Xxxxxxxxx X. Xxxxx, President |
000 00xx Xxxxxx • Xxxxxx, Xxxxxxxx 00000
Tel: 000.000.0000 • Fax: 000.000.0000
Tel: 000.000.0000 • Fax: 000.000.0000