Exhibit 10(d)
Sample Modification Agreement between registrant and Associated Commercial
Corporation. Aggregate amount of agreements $11,738,230.84
MODIFICATION AGREEMENT
(Direct Loan)
This Agreement is entered into on 07/07/00 by and between Associates
Commercial Corporation ("Secured Party") and OTR Express, Inc.("Debtor").
Debtor entered into a Security Agreement with Secured Party dated 10/07/99
(herein with all amendments thereto and any accompanying notes referred to as
the "Contract") which was executed by Debtor as evidence of and as security
for the payment of the amounts set forth therein.
Debtor has requested that Secured Party modify the terms of payment of the
unpaid principal balance of the Contract which Secured Party is willing to do
but only pursuant to the terms and conditions set forth in this Agreement.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto hereby agree
to modify the terms of payment of the unpaid balance of the Contract as
follows:
1. The remaining unpaid principal balance under the Contract as of the date
hereof is $222,114.26.
2. In addition to the payment of the unpaid principal balance in 1 above
Debtor promises and agrees to pay a refinance charge in the amount of
$52,517.00.
3. Debtor promises and agrees to pay to Secured Party the total sum (1 plus
2 above) of $274,631.26 in 48 installments as follows:
2 installments of $ 1,527.04 each commencing 8/7/00 followed by
4 installments of $ 4,405.65 each commencing 10/07/00 followed by
41 installments of 4,405.65 each commencing 3/07/01 followed by
1 installment of $73,322.93 each commencing 8/07/04
thereafter until paid, provided, however, that the final installment
shall be in the amount of the remaining balance.
4. Except as specifically modified hereby the terms and provisions of the
Contract shall remain in full force and effect.
Each of the parties hereto acknowledges receipt of a copy hereof.
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of
the date and year first above written.
ASSOCIATES COMMERCIAL CORPORATION DEBTOR:OTR Express Inc.
By:/s/ Xxxx Xxxxxxx By:/s/ Xxxxxxx X. Xxxx
Title: Vice President Title: President
