EXHIBIT 10.3
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CHANGE IN TERMS AGREEMENT
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Principal Loan Date Maturity Loan No. Call/Co Account
------------- --------- ---------- -------- ------- ----------
$5,000,000.00 8-15-2005 ll-30-2005 09424896 9380022966
Officer Initials
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288
References in the shaded area are for Lender's use only and do
not limit the applicability of this document to any particular
loan or item. Any item above containing ***** has been omitted
due to text length limitations.
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Borrower: Micronetics, Inc. Lender: TD Banknorth, N.A.
00 Xxxxxxxxx Xxxxx 000 Xxxxxxxx Xxxxxx
Xxxxxx, XX 00000 Xxxxxxxxxx, XX 00000
Principal Amount: $5,000,000.00 Interest Rate: 5.820%
Date of Agreement: August 15, 2005
DESCRIPTION OF EXISTING INDEBTEDNESS. A Promissory Note in the
original principal amount of $5,000,000.00 dated May 10, 2005
from Borrower to Lender together with all renewals, amendments
and modifications.
DESCRIPTION OF CHANGE IN TERMS. Temporary extension of maturity
date from July 31, 2005 to November 30, 2005.
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 the
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 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 also to all such subsequent actions.
PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL
THE PROVISIONS OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS
OF THE AGREEEMENT.
BORROWER:
MICRONETICS, INC.
By:/s/Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx,
President of Micronetics, Inc.
