Exhibit 10.16(f)
FIRST AMENDMENT
TO
PROMISSORY NOTE
WHEREAS, the undersigned, Xxxx X. May ("Borrower") previously
executed that certain Promissory Note in favor of PriceSmart, Inc., a
Delaware corporation (the "Company") in the principal amount of $86,516 (the
"Note");
WHEREAS, in order to amend the Note in certain respects, the Company
and Borrower hereby agree as follows effective as of June 1, 1999.
I.
The first sentence of the first full paragraph of the Note is hereby
amended in its entirety to read as follows:
FOR VALUE RECEIVED, the undersigned Xxxx X. May (the
"Borrower") promises to pay to PriceSmart, Inc., a Delaware
corporation, (the "Company"), or order, the principal amount of
eighty six thousand five hundred sixteen dollars ($86,516) with
interest from the date hereof on the unpaid principal balance under
this Note at the rate of five and eighty-five one hundredths percent
(5.85%) per annum (on the basis of a 360-day year and the actual
number of days elapsed).
II.
The twelfth full paragraph of the Note shall be amended in its
entirety to read as follows:
Notwithstanding anything to the contrary contained in this Note
or in the Pledge Agreement, Borrower hereby agrees that upon the
occurrence of a default under this Note or the Pledge Agreement,
the Company, in enforcing its rights and remedies hereunder and
under the Pledge Agreement and any other documents and instruments
executed by Borrower in connection herewith, shall have recourse to,
and the right to proceed against, Borrower and any of his assets in
connection with such default.
Except as expressly provided in this Amendment, all of the terms,
covenants, conditions, restrictions and other provisions contained in the
Note shall remain in full force and effect.
BORROWER
/s/ Xxxx X. May
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Xxxx X. May
