EXHIBIT 6.48
EXHIBIT 10.48
CHANGE IN TERMS AGREEMENT
------------- ------------ ------------ ----------- ------------- ------------ --------- ----------
Principal Loan Date Maturity Loan No Call/Coll Account Officer Initials
$1,200,000.00 09-01-2003 06-30-2004 0010130085 B0N03
------------- ------------ ------------ ----------- ------------- ------------ --------- ----------
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: PORTLAND BREWING COMPANY Lender: Washington Mutual Bank
0000 XX 00XX XXX Xxxxxxxxx Commercial Banking Center
XXXXXXXX, XX 00000-0000 00000 XX Xxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxx, XX 00000
===================================================================================================
PRINCIPAL AMOUNT: $1,200,000.00 INITIAL RATE: 5.000% DATE OF AGREEMENT: APRIL 15, 2004
DESCRIPTION OF EXISTING INDEBTEDNESS. That certain Promissory Note executed by
Borrower on September 1, 2003, in the original amount of $1,200,000.00, as it
may have been amended or renewed from time to time (the Note).
DESCRIPTION OF CHANGE IN TERMS. The maturity date of the Promissory Note
described above is hereby extended to June 30, 2004. All other terms and
conditions shall remain the same.
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 AGREEMENT.
BORROWER:
PORTLAND BREWING COMPANY
By: /s/ XXXXXXXXX X. XXXXXX
------------------------------------------------
XXXXXXXXX X. XXXXXX, PRESIDENT of
PORTLAND BREWING COMPANY
================================================================================
DISBURSEMENT REQUEST AND AUTHORIZATION
------------- ------------ ------------ ----------- ------------- ------------ --------- ----------
Principal Loan Date Maturity Loan No Call/Coll Account Officer Initials
$1,200,000.00 09-01-2003 06-30-2004 0010130085 B0N03
------------- ------------ ------------ ----------- ------------- ------------ --------- ----------
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.
---------------------------------------------------------------------------------------------------
Borrower: PORTLAND BREWING COMPANY Lender: Washington Mutual Bank
0000 XX 00XX XXX Xxxxxxxxx Commercial Banking Center
XXXXXXXX, XX 00000-0000 00000 XX Xxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxx, XX 00000
===================================================================================================
LOAN TYPE. This is a Variable Rate Nondisclosable Revolving Line of Credit Loan
to a Corporation for $1,200,000.00 due on June 30, 2004. The reference rate
(annual interest rate, adjusted daily, published from time to time in The Wall
Street Journal as the "Prime Rate" in the "Money Rates" section, as of any date
of determination, currently 4.000%) is added to the margin of 1.000%, resulting
in an initial rate of 5.000. This is a secured renewal loan.
PRIMARY PURPOSE OF LOAN. The primary purpose of this loan is for:
|_| PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES OR PERSONAL INVESTMENT.
|X| BUSINESS (INCLUDING REAL ESTATE INVESTMENT).
SPECIFIC PURPOSE. The specific purpose of this loan is: CIT'S EXT. MATURITY DATE
- ORIGINALLY FOR WORKING CAPITAL.
DISBURSEMENT INSTRUCTIONS. Borrower understands that no loan proceeds will be
disbursed until all of Lender's conditions for making the loan have been
satisfied. Please disburse the loan proceeds of $1,200,000.00 as follows:
OTHER DISBURSEMENTS: $1,200,000.00
$776,156.34 CIT # 0010130085-34
$423,843.66 UNDISBURSED
--------------
NOTE PRINCIPAL: $1,200,000.00
CHARGES PAID IN CASH. Borrower has paid or will pay in cash as agreed the
following charges:
PREPAID FINANCE CHARGES PAID IN CASH: $0.00
OTHER CHARGES PAID IN CASH: $ 250.00
$250.00 LOAN / MODIFICATION FEE
--------------
TOTAL CHARGES PAID IN CASH: $250.00
AUTOMATIC PAYMENTS. Borrower hereby authorizes Lender automatically to deduct
from Borrower's account numbered 3933566389 the amount of any loan payment. If
the funds in the account are insufficient to cover any payment, Lender shall not
be obligated to advance funds to cover the payment. At any time and for any
reason, Borrower or Lender may voluntarily terminate Automatic Payments.
FINANCIAL CONDITION. BY SIGNING THIS AUTHORIZATION, BORROWER REPRESENTS AND
WARRANTS TO LENDER THAT THE INFORMATION PROVIDED ABOVE IS TRUE AND CORRECT AND
THAT THERE HAS BEEN NO MATERIAL ADVERSE CHANGE IN BORROWER'S FINANCIAL CONDITION
AS DISCLOSED IN BORROWER'S MOST RECENT FINANCIAL STATEMENT TO LENDER. THIS
AUTHORIZATION IS DATED APRIL 15, 2004.
BORROWER:
PORTLAND BREWING COMPANY
By: /s/ XXXXXXXXX X. XXXXXX
------------------------------------------
XXXXXXXXX X. XXXXXX, PRESIDENT of
PORTLAND BREWING COMPANY
