EXHIBIT 10.1
THIRD EXTENSION TO COMMERCIAL LOAN AND SECURITY AGREEMENT
THIS SECOND EXTENSION TO COMMERCIAL LOAN AND SECURITY AGREEMENT is made
as of the 24th day of August 2006, by and among STANFORD FINANCIAL GROUP
COMPANY, a Florida corporation having its place of business at 0000 Xxxxxxxxxx,
Xxxxxxx, XX 00000, and SUPERIOR GALLERIES, INC., a Delaware corporation with a
place of business at 0000 X. Xxxxxxx Xxxx., Xxxxxxx Xxxxx, Xxxxxxxxxx 00000, as
follows:
1. The payment period of the Commercial Loan and Security Agreement
between the parties dated October 1, 2003 ("Loan Agreement")is hereby extended
through and including October 1, 2007 in accordance with Section 1.4(c) of the
said Loan Agreement. The parties further agree that the second sentence of the
second paragraph of the Commercial Note between them dated October 1, 2003 shall
be amended to state as follows: "All principal and interest evidenced by this
Note, if not sooner paid, or demanded, shall be due and payable on October 1,
2007, or such later date as shall be mutually agreed in writing by the parties,
without the necessity of demand or notice."
2. Except as modified by Paragraph 1 hereof, and the modifications
under the amendment to the Loan Agreement as of March 29, 3005, all terms and
conditions of the Loan Agreement shall continue in full force and effect through
the extended payment period.
SIGNED, SEALED AND DELIVERED
IN THE PRESENCE OF:
SUPERIOR GALLERIES, INC.
/s/ Xxxxxxx XxXxxxxx
-------------------------------- ------------------------------------
Xxxxxxx XxXxxxxx
Its Chairman, Duly Authorized
STANFORD FINANCIAL GROUP COMPANY
/s/ Xxxxx X. Xxxxx
-------------------------------- ------------------------------------
Xxxxx X. Xxxxx
Chief Financial Officer and Director
