LOAN AMENDING AGREEMENT
THIS AGREEMENT made as of the 9th day of November, 1998
A M O N G :
XXXXXX XXXX of the City of Toronto
(hereinafter called the "Borrower")
OF THE FIRST PART
A N D :
OFFICELAND INC., an Ontario Corporation,
(hereinafter called the "Lender")
OF THE SECOND PART
The parties hereto have entered into a loan agreement made as
of the 4th day of June, 1998 (the "Loan Agreement") and have agreed to amend
the Loan Agreement as hereinafter set forth. All capitalized terms used in this
Loan Amending Agreement shall, unless expressly otherwise defined herein, have
the same meanings as given to them, respectively, in the Loan Agreement.
In consideration of the mutual covenants herein contained and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby mutually acknowledged the parties hereto agree as follows:
ARTICLE 1.00 - AMENDING PROVISIONS
1.1 Deeming Provisions
(a) The term "Voting Trust Agreement" shall be deemed to mean the
Voting Trust Agreement, as defined in the Loan Agreement, as
amended by the agreement entitled "AMENDING AGREEMENT TO
VOTING TRUST AGREEMENT OF JUNE 4, 1998" bearing the same date
as this Loan Amending Agreement and entered into among the
Lender and the Shareholders (as therein defined);
(b) The terms "First Tranche Date"`and "Second Tranche Date"
shall be deemed to be deleted from the Loan Agreement.
1.2 Advances Section 2.1(a) of the Loan Agreement is hereby deleted and the
following substituted therefor:
2
2.1(a) The Loan shall be advanced in two Advances, both the First
Tranche and the Second Tranche to be advanced on or after May
31, 1999 or such later date as the non-management directors
of the Lender shall, by majority vote, determine, based on
the cash position of the Lender and its financial
performance. Each Advance shall be evidenced by a Note;
ARTICLE 2.00 - MISCELLANEOUS
2.1 Enuring This Agreement shall enure to the benefit of and shall be binding
upon the parties hereto and their respective heirs, executors, administrators,
personal representatives, successors and assigns .
2.2 No Conditions to Effectiveness; Entire Agreement There are no conditions to
the effectiveness of this Loan Amending Agreement. The Loan Agreement, as
amended by this Loan Amending Agreement, together with the instruments and
other documents contemplated to be executed and delivered in connection
herewith, contains the entire agreement and understanding of the parties
hereto, and supersedes any prior agreements or understandings between or among
them, with respect to the subject matter hereof.
2.3 Governing Law This Loan Amending Agreement shall be governed by and
interpreted and construed in accordance with the laws of the Province of
Ontario.
IN WITNESS WHEREOF the parties hereto have executed this
Agreement this on the day and year first above written.
SIGNED, SEALED AND DELIVERED )
in the presence of )
) /s/ Xxxxxx Xxxx
) -----------------------------
) XXXXXX XXXX
OFFICELAND INC.
Per: /s/ Xxxxxx Xxxx
-------------------------
(I have authority to bind the Corporation)
LOAN AMENDING AGREEMENT
THIS AGREEMENT made as of the 9th day of November, 1998
A M O N G :
XXXXXX XXXXX of the City of Toronto
(hereinafter called the "Borrower")
OF THE FIRST PART
A N D :
OFFICELAND INC., an Ontario Corporation,
(hereinafter called the "Lender")
OF THE SECOND PART
The parties hereto have entered into a loan agreement made as
of the 4th day of June, 1998 (the "Loan Agreement") and have agreed to amend
the Loan Agreement as hereinafter set forth. All capitalized terms used in this
Loan Amending Agreement shall, unless expressly otherwise defined herein, have
the same meanings as given to them, respectively, in the Loan Agreement.
In consideration of the mutual covenants herein contained and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby mutually acknowledged the parties hereto agree as follows:
ARTICLE 1.00 - AMENDING PROVISIONS
1.1 Deeming Provisions
(a) The term "Voting Trust Agreement" shall be deemed to mean the
Voting Trust Agreement, as defined in the Loan Agreement, as
amended by the agreement entitled "AMENDING AGREEMENT TO
VOTING TRUST AGREEMENT OF JUNE 4, 1998" bearing the same date
as this Loan Amending Agreement and entered into among the
Lender and the Shareholders (as therein defined);
(b) The terms "First Tranche Date"`and "Second Tranche Date"
shall be deemed to be deleted from the Loan Agreement.
1.2 Advances Section 2.1(a) of the Loan Agreement is hereby deleted and the
following substituted therefor:
2
2.1(a) The Loan shall be advanced in two Advances, both the First
Tranche and the Second Tranche to be advanced on or after May
31, 1999 or such later date as the non-management directors
of the Lender shall, by majority vote, determine, based on
the cash position of the Lender and its financial
performance. Each Advance shall be evidenced by a Note;
ARTICLE 2.00 - MISCELLANEOUS
2.1 Enuring This Agreement shall enure to the benefit of and shall be binding
upon the parties hereto and their respective heirs, executors, administrators,
personal representatives, successors and assigns .
2.2 No Conditions to Effectiveness; Entire Agreement There are no conditions to
the effectiveness of this Loan Amending Agreement. The Loan Agreement, as
amended by this Loan Amending Agreement, together with the instruments and
other documents contemplated to be executed and delivered in connection
herewith, contains the entire agreement and understanding of the parties
hereto, and supersedes any prior agreements or understandings between or among
them, with respect to the subject matter hereof.
2.3 Governing Law This Loan Amending Agreement shall be governed by and
interpreted and construed in accordance with the laws of the Province of
Ontario.
IN WITNESS WHEREOF the parties hereto have executed this
Agreement this on the day and year first above written.
SIGNED, SEALED AND DELIVERED )
in the presence of )
) /s/ Xxxxxx Xxxxx
) --------------------------
) XXXXXX XXXXX
OFFICELAND INC.
Per: /s/ Xxxxxx Xxxx
-------------------------
(I have authority to bind the Corporation)
LOAN AMENDING AGREEMENT
THIS AGREEMENT made as of the 9th day of November, 1998
A M O N G :
XXXXX (XXX) LAX of the City of Toronto
(hereinafter called the "Borrower")
OF THE FIRST PART
A N D :
OFFICELAND INC., an Ontario Corporation,
(hereinafter called the "Lender")
OF THE SECOND PART
The parties hereto have entered into a loan agreement made as
of the 4th day of June, 1998 (the "Loan Agreement") and have agreed to amend
the Loan Agreement as hereinafter set forth. All capitalized terms used in this
Loan Amending Agreement shall, unless expressly otherwise defined herein, have
the same meanings as given to them, respectively, in the Loan Agreement.
In consideration of the mutual covenants herein contained and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby mutually acknowledged the parties hereto agree as follows:
ARTICLE 1.00 - AMENDING PROVISIONS
1.1 Deeming Provisions
(a) The term "Voting Trust Agreement" shall be deemed to mean the
Voting Trust Agreement, as defined in the Loan Agreement, as
amended by the agreement entitled "AMENDING AGREEMENT TO
VOTING TRUST AGREEMENT OF JUNE 4, 1998" bearing the same date
as this Loan Amending Agreement and entered into among the
Lender and the Shareholders (as therein defined);
(b) The terms "First Tranche Date"`and "Second Tranche Date"
shall be deemed to be deleted from the Loan Agreement.
1.2 Advances Section 2.1(a) of the Loan Agreement is hereby deleted and the
following substituted therefor:
2
2.1(a) The Loan shall be advanced in two Advances, both the First
Tranche and the Second Tranche to be advanced on or after May
31, 1999 or such later date as the non-management directors
of the Lender shall, by majority vote, determine, based on
the cash position of the Lender and its financial
performance. Each Advance shall be evidenced by a Note;
ARTICLE 2.00 - MISCELLANEOUS
2.1 Enuring This Agreement shall enure to the benefit of and shall be binding
upon the parties hereto and their respective heirs, executors, administrators,
personal representatives, successors and assigns .
2.2 No Conditions to Effectiveness; Entire Agreement There are no conditions to
the effectiveness of this Loan Amending Agreement. The Loan Agreement, as
amended by this Loan Amending Agreement, together with the instruments and
other documents contemplated to be executed and delivered in connection
herewith, contains the entire agreement and understanding of the parties
hereto, and supersedes any prior agreements or understandings between or among
them, with respect to the subject matter hereof.
2.3 Governing Law This Loan Amending Agreement shall be governed by and
interpreted and construed in accordance with the laws of the Province of
Ontario.
IN WITNESS WHEREOF the parties hereto have executed this
Agreement this on the day and year first above written.
SIGNED, SEALED AND DELIVERED )
in the presence of )
) /s/ Xxxxx Xxx
) ---------------------------
) XXXXX (XXX) LAX
OFFICELAND INC.
Per: /s/ Xxxxxx Xxxx
--------------------------
(I have authority to bind the Corporation)
