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EXHIBIT 10(q)
AMENDMENT TO
FACTORING AGREEMENT
Amendment #1
Dated November 14, 1995
The FACTORING AGREEMENT dated November 14, 1995 (the
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"Agreement"), between Concord Growth Corporation, a California
corporation, and MRL, Inc., a corporation is hereby amended in
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the specific section(s) as follows:
Section 2.1 Offer to Sell Receivables. This section has
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been amended in its entirety to read: Seller
may, on the terms provided herein, from time to
time factor, sell and assign to Buyer,
Receivables acceptable to Buyer in its sole
discretion, at a discount below face value.
Seller will notify each Account Debtor of a
Receivable purchased by Buyer that all payments
thereon must be made only to Buyer. Seller
shall deliver to Buyer a signed Schedule of
Accounts along with copies of invoices and upon
request, purchase orders, contracts, and proof
of shipment or service, with respect to any
Receivable for which a request for purchase is
made. Buyer shall be entitled to rely on all of
the information provided by Seller to Buyer on
the Schedule of Accounts and to rely on the
signature of the President, Chief Financial
Officer, Executive Assistant, Controller, or
Accounting/Human Resource Manager on any
Schedule of Accounts as an authorized signature
of Seller. Each invoice shall bear a notice, in
form satisfactory to Buyer, that it has been
sold and assigned to and is payable only to
Buyer.
Section 8 Security Interest. Notwithstanding the terms
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set forth in Section 8.
8.1 Buyer, upon written request and in the
absence of a Default, will grant
permissions to allow Seller to sell
obsolete equipment and/or trade-in
equipment on new equipment, and that
permission will not be unreasonably
withheld.
Section 13 Effectiveness; Term. Notwithstanding the terms
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set forth in Section 13.
13.1 Buyer, absent of an Event of Default,
agrees to waive the Early Termination Fee
after the initial Term, or if all
obligations are paid in full by obtaining
financing from a conventional bank or new
equity funding.
THE AMENDMENT AFFECTS ONLY THE ABOVE LISTED SECTION(S) OF THE
AGREEMENT AND ALL OTHER PROVISIONS OF THE AGREEMENT SHALL REMAIN
UNCHANGED AND IN FORCE AS WRITTEN OR THEREAFTER AMENDED IN
WRITING.
This Amendment shall become effective when it is accepted and
executed by an authorized officer of Buyer.
(Signatures on following page)
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AGREED:
SELLER:
MRL, INC.
BY: /s/ Xxxxx X. Xxxxxxxxx
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Xxxxx X. Xxxxxxxxx
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(PRINT NAME AND TITLE)
DATE: 11/16/95
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ACCEPTED:
BUYER:
CONCORD GROWTH CORPORATION
BY: /s/ Xxxxx Xxxxx
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Xxxxx Xxxxx Vice President
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(PRINT NAME AND TITLE)
DATE: 11-17-95
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