WELLS FARGO WELLS FARGO BUSINESS CREDIT 54101-076 MAC 100 West Washington Avenue, 7th Floor Phoenix, AZ 85003 602-378-2478 602-378-6215 FaxCredit and Security Agreement • May 15th, 2000 • Autotradecenter Com Inc • Wholesale-motor vehicles & motor vehicle parts & supplies
According to Section 6.13 of the Credit and Security Agreement dated March 26, 1999 (the "Agreement") by and between AutoTradeCenter.Com, Inc. fka Auto Network Group, Inc., an Arizona corporation (the "Borrower"), and Wells Fargo Business Credit, Inc. fka Norwest Business Credit, Inc., a Minnesota corporation (the "Lender"), the Borrower will achieve a net loss for the quarter ended March 31, 2000 of no more than $250,000.00. The Borrower has represented and warranted to Lender that it has violated Section 6.13 of the Agreement for the quarter ended March 31, 2000. This result constitutes an Event of Default pursuant to Section 8.1 of the Agreement.
