Modification Letter to Promissory Note between Bourque Printing, Inc. and Hibernia National Bank, Inc. dated December 28, 2004
This letter agreement between Hibernia National Bank and Bourque Printing, Inc., a subsidiary of Champion Industries, modifies the terms of a $1,440,000 loan originally issued on March 19, 2003. The bank agrees to remove the provision allowing the loan to be paid on demand. All other repayment terms, including 83 regular payments of $10,876.57 and a final estimated payment of $892,791.97, remain unchanged.
10.6
Modification letter to promissory note between Bourque Printing and Hibernia National Bank, Inc. dated December 28, 2004.
Dear Todd:
Hibernia National Bank ('Bank') extended a loan to Bourque Printing, Inc., a subsidiary of Champion Industries, on March 19, 2003 as evidenced by a promissory note of the same date and in the amount of $1,440,000. This not contains language that allows the note to be paid on demand. The bank hereby agrees to delete the following from this note, Borrower will pay this loan on demand. The repayment terms of 83 regular payments of $10,876.57 each on one irregular payment estimated at $892,791.97 remain in effect.
Let me know if you have any questions.
Sincerely,
