Change in Terms Agreement between City National Bank and Daily Journal Corporation & Sustain Technologies, Inc. (January 29, 2002)

Contract Categories: Business Finance › Modification Agreements
Summary

This agreement, dated January 29, 2002, is between City National Bank and the borrowers, Daily Journal Corporation and Sustain Technologies, Inc. It extends the maturity date of a $4,000,000 loan originally due January 31, 2002, to April 1, 2003. All other terms of the original loan remain unchanged. The agreement clarifies that the lender’s consent to this extension does not waive any rights or release any parties from their obligations under the original loan unless expressly stated in writing.

Read More Arrow
EX-10.3 5 dex103.txt TERMS AGREEMENT DATED JANUARY 29, 2002 ------------ CITY NATIONAL BANK Exhibit 10.3 ------------ CHANGE IN TERMS AGREEMENT
- -------------------------------------------------------------------------------------------------------- Principal Loan Date Maturity Loan No. Cell/Call Account Officer Initials $4,000,000.00 01-29-2002 04-01-2003 38058 648112 SST - -------------------------------------------------------------------------------------------------------- References in the shaded area are for Lender's use only and do not limit the applicability of this document to any particular loan or item. Any item above containing "* * *" has been omitted due to text length limitations. - -------------------------------------------------------------------------------------------------------- Borrower: DAILY JOURNAL CORPORATION, A SOUTH Lender: City National Bank, NA CAROLINA CORPORATION Downtown Los Angeles Commercial Banking Center SUSTAIN TECHNOLOGIES, INC., A VIRGINIA #034000-01 CORPORATION 633 West Fifth Street, Tenth Floor 915 EAST 1ST STREET Los Angeles, CA 90071 LOS ANGELES, CA 90012 =========================================================================================================
Principal Amount: $4,000,000.00 Initial Rate: 4.500% Date of Agreement: January 29, 2002
DESCRIPTION OF EXISTING INDEBTEDNESS. Promissory Note ("Note") dated January 2, 2001, in favor of City National Bank, NA ("Lender"), executed by Daily Journal Corporation, a South Carolina corporation and Sustain Technologies, Inc., a Virginia corporation ("Borrower") in the original principal amount of $4,000,000.00, payable in full on January 31, 2002, subject to any instalment maturities in the Note. The principal balance on the Note as of January 29, 2002 is $00.00. DESCRIPTION OF CHANGE IN TERMS. Maturity date of the Note is hereby extended to April 1, 2003. CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does not waive Lender's right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non- signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it. This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions. BORROWER: DAILY JOURNAL CORPORATION, A SOUTH CAROLINA CORPORATION By: /s/ Gerald L. Salzman ---------------------------------------------- GERALD L. SALZMAN, Pres./CFO/Treasurer/Sec. of DAILY JOURNAL CORPORATION, A SOUTH CAROLINA CORPORATION SUSTAIN TECHNOLOGIES, INC., A VIRGINIA CORPORATION By: /s/ Gerald L. Salzman ---------------------------------------------- GERALD L. SALZMAN, Secretary of SUSTAIN TECHNOLOGIES, INC., A VIRGINIA CORPORATION