AMENDMENT TO NOTE

EX-10.2 3 w75545exv10w2.htm EX-10.2 exv10w2

Exhibit 10.2

Prepared by:
Sonabank
550 Broadview Ave, #LL
Warrenton, Va 20186

AMENDMENT TO NOTE

Date: August 20, 2009

Loan# 52-01000295

BORROWER: Halifax Corporation of Virginia
AMOUNT OF ORIGINAL NOTE: $1,500,000.00
DATE OF ORIGINAL NOTE: June 15, 2009
ORIGINAL MATURITY DATE: June 15, 2010

Amendments to Note are as follows:

	1.		Lender has agreed to increase the line by $1,500,000.00 to $3,000,000.00.

	2.		Standby Agreement is being amended to allow for quarterly interest payments on the subordinate debt as long as the company maintains a debt service coverage ratio of 1.25.

	3.		Borrower may lease or finance equipment up to $250,000 without Lender consent.

	4.		Lender is releasing the personal guarantees of Charles McNew and Joseph Sciacca.

	5.		The lockbox fee is increasing to $625.00 per month.

ALL OTHER TERMS REMAIN UNCHANGED.

Fees incurred with this Amendment are as follows and are to be collected at time of signature.

Loan Fee: -$15,000.00-
Document Preparation: -$100-
(Fees and interest to be debited from account #120001961)


BY: Halifax Corporation of Virginia		Sonabank

/s/ Joseph Sciacca

BY: Joseph Sciacca		BY: Mary Ellen Clancy, VP

COMMONWEALTH OF VIRGINIA
CITY/COUNTY OF FAIRFAX; to wit:

The foregoing Amendment was acknowledged before me in the foregoing jurisdiction this 26^th day of August 2009, by Joseph Sciacca.



	/s/ Suzanne K. Green
	Notary Public

	My commission expires: September 30, 2009 Registration #: 123531