Extension Agreement for 8% Promissory Notes between Halifax Corporation and Arch C. Scurlock Children’s Trust

Contract Categories: Business Finance › Modification Agreements
Summary

Halifax Corporation and the Arch C. Scurlock Children’s Trust have agreed to extend the maturity date of $500,000 in 8% promissory notes, plus accrued interest, to July 1, 2009. This extension is made under a prior subordination agreement involving Provident Bank and Research Industries, with the notes previously assigned to the Trust. All other terms of the original notes remain unchanged. The agreement is signed by trustees of the Trust and Halifax’s CFO.

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EX-10.3 4 w36783exv10w3.htm EX-10.3 exv10w3  

Exhibit 10.3
June 6, 2007
Halifax Corporation
5250 Cherokee Avenue
Pursuant to a subordination agreement dated March 6, 2002 between Provident Bank and the subordinated debt holders, Research Industries, further assigned on June 29, 2005 to the Arch C. Scurlock Children’s Trust, the maturity date of the remaining principal balance of $500,000 on the 8% promissory notes plus accrued interest thereon are extended to July 1, 2009.
All other terms and conditions of the notes remain the same.
Dated this 6th day of June 2007
The Arch C. Scurlock Children’s Trust
         
/s/ Nancy M. Scurlock
 
        
Nancy M. Scurlock, Trustee
  Arch C. Scurlock, Jr., Trustee    
 
        
/s/ Mary Scurlock Adamson
        
 
       
Mary Scurlock Adamson, Trustee
  John H. Grover Trustee    
 
        
/s/ Joseph Sciacca
  6/29/07    
 
       
HALIFAX CORPORATION
  DATE    
Joseph Sciacca, CFO
        

 

 

June 6, 2007
Halifax Corporation
5250 Cherokee Avenue
Pursuant to a subordination agreement dated March 6, 2002 between Provident Bank and the subordinated debt holders, Research Industries, further assigned on June 29, 2005 to the Arch C. Scurlock Children’s Trust, the maturity date of the remaining principal balance of $500,000 on the 8% promissory notes plus accrued interest thereon are extended to July 1, 2009.
All other terms and conditions of the notes remain the same.
Dated this 29th day of June 2007
The Arch C. Scurlock Children’s Trust
         
 
Nancy M. Scurlock, Trustee
  /s/ Arch C. Scurlock
 
Arch C. Scurlock, Jr., Trustee 		   
 
        
 
  /s/ John H. Grover    
 
       
Mary Scurlock Adamson, Trustee
  John H. Grover Trustee    
 
        
/s/ Joseph Sciacca
  6/29/07    
 
       
HALIFAX CORPORATION
  DATE    
Joseph Sciacca, CFO