BB&T Loan Extension Letter Agreement with Lynch Systems, Inc. (October 4, 2006)

Summary

This letter from BB&T to Lynch Systems, Inc. extends the maturity date of an existing loan by 120 days, making the new due date January 29, 2007. The total amount available under the credit facility is capped at $2,000,000. All other terms of the original note remain unchanged, and regular monthly payments must continue. The extension does not waive any defaults or modify other loan terms. The letter also instructs the borrower not to sign or return it to preserve certain tax benefits.

EX-10.1 2 ex101to8k03725_10042006.htm sec document

 Exhibit 10.1 BB&T Branch Banking & Trust Co. - -------------------------------------------------------------------------------- Commercial Lending 3233 Thomasville Road Tallahassee, FL 32308 October 4, 2006 Mr. Brian Fabacher, President Lynch Systems, Inc. 601 Independent Street Bainbridge, GA 39817 Re: 9660812870-00001 Dear Brian: Your loan with BB&T was scheduled to mature on September 29, 2006. Effective September 29, 2006, we are granting an extension of this loan for 120 days from the maturity date. This loan was closed outside the state of Florida in order to save on documentary stamp taxes that would otherwise have been due. In order to avoid the necessity of traveling outside the state for a short-term renewal, BB&T will grant you an extension on the maturity on this credit facility for an additional 120 days. Your note will now be due and payable in full on January 29, 2007. Further, BB&T has determined that it will limit the total amount to be advanced under the credit facility to $2,000,000.00. All other terms and conditions of the note will remain unchanged. Please continue to make your regular monthly payment under the note. By making this extension, BB&T is not waiving any default and is not waiving, modifying or extending any other term or condition of the note or any other loan document. In order to maintain the tax nature of the note, please do not sign or return this letter to BB&T. Sincerely yours, /s/ Sterling Luce Sterling Luce Vice President