Amendment No. 2 to $20 Million Variable Rate Note between Quantum Value Management, LLC and Comerica Bank
Quantum Value Management, LLC and Comerica Bank have agreed to amend their existing $20 million variable rate note. The main change is the extension of the note's maturity date to April 1, 2008. All other terms of the original note remain unchanged and in effect. This amendment does not waive any existing defaults or agree to any further changes beyond what is stated here.
Exhibit 10.19
Amendment No. 2 to Note
This Amendment to Note (“Amendment”), made, delivered, and effective as of December 20, 2006, by and between QUANTUM VALUE MANAGEMENT, LLC (“Borrower”) and COMERICA BANK (“Bank”).
WHEREAS, Borrower and Bank are parties to that certain Variable Rate – Single Payment Note in the original principal amount of $20,000,000 dated March 10, 2005, as amended (“ Note”); and
WHEREAS, Bank and Borrower desire to amend the Note as set forth below:
NOW, THEREFORE, in consideration of the premises and the mutual promises contained in this Amendment, Borrower and Bank agree as follows:
| 1. | The Maturity Date of the Note is now April 1, 2008. |
| 2. | The execution of this Amendment shall not be deemed to be a waiver of any Default or Event of Default. |
| 3. | All the terms used in this Amendment which are defined in the Note shall have the same meaning as used in the Note, unless otherwise defined in this Amendment. |
| 4. | This Amendment is not an agreement to any further or other amendment of the Note. |
| 5. | Borrower expressly acknowledges and agrees that except as expressly amended in this Amendment, the Note, as amended, remains in full force and effect and is ratified, confirmed and restated. |
IN WITNESS WHEREOF, the parties have executed and delivered this Amendment on the date set forth above.
| QUANTUM VALUE MANAGEMENT, LLC | COMERICA BANK | |||||||
| By: | /s/ | By: | /s/ | |||||
| Its: | MANAGING MEMBER | Its: | F.V.P. | |||||
