Amendment to $6,000,000 Note between Perceptron, Inc. and Comerica Bank (October 24, 2012)

Contract Categories: Business Finance › Note Agreements
Summary

Perceptron, Inc. and Comerica Bank have agreed to amend their original $6,000,000 note dated January 6, 2012. The main change is extending the maturity date to November 1, 2014. Perceptron, Inc. will cover all costs related to this amendment, including attorney fees. The amendment does not waive any existing defaults, and all other terms of the original note remain in effect. Perceptron, Inc. also releases Comerica Bank from any claims related to the note up to the date of this amendment.

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EX-10.3 4 v326989_ex10-3.htm EXHIBIT 10.3

 

 

Amendment to Note  

 

 

  
     
           

 

This Amendment to Note (“Amendment”), made, delivered, and effective as of October 24, 2012, by and between Perceptron, Inc. (“Borrower”) and COMERICA BANK (“Bank”).

 

WHEREAS, Borrower and Bank are parties to that certain note in the original principal amount of $6,000,000 dated January 6, 2012 (“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 is now November 1, 2014.

 

2.Borrower is responsible for all costs incurred by Bank, including without limit reasonable attorney fees, with regard to the preparation and execution of this Amendment.

 

3.The execution of this Amendment shall not be deemed to be a waiver of any Default or Event of Default.

 

4.All 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.

 

5.Borrower waives, discharges, and forever releases Bank, Bank’s employees, officers, directors, attorneys, stockholders, and their successors and assigns, from and of any and all claims, causes of action, allegations or assertions that Borrower has or may have had at any time up through and including the date of this Amendment, against any or all of the foregoing, regardless of whether any such claims, causes of action, allegations or assertions are known to Borrower or whether any such claims, causes of action, allegations or assertions arose as result of Bank’s actions or omissions in connection with the Note, or any amendments, extensions or modifications thereto, or Bank’s administration of the debt evidenced by the Note or otherwise.

 

6.This Amendment is not an agreement to any further or other amendment of the Note.

 

7.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.

 

  PERCEPTRON, INC.
   
  By:  /s/ John H. Lowry, III
    SIGNATURE OF
     
  Its: Vice President and Chief Financial Officer
    TITLE

 

  COMERICA BANK
   
  By:  /s/ Robert A. Rosati
    SIGNATURE OF ROBERT A. ROSATI
     
  Its: Vice President
    TITLE