Covenant Waiver and Modification Agreement between Colorado Business Bank and Z-Axis Corporation

Summary

Colorado Business Bank and Z-Axis Corporation have agreed that, in exchange for a $1,000 payment, the bank will waive all previous covenant violations related to a promissory note (Line Commitment) originally dated June 2, 2003. The covenants have also been amended as part of the renewal of the Line Commitment in August 2006, as outlined in a new agreement. Both parties have acknowledged and accepted these changes by signing this letter.

EX-10.1 2 d39440exv10w1.htm LETTER FROM COLORADO BUSINESS BANK RE: COVENANT WAIVER exv10w1

Exhibit 10.1

August 28, 2006

Mr. Alan Treibitz
And Stephanie S. Kelso
Z-Axis Corporation
The Quadrant, 5445 DTC Parkway #450
Greenwood Village, CO 80111


RE:		Modification to Letter Agreement (Letter Agreement) dated July 2004 between Z-Axis Corporation (Borrower) and Colorado Business Bank (Bank) relating to a Promissory Note dated June 2, 2003 (Line Commitment)

Dear Alan and Stephanie:

Please let this letter serve as evidence that, in consideration of $1,000, Colorado Business Bank waived all past covenant violations pertaining to the above referenced Line Commitment. These covenants have been amended in connection with the Line Commitment renewal done in August 2006, as referenced in a new Letter Agreement dated August 28, 2006.

Please acknowledge your agreement with the above referenced changes by signing below.


Sincerely,

/s/ Nancy Snyder

Nancy Snyder
Senior Vice President

Acknowledged:

Z-Axis Corporation

By		/s/ Alan Treibitz

		Alan Treibitz, CEO
By		/s/ Stephanie S. Kelso

		Stephanie S. Kelso, President

821 17th Street • Denver, Colorado 80202

Tel: 303 ###-###-#### • Fax: 303 ###-###-####