CHANGE IN TERMS AGREEMENT
Exhibit
10.16
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Principal
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Loan
Date
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Maturity
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Loan
No
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Call
/ Coll
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Account
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Officer
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Initials
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$250,000.00
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03-30-2005
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03-30-2006
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2700433664
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,▇▇
▇▇▇▇▇
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F8B
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||
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References
in the above area are for Lender’s use only and do not limit the
applicability of the document to any particular loan or item.
Any
item above containing “***” has been omitted due to text length
limitations.
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Borrower: AT&S
Holdings, Inc. Lender: Commercial
Federal Bank, a Federal Savings Bank
American
Trailer & Storage,
Inc. ▇▇▇’▇
Summit Commercial Lending HQ
3505
Manchester
Trafficway ▇▇▇
▇.▇.
▇▇▇▇ ▇▇▇▇▇▇▇
▇▇▇▇▇▇
▇▇▇▇, ▇▇ ▇▇▇▇▇ ▇▇▇’▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Principal
Amount: $250,000.00 Date
of
Agreement: September
27, 2005
DESCRIPTION
OF EXISTING INDEBTEDNESS.
The
description of the existing indebtedness is set forth in the Promissory Note
dated March 30, 2005 (the “Note”), and all subsequent modifications thereto, by
and between AT&S Holdings, Inc. and American Trailer & Storage, Inc.
(Borrower) and Commercial Federal Bank, a Federal Savings Bank
(Lender).
DESCRIPTION
OF COLLATERAL. The
description of the collateral is set forth in the Promissory Note dated March
30, 2005.
DESCRIPTION
OF CHANGE IN TERMS.
Decrease
interest rate from Wall Street Journal Prime plus .75% to Wall Street Journal
Prime plus .25% effective September 1, 2005.
CONTINUING
VALIDITY.
Except
as expressly changed by this Agreement, the terms of the original obligation
or
obligations, including all agreements evidenced or securing the obligation(s),
remain unchanged and in full force and effect. Consent by Lender to this
Agreement does not waive Lender’s right to strict performance of the
obligation(s) as changed, nor obligate Lender to make any future change in
terms. Nothing in this Agreement will constitute a satisfaction of the
obligation(s). It is intention of Lender to retain as liable parties all makers
and endorsers of the original obligation(s), including accommodation parties,
unless a party is expressly released by Lender in writing. Any maker or
endorser, including accommodation makers, will not be released by virtue of
this
Agreement. If any person who signed the original obligation does not sign this
Agreement below, then all person signing below acknowledge that this Agreement
is given conditionally, based on the representation to Lender that the
non-signing party consents to the changes and provisions of this Agreement
or
otherwise will not be released by it. This waiver applies not only to any
initial extension, modification or release, but also to all such subsequent
actions.
JURY
WAIVER. Lender and Borrower hereby waive the right to any jury trial in any
action, proceeding, or counterclaim brought by either Lender or Borrower against
the other.
PRIOR
TO SIGNING THIS AGREEMENT, EACH BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS
OF THIS AGREEMENT. EACH BORROWER AGREES TO THE TERMS OF THE
AGREEMENT.
Borrower:
AT&S
Holdings, Inc.
By:___//s//________________________________ By:______//s//_________________________________
▇▇▇▇▇▇▇
▇. ▇▇▇▇▇, ▇▇, Chief Financial Officer of ▇▇▇▇▇▇▇
▇.
▇▇▇▇▇, Chairman of AT&S Holdings, Inc.
AT&S
Holdings, Inc.
AMERICAN
TRAILER & STORAGE, INC.
By:______//s//_________________________________ By:__________//s//__________________________________
▇▇▇▇▇▇▇
▇. ▇▇▇▇▇, ▇▇, Chief Financial Officer of ▇▇▇▇▇▇▇
▇. ▇▇▇▇▇,
Chairman of American Trailer & Storage, Inc.
American
Trailer & Storage, Inc.
LENDER:
COMMERCIAL
FEDERAL BANK, A FEDERAL SAVINGS BANK
X_//s//________________________________________________
▇▇▇▇▇
▇. ▇▇▇▇, Loan Officer