FIRST AMENDMENT TO
PATENT ASSIGNMENT AND SECURITY AGREEMENT
THIS FIRST AMENDMENT TO PATENT ASSIGNMENT AND SECURITY AGREEMENT is
entered into as of June 30, 1998 between AJAY LEISURE PRODUCTS, INC., a Delaware
corporation ("Borrower") and ▇▇▇▇▇ FARGO BANK, NATIONAL ASSOCIATION ("Bank").
WHEREAS, Borrower and Bank are parties to that certain Patent Assignment
and Security Agreement dated as of July 11, 1997 ("Agreement"); and
WHEREAS, Borrower and Bank desire to amend the Agreement.
NOW, THEREFORE, Borrower and Bank hereby agree as follows:
1. Amendment of Reference to "Credit Agreement". All references in the
Agreement to "Credit Agreement" shall be deemed to refer to that certain Credit
Agreement among Ajay Sports, Inc., Leisure Life, Inc., Palm Springs Golf, Inc.,
Ajay Leisure Products, Inc. and ▇▇▇▇▇ Fargo Bank, National Association dated
June 30, 1998, as it may hereafter be amended from time to time.
2. Effective Date. This First Amendment shall be effective on
the date first above written.
3. Ratification. Except as otherwise provided in this First
Amendment, all of the provisions of the Agreement are hereby ratified and
confirmed and shall remain in full force and effect.
4. Agreement. The Agreement, as modified by the provisions of
this First Amendment, shall be construed as one agreement.
5. Oregon Statutory Notice.
UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY BANK
AFTER OCTOBER 3, 1989 CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT
FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY BORROWER'S
RESIDENCE MUST BE IN
WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY BANK TO BE
ENFORCEABLE.
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to
be executed as of the date first above written.
AJAY LEISURE PRODUCTS, INC.
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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Title: CFO
▇▇▇▇▇ FARGO BANK, NATIONAL ASSOCIATION
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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Title: Vice President