50 of the Top 250 law firms use our Products every day
PROMISSORY NOTE MODIFICATION
AGREEMENT
THIS PROMISSORY
NOTE MODIFICATION AGREEMENT (“Modification”) is dated
as of April 30, 2009 but is effective as of May 1, 2009, by
and between Sparton Corporation (“Borrower” or,
if more than one (1), collectively “Borrower”) and
National City Bank (“Bank”).
WHEREAS, Bank
agreed to lend to Borrower an amount not to exceed the sum of
Twenty Million and 00/100 Dollars ($20,000,000.00)
(“Loan”), which Loan was evidenced by a certain
Promissory Note dated January 22, 2008, (as extended, amended
or otherwise modified to date, the “Note”) (the said
Note and any other instrument or document given in connection with
or to secure the Loan being collectively referred to as “Loan
Documents”).
WHEREAS, the
parties hereto desire to modify the Note as hereinafter
provided.
NOW, THEREFORE,
in consideration of the foregoing promises and the covenants
contained herein, the parties hereto agree as follows:
|
1.
|
|
Liability of Borrower
. Borrower hereby
ratifies and reconfirms Borrower’s obligations and all
liability to Bank under the terms and conditions of the Loan
Documents and acknowledges that Borrower has no defenses to or
rights of set-off against Borrower’s obligatio
|
|
