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LOAN NUMBER
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ACCT. NUMBER
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AGREEMENT DATE
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CREDIT LIMIT
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MATURITY DATE
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CL522040275-1
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01/02/08
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$
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5,000,000.00
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04/30/09
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LOAN NUMBER
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ACCT. NUMBER
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MODIFICATION DATE
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NEW CREDIT LIMIT
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CL522040275-1
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03/17/09
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$
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5,000,000.00
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AMENDED OBLIGATION
INFORMATION
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NEW MATURITY DATE
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NEW INTEREST RATE
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INITIALS
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06/01/10
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5.0%
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Creditor Use Only
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DEBT
MODIFICATION AGREEMENT
DATE AND
PARTIES. The date of
this Debt Modification Agreement (Modification) is March 17,
2009. The parties and their addresses are:
CARDINAL
BANK
8270 Greensboro Drive
Suite 500
McLean, Virginia 22102
Telephone: (703) 584-3430
WIDEPOINT
CORPORATION
a Delaware Corporation
One Lincoln Centre
18W140 Butterfield Road, Suite 1100
Oakbrook Terrace, Illinois 60181
WIDEPOINT
IL, INC.
an Illinois Corporation
One Lincoln Centre
18W140 Butterfield Road, Suite 1100
Oakbrook Terrace, Illinois 60181
WP NBIL,
INC.
an Illinois Corporation
One Lincoln Centre
18W140 Butterfield Road, Suite 1100
Oakbrook Terrace, Illinois 60181
CHESAPEAKE
GOVERNMENT TECHNOLOGIES, INC.
a Delaware Corporation
One Lincoln Centre
18W140 Butterfield Road, Suite 1100
Oakbrook Terrace, Illinois 60181
OPERATIONAL
RESEARCH CONSULTANTS, INC.
a Virginia Corporation
11250 Waples Mills, South Tower
Suite 250
Fairfax, Virginia 22030
ISYS,
LLC
a Virginia Limited Liability Company
One Lincoln Center
18W140 Butterfield Road, Suite 1100
Oakbrook Terrace, Illinois 60181
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Debt
Modification Agreement
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Initials
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VA/4symathon00725200004266010032009N
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-1996 Bankers
Systems, Inc., St. Cloud, MN C
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1. DEFINITIONS.
In this
Modification, these terms have the following meanings:
A.
Pronouns. The
pronouns “I,” “me,” and “my”
refer to each Borrower signing this Modification, individually and
together with their heirs, executors, administrators, successors,
and assigns. “You” and “your” refer to the
Lender, with its participants or syndicators, successors and
assigns, or any person or entity that acquires an interest in the
Modification or Prior Obligation.
B. Amended
Obligation. Amended
Obligation is the resulting agreement that is created when the
Modification amends the Prior Obligation. It is described above in
the AMENDED OBLIGATION INFORMATION section.
C.
Loan. Loan refers
to this transaction generally. It includes the obligations and
duties arising from the terms of all documents prepared or
submitted in association with the Prior Obligation and this
modification, such as applications, security agreements,
disclosures, notes, agreements, and this Modification.
D.
Modification. Modification
refers to this Debt Modification Agreement.
E. Prior
Obligation. Prior
Obligation refers to my existing agreement described above in the
PRIOR OBLIGATION INFORMATION section, and any previous extensions,
renewals, modifications or substitutions of it.
2. BACKGROUND.
You and I
have previously entered into a Prior Obligation. As of the date of
this Modification, the outstanding, unpaid balance of the Prior
Obligation is $0.00. Conditions have changed since the execution of
the Prior Obligation instruments. In response, and for value
received, you and I agree to modify the terms of the Prior
Obligation, as provided for in this Modification.
3. TERMS.
The Prior
Obligation is modified as follows:
A.
Interest. Our
agreement for the payment of interest is modified to
read:
(1)
INTEREST.
Interest will accrue on the unpaid Principal balance of this loan
at the rate of 5.0 percent (Interest Rate) until
March 18, 2009, after which time it may change as described in
the Variable Rate subsection.
(a)
Maximum
Interest Amount. Any amount assessed or collected as interest under
the terms of this loan or obligation will be limited to
the
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