Exhibit 10.11
ALLONGE TO PROMISSORY
NOTE
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PAYOR:
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Bob
O’Leary Health Food Distributor Co., Inc. and Dynamic
Marketing I, Inc. (collectively, the
“Borrower”)
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PAYEE:
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Wachovia Bank,
National Association (“Bank”)
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DATE OF
NOTE:
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October 12,
2007
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ORIGINAL MAXIMUM
PRINCIPAL AMOUNT:
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$4,000,000
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CURRENT MAXIMUM
PRINCIPAL AMOUNT:
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$2,500,000
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BACKGROUND
A. The
Bank is the holder of a certain Promissory Note, dated
October 12, 2007 executed by the Borrower and delivered to the
Bank in the original maximum principal amount of $4,000,000 and the
current maximum principal amount of $2,500,000 (as amended from
time to time, the “Note”).
B. The
Bank has agreed, upon the request of the Borrower and subject to
the satisfaction of certain other terms and conditions, to extend
the maturity date of the Note.
NOW, THEREFORE,
for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and
intending to be legally bound hereby, the Borrower and the Bank
agree as follows:
1. This
Allonge shall be and remain attached to and shall constitute an
integral part of the Note from and after the date
hereof.
2. All
references in the Note to the term “Note” shall mean
the Note as amended by this Allonge.
3. The
paragraph of the Note entitled “INTEREST RATE”
is amended and restated in its entirety to read as
follows:
INTEREST RATE.
Interest shall accrue on the unpaid
principal balance of this Note at the Prime Rate plus two percent
(2%). “Prime Rate” shall mean the floating annual rate
of interest that is designated from time to time by the Bank as the
“Prime Rate” and is used by the Bank as a reference
based with respect to interest rates charged to borrowers. The
determination and statement of the Prime Rate shall not in any way
preclude the Bank from making loans to other borrowers at rates
which are higher or lower than the Prime Rate.
