Exhibit
10.3
MODIFICATION TO
PROMISSORY NOTE
(Line of Credit
Note)
AND LOAN AGREEMENT
|
Original
Principal Amount: $7,000,000.00
|
Date of Note: _______, 2009
Date of Modification: ___________
|
This
Modification to Promissory Note (Line of Credit Note) and Loan
Agreement (this “ Modification ”) serves to
amend and modify that certain Promissory Note (Line of Credit Note)
dated July __, 2009 in the principal sum of Seven Million and
00/100 Dollars ($7,000,000.00), [if note has been previously
amended, insert the following with respect to each such previous
amendment: as modified by that certain Modification Agreement
dated___________ (the “ First [or
“Second,” etc.] Modification ”), pursuant
to which the face amount of the Note was increased to
______________ ($____________)] (the “ Note
”) and that certain Loan Agreement dated July __, 2009 [if
previously modified, recite, e.g., “as modified by the First
Modification, the Second Modification, etc. as applicable] (the
“ Loan Agreement ”), each executed by Premier
Power Renewable Energy, Inc., a Delaware corporation ("
Borrower ") in favor of Umpqua Bank, an Oregon corporation
(" Bank ").
NOW
THEREFORE , in
consideration for the mutual covenants and agreements contained
herein, and for other good and valuable consideration, the receipt
and adequacy of which is hereby acknowledged, Borrower and Bank
hereby agree as follows:
1.
Modification of Loan Agreement. The Loan
Agreement is hereby supplemented, amended and modified to
incorporate the following, which shall supersede and prevail over
any presently existing and conflicting provisions
thereof:
INCREASE
MAXIMUM LINE AMOUNT: The Maximum Line Amount is hereby
increased to ________________________ ($___________).
2.
Modification of Note . The Note is hereby
supplemented, amended and modified to incorporate the following,
which shall supersede and prevail over any presently existing and
conflicting provisions thereof.
INCREASE
NOTE AMOUNT : The face
amount of the Note is hereby increased to ____________________
($______________).
3.
Reaffirmation of Obligations . Borrower
hereby expressly acknowledges and reaffirms the existence, validity
and enforceability of Borrower’s obligations under the Note,
as modified by this Modification (the “ Modified Note
”), the Loan Agreement, as modified by this Modification (the
“ Modified Loan Agreement ”), the Security
Agreement dated July __, 2009 the (“ Security
Agreement ”), and each of the Loan Documents (as defined
in the Loan Agreement). Except as specifically modified
by this agreement, the Note, the Loan Agreement, the Security
Agreement and each of the Loan Documents shall remain unmodified
and in full force and effect.
Modification
to Promissory Note (Line of Credit Note)
