f10k2009ex10x_paneltech.htm


Exhibit 10.10


CHANGE IN TERMS AGREEMENT







 



	
Principal 


$1,700,000.00

	 Loan Date 

09-30-2009

	

Maturity 


05-01-2005

	
Loan No 


100012004

	Call / Coll	
Account 


100012003

	
Officer 


DLD

	Initials
	
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. 


Any item above containing "***" has been omitted due to text length limitations.







 


 



	Borrower: 	
Paneltech International, LLC 


2999 John Stevens Way


Hoquiam.WA 98550

	Lender: 	
ShoreBank Pacific 


Main Branch203 


Howerton Way SE; PO Box 400ll


waco, WA 98624 (360)642-1166







 



	Principal Amount: $1,700,000.00      	Date of Agreement: September 30, 2009





 


DESCRIPTION OF EXISTING INDEBTEDNESS. Revolving Line of Credit in the original amount of $500,000.00 as evidenced by that certain Promissory Note and Related Documents dated January 19, 2001; as amended and increased by Change in Terms and currently maturing September 30, 2009 and in the amount of $1,700,000.


 


DESCRIPTION OF CHANGE IN TERMS.


 


1)  Maturity date of Loan and Related Documents is extended to November 30, 2009;


 


2)  The interest rate of the Loan is changed to the ShoreBank Pacific Prime Rate with a rate of 3.75% plus a Margin of 1.75% for an initial rate of 5.50%;


 


3)  A renewal fee of $1,000.00 will be due upon execution of this Agreement.


 


CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does not waive Lender's right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below, then all persons signing beiow acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it. This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.


 


FEE PAYMENT. BORROWER AGREES TO PAY FEE BY ONE OF THE FOLLOWING METHODS:


 


1)    By check to be returned with the executed Change in Terms or


 


2)    By authorizing charge to designated ShoreBank Pacific checking account #_________, or


3)    By authorizing charge to ShoreBank Pacific line of credit #_______________







 


PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT.


 



	CHANGE IN TERMS SIGNERS:	 	 
	
 


 


 

	 	 
	PANELTECH INTERNATIONAL, LLC	 	 
	 	 	 
	By:	 	 	 	 
	 	Leroy D. Nott, President of Paneltech International, LLC	 	 	 
	 	 	 	 	 
	X	 	 	 X	 
	 	Leroy D. Nott, individually	 	 	Ronald H. Iff, Individually
	 	 	 	 	 
	X	 	 	 	 
	 	Scott D. Oimstead, Individually