Document:

Third Amendment

 EXHIBIT10.57(d) 
  
 THIRD AMENDMENT 
 TO 
 AGREEMENT OF PURCHASE AND SALE (with Escrow Instructions) AND 
 LEASEBACK 
  
 Amendment made as of this 12TH day of
July, 2004 by and between THE PRICE GROUP, LLC, a California limited liability company (referred to herein as “Purchaser”) and PRICESMART, INC., a Delaware corporation, as agent for and on behalf of its wholly-owned (through
a subsidiary company) subsidiary Inmobiliaria PriceSmart, S.A., a Dominican Republic company (referred to herein as “Seller”) 
  
 Recitals 
  
 A) Purchaser and Seller are parties to an Agreement of Purchase and Sale (with Escrow Instructions) and Leaseback dated May 6, 2004 as amended by a letter dated May 20, 2004 and a Second Amendment dated June 1, 2004
(collectively the “Agreement”) 
  
 B) Purchaser and Seller wish to
further amend the Agreement as provided herein. 
  
 NOW
THEREFORE, the parties agree that the Agreement is amended as follows: 
  
 1. All words and terms used herein shall have the same meaning as in the Agreement unless otherwise specified. 
  
 2. The time period for either Purchaser or Seller to terminate the Agreement, under Section 1.04 (C) the Agreement, is hereby extended up to and including August 28,
2004. 
  
 3. Section 4.02 is amended by deleting the first sentence of such
Section in its entirety and substituting the following sentence in its place: 
  
 “No later than thirty (30) days prior to the Closing, Seller and Purchaser shall open an escrow with the Escrow Agent and shall deposit with the Escrow Agent a fully executed counterpart of this Agreement for use
as escrow instructions.” 
  
 4. Section 2.03(B) is amended and restated in
its entirety as follows: 
  
 “No later than August 28, 2004
the Boards of Directors of PriceSmart, Inc., and Inmobiliaria PriceSmart, S.A. and/or an authorized Committee of such Boards, have approved the final terms and conditions of the sale to Purchaser of the Subject Property under this Agreement.”

  
 5. Subject to the amendments herein the Agreement remains in full force and
effect. 
  
 Executed on the date first written above. 
  

							
	 PURCHASER

	 	 SELLER

		
	The Price Group, LLC	 	 PriceSmart, Inc., as Agent on behalf of its
 wholly-owned subsidiary PriceSmart
 Inmobiliaria, S.A.

				
	 by
	 	 /s/ Jim Cahill

	 	 by
	 	 /s/ Robert M. Gans

	 	 	 its Manager
	 	 	 	 its Executive Vice PresidentFourth Amendment

 EXHIBIT 10.57(e) 
  
 FOURTH AMENDMENT 
 TO 
 AGREEMENT OF PURCHASE AND SALE (with Escrow Instructions) AND 
 LEASEBACK 
  
 Amendment made as of this 31st day of
August, 2004 by and between THE PRICE GROUP, LLC, a California limited liability company (referred to herein as “Purchaser”) and PRICESMART, INC., a Delaware corporation, as agent for and on behalf of its wholly-owned
(through a subsidiary company) subsidiary Inmobiliaria PriceSmart, S.A., a Dominican Republic company (referred to herein as “Seller”) 
  
 Recitals 
  
 A) Purchaser and Seller are parties to an Agreement of Purchase and Sale (with Escrow Instructions) and Leaseback dated May 6, 2004 as amended by a letter dated May 20, 2004 a Second Amendment dated June 1, 2004 and a
Third Amendment dated July 12, 2004 (collectively the “Agreement”) 
  
 B) Purchaser and Seller wish to further amend the Agreement as provided herein. 
  
 NOW THEREFORE, the parties agree that the Agreement is amended as follows: 
  
 1. All words and terms used herein shall have the same meaning as in the Agreement unless otherwise specified. 
  
 2. The time period for either Purchaser or Seller to terminate the Agreement, under Section
1.04(C) of the Agreement, is hereby extended up to and including November 30, 2004. 
  
 3. Section 2.03(B) is amended and restated in its entirety as follows: 
  
 “No later than November 30, 2004 the Boards of Directors of PriceSmart, Inc., and Inmobiliaria PriceSmart, S.A. and/or an authorized
Committee of such Boards, have approved the final terms and conditions of the sale to Purchaser of the Subject Property under this Agreement.” 
  
 4. Subject to the amendments herein the Agreement remains in full force and effect. 
  
 Executed on the date first written above. 
  

							
	 PURCHASER

	 	 SELLER

		
	The Price Group, LLC	 	 PriceSmart, Inc., as Agent on behalf of its
 wholly-owned subsidiary PriceSmart
 Inmobiliaria, S.A.

				
	 by
	 	 /s/ Jim Cahill

	 	 by
	 	 /s/ Robert M. Gans

	 	 	 its Manager
	 	 	 	 its Executive Vice PresidentLoan Agreement

 EXHIBIT 10.61 
  
 LOAN AGREEMENT 
  
 Agreement made as of this 31st day of August 2004 by and between, The Price Group, LLC, a California limited liability company (the “Lender”), and
PriceSmart, Inc., a Delaware corporation, (the “Borrower”). 
  
 Recitals 
  
 A) Currently with the
execution of this Agreement, Lender is lending Twenty-Five Million Dollars ($25,000,000) to Borrower, and Borrower is delivering to Lender Borrower’s promissory note dated the same date as this Agreement, (the “Note”). 
  
 B) The Note is due and payable in full two (2) years after the date of the Note. 

 
 NOW THEREFORE, the parties hereto agree as follows. 
  
 1. A) Provided that the conditions of paragraph 2, below have been satisfied, Borrower
may satisfy a portion or all of its obligation to pay accrued interest and principal under the Note by transferring to Lender (the “Transfer”), PriceSmart Inc. common stock (“PriceSmart Common Stock”) which must be registered and
unrestricted, at an agreed value of Eight Dollars ($8.00) per share (the “Conversion Value”). 
  
 B) In the event that subsequent to the date of this Agreement, but prior to a Transfer, the shares of PriceSmart Common Stock issued and outstanding shall
be increased, through a reorganization, recapitalization, reclassification, stock split or other similar change in the capital of the company, then an appropriate proportional decrease shall be made to the Conversion Value. 
  
 2. Borrower’s rights to pay sums due under the Note with PriceSmart Common Stock
are conditioned upon (i) the transaction described in paragraph 1 herein having been validly approved by the shareholders of the Borrower and (ii) a Transfer not violating any applicable Federal or State law, rule or regulation. 
  
 Executed on the date first written above. 
  

							
	The Price Group, LLC	 	PriceSmart, Inc.
				
	 by
	 	 /s/ Jim Cahill

	 	 by
	 	 /s/ John M. Heffner

	 	 	 Its Manager
	 	 	 	 Its Chief Financial Officer

				
	 by
	 	 /s/ Kathy Hillan

	 	 	 	 
	 	 	 Its ManagerPromissory Note

 EXHIBIT 10.61(a) 
  
 PROMISSORY NOTE 
  

					
	 $25,000,000
	 	 	    	August 31, 2004        
	 	 	 	    	San Diego, California

  
 FOR VALUE
RECEIVED, the undersigned PRICESMART INC., a Delaware corporation, (the “Borrower”), promises to pay to THE PRICE GROUP, LLC, a California limited liability company, (the “Lender”) or order, at 7979 Ivanhoe
Avenue, Suite 520, La Jolla, California 92037, or such other address as may be directed in writing, the principal sum of Twenty Five Million Dollars ($25,000,000), together with interest thereon at a rate of eight percent (8%) per annum, computed
from the date hereof on the basis of a three hundred sixty-five (365) day year, actual days elapsed. 
  
 1. Payment of Principal and Interest. All unpaid principal and accrued unpaid interest shall be due and payable in full two (2) years from
the date hereof (the “Maturity Date”). 
  
 2.
Credit of Payments. Each payment under this Note shall be credited in the following order: (a) costs, fees, charges and advances paid or incurred by Lender and for which the Borrower is obligated under the terms herein; (b) interest
payable under this Note; and (c) principal under this Note. All installments of principal and interest of this Note shall be payable in lawful money of the United States of America. Checks constitute payment only when collected. 
  
 3. Prepayment. The Borrower may prepay in whole, or from time
to time in part, and without any premium or penalty therefor, the principal amount hereof then remaining unpaid, together with accrued unpaid interest on this Note. Any such prepayment shall be applied first to accrued unpaid interest on this Note
and the balance to principal due hereunder. 
  
 4. Interest
and Default. From and after the Maturity Date the entire unpaid principal balance and accrued unpaid interest shall automatically bear an annual interest rate equal to the lesser of: (a) twelve percent (12%) per annum or (b) the maximum
interest rate allowed by law; in lieu of the rate provided above herein. 
  
 6. Late Charge. Borrower acknowledges that default in the payment of any sum due under this Note will result in losses and additional expenses to Lender in servicing the indebtedness evidenced by this
Note, handling such delinquent payments, and meeting its other financial obligations. Borrower further acknowledges that the extent of such loss and additional expenses is extremely difficult and impractical to ascertain. Borrower therefore agrees
that, if any payment due under this Note is not made within ten (10) days when due, a charge of three cents ($.03) for each dollar ($1.00) that is not paid when due would be a reasonable estimate of expenses so incurred (the “Late
Charge”). If any payment is not received within ten (10) days when due, Borrower shall pay the Late Charge to Lender (without prejudicing or affecting any other rights or remedies of Lender) as liquidated damages to cover expenses incurred in
handling such delinquent payment. 
  
 7. Attorney Fees.
Borrower agrees to pay the following costs, expenses, and attorney fees paid or incurred by Lender, or adjudged by a court: (a) reasonable costs of collection and costs, expenses, and attorney fees paid or incurred in connection with the
collection or enforcement of this Note, whether or not suit is filed; (b) reasonable costs, expenses, and attorney fees paid or incurred in connection with representing Lender in any bankruptcy, reorganization, receivership, or other proceedings
affecting creditors’ rights and involving a claim under this Note; and (c) costs of suit and such sum as the court may adjudge as attorney fees in any action to enforce payment of this Note or any part of it. 
  

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 8. Waiver. Borrower, endorsers, and all other persons liable or to become liable on this
Note waive presentment, protest, and demand; notice of protest, demand, and dishonor; and all other notices or matters of a like nature. 
  
 9. Usury. All agreements between Borrower and Lender are expressly limited, so that in no event or contingency, whether because of the
advancement of the proceeds of this Note, acceleration of maturity of the unpaid principal balance, or otherwise, shall the amount paid or agreed to be paid to Lender for the use, forbearance, or retention of the money to be advanced under this Note
exceed the highest lawful rate permissible under applicable usury laws. If, under any circumstances, fulfillment of any provision of this Note or any other agreement pertaining to this Note, after timely performance of such provision is due, shall
involve exceeding the limit of validity prescribed by law that a court of competent jurisdiction deems applicable, then, ipso facto, the obligations to be fulfilled shall be reduced to the limit of such validity. If, under any circumstances, Lender
shall ever receive as interest an amount that exceeds the highest lawful rate, the amount that would be excessive interest shall be applied to reduce the unpaid principal balance under this Note and not to pay interest, or, if such excessive
interest exceeds the unpaid principal balance under this Note, such excess shall be refunded to Borrower. This provision shall control every other provision of all agreements between Borrower and Lender. 
  
 10. Forbearance Not a Waiver. If Lender delays in exercising or
fails to exercise any of its rights under this Note, that delay or failure shall not constitute a waiver of any Lender rights or of any breach, default, or failure of condition under this Note. No waiver by Lender of any of its rights or of any such
breach, default, or failure of condition shall be effective, unless the waiver is expressly stated in a writing signed by Lender. 
  
 11. Binding Effect. This Note inures to and binds the heirs, legal representatives, successors, and assigns of Borrower and Lender.

  
 12. Severability. If any provision of this Note,
or the application of it to any party or circumstance, is held void, invalid, or unenforceable by a court of competent jurisdiction, the remainder of this Note, and the application of such provision to other parties or circumstances, shall not be
affected thereby, the provisions of this Note being severable in any such instance. 
  
 13. Time is of the Essence. Time is of the essence with respect to all obligations of Borrower under this Note. 
  
 14. Waiver of Jury Trial. LENDER AND BORROWER EACH WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED ON,
ARISING FROM, OR RELATED TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED BY THIS NOTE, IN ANY ACTION, PROCEEDING, OR OTHER LITIGATION OF ANY TYPE BROUGHT BY EITHER PARTY AGAINST THE OTHER, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR
OTHERWISE. BORROWER AND LENDER AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY
OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM, OR OTHER PROCEEDING THAT SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS NOTE. THIS WAIVER SHALL APPLY TO ANY FUTURE AMENDMENTS, RENEWALS, SUPPLEMENTS, OR
MODIFICATIONS TO THIS NOTE. 
  

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 15. Governing Law. This Note shall be construed and enforceable according to the laws of
the State of California. 
  
 Executed as of the date first written above.

  

			
	BORROWER
	
	PriceSmart Inc.
		
	By	 	 /s/ John Heffner

	 	 	Chief Financial Officer

  

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