Exhibit 10.38
First National Bank
CHANGE IN TERMS AGREEMENT
Borrower:
Advanced Remote Communication Solutions, Inc. a Lender First National Bank
California corporation fka Boatracs, Inc., a 000 Xxxx X Xxxxxx
Xxxxxxxxxx corporation P.O. Box 95625
Enerdyne Technologies, Inc., a California Xxx Xxxxx, XX 00000
corporation
00000 Xxxxxxxx Xxxxxx Xxxx, #000
Xxx Xxxxx, XX 00000
Principal Amount: $2,250,000.00 Initial Rate: 6.500% Date of
Agreement: December 20, 2001
DESCRIPTION OF EXISTING INDEBTEDNESS.
Promissory Note dated December 29, 1998 in the original amount of $750,000.00
originally maturing December 29, 2000 as modified by various Change In Terms
Agreements dated February 4, 2000, February 28, 2000, March 13, 2001, May 18,
2001, August 3, 2001, November 5, 2001 and waiver letter dated February 20,
2001.
DESCRIPTION OF COLLATERAL
Various Commercial Security Agreements and Commercial Pledge Agreements granting
Lender a security interest in various assets as stated in those specific
agreements.
DESCRIPTION OF CHANGE IN TERMS. Maturity date to be extended from December 29,
2001 to January 31, 2002.
PAYMENT: Borrower will pay this loan in one payment of all outstanding principal
plus all accrued unpaid interest on January 31, 2002.
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. It any person who signed the original obligation does not sign this
Agreement below, then all persons signing below 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.
BORROWER:
ADVANCED REMOTE COMMUNICATION SOLUTIONS, INC. A CALIFORNIA
CORPORATION FKA BOATRACS, INC., A CALIFORNIA CORPORATION
By:
/s/ Xxxxxxx Xxxxxxxxx, Chairman of the Board/CEO of
Advanced Remote Communication Solutions, Inc.
a California corporation fka Boatracs, Inc. a
California corporation
By:
/s/ Xxxx Xxxxxx, CFO/Secretary of Advanced Remote Communication Solutions, Inc.
a California Corporation fka Boatracs, Inc., a California Corporation
ENERDYNE TECHNOLOGIES, INC., A CALIFORNIA CORPORATION
By:
/s/ Xxxxxxx Xxxxxxxxx, Chairman of the Board/CEO of
Enerdyne Technologies, Inc., a California
corporation
By:
/s/ Xxxx Xxxxxx, CFO/Secretary of Enerdyne Technologies, Inc.,
a California corporation
