1
EXHIBIT 10.5
FIRST AMENDMENT TO CONSOLIDATED RENEWAL PROMISSORY NOTE
This First Amendment to Consolidated Renewal Promissory Note (the
"Amendment") is entered into as of June 30, 1999 by PRECISION RESPONSE
CORPORATION, a Florida corporation, as "Borrower", and BANK OF AMERICA, N.A.,
d/b/a NATIONSBANK, N.A., successor to NATIONSBANK, N.A., as "Bank."
A. Section 2 of the $5,120,000.00 Consolidated Renewal Promissory Note
dated May 29, 1998 executed by Precision Response Corporation, as "Borrower", in
favor of NationsBank, N.A., as "Bank", is hereby modified to read as follows:
2. PAYMENTS:
(a) INTEREST. Borrower shall remit to Bank payments
of all accrued interest on the first day of September, 1998
and continuing on the first day of each December, March, June
and September to and including December 1, 1999. Thereafter,
Borrower shall remit to Bank payments of all accrued interest
on January 31, 2000 and continuing on the last day of each
April, July, October and January thereafter until the Maturity
Date (the "Payment Dates").
(b) PRINCIPAL. Principal payments shall be due on
each Payment Date commencing on January 31, 2000, and on the
last day of each April, July, October and January thereafter
until the Maturity Date. The amount of the principal payment
due on each Payment Date shall be in an amount as determined
by Bank such that constant quarterly payments of that amount
would fully amortize and pay-off the outstanding principal
balance by January 31, 2020.
B. Except as expressly modified herein, the Promissory Note is
unchanged and is reaffirmed by Borrower in its entirety.
BORROWER:
PRECISION RESPONSE CORPORATION
By: /s/ Xxxxxx X. Xxxxxx
----------------------------------------
Name: XXXXXX X. XXXXXX
Title: VP AND TREASURER
ACCEPTED BY BANK:
BANK OF AMERICA, N.A., d/b/a NATIONSBANK,
N.A., successor to NATIONSBANK, N.A.
By: /s/ Xxxxxxx Viejo
---------------------------------------
Name: XXXXXXX VIEJO
Title: VICE PRESIDENT
