American Consumers, Inc. Rossville, GA 30741 Gentlemen:
Exhibit
10.33
5
/ 8 , 2008
American
Consumers, Inc.
00 Xxxxxx
Xxx
Xxxxxxxxx,
XX 00000
Gentlemen:
This
letter agreement amends and clarifies certain terms in that certain Business
Loan Agreement and related Promissory Note, each dated as of April 25, 2008
concerning a revolving line of credit in the maximum amount of $800,000.00 being
provided by Gateway Bank & Trust (the “Lender”) to American Consumers, Inc.
doing business as Shop Rite (the “Borrower”).
Each of
the above-referenced documents is hereby modified as follows:
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1.
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The
paragraph entitled “Other Agreements” on page 2 of the Business Loan
Agreement is hereby modified to read as
follows:
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Other
Agreements. Comply with all terms and conditions of all
other agreements, whether now or hereafter existing, between Borrower and any
other party and notify Lender immediately in writing of any default in
connection with any other such agreement; provided, however, that this paragraph
shall only apply to any such noncompliance or default that would materially,
adversely affect Borrower’s financial condition or properties.
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2.
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The
paragraph entitled “Adverse Change” on page 3 of the Business Loan
Agreement is hereby modified to read as
follows:
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Adverse
Change. A material adverse change occurs in Borrower’s
financial condition.
Additionally,
the first sentence of the paragraph entitled “Variable Interest Rate” on the
face of the Promissory Note is hereby modified to read as follows:
The
interest rate on this Note is subject to change from time to time based on
changes in an independent index which is the Wall Street Journal Prime Rate (the
“Index”).
By
execution of this Letter Agreement below, each of the parties hereby agrees to
and accepts the modifications to the terms of the above-referenced Business Loan
Agreement and the related Promissory Note set forth herein, as of this 8th day
of May, 2008.
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Gateway
Bank & Trust
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American
Consumers, Inc.
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By:
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/s/ Xxxxx Xxxxxx
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By:
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/s/ Xxxx X. Xxxx
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Name:
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Xxxxx Xxxxxx
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Name:
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Xxxx X. Xxxx
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Title:
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Sr. Vice President
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Title:
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Cheif Financial
Officer
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