Amendment to 14% Secured Note Between American International Petroleum Corporation and Global Capital Funding Group, L.P.
American International Petroleum Corporation (AIPC) and Global Capital Funding Group, L.P. have agreed to amend the terms of a 14% Secured Note due December 19, 2002. The amendment allows AIPC to pay accrued interest either in cash or, at its option, in shares of its common stock. No other terms of the original note or related documents are changed by this agreement.
| Exhibit 10.18 March 31, 2002 Mr. Denis J. Fitzpatrick Re: Amendment of 14% Secured Note due December 19, 2002 (the “Note”) Dear Denis: This letter sets forth the terms under which Global Capital Funding Group, L. P. (the “Holder”) will agree to amend the terms related to the payment of accrued interest on the Note by American International Petroleum Corporation (“AIPC”) (together, the “Parties”). The Parties agree that it was originally intended that the payment of accrued interest when due under the Note be allowed in cash or, at AIPC’s option, in shares of AIPC’s common stock, but the terms of the Note do not properly reflect this condition. Therefore, the Holder agrees to amend the language in the Note to enable accrued interest under the Note to be paid when due in cash, or at AIPC’s option, in shares of AIPC’s common stock. No other terms of the Note or related transaction documents shall be changed. Sincerely, /s/ Lewis N. LesterLewis N. Lester President Global Capital Funding Group, L.P. Accepted and Agreed to this 31st day of March, 2002 |
| By: /s/Denis J. Fitzpatrick Name: Denis J. Fitzpatrick Title: Chief Financial Officer |
