Addendum to Commercial Guaranty Regarding Terminating Events – NXT Aero USA Inc., Aviation Finance Group, LLC, and Energy Exploration Technologies
This addendum is part of a Commercial Guaranty agreement between NXT Aero USA Inc. (borrower), Aviation Finance Group, LLC (lender), and Energy Exploration Technologies (guarantor). It specifies that the guarantor’s obligations will continue until the unpaid loan balance is less than 50% of the estimated retail value of the collateral, as determined by the lender. Once this condition is met, the guarantor’s obligations under the guaranty will end. The addendum was executed on November 6, 2000.
ADDENDUM-TERMINATING EVENTS
| Borrower: | NXT Aero USA Inc. | Lender: | Aviation Finance Group, LLC |
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| 3557 S. Valley View Boulevard |
| 4355 Emerald St. |
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| Las Vegas, NV 89103 |
| Suite 200 |
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| Boise, ID 83706 |
| Guarantor: | Energy Exploration Technologies |
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| 840 7th Avenue S.W., Suite 700 |
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| Calgary, ALB T2P3G2 |
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This Addendum - TERMINATING Events is attached to and by this reference is made a part of the Commercial Guaranty, dated November 6, 2000, and executed in connection with this loan or other financial accommodations between AVIATION FINANCE GROUP, LLC ("Lender") and NXT Aero USA Inc. ("Borrower").
Notwithstanding anything contained in the Commercial Guaranty to the contrary, Lender shall, without notice of any nature whatsoever, enforce the full and prompt payment and performance of the Guarantor's obligations under this Commercial Guaranty until one of the following events shall have occurred (the "Terminating Events"):
- The ratio of (x) the unpaid principal balance of the loan to (y) the estimated retail value of the collateral, as determined by the lender in its discretion, is less than 50%.
THIS ADDENDUM - TERMINATING EVENTS IS EXECUTED ON NOVEMBER 6, 2000.
GUARANTOR:
ENERGY EXPLORATION TECHNOLOGIES
By: ___/s/ Daniel C. Topolinsky_________________________ By: __/s/_John M. Woodbury, Jr._____________________
Daniel C. Topolinsky, President of Energy Exploration Technologies John M. Woodbury, Jr., Secretary of Energy Exploration Technologies
LENDER:
AVIATION FINANCE GROUP, LLC
By: ____________________________________________
