FIRST AMENDMENT TO PROMISSORY NOTE
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EX-10.1 2 v074196_ex10-1.htm Unassociated Document
FIRST AMENDMENT TO PROMISSORY NOTE
Whereas, that certain Promissory Note dated December 12, 2006, in the original principal amount of $4,300,000 (the “Note”) was executed by iSecureTrac Corp. (“Maker”) in favor of Consolidated Investment Services, Inc. (“Payee”); and
Whereas, Maker and Payee now desire to amend the Note to modify the Maturity Date (as defined in the Note);
NOW THEREFORE, for and in consideration of ten dollars and other good and valuable consideration receipt of which is hereby acknowledged, it is hereby agreed as follows:
1. The “Maturity Date” as defined in the Note is hereby amended and restated as follows:
“Maturity Date.” The earlier of (i) July 1, 2009; or (ii) the first date on which Maker issues equity securities or arranges for additional indebtedness (other than trade indebtedness incurred in the ordinary course of its business) in a transaction or series of transactions which generates aggregate net proceeds to the Maker of not less than $4,300,000.
2. Except as amended hereby, the Note remains the same in all respects and remains in full force and effect.
Signed this 9th day of May, 2007.
MAKER: | |
ISECURETRAC CORP., | |
a Delaware corporation | |
By: /s/ Peter A. Michel | |
Name: Peter A. Michel | |
Its: CEO | |
Federal ID #: 87-0347787 | |
PAYEE: | |
CONSOLIDATED INVESTMENT SERVICES, INC., | |
a Nevada corporation | |
By: /s/ Heather Kreager | |
Name: Heather Kreager | |
Its: Vice President | |
Federal ID #: 88-0214301 |