First Amendment to Promissory Note between iSecureTrac Corp. and Consolidated Investment Services, Inc.

Contract Categories: Business Finance › Note Agreements
Summary

This amendment modifies a promissory note originally issued by iSecureTrac Corp. to Consolidated Investment Services, Inc. for $1,700,000. The main change is to the maturity date, which is now set as the earlier of July 1, 2008, or when iSecureTrac raises at least $1,700,000 through new equity or debt (excluding normal business debts). All other terms of the original note remain unchanged. The amendment also clarifies that a new $4.3 million note issued at the same time does not accelerate the maturity of the original note.

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EX-10.2 4 v060298_ex10-2.htm
 
FIRST AMENDMENT TO PROMISSORY NOTE
Exhibit 10.2

Whereas, that certain promissory note dated October 24, 2006, in the original principal amount of $1,700,000 (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, 2008 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 $1,700,000.

2.  Except as amended hereby, the Note remains the same in all respects and remains in full force and effect.

3. Payee hereby acknowledges and agrees that the additional $4.3 million promissory note executed by Maker in favor of Payee on the date hereof shall not result in an acceleration of the Maturity Date of the Note.

Signed this 12th day of December 2006.
 
 
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