Allonge No. 2 to Convertible Note between Linsang Manufacturing, Inc. and New Regent Industries Limited & Crown Taylor
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Summary
This agreement, called Allonge No. 2, is an amendment to a $2,000,000 Convertible Note originally issued by Linsang Manufacturing, Inc. The amendment is made with New Regent Industries Limited and Crown Taylor, who now hold the note. The main change is that the note's principal and interest are now payable on demand, rather than on a fixed maturity date. The agreement is attached to and forms part of the original note, and all parties have signed to confirm their acceptance of these new terms.
EX-10.2.3 33 allonge2.txt ALLONGE NO. 2 THIS ALLONGE No. 2, by Linsang Manufacturing, Inc. (the "Obligor") and New Regent Industries Limited and Crown Taylor (the "Holder") is to be attached to and made part of that certain Convertible Note, made by the Obligor, dated June 26, 2002, for a principal amount of $2,000,000 (the "Note") as modified by that certain Allonge, by and between the Obligor and Fuel Centers, Inc. on October 15, 2002 ("Allonge No. 1"). WHEREAS, the Holder is the owner of all of the beneficial interest in the Note; NOW THEREFORE, for good and valuable consideration acknowledged to have been received, Obligor and Holder agree to change the Maturity of the Note as follows: 1. Paragraph number 1 of the Note is deleted in its entirety and replaced with the following: "The principal balance of the Note shall be payable, together with all interest thereon, on demand, subject to Section 4 herein. Upon the payment in full of the outstanding principal and all accrued but unpaid interest and charges (as referenced in Section 5 below) thereon, this Note shall be surrendered to the Obligor for cancellation." 2. This Allonge No. 2 shall be attached to the Note and made a part thereof for all purposes as if executed on the date of the Note. Holder's signature below is affixed to evidence its agreement with the provisions of this Allonge No. 2. LINSANG MANUFACTURING, INC. /s/ Luis P. Negrete ----------------------------------------- By: Luis P. Negrete Title: President NEW REGENT INDUSTRIES LIMITED AND CROWN TAYLOR /s/ Jeffrey Taylor ----------------------------------------- By: Jeffrey Taylor Title: President /s/ Ng Clifford Sau Man ----------------------------------------- By: Ng Clifford Sau Man, Director, representing Griffith Agents, Ltd.
