Amendment to Convertible Notes Agreement between Oiltek, Inc. and Avalon Oil & Gas

Contract Categories: Business Finance › Modification Agreements
Summary

Oiltek, Inc. and Avalon Oil & Gas have agreed to amend the terms of their existing convertible notes totaling $77,400. The amendment changes the maturity date, making the full principal and any unpaid interest due on December 31, 2010, unless the notes are paid earlier, accelerated, or converted as specified in the original agreements. Both parties have signed to confirm their acceptance of these new terms.

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EX-10.11 15 ex10-11.htm ex10-11.htm
Exhibit 10(xi)
 
Oiltek, Inc.
7808 Creekridge Circle, Suite 105
Minneapolis, MN 55439
 

 
 
September 10, 2008
 
Avalon Oil & Gas
7808 Creekridge, Suite 105
Minneapolis, MN 55439
 
 
Re: Convertible Notes
 
Gentleman:
 
Reference is made to the Convertible Notes (the “Notes”) dated various dates between Avalon Oil & Gas (the “Payee”) and Oiltek, Inc. (the “Payor”) in the aggregate amount of $77,400.  This will confirm our agreement to amend the terms and conditions of the Notes as follows:
 
3.  
Article “2” of each of the Notes is amended to provide the that principal balance of the Notes, together with any unpaid and accrued interest thereon, shall be due and payable in full on December 31, 2010 (the “Maturity Date”), unless earlier (A) accelerated and payable with the terms of the Note (B) converted in accordance with the provisions of Article “3” of the Notes.
 
If the forgoing reflects your understanding of our agreement, please acknowledge by signing below.
 
 
Very truly yours,
 
 
Oiltek, Inc.
 
By: /s/ Jill Allison                
Jill Allison, President
 
Acknowledge and Agreed
 
/s/ Kent Rodriguez             
Kent Rodriguez, President
 
Avalon Oil & Gas