First Amendment to Senior Secured Promissory Note Agreement between Blast Energy Services, Inc. and Berg McAfee LLC

Contract Categories: Business Finance Note Agreements
Summary

Blast Energy Services, Inc. and Berg McAfee LLC have agreed to extend the maturity date of a $200,000 loan originally set to mature on July 15, 2006. The new maturity date is March 31, 2007. All other terms of the original promissory note remain unchanged. This amendment allows Blast more time to repay the loan, with additional interest paid to Berg McAfee LLC for the extension.

EX-10.2 3 rrd108999_11941.htm FIRST AMENDMENT TO THE SENIOR SECURED PROMISSORY NOTE AGREEMENT UNITED STATES

_Exhibit 10.2

 

FIRST AMENDMENT TO THE SENIOR SECURED PROMISSORY NOTE AGREEMENT

 

THIS FIRST AMENDMENT ("First Amendment") TO THE SENIOR SECURED PROMISSORY NOTE ("Senior Note") is entered into February 6, 2006 ("Effective Date") by and between Blast Energy Services, Inc. (formerly known as Verdisys, Inc.), a California corporation ("Blast") in favor of Berg McAfee LLC., a California Corporation ("BMC").

WHEREAS on July 15, 2005, Blast entered into a Senior Note in favor of BMC securing the loan for $200,000 to build the Blast Abrasive Fluid Jetting Rig #1 with a loan Maturity Date of September 15, 2006;

WHEREAS BMC has and now desires to extend such Maturity Date and Blast wishes to compensate BMC by paying additional interest over a longer period for said extension:

 

THEREFORE, in view of the good and valuable consideration stated below, Blast and BMC agree as follows:

1. Maturity Date.

1.1 BMC and Blast agree that they mutually agree to extend the Maturity Date in the Senior Note from July 15, 2006 to March 31, 2007.

1.2 All other terms and conditions remain unchanged.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

 

 

BERG McAFEE COMPANIES, LLC

 

/s/ Eric A. McAfee 2/6/06

Eric A. McAfee, Managing Member Date

 

 

BLAST ENERGY SERVICES, INC.

/s/ John O'Keefe 2/20/06

John O'Keefe, EVP & Co-CEO Date