Second Amendment to Loan and Pledge Agreement between World Commerce Online, Inc. and Anthony Laver

Summary

This amendment, dated February 12, 2001, is between World Commerce Online, Inc. and Anthony Laver. It modifies their original Loan and Pledge Agreement by extending the maturity date for repayment of a $500,000 loan from February 14, 2001, to April 12, 2001. All other terms of the original agreement remain unchanged. Both parties agree to update the promissory note to reflect the new maturity date and sign it as evidence of this amendment.

EX-10.7 37 g69370ex10-7.txt 2ND AMENDMENT TO ANTHONY LAVER 01/04/01 AGREEMENT 1 EXHIBIT 10.7 SECOND AMENDMENT TO LOAN AND PLEDGE AGREEMENT THIS SECOND AMENDMENT TO THE LOAN AND PLEDGE AGREEMENT (this "AMENDMENT") is made as of February 12, 2001 by and between World Commerce Online, Inc., a Delaware corporation (the "COMPANY"), and Anthony Laver, an individual (the "LENDER"). RECITALS: WHEREAS, for value received, the Company and the Lender executed a Loan and Pledge Agreement dated as of January 4, 2001 in the amount of Five Hundred Thousand Dollars ($500,000) (the "LOAN AGREEMENT"); WHEREAS, on February 1, 2001, the Company and the Lender executed that certain First Amendment to Loan and Pledge Agreement to clarify certain provisions; and WHEREAS, the Company and the Lender agree to further amend and modify the Loan Agreement to extend the maturity date of the Senior Secured Promissory Note (the "NOTE") and, to reflect the new maturity date of the Note, the Company and the Lender agree to cross out the old maturity date, February 14, 2001, from the fifth paragraph on the first page of the Note, to write in the new maturity date of April 12, 2001 beside the crossed-out old maturity date, and to sign the Note by the new maturity date to evidence the agreement of the parties in amending the maturity date of the Note; NOW, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 1. Amendment to the Loan Agreement. Section 1.3 of the Loan Agreement shall be amended and restated as follows: "1.3 Repayment. The outstanding principal and interest is payable no later than April 12, 2001 at which time all of the outstanding and unpaid principal and interest shall be due and payable (the "MATURITY DATE"). All payments of principal and interest shall be made in U.S. Dollars." 2. Non-Modification. Except to the extent amended and modified hereby, all terms, provisions and conditions of the Loan Agreement shall continue in full force and effect and shall remain unmodified and enforceable. IN WITNESS WHEREOF, the parties have executed this Amendment effective as of the date first above written. WORLD COMMERCE ONLINE, INC., as Borrower By: /s/ Mark E. Patten ------------------------------------ Mark E. Patten, Chief Financial Officer /s/ Anthony Laver --------------------------------------- Anthony Laver, as Lender