FIRST AMENDMENT TO FACILITY LOAN AGREEMENT
Exhibit
10.46
FIRST
AMENDMENT TO FACILITY LOAN AGREEMENT
THIS
FIRST AMENDMENT TO THE
FACILITY LOAN AGREEMENT by and between Invisa, Inc. and Friday Harbour,
LLC is made and entered into for good and valuable
consideration in hand received as of this 21st day of June 2005.
WHEREAS,
Invisa, Inc and Friday Harbour, LLC entered into a Facility Loan
Agreement as of June 1, 2005;
WHEREAS,
as of the date hereof, Invisa, Inc has requested loans
in the amount of $30,000 from Friday Harbour, LLC under
the Facility Loan Agreement;
WHEREAS,
as of the date hereof, Friday Harbour, LLC has loaned $47,000 to Invisa under
the terms of the Facility Loan Agreement; and
WHEREAS,
to better assure its financial ability to implement its business plan while
seeking to arrange longer term capital, Invisa, Inc. desires to amend the
Facility Loan Facility to expand the Facility and Facility Amount from $50,000
to $150,000.
NOW
THEREFORE, for good and valuable consideration in hand received, the
parties mutually agree as follows:
1.
The
parties confirm and agree that Friday Harbour, LLC has made the following loans
to Invisa, Inc under the Facility Loan Agreement: (i) $10,000 on May 24, 2005;
(ii) $10,000 on June 1, 2005, (iii) $10,000 on June 7, 2005, (iv) $10,000 on
June 15, 2005 and (v) $7,000 on June 17, 2005.
2.
The
term “Facility” as defined in Paragraph 1.2 and as used in the Facility Loan
Agreement is hereby amended as follows: “Facility” shall mean the $150,000
convertible credit facility to be provided by the Lender to the Company pursuant
to this Agreement and any Expansion thereof agreed to by the
parties.”
3.
The
term “Facility Amount” as defined in Paragraph 1.2 and as used in the Facility
Loan Agreement is hereby amended as follows: “Facility Amount” shall mean
$150,000. The Loans made through the date of the First Amendment to the Facility
Loan Agreement as described in Paragraph 1 hereof shall be deemed part of the
Facility Amount”.
4.
The
procedure for making loans as provided in Paragraph 2.3 of the Facility Loan
Agreement is hereby amended to expressly provide that Invisa, Inc shall only
request that loans be made under the Facility Loan Agreement, and Lender shall
only be required to make loans under the Facility Loan Agreement, to the extent
the requested Loan is necessary to fund current operations and pay current
obligations of Invisa, Inc. after Invisa, Inc has used funds otherwise held
by,
or available to, Invisa, Inc.
5.
The
Facility Amount as amended herein is fully convertible, at the election of
Lender, into shares of Invisa, Inc. common stock in accordance with Paragraph
3.2 of the Facility Loan Agreement.
6.
Except
as modified hereby or inconsistent herewith, the Facility Loan Agreement shall
remain in full force and effect.
IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered on their behalf as of the date hereinafter
reflected.
LENDER
FRIDAY
HARBOUR, LLC
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Date: June 21, 2005 | By: | /s/ Xxxxx Xxxxxx |
Xxxxx Xxxxxx |
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Title: Manager |
COMPANY
INVISA,
INC.
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Date: June 21, 2005 | By: | /s/ Xxxxxxx X. Xxxxxxx |
Xxxxxxx A. Xxxxxxx |
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Title: Acting President |