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EXHIBIT 10.26
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 Xxxxxx Xxxxxxx, an
individual (the "LENDER").
RECITALS:
WHEREAS, for value received, the Company and the Lender
executed a Loan and Pledge Agreement dated as of January 18, 2001 in the amount
of One Hundred Thousand Dollars ($100,000) (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/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx, Chief Financial Officer
/s/ Xxxxxx Xxxxxxx
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Xxxxxx Xxxxxxx, as Lender
