EXHIBIT 10 (ggg)
470
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THE TIREX CORPORATION
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EXTENSION AND AMENDMENT
TO
PROMISSORY NOTE
Amendment, made this 5th day of September 1998, by and between:
The Tirex Corporation
000 Xx. Xxxxxxx
Xxxxxxxx, Xxxxxx, X0X 0X0
(the "Payee")
and
Xxxxx X. Xxxxxxx
0000 Xxxxxxxx Xxxx
Xxxx Xxxxx XX 00000
(the "Maker")
the Payee and the Maker, as designated above, on the promissory note of
the Maker, dated April 8, 1998, in the amount of $70,405.31 (the "Note"); Terms
used in this Amendment which are defined in the Note and not defined herein
shall have the same meaning herein as therein.
Whereas, the Maker is an officer and director of the Payee and in
connection therewith has consistently rendered services and substantial
financial assistance to the Payee, significantly above and beyond the scope of
his duties and responsibilities to the Payee and its shareholders, for which the
Maker has not received any compensation;
Whereas, in connection with the foregoing, the Payee is indebted to the
Maker, in an amount which may presently or in the future be in excess of the
amount of indebtedness of the Maker to the Payee under the Note;
Now therefore, in consideration of the premises and of the mutual promises
and covenants hereinafter set forth, the parties agree to set forth herein an
extension and amendment to the Note, effective as of the date hereof, of the
Commencement Date, as follows:
A. EXTENSION
The maturity date of the Note is hereby extended to September 5, 1999 (the
"Extended Maturity Date"). No interest or principal under the Note is due or
payable until the said Extended Maturity Date.
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B. AMENDMENT
The Note is hereby amended so as to reduce the interest rate under the
Note from 8% over the prime rate charged by Citibank, NA (the "Prime Rate") to
2% over the said Prime Rate, from April 8, 1998 to the Maturity Date.
C. NO OTHER AMENDMENTS
Except as expressly provided in this Extension and Amendment, all of the
terms and conditions of the Note remain in full force and effect.
D. COUNTERPARTS
This Extension and Amendment may be executed in any number of counterparts
and by each party on a separate counterpart, each of which when so executed and
delivered shall be an original, but all of which together shall constitute one
Extension and Amendment of the Note.
In Witness Whereof, the parties hereto have caused this Extension and
Amendment to be executed the day and year first above written.
THE TIREX CORPORATION
By /s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx, President
/s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
472
