CHANGE IN TERMS AGREEMENT
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Borrower: US Global Nanospace, Inc. Lender: USDR, Inc.
0000 X. Xxxxxx Xx., Xxxxx 0000
Xxxxxx Xxxx, XX 00000
Principal: Amounts up to $350,000.00 Interest Rate: 10.000%
Loan Date: May 13, 2005
Maturity: August 13, 2005
Date of Agreement: October 31, 2005
DESCRIPTION OF EXISTING INDEBTEDNESS
A Revolving Promissory Note dated May 13, 2005 in original principal amounts up
to $350,000.00.
DESCRIPTION OF CHANGE IN TERMS
The maturity date of this Note is being extended to DECEMBER 31, 2005. All other
terms and conditions remain unchanged.
PROMISE TO PAY
US Global Nanospace, Inc., ("Borrower") promises to pay to USDR, Inc.
("Lender"), the principal balance then outstanding, together with interest at
the rate of 10.000% per annum on the unpaid principal balance from May 13, 2005,
until paid in full.
PAYMENT
Borrower will pay these loans in one principal payment of the balance then
outstanding, plus interest on or before December 31, 2005. This payment due on
December 31, 2005 will be for all principal and all accrued interest not yet
paid. Unless otherwise agreed or required by applicable law, payments will be
applied first to any accrued unpaid interest, than to principal. Borrower may
pay without penalty all or a portion of the amount owed earlier than it is due.
SUCCESSORS AND ASSIGNS
This agreement shall be binding upon and inure to the benefit of the parties,
their successors and assigns.
BORROWER: LENDER:
US Global Nanospace, Inc., USDR, Inc.
By: /s/ Xxxxx Xxxxxx By: /s/ Xxxx Xxxxxxxx
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Xxxxx Xxxxxx, Chief Financial Officer Xxxx Xxxxxxxx, President
