CHANGE IN TERMS AGREEMENT
Borrower: US Global Nanospace, Inc. Lender: USDR Aerospace, Ltd.
f/k/a US Global Aerospace, Inc.
0000 X. Xxxxxx Xx., Xxxxx 0000
Xxxxxx Xxxx, XX 00000
Principal: Amounts up to $100,000.00 Interest Rate: 10.000%
Loan Date: April 18, 2003
Maturity: December 31, 2004
Date of Agreement: December 30, 2004
DESCRIPTION OF EXISTING INDEBTEDNESS
A Revolving Promissory Note dated April 18, 2003 in original principal amounts
up to $100,000.00, amended on June 30, 2004 to include amounts up to
$200,000.00.
DESCRIPTION OF CHANGE IN TERMS
The maturity date of this Note is being extended to February 28, 2005. All other
terms and conditions remain unchanged.
PROMISE TO PAY
US Global Nanospace, Inc. f/k/a US Global Aerospace, Inc., ("Borrower") promises
to pay to USDR Aerospace, Ltd. ("Lender"), the principal balance then
outstanding, together with interest at the rate of 10.000% per annum on the
unpaid principal balance from April 18, 2003, until paid in full.
PAYMENT
Borrower will pay these loans in one principal payment of the balance then
outstanding, plus interest on or before February 28, 2005. This payment due on
February 28, 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 Aerospace, Ltd.
f/k/a US Global Aerospace, Inc. by: United States Defense Research, LC,
General Partner
By: /s/ Xxxx Xxxxxxxx By: /s/ Xxxxx Xxxxxx
----------------- -----------------------
Xxxx Xxxxxxxx, Chairman Xxxxx Xxxxxx, Secretary
