EXHIBIT 4(P)
THIRD AMENDMENT TO SECURED PROMISSORY NOTE
This Third Amendment to Secured Promissory Note ("Amendment") is made and
entered into as of the 15th day of November, 1998, by and between CONSUMAT
ENVIRONMENTAL SYSTEMS, INC. ("Borrower"), a Virginia corporation, and SIRROM
INVESTMENTS, INC. ("Lender"), a Tennessee corporation.
W I T N E S S E T H:
WHEREAS, Borrower has previously executed that Secured Promissory Note
dated July 17, 1997, payable to order of Lender in the original principal amount
of $500,000, as amended by that First Amendment to Promissory Note dated as of
June 16, 1998, and that Second Amendment to Promissory Note dated as of August
16, 1998(the "Note");
WHEREAS, Lender and Borrower wish to amend the Note;
NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of
which are acknowledged, it is agreed as follows:
1. Amendment of Note. The Note is hereby amended by deleting the second
paragraph on page one and substituting the following therefor:
One payment of principal in the amount of $250,000.00 shall
become due and payable on July 16, 1998. Interest on the
outstanding principal balance shall be due and payable monthly,
in arrears, with the first installment being payable on the first
(1st) day of September, 1997, and subsequent installments being
payable on the first day of each succeeding month thereafter
until July 15, 1999 (the "Maturity Date"), at which time the
entire outstanding principal balance, together with accrued but
unpaid interest, shall be immediately due and payable in full.
2. Full Force and Effect. The Note remains in full effect, as amended
hereby.
3. Governing Law. This Amendment shall be governed by, and construed and
interpreted in accordance with, the internal laws of the State of Tennessee
1
.
Executed as of the date stated above.
SIRROM INVESTMENTS, INC.
By:
Title:
ATTEST: CONSUMAT ENVIRONMENTAL SYSTEMS, INC.
By:_____________________
Secretary By:
Title:
