EXHIBIT 10.11
First Allonge to the
Promissory Note dated January 22, 2001 made by
ASPI EUROPE, INC.
in favor of
XXXXXXX XXXXXXX
THIS FIRST ALLONGE to the Promissory Note, dated January 22, 2001 (the
"Promissory Note"), made by ASPI EUROPE, INC., a Delaware corporation (the
"Company"), in favor of XXXXXXX XXXXXXX ("Lender"), is made as of the 6th day of
August, 2001 by and between the Company and the Lender.
BACKGROUND
WHEREAS, on January 22, 2001, the Lender made a loan to the Company in the
amount of US $50,000 as evidenced by the Promissory Note, and such Promissory
Note was due and payable on or before May 18, 2000;
NOW, THEREFORE, in consideration of the Company agreeing to increase the
interest payable to the Lender, the Company and the Lender hereby agree as
follows:
1. The Lender will waive its immediate right to full payment and interest
of the US $50,000 Promissory Note due May 18, 2001, and will amend and restate
the first paragraph of the Promissory Note to read as follows:
"FOR VALUE RECEIVED, the undersigned ASPi Europe, Inc. ( the "Company ")
hereby promises to pay on or before October 15, 2001 to or to the order of
Xxxxxxx Xxxxxxx ("Lender") at such address as the Lender may from time to time
direct, the principal sum of FIFTY THOUSAND DOLLARS ($50,000.00) of lawful money
of the United States of America with interest thereon at the annual rate equal
to (10%) ten percent through July 31, 2001 and (12.5%) twelve and a half percent
thereafter in such amounts set forth herein."
2. Except as amended herein, the Promissory Note shall continue in full
force and effect and shall be enforceable in accordance with its terms. Nothing
herein contained shall constitute a novation of the Promissory Note.
3. This First Allonge and the Promissory Note shall constitute a single
instrument.
IN WITNESS WHEREOF, the Company has caused this First Allonge to the
Promissory Note to be signed by its duly authorized officer as of the 6th day of
August, 2001.
ASPI EUROPE, INC.
By: "F. Xxxxxx Xxxxxxx III"
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Name: F. Xxxxxx Xxxxxxx III
Title: Chief Executive Officer
XXXXXXX XXXXXXX
By: "Xxxxxxx Xxxxxxx"
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Name: Xxxxxxx Xxxxxxx
