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EX-4.(b)
AMENDMENT NO. 1 TO SECURITY AGREEMENT
THIS AMENDMENT NO. 1 TO SECURITY AGREEMENT ("Amendment") dated as of
August 1, 1996, is made by EDNET, INC., a Colorado corporation ("Grantor"), and
XXXXXX XXXXXX CAPITAL GROUP L.L.C. ("Lender").
RECITALS
A. Grantor previously executed that certain Security Agreement, dated
as of July 5, 1996 (the "Security Agreement"), in favor of Lender.
B. Grantor and Lender now desire to amend the Security Agreement as
provided for in this Amendment.
AGREEMENT
ACCORDINGLY, for good and valuable consideration, the parties hereby
agree as follows:
Section 1. Amendment of Security Agreement. The Security Agreement is
hereby amended as follows:
(a) Recital A of the Security Agreement is amended in its
entirety to read as follows:
"A. Pursuant to and as evidenced by that
certain Senior Secured Promissory Note dated July 5,
1996 in the amount of $500,000; Senior Secured
Promissory Note dated on or about August 7, 1996 in
the amount of $300,000; Senior Secured Promissory
Note dated on or about August 7, 1996 in the amount
of $200,000; and Senior Secured Promissory Note dated
on or about August 15, 1996 in the amount of $250,000
(as the same from time to time may be amended,
modified, supplemented or restated, the "Notes") by
Grantor, Lender has agreed to make certain extensions
or credit to Grantor in the amount and manner set
forth in the Notes (the "Loan")."
Section 2. Miscellaneous. This Amendment shall be governed by and
construed in accordance with the laws of the State of California, as applied to
contracts entered into by California residents and to be performed entirely
within California. This Amendment may be executed in any number of counterparts,
each of which when so delivered shall be deemed an original, but all such
counterparts shall constitute but one and the same instrument. Each such
agreement shall become effective upon the execution of a counterpart hereof or
thereof by each of the parties hereto.
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IN WITNESS WHEREOF, each of the parties hereto has caused this
Amendment to be executed and delivered by its duly authorized officer on the
date first set forth above.
"Grantor"
EDNET, INC.
a Colorado corporation
By /s/Xxx Xxxxxxxxx
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Xxx Xxxxxxxxx
Chief Executive Officer
Xxxxxx Xxxxxx Capital Group L.L.C.,
By /s/Xxxxxx X. Xxxxxxxxxx
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Xxxxxx X. Xxxxxxxxxx
Managing Director
2.
