AGREEMENT TO EXTEND PROMISSORY NOTE
Exhibit
4.1
This
Agreement to Extend the Promissory Note entered into by ATSI
COMMUNICATIONS, INC.
a
Nevada corporation, (“ATSI”) and FRANKLIN,
XXXXXXXX & XXXXX, PC
a Texas
professional corporation (“FRANKLIN”) is made and entered into this
1st
day of
December, 2005.
WHEREAS,
ATSI issued a Secured Promissory Note dated November 1, 2004 (the” Note”) in the
original principal balance amount of $103,454.08 payable to Franklin; and
WHEREAS,
on August 8, 2005 FRANKLIN and ATSI agreed
to terminate
the Security Agreement and release all collateral set forth in the Security
Agreement;
WHEREAS,
on November 1, 2005 FRANKLIN, XXXXXXXX & XXXXX, PC converted
$13,454.08 of the principal balance into common stock of ATSI;
WHEREAS,
the Maturity Date of the note have occurred as of December 1, 2005;
NOW,
THEREFORE, ATSI and FRANKLIN hereby
agree to the following terms and conditions:
| 1. |
The
Maturity Date of the Promissory Note shall be extended until December
1,
2006.
|
| 2. |
The
principal balance is now $90,000 as of December 1,
2005.
|
| 3. |
All
other terms and conditions of the Notes shall apply as originally
agreed
to, with the exception of the above-mentioned
items.
|
| 4. |
This
Extension contains the entire agreement between the parties.
|
| ATSI COMMUNICATIONS, INC. | FRANKLIN, XXXXXXXX & XXXXX, PC. | ||
|
Xxxxxxx Xxxxxxx, Corporate
Controller
|
Xxxxxxxx Xxxxxx |
