AGREEMENT TO EXTEND MATURITY OF DEBENTURE
This Agreement to Extend Maturity of Debenture ("Agreement") is hereby executed
this 16TH day of October 1997 by and between CyberAmerica Corporation, a Nevada
Corporation with principal offices at 000 Xxxx 000 Xxxxx, Xxxxx 000, Xxxx Xxxx
Xxxx, Xxxx 00000 ("Issuer"), and Legong Investments, N.V. a foreign entity with
principal offices at International Trade Center TMT26, Piscadera Bay,Curacao,
Netherlands Antilles ("Purchaser").
WHEREAS, Issuer and Purchaser executed a Offshore Securities
Subscription Agreement pursuant to which Purchaser purchased a $300,000
convertible debenture ("Debenture") from Issuer pursuant to an exemption from
federal registration provided under Regulation S promulgated under the
Securities Act of 1933;
WHEREAS, the unpaid face amount of the Debenture, as well as all
accrued interest, became due and payable on September 16, 1997, but has not yet
been paid by Issuer;
WHEREAS, the parties wish to extend the maturity date of the Debenture
subject to the terms and conditions outlined below;
NOW, THEREFORE, in consideration of the mutual promises, covenants, and
agreements contained herein, and for other good and valuable consideration, the
receipt and adequacy of which is expressly acknowledged, the parties agree as
follows:
1. The face amount of the Debenture, as well as all accrued interest, shall be
due no later than December 16, 1997.
2. The Debenture shall continue to accrue interest at a rate of 6% and
according to the provisions of Paragraph 1 of the Debenture. Interest
for the period of September 16, 1997 to the date of this Agreement
shall be deemed to have accrued as if the maturity date of the
Debenture was originally scheduled for December 16, 1997.
3. The Purchaser shall waive its rights to any past late payment penalties
provided under Paragraph 3.2(f) of the Debenture, Paragraph 5(f) of the
Offshore Securities Subscription Agreement, or any other contractual
provision applying a penalty for Issuer's late payment of principal or
interest upon Purchaser's conversion of the Debenture or upon maturity.
4. Except as expressed to the contrary herein, the provisions of the Debenture
shall continue in force.
IN WITNESS WHEREOF, the parties have executed this Agreement to Extend Maturity
of Debenture this 16TH day of October 1997
CyberAmerica Corporation Legong Investments, N.V.
/s/Xxxxxxx Xxxxxx /s/Authorized Representative
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Xxxxxxx Xxxxxx, President Representative
