AMENDMENT NO. 1 TO
SECURITY AGREEMENT
This Amendment No. 1 is made as of September 30, 1999, between Aims
Community College Foundation and Training Devices International, Inc. (also
known as Training Devices, Inc.).
The parties have previously entered into a Security Agreement dated
September 14, 1999 relating to a promissory note in the amount of $2,020,000
dated September 14, 1999.
In consideration of the mutual promises and covenants dated in this
Amendment, the parties agree as follows:
1. Under the heading "Ownership and Duties Toward Property," the
fifth paragraph is hereby deleted. The deleted paragraph reads: You may
demand immediate payment of the debt(s) if the debtor is not a natural person
and without your prior written consent (1) a beneficial interest in the
debtor is sold or transferred or (2) there is a change in either the identity
or number of members of a partnership or (3) there is a change in ownership
of more than 25 percent of the voting stock of a corporation.
2. In all other respects the Security Agreement remains unchanged
and in full force and effect.
This Amendment is executed as of September 30, 1999.
AIMS COMMUNITY COLLEGE TRAINING DEVICES INTERNATIONAL,
FOUNDATION INC. also known as Training Devices, Inc.
By: By:
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Name: Xxx Xxxxxxxxx, CEO
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Title:
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The following undersigned has read and consents to the foregoing
Amendment No. 1 to Security Agreement, which Security Agreement has
previously been assigned to the undersigned by AIMS Community College
Foundation.
1ST CHOICE BANK
By:
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Its:
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