EXHIBIT 10.22
 
 
AMENDMENT TO SECURITIES PURCHASE AGREEMENT

 
This Amendment (the "Amendment"), dated as of December 10, 2007, is by and among
Shelter Island Opportunity Fund LLC (the "Holder"), EMTA Holdings, Inc., a
Nevada corporation (the “Company”), and EMTA Production Holdings, Inc. a Nevada
corporation ("EMTA Production").

RECITALS
 
A.    The Holder, EMTA Production and the Company entered into a certain
Securities Purchase Agreement, dated as of June 30, 2007 (together with any
previous amendments, the "Agreement").
 
B.     The Holder, EMTA Production and the Company desire to amend the
Agreement.

AGREEMENT
 
1.     Definitions.  Capitalized terms used but not defined in this Amendment
shall have the meaning given to them in the Agreement.
 
2.     Amendments.  The Agreement is hereby amended as follows:
 
2.1         From and after the date hereof, the term “Term Note” (or any
variation thereof referring to the Term Note), shall mean the Term Note, dated
the date of this Amendment, from EMTA Production to the Holder in the principal
amount of $1,469,482, the form of which is attached to this Amendment as Exhibit
A. It is understood and agreed that the principal amount of the Term Note
includes $1,308,950 in respect of the current outstanding principal amount
thereof, $37,223.27 in respect of accrued interest thereon, $3,308.73 in respect
of unpaid collateral maintenance fees and $120,000 in respect of an unpaid
amendment fee.
 
2.2         The text of Section 5.3 of the Agreement is hereby amended and
restated as follows: “Dyson shall have entered into an agreement with Lehman
Brothers Small Balance Commercial Mortgage Pass-Through Certificates, Series
2005-1 (“Lehman”) or any such other firm prior to January 31, 2008, to either
refinance the Dyson Mortgage at a rate of interest of less than 10% per annum or
to extend the maturity date thereof to later than June 30, 2009.”
 
2.3         The text of Section 5.22 of the Agreement is hereby amended and
restated as follows: “Beginning February 28, 2008, the Company will maintain a
monthly average cash balance of $100,000 at all times.”
 
 
 

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3.     Representations and Warranties.  The Company and EMTA Production
represent and warrant to the Holder that:  (a) there is no event which is, or
with notice or lapse of time or both would be, an Event of Default under the
Term Note, (b) the representations and warranties in the Agreement are true as
of the date of this Amendment as if made on the date of this Amendment, (c) this
Amendment does not conflict with any law, agreement, or obligation by which the
Company or EMTA Production is bound, and (d) this Amendment is within the
Company's and EMTA Production’s powers, has been duly authorized, and does not
conflict with any of the Company's or EMTA Production’s governing documents.
 
4.     Reaffirmation of Obligations and Grant of Security Interest.  The Company
and EMTA Production hereby expressly acknowledge and reaffirm their obligations
under the Agreement, as amended hereby, and acknowledge and agree that all
collateral, security interests, liens and pledges heretofore or hereafter
granted to the Holder, and all documents executed in connection therewith or
referred to or incorporated therein, extend to and cover all of the Company’s
and EMTA Production’s obligations to the Holder, now existing or hereafter
arising, including without limitation, those arising in connection with the Term
Note and the Agreement, as amended by this Amendment, upon the terms set forth
in such agreements, all of which security interests, liens and pledges are
hereby ratified, reaffirmed, confirmed and approved.
 
5.     Effect of Amendment.  Except as provided in this Amendment, all of the
terms and conditions of the Agreement shall remain in full force and
effect.  All references to the Term Note or to the Agreement in all documents
executed in connection with the Agreement or referred to or incorporated
therein, shall be deemed to mean the Term Note (as defined above) and the
Agreement, as amended by this Amendment.
 
6.     Counterparts.  This Amendment may be executed in counterparts, each of
which when so executed shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument.
 
7.     Governing Law.  This Amendment is governed by the laws of the State of
New York.
 
8.     Shares and Expenses.  Upon execution and delivery of this Amendment, the
Company shall deliver to the Holder, as additional consideration for Holder
entering into this Amendment, 100,000 shares of its common stock, registered in
such name as the Holder shall specify (the “Shares”). The Company hereby
represents and warrants that the Shares have been duly authorized and are
validly issued, fully-paid and are non-assessable. The Shares shall be entitled
to all the rights and benefits provided to the Holder in the Registration Rights
Agreement for shares issued upon the exercise of the Warrants and shall
constitute “Registrable Securities” for all purposes of the Registration Rights
Agreement (and the Registration Rights Agreement is hereby amended to so
provide).

9.     FINAL AGREEMENT. BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND
AGREES THAT:  (A) THIS DOCUMENT REPRESENTS THE FINAL AGREEMENT BETWEEN PARTIES
WITH RESPECT TO THE SUBJECT MATTER HEREOF, (B) THIS DOCUMENT SUPERSEDES ANY
COMMITMENT LETTER, TERM SHEET OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS
RELATING TO THE SUBJECT MATTER HEREOF, UNLESS SUCH COMMITMENT LETTER, TERM SHEET
OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS EXPRESSLY PROVIDES TO THE
CONTRARY, (C) THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND
(D) THIS DOCUMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES.
 
 
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This Amendment is executed as of the date stated at the beginning of this
Amendment.
 

 
Shelter Island Opportunity Fund, LLC
                   
By
/s/   Michael Coiley      

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      Typed Name:   Michael Coiley        Title:  Managing Director  

 

  EMTA Holdings, Inc.                    
By
/s/   Edmond L. Lonergan        

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      Typed Name:  Edmond L. Lonergan       Title:  CEO and President  

 

  EMTA Production Holdings, Inc.                    
By
/s/   Edmond L. Lonergan        

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      Typed Name:  Edmond L. Lonergan       Title:  President  

 

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CONSENT AND REAFFIRMATION
OF GUARANTOR AND PLEDGOR

The undersigned, as a guarantor of EMTA Production’s obligations to the Holder
under the Agreement and a pledgor of assets to the Holder to secure such
obligations, hereby (i) acknowledges and consents to the foregoing Amendment,
(ii) reaffirms its obligations under the Subsidiary Guaranty, dated June 30,
2007, in favor of the Holder, (iii) reaffirms the security interest granted by
the undersigned to the Holder under the Stock Pledge, dated June 30, 2007, as
collateral security for the obligations of EMTA Production under the Agreement,
as amended by the foregoing Amendment, and the Term Note and (iv) confirms that
each of such Subsidiary Guaranty and Stock Pledge remains in full force and
effect, without defense, offset, or counterclaim.  (Capitalized terms used
herein shall have the meanings specified in the foregoing Amendment.)

Although the undersigned has been informed of the terms of the Amendment, the
undersigned understands and agrees that the Holder has no duty to so notify it
or any other guarantor or to seek this or any future acknowledgment, consent or
reaffirmation, and nothing contained herein shall create or imply any such duty
as to any transactions, past or future.

Dated as of December 10, 2007

  EMTA Holdings, Inc.                    
By
/s/   Edmond L. Lonergan        

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      Typed Name:  Edmond L. Lonergan       Title:  CEO and President  

 
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