Document:

Letter Agreement dated February 16, 2006

 Exhibit 10.51 
 February 16, 2006 
 i2 Telecom International, Inc. 
 1200 Abernathy Road 
 Suite 1800 
 Atlanta, Georgia 30328 
  

	 	Re:	Loan and Security Agreement dated September 7, 2005 (the “Loan Agreement”) by and among i2 Telecom International, Inc., a Washington corporation, i2
Telecom International, Inc., a Delaware corporation, as “Borrowers,” and Troon & Co., Jordan E. Glazov and Gregory P. McGraw, as “Lenders” 

 Ladies and Gentlemen: 
 This Letter
Agreement sets forth the conditions to the Lenders’ agreement to extend the “Term Loan Maturity Date” under the Loan Agreement to May 16, 2006 as well as certain other agreements that amend and/or supplement the terms of the Loan
Agreement. All capitalized terms not defined in this Letter Agreement shall have the meaning ascribed to such terms in the Loan Agreement. 
  

	1.	On or before February 17, 2006, the Borrowers shall deliver to the Lenders the following: 

  

	 	a.	Amendments to the warrant agreements previously issued to the Lenders pursuant to Section 2.1 of the Loan Agreement (or replacement warrant agreements), which amendments shall
provide that the exercise price shall be $0.20 per share; and 

  

	 	b.	i2 Telecom(WA) shall issue to the Lenders new warrants to purchase an aggregate of 1,200,000 shares of i2 Telecom(WA) common stock, no par value per share, with an exercise price of
$0.10 per share, which shall be allocated among the Lenders in the same proportions as the warrants previously issued to the Lenders pursuant to Section 2.1 of the Loan Agreement; such warrant agreements shall contain the same terms and
conditions, except for the exercise price, as the warrant agreements issued to the Lenders pursuant to Section 2.1 of the Loan Agreement, including registration rights. 

 The extension of the Term Loan Maturity Date shall not be deemed effective unless the Borrowers have satisfied the conditions set forth above. Upon satisfaction of such
conditions, and in consideration of the agreements of the Borrowers hereinafter set forth, (i) this Letter Agreement shall amend, without further action, the Loan Agreement by extending the Term Loan Maturity Date as set forth above, and
(ii) this Letter Agreement shall operate as a waiver of any existing defaults of the Borrowers under the Loan Agreement. 

 2. On or before March 6, 2006, i2 Telecom(WA) shall deliver to its shareholders its definitive proxy statement
(“Proxy Statement”) for its 2006 annual shareholders meeting (the “Annual Shareholders Meeting”), which proxy shall include all proposals required to be approved by the shareholders in order to consummate the Borrowers’
contemplated $600,000 financing (the “Cornell Financing”) by Cornell Capital Partners, LLP (“Cornell”). 
 3. i2 Telecom(WA) agrees that
the Annual Shareholders Meeting shall be held not later than March 29, 2006. 
 4. In further consideration of the Lenders’ agreement to extend the
Term Loan Maturity Date and waive existing defaults, the Borrowers shall pay to the Lenders the following amounts: 
  

	 	(i)	a loan extension and waiver fee in the amount of $205,000.00; 

  

	 	(ii)	interest from February 1, 2006 to the amended Term Loan Maturity Date in the amount of $35,000.00, which interest shall be deemed earned upon the Borrowers’ execution of
this Letter Agreement and shall not be subject to reduction or refund for any reason; and 

  

	 	(iii)	accrued legal fees incurred by the Lenders through February 28, 2006 in the amount of $34,671.73. 

 The above-referenced amounts shall be paid to the Lenders from the proceeds of the Cornell Financing and the Borrowers shall direct Cornell to pay such amounts directly to the Lenders. 
 5. The occurrence of any of the following events shall constitute an Event of Default under the Loan Agreement: 
  

	 	(i)	the breach of any of the Borrowers’ obligations set forth in paragraphs 2, 3 or 4 above; or 

  

	 	(ii)	the failure of the Borrowers to pay to the Lenders the amounts set forth in paragraph 4 above on or before the earlier of (a) the date that is seven days after the date of the
Annual Shareholders Meeting, or (b) April 5, 2006. 

 6. The Borrowers shall be entitled to a discount in the amount of $50,000.00 in
the event that the Borrowers comply with all of the terms set forth herein and pay in full the Term Loan and any other amounts outstanding to the Lenders on or before April 5, 2006. 
  

 2 

 If you are in agreement with the terms set forth above, please execute this Letter Agreement where indicated below and
return it to me as soon as possible. Your failure to execute and return this Agreement by 6:00 p.m. (EST) on February 16, 2006, shall cause the Lenders to declare an Event of Default under the Loan Agreement. 
  

			
	TROON & CO., on behalf of all Lenders
		
	By:	 	  

		 	Ross Mangano

  

			
	CONFIRMED AND AGREED this 30th day of March, 2006.
	
	 i2 TELECOM INTERNATIONAL, INC.,
 a
Washington corporation

		
	By:	 	  

	Name:	 	Paul R. Arena
	Title:	 	CEO

  

			
	 i2 TELECOM INTERNATIONAL, INC.,

	 a Delaware corporation

		
	 By:
  
	 	 

	 Name:
	 	Paul R. Arena
	 Title:
	 	CEO

  

 2Promissory Note dated February 28, 2006 between the Company and Phillip Rapp, Jr

 Exhibit 10.52 
 PROMISSORY NOTE 
 THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR UNDER ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED. 
  

			
	 $200,000.00
	 	 Atlanta, Georgia
 Maturity Date: March 31, 2006

 FOR VALUE RECEIVED, I2 TELECOM INTERNATIONAL, INC., a Washington corporation
(“Maker”), hereby promises to pay to the order of Phillip Rapp, Jr. (“Payee”), having his principal residence at 43 Southern, Chatham, NJ 07928 (or to such other person and/or at such other address as Payee
may designate in writing to Maker), the principal amount of Two Hundred Thousand and no/100 Dollars ($200,000.00) in such coin or currency of the United States as at the time of payment shall be legal tender for the payment of public and private
debts. Concurrently with the issuance of this promissory note (this “Note”), Maker (i) issued to Payee that certain Warrant dated of even date herewith to purchase 200,000 shares of Maker’s common stock, no par value per share;
and (ii) entered into that certain Registration Rights Agreement dated of even date herewith between Maker and Payee. 
 From and after
the date hereof, interest shall accrue on the outstanding principal amount hereof at a rate of eight percent (8%) per annum, which interest shall be computed on the daily outstanding principal amount hereunder on a 365-day year interest basis.

 The entire principal amount hereof, together with all accrued and unpaid interest and all other amounts outstanding hereunder (the
“Outstanding Amount”), shall be due and payable in full upon Thirty (30) days from the date hereof (the “Maturity Date”). 
 If any payment required under this Note becomes due and payable on a Saturday, Sunday or public holiday under the laws of the State of Georgia, such payment date shall be extended to the next business day. 

Maker at any time or from time to time may prepay all or any portion of the outstanding principal amount of this Note (together with accrued interest
thereon through the date of such prepayment) without penalty or premium. All payments received hereunder shall be applied first to unpaid interest and then to the principal amount outstanding. 
 The occurrence and continuation of any one of the following events (“Event of Default”) shall constitute a default hereunder:
(i) Maker shall fail to make due and punctual payment of principal of or interest on this Note, and Maker fails to cure such violation within 

 ten (10) days after notice thereof from Payee; (ii) Maker violates any covenant in this Note (other than
payment when due of any principal of or interest on this Note), and Maker fails to cure such violation within thirty (30) days after notice thereof from Payee; or (iii) Maker makes an assignment for the benefit of creditors, files a
petition in bankruptcy, is adjudicated insolvent or bankrupt, petitions a court for the appointment of any receiver or trustee for it or any substantial part of its property, commences any proceeding relating to Maker under any arrangement or debt
readjustment law or statute of any jurisdiction whether now or hereafter in effect or there is commenced against Maker any such proceeding which remains undismissed for one hundred twenty (120) days, or Maker by any act indicates consent to,
approval of or acquiescence in, any such proceeding or the appointment of any receiver or trustee for it or any substantial part of its property, or suffers any such receivership or trusteeship to continue undischarged for one hundred twenty
(120) days. 
 If an Event of Default occurs and is continuing, then, at the option of Payee, the Outstanding Amount shall, upon written
notice from Payee to Maker, become immediately due and payable. The rights, remedies, powers and privileges provided for herein are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
 No waiver by Payee of any default shall be effective unless in writing, nor shall it operate as a waiver of any other default or of the same default on a
future occasion. No delay or omission by Payee in exercising any of its rights, remedies, powers and privileges hereunder or at law and no course of dealing between Payee and Maker or any other person shall be deemed a waiver by Payee of any of such
rights, remedies, powers and privileges even if such delay or omission is continuous or repeated, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise thereof by Payee or the
exercise of any other right, remedy, power or privilege by Payee. 
 Maker hereby waives presentment, demand, protest and notice of any kind
(including notice of presentment, demand, protest, dishonor and nonpayment). 
 If this Note is placed in the hands of any attorney for
collection, or if collected by suit or through any bankruptcy or other legal proceedings, Maker hereby agrees to pay all reasonable expenses incurred by the holder of this Note, including reasonable attorneys’ fees, all of which shall become a
part of the principal hereof. 
 Each provision of this Note shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or
the remaining provisions of this Note. 
 This Note shall be binding upon Maker and its successors and assigns and shall inure to the benefit
of Payee, his legal representatives, successors and assigns. 
  

 2 

 This Note in all respects shall be governed by and construed and enforced in accordance with the laws of
the State of Georgia, without giving effect to principles of conflicts of laws. This Note may not be changed orally, but only by an instrument in writing executed by the parties hereto. 
 TIME IS OF THE ESSENCE of this Note. 
 [Signature on next page] 
  

 3 

 IN WITNESS WHEREOF, the undersigned has caused this Note to be executed and delivered by its duly
authorized officer as of the 28th day of February, 2006. 
  

			
	 I2 TELECOM INTERNATIONAL, INC., Maker

		
	 By:
	 	  

	 Name:
	 	Paul R. Arena
	 Title:
	 	Chief Executive Officer
		
	 Address:
	 	        1200 Abernathy Road
		 	        Suite 1800
		 	        Atlanta, Georgia 30328

  

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