Document:

Exhibit 10.22.3.1

                               WAIVER AND CONSENT
                                       AND
                                 FIRST AMENDMENT
                                       TO
                       7% SENIOR SECURED CONVERTIBLE NOTE,
                              DUE NOVEMBER 29, 2004

         THIS  FIRST  AMENDMENT  TO 7%  SENIOR  SECURED  CONVERTIBLE  NOTE,  DUE
NOVEMBER 29, 2004 (the  "Amendment"),  dated as of February 15, 2002, is entered
into by and among Probex  Fluids  Recovery,  Inc., a Delaware  corporation  (the
"Company"),  Probex Corp., a Delaware  corporation  ("Probex"),  and ___________
("Payee"),  as nominee  for  _________________  ("Owner").  Terms  with  initial
capital letters that are used herein but not otherwise defined herein shall have
the meanings  given to such terms in the Note  Purchase  Agreement,  dated as of
November  29, 2000,  by and among the  Company,  Probex,  the  purchasers  named
therein and Wilmington Trust Company,  as collateral  agent, and amended by that
certain  First  Amendment to Note Purchase  Agreement,  dated as of July 5, 2001
(collectively, the "NPA").

                                   WITNESSETH:

         WHEREAS,  the  Company  and  Probex.  executed  that  certain 7% Senior
Secured  Convertible  Note,  Due  November 29, 2004 made payable to Payee in the
original principal amount of $_________ (the "Original Note");

         WHEREAS,  the Company,  Probex and Payee, by being the registered owner
of the Original Note, are parties to the NPA;

         WHEREAS, Probex did not secure equity commitments for financing for its
working  capital  and debt and equity  financing  or other  arrangement  for the
construction of an initial  facility using Probex  proprietary  technology on or
prior to September 30, 2001, as contemplated by Section 10(e) of the NPA;

         WHEREAS,  the parties  hereto  desire to amend the Original Note to the
extent provided below;

         NOW,  THEREFORE,  in  consideration  of the premises and other good and
valuable  consideration,   the  receipt  and  sufficiency  of  which  is  hereby
acknowledged, the parties hereto hereby agree as follows:

         A. Amendments to the Original Note. The Original Note is hereby amended
as follows:

                  1. The first two sentences of Section 3.1 of the Original Note
         are deleted in their  entirety  and  replaced  with the  following  two
         sentences:

         "3.1. In order to prevent dilution of the right granted hereunder,  the
Conversion  Price shall be subject to adjustment from time to time in accordance
with this  Section 3. At any given  time the  Conversion  Price,  whether as the
initial  Conversion  Price ($1.40 per share) or as last  adjusted,  shall be the
lesser of: (i) the Conversion Price otherwise  computed under this Section 3 and
(ii) that  dollar  (or part of a dollar)  amount the  payment of which  shall be
sufficient  at the given time to acquire  one share of Probex  Common  Stock (as
presently  constituted)  upon  conversion of the Conversion  Amount based on the
lowest price per share Probex has issued shares of Probex Common Stock after the
date hereof or at which any other  securities  issued  after the date hereof are

<PAGE>

then  convertible into such common stock, in each case as adjusted for any stock
dividends, stock splits, recapitalizations or other similar events affecting the
Probex Common Stock;  provided,  however,  immediately after the consummation of
the equity portion of the project  financing for the  construction of an initial
facility using Probex proprietary  technology  described in Section 10(e) of the
NPA, no further  reduction of the Conversion Price shall made under this Section
3.1(ii)."

         B. Waiver.  The Payee hereby waives the default under the Original Note
arising from an Event of Default under  Section 10(e) of the NPA,  provided such
Event of Default is cured on or before June 30, 2002.

         C. Miscellaneous.

         1. Except as specifically  provided  herein,  the Original Note and the
NPA shall remain in full force and effect.  Notwithstanding  anything  contained
herein  to the  contrary,  the  Guaranty  of the  Original  Note  made by Probex
pursuant to that certain Guaranty Agreement,  dated as of November 29, 2000, and
all liens,  mortgages,  pledges and other  security  interests and guarantees of
every kind  securing the Original Note shall remain in full force and effect and
continue to secure and guarantee the Original Note as amended by this Amendment.

         2. This Amendment  shall not be effective  unless and until the Company
and Probex have  received,  on or prior to March 1, 2002, an executed  amendment
identical to this Amendment  (except for the name of Payee and principal  amount
of the Original  Note) from each of the other  holders of the 7% Senior  Secured
Convertible Notes, Due November 29, 2004 (the "Notes") that, when taken together
with  principal  amount the  Original  Note,  amend not less than $11.5  million
aggregate  principal  amount of the Notes  outstanding.  Probex and the  Company
agree to  promptly  offer  each  Holder  of any of the Notes an  opportunity  to
execute  such an  amendment  and to promptly  send the Payee copies of each such
amendment executed.

         3. This Amendment may be executed in two or more counterparts,  each of
which shall be deemed an original,  but all of which together  shall  constitute
one and the same instrument.

<PAGE>

         IN WITNESS  WHEREOF,  Probex Fluids  Recovery,  Inc.,  Probex Corp. and
Payee have caused this  Agreement to be duly  executed and delivered by its duly
authorized officer as of the date first above written.

                                        PROBEX FLUIDS RECOVERY, INC.

                                        By:_____________________________________
                                        Its:____________________________________

                                        PROBEX CORP.

                                        By:_____________________________________
                                        Its:____________________________________

<PAGE>

                                        OWNER:

                                        By:_____________________________________
                                        Name:___________________________________
                                        Its:____________________________________Exhibit 10.33.3.1

                                 FIRST AMENDMENT
                                       TO
                      INTERCREDITOR AND SECURITY AGREEMENT

         This FIRST  AMENDMENT TO  INTERCREDITOR  AND SECURITY  AGREEMENT  (this
"Amendment"),  dated  as of July 26,  2002,  is by and  among  Probex  Corp.,  a
Delaware   corporation  (the  "Debtor"),   General  Conference   Corporation  of
Seventh-day  Adventists,  a District of Columbia  corporation  (the  "Collateral
Agent"), and the signatories  designated as Secured Parties hereto (the "Secured
Parties").

                                    RECITALS:

         WHEREAS,  the Debtor,  the  Collateral  Agent and the  Secured  Parties
previously entered into that certain Intercreditor and Security Agreement, dated
as of March 29, 2002 (the "Security  Agreement"),  to secure certain obligations
of the Debtor to the Secured Parties. Capitalized terms not defined herein shall
have the meanings given to such terms in the Security Agreement.

         WHEREAS,  the Debtor is incurring new  obligations  of up to $3,000,000
original  principal  amount that will be New  Obligations,  and  entitled to the
benefits thereof, under the Security Agreement.

         WHEREAS,  the Debtor,  the  Collateral  Agent and the  Secured  Parties
desire  to amend  certain  provisions  of the  Security  Agreement  as set forth
herein.

         NOW  THEREFORE,  in  consideration  of the  premises and other good and
valuable  consideration,  the  receipt  and  sufficiency  of  which  are  hereby
acknowledged, the parties hereto agree as follows:

                                   AGREEMENTS:

Section 1.        Amendment to the Security Agreement.

         Section 1.1 The Section titled  "Certain  Definitions"  of the Security
Agreement shall be amended to read in its entirety as follows:

                                                   " Certain Definitions

         Definitions.  As used herein,  the following  terms have the respective
meanings set forth below or as set forth in the Section  hereof  following  such
term:

         (a)      "Existing  Lenders"  shall have the  meaning  set forth in the
                  recitals.

         (b)      "Existing  Notes"  shall  have the  meaning  set  forth in the
                  recitals.

         (c)      "Existing Obligations" shall have the meaning set forth in the
                  recitals.

         (d)      "Existing  Senior Lenders" shall mean Existing  Lenders to the
                  extent of their respective Existing Senior Obligations.

         (e)      "Existing Senior Obligations" shall mean the amounts set forth
                  on Exhibit H hereto.

<PAGE>

         (f)      "Existing Subordinated Lenders" shall mean Existing Lenders to
                  the   extent  of  their   respective   Existing   Subordinated
                  Obligations.

         (g)      "Existing Subordinated Obligations" shall mean the amounts set
                  forth on Exhibit I hereto.

         (h)      "Intellectual   Property"   means,   on  a  worldwide   basis,
                  proprietary information, trade secret or knowledge, including,
                  without   limitation,   confidential   information,   patents,
                  trademarks,  service  marks,  inventions,  products,  designs,
                  development   techniques,   methods,   know-how,   techniques,
                  systems,  processes,  software programs,  works of authorship,
                  formulae and any other information of a technical nature.

         (i)      "July  Lenders" shall mean the lenders who are parties to that
                  certain Loan Agreement, dated as of July 26, 2002.

         (j)      "New Notes" shall have the meaning set forth in the recitals.

         (k)      "New  Obligations"  shall  have the  meaning  set forth in the
                  recitals.

         (l)      "New Senior  Lenders"  shall have the meaning set forth in the
                  recitals.

         (m)      "Senior  Lenders"  shall  mean,  collectively,  the New Senior
                  Lenders and the Existing Senior Lenders.

         (n)      "Senior  Obligations"  shall  mean,   collectively,   the  New
                  Obligations and the Existing Senior Obligations."

         Section 1.2 Section 6.6 of the Security  Agreement is hereby amended to
read in its entirety as follows:

         "Section 6.6 Right of First Refusal.  If the exercise of the provisions
of  Section  5.1  hereof  results  in  the  sale  or  other  disposition  of the
Collateral,  the Debtor and the  Secured  Parties  hereby  agree,  to the extent
permitted by  applicable  law,  that GCC shall have a right of first  refusal to
acquire all or any  portion of the  Collateral.  If GCC elects to purchase  less
than all of the  Collateral  pursuant to  foregoing  sentence,  the July Lenders
shall,  to the extent  permitted by applicable  law, a right of first refusal to
acquire all or any portion of the Collateral not elected to be purchased by GCC.
If such July Lenders elect to purchase more than the  remaining  Collateral  not
elected to be purchased by GCC,  such electing July Lenders shall have the right
to  purchase  their  respective  pro rata  portion  (based  on their  respective
principal  amount of New  Obligations)  of such  Collateral  not  elected  to be
purchased by GCC."

         1.3 Exhibits H and I attached hereto shall be added to and incorporated
by reference in the Security Agreement as if set forth therein in full.

                                       2
<PAGE>

Section 2. Miscellaneous.

         Section 2.1 Except as  specifically  provided for herein,  the Security
Agreement shall remain in full force and effect.

         Section 2.2 This Amendment shall be enforced, governed by and construed
in accordance with the laws of the State of Texas  applicable to agreements made
and to be  performed  entirely  within such State,  excepting  its choice of law
rules.

         Section  2.3  This   Amendment   may  be  executed  in  any  number  of
counterparts,  each of  which  shall be  deemed  an  original,  but all of which
together shall constitute one and the same agreement.

         Section  2.4 Each of the  signatories  hereto  that is not an  original
party to the Security  Agreement shall by virtue of his or her execution of this
Amendment  agree to be  bound by the  terms  of the  Security  Agreement  and be
entitled to the benefits thereof to the same extent as if he or she executed the
Security Agreement on the date hereof.

         IN  WITNESS  WHEREOF,  the  parties  hereto  have  duly  executed  this
Amendment as of the day and year first written above.

                                     DEBTOR:

                                     PROBEX CORP.,
                                     a Delaware corporation
Address:

13355 Noel Road, Suite 1200          By: /s/ Charles M. Rampacek
                                        --------------------------
Dallas, Texas 75240                  Name:    Charles M. Rampacek
Attn: President                      Title:   President & Chief Executive
Facsimile:  (972) 980-8545                    Officer

   REMAINDER OF SIGNATURE PAGES, EXHIBITS AND SCHEDULES INTENTIONALLY OMITTED.

                                       3

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