Document:

Exhibit 4.8

 

AMENDMENT
TO

LOAN AGREEMENT

 

The Loan Agreement
(“Agreement”) is entered into by and between AVAILENT FINANCIAL, INC.
(“Availent”), a Delaware Corporation with its principal place of business
located at 2720 Stemmons Freeway, South Tower, Suite 600, Dallas, Texas 75207,
and BOBBY LUTZ (“Lutz”), an individual whose address is 17300 Dallas Parkway,
Suite 3050, Dallas, Texas 75248 dated February 11, 2003 is hereby amended
as follows:

 

Section 1 Paragraph b) is deleted and replaced by the following:

 

b)                                     $125,000 on March 21, 2003 in 3 payments
($25,000 via wire transfer and two (2) checks of $50,000 each) in exchange for
50,000 warrants to purchase Availent common stock exercisable at $1.00 per
share for a period of 60 months. These warrants and the underlying stock are to
be included in any subsequent registration statement issued by the Company.
Availent agrees that if the $125,000 is not repaid by the close of business on
Friday April 4, 2003, any subsequent receipt of debt or equity funding
from any source will be utilized to first retire the outstanding principal and
accrued interest for the total Lutz debt.

 

This Agreement Amendment is
entered into on this the        day of March,
2003.

 

	
   

  	
  BOBBY LUTZ, an individual

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AVAILENT FINANCIAL, INC.,
  a Delaware Corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Patrick A. McGeeney,
  President

  

 

1EXHIBIT 4.9

 

 

AGREEMENT

 

This Agreement
(“Agreement”) is entered into by and among Availent Financial, Inc., a Delaware
Corporation with its principal places of business located at 2720 Stemmons
Freeway, South Tower, Suite 600, Dallas, Texas 75207, the surviving corporation
resulting from a merger between Availent Financial, Inc., (“Availent
Financial”) a Texas Corporation, and SeaCrest Industries, Inc. (“Seacrest”), a
Delaware Corporation which was finalized on December 4, 2002, (“Availent”),
Michelle Krajicek McGeeney (“M. McGeeney”), Patrick A. McGeeney (“P. McGeeney”)
(collectively, “McGeeneys”) and Bergstrom Investment Management, L.L.C.
(“Bergstrom”); a Delaware Limited Liability Company whose address is 714 Roger
Avenue, Kenilworth, IL 60043 as follows:

 

RECITALS:

 

WHEREAS,
Availent Financial, Availent and Bergstrom have heretofore entered into certain
loan agreements and amendments to such loan agreements pursuant to which
Bergstrom has lent to Availent Financial or Availent the sum of One Million Three
Hundred Fifty Five Thousand Dollars ($1,355,000); and,

 

WHEREAS, in
consideration for such loans by Bergstrom and the renewal and extension of such
loans, Avalient has delivered to Bergstrom certain promissory notes and renewal
and extension promissory notes (“Bergstrom Notes”) which Notes are held by
Bergstrom and are more specifically described on EXHIBIT “A” attached hereto
and incorporated herein for all purposes and, in addition to payment of certain
interest, commitment fees, extension fees, attorneys fees and travel expenses,
and other charges and expense related to the Bergstrom Notes Availent further
agreed to issue and has issued, certain shares of Availent’s common stock and
has issued warrants for Bergstrom to purchase additional shares of Availent’s
common stock at certain prices as described on EXHIBIT “B” attached hereto;
and,

 

WHEREAS, as
collateral to secure repayment of the Renewal And Extension Promissory Note
dated December 27, 2002, described on EXHIBIT “A” in the principal amount of Five
Hundred Thousand and No/100 Dollars ($500,000.00), pursuant to the provisions
of a Limited Guaranty dated February 26, 2002, M. McGeeney granted Bergstrom a
Collateral Assignment in a certain Annuity issued by Sun America, Sun America
Annuity Contract No. P15A1021155 (“Sun America”); and,

 

WHEREAS, as
collateral to secure repayment of the Renewal And Extension Promissory Note
dated December 27, 2002, described on, EXHIBIT “A” in the principal amount of
Seventy-Five Thousand and No/100 Dollars ($75,000.00), Availent as provided
Bergstrom a security interest in Availent’s bank account with First Union /
Wachovia (“Bank”) pursuant to the terms of an agreement regarding checking
account dated November 4, 2002; and,

 

WHEREAS, as
collateral to secure repayment of the Renewal, Extension And Modified

 

1

 

Promissory Note dated December
27, 2002, described on EXHIBIT “A” in the principal amount of Seven Hundred
Eighty Thousand and No/100 Dollars ($780,000.00), pursuant to the provisions of
Limited Guaranty Agreements dated December 27, 2002, M. McGeeney and P.
McGeeney granted Bergstrom a Second Lien against real property located at 320
Kearney Avenue, Santa Fe, New Mexico 87501 (“New Mexico Property”); and

 

WHEREAS, the
Promissory Notes described on EXHIBIT “A” mature on April 30, 2003, but
Availent has the legal right to renew and extend the Promissory Notes through
prepayment of interest on such date; and,

 

WHEREAS,
Availent has an obligation to another lender or investor, Bobby Lutz (“Lutz”)
in the original amount of Three Hundred Seventy Five and No/100 Dollars
($375,000); and,

 

WHEREAS,
Availent is in the process of registering certain shares of its common stock
with the Securities And Exchange Commission (“S.E.C.”) for sale to the public
(“SB-2 Registration”) and has become listed with the National Association of
Securities Dealers (“NASD”); and,

 

WHEREAS,
Availent is in need of additional financing with which to provide working
capital prior to the receipt of proceeds from a SB-2 Registration and public
offering of its shares of stock;

 

WHEREAS,
pursuant to the terms of this Agreement, as set forth below, Bergstrom has
agreed to provide Availent an additional principal amount of $300,000.

 

 

Now therefore,
in consideration of the promises, covenants and considerations hereinafter
expressed, the parties hereto agree as follows:

 

1. RENEWAL AND
EXTENSION PROMISSORY NOTE: $500,000. All parties agree that immediately
following the execution of this Agreement by all parties, Bergstrom shall have
the right to make demand for payment of the Sun America Annuity pursuant to the
provisions of the Collateral Assignment of which Bergstrom is the holder and
assignee. Upon receipt of the proceeds there from, such amount shall be immediately
applied in payment of all amounts owed pursuant to the terms of the Renewal And
Extension Promissory Note dated December 27, 2002, in the principal amount of
Five Hundred Thousand and No/100 Dollars ($500,000.00) described on EXHIBIT
“A”. Any balance of the proceeds from the Sun America Annuity remaining after
application of the proceeds in payment of the amounts owed on the said Note
(including without limitation, principal, interest, and attorney’s fees) and
after payment of any other fees or charges (but not principal or interest) owed
to Bergstrom on the $780,000 or $75,000 Notes shall be immediately paid to M.
McGeeney along with, a written accounting of the proceeds received and the
application of such proceeds. In the event the proceeds of the Sun America
Annuity are insufficient to liquidate and pay the outstanding balance of all
amounts owed pursuant to the terms of said Note, Bergstrom agrees that such
Note shall be renewed, modified and extended

 

2

 

upon such reasonable terms as
may be negotiated by Availent and Bergstrom. Simultaneous herewith, McGeeney
and P. McGeeney shall deliver to Bergstrom a letter addressed to Sun America
authorizing Bergstrom to immediately draw all proceeds from the account. They
also agree to execute any additional documentation required by Sun America to
effectuate such release of proceeds to Bergstrom.

 

2. RENEWAL AND
EXTENSION PROMISSORY NOTE: $780,000; RENEWAL AND EXTENSION PROMISSORY NOTE:
$75,000. Bergstrom agrees to renew and extend the Renewal And Extension
Promissory Note in the principal amount of Seven Hundred Eighty Thousand and
No/100 Dollars ($780,000) and renew and extent the Renewal and Extension
Promissory Note in the principal amount of Seventy Five Thousand and No/100
Dollars ($75,000) through accepting Renewal, Modified and Extension Promissory
Notes (“$855,000 Notes”) (copies of which are attached), provided that Availent
shall hereby be released from personal corporate liability for payment of such
Notes through executing a Release of any liability by Availent on such $855,000
Notes. In consideration of such renewal, modification and extension, the
parties agree as follows:

 

[a] Availent
agrees to issue 1,700,000 shares of its Common Stock (“Common Shares”) to a
mutually agreeable Escrow Agent [who must have or establish an escrow account
with a mutually acceptable brokerage firm] who shall hold such shares as
collateral to secure repayment of the $855,000 Notes. Bergstrom agrees to
convey or assign, in trust for its benefit pending payment of the $780,000 Note
and subject to subsection (h) below to the Escrow Agent the Second Lien
covering the New Mexico property which Bergstrom holds as collateral to secure
payment of the $780,000 promissory note.;

 

[b] Availent
agrees to include the Common Shares held in escrow within the anticipated SB-2
with the proceeds of the sale of such shares to be paid to the Escrow Agent.
Upon receipt of the proceeds of such sale, the Escrow Agent, pursuant to the terms
of this Agreement and the Escrow Agreement entered into of even date herewith
shall be instructed to pay to Bergstrom all principal, interest and other
charges that have accrued as of the date of the payment on the $855,000 Notes;

 

[c] Upon
payment of the amounts owed on the $855,000 Notes, the balance of the proceeds,
if any, after deducting any escrow fees or other expenses relating to the
expenses of the transactions covered by the Escrow Agreement, shall be paid to
Availent;

 

[d]
Additionally, upon payment of the amounts owed Bergstrom on the $855,000 Notes,
the Escrow Agent shall transfer or assign to Availent the Second Lien covering
the New Mexico Property;

 

[e] M.
McGeeney and P. McGeeney agree to convey, subject to the outstanding balance of
the first lien mortgage, title and ownership of the New Mexico Property to
Availent at such time as the Escrow Agent pays to Bergstrom the amounts owed on
the $855,000 Notes and transfers or assigns the Second Lien to Availent.

 

3

 

[f] Availent
agrees from the date hereof to timely pay the monthly payments required by an
owner of the New Mexico Property, including but not necessarily limited to the
monthly mortgage payment, insurance, taxes, maintenance and other costs or
expenses associated with ownership, as well as any additional ownership, as
well as any additional title insurance or endorsements deemed by Bergstrom to
be reasonably necessary. Further, the parties agree to execute ownership, as
well as any additional title insurance or endorsements deemed by Bergstrom to
be reasonably necessary. Further, the parties agree to execute any additional
documentation deemed by Bergstrom to be reasonably necessary to perfect or
evidence perfection of its lien thereon:

 

[g] Subject to
subsection (h) below, Availent further agrees that McGeeneys shall have an
option to repurchase the New Mexico Property which shall continue for a period
of 120 days following McGeeneys’ piggy back registration of the 500,000 Shares
of Availent Common Stock referred to in Paragraph 3 below or December 31, 2003,
whichever shall last occur. The option price shall be an amount equivalent to
the total amount paid to Bergstrom of $855,000 plus legal, plus interest, plus
loan fees and accepting conveyance of the said Property from Availent subject
to the first lien mortgage and other exceptions to the title that exists as of
the date the title and ownership of the said Property is conveyed by M.
McGeeney and P. McGeeney.

 

[h] In the
event Availent Common Shares referred to in (a) above are not sold pursuant to
a SB-2 offering or the $855,000 Notes are not otherwise paid prior to the 30th
day of September, 2003, the Escrow Agreement shall terminate, the Availent
Common Shares shall be returned to Availent and the Second Lien covering the
New Mexico Property shall be re-conveyed and re-assigned to Bergstrom, M.
McGeeney and P. McGeeney shall not be required to convey title and ownership of
the said Property to Availent and the option to repurchase shall terminate.

 

[i] Although
Bergstrom agrees to release Availent from any further corporate liability with
regard to the obligations arising out of the $855,000 Notes, to the extent that
M. McGeeney and/or P. McGeeney have personally guaranteed payment of the
$500,000, $780,000 or $75,000 Notes, such guaranties shall not be terminated
but shall continue and apply as well to the $855,000 Notes, notwithstanding the
release of Availent and modification of the said notes to eliminate any
corporate liability of Availent for payment of any amounts owed pursuant to the
terms of said Notes.

 

3. ISSUANCE TO
MCGEENEY OF AVAILENT COMMON STOCK. In consideration for the transfer of the Sun
America Annuity to Bergstrom and the agreement to transfer to Availent
ownership of the New Mexico Property, Availent agrees to issue to McGeeney
1,000,000 Shares of Availent Common Stock which shall be restricted shares
pursuant in the provisions of Rule 144 and shall not be among the Availent
shares of Common Stock included in the anticipated SB-2 Registration; however,
Availent agrees that McGeeneys shall have “piggyback” registration rights
attached to 500,000 shares of such stock to enable McGeeneys to cause the
shares subject

 

4

 

to such rights to be included
in any subsequent registration of Availent’s Common Stock, including a SB-3
Registration pursuant to a demand for registration by Bergstrom of Shares of
Availent Common Stock purchased through Availent Common Stock Warrants as provided
in Paragraph 6 below.

 

4.
REGISTRATION OF BERGSTROM’S SHARES OF AVAILENT COMMON STOCK. Availent agrees
that all 856,000 of the shares of Availent Common Stock owned by Bergstrom as
of the date hereof shall be included in the anticipated SB-2;

 

5. PRIORITY OF
PAYMENTS FROM PROCEEDS OF SB-2. Availent agrees that, with the following
exception, no shares of Availent’s Common Stock included in the anticipated
SB-2 may be sold by any person or entity other than Bergstrom and another
investor, Bobby Lutz, until all the financial obligations then owed to
Bergstrom as a result of his loans to Availent shall have been paid in full,
including the $855,000 Notes which are being modified as of the date hereof to
eliminate any further corporate liability by Availent. Notwithstanding the
foregoing and as an exception to the foregoing, whether or not the financial
obligations owed Bergstrom as a result of his loans to Availent have been paid
in full, Availent shall be entitled to sell at the beginning of each month following
the SB-2 Registration of shares of Availent Common Stock included in the
Registration which have a fair market value at that time of $200,000, which
shares are necessarily available for sale to enhance the public market’s
recognition of the value of Availent’s Common Shares of Stock.

 

6. DEMAND
REGISTRATION OF AVAILENT COMMON SHARES OF STOCK. Availent agrees to issue to
Bergstrom the right to demand registration of 490,000 Shares of Common Stock
which Bergstrom shall be authorized to purchase pursuant in Availent Common
Stock Warrants. Additionally, McGeeneys shall have the right of “piggy back”
registration of 500,000 Shares of Availent Common Stock. Such demands can be
made at any time following the SB-2 Registration and Availent shall utilize its
“reasonable best commercial efforts” to comply with such demands through filing
such a registration statement (S-3) which the parties agree way take 45 to 60
days from the date Availent receives such demand.

 

7. BERGSTROM’S
INVESTMENT. Subject to the conditions set forth below, Bergstrom agrees to pay
to Availent the sum of a maximum of $300,000 in consideration of the benefits
conveyed by the foregoing provisions of this Agreement and the following
considerations:

 

[a] Issuance
to Bergstrom by Availent of 600,000 Shares of Availent’s Common Stock which
Availent agrees to include in the anticipated SB-2 Registration;

 

[b] Issuance
to Bergstrom of Availent Common Stock Warrants authorizing Bergstrom to
purchase 60,000 Shares of Availent Common Stock at any time for a period of
five (5) years from the date of the Warrants at a purchase price of $1.00 per
share with such Warrants containing substantially similar terms and conditions
as other Warrants heretofore issued to Bergstrom;

 

5

 

[c] Availent’s
commitment that it will make good faith, commercially reasonable efforts to
obtain an additional investor or lender to match Bergstrom’s payment of
$300,000 by no later than April 28, 3003, with the first $100,000 of such
matching funds to be made available to Availent by no later than Friday, April
18, 2003, and the reaming $200,000 available by April 28, 2993; and

 

[d] Availent
does hereby agree to repurchase Bergstrom’s 600,000 (six hundred thousand)
Common Shares for $0.67 per share, should, if and when Availent collects any
equity or debt financing over and above the $600,000 (six hundred thousand
dollars) referred to in this Agreement. Availent agrees to repurchase the
aforesaid Common Shares in the amount of 50% (fifty percent) of all cash debt
and equity raised into Availent up to $402,000.

 

Bergstrom agrees to find
$200,000 of such purchase price through a wire transfer of such sum to an
account of the law firm of Leggett & Clemons for immediate release to Availent
by no later than the end of the business day on Monday, April 14, 2003,
conditioned upon to following:

 

[a] Availent
causing: A Public Relations Company, Inc.: David L. Malina - 472,489 - #919;
Consolidated American Energy Resources, Inc.: Malina-472,489 - 9l7;
Consolidated American Financial Services Group, Inc.-472,489 - #918 Meadow
Holdings Corp. - Darren Cioffi - 708,733 - #915; SOS Resources Services, Inc. -
Salvatore Russo - 708,733 - #916 to deposit certificates representing 2,834,933
shares of Availent Common Stock with the Escrow Agent described in Paragraph
2(a) above which shares shall be retained in escrow as additional collateral to
secure payment of the $855,000 Notes held by Bergstrom. Availent shall include
such shares among the shares to be included in the anticipated SB-2
Registration. To the extent the $855,000 Notes are not paid in full from the
proceeds of the sale of the 1,700,000 Shares of Availent Common Stock deposited
with the Escrow Agent as described in Paragraph 2(a), the proceeds of the sale
of the shares pledged by Malina and Russo shall be utilized for such purposes.

 

[b] Availent
agreeing to disburse the $200,000 portion of the Bergstrom investment to the
payees and for the purposes described on EXHIBIT “C” attached hereto and
incorporated herein for all purposes;

 

[c] Availent’s
agreement to provide Bergstrom monthly financial statements until the
anticipated SB-2 becomes effective, with such financial statements to be
provided within a reasonable thee following the last day of the month for which
the financial statements are prepared. However, when the SB-2 registration
statement is deemed effective by the SEC, Availent will no longer provide
Bergstrom with financial statements.

 

[d] Availent
entering into a “Standstill Agreement” with Lutz containing terms whereby Lutz
agrees not to initiate litigation or file any administrative or regulatory
complaint against Availent or its officers, former officers or Availent’s
agents or representatives for a period of three (3) months.

 

6

 

Bergstrom agrees to fund in a
like manner the additional $100,000 portion of the purchase price, if and only
if, Availent has obtained funding from another investor and/or lender in the
amount of $100,000 and is continuing its good faith, commercially reasonable
efforts to obtain an additional equity contribution or loan by no later than
the end of the business day on Friday, April 18, 2003.

 

THE SECOND $600,000 RAISED IN
CASH EQUITY OR DEBT FINANCING OVER AND ABOVE THIS $600,000 IS TO BE PAID BACK
TO LUTZ AND BERGSTROM ON A PARI PASSU (50% EACH) BASIS ON LUTZ’S $375,000
INVESTMENT AND BERGSTROM’S ADDITIONAL $300,000 EQUITY INVESTMENT.

 

8. BINDING
EFFECT. This Agreement shall be binding upon and inure to the benefit of the
parties, their successors, assigns and/or affiliates.

 

9.
ARBITRATION; VENUE; JURISDICTION. The parties acknowledge and agree that this
Agreement is being entered into in Dallas County, Texas and that venue over any
disputes shall be in Dallas County, Texas and that the laws of the State of
Texas shall apply to the construction, interpretation, and/or application of
this Agreement. The parties agree that any disputes that may arise concerning
the construction, interpretation or application of this Agreement which cannot
be amicably resolved between the parties shall be resolved through mandatory
arbitration conducted by three arbitrators in accordance with the rules and
pursuant to the administration of the American Arbitration Association. Such
arbitration shall be conducted in Dallas County, Texas and shall be final and
binding upon the parties. Any party seeking to reduce an award to a final
judgment shall do so through initiating litigation in a Dallas County Judicial
District Court located in Dallas County, Texas.

 

10. NOTICES.
All notices required by this Agreement shall be effective if provided in
writing and mailed to the other party by certified mail, return receipt
requested to the following address or such other address as either party may
provide to the other party in writing in the manner required by this paragraph:

 

A. IF TO
BERGSTROM

 

Bergstrom
Investment Management, L.L.C.

Mr. Kelley
Bergstrom

President

714 Roger Ave.

Kenilworth,
IL. 60043

 

B. IF TO
AVAILENT

 

Mr. Patrick A.
McGeeney

President

2720  Stemmons

Suite 600

 

7

 

Dallas, Texas
75207

 

C. IF TO M.
MCGEENEY:

 

Ms. Michelle
Krajicek McGeeney

2209 Allen
Street

Dallas, Texas
75204

 

P. IF TO P.
MCGEENEY:

 

Mr. Patrick A.
McGeeney

2209 Allen
Street

Dallas, Texas
75204

 

11.
RATIFICATION. Other than to the extent of the provisions contained in this
Agreement which conflict with the provisions of any Loan Agreements or
Amendments to Loan Agreements, heretofore entered into between the parties or
any of the documents, including, but not limited to, promissory notes and
amendments and modifications thereto and any common stock warrants, limited
guaranties and stock pledge agreements, the provisions of such documents are
hereby ratified and confirmed.

 

12. WAIVER.
Except to the extent of the liabilities, obligations, and agreements hereby
contained or any prior liabilities, obligations, and agreements herein intended
(or implied) to be hereby ratified and carried forward, the parties hereto, for
themselves, their heirs, successors and assigns, do hereby waive, release, and
discharge each other, their heirs, successors and assigns and their agents,
employees, officers, directors, and attorneys (collectively, the “Released
Parties”) from any and all duties, obligations, and liabilities arising out of
any prior transactions or events, or the acts, actions, or omissions of the
Released Parties in connection therewith, existing as of the date hereof
whether known or unknown, asserted or un-asserted, equitable or at law, arising
under or pursuant to common or statutory law, rules, or regulations and agree
that the foregoing waiver, release, and discharge constitutes an inducement for
each of the parties to enter into this Agreement.

 

13. MULTIPLE
COUNTERPARTS. This Agreement may be executed in multiple counterparts, any of
which shall be deemed an original.

 

THIS SPACE INTENTIONALLY LEFT BLANK

 

8

 

 

THIS AGREEMENT IS EXECUTED ON
THE 14TH DAY OF APRIL , 2003.

 

	
   

  	
  BERGSTROM INVESTMENT MANAGEMENT, L.L.C.,

  
	
   

  	
  A DELAWARE LIMITED LIABILITY COMPANY

  
	
   

  	
   

  
	
   

  
	
   

  	
  BY:    

  	
  /s/ KELLY A.
  BERGSTROM

  	
   

  
	
   

  	
  KELLY A.
  BERGSTROM

  
	
   

  	
  PRESIDENT

  
	
   

  
	
   

  
	
   

  	
  AVAILENT
  FINANCIAL, INC.,

  	
   

  
	
   

  	
  A DELAWARE
  CORPORATION

  	
   

  
	
   

  
	
   

  	
  BY:    

  	
  /s/ PATRICK
  A. MCGEENEY

  	
   

  
	
   

  	
   

  	
  PATRICK A.
  MCGEENEY

  
	
   

  	
   

  	
  PRESIDENT

  
	
   

  
	
   

  
	
   

  	
  AVAILENT
  MORTGAGE, INC.,

  
	
   

  	
  A DELAWARE
  CORPORATION

  
	
   

  
	
   

  	
  BY:

  	
  /s/ MICHAEL
  BANES

  	
   

  
	
   

  	
  MICHAEL
  BANES

  
	
   

  	
  PRESIDENT

  
	
   

  
	
   

  	
  /s/
       PATRICK A. MCGEENEY

  	
   

  
	
   

  	
  PATRICK A.
  MCGEENEY

  
	
   

  
	
   

  
	
   

  	
  /s/      MICHELE
  KRAJICEK MCGEENEY

  	
   

  
	
   

  	
  MICHELE KRAJICEK
  MCGEENEY

  
									

 

9

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