Attached files
ALLONGE
TO CONVERTIBLE PROMISSORY NOTE
DATED
FEBRUARY 28, 2006
This Allonge (the “Allonge”), dated as
of December 1, 2006, attached to and forming a part of a Convertible Promissory
Note,, dated February 28, 2006 (collectively, the “Note”), made by ECOLOGY
COATINGS, INC., a California corporation (the “Company”), payable to the order
of CHRIS L. MARQUEZ (the “Holder”), in the original principal amount of
$300,000.
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1.
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The
first paragraph of the Note is hereby amended and restated in its entirety
as follows:
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FOR
VALUE RECEIVED, ECOLOGY COATINGS, INC., a California corporation
(“Company”),
Promises
to pay Chris L. Marquez (“Holder”) or his registered assigns,, in lawful
money
of
the United States of American the principal sum of THREE HUNDRED
THOUSAND
Dollars
($300,000), or such lesser amount as shall equal the outstanding principal
amount
Hereof,
together with interest from the date of this Convertible Promissory Note (the
“Note”)
on
the unpaid principal balance at a rate equal to fifteen percent (15%) per annum,
computed on the basis of the actual number of days elapsed and a year of 365
days. All unpaid principal,
together
with any then unpaid and accrued interest and other amounts payable hereunder,
shall be due and payable on the earlier of (i) December 31, 2007 (the “Maturity
Date”), or (ii) when, upon or after the occurrence of an Event of Default (as
defined below), such amounts are declared due and payable by Holder or made
automatically due and payable in accordance
with
the terms hereof. This Note is one of a duly authorized series of
Convertible Promissory
Notes
of the Company that may be issued by the Company from time to time of like
tenor
And
effect (except for such variations as may be necessary to express the name of
the payee, the number, the date, and the principal amount of each note) each
dated on or after February 28, 2006 (the “Bridge Notes”).
In all
other respects, the Note is confirmed, ratified and approved and, as amended by
this
Allonge,
shall continue in full force and effect.
IN
WITNESS WHEREOF, the Company and Holder have caused this Second Allonge to be
executed and delivered as of the date and year first above written.
ECOLOGY COATINGS, INC.
By: /s/ Adam S.
Tracy
Adam S. Tracy, Esq.
Its: Vice
President
Accepted and agreed to:
/s/ Chris L
Marquez
CHRIS L. MARQUEZ