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Change in Terms
Agreement
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BORROWERS:
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SINGLE TOUCH
SYSTEMS, INC.
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A Delaware
corporation, doing business in California
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SINGLE TOUCH
INTERACTIVE, INC.
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A Nevada
corporation, doing business in California
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2235 Encinitas
Blvd, Suite 210
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Encinitas, CA
92024
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GUARANTOR:
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ANTHONY G.
MACALUSO also known as
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ANTHONY
MACALUSO also known as
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TONY
MACALUSO
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LENDER:
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FORT ASHFORD
FUNDS, LLC
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A California
limited liability company
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2532 Dupont
Drive
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Irvine,
California 92612
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ORIGINAL
PRINCIPAL AMOUNT:
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One Million
Dollars ($1,000,000.00)
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DATE OF
ORIGINAL AGREEMENT:
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December 5,
2008
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DESCRIPTION OF COLLATERAL: A
Guaranty, dated December 5, 2008, signed by Anthony Macaluso,
Together with the Collateral described in the Loan and Security
Agreement dated December 5, 2008 as filing number 2008-4048698; and
as described in the UCC Financing Statement (Form UCC-1) filed in
the State of Nevada on December 8, 2008, as filing number
2008036962-8.
DESCRIPTION OF CHANGE IN TERMS: The maturity
date set out in the Loan and Security Agreement, and in the
contemporaneously executed Schedule to Loan and Security Agreement,
namely 180 days after the date thereof, shall be extended to July
31, 2009.
CONSIDERATION FOR EXTENSION:
Borrowers shall pay to Lender, as and for a fee for Lender’s
agreement to the extension identified hereinabove, the sum of
Twenty-0Five Thousand Dollars ($25,000.00) . The subject fee is a
charge by Lender for its agreement to the extension identified, no
part of which shall or will be credited to the outstanding balance
owing from Borrowers, nor to any other obligation of Barrowers
under the terms of the subject Loan and Security Agreement, dated
December 5, 2008, and/or the other documentation related thereto.
Further, excluding any prior principal reductions, Borrowers shall
pay, on or before June 20, 2009, a principal reduction of the
outstanding balance in a sum of no less than Three Hundres Thousand
Dollars ($300,000.00) . The fee and the principal reduction must
each be paid, in full, by June 20, 2009 or the extension identified
hereinabove shall be void, canceled, revoked and of no further
force or effect.
In addition to the fee identified
hereinabove, in the event that there is any breach of or default in
the obligations of Borrowers and/or Guarantor under the terms of
the Loan and Security Agreement, dated December 5, 2008, and/or the
other documentation related thereto, including, but not limited to
the Continuing Guaranty, dated December 5,2008, and executed by
Anthony Macaluso, the parties hereto and thereto hereby agree that
the referee to be appointed under the Dispute Resolution provisions
of the Loan and Security Agreement, Dated December 5, 2008, shall
be either the Honorable Armand Arabian, Retired or the Honorable
Richard F. Charvat, Retired or the Honorable Robert H. London,
Retired, the choice of which shall be solely and exclusively made
by Lender. In the event that none of those thre
