SECOND AMENDED FORBEARANCE AGREEMENTForbearance Agreement |
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SECOND AMENDED FORBEARANCE AGREEMENT
This Agreement (the "Agreement") is entered into and made this 21st
day of June 2005, by and among VITROTECH CORPORATION, a Nevada corporation
("VitroTech"), VITROCO INCORPORATED, a Nevada corporation
("VitroCo")(collectively, VitroTech and VitroCo are referred to as the
"Borrowers"), and 1568931 ONTARIO LTD., an Ontario corporation ("Lender").
WHEREAS, (i) Lender and Borrowers entered into that certain
agreement dated September 29, 2004 (the "September 2004 Agreement") and the
Mines and Hi-Tech (as those terms are defined below) pledged certain interests
to Lender pursuant to the September 2004 Agreement and (ii) Lender and Borrowers
have executed various documents further defining the rights of Lender and
Borrowers under the September 2004 Agreement, including, without limitation,
that certain Loan and Security Agreement (the "Loan Agreement") (such documents
being referred to, collectively, as the "Loan Documents") pursuant to which the
Lender has advanced substantial funds to VitroTech and Lender has a perfected
security interest in certain assets of Borrowers, the Mine and Hi-Tech;
WHEREAS, Lender and Borrowers entered into that certain the
forbearance agreement dated May 10, 2005 (the "Forbearance Agreement") by and
among the parties hereto and that certain amended forbearance agreement dated
May 17, 2005 (the "Amended Forbearance Agreement") by and among the parties
hereto, and the parties desire to further amend the Amended Forbearance
Agreement as set forth herein. Capitalized terms used herein but not defined
herein shall have the meaning set forth in the Amended Forbearance Agreement;
NOW, THEREFORE, for and in consideration of the mutual promises
herein contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Lender and Borrowers hereby agree
as follows:
1. At the specific request of Borrowers, Lender hereby agrees to
forbear from exercising any remedy available to Lender upon the occurrence of an






