Replies to post #301192 on Plastic2Oil Inc (PTOI)

[lytnup]

Thanks for the reply.
I agree that the interest on the notes starts increasing exponentially as the terms are extended - it will be interesting to see how the year plays out (more of the same, or a change in direction).

[loanranger]

"Except as expressly agreed in writing by the Holder, no extension of time for payment of this Note, or any installment hereof, and no alteration, amendment or waiver of any provision of this Note shall release, discharge, modify, change or affect the liability of the Company under this Note."
$1M Heddle Marine 11/14

"Except as expressly agreed in writing by the Holder, no extension of time for payment of this Note, or any installment hereof, and no alteration, amendment or waiver of any provision of this Note shall release, discharge, modify, change or affect the liability of the Company under this Note."
$1M Heddle 8/13

The $2M 9/13 note with Heddle was considered a second closing of the August note and the terms of that note would apply.

It seems obvious that the parties could agree to extend the notes as they're written or amend them by agreement.

There's another interesting term that might be interesting. It's a default term:

"(e)
Company fails to pay when due (whether at the stated maturity, by acceleration or otherwise) any indebtedness for borrowed money owing to the Holder (other than under this Note), any third party or the occurrence of any event which could result in acceleration of payment of any such indebtedness or the failure to perform any agreement with any third party"

A voluntary petition by the company or an involuntary bankruptcy petition filing by a creditor(s) would also trigger a default in the notes.