MODIFICATION NUMBER THREE TO PROMISSORY NOTEPromissory Note |
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Force Protection Industries, Inc | Force Protection Technologies, Inc | Force Protection, Inc | Wachovia Bank, National Association. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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MODIFICATION NUMBER THREE Force
Protection, Inc. Force
Protection Technologies, Inc. Force
Protection Industries, Inc. Wachovia Bank,
National Association THIS AGREEMENT is entered into effective as of February 15, 2008 by and between Bank and Borrower. RECITALS Bank is the holder of a Promissory Note executed and delivered by Borrower dated July 20, 2007, as modified on September 30, 2007 and on January 9, 2008, in the original principal amount of $50,000,000.00 (the "Note"); Borrower and Bank have agreed to modify the terms of the Note. In consideration of Bank's continued extension of credit and the agreements contained herein, the parties agree as follows: AGREEMENT ACKNOWLEDGMENT OF BALANCE. Borrower acknowledges that the most recent Commercial Loan Invoice sent to Borrower with respect to the Obligations under the Note is correct. MODIFICATIONS. The Note is hereby modified by deleting the provisions in the Note establishing the repayment terms and substituting the following in their place and stead: REPAYMENT TERMS. The Note shall be due and payable in consecutive monthly payments of accrued interest only, commencing on March 9, 2008, and continuing on the same day of each month thereafter until fully paid. In any event, all principal and accrued interest shall be due and payable on May 9, 2008. ACKNOWLEDGMENTS AND REPRESENTATIONS. Borrower acknowledges and represents that the Note and other Loan Documents, as amended hereby, are in full force and effect without any defense, counterclaim, right or claim of set-off; that, after giving effect to this Agreement, no default or event that with the passage of time or giving of notice would constitute a default under the Loan Documents has occurred, all representations and warranties contained in the Loan Documents are true and correct as of this date, all necessary action to authorize the execution and delivery of this Agreement has been taken; and this Agreement is a modification of an existing obligation and is not a novation. COLLATERAL. Borrower acknowledges and confirms that there have been no changes in the ownership of any collateral pledged to secure the Obligations (the "Collateral") since the Collateral was originally pledged; Borrower acknowledges and confirms that the Bank has existing, valid first priority security interests and liens in the Collateral; and that such security interests and liens shall secure Borrower's Obligations, including any modification of the Note or Loan Agreement, if |
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