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MODIFICATION NUMBER TWO TO PROMISSORY NOTE

Promissory Note

MODIFICATION NUMBER TWO TO PROMISSORY NOTE | Document Parties: FORCE PROTECTION INC | Force Protection Industries, Inc | Force Protection Technologies, Inc | Wachovia Bank, National Association You are currently viewing:
This Promissory Note involves

FORCE PROTECTION INC | Force Protection Industries, Inc | Force Protection Technologies, Inc | Wachovia Bank, National Association

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Title: MODIFICATION NUMBER TWO TO PROMISSORY NOTE
Date: 9/15/2008
Industry: Aerospace and Defense     Sector: Capital Goods

MODIFICATION NUMBER TWO TO PROMISSORY NOTE, Parties: force protection inc , force protection industries  inc , force protection technologies  inc , wachovia bank  national association
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Exhibit 10.58

MODIFICATION NUMBER TWO
TO PROMISSORY NOTE

Force Protection, Inc.
9801 Highway 78
Ladsdon, South Carolina 29456

Force Protection Technologies, Inc.
9801 Highway 78
Ladson, South Carolina 29456

Force Protection Industries, Inc.
9801 Highway 78
Ladson, South Carolina 29456
(Individually and collectively, "Borrower")

Wachovia Bank, National Association
177 Meeting Street, Suite 450
Charleston, South Carolina 29401
(Hereinafter referred to as "Bank")

THIS AGREEMENT is entered into effective as of January 9, 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, 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 January 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 March 7, 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 any, and all future


 
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