SECURITIES REPURCHASE AGREEMENT -Stock Repurchase Agreement |
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RECLAMATION CONSULTING &| APPLICATIONS INC | AJW Offshore, Ltd. | AJW Qualified Partners, LLC. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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EXHIBIT 10.35
AMENDMENT NO. 1 TO
SECURITIES REPURCHASE AGREEMENT
This Amendment No. 1 to Securities Repurchase Agreement (this
"AMENDMENT") is
made and entered into as of the 26th day of February, 2007 by and
among
Reclamation Consulting and Applications, Inc. ("COMPANY"), and AJW
Partners,
LLC, AJW Qualified Partners, LLC, AJW Offshore, Ltd. and New
Millennium Partners
II, LLC (collectively, the " SELLERS"). The Company and the Sellers
are
sometimes referred to herein individually as a "PARTY" and
collectively as the
"PARTIES". Capitalized terms used but not defined herein have the
meanings
assigned to them in the Securities Repurchase Agreement dated as of
February 1,
2007 (the "AGREEMENT").
WHEREAS,
on February 1, 2007, the Parties entered into the Agreement to
repurchase from the Sellers, the Note and Warrants; and
WHEREAS,
the Parties wish to amend certain provisions of the Agreement.
NOW,
THEREFORE, in consideration of the mutual agreements herein
contained, the parties agree as follows:
I.
AMENDMENTS TO THE AGREEMENT
A.
Sections
1.3 and 1.4 of the Agreement are hereby deleted in their
entirety and replaced with the following sentence:
1.3
CONSIDERATION AND PAYMENT FOR THE NOTES AND WARRANTS. In
consideration for the Notes, the Company shall (i) pay each
Seller
an amount equal to the outstanding balance of principal and,
accrued
interest as of the Note Closing on such Seller's respective
Note
plus a prepayment penalty equal to thirty percent (30%) of such
outstanding balance which the Parties agree shall, as of April
30,
2007, be in the amounts set forth in EXHIBIT B, attached hereto
(the
"NOTE CASH PRICES"), and (ii) issue to the Sellers three
million,
two hundred fifty thousand (3,250,000) shares of the Company's
restricted common stock as set forth in EXHIBIT D, attached
hereto
(the "COMPANY SHARES") (collectively, the Note Cash Prices and
the
Company Shares shall constitute the "NOTE PURCHASE PRICES"). In
consideration for the Warrants, the Company shall pay to each
Seller
the respective amount set forth in Exhibit C attached hereto
(the
"WARRANT PURCHASE PRICES"). On or before April 30, 2007, the
Company
shall deliver (i) the Note Purchase Prices to the Sellers by
payment
of the Note Cash Prices and by delivering stock certificates to
the
Sellers evidencing their respective ownership of the Company
Shares;
and (ii) the Warrant Purchase Prices to Sellers. In the event
the
Company fails to deliver the Note Purchase Prices and the
Warrant
1
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Purchase Prices to the Sellers by April 30, 2007, this
Agreement
shall be deemed null and void, with no binding obligation on
the
part of either Party with respect to the sale of the Notes or
the
Warrants. In the event the Company delivers the Note Purchase
Prices
to the Sellers by April 30, 2007 but fails to deliver the
Warrant
Purchase Prices, the provisions of this Agreement relating to
the
sale of the Warrants shall be deemed null and void, with no
binding
obligation on the part of either Party with respect to the sale
of
the Warrants.
1.4 INITIAL
PURCHASE DOCUMENTS. As of the Effective Date, provided
that the Company makes the payments detailed in EXHIBIT E
attached
hereto (the "MONTHLY NOTE PAYMENTS") and does not otherwise
breach
any material terms of this Agreement, (i) the Sellers shall have
no
further rights under the Initial Purchase Documents, (ii) the
Company shall have no further obligations under the Initial
Purchase
Documents, and (iii) Gordon Davies shall have no further
obligations
or responsibilities under the Guaranty and Pledge Agreement
dated
Jun






