REVISED AND AMENDED SIXTH WAIVER AND MODIFICATION AGREEMENTWaiver Agreement |
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BLASTGARD INTERNATIONAL, INC | GENESIS MICROCAP INC | TRW HOLDINGS PTY LIMITED. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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EXHIBIT 10.1
REVISED AND AMENDED SIXTH WAIVER AND MODIFICATION AGREEMENT
This REVISED AND AMENDED SIXTH WAIVER AND MODIFICATION AGREEMENT (“Sixth Modification”) is made and entered into as of September 5, 2008, by and between BLASTGARD INTERNATIONAL, INC., a Colorado corporation (the “Company”), and the holders identified on the signature page hereto (each a “Holder” and collectively the “Holders”). Capitalized terms used but not defined herein will have the meanings assigned to them in the Subscription Agreement (as defined below).
WHEREAS, the Company and the Holders entered into a Subscription Agreement dated as of December 2, 2004 (the “Subscription Agreement”); and
WHEREAS, Holders entered into a Modification and Waiver Agreement dated December 6, 2005 (Modification) as amended on June 7, 2006 (Second Modification), July 20, 2006 (Third Modification), March 20, 2007 (Fourth Modification) and on March 20, 2008 (Fifth Modification); and
WHEREAS, the Notes came due on the date hereof (i.e. August 29, 2008) and the Holders are willing and the Company agrees to the modification of certain rights under the Notes.
NOW, THEREFORE, the Company and the Holders hereby agree as follows:
SECTION 1.
Extension of Maturity Date of the Note. As consideration of the payment of default interest calculated at the rate of 21% per annum for the period April 1, 2008 through September 30, 2008, the Holders agree to extend the Maturity Date of the Notes to November 1, 2008 (the “Revised a
