AMENDMENT TO PLEDGE AGREEMENT
Exhibit 99.2
AMENDMENT TO PLEDGE AGREEMENT
THIS AMENDMENT TO PLEDGE AGREEMENT (THIS “AMENDMENT”), DATED AS OF OCTOBER 19, 2005, IS ENTERED INTO BETWEEN TRI-S SECURITY CORPORATION (“PLEDGOR”) AND LSQ FUNDING GROUP, L.C. AND BRE LLC (INDIVIDUALLY AND COLLECTIVELY “SECURED PARTY”), WITH REFERENCE TO THE FOLLOWING:
a. Pledgor has pledged 40% of the Collateral (40% Stock) to another party;
b. Until such time as the debt that is secured by the 40% Stock is paid, Pledgor can only pledge to Secured Party 60% of the Collateral;
c. The parties have agreed to amend the Pledge Agreement to substitute the following as Schedule 1 to the Pledge Agreement:
SCHEDULE 1
Pledged Interests
|
Name of Issuer |
|
Type of |
|
Number of |
|
|
|
|
|
|
|
|
|
Paragon Systems, Inc. |
|
Common Shares |
|
100% of authorized shares, subject to the prior interest of the Former Shareholders in 40% of the Collateral (as defined in the Credit Agreement) until such time as the debt owed to the Former Shareholders is paid in full |
|
1
|
|
Tri-S Security Corporation |
|||
|
|
|
|||
|
|
|
|||
|
|
By: |
/s/ Xxxxxx X. Xxxxx |
|
|
|
|
|
Name: Xxxxxx X. Xxxxx |
||
|
|
|
Title: CFO |
||
|
|
|
|||
|
|
LSQ Funding Group, L.C. |
|||
|
|
|
|||
|
|
|
|||
|
|
By: |
/s/ Xxxxxxx Xxxxxx |
|
|
|
|
|
Name: Xxxxxxx Xxxxxx |
||
|
|
|
Title: Manager |
||
|
|
|
|||
|
|
BRE LLC |
|||
|
|
|
|||
|
|
|
|||
|
|
By: |
/s/ Xxxxxxx Xxxxxx |
|
|
|
|
|
Name: Xxxxxxx Xxxxxx |
||
|
|
Title: Manager |
|||
2
