FORBEARANCE AGREEMENT AND AMENDMENT TO LOAN AGREEMENTForbearance Agreement and Amendment to Loan Agreement • May 1st, 2009 • American Defense Systems Inc • Miscellaneous transportation equipment • Virginia
This FORBEARANCE AGREEMENT AND AMENDMENT TO LOAN AGREEMENT (this “Agreement”) is entered into as of April 27, 2009, by and among AMERICAN DEFENSE SYSTEMS, INC., a Delaware corporation (the “Company”), A. J. PISCITELLI & ASSOCIATES, INC., a New York corporation (“AJP”, and together with the Company, the “Original Borrowers”), AMERICAN PHYSICAL SECURITY GROUP, LLC, a Delaware limited liability company (“APS’, and together with the Original Borrowers, the “Borrowers”) and TD BANK, N.A., a national banking association, and successor by merger to COMMERCE BANK, N.A (the “Lender”).
ASSUMPTION AGREEMENTAssumption Agreement • May 1st, 2009 • American Defense Systems Inc • Miscellaneous transportation equipment
THIS ASSUMPTION AGREEMENT (as the same may be amended, modified or supplemented from time to time, this “Assumption”), dated as of January 28, 2008, made by AMERICAN PHYSICAL SECURITY GROUP, LLC, a Delaware limited liability company (the “New Subsidiary”), in favor of the Lender (as defined below), recites and provides:
FIRST AMENDMENT TO LOAN AGREEMENTLoan Agreement • May 1st, 2009 • American Defense Systems Inc • Miscellaneous transportation equipment • Virginia
THIS FIRST AMENDMENT TO LOAN AGREEMENT (this Amendment) dated as of July 12, 2007, is made by and among AMERICAN DEFENSE SYSTEMS, INC., a Delaware corporation (the “Company”), A. J. PISCITELLI & ASSOCIATES, INC., a New York corporation (“AJP,” with the Company and AJP collectively, the “Borrowers”, and individually, a “Borrower”), and COMMERCE BANK, N.A., a national banking association (the “Bank”).
