Document:

anthra_ex10-1.htm

    FIRST
AMENDMENT

     

    TO

     

    AMENDED
AND RESTATED PARENT GUARANTY AND INDEMNITY

     

    THIS FIRST AMENDMENT TO AMENDED AND
RESTATED PARENT GUARANTY AND INDEMNITY dated as of April 14, 2008 (this “Agreement”), by and
among:

     

    
      	
               
      

            	
              (a)

            	
              ANTHRACITE
      CAPITAL, INC., a Maryland corporation (“Guarantor”);

            

    

     

    
      	
               
      

            	
              (b)

            	
              MORGAN
      STANLEY MORTGAGE SERVICING LTD. (“Security
      Trustee”), as security trustee under the Loan Agreement
      (hereinafter defined); and

            

    

     

    
      	
               
      

            	
              (c)

            	
              MORGAN
      STANLEY PRINCIPAL FUNDING, INC., a Delaware corporation (“Agent”).

            

    

     

    RECITALS

     

    
      	
              A.

            	
              WHEREAS,
      AHR Capital MS Limited, a company incorporated in the Republic of Ireland
      with Company Number 411989 (“Borrower”),
      Security Trustee, Agent and the other parties thereto are party to that
      certain Second Amended and Restated Multicurrency Revolving Facility
      Agreement dated as of February 15, 2008 (the “Loan
      Agreement”).

            

    

     

    
      	
              B.

            	
              WHEREAS,
      pursuant to that certain Amended and Restated Parent Guaranty and
      Indemnity dated as of February 15, 2008 (the “Original
      Guaranty”), made by Guarantor in favor of Security Trustee and
      Agent, Guarantor, among other things, guaranteed the obligations of
      Borrower under the Loan Agreement.

            

    

     

    
      	
              C.

            	
              Guarantor,
      Security Trustee and Agent wish to modify certain terms and provisions of
      the Original Guaranty (as herein amended, the “Guaranty”).

            

    

     

    NOW THEREFORE, in
consideration of the mutual premises and mutual obligations set forth herein and
for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, Guarantor, Security Trustee and Agent hereby agree as
follows:

     

    1.           Amendment. As and
from the date of the Original Guaranty:

     

    1.1           Definitions. Section 1 of the
Original Guaranty is hereby amended as follows:

     

    a.         The
term “Liquid
Assets” is hereby deleted in its entirety and the following shall be
substituted therefor:

     

    “Liquid Assets” shall
mean (i) cash, United States Treasury Bills, securities issued by an agency of,
and guaranteed by, the United States of America, in each case, that is
unrestricted and not subject to Liens; and (ii) availability under any Committed
Facility that is unrestricted and not subject to Liens, but only to the extent
that the items described in (i) above are equal to or greater than seventy-five
percent (75%) of the sum of the items described in (i) and such
availability.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    b.         By
adding the following term:

     

    “Committed Facility”
shall mean a credit facility under which Guarantor is a borrower and a party
reasonably acceptable to Agent and Security Trustee is lender, whereby (i) the
lender thereunder is unconditionally committed to make advances to Guarantor
upon request by Guarantor (other than any conditions reasonably acceptable to
Agent and Security Trustee); (ii) no event of default (or event which with
notice or the passage of time, or both, would constitute an event of default)
has occurred thereunder; and (iii) the period where such advances may be
requested expires more than ninety (90) days from the date of
determination.

     

    2.           Representations and
Warranties. Guarantor hereby makes to Agent and Security Trustee the
representations and warranties set forth in the Original Guaranty. Such
representations and warranties are true and correct as though made on and as of
the date hereof and after giving effect to this Agreement.

     

    3.           Continuing Effect. As
modified by this Agreement, all of the terms of the Guaranty are in full force
and effect.  Each and all references to the Guaranty in the Loan
Documents (as defined in the Loan Agreement) shall mean the Original Guaranty as
amended hereby.

     

    4.           Ratification, Confirmation
and Assumption. Guarantor hereby (i) ratifies and confirms all of
the obligations of Guarantor under the Original Guaranty (as amended hereby);
and (ii) represents, warrants and covenants that, as of the date hereof,
Guarantor has no knowledge of any cause of action at law or in equity against
Agent, Security Trustee any lender under the Loan Agreement or any of their
respective Affiliates (including, without limitation, any offset, defense,
deduction or counterclaim) with respect to any of such
obligations.

     

    5.           Binding Effect; No Waiver;
No Partnership. The provisions of the Original Guaranty as amended hereby
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns.  Nothing herein contained
shall be deemed or construed (a) to constitute a waiver of any right of
Agent and/or Security Trustee Lender under the Loan Documents, or (b) to
create a partnership or joint venture between any of the parties
hereto.

     

    6.           Further Agreements.
Guarantor agrees to execute and deliver such additional documents, instruments
or agreements as may be reasonably requested by Agent and/or Security Trustee
and as may be necessary or appropriate to effectuate the purposes of this
Agreement.

     

    7.           Counterparts.  This
Agreement may be executed by each of the parties hereto on any number of
separate counterparts, each of which shall be an original and all of which taken
together shall constitute one and the same instrument.

     

    8.           GOVERNING
LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE
CHOICE OF LAW PROVISIONS THEREOF.

     

    [The
remainder of this page has been intentionally left blank]

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed and delivered as of the day and
year first above written.

     

    GUARANTOR

    

    ANTHRACITE
CAPITAL, INC.

    a
Maryland corporation

    

    
      
        	
                By:

              	
                 /s/
      Chris Milner

              	 
      
	 
      	
                Name:

              	
                Chris
      Milner

              
	 
      	
                Title:

              	
                CEO

              

      

    

    

    
 

    AGENT

    

    MORGAN
STANLEY PRINCIPAL FUNDING INC.,

    a
Delaware corporation

    

    
      
        	
                By:

              	
                 /s/
      Deborah Goodman

              	 
      
	 
      	
                Name:

              	
                Deborah
      Goodman

              
	 
      	
                Title:

              	
                Vice
      President

              

      

    
 

    

    SECURITY
TRUSTEE

    

    MORGAN
STANLEY MORTGAGE SERVICING LTD.

    

    
      
        	
                By:

              	
                 /s/
      Matthew Grefsheim

              	 
      
	 
      	
                Name:

              	
                Matthew
      Grefsheim

              
	 
      	
                Title:

              	
                DirectorExhibit 10.15

EXHIBIT 10.25

REVISED AND AMENDED FIFTH WAIVER AND MODIFICATION AGREEMENT

This REVISED AND AMENDED FIFTH WAIVER AND MODIFICATION AGREEMENT is made and entered into as of March 20, 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) and on July 20, 2006 (Third Modification) and on March 20, 2007 (Fourth Modification); and

WHEREAS, the Company issued to each Holder a Note (the “Note”) and a Class A and Class B Warrant pursuant to the Subscription Agreement, which were originally exercisable at $1.00 per share and $1.50 per share, respectively; and

WHEREAS, on June 22, 2006, the Company issued to the Holders Series F Common Stock Purchase Warrants, exercisable at $.75 per share; and

WHEREAS, the Holders own Notes which are presently convertible at $.30 per share and Class A and Class F Warrants which are exercisable at $.45 per share and $.50 per share, respectively; and

WHEREAS, the holders’ Class B Warrants expired in December 2007; and

WHEREAS, the Notes came due on the date hereof (i.e. March 20, 2008) and the Holders are willing and the Company agrees to the modification of certain rights under the Notes without any reduction in the exercise price of the Class A and Class F Warrants; and

WHEREAS, we intend to offer the holders of our debt (currently in the principal amount of $355,000) due June 22, 2008, the opportunity to convert their debt into shares of Common Stock at a fixed conversion price of $.15 per share and subject to a lock-up agreement pursuant to which 20% will be saleable each month over a five month period commencing in April 2008, with all shares not sold in one month carrying over to the following month. Further, all Class C and Class F Warrants held by the holders of this debt due June 22, 2008 will be terminated as additional consideration for the adjustment of the conversion price (collectively hereinafter referred to as the “Proposed Conversion Transaction”).

NOW, THEREFORE, the Company and the Holders hereby agree as follows:

SECTION 1.

Extension of Maturity Date of the Note.  In consideration of the prompt payment toward principal of $150,000 to the Holders in accordance with Schedule A appended hereto (which is on a pro rata basis), the Holders and Company agree to extend the Maturity Date of the remaining unpaid portion of the principal of the Notes (the “Remaining Principal”) to the close of business on August 29, 2008 (the “Revised and Extended Maturity Date”). 

SECTION 2.  Reduction in the Fixed Conversion Price of the Note.  The fixed conversion price of the Notes is currently $.30 per share. The following revisions shall apply to the conversion price of the Notes notwithstanding the anti-dilution provisions otherwise provided for in said Notes: The Holder(s) may elect at any time to convert through the Maturity Date of the Notes and thereafter until the Notes are paid in full, the unpaid principal of the Notes and the accrued interest thereon at a 10% discount (15% discount if the average trading volume per day over the ten preceding trading days prior to a conversion date is 60,000 shares per day or less) to the fair market value of the Company’s Common Stock. The fair market value of the Company’s Common Stock is defined as the average of the closing sales price of the Company’s Common Stock on the OTC Electronic Bulletin Board for the ten trading days preceding each respective conversion date of the Note(s).  Notwithstanding anything contained herein to the contrary, the Notes shall not at any time be convertible at a conversion price below $.10 per share (the “Floor Price”) or above a ceiling price of $.25 per share (the “Ceiling Price”).

SECTION 3.

Deferral of Monthly Payments.  The Parties agree that prior to the Revised and Extended Maturity Date, the Company shall be under no obligation to make payments toward the Remaining Principal (and/or accrued interest thereon), except for the $150,000 referenced in Section 1. On the Revised and Extended Maturity Date, the Company shall unconditionally make full payment of the Remaining Principal, accrued interest and any amounts due and owing thereon to the extent that the Holders have not converted said monies into Common Stock of the Company. 

SECTION 4.

Exercise Price of Class A and Class F Warrants Shall Remain Unchanged.  The Parties agree that the modification of the conversion price of the Notes contained in Section 2 and the Proposed Conversion Transaction shall not cause any reduction in the exercise price of the Class A and Class F Warrants or any increase in the number of shares purchasable thereunder. In the event that the provisions of this Revised and Amended Fifth Waiver and Modification Agreement cause a reduction in the conversion price or exercise of outstanding Notes, Debentures and/or Warrants, the Holders agree to waive any adjustment to the exercise price of their outstanding Class A and Class F Warrants or any increase in the number of shares purchasable thereunder.

2

SECTION 5.

Miscellaneous. 

(a)

Amendments.  This Agreement and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought.

(b)

Counterparts.  This Waiver may be executed in counterparts, each of which shall be deemed an original but all of which shall together constitute one and the same instrument.

(c)

Governing Law.  This Waiver will be governed by and interpreted in accordance with the laws of the State of New York without giving effect to the rules governing the conflicts of law.

(d)

Headings.  The headings in this Warrant are for purposes of reference only, and will not limit or otherwise affect any of the terms hereof.

(e)

Severability.  The invalidity or unenforceability of any provision hereof will in no way affect the validity or enforceability of any other provision.

IN WITNESS WHEREOF, the Company and the Holder have caused this Waiver to be executed as of the date first written above.

			
	         

	BLASTGARD INTERNATIONAL, INC.

	 
	 
	  

	 
	 
	 

	 
	By:

	/s/ Michael J. Gordon

	 
	 
	Michael J. Gordon,

Chief Financial Officer

	 
	 

				
	“HOLDERS”:

	 

	ALPHA CAPITAL ANSTALT

	GENESIS MICROCAP INC.

	 
	 
	 

	By:

	/s/ 

	By:

	/s/

	 
	(authorized officer)

	 
	(authorized officer)

	 
	 
	 
	 

	 
	/s/ Steven Gold

	 
	/s/ Asher Brand

	 
	STEVEN GOLD

	 
	ASHER BRAND

	 
	 
	 
	 

	TRW HOLDINGS PTY LIMITED

	 
	 

	 
	 
	 
	 

	By:

	/s/G.P. McGowan, Executive Chairman

	 
	 

	 
	(authorized officer)

	 
	 

 

           

3

 

SCHEDULE A

			
	

Name

	

Principal Owed as of

March 20, 2008

	Principal Payment

Pursuant

to Section 1

	 
	 
	 

	Alpha Capital Anstalt

	526,091.08

	109,910.00

	 
	 
	 

	Steven Gold

	53,765.40

	11,235.00

	 
	 
	 

	TRW Holdings PTY Limited

	53,765.40

	11,235.00

	 
	 
	 

	Genesis Microcap Inc.

	73,551.45

	15,370.00

	 
	 
	 

	Asher Brand

	10,752.82

	2,250.00

4

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