Extension Agreement for Secured Note between Force Protection, Inc. and Fort Ashford Funds, LLC
Force Protection, Inc. and Fort Ashford Funds, LLC have agreed to extend the maturity date of a $2,500,000 secured note beyond July 21, 2006, with the new date to be determined. The existing interest rate will continue to apply on a pro-rata basis during the extension period. Both parties have signed to confirm their agreement to these terms.
Exhibit 10.1
Force Protection, Inc.
9801 Highway 78, #3
Ladson, SC 29456
www.forceprotection.net
July 21, 2006
Fort Ashford Funds, LLC
19200 Von Karman
Suite 600
Irvine, CA 92612
Re: Extension of Maturity Date - Short Term Note
Gentlemen:
I refer to that certain Secured Note in the amount of $2,500,000 having an extended maturity date of July 21, 2006 issued by Force Protection Inc. On behalf of the Company we would hereby request that you agree to a short term extension of the Maturity Date through a date to be determined. The existing interest rate on the Secured Note will be applied pro-rata over the term of the extension.
If this is acceptable to you, I would ask that you kindly sign below and return by fax to me at ###-###-####.
We appreciate you cooperation in this matter.
Very Truly Yours,
| /s/ Gordon McGilton |
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| Gordon McGilton |
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| Chief Executive Officer |
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| Accepted and Agreed | ||||
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| For Fort Ashford Funds | ||||
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| By: |
| /s/ Frank Kavanaugh | ||
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| Frank Kavanaugh | ||
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| Principal | ||
