ACKNOWLEDGMENT OF FORBEARANCE AND REAFFIRMATION OF GUARANTY

Contract Categories: Business Finance - Forbearance Agreements
EX-10.80 3 dex1080.htm ACKNOWLEDGMENT OF FOREBEARANCE AND REAFFIRMATION OF GUARANTY Acknowledgment of Forebearance and Reaffirmation of Guaranty

EXHIBIT 10.80

ACKNOWLEDGMENT OF FORBEARANCE

AND REAFFIRMATION OF GUARANTY

Section 1. Guarantor hereby acknowledges and confirms that it has reviewed and approved the terms and conditions of the Amendment and Forbearance dated as of even date herewith (the “Forbearance”).

Section 2. Guarantor hereby consents to the Forbearance and agrees that the Guaranty relating to the Obligations of Borrower under the Loan Documents shall continue in full force and effect, shall be valid and enforceable and shall not be impaired or otherwise affected by the execution of the Forbearance or any other document or instrument delivered in connection herewith.

Section 3. Guarantor represents and warrants that, after giving effect to the Forbearance, all representations and warranties contained in the Guaranty are true, accurate and complete as if made the date hereof.

Dated as of March 23, 2007.

 

GUARANTOR:
TRI-S SECURITY CORPORATION
By:  

/s/ Robert K. Mills

Name:   Robert K. Mills
Title:   Chief Financial Officer


PARAGON SYSTEMS, INC.
By:  

/s/ Robert K. Mills

Name:   Robert K. Mills
Title:   Secretary
THE CORNWALL GROUP, INC.
By:  

/s/ Robert K. Mills

Name:   Robert K. Mills
Title:   Secretary
VANGUARD SECURITY, INC.
By:  

/s/ Robert K. Mills

Name:   Robert K. Mills
Title:   Secretary
FORESTVILLE CORPORATION
By:  

/s/ Robert K. Mills

Name:   Robert K. Mills
Title:   Secretary

 

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VANGUARD SECURITY OF BROWARD COUNTY, INC.
By:  

/s/ Robert K. Mills

Name:   Robert K. Mills
Title:   Secretary

ON GUARD SECURITY AND

INVESTIGATIONS, INC.

By:  

/s/ Robert K. Mills

Name:   Robert K. Mills
Title:   Secretary
ARMOR SECURITY, INC.
By:  

/s/ Robert K. Mills

Name:   Robert K. Mills
Title:   Secretary

PROTECTION TECHNOLOGIES

CORPORATION

By:  

/s/ Robert K. Mills

Name:   Robert K. Mills
Title:   Secretary

 

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    INTERNATIONAL MONITORING, INC.
    By:  

/s/ Robert K. Mills

    Name:   Robert K. Mills
    Title:   Secretary
    GUARDSOURCE CORP.
    By:  

/s/ Robert K. Mills

    Name:   Robert K. Mills
    Title:   Secretary
    VIRTUAL GUARD SOURCE CORP.
    By:  

/s/ Robert K. Mills

    Name:   Robert K. Mills
    Title:   Secretary
LENDER:     LSQ FUNDING GROUP, L.C.
    By:  

/s/ Maxwell Eliscu

    Name:   Maxwell Eliscu
    Title:   Manager
    BRE LLC
    By:  

/s/ Maxwell Eliscu

    Name:   Maxwell Eliscu
    Title:   Manager

 

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Exhibit A

(Additional Collateral)

In addition to the Collateral described in the Security Agreement and all other Loan Documents, and in order to secure all Obligations, the Borrower grants to Lender a security interest in the following:

100% of the shares of stock in all affiliates, including:

The Cornwall Group, Inc.,

Vanguard Security, Inc.,

Forestville Corporation,

Vanguard Security of Broward County, Inc.,

On Guard Security and Investigations, Inc.,

Protection Technologies Corporation,

Armor Security, Inc.,

International Monitoring, Inc.,

Guardsource Corp. and

Virtual Guard Source, Inc.

and, subject to any prior security interest, 100% of the shares of stock of Paragon Systems, Inc.

 

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