AMENDMENT NO. 4 TO LOAN AND SECURITY AGREEMENT
EXHIBIT 10.2 (c)
AMENDMENT NO. 4 TO
LOAN AND SECURITY AGREEMENT
LOAN AND SECURITY AGREEMENT
This Amendment No. 4 to Loan and Security Agreement (this “Amendment”) dated as of July
31, 2006, is by and among Borrowers (as defined below), the Lenders and Bank of America, N.A.,
successor to Fleet Capital Corporation, as Agent for the Lenders who are from time to time party to
that certain Loan and Security Agreement (as amended from time to time, and as amended hereby, the
“Loan Agreement”) dated as of October 8, 2003, by and among Neenah Foundry Company, a Wisconsin
corporation (“Neenah”), as a Borrower, the Subsidiaries of Neenah that are party thereto as
Borrowers (Neenah and such Subsidiaries are collectively, “Borrowers” and each, a “Borrower”),
Fleet Capital Corporation, as Agent and as a Lender, Wachovia Capital Finance Corporation
(Central), f/k/a Congress Financial Corporation (Central), as Syndication Agent and as a Lender,
General Electric Capital Corporation, as Documentation Agent and as a Lender, and the other Lenders
party thereto. All capitalized terms used in this Amendment and not otherwise defined in this
Amendment shall have the same meanings herein as in the Loan Agreement.
Borrowers have requested that Agent and Lenders agree to amend the Loan Agreement to provide
that post-petition Accounts owing by Xxxx Corporation not be excluded from Eligible Accounts solely
on the basis of the fact that Xxxx Corporation is subject to a proceeding under the federal
bankruptcy laws. Subject to each of the terms and conditions set forth herein, Agent and Lenders
have agreed to the request described above.
Now, therefore, the parties hereto hereby agree as follows:
1.
Amendment. Subject to the prior satisfaction of the conditions set forth in
Section 2 of this Amendment, and in reliance on the representations and warranties set forth in
Section 3 of this Amendment, the parties hereto agree to amend clause (vi) in the definition of
the term Eligible Accounts contained in Appendix A to the Loan Agreement by amending and
restating the first line thereof to read as follows:
“(vi)
the Account Debtor (other than Xxxx Corporation relating to Accounts
arising from Xxxx Corporation on a post-petition basis) has commenced a
voluntary case under the”
2.
Conditions to Effectiveness. The effectiveness of this Amendment shall be
subject to the prior satisfaction of the following conditions:
(a) Agent shall have received an execution version of this Amendment signed by Borrowers,
Agent and all Lenders; and
(b) no Default or Event of Default shall be in existence.
3.
Representations and Warranties. To induce Agent and the Lenders to execute and
deliver this Amendment, each Borrower hereby represents and warrants to Lenders that, after giving
effect to this Amendment:
(a) All representations and warranties contained in the Loan Agreement and the other Loan
Documents are true and correct in all material respects on and as of the date of this Amendment,
in each case as if then made, other than representations and warranties that expressly relate
solely to an earlier date (in which case such representations and warranties were true and
accurate on and as of such earlier date);
(b) No Default or Event of Default has occurred and is continuing; and
(e) The execution and delivery by such Borrower of this Amendment does not require the consent
or approval of any Person, except such consents and approvals as have been obtained.
4.
Scope. This Amendment shall have the effect of amending the Loan Agreement and
the other Loan Documents as appropriate to express the agreements contained herein. In all other
respects, the Loan Agreement and the other Loan Documents shall remain in full force and effect in
accordance with their respective term.
5. Reaffirmation and Confirmation. Each Borrower hereby ratifies, affirms,
acknowledges and agrees that the Loan Agreement and the other Loan Documents represent the valid,
enforceable and collectible obligations of such Borrower, and each Borrower further acknowledges
that there are no existing claims, defenses, personal or otherwise, or rights of setoff whatsoever
with respect to the Loan Agreement or any of the Loan Documents. Each Borrower hereby agrees that
this Amendment in no way acts as a release or relinquishment of the Liens and rights securing
payments of the Obligations. The Liens and rights securing payment of the Obligations are hereby
ratified and confirmed by each Borrower in all respects.
6. Counterparts. This Amendment may be executed in counterpart and by different
parties hereto in separate counterparts, each of which, when taken together, shall constitute but
one and the same instrument.
7. Expenses. All of Agent’s reasonable costs and expenses, including, without
limitation, attorney’s fees, incurred in connection with the preparation of this Amendment and all
related documents shall be paid by Borrowers upon the request of Agent.
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IN WITNESS WHEREOF, this Amendment has been duly executed as of the date first above written.
BORROWERS: | ||||||
NEENAH FOUNDRY COMPANY | ||||||
By | /s/ Xxxx XxXxxx
|
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Its | Corporate Vice President and Chief Financial Officer | |||||
XXXXXX FOUNDRY, INC. | ||||||
By | /s/ Xxxx XxXxxx | |||||
Xxxx XxXxxx | ||||||
Its | Corporate Vice President and Chief Financial Officer | |||||
XXXXXX FORGE CORPORATION | ||||||
By | /s/ Xxxx XxXxxx | |||||
Xxxx XxXxxx | ||||||
Its | Corporate Vice President and Chief Financial Officer | |||||
XXXXXX CORPORATION | ||||||
By | /s/ Xxxx XxXxxx | |||||
Xxxx XxXxxx | ||||||
Its | Corporate Vice President and Chief Financial Officer | |||||
XXXXXX CORPORATION, STRYKER MACHINING FACILITY CO. | ||||||
By | /s/ Xxxx XxXxxx | |||||
Xxxx XxXxxx | ||||||
Its | Corporate Vice President and Chief Financial Officer |
Signature
Page to Amendment No. 4 to Loan and Security Agreement.
XXXXXX CORPORATION, WARSAW MANUFACTURING FACILITY | ||||||
By | /s/ Xxxx XxXxxx
|
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Its | Corporate Vice President and Chief Financial Officer | |||||
ADVANCED CAST PRODUCTS, INC. | ||||||
By | /s/ Xxxx XxXxxx | |||||
Xxxx XxXxxx | ||||||
Its | Corporate Vice President and Chief Financial Officer | |||||
XXXXX INDUSTRIES, INC. | ||||||
By | /s/ Xxxx XxXxxx | |||||
Xxxx XxXxxx | ||||||
Its | Corporate Vice President and Chief Financial Officer | |||||
A & M SPECIALTIES, INC. | ||||||
By | /s/ Xxxx XxXxxx | |||||
Xxxx XxXxxx | ||||||
Its | Corporate Vice President and Chief Financial Officer | |||||
NEENAH TRANSPORT, INC. | ||||||
By | /s/ Xxxx XxXxxx | |||||
Xxxx XxXxxx | ||||||
Its | Corporate Vice President and Chief Financial Officer |
Signature
Page to Amendment No. 4 to Loan and Security Agreement.
XXXXXX CORPORATION, KENDALLVILLE MANUFACTURING FACILITY | ||||||
By | /s/ Xxxx XxXxxx
|
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Its | Corporate Vice President and Chief Financial Officer | |||||
BANK OF AMERICA, N.A., successor to FLEET CAPITAL CORPORATION, as Agent and as a Lender | ||||||
By | /s/ Xxxxxx Xxxx | |||||
Its | Senior Vice President | |||||
WACHOVIA CAPITAL FINANCE | ||||||
CORPORATION (CENTRAL), f/k/a CONGRESS | ||||||
FINANCIAL CORPORATION (CENTRAL), | ||||||
as Syndication Agent and as a Lender | ||||||
By | /s/ Xxxxx Xxxxxxxx | |||||
Its | Vice President | |||||
GENERAL ELECTRIC CAPITAL | ||||||
CORPORATION, as Documentation Agent and as a Lender | ||||||
By: | /s/ Bond Xxxxxxxx | |||||
Bond Xxxxxxxx | ||||||
Its: | Duly Authorized Signatory | |||||
THE CIT GROUP/BUSINESS CREDIT, INC., as a Lender | ||||||
By | /s/ Xxxxxxxxx Xxxxx | |||||
Xxxxxxxxx Xxxxx | ||||||
Its | Assistant Vice President |