Exhibit 10.40
TWELFTH AMENDMENT TO CREDIT AGREEMENT
TWELFTH AMENDMENT TO CREDIT AGREEMENT made this 14th day of September,
2005, by and between National City Bank of Pennsylvania (herein termed "Bank"),
and Steel City Products, Inc., a Delaware corporation (herein termed
"Borrower").
RECITALS:
A. Borrower and Bank desire to modify a certain Credit Agreement executed
by Borrower and Bank on JULY 13, 2001 (as amended, supplemented, replaced or
otherwise modified, the "Agreement"); and
B. The Borrower has requested the Bank to, extend the maturity date, and
the Bank is willing to do so upon the terms and conditions set forth in this
Amendment.
NOW, THEREFORE, in consideration of the mutual promises set forth herein
and subject to Borrower's satisfactory fulfillment of all conditions incident to
the borrowing, Bank and Borrower agree:
1. This Amendment is and shall be construed and considered as a part of the
Agreement.
2. The Agreement is and shall be amended as follows:
THE FOLLOWING DEFINED TERM SET FORTH IN ANNEX A TO THE CREDIT
AGREEMENT IS HEREBY AMENDED AND RESTATED IN ITS ENTIRETY AS FOLLOWS:
"REVOLVING CREDIT MATURITY DATE" SHALL MEAN MAY 31, 2007.
3. Except as hereinabove modified, the Agreement remains in full force and
effect.
Executed this 14th day of September, 2005.
BANK: BORROWER:
NATIONAL CITY BANK OF PENNSYLVANIA STEEL CITY PRODUCTS, INC.
By: /s/ Xxxxxxx X. Xxxxxxxxxxxx By: /s/ Xxxxxxxx X. Xxxxx
--------------------------------- ------------------------------------
Name: Xxxxxxx X. Xxxxxxxxxxxx Name: Xxxxxxxx X. Xxxxx
Title: Assistant Vice President Title: President, CEO
(SEAL)
