EXHIBIT 10.16(c)
FORM 10-K
YEAR ENDED DECEMBER 31, 2002
GMAC BUSINESS CREDIT, LLC
000 Xxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
as of December 31, 2002
Bucyrus International, Inc., as Borrowing Agent
0000 Xxxxxxxxx Xxxxxx
Xxxxxxxxx, Xxxxxxxxx 00000
Re: 2002 Capital Expenditure Requirement
Gentlemen:
Reference is hereby made to (a) the Loan and Security Agreement (as
amended, restated, modified and/or supplemented from time to time, the "Loan
Agreement") dated as of March 7, 2002 among Bucyrus International, Inc.
("Bucyrus") and the other borrowers and Guarantors named therein (each a "Loan
Party" and collectively "Loan Parties"), GMAC Business Credit, LLC ("GMACBC"),
various other financial institutions named therein or which hereafter become a
party thereto (together with GMACBC, collectively, the "Lenders"), GMACBC as
agent for the Lenders (in such capacity, "Agent") and Bank One, Wisconsin, as
syndication agent and (b) Amendment No. 2 to the Loan Agreement dated as of
January 9, 2003 ("Amendment No. 2") among the Loan Parties, the Lenders and
Agent. All capitalized terms not otherwise defined herein shall have the
collective meanings ascribed thereto in the Loan Agreement.
Section 7.6 of the Loan Agreement, both as originally appears in the
Loan Agreement and as appears in Amendment No. 2, sets forth the sum of
$4,800,000 as the maximum permissible amount of Capital Expenditures which may
be contracted for, purchased or made for the four fiscal quarters ending
December 31, 2002. The parties hereto, constituting the Loan Parties, Agent,
100% of the Lenders as of the date of Amendment No. 2 and Required Lenders as
of December 31, 2002, acknowledge and agree that the maximum permissible
amount of Capital Expenditures for the four quarters ending December 31, 2002
is $5,500,000 and, for all purposes, Section 7.6 should be deemed amended to
read $5,500,000 next to the date December 31, 2002 in lieu of $4,800,000. In
all other respects the Loan Agreement remains in full force and effect as
modified by Amendment No. 2.
This letter shall be governed by and construed in accordance with the
law of the State of New York.
This letter may be executed in any number of counterparts and by
different parties hereto on separate counterparts, each of which counterparts,
when executed and delivered, shall be deemed an original and all of which
counterparts, taken together, shall constitute one and the same instrument.
Any signature delivered by a party by facsimile transmission shall be
deemed to be an original signature hereto.
Very truly yours,
GMAC BUSINESS CREDIT, LLC, as a Lender
and as Agent
By: /s/Xxxxxx Xxxxxxxxxxx
Name: Xxxxxx Xxxxxxxxxxx
Title: Director
BANK ONE, WISCONSIN
By: /s/Xxxx Xxxxx
Name: Xxxx Xxxxx
Title: First Vice President
MARINE BANK
By: /s/Xxxxxxx X. Xxxx
Name: Xxxxxxx X. Xxxx
Title: Sr VP
LASALLE BANK NATIONAL ASSOCIATION
By: /s/Xxxxx Xxxxxxxxx
Name: Xxxxx Xxxxxxxxx
Title: Vice President
ACCEPTED AND AGREED:
BUCYRUS INTERNATIONAL, INC.
By:/s/X. X. Xxxxxxx
Name: X. X. Xxxxxxx
Title: Treasurer
MINSERCO, INC.
By:/s/X. X. Xxxxxx
Name: X. X. Xxxxxx
Title: Vice President
BOONVILLE MINING SERVICES, INC.
By:/s/X. X. Xxxxxx
Name: X. X. Xxxxxx
Title: Vice President
BUCYRUS CANADA, LTD.
By:/s/X. X. Xxxxxx
Name: X. X. Xxxxxx
Title: Vice President
BUCYRUS HOLDINGS, L.L.C.
By: /s/X. Xxxxxxx Xxxxxxx
Name: X. Xxxxxxx Xxxxxxx
Title: President
