Exhibit 10.27
SIXTH AMENDMENT TO CREDIT AGREEMENT
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THIS SIXTH AMENDMENT TO CREDIT AGREEMENT (the "Amendment"), dated as of
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September __, 2000, is entered into between MELLON BANK, N.A. (the "Bank"), with
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a place of business at [400 South Hope Street, 5th Floor], Xxx Xxxxxxx,
Xxxxxxxxxx 00000, and KEYSTONE AUTOMOTIVE INDUSTRIES, INC., a California
corporation ("Borrower"), with its chief executive office located at 000 Xxxx
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Xxxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxx 00000.
RECITALS
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A. Borrower and the Bank have previously entered into that certain
Credit Agreement dated as of March 25, 1997, as amended by that certain First
Amendment to Credit Agreement dated as of August 25, 1997, that certain Second
Amendment to Credit Agreement dated as of March 17, 1998, that certain Third
Amendment to Credit Agreement dated as of June 29, 1998, that certain Fourth
Amendment to Credit Agreement dated as of September 18, 1998 and that certain
Fifth Amendment to Credit Agreement sated as of September 17, 1999
(collectively, the "Credit Agreement"), pursuant to which the Bank has made
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certain loans and other financial accommodations available to Borrower. Terms
used herein without definition shall have the meanings ascribed to them in the
Credit Agreement.
B. Borrower and the Bank wish to further amend the Credit Agreement under
the terms and conditions set forth in this Amendment. Borrower is entering into
this Amendment with the understanding and agreement that, except as specifically
provided herein, none of the Bank's rights or remedies as set forth in the
Credit Agreement is being waived or modified by the terms of this Amendment.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree as
follows:
1. Amendments to Article I - Definitions
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(a) The definition of Maturity Date is hereby amended to read in its
entirety as follows:
"'Maturity Date': November 1, 2000."
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2. Amendments to Article II - The Credit.
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(a) Rate Periods. Section 2.4(c) of the Credit Agreement is hereby
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amended to read in its entirety as follows:
"(c) Rate Periods. At any time the Borrower selects, converts to
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or renews the Libor Rate Option, the Borrower shall fix a period
(the "Rate Period") which shall be a period of time in any number
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of days selected by Borrower and acceptable to the Bank in the
Bank's sole discretion, during which the Libor Rate Option shall
apply to the corresponding Rate Segment; provided, that the
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Borrower may not elect a Rate Period which will end after the
Maturity Date. The Bank's right to payment of principal and
interest under the Note shall in no way be affected by the fact
that one or more Rate Periods may be in effect."
3. Effectiveness of this Amendment. Each of the following is a condition
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precedent to the effectiveness of this Amendment and to the Bank's obligation to
extend any credit to Borrower as provided for by this Amendment:
(a) Amendment. The Bank shall have received, in form and substance
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satisfactory to the Bank, this Amendment and the attached Guarantor's
Consent fully executed in a sufficient number of counterparts for
distribution to the Bank and Borrower.
(b) Authorizations. The Bank shall have received evidence, in form and
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substance satisfactory to the Bank, that the execution, delivery and
performance by Borrower and each Guarantor and any instrument or agreement
required under this Amendment have been duly authorized.
(c) Representations and Warranties. The Representations and Warranties
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set forth in the Credit Agreement must be true and correct as of the date
of this Amendment as if made as of such date.
(d) No Event of Default. As of the date hereof, no Event of Default,
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or event which with notice or passage of time or both would constitute an
Event of Default, exists or has occurred and is continuing.
(e) Other Required Documentation. All other documents and legal
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matters in connection with the transactions contemplated by this Agreement
shall have been delivered or executed or recorded and shall be in form and
substance satisfactory to the Bank.
4. Representations and Warranties. The Borrower represents and warrants
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as follows:
(a) Authority. Borrower has the requisite corporate power and
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authority to execute and deliver this Amendment, and to perform its
obligations hereunder and under the Loan Documents (as amended or modified
hereby). The execution, delivery and performance by the Borrower of this
Amendment and each Loan Document (as amended or modified hereby) have been
duly approved by all necessary corporate action of Borrower and no other
corporate proceedings on the part of Borrower are necessary to consummate
such transactions.
(b) Enforceability. This Amendment has been duly executed and
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delivered by Borrower. This Amendment and each Loan Document (as amended or
modified hereby) is the legal, valid and binding obligation of Borrower,
enforceable against Borrower in accordance with its terms, and is in full
force and effect.
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(c) No Default. As of the date hereof, no event has occurred and is
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continuing that constitutes, or would with notice or passage of time or
both would constitute, an Event of Default.
5. Choice of Law. The validity of this Amendment, its construction,
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interpretation and enforcement, the rights of the parties hereunder, shall be
determined under, governed by, and construed in accordance with the internal
laws of the State of California governing contracts only to be performed in that
State.
6. Counterparts. This Amendment may be executed in any number of
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counterparts and by different parties and separate counterparts, each of which
when so executed and delivered, shall be deemed an original, and all of which,
when taken together, shall constitute one and the same instrument. Delivery of
an executed counterpart of a signature page to this Amendment by telefacsimile
shall be effective as delivery of a manually executed counterpart of this
Amendment.
7. Due Execution. The execution, delivery and performance of this
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Amendment are within the power of Borrower, have been duly authorized by all
necessary corporate action, have received all necessary governmental approval,
if any, and do not contravene any law or any contractual restrictions binding on
Borrower.
8. Reference to and Effect on the Loan Documents.
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(a) Upon and after the effectiveness of this Amendment, each
reference in the Credit Agreement to "this Agreement", "hereunder",
"hereof" or words of like import referring to the Credit Agreement, and
each reference in the other Loan Documents to "the Credit Agreement",
"thereof" or words of like import referring to the Credit Agreement, shall
mean and be a reference to the Credit Agreement as modified and amended
hereby.
(b) Except as specifically amended above, the Credit Agreement and
all other Loan Documents, are and shall continue to be in full force and
effect and are hereby in all respects ratified and confirmed and shall
constitute the legal, valid, binding and enforceable obligations of
Borrower to the Bank.
(c) The execution, delivery and effectiveness of this Amendment shall
not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of any the Bank or the Agent under any of the Loan
Documents, nor constitute a waiver of any provision of any of the Loan
Documents.
(d) To the extent that any terms and conditions in any of the Loan
Documents shall contradict or be in conflict with any terms or conditions
of the Credit Agreement, after giving effect to this Amendment, such terms
and conditions are hereby deemed modified or amended accordingly to reflect
the terms and conditions of the Credit Agreement as modified or amended
hereby.
9. Ratification. Borrower hereby restates, ratifies and reaffirms each
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and every term and condition set forth in the Credit Agreement, as amended
hereby, and the Loan Documents effective as of the date hereof.
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10. Estoppel. To induce the Bank to enter into this Amendment and to
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continue to make advances to Borrower under the Credit Agreement, Borrower
hereby acknowledges and agrees that, after giving effect to this Amendment, as
of the date hereof, there exists no Event of Default and no right of offset,
defense, counterclaim or objection in favor of Borrower as against the Bank with
respect to the Obligations.
IN WITNESS WHEREOF, the parties have entered into this Amendment as of the
date first above written.
KEYSTONE AUTOMOTIVE INDUSTRIES, INC.,
a California corporation
By:___________________________________
Name:_________________________________
Title:________________________________
MELLON BANK, N.A.,
a national association
By:___________________________________
Name:_________________________________
Title:________________________________
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GUARANTORS' CONSENT
Each of the undersigned hereby acknowledges and consents to the terms,
conditions and provisions of the Sixth Amendment to Credit Agreement dated as of
September ___, 2000 entered into by and among Keystone Automotive Industries,
Inc. ("Borrower") and Mellon Bank, N.A. (the "Bank"), and to the transactions
contemplated by such amendment. In addition, each of the undersigned hereby
reaffirms its obligations under its respective Continuing Guaranty delivered to
Lender in connection with the Credit Agreement as of the date noted beside each
such Guarantor's signature block, and agrees that it is and shall remain
responsible for the obligations of Borrower under such Credit Agreement as
amended by the Sixth Amendment to Credit Agreement.
CAR BODY CONCEPTS, INC., Date of Continuing Guaranty:
a Minnesota corporation March 17, 1997
By:____________________________________
Name:__________________________________
Title:_________________________________
INTEURO PARTS DISTRIBUTORS, INC., Date of Continuing Guaranty:
a Florida corporation March 17, 1997
By:____________________________________
Name:__________________________________
Title:_________________________________
NORTH STAR PLATING COMPANY, Date of Continuing Guaranty:
a Minnesota corporation March 28, 1997
By:____________________________________
Name:__________________________________
Title:_________________________________
REPUBLIC AUTOMOTIVE PARTS, INC., Date of Continuing Guaranty:
a Delaware corporation June 29, 1998
By:____________________________________
Name:__________________________________
Title:_________________________________
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FENDERS & MORE, INC., Date of Continuing Guaranty:
a Tennessee corporation June 29, 1998
By:____________________________________
Name:__________________________________
Title:_________________________________
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