FIRST AMENDMENT TO TERM LOAN AGREEMENT
Exhibit
10.13.1
FIRST
AMENDMENT TO TERM LOAN AGREEMENT
THIS
FIRST AMENDMENT TO TERM LOAN AGREEMENT (the “Amendment Agreement”) is made
this 16th day of
November, 2009, by and between by and among SUSQUEHANNA
BANK, a Pennsylvania
chartered bank (the “Bank”), as lender and by PURE EARTH TREATMENT
(NJ), INC. (formerly named
XXXXX ECOLOGY OIL SALVAGE, INC.), a New Jersey corporation with a
principal office at 0000 Xxxxx Xxxx Xx., Xxxxxxxx, XX 00000, PURE EARTH RECYCLING
(NJ), INC. (formerly named MIDATLANTIC
RECYCLING TECHNOLOGIES, INC.), a Delaware corporation with a principal office at
0000 Xxxxxxxxx Xxxxx, Xxxxxxxx, XX 00000, and REZULTZ,
INCORPORATED, a
New Jersey corporation with a principal office at 0000 Xxxxx Xxxx Xx., Xxxxxxxx,
XX 00000, with joint and several liability (each individually a “Borrower” or
“Obligor” and, collectively, “Borrower” or “Obligors”).
TERM LOAN
AGREEMENT: The Obligors entered into a Term Loan Agreement
(the “Loan Agreement”),
dated November 12, 2008, in regard to the Term Loan (as defined therein) in the
principal amount of $8,000,000, with the Collateral (as defined therein) and the
Loan Documents (as defined therein).
NAME
CHANGES:
a. On
July 31, 2009, MIDATLANTIC
RECYCLING TECHNOLOGIES, INC., a Delaware corporation, executed a
Certificate of Amendment of Certificate of Incorporation with the State of
Delaware changing its name to PURE EARTH RECYCLING
(NJ), INC. On
that same date, it also executed an Application for Amended Certificate of
Authority with the State of New Jersey to evidence its name change.
b. On
July 31, 2009, XXXXX ECOLOGY OIL
SALVAGE, INC., a New
Jersey corporation, executed a Certificate of Amendment to the Certificate of
Incorporation with the State of New Jersey changing its name to PURE EARTH TREATMENT
(NJ), INC. On
that same date, it also executed Application for Amended Certificate of
Authority with the State of Kentucky to evidence its name change.
INTEREST RATE AND REPAYMENT CHANGES:
In conjunction with this Amendment Agreement, the Obligors have executed
and delivered a First Amendment to Term Loan Note, dated as of even date
herewith.
MODIFICATION
FEE: On January 15, 2009, the Borrower will pay to the Bank a
non-refundable modification fee (the “Modification Fee”) in the amount of
$5,000.00.
CONTINUING EFFECT: All of the
terms and conditions contained under the Loan Documents shall continue to be
fully effective, except to the extent that any of them are expressly modified by
this Amendment Agreement.
MISCELLANEOUS
PROVISIONS.
A. The
inapplicability or unenforceability of any provision of this Amendment Agreement
shall not limit or impair the operation or validity of any other provision of
this Amendment Agreement.
B. The
captions herein are for convenience and reference only and in no way define,
limit, or describe the scope or intent of this Amendment Agreement or affect any
of the terms or provisions hereof; and
C. This
Amendment Agreement shall be governed by, and interpreted in accordance with,
the laws of the State of New Jersey.
IN WITNESS WHEREOF, the
parties hereto have duly executed this Amendment Agreement the day and year
first above written.
|
BANK:
|
|||
|
SUSQUEHANNA
BANK
|
|||
|
|
By:/s/ Xxxx X. Xxxxxxxxx (SEAL) | ||
|
|
Xxxx X. Xxxxxxxxx, Commercial Relationship Manager | ||
|
BORROWER:
|
|||
|
Attest:
|
PURE EARTH TREATMENT (NJ),
INC. (formerly named XXXXX ECOLOGY OIL SALVAGE, INC.), a New Jersey
corporation
|
||
|
By:/s/ Xxxxxx Xxxxxxxxx (SEAL)
|
By:
/s/ Xxxx
Xxxxxxxxx (SEAL)
|
||
|
Xxxxxx
Xxxxxxxxx, Secretary
|
Xxxx
Xxxxxxxxx, President
|
||
|
Attest:
|
PURE EARTH RECYCLING (NJ),
INC. (formerly named MIDATLANTIC RECYCLING TECHNOLOGIES,
INC.), a Delaware
corporation
|
||
|
By:
/s/ Xxxxxx Xxxxxxxxx
(SEAL)
|
By:
/s/ Xxxx
Xxxxxxxxx (SEAL)
|
||
|
Xxxxxx
Xxxxxxxxx, Secretary
|
Xxxx
Xxxxxxxxx, President
|
||
|
Attest:
|
REZULTZ, INCORPORATED, a
New Jersey corporation
|
||
|
By:
/s/ Xxxxxx Xxxxxxxxx
(SEAL)
|
By:
/s/ Xxxx
Xxxxxxxxx (SEAL)
|
||
|
Xxxxxx
Xxxxxxxxx, Secretary
|
Xxxx
Xxxxxxxxx, President
|
