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Exhibit 4(e)
FOURTH AMENDMENT
TO
REVOLVING CREDIT AND TERM LOAN AGREEMENT
THIS FOURTH AMENDMENT TO REVOLVING CREDIT AND TERM LOAN AGREEMENT (the
"Amendment"), dated as of August 18, 1998, is made and entered into by and among
MPW Industrial Services Group, Inc. ("MPW Group"), MPW Industrial Services, Inc.
("MPW, Inc."), MPW Industrial Services, Ltd. ("MPW, Ltd."), MPW Management
Services Corp. ("MPW Corp."), Weston Engineering, Inc. ("Weston"), Aquatech
Environmental, Inc. ("Aquatech), ESI International, Inc. ("ESII"), ESI-North
Limited ("ESI"), and MPW Container Management Corp. ("Container Corp.", which,
together the foregoing entities, shall be referred to herein collectively as the
"Borrowers" and individually as a "Borrower"), Bank One, NA, a national banking
association ("Bank One"), National City Bank, a national banking association
("NCB"), and Bank One, NA, as Agent, acting in the manner and to the extent
described in the Agreement described herein.
BACKGROUND INFORMATION
A. The Borrowers and the Banks entered into a certain Revolving Credit
and Term Loan Agreement dated as of December 10, 1997, as amended by (i) a First
Amendment to Revolving Credit and Term Loan Agreement, dated as of February 11,
1998, (ii) a Second Amendment to Revolving Credit and Term Loan Agreement, dated
as of April 7, 1998, and (ii) a Third Amendment to Revolving Credit and Term
Loan Agreement, dated as of June 19, 1998 (such agreement, as so amended, being
referred to herein as the "Agreement").
B. The Banks and the Borrowers desire to amend certain provisions of
the Agreement and to make new Subsidiaries a party to the Agreement and other
applicable Facility Documents, upon the terms and conditions set forth herein.
PROVISIONS
NOW, THEREFORE, in consideration of the foregoing, the mutual covenants
and agreements hereunder, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Borrowers, the
Banks and the Agent hereby agree as follows:
SECTION 1. Capitalized Terms. Except as otherwise provided for herein,
the capitalized terms used herein shall have the same meanings as set forth in
the Agreement.
SECTION 2. Amendment to Agreement.
(a) Section 7.6(a) of the Agreement is hereby amended in its
entirety to provide as follows:
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(a) Consolidated Tangible Net Worth. Permit Consolidated
Tangible Net Worth to be less than (i) $26,500,000 prior to Xxxxx 0,
0000, (xx) $25,000,000 as and after April 7, 1998 through and including
June 18, 1998, (iii) $21,400,000 as and after June 19, 1998 through and
including June 29, 1998, (iv) $21,700,000 as and after June 30, 1998
through and including August 17, 1998; (v) $18,000,000 as and after
August 18, 1998 through and including September 29, 1998; and (vi)
$19,000,000 as and after September 30, 1998, provided such amount shall
increase (but not decrease by any losses) quarterly on the last day of
each Fiscal Quarter by 50% of Consolidated Net Income (determined at
the end of each Fiscal Quarter for such Fiscal Quarter), commencing
with the Fiscal Quarter ending December 31, 1998.
(b) Section 7.6(c) of the Agreement is hereby amended in its
entirety to provide as follows:
(c) Coverage Ratio. Permit the Coverage Ratio to be less
than (i) 1.50 to 1.00 through and including August 17, 1998; (ii) 1.25
to 1.00 as and after August 18, 1998 through and including September
29, 1998; (iii) 1.30 to 1.00 as and after September 30, 1998 through
and including December 30, 1998; (iv) 1.40 to 1.00 as and after
December 31, 1998 through and including March 30, 1998; and (v) 1.50 to
1.00 as and after March 31, 1998. For purposes of determining
Consolidated Net Income and Consolidated Interest Expense in
calculating the Coverage Ratio, (x) the "Adjusted Pro Forma Results of
Operations" of the Borrowers as of the end of each Fiscal Quarter that
ended on or prior to December 31, 1997 shall be utilized, and (y) the
actual results of operations of the Borrowers as of the end of each
Fiscal Quarter that ended or will end after December 31, 1997 shall be
utilized. As used herein, "Adjusted Pro Forma Results of Operations"
will be the same information that is presented by MPW Group in its
Forms 10-K and 10-Q filings with the Securities and Exchange Commission
in the section in such filings entitled "Management's Discussion and
Analysis of Results of Operations and Financial Condition".
SECTION 3. Truth of Representations and Warranties; No Defaults. The
Borrowers hereby represent and warrant that the following are true and correct
as of the date of this Amendment:
(a) The representations and warranties of the Borrowers
contained in Article V of the Agreement are true and correct on and as
of the date of this Amendment as if made on and as of such date unless
stated to relate to a specific earlier date;
(b) No Default nor Event of Default has occurred; and
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(c) All financial information heretofore provided to the
Banks and the Agent is true, accurate and complete in all material
respects.
SECTION 4. Reaffirmation of Liability; Furnishing of Information. The
Borrowers hereby reaffirm their liability to the Banks and Agent under the
Agreement and all other Facility Documents. In addition, (i) the Borrowers agree
that the Banks and the Agent have performed all of their respective obligations
under the Facility Documents and that neither Bank nor the Agent is in default
under any obligation any of them has or ever did have to the Borrowers under the
Facility Documents or any other agreement; and (ii) the Banks and the Agent have
received all information and documentation required to be delivered to them by
the Borrowers pursuant to the Facility Documents.
SECTION 5. Effectiveness of Amendment. All of the terms, covenants and
conditions of, and the obligations of the Borrowers under, the Agreement and the
Facility Documents shall remain in full force and effect as amended hereby.
SECTION 6. Consent to Acquisition. The Banks hereby consent to the
purchase by the Borrowers of the capital stock of Xxxxxxxx Enterprises, Inc.
pursuant to, and in accordance with, the documentation and information
previously furnished to the Banks. Such consent shall include, without
limitation, the consent required of the Banks pursuant Section 2.11 of the
Agreement.
SECTION 7. Conditions to Banks' Obligations. The obligations of the
Banks to enter into this Amendment and be bound by the terms hereof, including
without limitation the giving of the consent set forth in Section 7 hereof, are
subject to the satisfaction of the following conditions precedent:
(a) Additional Borrowers. Each of MPW Container Management
Corp. of Michigan, a Michigan corporation, and Xxxxxxxx Enterprises, Inc., a
Michigan corporation, shall execute this Amendment to acknowledge and evidence
(i) its becoming a party to the Agreement as a "Borrower", and (ii) its
liability to the Banks under the Agreement and all other agreements and
instruments executed by the Borrower for the benefit of the Banks and/or the
Agent in connection with the Agreement, including the Facility Documents.
(b) Delivery of Documents. The Agent shall have received, for
the benefit of the Banks, the following, each in form and substance satisfactory
to the Agent and its counsel:
(i) Third Amended and Restated Promissory Notes. Third
Amended and Restated Revolving Credit Promissory Notes in the form of
Exhibit A attached hereto and incorporated herein by reference, duly
executed and
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delivered by the Borrowers, including MPW Container Management Corp. of
Michigan and Xxxxxxxx Enterprises, Inc.;
(ii) Governing Documents of MPW Container Management Corp.
of Michigan and Xxxxxxxx Enterprises, Inc. True and complete certified
copies of the articles (certificate) of incorporation (formation), code
of regulations (by-laws), operating agreement or other governing
documents of each of MPW Container Management Corp. of Michigan and
Xxxxxxxx Enterprises, Inc., and a copy of the resolutions (in form and
substance satisfactory to the Agent) of the Board of Directors (or
other governing Person) of MPW Container Management Corp. of Michigan
and Xxxxxxxx Enterprises, Inc. authorizing (i) the execution, delivery
and performance of this Amendment, the Notes and the other Facility
Documents, as applicable, (ii) the consummation of the transactions
contemplated hereby and thereby, (iii) the borrowing and other
financial transactions provided for in the Agreement, and (iv) the
documents provided for in the Agreement, certified by the secretary or
an assistant secretary (or other appropriate representative) of each of
MPW Container Management Corp. of Michigan and Xxxxxxxx Enterprises,
Inc. Such certificate shall state that the resolutions set forth
therein have not been amended, modified, revoked or rescinded as of the
date hereof;
(iii) Good Standing Certificate. A copy of a certificate
dated as of a recent date from the Secretary of State, or other
appropriate authority of such jurisdiction, evidencing the good
standing (or comparable status) of each MPW Container Management Corp.
of Michigan and Xxxxxxxx Enterprises, Inc. in the jurisdiction of its
incorporation (formation);
(iv) Incumbency Certificate. A certificate of the
secretary or an assistant secretary (or other appropriate
representative) of each of MPW Container Management Corp. of Michigan
and Xxxxxxxx Enterprises, Inc. as to the incumbency and signature of
the officer(s) or other representatives of each of MPW Container
Management Corp. of Michigan and Xxxxxxxx Enterprises, Inc. executing
this Amendment, the Notes, the other Facility Documents and any
certificate or other documents to be delivered pursuant hereto or
thereto;
(v) Opinion Letter. Opinion letter of the Borrowers' legal
counsel as to MPW Container Management Corp. of Michigan and Xxxxxxxx
Enterprises, Inc.; and
(vi) Other Requirements. Such other certificates,
documents and other items as the Banks or the Agent, in their
reasonable discretion, deem necessary or desirable.
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(c) Representations and Warranties. The representations and
warranties made by the Borrowers in this Amendment shall be true and correct in
all material respects as of the date of this Amendment.
SECTION 8. Applicable Law. This Amendment shall be deemed to be a
contract made under the laws of the State of Ohio and for all purposes shall be
construed in accordance with the laws of such state.
SECTION 9. Severability. Any provision of this Amendment which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective only to the extent of such prohibition or unenforceability,
without invalidating the remaining provisions hereof or affecting the validity
or enforceability of such provision in any other jurisdiction.
SECTION 10. Counterparts. This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
SECTION 11. Headings. The headings of the sections of this Amendment
are for convenience only and shall not affect the construction of this
Amendment.
SECTION 12. Expenses. The Borrowers agree to pay all out-of-pocket
expenses (including reasonable fees and expenses of counsel) of the Agent and
the Banks incurred in connection with this Amendment.
SECTION 13. Interpretation. This Amendment is to be deemed to have been
prepared jointly by the parties hereto, and any uncertainty or ambiguity
existing herein shall not be interpreted against any party but shall be
interpreted according to the rules for the interpretation of arm's length
agreements.
SECTION 14. WAIVER OF JURY TRIAL. THE BANKS, THE AGENT AND THE
BORROWERS, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH
COUNSEL, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT ANY OF THEM
MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON OR ARISING OUT OF THE
AGREEMENT AS AMENDED BY THIS AMENDMENT, THE NOTES, THE OTHER FACILITY DOCUMENTS,
OR ANY RELATED INSTRUMENT OR AGREEMENT, OR ANY OF THE TRANSACTIONS CONTEMPLATED
THEREBY, OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR
WRITTEN), OR ACTIONS OF ANY OF THEM. NEITHER THE BANKS, THE AGENT NOR THE
BORROWERS SHALL SEEK TO CONSOLIDATE, BY COUNTERCLAIM OR OTHERWISE, ANY ACTION IN
WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL
CANNOT BE OR HAS NOT BEEN WAIVED. THESE PROVISIONS SHALL NOT BE DEEMED TO HAVE
BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY THE
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BANKS, THE AGENT OR THE BORROWERS EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY ALL
OF THEM.
[Balance of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers as of the date first written above.
BANKS:
Bank One, NA National City Bank
By: /s/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxx X. Xxxxxxxx
-------------------------- --------------------------
Name: Xxxxxx X. Xxxxxxx Name: Xxxxx X. Xxxxxxxx
-------------------------- --------------------------
Title: Vice President Title: Vice President
-------------------------- --------------------------
AGENT:
Bank One, NA
By: /s/ Xxxxxx X. Xxxxxxx
--------------------------
Name: Xxxxxx X. Xxxxxxx
--------------------------
Title: Vice President
--------------------------
BORROWERS:
MPW Industrial Services Group, Inc. MPW Industrial Services, Inc.
By: /s/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxxx X. Xxxxxxx
-------------------------- --------------------------
Name: Xxxxxx X. Xxxxxxx Name: Xxxxxx X. Xxxxxxx
Title: Vice President and Chief Title: Vice President and Chief
-------------------------- --------------------------
Financial Officer Financial Officer
-------------------------- --------------------------
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MPW Industrial Services, Ltd. MPW Management Services Corp.
By: /s/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxxx X. Xxxxxxx
-------------------------- --------------------------
Name: Xxxxxx X. Xxxxxxx Name: Xxxxxx X. Xxxxxxx
-------------------------- --------------------------
Title: Vice President and Chief Title: Vice President and Chief
-------------------------- --------------------------
Financial Officer Financial Officer
-------------------------- --------------------------
Weston Engineering, Inc. Aquatech Environmental, Inc.
By: /s/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxx X. Xxxxxxxxxx
-------------------------- --------------------------
Name: Xxxxxx X. Xxxxxxx Name: Xxxxx X. Xxxxxxxxxx
-------------------------- --------------------------
Title: Vice President and Chief Title: Vice President
-------------------------- --------------------------
Financial Officer
-------------------------- --------------------------
ESI International, Inc. ESI-North Limited
By: /s/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxxx X. Xxxxxxx
-------------------------- --------------------------
Name: Xxxxxx X. Xxxxxxx Name: Xxxxxx X. Xxxxxxx
-------------------------- --------------------------
Title: Vice President and Chief Title: Vice President and Chief
-------------------------- --------------------------
Financial Officer Financial Officer
-------------------------- --------------------------
MPW Container Management Corp. Maintenance Concepts, Inc.
By: /s/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxxx X. Xxxxxxx
-------------------------- --------------------------
Name: Xxxxxx X. Xxxxxxx Name: Xxxxxx X. Xxxxxxx
-------------------------- --------------------------
Title: Vice President and Chief Title: Vice President and Chief
-------------------------- --------------------------
Financial Officer Financial Officer
-------------------------- --------------------------
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Each of MPW Container Management Corp. of Michigan, a Michigan
corporation, and Xxxxxxxx Enterprises, Inc., a Michigan corporation, enters into
this Amendment to acknowledge and evidence (i) its becoming a party to the
Agreement as a "Borrower", and (ii) its liability to the Banks under the
Agreement and all other agreements and instruments executed by the Borrower for
the benefit of the Banks and/or the Agent in connection with the Agreement,
including the Facility Documents.
MPW Container Management Corp. Xxxxxxxx Enterprises, Inc.,
of Michigan
By: /s/ Xxxxxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
-------------------------- --------------------------
Name: Xxxxxx X. Xxxxxx Name: Xxxxxx X. Xxxxxx
-------------------------- --------------------------
Title: Vice President Title: Vice President
-------------------------- --------------------------
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EXHIBIT A
FORM OF THIRD AMENDED AND RESTATED REVOLVING CREDIT LOAN NOTES
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THIRD AMENDED AND RESTATED
REVOLVING CREDIT LOAN NOTE
$10,500,000.00 Columbus, Ohio August 18, 1998
Promise to Pay. Not later than December 31, 2000, for value received,
the undersigned, MPW Industrial Services Group, Inc., MPW Industrial Services,
Inc., MPW Industrial Services, Ltd., MPW Management Services Corp., Weston
Engineering, Inc., Aquatech Environmental, Inc., ESI International, Inc.,
ESI-North Limited, MPW Container Management Corp., Maintenance Concepts, Inc.,
MPW Container Management Corp. of Michigan and Xxxxxxxx Enterprises, Inc.
(collectively, the "Borrowers"), jointly and severally, hereby promise to pay to
the order of Bank One, NA (the "Bank") or its assigns, as further provided
herein, the principal amount of Ten Million Five Hundred Thousand Dollars
($10,500,000) or, if such principal is less, the aggregate unpaid principal
amount of all Revolving Credit Loans made by the Bank to the Borrowers pursuant
to the Revolving Credit and Term Loan Agreement referred to below, together with
interest on the unpaid principal balance from time to time outstanding hereunder
until paid in full at the rates of interest determined in accordance with such
Revolving Credit and Term Loan Agreement. Such interest shall be due and payable
on the dates set forth in such Revolving Credit and Term Loan Agreement. Both
principal and interest are payable in federal funds or other immediately
available money of the United States of America at the main office of the Agent
(defined below) located at 000 Xxxx Xxxxx Xxxxxx, Xxxxxxxx, Xxxx 00000, or such
other address as the Agent may hereafter designate by notice to the Borrowers.
Loan Agreement. This Third Amended and Restated Revolving Credit Loan
Note amends and restates in its entirety the Amended and Restated Revolving
Credit Loan Note dated April 7, 1998, in the original principal amount of
$10,500,000, executed by the Borrower and payable to the order of the Bank, and
is one of the Revolving Credit Loan Notes referred to in the Revolving Credit
and Term Loan Agreement among the Borrowers, the Bank, National City Bank and
Bank One, NA, as Agent (the "Agent"), dated as of December 10, 1997, as the same
may be amended, modified, supplemented, restated or replaced from time to time
(the "Agreement"), which Agreement, as so amended, is incorporated by reference
herein. This Third Amended and Restated Revolving Credit Loan Note evidences the
continuing indebtedness under the Agreement and is not to be construed as a
satisfaction or refinancing of such indebtedness. All capitalized terms used
herein shall have the same meanings as are assigned to such terms in the
Agreement. This Third Amended and Restated Revolving Credit Loan Note is
entitled to the benefits of and is subject to the terms, conditions and
provisions of the Agreement. The Agreement, among other things, contains
provisions for acceleration of the maturity hereof upon the happening of certain
stated events, and also for repayments and reborrowings on account of the
principal hereof prior to maturity upon the terms, conditions and provisions
specified therein.
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The Borrowers and each endorser and any other party liable on this
Third Amended and Restated Revolving Credit Loan Note severally waive demand,
presentment, notice of dishonor and protest, and consent to any extension or
postponement of time of its payment without limit as to the number or period, to
any substitution, exchange or release of all or part of any collateral securing
this Third Amended and Restated Revolving Credit Loan Note, to the addition of
any party, and to the release or discharge of, or suspension of any rights and
remedies against, any person who may be liable for the payment of this Third
Amended and Restated Revolving Credit Loan Note.
Setoff. Any and all moneys now or at any time hereafter owing to the
Borrowers from the holder hereof are hereby pledged for the security of this and
all other Debt from the Borrowers to the holder hereof, and may, upon the
occurrence and during the continuation of any Event of Default, be paid and
applied thereon whether such Debt be then due or is to become due, except for
(a) funds necessary to cover checks for the payment of taxes or employee
contributions in which the Borrowers have no beneficial interest issued to third
parties prior to the date any setoff is claimed by the Bank and (b) accounts
maintained, but not substantially overfunded, for the payment of taxes or
employee contributions in which the Borrowers have no beneficial interest.
BORROWERS:
MPW Industrial Services Group, Inc. MPW Industrial Services, Inc.
By:__________________________ By:__________________________
Name:_______________________ Name:_______________________
Title: ________________________ Title: ________________________
MPW Industrial Services, Ltd. MPW Management Services Corp.
By:__________________________ By:__________________________
Name:_______________________ Name:_______________________
Title: ________________________ Title: ________________________
[signatures continued on next page]
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Weston Engineering, Inc. Aquatech Environmental, Inc.
By:__________________________ By:__________________________
Name:_______________________ Name:_______________________
Title: ________________________ Title: ________________________
ESI International, Inc. ESI-North Limited
By:__________________________ By:__________________________
Name:_______________________ Name:_______________________
Title: ________________________ Title: ________________________
MPW Container Management Corp. Maintenance Concepts, Inc.
By:__________________________ By:__________________________
Name:_______________________ Name:_______________________
Title: ________________________ Title: ________________________
MPW Container Management Corp. Xxxxxxxx Enterprises, Inc.,
of Michigan
By:__________________________ By:__________________________
Name:_______________________ Name:_______________________
Title: ________________________ Title: ________________________
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THIRD AMENDED AND RESTATED
REVOLVING CREDIT LOAN NOTE
$4,500,000.00 Columbus, Ohio June 19, 1998
Promise to Pay. Not later than December 31, 2000, for value received,
the undersigned, MPW Industrial Services Group, Inc., MPW Industrial Services,
Inc., MPW Industrial Services, Ltd., MPW Management Services Corp., Weston
Engineering, Inc., Aquatech Environmental, Inc., ESI International, Inc.,
ESI-North Limited, MPW Container Management Corp. and Maintenance Concepts, Inc.
(collectively, the "Borrowers"), jointly and severally, hereby promise to pay to
the order of National City Bank (the "Bank") or its assigns, as further provided
herein, the principal amount of Four Million Five Hundred Thousand Dollars
($4,500,000) or, if such principal is less, the aggregate unpaid principal
amount of all Revolving Credit Loans made by the Bank to the Borrowers pursuant
to the Revolving Credit and Term Loan Agreement referred to below, together with
interest on the unpaid principal balance from time to time outstanding hereunder
until paid in full at the rates of interest determined in accordance with such
Revolving Credit and Term Loan Agreement. Such interest shall be due and payable
on the dates set forth in such Revolving Credit and Term Loan Agreement. Both
principal and interest are payable in federal funds or other immediately
available money of the United States of America at the main office of the Agent
(defined below) located at 000 Xxxx Xxxxx Xxxxxx, Xxxxxxxx, Xxxx 00000, or such
other address as the Agent may hereafter designate by notice to the Borrowers.
Loan Agreement. This Third Amended and Restated Revolving Credit Loan
Note amends and restates in its entirety the Amended and Restated Revolving
Credit Loan Note dated April 7, 1998, in the original principal amount of
$4,500,000, executed by the Borrower and payable to the order of the Bank, and
is one of the Revolving Credit Loan Notes referred to in the Revolving Credit
and Term Loan Agreement among the Borrowers, the Bank, Bank One, NA and Bank
One, NA, as Agent (the "Agent"), dated as of December 10, 1997, as the same may
be amended, modified, supplemented, restated or replaced from time to time (the
"Agreement"), which Agreement, as so amended, is incorporated by reference
herein. This Third Amended and Restated Revolving Credit Loan Note evidences the
continuing indebtedness under the Agreement and is not to be construed as a
satisfaction or refinancing of such indebtedness. All capitalized terms used
herein shall have the same meanings as are assigned to such terms in the
Agreement. This Third Amended and Restated Revolving Credit Loan Note is
entitled to the benefits of and is subject to the terms, conditions and
provisions of the Agreement. The Agreement, among other things, contains
provisions for acceleration of the maturity hereof upon the happening of certain
stated events, and also for repayments and reborrowings on account of the
principal hereof prior to maturity upon the terms, conditions and provisions
specified therein.
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The Borrowers and each endorser and any other party liable on this
Third Amended and Restated Revolving Credit Loan Note severally waive demand,
presentment, notice of dishonor and protest, and consent to any extension or
postponement of time of its payment without limit as to the number or period, to
any substitution, exchange or release of all or part of any collateral securing
this Third Amended and Restated Revolving Credit Loan Note, to the addition of
any party, and to the release or discharge of, or suspension of any rights and
remedies against, any person who may be liable for the payment of this Third
Amended and Restated Revolving Credit Loan Note.
Setoff. Any and all moneys now or at any time hereafter owing to the
Borrowers from the holder hereof are hereby pledged for the security of this and
all other Debt from the Borrowers to the holder hereof, and may, upon the
occurrence and during the continuation of any Event of Default, be paid and
applied thereon whether such Debt be then due or is to become due, except for
(a) funds necessary to cover checks for the payment of taxes or employee
contributions in which the Borrowers have no beneficial interest issued to third
parties prior to the date any setoff is claimed by the Bank and (b) accounts
maintained, but not substantially overfunded, for the payment of taxes or
employee contributions in which the Borrowers have no beneficial interest.
BORROWERS:
MPW Industrial Services Group, Inc. MPW Industrial Services, Inc.
By:__________________________ By:__________________________
Name:_______________________ Name:_______________________
Title: ________________________ Title: ________________________
MPW Industrial Services, Ltd. MPW Management Services Corp.
By:__________________________ By:__________________________
Name:_______________________ Name:_______________________
Title: ________________________ Title: ________________________
[signatures continued on next page]
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Weston Engineering, Inc. Aquatech Environmental, Inc.
By:__________________________ By:__________________________
Name:_______________________ Name:_______________________
Title: ________________________ Title: ________________________
ESI International, Inc. ESI-North Limited
By:__________________________ By:__________________________
Name:_______________________ Name:_______________________
Title: ________________________ Title: ________________________
MPW Container Management Corp. Maintenance Concepts, Inc.
By:__________________________ By:__________________________
Name:_______________________ Name:_______________________
Title: ________________________ Title: ________________________
MPW Container Management Corp. Xxxxxxxx Enterprises, Inc.,
of Michigan
By:__________________________ By:__________________________
Name:_______________________ Name:_______________________
Title: ________________________ Title: ________________________
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