AMENDMENT NO. 23 TO LOAN AND SECURITY AGREEMENT
Exhibit 4.55
AMENDMENT NO. 23 TO LOAN AND
SECURITY AGREEMENT
AMENDMENT
NO. 23 TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of May 8,
2009, by and among Handy & Xxxxxx, a New York corporation (“Parent”), OMG,
Inc., a Delaware corporation formerly known as Olympic Manufacturing Group, Inc.
(“OMG”), Continental Industries, Inc., an Oklahoma corporation (“Continental”),
Maryland Specialty Wire, Inc., a Delaware corporation (“Maryland Wire”), Handy
& Xxxxxx Tube Company, Inc., a Delaware corporation (“H&H Tube”), Camdel
Metals Corporation, a Delaware corporation (“Camdel”), Xxxxxxxx Metal Coating
Corporation, a Delaware corporation (“Canfield”), Micro-Tube Fabricators, Inc.,
a Delaware corporation (“Micro-Tube”), Indiana Tube Corporation, a Delaware
corporation (“Indiana Tube”), Xxxxx-Xxxxxxxx, Inc., a Wisconsin corporation
(“Xxxxx”), Handy & Xxxxxx Electronic Materials Corporation, a Florida
corporation (“H&H Electronic”), Sumco Inc., an Indiana corporation
(“Sumco”), OMG Roofing, Inc., a Delaware corporation (“OMG Roofing”), OMNI
Technologies Corporation of Danville, a New Hampshire corporation (“OMNI” and
together with Parent, OMG, Continental, Maryland Wire, H&H Tube, Camdel,
Canfield, Micro-Tube, Indiana Tube, Xxxxx, H&H Electronic, Sumco and OMG
Roofing, each individually, a “Borrower” and collectively, “Borrowers”), Handy
& Xxxxxx of Canada, Limited, an Ontario corporation (“H&H Canada”), ele
Corporation, a California corporation (“ele”), Alloy Ring Service Inc., a
Delaware corporation (“Alloy”), Xxxxxx Radiator Corporation, a Texas corporation
(“Xxxxxx”), H&H Productions, Inc., a Delaware corporation (“H&H
Productions”), Handy & Xxxxxx Automotive Group, Inc., a Delaware corporation
(“H&H Auto”), Handy & Xxxxxx International, Ltd., a Delaware corporation
(“H&H International”), Handy & Xxxxxx Peru, Inc., a Delaware corporation
(“H&H Peru”), KJ-VMI Realty, Inc., a Delaware corporation (“KVR”), Xxx-Xxxx
Realty, Inc., a Delaware corporation (“Xxx-Xxxx”), Platina Laboratories, Inc., a
Delaware corporation (“Platina”), Sheffield Street Corporation, a Connecticut
corporation (“Sheffield”), SWM, Inc., a Delaware corporation (“SWM”), Willing B
Wire Corporation, a Delaware corporation (“Willing” and together with H&H
Canada, ele, Alloy, Xxxxxx, H&H Productions, H&H Auto, H&H
International, H&H Peru, KVR, Xxx-Xxxx, Platina, Sheffield and SWM, each
individually, an “Existing Guarantor” and collectively, “Existing Guarantors”),
The 0 Xxxx Xxxxxx Nominee Trust, a Massachusetts nominee trust (“Orne
Street Trust”), The 00 Xxxxx Xxxxxx Nominee Trust, a Massachusetts nominee trust
(“00 Xxxxx Xxxxxx Trust”), 00 Xxxxx Xxxxxx Nominee Trust, a Massachusetts
nominee trust (“00 Xxxxx Xxxxxx Trust” and together with Orne Street Trust and
00 Xxxxx Xxxxxx Trust, each a “New Guarantor” and collectively, the “New
Guarantors” and together with Existing Guarantors, each a “Guarantor” and
collectively, “Guarantors”), Wachovia Bank, National Association, a
national banking association that is successor by merger to Congress Financial
Corporation, in its capacity as agent pursuant to the Loan Agreement (as
hereinafter defined) acting for the financial institutions party thereto as
lenders (in such capacity, together with its successors and assigns, “Agent”),
and the financial institutions party thereto as lenders (collectively,
“Lenders”).
W I T N E S S E T
H:
WHEREAS,
Agent, Lenders, Borrowers and Existing Guarantors have entered into financing
arrangements pursuant to which Lenders (or Agent on behalf of Lenders) have made
and provided and may hereafter make and provide loans, advances and other
financial accommodations to Borrowers as set forth in the Loan and Security
Agreement, dated March 31, 2004, by and among Agent, Lenders, Borrowers and
Existing Guarantors, as amended by Consent and Amendment No. 1 to Loan and
Security Agreement, dated as of August 31, 2004, Amendment No. 2 to Loan and
Security Agreement, dated as of October 29, 2004, Amendment No. 3 to Loan and
Security Agreement, dated as of December 29, 2004, Amendment No. 4 to Loan and
Security Agreement, dated as of May 20, 2005, Amendment No. 5 to Loan and
Security Agreement, dated as of September 8, 2005, Amendment No. 6 and Waiver to
Loan and Security Agreement, dated as of December 29, 2005, Consent and
Amendment No. 7 to Loan and Security Agreement, dated as of January 24, 2006,
Consent and Amendment No. 8 to Loan and Security Agreement, dated as of March
31, 2006, Amendment No. 9 to Loan and Security Agreement, dated as of July 18,
2006, Amendment No. 10 to Loan and Security Agreement, dated as of October 30,
2006, Amendment No. 11 and Waiver to Loan and Security Agreement, dated as of
December 28, 2006, Amendment No. 12 and Consent to Loan and Security Agreement,
dated as of December 28, 2006, Amendment No. 13 and Waiver to Loan and Security
Agreement, dated as of March 29, 2007, Amendment No. 14 to Loan and Security
Agreement, dated as of July 20, 2007, Amendment No. 15 to Loan and Security
Agreement, dated as of September 10, 2007, Amendment No. 16 to Loan and Security
Agreement, dated as of November 5, 2007, Amendment No. 17 to Loan and Security
Agreement, dated as of January 11, 2008, Amendment No. 18 to Loan and
Security Agreement, dated as of February 14, 2008, Amendment No. 19 to Loan and
Security Agreement, dated as of February 14, 2008, Amendment No. 20 to Loan and
Security Agreement, dated as of September 26, 2008, Amendment No. 21 to Loan and
Security Agreement, dated as of October 29, 2008, and Amendment No. 22 to Loan
and Security Agreement, dated as of March 12, 2009 (as the same may hereafter be
further amended, modified, supplemented, extended, renewed, restated or
replaced, the “Loan Agreement”), and the other agreements, documents and
instruments referred to therein or at any time executed and/or delivered in
connection therewith or related thereto (all of the foregoing, together with the
Loan Agreement, as the same now exist or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced, being collectively
referred to herein as the “Financing Agreements”);
WHEREAS,
Borrowers have requested that Agent and Lenders make certain amendments to
the Loan Agreement and the other Financing Agreements, and Agent and Lenders are
willing to make such amendments, subject to terms and conditions set forth
herein; and
WHEREAS,
by this Amendment, Borrowers, Guarantors, Agent and Lenders desire and intend to
evidence such amendments;
NOW
THEREFORE, in consideration of the foregoing, and the respective agreements and
covenants contained herein, the parties hereto agree as follows:
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1. Definitions.
(a)
Additional
Definitions. As used herein, the following terms shall have
the following meanings given to them below, and the Loan Agreement and the other
Financing Agreements are hereby amended to include, in addition and not in
limitation, the following:
(i) “Amendment
No. 23” shall mean Amendment No. 23 to Loan and Security Agreement, dated as of
May 8, 2009, by and among Borrowers, Guarantors (including the Subsidiary
Trusts), Agent and Lenders, as the same now exists or may hereafter be amended,
modified, supplemented, extended, renewed, restated or replaced.
(ii) “Amendment
No. 23 Effective Date” shall mean the first date on which all of the conditions
precedent to the effectiveness of Amendment No. 23 shall have been satisfied or
shall have been waived by Agent.
(iii) “Existing
Equipment Purchase Term Loan Balance” shall have the meaning set forth in
Section 2.3(b) hereof.
(iv) “Existing
Equipment Purchase Term Loans” shall have the meaning set forth in Section
2.3(a) hereof.
(v) “Existing
Supplemental Term Loan Balance” shall have the meaning set forth in Section
2.3(b) hereof.
(vi) “Existing
Supplemental Term Loans” shall have the meaning set forth in Section 2.3(a)
hereof.
(vii) “Existing
Term Loans” shall have the meaning set forth in Section 2.3(a)
hereof.
(viii) “Micro-Tube
Term Note” shall mean the Term Promissory Note, dated the Amendment No. 23
Effective Date, by OMNI in favor of Agent in the original principal amount of
$336,831, as the same now exists or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced.”
(ix) “OMNI
Term Note” shall mean the Term Promissory Note, dated the Amendment No. 23
Effective Date, by OMNI in favor of Agent in the original principal amount of
$63,156, as the same now exists or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced.”
(x) “Orne
Street Trust” shall mean The 0 Xxxx Xxxxxx Nominee Trust, a Massachusetts
nominee trust, and its successors and assigns.
(xi) “Parent
Term Note” shall mean the Term Promissory Note, dated the Amendment No. 23
Effective Date, by H&H in favor of Agent in the original principal amount of
$1,265,429, as the same now exists or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced.”
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(xii) “00
Xxxxx Xxxxxx Trust” shall mean 00 Xxxxx Xxxxxx Nominee Trust, a Massachusetts
nominee trust, and its successors and assigns.
(xiii) “00
Xxxxx Xxxxxx Trust” shall mean The 00 Xxxxx Xxxxxx Nominee Trust, a
Massachusetts nominee trust, and its successors and assigns.
(xiv) “Subsidiary
Trusts” shall mean, collectively, Xxxx Xxxxxx Xxxxx, 00 Xxxxx Xxxxxx Trust and
00 Xxxxx Xxxxxx Trust; each referred to sometimes as a “Subsidiary
Trust”.
(xv) “Term
Notes” shall mean, collectively, the following (as the same now exist or may
hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced): (a) the Restated Camdel Term Note, (b) the Restated Canfield
Term Note, (c) the Restated Continental Term Note, (d) the Restated Indiana Tube
Term Note, (e) the Restated Xxxxx Term Note, (f) the Restated OMG Term Note, (g)
the Restated Sumco Term Note, (h) the Micro-Tube Term Note, (i) the OMNI Term
Note and (j) the Parent Term Note; each sometimes individually referred to
herein as a “Term Note”.
(b) Amendments to
Definitions.
(i) Collateral. All
references to the term “Collateral” in the Loan Agreement or any of the other
Financing Agreements shall be deemed and each such reference is hereby amended
to include, in addition and not in limitation, the assets and properties of each
Subsidiary Trust at any time subject to the security interest or lien of Agent,
including the assets and properties described in Section 4 of this
Amendment.
(ii) Existing Camdel Term Loan
Balance. The definition of “Existing Camdel Term Loan Balance”
in the Loan Agreement is hereby amended by deleting such definition in its
entirety and replacing it with the following:
“
‘Existing Camdel Term Loan Balance’ shall have the meaning set forth in
Section 2.3(b) hereof.”
(iii) Existing Camdel Term
Note. The definition of “Existing Camdel Term Note” in the
Loan Agreement is hereby amended by deleting such definition in its entirety and
replacing it with the following:
“
‘Existing Camdel Term Note’ shall mean the Amended and Restated Term Promissory
Note, dated September 8, 2005, by Camdel in favor of Agent in the original
principal amount of $1,623,763.”
(iv) Existing Canfield Term Loan
Balance. The definition of “Existing Canfield Term Loan
Balance” in the Loan Agreement is hereby amended by deleting such definition in
its entirety and replacing it with the following:
“
‘Existing Canfield Term Loan Balance’ shall have the meaning set forth in
Section 2.3(b) hereof.”
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(v) Existing Canfield Term
Note. The definition of “Existing Canfield Term Note” in the
Loan Agreement is hereby amended by deleting such definition in its entirety and
replacing it with the following:
“
‘Existing Canfield Term Note’ shall mean the Amended and Restated Term
Promissory Note, dated September 8, 2005, by Canfield in favor of Agent in the
original principal amount of $1,042,295.”
(vi) Existing Continental Term
Loan Balance. The definition of “Existing Continental Term
Loan Balance” in the Loan Agreement is hereby amended by deleting such
definition in its entirety and replacing it with the following:
“
‘Existing Continental Term Loan Balance’ shall have the meaning set forth in
Section 2.3(b) hereof.”
(vii) Existing Continental Term
Note. The definition of “Existing Continental Term Note” in
the Loan Agreement is hereby amended by deleting such definition in its entirety
and replacing it with the following:
“
‘Existing Continental Term Note’ shall mean the Amended and Restated Term
Promissory Note, dated September 8, 2005, by Continental in favor of Agent in
the original principal amount of $1,843,813.”
(viii) Existing H&H Electronic
Term Note. The definition of “Existing H&H Electronic Term
Note” in the Loan Agreement is hereby amended by deleting such definition in its
entirety and replacing it with the following:
“
‘Existing H&H Electronic Term Note’ shall mean the Amended and Restated Term
Promissory Note, dated September 8, 2005, by H&H Electronic in favor of
Agent in the original principal amount of $2,245,445.”
(ix) Existing H&H Tube Term
Loan Balance. The definition of “Existing H&H Tube Term
Loan Balance” in the Loan Agreement is hereby amended by deleting such
definition in its entirety and replacing it with the following:
“
‘Existing H&H Tube Term Loan Balance’ shall have the meaning set forth in
Section 2.3(b) hereof.”
(x) Existing Indiana Tube Term
Loan Balance. The definition of “Existing Indiana Tube Term
Loan Balance” in the Loan Agreement is hereby amended by deleting such
definition in its entirety and replacing it with the following:
“
‘Existing Indiana Tube Term Loan Balance’ shall have the meaning set forth in
Section 2.3(b) hereof.”
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(xi) Existing Indiana Tube Term
Note. The definition of “Existing Indiana Tube Term Note” in
the Loan Agreement is hereby amended by deleting such definition in its entirety
and replacing it with the following:
“
‘Existing Indiana Tube Term Note’ shall mean the Amended and Restated Term
Promissory Note, dated September 8, 2005, by Indiana Tube in favor of Agent in
the original principal amount of $2,202,516.”
(xii) Existing Xxxxx Term Loan
Balance. The definition of “Existing Xxxxx Term Loan Balance”
in the Loan Agreement is hereby amended by deleting such definition in its
entirety and replacing it with the following:
“
‘Existing Xxxxx Term Loan Balance’ shall have the meaning set forth in
Section 2.3(b) hereof.”
(xiii) Existing Xxxxx Term
Note. The definition of “Existing Xxxxx Term Note” in the Loan
Agreement is hereby amended by deleting such definition in its entirety and
replacing it with the following:
“
‘Existing Xxxxx Term Note’ shall mean the Amended and Restated Term Promissory
Note, dated September 8, 2005, by Xxxxx in favor of Agent in the original
principal amount of $1,578,614.”
(xiv) Existing Maryland Wire Term
Note. The definition of “Existing Maryland Wire Term Note” in
the Loan Agreement is hereby amended by deleting such definition in its entirety
and replacing it with the following:
“
‘Existing Maryland Wire Term Note’ shall mean the Amended and Restated Term
Promissory Note, dated September 8, 2005, by Maryland Wire in favor of Agent in
the original principal amount of $3,252,001.”
(xv) Existing OMG Term Loan
Balance. The definition of “Existing OMG Term Loan Balance” in
the Loan Agreement is hereby amended by deleting such definition in its entirety
and replacing it with the following:
“
‘Existing OMG Term Loan Balance’ shall have the meaning set forth in
Section 2.3(b) hereof.”
(xvi) Existing OMG Term
Note. The definition of “Existing OMG Term Note” in the Loan
Agreement is hereby amended by deleting such definition in its entirety and
replacing it with the following:
“
‘Existing OMG Term Note’ shall mean the Amended and Restated Term Promissory
Note, dated September 8, 2005, by OMG in favor of Agent in the original
principal amount of $5,773,038.”
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(xvii) Existing Sumco Term Loan
Balance. The definition of “Existing Sumco Term Loan Balance”
in the Loan Agreement is hereby amended by deleting such definition in its
entirety and replacing it with the following:
“
‘Existing Sumco Term Loan Balance’ shall have the meaning set forth in
Section 2.3(b) hereof.”
(xviii) Existing Sumco Term
Note. The definition of “Existing Sumco Term Note” in the Loan
Agreement is hereby amended by deleting such definition in its entirety and
replacing it with the following:
“
‘Existing Sumco Term Note’ shall mean the Amended and Restated Term Promissory
Note, dated September 8, 2005, by Sumco in favor of Agent in the original
principal amount of $2,053,933”.
(xix) Guarantors. Each
reference to the term “Guarantor” or “Guarantors” in the Loan Agreement or any
of the other Financing Agreements is hereby amended to include, in addition and
not in limitation, each Subsidiary Trust.
(xx) Information
Certificate. All references to the term “Information
Certificate” in the Loan Agreement or any of the other Financing Agreements
shall be deemed and each such reference is hereby amended to include, in
addition and not in limitation, the Information Certificates of the Subsidiary
Trusts delivered in connection with this Amendment.
(xxi) Maximum
Credit. The definition of “Maximum Credit” in
Section 1.82 of the Loan Agreement is hereby amended by deleting such
definition in its entirety and replacing it with the following:
“1.82 ‘Maximum
Credit’ shall mean $110,000,000.”
(xxii) Mortgages. The
definition of “Mortgages” in Section 1.83 of the Loan Agreement is hereby
amended by deleting such definition in its entirety and replacing it with the
following:
“1.83 ‘Mortgages’
shall mean, individually and collectively, each of the following (as the same
now exist or may hereafter be amended, modified, supplemented, extended,
renewed, restated or replaced): (a) the Mortgage, Assignment of Leases and
Rents, Security Agreement and Fixture Filing, dated March 31, 2004, by Sumco in
favor of Agent with respect to the Real Property and related assets of Sumco
located in Indianapolis, Indiana; (b) the Mortgage, Assignment of Leases and
Rents, Security Agreement and Fixture Filing, dated March 31, 2004, by Camdel in
favor of Agent with respect to the Real Property and related assets of Camdel
located in Camden, Delaware; (c) the Mortgage, Assignment of Leases and Rents,
Security Agreement and Fixture Filing, dated March 31, 2004, by Indiana Tube in
favor of Agent with respect to the Real Property and related assets of Indiana
Tube located in Evansville, Indiana; (d) the Open-End Mortgage Deed, Assignment
of Leases and Rents, Security Agreement and Fixture Filing, dated March 31,
2004, by Parent in favor of Agent with respect to the Real Property and related
assets of Parent located in Fairfield Connecticut; (e) the Open-End Mortgage,
Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated
March 31, 2004, by Canfield in favor of Agent with respect to the Real Property
and related assets of Canfield located in Xxxxxxxx, Ohio; (f) the Mortgage,
Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated
March 31, 2004, by Xxxxx in favor of Agent with respect to the Real
Property and related assets of Xxxxx located in Cudahy, Wisconsin; (g) the Open
End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture
Filing, dated March 31, 2004, by Xxxxxx in favor of Agent with respect to
the Real Property and related assets of Xxxxxx located in Cleveland, Ohio; (h)
the Open-End Mortgage Deed, Assignment of Leases and Rents, Security Agreement
and Fixture Filing, dated March 31, 2004, by Xxxxxx in favor of Agent with
respect to the Real Property and related assets of Xxxxxx located in Waterbury,
Connecticut; (i) the Mortgage, Assignment of Leases and Rents, Security
Agreement and Fixture Filing, dated March 31, 2004, by H&H Electronic in
favor of Agent with respect to the Real Property and related assets of H&H
Electronic located at 00 Xxx Xxxxxx, Xxxxx Xxxxxxxxx, Xxxxxxxxxxxxx; (j) the
Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing,
dated of even date herewith, by Continental in favor of Agent with respect to
the Real Property and related assets of Continental located in Tulsa, Oklahoma
and Broken Arrow, Oklahoma; (k) the Charge, dated March 31, 2004, by H&H
Canada in favor of Agent with respect to the Real Property and related assets of
H&H Canada located in Rexdale, Ontario, Canada; (l) the Mortgage,
Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as
of the Amendment No. 23 Effective Date, by Orne Street Trust in favor of Agent
with respect to the Real Property and related assets of Orne Street Trust
located at 0 Xxxx Xxxxxx, Xxxxx Xxxxxxxxx, Xxxxxxxxxxxxx; (m) the Mortgage,
Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as
of the Amendment No. 23 Effective Date, by 00 Xxxxx Xxxxxx Trust in favor of
Agent with respect to the Real Property and related assets of 00 Xxxxx Xxxxxx
Trust located at 00 Xxxxx Xxxxxx, Xxxxx Xxxxxxxxx, Xxxxxxxxxxxxx, and (n) the
Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing,
dated as of the Amendment No. 23 Effective Date, by 00 Xxxxx Xxxxxx Trust in
favor of Agent with respect to the Real Property and related assets of 00 Xxxxx
Xxxxxx Trust located at 00 Xxxxx Xxxxxx, Xxxxx Xxxxxxxxx,
Xxxxxxxxxxxxx.”
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(xxiii) Restated Camdel Term
Note. The definition of “Restated Camdel Term Note” in the
Loan Agreement is hereby amended by deleting such definition in its entirety and
replacing it with the following:
“
‘Restated Camdel Term Note’ shall mean the Second Amended and Restated Term
Promissory Note, dated the Amendment No. 23 Effective Date, by Camdel in favor
of Agent in the original principal amount of $1,620,704, as the same now exists
or may hereafter be amended, modified, supplemented, extended, renewed, restated
or replaced.”
(xxiv) Restated Canfield Term
Note. The definition of “Restated Canfield Term Note” in the
Loan Agreement is hereby amended by deleting such definition in its entirety and
replacing it with the following:
“
‘Restated Canfield Term Note’ shall mean the Second Amended and Restated Term
Promissory Note, dated the Amendment No. 23 Effective Date, by Canfield in favor
of Agent in the original principal amount of $1,346,385, as the same now exists
or may hereafter be amended, modified, supplemented, extended, renewed, restated
or replaced.”
(xxv) Restated Continental Term
Note. The definition of “Restated Continental Term Note” in
the Loan Agreement is hereby amended by deleting such definition in its entirety
and replacing it with the following:
“
‘Restated Continental Term Note’ shall mean the Second Amended and Restated Term
Promissory Note, dated the Amendment No. 23 Effective Date, by Continental in
favor of Agent in the original principal amount of $1,907,232, as the same now
exists or may hereafter be amended, modified, supplemented, extended, renewed,
restated or replaced.”
(xxvi) Restated Indiana Tube Term
Note. The definition of “Restated Indiana Tube Term Note” in
the Loan Agreement is hereby amended by deleting such definition in its entirety
and replacing it with the following:
“
‘Restated Indiana Tube Term Note’ shall mean the Second Amended and Restated
Term Promissory Note, dated the Amendment No. 23 Effective Date, by Indiana Tube
in favor of Agent in the original principal amount of $2,257,800, as the same
now exists or may hereafter be amended, modified, supplemented, extended,
renewed, restated or replaced.”
(xxvii) Restated Xxxxx Term
Note. The definition of “Restated Xxxxx Term Note” in the Loan
Agreement is hereby amended by deleting such definition in its entirety and
replacing it with the following:
“
‘Restated Xxxxx Term Note’ shall mean the Second Amended and Restated Term
Promissory Note, dated the Amendment No. 23 Effective Date, by Xxxxx in favor of
Agent in the original principal amount of $1,830,269, as the same now exists or
may hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced.”
(xxviii) Restated OMG Term
Note. The definition of “Restated OMG Term Note” in the Loan
Agreement is hereby amended by deleting such definition in its entirety and
replacing it with the following:
“
‘Restated OMG Term Note’ shall mean the Second Amended and Restated Term
Promissory Note, dated the Amendment No. 23 Effective Date, by OMG in favor of
Agent in the original principal amount of $2,856,291, as the same now exists or
may hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced.”
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(xxix) Restated Sumco Term
Note. The definition of “Restated Sumco Term Note” in the Loan
Agreement is hereby amended by deleting such definition in its entirety and
replacing it with the following:
“
‘Restated Sumco Term Note’ shall mean the Second Amended and Restated Term
Promissory Note, dated the Amendment No. 23 Effective Date, by Sumco in favor of
Agent in the original principal amount of $1,515,903, as the same now exists or
may hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced.”
(xxx) Term
Loans. The definition of “Term Loans” in Section 1.131 of
the Loan Agreement is hereby amended by deleting such definition in its entirety
and replacing it with the following:
“1.1311
‘Term Loans’ shall mean, collectively, the term loans made by or on behalf of
Revolving Loan Lenders to certain Borrowers as provided for in Section 2.3
hereof in the aggregate original principal amount of $15,000,000; each sometimes
being referred to herein individually as a ‘Term Loan’.”
(c) Interpretation. Capitalized
terms used herein which are not otherwise defined herein shall have the
respective meanings ascribed thereto in the Loan Agreement.
2. Term Loans, Equipment
Purchase Term Loans and Supplemental Term Loans. Sections 2.3,
2.3A and 2.3B of the Loan Agreement are hereby amended by deleting such Sections
in their entirety and replacing them with the following:
“2.3 Term
Loans.
(a) Prior
to the Amendment No. 23 Effective Date:
(i) Revolving
Loan Lenders made Term Loans to (A) Camdel in the original principal amount of
$1,623,763 (the “Existing Camdel Term Loan”), (B) Canfield in the original
principal amount of $1,042,295 (the “Existing Canfield Term Loan”), (C)
Continental in the original principal amount of $1,843,813 (the “Existing
Continental Term Loan”), (D) H&H Electronic in the original principal amount
of $2,245,445 (the “Existing H&H Electronic Term Loan”), (E) H&H Tube in
the original principal amount of $534,583 (the “Existing H&H Tube Term
Loan”), (F) Indiana Tube in the original principal amount of $2,202,516 (the
“Existing Indiana Tube Term Loan”), (G) Xxxxx in the original principal amount
of $1,578,614 (the “Existing Xxxxx Term Loan”), (H) Maryland Wire in the
original principal amount of $3,252,001 (the “Existing Maryland Wire Term
Loan”), (I) OMG in the original principal amount of $5,773,038 (the
“Existing OMG Term Loan”), and (J) Sumco in the original principal amount of
$2,053,933 (the “Existing Sumco Term Loan” and, together with the Existing
Camdel Term Loan, the Existing Canfield Term Loan, the Existing Continental Term
Loan, the Existing H&H Electronic Term Loan, the Existing H&H Tube Term
Loan, the Existing Indiana Tube Term Loan, the Existing Xxxxx Term Loan, the
Existing Maryland Wire Term Loan and the Existing OMG Term Loan, collectively,
the “Existing Term Loans”);
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(ii) Revolving
Loan Lenders made Equipment Purchase Term Loans to OMG in the aggregate original
principal amount of $3,000,000 (the “Existing Equipment Purchase Term Loans”);
and
(iii) Wachovia
made Supplemental Term Loans to Parent, OMG, Continental, Maryland Wire, H&H
Tube, Camdel, Canfield, Micro-Tube, Indiana Tube, Xxxxx, H&H Electronic and
Sumco in the aggregate original principal amount of $4,000,000 (the “Existing
Supplemental Term Loans”).
(b) Borrowers and Guarantors
hereby acknowledge, confirm and agree that, as of the Amendment No. 23 Effective
Date and immediately before giving effect to Amendment No. 23:
(i) Camdel
is indebted to Revolving Loan Lenders for the Obligations evidenced by the
Existing Camdel Term Note in the principal amount of $658,271 (the “Existing
Camdel Term Loan Balance”), plus accrued interest and fees thereon;
(ii) Canfield
is indebted to Revolving Loan Lenders for the Obligations evidenced by the
Existing Canfield Term Note in the principal amount of $422,555 (the “Existing
Canfield Term Loan Balance”), plus accrued interest and fees
thereon;
(iii) Continental
is indebted to Revolving Loan Lenders for the Obligations evidenced by the
Existing Continental Term Note in the principal amount of $747,509 (the
“Existing Continental Term Loan Balance”), plus accrued interest and fees
thereon;
(iv) the
Obligations of H&H Electronic to Revolving Loan Lenders evidenced by the
Existing H&H Electronic Term Note, including principal, and all accrued
interest and fees thereon, have been paid and satisfied in full;
(v) H&H
Tube is indebted to Revolving Loan Lenders for the Obligations evidenced by the
Existing H&H Tube Term Note in the principal amount of $71,801, plus accrued
interest and fees thereon;
(vi) Indiana
Tube is indebted to Revolving Loan Lenders for the Obligations evidenced by the
Existing Indiana Tube Term Note in the principal amount of $892,900 (the
“Existing Indiana Tube Term Loan Balance”), plus accrued interest and fees
thereon;
10
(vii) Xxxxx
is indebted to Revolving Loan Lenders for the Obligations evidenced by the
Existing Xxxxx Term Note in the principal amount of $639,962 (the “Existing
Xxxxx Term Loan Balance”), plus accrued interest and fees thereon;
(viii) the
Obligations of Maryland Wire to Revolving Loan Lenders evidenced by the Existing
Maryland Wire Term Note, including principal, and all accrued interest and fees
thereon, have been paid and satisfied in full;
(ix) OMG
is indebted to Revolving Loan Lenders for the Obligations evidenced by the
Existing OMG Term Note in the principal amount of $1,406,363 (the “Existing OMG
Term Loan Balance”), plus accrued interest and fees thereon;
(x) Sumco
is indebted to Revolving Loan Lenders for the Obligations evidenced by the
Existing Sumco Term Note in the principal amount of $832,669 (the “Existing
Sumco Term Loan Balance”), plus accrued interest and fees thereon;
(xi) OMG
is indebted to Revolving Loan Lenders for the Obligations evidenced by the
Existing Equipment Purchase Term Note in the principal amount of $509,166.67
(the “Existing Equipment Purchase Term Loan Balance”), plus accrued interest and
fees thereon; and
(xii)
Parent, OMG, Continental, Maryland Wire, H&H Tube, Camdel, Canfield,
Micro-Tube, Indiana Tube, Xxxxx, H&H Electronic and Sumco are indebted to
Wachovia for the Obligations in respect of the Existing Supplemental Term Loans
in the principal amount of $3,480,701.73 (the “Existing Supplemental Term Loan
Balance”), plus accrued interest and fees thereon.
(c) On
the Amendment No. 23 Effective Date, subject to the terms and conditions
contained herein and in the other Financing Agreements, each Revolving Loan
Lender severally (and not jointly) agrees to make:
(i) an
additional Term Loan to Camdel in the original principal amount equal to such
Revolving Loan Lender’s Pro Rata Share of $962,433 which, together with the
Existing Camdel Term Loan Balance, shall be consolidated (as so consolidated,
the “Camdel Term Loan”) and evidenced by and be due and payable pursuant to the
terms of the Restated Camdel Term Note, which shall supercede, replace, amend
and restate the Existing Camdel Term Note;
(ii) an
additional Term Loan to Xxxxxxxx in the original principal amount equal to such
Revolving Loan Lender’s Pro Rata Share of $923,830 which, together with the
Existing Xxxxxxxx Term Loan Balance, shall be consolidated (as so consolidated,
the “Xxxxxxxx Term Loan”) and evidenced by and be due and payable pursuant to
the terms of the Restated Xxxxxxxx Term Note, which shall supercede, replace,
amend and restate the Existing Xxxxxxxx Term Note;
11
(iii) an
additional Term Loan to Continental in the original principal amount equal to
such Revolving Loan Lender’s Pro Rata Share of $1,159,723 which, together with
the Existing Continental Term Loan Balance, shall be consolidated (as so
consolidated, the “Continental Term Loan”) and evidenced by and be due and
payable pursuant to the terms of the Restated Continental Term Note, which shall
supercede, replace, amend and restate the Existing Continental Term
Note;
(iv) an
additional Term Loan to Indiana Tube in the original principal amount equal to
such Revolving Loan Lender’s Pro Rata Share of $1,364,900 which, together with
the Existing Indiana Tube Term Loan Balance, shall be consolidated (as so
consolidated, the “Indiana Tube Term Loan”) and evidenced by and be due and
payable pursuant to the terms of the Restated Indiana Tube Term Note, which
shall supercede, replace, amend and restate the Existing Indiana Tube Term
Note;
(v) an
additional Term Loan to Xxxxx in the original principal amount equal to such
Revolving Loan Lender’s Pro Rata Share of $1,190,307 which, together with the
Existing Xxxxx Term Loan Balance, shall be consolidated (as so consolidated, the
“Xxxxx Term Loan”) and evidenced by and be due and payable pursuant to the terms
of the Restated Xxxxx Term Note, which shall supercede, replace, amend and
restate the Existing Xxxxx Term Note;
(vi) an
additional Term Loan to OMG in the original principal amount equal to such
Revolving Loan Lender’s Pro Rata Share of $1,449,928 which, together with the
Existing OMG Term Loan Balance, shall be consolidated (as so consolidated, the
“OMG Term Loan”) and evidenced by and be due and payable pursuant to the terms
of the Restated OMG Term Note, which shall supercede, replace, amend and restate
the Existing OMG Term Note;
(vii) an
additional Term Loan to Sumco in the original principal amount equal to such
Revolving Loan Lender’s Pro Rata Share of $683,234 which, together with the
Existing Sumco Term Loan Balance, shall be consolidated (as so consolidated, the
“Sumco Term Loan”) and evidenced by and be due and payable pursuant to the terms
of the Restated Sumco Term Note, which shall supercede, replace, amend and
restate the Existing Sumco Term Note;
(viii) a
Term Loan to Micro-Tube in the original principal amount equal to such Revolving
Loan Lender’s Pro Rata Share of $336,831 (the “Micro-Tube Term Loan”) which
shall be evidenced by and be due and payable pursuant to the terms of the
Micro-Tube Term Note;
12
(ix) a
Term Loan to OMNI in the original principal amount equal to such Revolving Loan
Lender’s Pro Rata Share of $63,156 (the “OMNI Term Loan”) which shall be
evidenced by and be due and payable pursuant to the terms of the OMNI Term Note;
and
(x) a
Term Loan to Parent in the original principal amount equal to such Revolving
Loan Lender’s Pro Rata Share of $1,265,429 (the “Parent Term Loan” and together
with the Camdel Term Loan, the Xxxxxxxx Term Loan, the Continental Term Loan,
the Indiana Tube Term Loan, the Xxxxx Term Loan, the OMG Term Loan, the Sumco
Term Loan, the Micro-Tube Term Loan and the OMNI Term Loan, collectively, the
“Term Loans” and each a “Term Loan”) which shall be evidenced by and be due and
payable pursuant to the terms of the Parent Term Note.
(d) The
Term Loans: (i) shall be evidenced by the Term Notes, (ii) shall be repaid,
together with interest and other amounts due in respect thereof, in accordance
with this Agreement, the Term Notes and the other Financing Agreements, and
(iii) shall be secured by the Collateral. The principal amount
of each of the Term Loans shall be repaid in sixty (60) equal consecutive
monthly installments (or earlier as provided herein) in the amount set forth in
each Term Note commencing on June 1, 2009 and on the first day of each
month thereafter; provided, that, the entire
unpaid principal amount of each of the Term Loans, together with all accrued and
unpaid interest thereon and all other Obligations related thereto, shall be due
and payable on the earlier of the effective date of the termination or
non-renewal of the Financing Agreements or the acceleration of the Obligations
in respect of the Term Loans.
(e) Borrowers
shall use the proceeds of the Term Loans for: (A) the repayment in full of the
Existing Equipment Purchase Term Loan Balance and the Existing Supplemental Term
Loan Balance, together with all accrued and unpaid interest thereon,
(B) the prepayment of the Term B Loan in accordance with Section
2.3C(a)(iii) hereof, (C) payment of the costs, expenses and fees in
connection with the preparation, negotiation, execution and delivery of
Amendment No. 23 and the other Amendment Documents (as defined in Amendment No.
23), and (D) general operating, working capital and other proper corporate
purposes not otherwise prohibited by the terms hereof.
(f) Except
for the making of the Term Loans as set forth in this Section 2.3,
Borrowers shall have no right to request, and Revolving Loan Lenders shall have
no obligation to make, any additional loans or advances to Borrowers under this
Section 2.3. Any principal amount of the Term Loans which is repaid
or prepaid may not be reborrowed.
2.3A [Intentionally
Deleted].
2.3B [Intentionally
Deleted].”
13
3. Schedules to Loan
Agreement. The Loan Agreement is hereby amended by deleting
Schedule 1.24 thereto and replacing it with the Schedule set forth on Schedule 1
attached to this Amendment.
4. Grant of Security
Interest. Without limiting the provisions of Section 5 of the
Loan Agreement, to secure payment and performance of all Obligations, each
Subsidiary Trust hereby grants to Agent, for itself and the benefit of the
Secured Parties, a continuing security interest in, a lien upon, and a right of
set off against, and hereby assigns to Agent, for itself and the benefit of the
Secured Parties, as security, all of its personal and real property and
fixtures, and interests in property and fixtures, whether now owned or hereafter
acquired or existing, and wherever located, including:
(a) all
Accounts;
(b) all
general intangibles, including, without limitation, all Intellectual
Property;
(c) all
goods, including, without limitation, Inventory and Equipment;
(d) all
Real Property and fixtures;
(e) all
chattel paper, including, without limitation, all tangible and electronic
chattel paper;
(f) all
instruments, including, without limitation, all promissory notes;
(g) all
documents;
(h) all
deposit accounts;
(i) all
letters of credit, banker’s acceptances and similar instruments and including
all letter-of-credit rights;
(j) all
supporting obligations and all present and future liens, security interests,
rights, remedies, title and interest in, to and in respect of Receivables and
other Collateral, including (i) rights and remedies under or relating to
guaranties, contracts of suretyship, letters of credit and credit and other
insurance related to the Collateral, (ii) rights of stoppage in transit,
replevin, repossession, reclamation and other rights and remedies of an unpaid
vendor, lienor or secured party, (iii) goods described in invoices, documents,
contracts or instruments with respect to, or otherwise representing or
evidencing, Receivables or other Collateral, including returned, repossessed and
reclaimed goods, and (iv) deposits by and property of account debtors or other
persons securing the obligations of account debtors;
(k) all
(i) investment property (including securities, whether certificated or
uncertificated, securities accounts, security entitlements, commodity contracts
or commodity accounts) and (ii) monies, credit balances, deposits and other
property of any Borrower or Guarantor now or hereafter held or received by or in
transit to Agent, any Lender or its Affiliates or at any other depository or
other institution from or for the account of any Borrower or Guarantor, whether
for safekeeping, pledge, custody, transmission, collection or
otherwise;
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(l) all
commercial tort claims;
(m) to
the extent not otherwise described above, all Receivables;
(n) all
Records; and
(o) all
products and proceeds of the foregoing, in any form, including insurance
proceeds and all claims against third parties for loss or damage to or
destruction of or other involuntary conversion of any kind or nature of any or
all of the other Collateral.
5. Assumption of Obligations;
Amendments to Guarantees and Financing Agreements.
(a) Each
Subsidiary Trust hereby expressly (i) agrees to perform, comply with and be
bound by all terms, conditions and covenants of the Loan Agreement and the other
Financing Agreements applicable to all Existing Guarantors and as applied to
each such Subsidiary Trust, with the same force and effect as if such Subsidiary
Trust had originally executed and been an original Guarantor signatory to the
Loan Agreement and the other Financing Agreements, (ii) is deemed to make
as to itself and Existing Guarantors, and is, in all respects, bound by all
representations and warranties made by Existing Guarantors to Agent and Lenders
set forth in the Loan Agreement or in any of the other Financing Agreements,
(iii) agrees that Agent, for itself and the benefit of Lenders, shall have
all rights, remedies and interests, including security interests in and liens
upon the Collateral granted to Agent pursuant to Section 4 of this Amendment,
under and pursuant to the Loan Agreement and the other Financing Agreements,
with respect to such Subsidiary Trust and its properties and assets with the
same force and effect as Agent, for itself and the benefit of Lenders, has with
respect to Existing Borrowers and their respective assets and properties, as if
such Subsidiary Trust had originally executed and had been an original Guarantor
signatory, as the case may be, to the Loan Agreement and the other Financing
Agreements, and (iv) assumes and agrees to be directly liable to Agent and
Lenders for all Obligations under, contained in, or arising pursuant to the Loan
Agreement or any of the other Financing Agreements to the same extent as if such
Subsidiary Trust had originally executed and had been an original Guarantor
signatory, as the case may be, to the Loan Agreement and the other Financing
Agreements.
(b) Each
Borrower and each Existing Guarantor hereby agrees that the Guarantees, each
dated March 31, 2004, by Borrowers and Existing Guarantors in favor of Agent
(the “Existing Guarantees”) are hereby amended to include each Subsidiary Trust
as an additional guarantor party signatory thereto, and each Subsidiary Trust
hereby agrees that the Existing Guarantees are hereby amended to include each
Subsidiary Trust as an additional guarantor party signatory
thereto. Each Subsidiary Trust hereby expressly (i) assumes and
agrees to be directly liable to Agent and Lenders, jointly and severally with
Borrowers and Existing Guarantors, for payment and performance of all
Obligations (as defined in each Existing Guarantee), (ii) agrees to
perform, comply with and be bound by all terms, conditions and covenants of the
Existing Guarantees with the same force and effect as if each Subsidiary Trust
had originally executed and been an original party signatory to the Existing
Guarantees as a Guarantor, and (iii) agrees that Agent and Lenders shall
have all rights, remedies and interests with respect to each Subsidiary Trust
and its property under the Existing Guarantees with the same force and effect as
if each Subsidiary Trust had originally executed and been an original party
signatory as a Guarantor to the Existing Guarantees.
15
(c) Agent
and Lenders acknowledge and agree that in connection with the enforcement of
their respective rights and remedies under the Financing Agreements against any
Subsidiary Trust, the trustee of such Subsidiary Trust shall not have any
personal liability whatsoever to Agent and Lenders.
6. Authorization to File
Financing Statements. Each Subsidiary Trust hereby irrevocably
and unconditionally authorizes Agent (or its agent) to file at any time and from
time to time such financing statements indicating as the collateral all now
existing or hereafter arising or acquired property and assets of such Subsidiary
Trust (or such lesser property and assets as Agent may determine and describing
any thereof in such detail and specificity as Agent may determine) naming Agent,
as secured party, and such Subsidiary Trust, as debtor, and including any other
information with respect to such Subsidiary Trust required under the UCC for the
sufficiency of such financing statements or for such financing statements to be
accepted by any filing office of such jurisdiction as Agent determines may be
applicable, together with any amendments or continuations with respect
thereto. Each Subsidiary Trust also ratifies and approves its
authorization for Agent to file any such financing statements which may have
been filed by Agent prior to the Amendment No. 23 Effective Date. In
the event that the description of the collateral in any such financing statement
with respect to any Subsidiary Trust includes assets that do not constitute
Collateral, the filing of such financing statement shall nonetheless be deemed
authorized by such Subsidiary Trust to the extent of the collateral included in
such description and it shall not render such financing statement ineffective as
to any of the Collateral. Agent is also irrevocably and
unconditionally authorized to adopt on behalf of each Subsidiary Trust any
symbol required for authenticating any electronic filing. Nothing
contained in this Section should be construed to in any manner limit any other
authorization by any Subsidiary Trust of the filing of financing statements by
or on Agent’s behalf or for Agent’s benefit.
7. Conditions
Precedent. The provisions contained herein shall only be
effective upon the satisfaction of each of the following conditions precedent in
a manner satisfactory to Agent:
(a) Agent
shall have received this Amendment, duly authorized, executed and delivered by
Borrowers, Guarantors and the Lenders;
(b) All
of the Obligations in respect of the Existing H&H Tube Term Loan (including
the Existing H&H Tube Term Loan Balance and all accrued and unpaid interest
thereon) shall have been paid in full from the proceeds of the Term
Loans;
(c) All
of the Obligations in respect of the Existing Equipment Purchase Term Loans
(including the Existing Equipment Purchase Term Loan Balance and all accrued and
unpaid interest thereon) shall have been paid in full from the proceeds of the
Term Loans;
16
(d) All
of the Obligations in respect of the Supplemental Term Loans (including the
Existing Supplemental Term Loan Balance and all accrued and unpaid interest
thereon) shall have been paid in full from the proceeds of the Term
Loans;
(e) Agent
shall have received, in form and substance satisfactory to Agent, each of the
Term Notes, duly authorized, executed and delivered by the applicable Borrower
in favor of Agent;
(f) Agent
shall have received, in form and substance satisfactory to Agent, Consent and
Amendment No. 18 to the Tranche B Term Loan Agreement (the “Tranche B
Amendment”), duly authorized, executed and delivered by Tranche B Term Loan
Agent, Tranche B Term Loan Lenders, Borrowers and Guarantors, which Tranche B
Amendment shall be in full force and effect on the date hereof;
(g) Agent
shall have received, in form and substance satisfactory to Agent, a true and
correct copy of any consent, waiver or approval to or of this Amendment which
any Borrower or Guarantor is required to obtain from any other Person;
and
(h) no
Default or Event of Default shall have occurred and be continuing immediately
before and after giving effect hereto.
8. Representations, Warranties
and Covenants. Each Borrower and Guarantor hereby represents
and warrants to Agent and Lenders the following (which shall survive the
execution and delivery of this Amendment), the truth and accuracy of
which representations and warranties are a continuing condition of
the making of Loans and providing Letter of Credit Accommodations to
Borrowers:
(a)
within one (1) Business Day following the Amendment No. 23 Effective Date,
subject to and upon the terms and conditions contained herein and in the Loan
Agreement, with proceeds of the Term Loans made on the Amendment No. 23
Effective Date, Borrowers shall prepay the Obligations in respect of the Term B
Loan in the amount equal to $5,000,000, so that after giving effect thereto, the
outstanding principal amount of the Term B Loan shall equal the amount of
$35,000,000; provided, that, no Prepayment
Fee shall be payable pursuant to Section 2.3C(d) of the Loan Agreement in
connection with such prepayment;
(b)
within forty-five (45) days following the Amendment No. 23 Effective Date
(or such later date as Agent shall agree in writing), Borrowers and Guarantors
shall deliver or cause to be delivered to Agent the following, in each case in
form and substance satisfactory to Agent:
(i) an
opinion of counsel to Borrowers and Guarantors with respect to the matters
contemplated by this Amendment, addressed to Agent and Lenders as Agent shall
reasonably require;
(ii) Mortgages
relating to the Real Property owned by the Subsidiary Trusts located at 0 Xxxx
Xxxxxx, Xxxxx Xxxxxxxxx, Xxxxxxxxxxxxx, 00 Xxxxx Xxxxxx, Xxxxx Xxxxxxxxx,
Xxxxxxxxxxxxx, and 00 Xxxxx Xxxxxx, Xxxxx Xxxxxxxxx, Xxxxxxxxxxxxx, duly
authorized, executed and delivered by each Subsidiary Trust;
17
(iii) an
amendment to each of the Mortgages relating to the Real Property of Borrowers
and Guarantors located in (A) Fairfield, Connecticut, (B) Waterbury,
Connecticut, (C) Broken Arrow and Tulsa, Oklahoma and (D) Rexdale, Ontario,
Canada, in each case duly authorized, executed and delivered by the applicable
Borrower or Guarantor;
(iv) an
endorsement to each of the mortgagee title policies issued by Fidelity National
Title Insurance Company for the benefit of Agent relating to the Real Property
of Borrowers and Guarantors located in (A) Xxxxxxxx Ohio, (B) Evansville,
Indiana, (C) Cudahy, Wisconsin, (D) Broken Arrow and Tulsa, Oklahoma, and (E)
Xxxxxxx, Xxxxxxx, Xxxxxx;
(v) a
Pledge and Security Agreement by H&H Electronic in favor of Agent, duly
authorized, executed and delivered by H&H Electronic, granting to Agent a
first pledge of and lien on all of the beneficial interests of each Subsidiary
Trust;
(vi) an
Information Certificate duly authorized, executed and delivered by each
Subsidiary Trust in favor of Agent and Lenders;
(vii) UCC,
Federal and State tax lien and judgment searches against each Subsidiary Trust
in its jurisdiction of formation, the jurisdiction in which its chief executive
office is located and all jurisdictions in which its assets are
located;
(viii) copies
of the formation and governing documents of each Subsidiary Trust;
(ix) a
Trustee’s Certificate from each Subsidiary Trust with respect to, among other
things, resolutions of the beneficiaries of each Subsidiary Trust approving the
execution, delivery and performance by such Subsidiary Trust of the Loan
Agreement and the other Financing Agreements; and
(x) updated
certificates of liability insurance, evidence of property insurance and lender’s
loss payable endorsements required under the Loan Agreement and the other
Financing Agreements for Parent and its Subsidiaries to include each Subsidiary
Trust as a Subsidiary of Parent;
(c) each
Borrower and Guarantor that is a corporation is duly organized and in good
standing under the laws of its jurisdiction of incorporation or formation and is
duly qualified as a foreign corporation or trust and in good standing in all
states, provinces or other jurisdictions where the nature and extent of the
business transacted by it or the ownership of assets makes such qualification
necessary, except for those jurisdictions in which the failure to so qualify
would not have a Material Adverse Effect;
(d) each
Subsidiary Trust is duly organized under the laws of the Commonwealth of
Massachusetts;
(e) this
Amendment and each other agreement or instrument to be executed and delivered by
Borrowers and Guarantors in connection herewith (collectively, together with
this Amendment, the “Amendment Documents”), have been duly authorized, executed
and delivered by all necessary action on the part of each of the Borrowers and
Guarantors which is a party hereto and thereto and, if necessary, their
respective stockholders or holders of beneficial interests, as applicable, and
is in full force and effect as of the date hereof, and the agreements and
obligations of each of the Borrowers and Guarantors contained herein and therein
constitute the legal, valid and binding obligations of each of the Borrowers and
Guarantors, enforceable against them in accordance with their terms, except as
enforceability is limited by bankruptcy, insolvency, moratorium or other similar
laws affecting creditors’ rights generally and by general equitable
principles;
18
(f) the
execution, delivery and performance of this Amendment and the other Amendment
Documents (i) are all within each Borrower’s and Guarantor’s corporate or trust
powers and (ii) are not in contravention of law or the terms of any Borrower’s
or Guarantor’s certificate or articles of incorporation or formation, by laws,
trust agreement, or other organizational documentation, or any indenture,
agreement or undertaking (including, without limitation, the Tranche B Term Loan
Documents and the Bairnco Loan Documents) to which any Borrower or Guarantor is
a party or by which any Borrower or Guarantor or its property are
bound;
(g) neither
the execution and delivery of this Amendment or the other Amendment Documents,
nor the consummation of the transactions contemplated hereby or thereby, nor
compliance with the provisions hereof or thereof (i) has resulted in or
shall result in the creation or imposition of any Lien upon any of the
Collateral; (ii) has resulted in or shall result in the incurrence,
creation or assumption of any Indebtedness of any Borrower or Guarantor; (iii)
has violated or shall violate any applicable laws or regulations or any order or
decree of any court or Governmental Authority in any respect; (iv) does or
shall conflict with or result in the breach of, or constitute a default in any
respect under any material mortgage, deed of trust, security agreement,
agreement or instrument to which any Borrower or Guarantor is a party or may be
bound (including without limitation the Tranche B Term Loan Documents and the
Bairnco Loan Documents), and (v) violates or shall violate any provision of
the certificate of incorporation or formation, by-laws, trust agreement or other
organizational documentation of any Borrower or Guarantor;
(h) no
action of, or filing with, or consent of any Governmental Authority (other than
the filing of UCC financing statements with respect to each Subsidiary Trust),
and no consent, waiver or approval of any other third party is required to
authorize, or is otherwise required in connection with, the execution, delivery
and performance of this Amendment or the other Amendment Documents;
(i) all
of the representations and warranties set forth in the Loan Agreement and the
other Financing Agreements, each as amended hereby, are true and correct in all
material respects on and as of the date hereof as if made on the date hereof,
except to the extent any such representation or warranty is made as of a
specified date, in which case such representation or warranty shall have been
true and correct in all material respects as of such date;
(j) all
of the assets and properties of each Subsidiary Trust are owned by it, free and
clear of all Liens of any kind, nature or description, except those security
interests granted pursuant hereto in favor of Agent, and except for liens and
security interests (if any) permitted under the Loan Agreement or the other
Financing Agreements;
19
(k) all
of the beneficial interests of each Subsidiary Trust (i) are noted in its books
and records, and (ii) have been duly authorized and validly issued, free and
clear of all claims, liens, pledges and encumbrances of any kind;
(l) as
of the Amendment No. 23 Effective Date, each Subsidiary Trust (i) is a nominee
trust, duly formed and validly existing under the laws of the Commonwealth of
Massachusetts; (ii) is duly licensed or qualified to do business and is in
good standing in each jurisdiction wherein the character of the properties owned
or licensed or the nature of its business makes such licensing or qualification
to do business necessary except for those jurisdictions where the failure to so
qualify would not reasonably be expected to have a Material Adverse Effect; and
(iii) has all requisite power and authority to own, lease and operate its
properties and to carry on its business as it is now being conducted and as
presently contemplated will be conducted in the future;
(m) the
Tranche B Amendment has been executed and delivered by all parties thereto and
is in full force and effect; and
(n) no
Default or Event of Default exists or has occurred and is continuing on the date
hereof.
9. General
Release. Each Borrower and Guarantor may have certain Claims
(as hereinafter defined) against the Released Parties (as hereinafter defined)
regarding or relating to the Loan Agreement or the other Financing
Agreements. Agent, Lenders, Borrowers and Guarantors desire to
resolve each and every one of such Claims in conjunction with the execution of
this Amendment and thus each Borrower and Guarantor makes the release contained
in this Section. In consideration of Agent’s and Lenders’ entering
into this Amendment and agreeing to the substantial concessions as set forth
herein, each Borrower and Guarantor hereby fully and unconditionally releases
and forever discharges Agent and each Lender and their respective directors,
officers, employees, subsidiaries, branches, affiliates, attorneys, agents,
representatives, successors and assigns and all persons, firms, corporations and
organizations acting on any of their behalves (collectively, the “Released
Parties”), of and from any and all claims, allegations, causes of action, costs
or demands and liabilities, of whatever kind or nature, from the beginning of
the world to the date on which this Amendment is executed, whether known or
unknown, liquidated or unliquidated, fixed or contingent, asserted or
unasserted, foreseen or unforeseen, matured or unmatured, suspected or
unsuspected, anticipated or unanticipated, which such Borrower or Guarantor has,
had, claims to have had or hereafter claims to have against the Released Parties
by reason of any act or omission on the part of the Released Parties, or any of
them, occurring prior to the date on which this Amendment is executed, including
on account of or in any way affecting, concerning or arising out of or founded
upon this Amendment up to and including the date on which this Amendment is
executed, including all such loss or damage of any kind heretofore sustained or
that may arise as a consequence of the dealings among the parties up to and
including the date on which this Amendment is executed, including the
administration or enforcement of the Loans, the Obligations, the Loan Agreement
or any of the other Financing Agreements (collectively, all of the foregoing are
the “Claims”). Each Borrower and Guarantor represents and warrants
that it has no knowledge of any claim by it against the Released Parties or of
any facts or acts or omissions of the Released Parties which on the date hereof
would be the basis of a claim by such Borrower or Guarantor against the Released
Parties which is not released hereby. Each Borrower and Guarantor
represents and warrants that the foregoing constitutes a full and complete
release of all Claims.
20
10. Effect of this
Agreement. Except as expressly amended pursuant hereto, no
other changes, waivers or modifications to the Financing Agreements are intended
or implied, and in all other respects the Financing Agreements are hereby
specifically ratified, restated and confirmed by all parties hereto as of the
date hereof. To the extent that any provision of the Loan Agreement
or any of the other Financing Agreements are inconsistent with the provisions of
this Amendment, the provisions of this Amendment shall control.
11. Further
Assurances. Borrowers and Guarantors shall execute and deliver
such additional documents and take such additional action as may be requested by
Agent to effectuate the provisions and purposes hereof.
12. Governing
Law. The validity, interpretation and enforcement of this
Amendment and the other Amendment Documents (except as otherwise provided
therein) any dispute arising out of the relationship between the parties hereto
or thereto, whether in contract, tort, equity or otherwise, shall be governed by
the internal laws of the State of New York but excluding any principles of
conflicts of law or other rule of law that would cause the application of the
law of any jurisdiction other than the laws of the State of New
York.
13. Binding
Effect. This Amendment shall be binding upon and inure to the
benefit of each of the parties hereto and their respective successors and
assigns.
14. Headings. The
headings listed herein are for convenience only and do not constitute matters to
be construed in interpreting this Amendment.
15. Counterparts. This
Amendment may be executed in any number of counterparts, each of which shall be
an original, but all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of this Amendment by
telefacsimile or other electronic method of transmission shall have the same
force and effect as the delivery of an original executed counterpart of this
Amendment. Any party delivering an executed counterpart of this
Amendment by telefacsimile or other electronic method of transmission shall also
deliver an original executed counterpart, but the failure to do so shall not
affect the validity, enforceability or binding effect of this
Amendment.
[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]
21
IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
on the day and year first above written.
|
AGENT
|
|||
|
WACHOVIA
BANK, NATIONAL ASSOCIATION, as Agent
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
LENDERS
|
|||
|
WACHOVIA
BANK, NATIONAL ASSOCIATION
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
BANK
OF AMERICA, N.A.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
[SIGNATURE
PAGES CONTINUE ON NEXT PAGE]
[SIGNATURE
PAGES CONTINUED FROM PREVIOUS PAGE]
|
ABLECO
FINANCE LLC, on behalf of itself and its Affiliate
assigns
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
FORTRESS
CREDIT FUNDING III LP
|
||||
|
By:
|
Fortress
Credit Funding III GP LLC, its General Partner
|
|||
|
By:
|
/s/
|
|||
|
Name:
|
||||
|
Title:
|
||||
|
FORTRESS
CREDIT FUNDING II LP
|
||||
|
By:
|
Fortress
Credit Funding II GP LLC, its General Partner
|
|||
|
By:
|
/s/
|
|||
|
Name:
|
||||
|
Title:
|
||||
|
FORTRESS
CREDIT FUNDING IV LP
|
||
|
By:
|
Fortress
Credit Funding IV GP LLC, its General Partner
|
|
|
By:
|
/s/
|
|
|
Name:
|
||
|
Title:
|
||
[SIGNATURE
PAGES CONTINUE ON NEXT PAGE]
SIGNATURE
PAGES CONTINUED FROM PREVIOUS PAGE]
|
BORROWERS
|
|||
|
HANDY
& XXXXXX
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
OMG,
INC.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
CONTINENTAL
INDUSTRIES, INC.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
MARYLAND
SPECIALTY WIRE, INC.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
HANDY
& XXXXXX TUBE COMPANY, INC.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
CAMDEL
METALS CORPORATION
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
XXXXXXXX
METAL COATING CORPORATION
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
[SIGNATURE
PAGES CONTINUE ON NEXT PAGE]
[SIGNATURE
PAGES CONTINUED FROM PREVIOUS PAGE]
|
MICRO-TUBE
FABRICATORS, INC
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
INDIANA
TUBE CORPORATION
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
XXXXX-XXXXXXXX,
INC.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
HANDY
& XXXXXX ELECTRONIC MATERIALS CORPORATION
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
SUMCO
INC.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
OMG
ROOFING, INC.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
OMNI
TECHNOLOGIES CORPORATION OF DANVILLE
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
[SIGNATURE
PAGES CONTINUE ON NEXT PAGE]
[SIGNATURE
PAGES CONTINUED FROM PREVIOUS PAGE]
|
GUARANTORS
|
|||
|
HANDY
& XXXXXX OF CANADA, LIMITED
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
ELE
CORPORATION
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
ALLOY
RING SERVICE INC.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
XXXXXX
RADIATOR CORPORATION
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
H&H
PRODUCTIONS, INC.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
HANDY
& XXXXXX AUTOMOTIVE GROUP, INC.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
HANDY
& XXXXXX INTERNATIONAL, LTD.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
[SIGNATURE
PAGES CONTINUE ON NEXT PAGE]
[SIGNATURE
PAGES CONTINUED FROM PREVIOUS PAGE]
|
HANDY
& XXXXXX PERU, INC.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
KJ-VMI
REALTY, INC.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
XXX-XXXX
REALTY, INC.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
PLATINA
LABORATORIES, INC.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
SHEFFIELD
STREET CORPORATION
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
SWM,
INC.
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
WILLING
B WIRE CORPORATION
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
[SIGNATURE
PAGES CONTINUE ON NEXT PAGE]
[SIGNATURE
PAGES CONTINUED FROM PREVIOUS PAGE]
|
THE
0 XXXX XXXXXX NOMINEE TRUST
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
THE
00 XXXXX XXXXXX NOMINEE TRUST
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
|
00
XXXXX XXXXXX NOMINEE TRUST
|
|||
|
By:
|
/s/
|
||
|
Name:
|
|||
|
Title:
|
|||
SCHEDULE
1
TO
AMENDMENT
NO. 22 TO LOAN AND SECURITY AGREEMENT
SCHEDULE
1.24
TO
LOAN AND
SECURITY AGREEMENT
Commitments
|
Lender
|
Commitments
for
Revolving Loans
and Term Loans |
Commitments
for Term B Loan
|
Total
Commitments
|
|
Wachovia
Bank, National Association
|
$45,000,000
|
$0
|
$45,000,000
|
|
Bank
of America, N.A.
|
$30,000,000
|
$0
|
$30,000,000
|
|
Ableco
Finance LLC
|
$0
|
$17,500,000
|
$17,500,000
|
|
Fortress
Credit Funding III LP
|
$0
|
$13,833,333.33
|
$13,833,333.33
|
|
Fortress
Credit Funding II LP
|
$0
|
$1,750,000
|
$1,750,000
|
|
Fortress
Credit Funding IV LP
|
$0
|
$1,916,666.67
|
$1,916,666.67
|
|
Total…
|
$75,000,000
|
$35,000,000
|
$110,000,000
|
