AMENDMENT NO. 3 TO LOAN AND SECURITY AGREEMENT
QuickLinks -- Click here to rapidly navigate through this document
Exhibit 99(b)(4)
AMENDMENT NO. 3 TO
LOAN AND SECURITY AGREEMENT
THIS AMENDMENT NO. 3 TO LOAN AND SECURITY AGREEMENT (this "Amendment") is dated as of October 9, 2003 and is made by and among XXXXXXX INDUSTRIES, INC., a Missouri corporation ("Xxxxxxx"), XXXXXXX BUS CORPORATION, a Kansas corporation ("Bus"), WHEELED COACH INDUSTRIES, INC., a Florida corporation ("WCI"), CAPACITY OF TEXAS, INC., a Texas corporation ("Capacity"), MOBILE-TECH CORPORATION, a Kansas corporation ("Mobile"), BRUTZER CORPORATION, an Ohio corporation ("Brutzer"), MID BUS, INC., an Ohio corporation ("Mid Bus"), MOBILE PRODUCTS, INC., a Kansas corporation ("Mobile Products"), and WORLD TRANS, INC., a Kansas corporation ("World Trans," and, together with Xxxxxxx, Bus, WCI, Capacity, Mobile, Brutzer, Mid Bus, and Mobile Products, the "Borrowers" and each, a "Borrower"), (ii) the financial institutions party to the "Loan Agreement" (as hereinafter defined) from time to time as the Lenders (individually, a "Lender" and collectively, the "Lenders"), and (iii) FLEET CAPITAL CORPORATION, a Rhode Island corporation ("FCC"), as administrative agent for the Lenders (the "Agent").
Preliminary Statements
The Borrowers, the Lenders, and the Agent are parties to a Loan and Security Agreement dated as of May 17, 2002, (as heretofore amended, the "Loan Agreement"; terms defined in the Loan Agreement (and not otherwise defined herein) are used in this Amendment as defined in the Loan Agreement).
The Borrowers have requested that the Loan Agreement be modified to increase the Revolving Credit Facility from $25 million to $30 million and to permit a $6 million stock repurchase program.
The Agent and Lenders have agreed to the aforementioned modification subject to the provisions of this Amendment.
Statement of Agreement
Accordingly, in consideration of the Loan Agreement, the Loans made by the Lenders and outstanding thereunder, the mutual promises hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1. Amendments to Loan Agreement. Effective as provided in Section 2 of this Amendment, the Loan Agreement is hereby amended as follows:
(a) by amending Section 1.1 Definitions by inserting therein in appropriate alphabetical order, the following new definition:
"Stock Repurchase Program" means a program approved by the board of directors of Xxxxxxx pursuant to which Xxxxxxx may in its discretion from time to time from October 1, 2003 through March 31, 2004 repurchase shares of its outstanding common stock pursuant to the terms of a modified Dutch tender offer up to a maximum aggregate purchase price for all such repurchases of $6,000,000.
(b) by further amending Section 1.1 Definitions by amending the following definitions in their entireties to read as follows:
"Fixed Charge Coverage Ratio" means, for any period, the ratio of (i) the sum of consolidated Net Income of Xxxxxxx and its Consolidated Subsidiaries for such period plus (without duplication) consolidated depreciation expense plus consolidated amortization plus consolidated interest expense plus consolidated Non-Cash Charges of Xxxxxxx and its Consolidated Subsidiaries for such
period, to the extent the same were deducted in computing such consolidated Net Income, less the sum of consolidated Capital Expenditures (exclusive of Financed Capex), Restricted Payments and Restricted Purchases of Xxxxxxx and its Consolidated Subsidiaries, other than those made pursuant to the Stock Repurchase Program, in each case made during such period, to (ii) the sum of consolidated Current Maturities of Long-Term Liabilities and Capitalized Lease Obligations of Xxxxxxx and its Consolidated Subsidiaries as of the last day of such period plus consolidated interest expense of Xxxxxxx and its Consolidated Subsidiaries for such period; provided, that for any accounting period of less than twelve consecutive months, consolidated Current Maturities of Long-Term Liabilities and Capitalized Lease Obligations of Xxxxxxx and its Consolidated Subsidiaries as of the date of determination shall be multiplied by a fraction, the numerator of which is the number of months included in such accounting period and the denominator of which is twelve.
"Revolving Credit Commitment" means as to FCC, $30,000,000, and, as to each Lender from and after an assignment by FCC, the amount set forth for such Lender in the Register maintained by the Agent pursuant to Section 13.1(d), representing such Lender's aggregate obligation, upon and subject to the terms and conditions of this Agreement, to make Revolving Credit Loans to each of the Borrowers.
"Revolving Credit Facility" means, at any time, the principal amount of $30,000,000.
2. Effectiveness of Amendment. This Amendment shall be effective as of the first date on which the Agent has received each of the following, each in form and substance satisfactory to the Agent:
(a) four (4) copies of this Amendment duly executed and delivered by each Borrower and the Lender;
(b) a certificate of the secretary or of an assistant secretary of each Borrower having attached thereto the constituent documents of such Borrower (or containing the certification of said officer that such constituent documents have not been amended or modified since last delivered to the Lender pursuant to the Loan Agreement), a copy of any corporate resolutions or evidence of any other corporate or other action taken by such Borrower to authorize the execution and delivery of this Amendment and performance of its obligations under the Loan Agreement as amended by this Amendment, and a listing of the names of the officers of such Borrower, and their specimen signatures, authorized to execute and deliver this Amendment and any related Loan Documents on behalf of such Borrower;
(c) a certificate of the president of each Borrower or the chief financial officer of each Borrower to the effect that, after giving effect to this Amendment, the representations and warranties of the Borrowers set forth in the Loan Agreement are true and correct in all material respects, and that no Default or Event of Default exists; and
(d) such other agreements, certificates, instruments and other documents as any Lender through the Agent may reasonably request in connection with the transactions contemplated hereby.
3. Lender Fee. As consideration for the Agent and Lender entering into this Amendment, Borrowers agree that on or after the date on which the Borrowers execute and deliver counterparts of this Amendment, the Agent shall charge to Borrowers' loan account the amount of $15,000 as a one-time fee.
4. Representations and Warranties. Each Borrower hereby represents and warrants to the Agent and the Lender that it has the corporate or other power and has taken all actions necessary to authorize it to execute and deliver this Amendment and the other documents contemplated to be delivered by it pursuant to this Amendment and to perform its obligations under the Loan Agreement as amended by this Amendment and under such other documents; that this Amendment has been and each such other document when executed and delivered by such Borrower will have been, duly executed and delivered by such Borrower; and that the Loan Agreement as amended hereby and each
such other document, constitute legal, valid and binding obligations of each Borrower, enforceable against each Borrower in accordance with their respective terms.
5. Effect of Amendment. From and after the effectiveness of this Amendment, all references in the Loan Agreement and in any other Loan Document to "this Agreement," "the Loan Agreement," "hereunder," "hereof" and words of like import referring to the Loan Agreement, shall mean and be references to the Loan Agreement as amended by this Amendment. Except as expressly amended hereby, the Loan Agreement and all terms, conditions and provisions thereof remain in full force and effect and are hereby ratified and confirmed. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.
6. Counterpart Execution; Governing Law; Costs and Expenses.
(a) Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed signature page of any party hereto by facsimile transmission shall be as effective as delivery of a manually executed counterpart thereof.
(b) Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Georgia.
(c) Expenses. In furtherance and not in limitation of the provisions of the Loan Agreement, the Borrowers will pay or reimburse the Agent and the Lenders for their costs and expenses, including reasonable fees and disbursements of counsel actually incurred, in connection with the preparation and delivery of this Amendment
[SIGNATURES BEGIN ON NEXT PAGE]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their respective officers thereunto duly authorized, as of the date first above written.
| BORROWERS: | |||
XXXXXXX INDUSTRIES, INC., a Missouri corporation |
|||
By: |
/s/ XXXXX X. XXXXX Xxxxx X. Xxxxx, Vice President of Finance and Chief Financial Officer |
||
XXXXXXX BUS CORPORATION, a Kansas corporation |
|||
By: |
/s/ XXXXX X. XXXXX Xxxxx X. Xxxxx, Vice President of Finance and Chief Financial Officer |
||
WHEELED COACH INDUSTRIES, INC., a Florida corporation |
|||
By: |
/s/ XXXXX X. XXXXX Xxxxx X. Xxxxx, Vice President of Finance and Chief Financial Officer |
||
CAPACITY OF TEXAS, INC., a Texas corporation |
|||
By: |
/s/ XXXXX X. XXXXX Xxxxx X. Xxxxx, Vice President of Finance and Chief Financial Officer |
||
[SIGNATURES CONTINUE ON NEXT PAGE]
[SIGNATURES CONTINUE FROM PRIOR PAGE]
| MOBILE-TECH CORPORATION, a Kansas corporation | |||
By: |
/s/ XXXXX X. XXXXX Xxxxx X. Xxxxx, Vice President of Finance and Chief Financial Officer |
||
BRUTZER CORPORATION, an Ohio corporation |
|||
By: |
/s/ XXXXX X. XXXXX Xxxxx X. Xxxxx, Vice President of Finance and Chief Financial Officer |
||
MID BUS, INC., an Ohio corporation |
|||
By: |
/s/ XXXXX X. XXXXX Xxxxx X. Xxxxx, Vice President of Finance and Chief Financial Officer |
||
MOBILE PRODUCTS, INC., a Kansas corporation |
|||
By: |
/s/ XXXXX X. XXXXX Xxxxx X. Xxxxx, Vice President of Finance and Chief Financial Officer |
||
[SIGNATURES CONTINUE ON NEXT PAGE]
[SIGNATURES CONTINUE FROM PRIOR PAGE]
| WORLD TRANS, INC., a Kansas corporation | |||
By: |
/s/ XXXXX X. XXXXX Xxxxx X. Xxxxx, Vice President of Finance and Chief Financial Officer |
||
[SIGNATURES CONTINUE ON NEXT PAGE]
[SIGNATURES CONTINUE FROM PRIOR PAGE]
| AGENT: | |||
FLEET CAPITAL CORPORATION, a Rhode Island corporation, as Agent |
|||
By: |
/s/ XXXXXX X.X. XXXXX Xxxxxx X.X. Xxxxx, Senior Vice President |
||
LENDER: |
|||
FLEET CAPITAL CORPORATION, a Rhode Island corporation |
|||
By: |
/s/ XXXXXX B.H. XXXXX Xxxxxx X.X. Xxxxx, Senior Vice President |
||
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
AMENDMENT NO. 3 TO LOAN AND SECURITY AGREEMENT
