Exhibit 10.28
AMENDMENT #1 TO RECEIVABLES SALE AGREEMENT
THIS AMENDMENT #1 (this "Amendment"), is dated as of November 30,
2001, is by and among Actuant Corporation, a Wisconsin corporation ("Parent"),
Del City Wire Co., Inc., an Oklahoma corporation, GB Tools and Supplies, Inc., a
Wisconsin corporation, Versa Technologies, Inc., a Delaware corporation, and
Engineered Solutions, L.P., an Indiana limited partnership (each of the
foregoing, an "Existing Originator" and collectively, the "Existing
Originators"), Xxxxxxx Hardware Corp., a Connecticut corporation ("Xxxxxxx"),
Actuant Receivables Corporation, a Nevada corporation ("Buyer"), and Wachovia
Bank, N.A., as Agent (the "Agent"), and pertains to the Receivables Sale
Agreement dated as of May 30, 2001 by and among Parent, the Existing Originators
and Buyer (the "Existing Agreement"). Unless defined elsewhere herein,
capitalized terms used in this Amendment shall have the meanings assigned to
such terms in the Existing Agreement.
PRELIMINARY STATEMENT
Each of the Existing Originators, Buyer and Xxxxxxx wishes
to amend the Existing Agreement to add Xxxxxxx as an Originator
thereunder and to add Versa Technologies, Inc.'s Milwaukee
Cylinder Division's receivables to the definition of
"Receivables", and the Agent is willing to consent to such
amendments on the terms and subject to the conditions hereinafter
set forth.
NOW, THEREFORE, in consideration of the foregoing premises and the
mutual agreements herein contained and other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto
agree as follows:
Section 1. Amendments.
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1.1. Xxxxxxx Hardware Corp, a Connecticut corporation ("Xxxxxxx"), is
hereby added as an Originator under the Existing Agreement; provided, however,
that solely insofar as Xxxxxxx is concerned: (a) any reference in the Existing
Agreement to "the date hereof" or "the date of this Agreement" shall be deemed
to be references to the date of this Amendment, and (b) the "Initial Cutoff
Date" for Xxxxxxx shall be deemed to be the Business Day preceding the date of
this Amendment.
1.2. The definition of "Receivable" in the Existing Agreement is
hereby amended and restated in its entirety to read as follows:
"Receivable" means each Account owed to an Originator (at
the times it arises, and before giving effect to any transfer or
conveyance under the Agreement) or to Buyer (after giving effect
to the transfers under the Agreement) including, without
limitation, the obligation to pay any Finance Charges with
respect thereto: provided, however, that with respect to Actuant
Corporation, only an Account arising in connection with the sale
of goods or the rendering of services by its Enerpac Division and
Powerpacker Division shall be included in "Receivable" and with
respect to Versa Technologies, Inc., only an Account arising in
connection with the sale of goods or the rendering of services by
its
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Powergear Division or its Milwaukee Cylinder Division shall be included in
"Receivable". Indebtedness and other rights and obligations arising from
any one transaction, including, without limitation, indebtedness and other
rights and obligations represented by an individual invoice, shall
constitute a Receivable separate from a Receivable consisting of the
indebtedness and other rights and obligations arising from any other
transaction; provided, further, that any indebtedness, rights or
obligations referred to in the immediately preceding sentence shall be a
Receivable regardless or whether the account debtor or such Originator
treats such indebtedness, rights or obligations as a separate payment
obligation.
1.3. Exhibit II to the Existing Agreement is hereby amended and
restated in its entirety to read as set forth in Exhibit II to this Amendment.
1.4. Exhibit III to the Existing Agreement is hereby amended and
restated in its entirety to read as set forth in Exhibit III to this Amendment.
1.5. Exhibit V to the Existing Agreement is hereby amended to add the
copy of Xxxxxxx'x Credit and Collection Policy delivered pursuant to Schedule A
to this Amendment.
Section 2. Representations. In order to induce the other parties
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hereto to consent to this Amendment: (a) Xxxxxxx hereby makes each of the
representations and warranties set forth in Section 2.1 of the Existing
Agreement, and (b) each of the Existing Originators hereby confirms that, as of
the date of this Amendment, no event has occurred and is continuing that will
constitute a Termination Event or an Unmatured Termination Event.
Section 3. Conditions Precedent. This Amendment shall become effective
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as of the date first above written upon receipt by the Agent of (a) each of the
documents listed on Schedule A hereto, each in form reasonably satisfactory to
the Agent, and (b) a fully-earned and non-refundable amendment fee of $20,000 in
immediately available funds.
Section 4. Miscellaneous.
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4.1. CHOICE OF LAW. THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN
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ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF
ILLINOIS.
4.2. CONSENT TO JURISDICTION. EACH ORIGINATOR AND BUYER HEREBY
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IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES
FEDERAL OR ILLINOIS STATE COURT SITTING IN CHICAGO, ILLINOIS IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE EXISTING
AGREEMENT AS AMENDED HEREBY OR ANY DOCUMENT EXECUTED BY ORIGINATOR PURSUANT TO
THIS AMENDMENT OR THE EXISTING AGREEMENT AS AMENDED HEREBY AND EACH ORIGINATOR
AND BUYER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES
ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT,
ACTION OR
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PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.
NOTHING HEREIN SHALL LIMIT THE RIGHT OF BUYER (OR ITS ASSIGNS) TO BRING
PROCEEDINGS AGAINST ORIGINATOR IN THE COURTS OF ANY OTHER JURISDICTION. ANY
JUDICIAL PROCEEDING BY ANY ORIGINATOR AGAINST BUYER (OR ITS ASSIGNS) OR ANY
AFFILIATE THEREOF INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY
ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT OR THE EXISTING
AGREEMENT AS AMENDED HEREBY OR ANY DOCUMENT EXECUTED BY ORIGINATOR PURSUANT TO
THIS AMENDMENT OR THE EXISTING AGREEMENT AS AMENDED HEREBY SHALL BE BROUGHT ONLY
IN A COURT IN CHICAGO, ILLINOIS.
4.3. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY
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JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER
(WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF,
RELATED TO, OR CONNECTED WITH THIS AMENDMENT OR THE EXISTING AGREEMENT AS
AMENDED HEREBY, ANY DOCUMENT EXECUTED BY ORIGINATOR PURSUANT TO THIS AMENDMENT
OR THE EXISTING AGREEMENT AS AMENDED HEREBY OR THE RELATIONSHIP ESTABLISHED
HEREUNDER OR THEREUNDER.
4.4. Counterparts. This Amendment may be executed in any number of
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counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which when
taken together shall constitute one and the same Agreement.
[signature pages follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their duly authorized officers as of the date hereof.
ACTUANT CORPORATION
By: /s/
--------------------------------
Name:
Title:
Address: 0000 Xxxxx Xxxxx Xxxx
Xxxxxxxx, XX 00000
Attn: Xxxxx X. Xxxxxx
Phone: (000) 000-0000
Fax: (000) 000-0000
DEL CITY WIRE CO., INC.
By: /s/
--------------------------------
Name:
Title:
Address: 0000 Xxxxx Xxxxx Xxxx
Xxxxxxxx, XX 00000
Attn: Xxxxx X. Xxxxxx
Phone: (000) 000-0000
Fax: (000) 000-0000
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GB TOOLS AND SUPPLIES, INC.
By: /s/
--------------------------------
Name:
Title:
Address: 0000 Xxxxx Xxxxx Xxxx
Xxxxxxxx, XX 00000
Attn: Xxxxx X. Xxxxxx
Phone: (000) 000-0000
Fax: (000) 000-0000
VERSA TECHNOLOGIES, INC.
By: /s/
--------------------------------
Name:
Title:
Address: 0000 Xxxxx Xxxxx Xxxx
Xxxxxxxx, XX 00000
Attn: Xxxxx X. Xxxxxx
Phone: (000) 000-0000
Fax: (000) 000-0000
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ENGINEERED SOLUTIONS, L.P.
BY: Versa Technologies, Inc., its General
Partner
By: /s/
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Name:
Title:
Address: 0000 Xxxxx Xxxxx Xxxx
Xxxxxxxx, XX 00000
Attn: Xxxxx X. Xxxxxx
Phone: (000) 000-0000
Fax: (000) 000-0000
XXXXXXX HARDWARE CORP.
By: /s/
----------------------------------
Name:
Title:
Address: 0000 Xxxxx Xxxxx Xxxx
Xxxxxxxx, XX 00000
Attn: Xxxxx X. Xxxxxx
Phone: (000) 000-0000
Fax: (000) 000-0000
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ACTUANT RECEIVABLES CORPORATION
By: /s/
--------------------------------------
Name:
Title:
Address: 0000 Xxxxxx Xxxxxx Xxxx.
Xxxxx 000
Xxx Xxxxx, Xxxxxx 00000
Attn: Xxx Xxxx
Phone: (000) 000-0000
Fax: (000) 000-0000
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WACHOVIA BANK, N.A., as Agent
By: /s/
---------------------------------
Name:
Title:
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Exhibit II
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Chief Executive Offices; Locations of Records;
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Federal Employer Identification Numbers; Other Names
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Chief Executive Office for Each Originator:
0000 Xxxxx Xxxxx Xxxx
Xxxxxxxx, XX 00000
Locations of Records for Each Originator:
0000 Xxxxx Xxxxx Xxxx
Xxxxxxxx, XX 00000
Federal Employer Identification Number for Each Originator:
Actuant Corporation: 00-0000000
Del City Wire Co., Inc.: 00-0000000
GB Tools and Supplies, Inc.: 00-0000000
Versa Technologies, Inc.: 00-0000000
Engineered Solutions, L.P.: 00-0000000
Xxxxxxx Hardware Corp. 00-0000000
Legal, Trade and Assumed Names for Each Originator:
Actuant Corporation: Applied Power Inc. (1/11/01)
Del City Wire Co., Inc.: n/a
GB Tools and Supplies, Inc.: Xxxxxxx Xxxxxx, Inc. (12/22/00); APW
Tools and Supplies, Inc. (9/21/00); GB
Electrical, Inc. (4/19/99)
Versa Technologies, Inc.: n/a
Engineered Solutions, L.P.: n/a
Xxxxxxx Hardware Corp. n/a
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Exhibit III
Revised Cash Collection Structure
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Existing Concentration
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Legal Entity Business Xxxx Xxxx Xxxxxxx # XXX # Xxxxxxxxx
5/31/02
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Actuant Receivables (new "SPE") Bank One n/a 10-87832 ZBA to 10-61597
Corporation
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Tools & Supplies
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Actuant Corporation Enerpac Bank One 22730 10-87766 ZBA to 10-87832
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GB Tools & Supplies, Inc. Xxxxxxx Xxxxxx (GB) Bank One 22732 10-87774 ZBA to 10-87832
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" Calterm Bank One 22732 10-87774
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" Ancor Products Bank One n/a 10-87782 ZBA to 10-87832
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Del City Wire Co. Inc. Del City Bank One 22736 10-87790 ZBA to 10-87832
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Engineered Solutions
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Actuant Corporation Power Packer Bank One 22738 10-87808 ZBA to 10-87832
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Versa Technologies, Inc. Power Gear Bank One 22742 10-87816 ZBA to 10-87832
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Engineered Solutions LP Engineered Solutions Bank One 22626 10-81348 ZBA to 10-87832
Americas
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(sub of VT Holdings, Inc.) (i.e., currently
Xxxxxx only)
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Versa Technologies, Inc. Milwaukee Cylinder M & I 10199 486-6114 will wire to
10-87832
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Xxxxxxx Sessions Xxxxxxx Sessions Bank One n/a 09-25152 will ZBA to
10-87832
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Schedule A
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DOCUMENTS TO BE DELIVERED PRIOR TO EFFECTIVENESS OF AMENDMENT #1
1. Executed copies of this Amendment, duly executed by each of the parties
hereto.
2. Copy of Xxxxxxx'x Credit and Collection Policy to be added to Exhibit V to
the Existing Agreement.
3. A certificate of Xxxxxxx'x [Assistant] Secretary certifying:
(a) A copy of the Resolutions of the Board of Directors of Xxxxxxx,
authorizing Xxxxxxx'x execution, delivery and performance of this
Amendment, the Receivables Sale Agreement as amended hereby, and the other
documents to be delivered by it thereunder;
(b) A copy of the Organizational Documents of Xxxxxxx (also certified,
to the extent that such documents are filed with any governmental
authority, by the Secretary of State of Connecticut on or within thirty
(30) days prior to closing);
(c) Good Standing Certificates for Xxxxxxx issued by the Secretaries
of State of Connecticut and each other jurisdiction where it has material
operations; and
(d) The names and signatures of the officers authorized on Xxxxxxx'x
behalf to execute this Amendment.
4. Pre-filing state and federal tax lien, judgment lien and UCC lien searches
against Xxxxxxx in the State of Connecticut, Wisconsin DFI, and Milwaukee
County, WI.
5. A proper UCC-1 financing statement in form suitable for filing against
Xxxxxxx under the Connecticut UCC to perfect the ownership interests in
Xxxxxxx'x Receivables and Related Security contemplated by the Receivables
Sale Agreement.
6. UCC partial releases in form suitable for filing necessary to release all
security interests and other rights of any Person in the Receivables and
Related Security previously granted by Xxxxxxx or Versa Technologies, Inc.,
together with an executed copy of any instrument of release delivered in
connection therewith.
7. Executed Collection Account Agreement amendments for each Lock-Box and
Collection Account at Bank One, NA or M&I Bank.
8. Amendments to existing Versa Technologies, Inc. financing statements
reflecting the addition of the Milwaukee Cylinder division receivables.
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9. A favorable opinion of legal counsel for Xxxxxxx licensed to give opinions
under Illinois law reasonably acceptable to Buyer (and the Agent, as
Buyer's assignee) as to the matters covered in the opinion regarding the
Existing Originators delivered in connection with the Existing Agreement.
10. A "true sale" opinion and "substantive consolidation" opinion of counsel
for Xxxxxxx with respect to the transactions contemplated by the
Receivables Sale Agreement.
11. If applicable, executed copies of (i) all consents from and authorizations
by any Persons and (ii) all waivers and amendments to existing credit
facilities, that are necessary in connection with Xxxxxxx'x addition as an
Originator under the Receivables Sale Agreement.
12. Executed Subordinated Note by Buyer in favor of Xxxxxxx.
13. An amendment to add Xxxxxxx to the definition of "Originator" in the
Receivables Purchase Agreement, duly executed by each of the parties
thereto.
14. An amendment to add Xxxxxxx to the definition of "Originator" in each of
the UCC financing statements filed against Buyer, as debtor/seller, under
the Receivables Purchase Agreement, in form suitable for filing in each
applicable jurisdiction.
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