SIXTEENTH AMENDMENT TO LOAN AND SECURITY AGREEMENTLoan and Security Agreement • October 30th, 2009 • Point Blank Solutions, Inc. • Orthopedic, prosthetic & surgical appliances & supplies • New York
This SIXTEENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into as of this 29th day of October, 2009 by and among BANK OF AMERICA, N.A., as successor by merger to LaSalle Business Credit, LLC, as administrative agent and collateral agent (in such agent capacities, “Agent”) for itself and all other lenders from time to time a party hereto (“Lenders”), located at 135 South LaSalle Street, Chicago, Illinois 60603-4105, PROTECTIVE APPAREL CORPORATION OF AMERICA, a New York corporation (“PACA”), POINT BLANK BODY ARMOR INC., a Delaware corporation (“Point Blank”) and LIFE WEAR TECHNOLOGIES, INC., a Florida corporation (“Life Wear”, and together with PACA and Point Blank, collectively, the “Borrowers” and each, individually, a “Borrower”) and POINT BLANK SOLUTIONS, INC., a Delaware corporation (the “Parent” and a “Guarantor”). Unless otherwise specified herein, capitalized terms used in this Amendment shall have the meanings ascribed to them by the Loan Agreement (a
THIS INSTRUMENT AND THE RIGHTS AND OBLIGATIONS EVIDENCED HEREBY ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT SET FORTH IN THAT CERTAIN SUBORDINATION AND INTERCREDITOR AGREEMENT (THE “SUBORDINATION AGREEMENT”) DATED AS OF OCTOBER 29, 2009 BETWEEN...Loan and Security Agreement • October 30th, 2009 • Point Blank Solutions, Inc. • Orthopedic, prosthetic & surgical appliances & supplies • New York
FOR VALUE RECEIVED, the undersigned, PROTECTIVE APPAREL CORPORATION OF AMERICA, a New York corporation (“PACA”), POINT BLANK BODY ARMOR INC., a Delaware corporation (“Body Armor”), LIFE WEAR TECHNOLOGIES, INC., a Florida corporation (“Life Wear”), and POINT BLANK SOLUTIONS, INC., a Delaware corporation (“Point Blank” and collectively, together with PACA, Body Armor and Life Wear, the “Company”), hereby promise to pay on the Maturity Date to Subordinated Creditor (as defined in the Subordination Agreement) the lesser of (i) the principal amount of Ten Million DOLLARS ($10,000,000) or (ii) such lesser amount as may be advanced by the Subordinated Creditor on behalf of the Company pursuant to the terms of the Guarantee (defined herein), together with all accrued interest on the principal sum outstanding from time to time hereunder. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Subordination Agreement.
