ACKNOWLEDGMENT TO SECOND AMENDMENT TO CREDIT AGREEMENTSubordination and Intercreditor Agreement • October 24th, 2011 • Advanced Environmental Recycling Technologies Inc • Millwood, veneer, plywood, & structural wood members
This ACKNOWLEDGEMENT TO SECOND AMENDED AND RESTATED SUBORDINATION AND INTERCREDITOR AGREEMENT (this “Agreement”), dated as of October 20, 2011, is executed and delivered by LIBERTY BANK OF ARKANSAS an Arkansas state chartered bank whose address for purposes of notice hereunder is P.O. Box 10890, Fayetteville, AR 72703, attn: Scott Hancock, Executive Vice President (“Liberty Bank”).
SECOND AMENDMENT TO CREDIT AGREEMENTCredit Agreement • October 24th, 2011 • Advanced Environmental Recycling Technologies Inc • Millwood, veneer, plywood, & structural wood members
THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of October 20, 2011 by and among ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES, INC., a Delaware corporation (the “Borrower”), H.I.G. AERT, LLC (in its individual capacity, “H.I.G.”), as Agent for all the Lenders party to the Credit Agreement referenced below and the Lenders party hereto.
AMENDED AND RESTATED SERIES B TERM NOTESeries B Term Note • October 24th, 2011 • Advanced Environmental Recycling Technologies Inc • Millwood, veneer, plywood, & structural wood members
This Term Note is a “Series B Note” referred to in, and is entitled to the benefits of, the Credit Agreement (as the same may be amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein without definition having the meanings ascribed thereto in the Credit Agreement) dated as of March 18, 2011, by and among the Borrower, H.I.G. AERT, LLC, as Administrative Agent and the other Lenders who from time to time are parties thereto, and the additional Credit Documents which, among other things, provide for the acceleration of the maturity hereof upon the occurrence of certain events and for prepayments in certain circumstances and upon certain terms and conditions specified therein. Notwithstanding any other provision of this Term Note, interest paid or becoming due hereunder shall in no event exceed the maximum rate permitted by applicable law.
