Security AgreementSecurity Agreement • December 28th, 2012 • Miscor Group, Ltd. • Services-miscellaneous repair services
THIS SECURITY AGREEMENT (this “Agreement”), dated as of this day of December, 2012, is made by MISCOR GROUP, LTD. (the “Grantor”), with an address at 800 Nave Road, Southeast, Massillon, Ohio 44646, in favor of PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with an address at 213 Market Avenue North, Suite 250, Canton, Ohio 44702.
Committed Line of Credit Note (Daily LIBOR) $6,500,000.00 December , 2012Committed Line of Credit Note • December 28th, 2012 • Miscor Group, Ltd. • Services-miscellaneous repair services
FOR VALUE RECEIVED, MISCOR GROUP, LTD. (the “Borrower”), with an address at 800 Nave Road, Southeast, Massillon, Ohio 44646, promises to pay to the order of PNC BANK, NATIONAL ASSOCIATION (the “Bank”), in lawful money of the United States of America in immediately available funds at its offices located at 213 Market Avenue North, Suite 250, Canton, Ohio 44702, or at such other location as the Bank may designate from time to time, the principal sum of SIX MILLION FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($6,500,000.00) (the “Facility”) or such lesser amount as may be advanced to or for the benefit of the Borrower hereunder, together with interest accruing on the outstanding principal balance from the date hereof, all as provided below.
Guaranty AgreementGuaranty Agreement • December 28th, 2012 • Miscor Group, Ltd. • Services-miscellaneous repair services
THIS GUARANTY AGREEMENT (this “Guaranty”) is made and entered into as of this day of December, 2012, by MAGNETECH INDUSTRIAL SERVICES, INC. (the “Guarantor”), with an address at 800 Nave Road, Southeast, Massillon, Ohio 44646, in consideration of the extension of credit by PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with an address at 213 Market Avenue North, Suite 250, Canton, Ohio 44702, to MISCOR GROUP, LTD. (the “Borrower”), and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.
Borrowing Base RiderBorrowing Base Rider • December 28th, 2012 • Miscor Group, Ltd. • Services-miscellaneous repair services
THIS BORROWING BASE RIDER (“Rider”) is executed this day of December, 2012, by and between MISCOR GROUP, LTD. (the “Borrower”) with an address at 800 Nave Road, Southeast, Massillon, Ohio 44646, and PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with an address at 213 Market Avenue North, Suite 250, Canton, Ohio 44702. This Rider is incorporated into and made part of that certain Loan Agreement dated December , 2012, and promissory note dated December , 2012, and also into certain other financing documents and security agreements executed by and between the Borrower and the Bank (all such documents including this Rider are collectively referred to as the “Loan Documents”). All initially capitalized terms not otherwise defined in this Rider shall have the same meanings assigned to such terms in the other Loan Documents.
Loan AgreementLoan Agreement • December 28th, 2012 • Miscor Group, Ltd. • Services-miscellaneous repair services
THIS LOAN AGREEMENT (the “Agreement”), is entered into as of December , 2012, between MISCOR GROUP, LTD. (the “Borrower”), with an address at 800 Nave Road, Southeast, Massillon, Ohio 44646, and PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with an address at 213 Market Avenue North, Suite 250, Canton, Ohio 44702.
Reimbursement Agreement for Commercial Letter(s) of CreditReimbursement Agreement for Commercial Letter(s) of Credit • December 28th, 2012 • Miscor Group, Ltd. • Services-miscellaneous repair services
THIS REIMBURSEMENT AGREEMENT FOR COMMERCIAL LETTER(S) OF CREDIT (this “Agreement”) is made as of this day of December, 2012, by MISCOR GROUP, LTD. (the “Applicant”), with an address at 800 Nave Road, Southeast, Massillon, Ohio 44646 in favor of PNC Bank, National Association (the “Bank”) and any Bank Affiliate (as hereinafter defined), with an address at 213 Market Avenue North, Suite 250, Canton, Ohio 44702. From time to time by submitting an application in a form approved by the Bank (an “Application”), the Applicant or any of its subsidiaries or affiliates may request the issuance of one or more letters of credit (each, a “Credit”). The Bank or any Bank Affiliate may issue any such Credit, but they shall have no obligation to do so unless otherwise agreed in writing. The Applicant agrees that the following terms and conditions shall apply to any Credit:
Reimbursement Agreement for Standby Letter(s) of CreditReimbursement Agreement for Standby Letter(s) of Credit • December 28th, 2012 • Miscor Group, Ltd. • Services-miscellaneous repair services
THIS REIMBURSEMENT AGREEMENT FOR STANDBY LETTER(S) OF CREDIT (this “Agreement”) is made as of this day of December, 2012, by MISCOR GROUP, LTD. (the “Obligor”), with an address at 800 Nave Road, Southeast, Massillon, Ohio 44646 in favor of PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with an address at 213 Market Avenue North, Suite 250, Canton, Ohio 44702. From time to time by submitting an application in a form approved by the Bank (an “Application”), the Obligor or any of its subsidiaries or affiliates may request the Bank to issue one or more letters of credit (each, a “Credit”). The Bank may issue any such Credit, but the Bank shall have no obligation to do so unless otherwise agreed in writing. The Obligor agrees that the following terms and conditions shall apply to any Credit:
This instrument was prepared by (Michelle Warren):Open-End Mortgage, Assignment of Rents and Leases and Security Agreement • December 28th, 2012 • Miscor Group, Ltd. • Services-miscellaneous repair services
THIS OPEN-END MORTGAGE, ASSIGNMENT OF RENTS AND LEASES AND SECURITY AGREEMENT (this “Mortgage”) is made as of the day of December, 2012, by MAGNETECH INDUSTRIAL SERVICES OF ALABAMA, L.L.C. N/K/A MAGNETECH INDUSTRIAL SERVICES, INC. , an Indiana corporation (the “Mortgagor”), with an address at 800 Nave Road, Southeast, Massillon, Ohio 44646 in favor of PNC BANK, NATIONAL ASSOCIATION (the “Mortgagee”), with an address at 213 Market Avenue North, Suite 250, Canton, Ohio 44702.
Term Note (LIBOR ONLY – DESIGNATED RATE RESET) $2,500,000.00 December , 2012Term Note • December 28th, 2012 • Miscor Group, Ltd. • Services-miscellaneous repair services • Ohio
FOR VALUE RECEIVED, MISCOR GROUP, LTD. (the “Borrower”), with an address at 800 Nave Road, Southeast, Massillon, Ohio 44646, promises to pay to the order of PNC BANK, NATIONAL ASSOCIATION (the “Bank”), in lawful money of the United States of America in immediately available funds at its offices located at 213 Market Avenue North, Suite 250, Canton, Ohio 44702, or at such other location as the Bank may designate from time to time, the principal sum of TWO MILLION FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($2,500,000.00) (the “Facility”), together with interest accruing on the outstanding principal balance from the date hereof, all as provided below.
