Credit AgreementCredit Agreement • June 11th, 2015 • Friedman Industries Inc • Steel works, blast furnaces & rolling & finishing mills • Texas
This agreement dated as of April 27, 2015 is between JPMorgan Chase Bank, N.A. (together with its successors and assigns, the “Bank”), whose address is 712 Main Street, Houston, TX 77002-3201, and Friedman Industries, Incorporated (individually, the “Borrower” and if more than one, collectively, the “Borrowers”), whose address is 19747 Highway 59 North, Ste. 200, Houston, TX 77338.
Negative Pledge AgreementNegative Pledge Agreement • June 11th, 2015 • Friedman Industries Inc • Steel works, blast furnaces & rolling & finishing mills • Texas
FOR VALUABLE CONSIDERATION, the undersigned, Friedman Industries, Incorporated (the “Pledgor”), agrees and pledges to JPMorgan Chase Bank, N.A., whose address is 712 Main Street, Houston, TX 77002-3201 (the “Bank”), its successors and assigns, that from the date of this agreement until the “Liabilities” are paid in full, the Pledgor will not, without the express written consent of the Bank, which consent shall be at the sole discretion of the Bank, create or permit to exist any mortgage, deed of trust, lien, assignment, pledge, title retention lien, or other encumbrance or security interest with respect to accounts receivable and inventory (the “Property”), except liens (i) securing indebtedness to the Bank, and (ii) of current taxes not delinquent or as security for taxes being contested in good faith, or in connection with worker’s compensation insurance, unemployment insurance, or of mechanics and material men for sums not due or sums being contested in good faith for which adequate
