Exhibit 10.1
 

 
THIRD AMENDMENT TO FIRST LIEN CREDIT AGREEMENT
 
THIS THIRD AMENDMENT TO FIRST LIEN CREDIT AGREEMENT (this “Amendment”) is
entered into as of April 18, 2012 by and among GUNDLE/SLT ENVIRONMENTAL, INC., a
Delaware corporation (the “Borrower”), the other Persons party hereto that are
designated as a “Credit Party” on the signature pages hereof, GENERAL ELECTRIC
CAPITAL CORPORATION, a Delaware corporation (in its individual capacity, “GE”),
as Agent and as a Lender, and the other LENDERS signatory hereto.
 
W I T N E S S E T H:
 
WHEREAS, Borrower, the other Credit Parties, GE, as Agent and as a Lender, and
the other Lenders from time to time party thereto are parties to that certain
First Lien Credit Agreement dated as of May 27, 2011 (as the same has been and
may hereafter be amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”);
 
WHEREAS, Borrower has requested an additional term loan from certain Lenders
and, in connection therewith, that Agent and Lenders amend certain provisions of
the Credit Agreement; and
 
WHEREAS, subject to the satisfaction of the conditions set forth herein, such
Lenders are willing to make such additional term loan available to Borrower and
Agent and the Lenders signatory hereto are willing to amend the Credit Agreement
in certain respects, in each case, on the terms set forth herein.
 
NOW, THEREFORE, in consideration of the mutual agreements, provisions and
covenants contained herein, the parties agree as follows:
 
1. Defined Terms.  Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Credit Agreement.
 
2. Amendments to Credit Agreement.  Upon satisfaction of the conditions set
forth in Section 3 hereof, the Credit Agreement is hereby amended as follows:

a. Section 1.1 of the Credit Agreement is hereby amended by deleting subsection
(a) thereof in its entirety and substituting the following therefor:

"(a) The Initial Term Loans. Subject to the terms and conditions of this
Agreement and in reliance upon the representations and warranties of the Credit
Parties contained herein, each Lender with a (i) Closing Date Term Loan
Commitment severally and not jointly agrees to lend to the Borrower on the
Closing Date, the amount set forth opposite such Lender’s name in Schedule
1.1(a) under the heading “Closing Date Term Loan Commitment” (such amount, as
the same may be terminated in accordance with the
 
 
 

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terms of this Agreement, being referred to herein as such Lender’s “Closing Date
Term Loan Commitment”) and (ii) Third Amendment Term Loan Commitment severally
and not jointly agrees to lend to the Borrower on the Third Amendment Effective
Date, the amount set forth opposite such Lender’s name in Schedule 1.1(a) under
the heading “Third Amendment Term Loan Commitment” (such amount, as the same may
be terminated in accordance with the terms of this Agreement, being referred to
herein as such Lender’s “Third Amendment Term Loan Commitment”; the Closing Date
Term Loan Commitment and the Third Amendment Term Loan Commitment are referred
to herein collectively as such Lender's "Initial Term Loan
Commitment").  Amounts borrowed under subsection 1.1(a)(i) are referred to as
the "Closing Date Term Loans" and amounts borrowed under subsection 1.1(a)(ii)
are referred to as the "Third Amendment Term Loans" (Third Amendment Term Loans
and Closing Date Term Loans are each sometimes referred to individually as an
"Initial Term Loan" and collectively as the “Initial Term Loans”).  Once prepaid
or repaid, Initial Term Loans may not be reborrowed. On the Closing Date and
after giving effect to the making of the Closing Date Term Loans on such date,
and on the Third Amendment Effective Date and after giving effect to the making
of the Third Amendment Term Loans on such date, the Closing Date Term Loan
Commitment and the Third Amendment Term Loan Commitment of each Lender, as
applicable, shall, respectively, terminate."

b. Subsection 1.8(a) of the Credit Agreement is hereby amended by deleting
clause (i) thereof in its entirety and substituting the following therefor:
 

“(i) Scheduled Initial Term Loan Payments.  The principal amount of the Initial
Term Loans shall be paid in installments (as adjusted as provided herein by any
prior prepayments of principal of Initial Term Loans) on the dates and in the
respective amounts shown below:
 
Date of Payment
Amount of Initial Term
Loan Payment
The last Business Day of the Fiscal Quarter ending June 30, 2012
$392,500
The last Business Day of the Fiscal Quarter ending September 30, 2012
$392,500
The last Business Day of the Fiscal Quarter ending December 31, 2012
$392,500
The last Business Day of the Fiscal Quarter ending March 31, 2013
$392,500
The last Business Day of the Fiscal Quarter ending June 30, 2013
$392,500

 
 
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Date of Payment
Amount of Initial Term
Loan Payment
The last Business Day of the Fiscal Quarter ending September 30, 2013
$392,500
The last Business Day of the Fiscal Quarter ending December 31, 2013
$392,500
The last Business Day of the Fiscal Quarter ending March 31, 2014
$392,500
The last Business Day of the Fiscal Quarter ending June 30, 2014
$392,500
The last Business Day of the Fiscal Quarter ending September 30, 2014
$392,500
The last Business Day of the Fiscal Quarter ending December 31, 2014
$392,500
The last Business Day of the Fiscal Quarter ending March 31, 2015
$392,500
The last Business Day of the Fiscal Quarter ending June 30, 2015
$392,500
The last Business Day of the Fiscal Quarter ending September 30, 2015
$392,500
The last Business Day of the Fiscal Quarter ending December 31, 2015
$392,500
The last Business Day of the Fiscal Quarter ending March 31, 2016
$392,500
Initial Term Loan Maturity Date
$149,707,500

 
The final scheduled installment of the Initial Term Loans on the Initial Term
Loan Maturity Date shall, in any event, be in an amount equal to the entire
remaining principal balance of the Initial Term Loans.  Each of the installment
payments of the Initial Term Loans under this subsection 1.8(a)(i) shall be
subject to increase as, and to the extent, provided in Section 1.12."
 
 
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c. Section 4.10 of the Credit Agreement is hereby amended by deleting subsection
(a) thereof in its entirety and substituting the following therefor:
 

“(a)           The Borrower shall use the proceeds of the Initial Term Loans
(other than the Third Amendment Term Loans) solely to refinance on the Closing
Date, Prior Indebtedness and to pay fees, costs and expenses in connection with
the Transactions and shall use the proceeds of the Third Amendment Term Loans
solely to repay in full on the Third Amendment Effective Date the aggregate
amount of all unpaid Second Lien Indebtedness (including all principal, fees and
prepayment penalties in connection therewith) outstanding as of the Third
Amendment Effective Date and to pay fees, costs and expenses in connection with
the consummation of the Third Amendment Term Loan.”

d. Section 5.10 of the Credit Agreement is hereby amended by (i) deleting "and"
at the end of subsection (D) thereof, (ii) deleting the period at the end of
subsection (E) thereof and substituting "; and" therefor and (iii) adding to the
end of such Section the following new subsection (F):
 

"(F)  Notwithstanding anything to the contrary set forth in this Section 5.10,
the Borrower may prepay in full the aggregate amount of all unpaid Second Lien
Indebtedness (including all principal, fees and prepayment penalties in
connection therewith) on the Third Amendment Effective Date with the proceeds of
the Third Amendment Term Loans."

e. Section 6.1 of the Credit Agreement is hereby amended by deleting subsection
(a) thereof in its entirety and substituting the following therefor:
 

“(a)           The Credit Parties and their Subsidiaries shall not make or
commit to make Capital Expenditures (excluding, in any event, to the extent
constituting Capital Expenditures, the purchase price for the Poly America
Assets) for any Fiscal Year (including, in the case of the Fiscal Year ending
December 31, 2011, with respect to the period prior to the Closing Date) set
forth below in excess of the amount set forth in the table below with respect to
such Fiscal Year:
 
Fiscal Year Ending
Capital Expenditure Limitation
December 31, 2011
$17,500,000 
December 31, 2012
$11,250,000
December 31, 2013
$11,250,000
December 31, 2014
$11,250,000
December 31, 2015
$5,000,000
December 31, 2016
$3,000,000"
 

 
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f. Section 11.1 of the Credit Agreement is hereby amended by adding the
following defined terms thereto in applicable alphabetical order:

Closing Date Term
Loan                                                                           1.1(a)
Closing Date Term Loan
Commitment                                                    1.1(a)
Third Amendment Term
Loan                                                                  1.1(a)
Third Amendment Term Loan
Commitment                                           1.1(a)

g. Section 11.1 of the Credit Agreement is hereby amended by deleting the
definition of "Aggregate Term Loan Commitment" set forth therein in its entirety
and substituting the following therefor:
 
“Aggregate Term Loan Commitment” of any Tranche of Term Loans means the combined
Term Loan Commitments of such Tranche of the Lenders with Commitments in respect
thereof, as such amount may be reduced from time to time pursuant to this
Agreement.  The Aggregate Term Loan Commitment in respect of the Closing Date
Term Loan Commitments on the Closing Date shall be $135,000,000 and in respect
of the Third Amendment Term Loan Commitments on the Third Amendment Effective
Date shall be $22,000,000, as each such amount may be reduced from time to time
pursuant to this Agreement.
 
h. Section 11.1 of the Credit Agreement is hereby further amended by adding the
following definitions thereto in appropriate alphabetical order:

"Poly America Assets" means the equipment and other assets purchased by GSE
Lining Technology, LLC pursuant to and in accordance with the Poly America
Purchase Agreement, including any improvements and/or refurbishments to such
equipment and other assets.

"Poly America Purchase Agreement" means that certain Asset Purchase
Agreement dated as of March 12, 2012 by and among Poly-America, L.P. and
Poly-Flex, Inc., as sellers and GSE Lining Technology, LLC, as buyer.

“Third Amendment Effective Date” means April 18, 2012.

i. Schedule 1.1(a) of the Credit Agreement is hereby amended by (i) deleting the
column heading "Commitment" set forth therein and substituting therefor "Closing
Date Term Loan Commitment" and (ii) supplementing such schedule with the Third
Amendment Term Loan Commitments and other information attached hereto as Exhibit
A.

3. Conditions.  The effectiveness of this Amendment is subject to the
satisfaction of the following conditions precedent or concurrent:
 
a. the execution and delivery to Agent of this Amendment by each Credit Party,
Agent, Required Lenders and each Lender providing a Third Amendment Term Loan;
 
 
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b. the execution and delivery to Agent of each of the documents, instruments,
certificates and agreements set forth on the Closing Agenda attached hereto as
Exhibit B;
 
c. payment by Borrower to Agent of a fully-earned, non-refundable amendment fee
equal to (i) for the benefit of each applicable Lender that has delivered and
released to Agent its executed signature page to this Amendment on the date
hereof (each such Lender, a “Consenting Lender”), 0.25% of the sum of (x)
Revolving Loan Commitment of each such Lender and (y) the outstanding principal
amount of the Closing Date Term Loan held by each Consenting Lender on the date
hereof, and (ii) for the benefit of each Lender that has made available to
Borrower all or a portion of the Third Amendment Term Loan 1.25% of the
principal amount of the Third Amendment Term Loan held by such Lender;
 
d. Agent shall have received a fully executed pay-off letter reasonably
satisfactory to Agent confirming that all Obligations (as defined in the Second
Lien Credit Agreement) owing by any Credit Party in respect of the Second Lien
Credit Agreement have been repaid in full and such UCC (or equivalent)
termination statements, mortgage releases, releases of assignments of leases and
rents, releases of security interests in Intellectual Property and other
instruments, in each case in proper form for recording or filing as Agent shall
have reasonably requested to release and terminate of record the Liens securing
the Second Lien Credit Agreement;
 
e. the truth and accuracy of the representations and warranties contained in
Section 4 hereof; and
 
f. no Default or Event of Default shall have occurred and be continuing or arise
as a direct result of the effectiveness of this Amendment.
 
4. Representations and Warranties.   Each Credit Party hereby represents and
warrants to Agent and each Lender as follows:

a. the representations and warranties made by such Credit Party contained in the
Loan Documents are true and correct in all material respects (without
duplication of any materiality qualifier contained therein) as of the date
hereof, except to the extent such representation or warranty expressly relates
to an earlier date (in which event such representations and warranties were true
and correct in all material respects (without duplication of any materiality
qualifier contained therein) as of such earlier date;
 
b. such Credit Party is a corporation or limited liability company, duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation or formation, as applicable;

c. such Credit Party  has the power and authority to execute, deliver and
perform its obligations under this Amendment and the Credit Agreement, as
amended hereby;
 
 
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d. the execution, delivery and performance by such Credit Party of this
Amendment and the Credit Agreement, as amended hereby, and the incurrence of the
additional indebtedness, liabilities and other obligations of such Credit Party
hereunder have been duly authorized by all necessary action;
 
e. this Amendment and the Credit Agreement, as amended hereby, constitutes the
legal, valid and binding obligation of such Credit Party, enforceable against
such Person in accordance with their terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, or similar laws affecting the
enforcement of creditor’s rights generally or by equitable principles relating
to enforceability;
 
f. the execution, delivery and performance by each of the Credit Parties of this
Amendment have been duly authorized by all necessary action, and do not and will
not: (a) contravene the terms of any of that Person’s Organization Documents;
(b) conflict with or result in any breach or contravention of, or result in the
creation of any Lien under, any document evidencing any material Contractual
Obligation to which such Person is a party or any material order, injunction,
writ or decree of any Governmental Authority to which such Person or its
Property is subject; or (c) violate any material Requirement of Law in any
material respect; and
 
g. no Default or Event of Default exists or shall arise as a direct result of
the effectiveness of this Amendment.
 
5. Post-Closing Obligations.  Borrower and the other Credit Parties shall
deliver, or cause to be delivered, to the Agent no later than sixty (60) days
following the date hereof (or such later date as Agent may reasonably agree)
binding and effective date down endorsements or an executed "nothing further
letter" (as applicable in each relevant jurisdiction) from the applicable title
company for the existing loan policies of title insurance obtained by the Credit
Parties in favor of Agent for each of the following locations:  (i) 19103 Gundle
Road, Houston, TX 77073, (ii) 3150 First Avenue, Spearfish, SD 57783 and (iii)
1245 Eastland Avenue, Kingstree, SC 29556, which such date down endorsements and
letters shall be in form and substance reasonably satisfactory to Agent.
 
6. No Modification.  Except as expressly set forth herein, nothing contained
herein shall be deemed to constitute a waiver of compliance with any term or
condition contained in the Credit Agreement or any of the other Loan Documents
or constitute a course of conduct or dealing among the parties.  Except as
expressly stated herein, the Agent and Lenders reserve all rights, privileges
and remedies under the Loan Documents.  Except as amended or consented to
hereby, the Credit Agreement and other Loan Documents remain unmodified and in
full force and effect.  All references in the Loan Documents to the Credit
Agreement shall be deemed to be references to the Credit Agreement as amended
and waived hereby.
 
7. Counterparts.  This Amendment may be executed in any number of counterparts
and by different parties in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement.  Signature pages may be detached from
multiple separate counterparts and attached to a single counterpart.  Delivery
of an executed signature page of this Amendment by facsimile transmission or
Electronic Transmission shall be as effective as delivery of a manually executed
counterpart hereof.
 
 
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8. Successors and Assigns.  The provisions of this Amendment shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns; provided that none of the Credit Parties may assign or
transfer any of its rights or obligations under this Amendment without the prior
written consent of the Agent.
 
9. Further Assurance.  Borrower hereby agrees from time to time, as and when
requested by the Agent or Lender, to execute and deliver or cause to be executed
and delivered, all such documents, instruments and agreements and to take or
cause to be taken such further or other action as the Agent or Lender may
reasonably deem necessary or desirable in order to carry out the intent and
purposes of this Amendment, the Credit Agreement and the Loan Documents.
 
10. Governing Law and Jurisdiction.
 
(a)           Governing Law.  The laws of the State of New York shall govern all
matters arising out of, in connection with or relating to this Amendment,
including, without limitation, its validity, interpretation, construction,
performance and enforcement (including, without limitation, any claims sounding
in contract or tort law arising out of the subject matter hereof and any
determinations with respect to post-judgment interest) (without regard to
conflicts of law principles (other than Sections 5-1401 and 5-1402 of the New
York General Obligations Law)).
 
(b)           Submission to Jurisdiction.  Any legal action or proceeding with
respect to this Amendment shall be brought exclusively in the courts of the
State of New York located in the City of New York, Borough of Manhattan, or of
the United States of America sitting in the Southern District of New York and,
by execution and delivery of this Amendment, each Credit Party hereby accepts
for itself and in respect of its property, generally and unconditionally, the
jurisdiction of the aforesaid courts.  The parties hereto hereby irrevocably
waive any objection, including any objection to the laying of venue or based on
the grounds of forum non conveniens, that any of them may now or hereafter have
to the bringing of any such action or proceeding in such jurisdictions.
 
(c)           Service of Process.  Each Credit Party hereby irrevocably waives
personal service of any and all legal process, summons, notices and other
documents and other service of process of any kind and consents to such service
in any suit, action or proceeding brought in the United States of America with
respect to or otherwise arising out of or in connection with this Agreement by
any means permitted by applicable Requirements of Law, including by the mailing
thereof (by registered or certified mail, postage prepaid) to the address of
such Person specified in the Credit Agreement (and shall be effective when such
mailing shall be effective, as provided therein).  Each Credit Party agrees that
a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law.
 
 
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(d)           Non-Exclusive Jurisdiction.  Nothing contained in this Section 10
shall affect the right of Agent to serve process in any other manner permitted
by applicable Requirements of Law or commence legal proceedings or otherwise
proceed against any Credit Party in any other jurisdiction.
 
(e)           Waiver of Jury Trial.  THE PARTIES HERETO, TO THE EXTENT PERMITTED
BY LAW, WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING
ARISING OUT OF, IN CONNECTION WITH OR RELATING TO, THIS
AMENDMENT, THE OTHER LOAN DOCUMENTS AND ANY OTHER TRANSACTION CONTEMPLATED
HEREBY AND THEREBY. THIS WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING
WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE.
 
11. Severability.  The illegality or unenforceability of any provision of this
Amendment or any instrument or agreement required hereunder shall not in any way
affect or impair the legality or enforceability of the remaining provisions of
this Amendment or any instrument or agreement required hereunder.
 

12. Reaffirmation. Each of the Credit Parties as debtor, grantor, pledgor,
guarantor, assignor, or in other any other similar capacity in which such Credit
Party grants liens or security interests in its property or otherwise acts as
accommodation party or guarantor, as the case may be, hereby (i) ratifies and
reaffirms all of its payment and performance obligations, contingent or
otherwise, under each of the Loan Documents to which it is a party (after giving
effect hereto) and (ii) to the extent such Credit Party granted liens on or
security interests in any of its property pursuant to any such Loan Document as
security for or otherwise guaranteed the Borrower’s Obligations under or with
respect to the Loan Documents, ratifies and reaffirms such guarantee and grant
of security interests and liens and confirms and agrees that such security
interests and liens hereafter secure all of the Obligations as amended
hereby.  Each of the Credit Parties hereby consents to this Amendment and
acknowledges that each of the Loan Documents remains in full force and effect
and is hereby ratified and reaffirmed.  The execution of this Amendment shall
not operate as a waiver of any right, power or remedy of the Agent or Lenders,
constitute a waiver of any provision of any of the Loan Documents or serve to
effect a novation of the Obligations.
 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

 
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IN WITNESS WHEREOF, each of the undersigned has executed this Amendment as of
the date set forth above.

BORROWER:

GUNDLE/SLT ENVIRONMENTAL, INC.

By:           /s/ William F. Lacey
Name:      William F. Lacey
Title:        Executive Vice President, Chief Financial
Officer

CREDIT PARTIES:

GSE HOLDING, INC.
 
 
By:           /s/ William F. Lacey
Name:      William F. Lacey
Title:        Executive Vice President, Chief Financial
Officer

GSE LINING TECHNOLOGY, LLC
 
 
By:           /s/ William F. Lacey
Name:      William F. Lacey
Title:        Executive Vice President, Chief Financial
Officer

 
 

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IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as
of the date set forth above.

AGENT AND LENDERS:

GENERAL ELECTRIC CAPITAL CORPORATION, as Agent and as a Lender

By:           /s/ Richard B. Davidson
Name:      Richard B. Davidson
Title:        Duly Authorized Signatory
 
 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

GE CAPITAL FINANCIAL INC., as a Lender

By:           /s/ Woodrow Broaders Jr.
Name:      Woodrow Broaders Jr.
Title:        Duly Authorized Signatory

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

JEFFERIES FINANCE LLC, as a Lender

By:           /s/ E. Joseph Hess
Name:      E. Joseph Hess
Title:        Managing Director

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

JEFFERIES LEVERAGED CREDIT PRODUCTS, LLC, as a Lender

By:           /s/ Paul J. Loomis
Name:      Paul J. Loomis
Title:        Managing Director

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

JFIN FUNDING LLC, as a Lender

By:           /s/ E. Joseph Hess
Name:      E. Joseph Hess
Title:        Managing Director

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

FIFTEENTH INVESTMENT SPONSOR LIMITED, as a Lender

By:      /s/ Richard B. Davidson
Name: Richard B. Davidson
Title:   Vice President, Duly Authorized Signatory
 
 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

PENNANTPARK FLOATING RATE FUNDING I, LLC, as a Lender

By:      /s/ Arthur Penn
Name: Arthur Penn
Title:   CEO

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

NATIONWIDE LIFE INSURANCE COMPANY, as a Lender

By:      /s/ Ronald R. Serpico
Name: Ronald R. Serpico
Title:   Authorized Signatory

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

WELLPOINT, INC., as a Lender

By: Whippoorwill Associates, Inc., its agent and authorized signatory

By:      /s/ Steven K. Gendal
Name: Steven K. Gendal
Title:   Principal

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

WHIPPOORWILL OFFSHORE DISTRESSED OPPORTUNITY FUND, LTD., as a Lender

By: Whippoorwill Associates, Inc., its agent and authorized signatory

By:      /s/ Steven K. Gendal
Name: Steven K. Gendal
Title:   Principal

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

WHIPPOORWILL DISTRESSED OPPORTUNITY FUND, L.P., as a Lender

By: Whippoorwill Associates, Inc., its agent and authorized signatory

By:      /s/ Steven K. Gendal
Name: Steven K. Gendal
Title:   Principal

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

WHIPPOORWILL ASSOCIATES, INC. PROFIT SHARING PLAN, as a Lender

By: Whippoorwill Associates, Inc., its agent and authorized signatory

By:      /s/ Steven K. Gendal
Name: Steven K. Gendal
Title:   Principal

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

GARRISON FUNDING 2010-1 LLC, as a Lender

By: Garrison Investment Group LP, its collateral manager

By:      /s/ Brian Chase
Name: Brian Chase
Title:   Chief Operating Officer

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

ING CAPITAL LLC, as a Lender

By:       /s/ Andrew C. Sepe
Name: Andrew C. Sepe
Title:   Director

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

FIFTH STREET FINANCE CORP., as a Lender

By:      /s/ Ivelin M. Dimitrov
Name: Ivelin M. Dimitrov
Title:   Chief Investment Officer

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

TELOS CLO 2006-1, LTD., as a Lender

Managed by Tricadia Loan Management LLC

By:      /s/ Ro Toyoshima
Name: Ro Toyoshima
Title:   Managing Director

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

TELOS CLO 2007-2, LTD., as a Lender

Managed by Tricadia Loan Management LLC

By:      /s/ Ro Toyoshima
Name: Ro Toyoshima
Title:   Managing Director

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

BLACK DIAMOND CLO 2006-1 (CAYMAN) LTD., as a Lender

By: Black Diamond CLO 2006-1 Adviser, L.L.C., as its Collateral Manager

By:      /s/ Stephen H. Deckoff
Name: Stephen H. Deckoff
Title:   Managing Principal

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

GSC GROUP CDO FUND VIII, LIMITED, as a Lender

By: GSC Acquisition Holdings, L.L.C., its Collateral Manager

By: GSC Manager, LLC, in its capacity as Manager

By: Black Diamond Capital Management, L.L.C., in its capacity as Member

By:      /s/ Stephen H. Deckoff
Name: Stephen H. Deckoff
Title:   Managing Principal
 
 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

GSC PARTNERS CDO FUND VII, LIMITED, as a Lender

By: GSC Acquisition Holdings, L.L.C., as its Collateral Manager

By: GSC Manager, LLC, in its capacity as Manager

By: Black Diamond Capital Management, L.L.C., in its capacity as Member

By:      /s/ Stephen H. Deckoff
Name: Stephen H. Deckoff
Title:   Managing Principal

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

BLACK DIAMOND CLO 2005-1 LTD., as a Lender

By: Black Diamond CLO 2005-1 Adviser, L.L.C., as its Collateral Manager

By:      /s/ Stephen H. Deckoff
Name: Stephen H. Deckoff
Title:   Managing Principal

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

BLACK DIAMOND CLO 2005-2 LTD., as a Lender

By: Black Diamond CLO 2005-2 Adviser, L.L.C., as its Collateral Manager

By:       /s/ Stephen H. Deckoff
Name: Stephen H. Deckoff
Title:   Managing Principal

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

GSC CAPITAL CORP. LOAN FUNDING 2005-1, as a Lender

By: GSC Acquisition Holdings, L.L.C., as its Collateral Manager

By: GSC Manager, LLC, in its capacity as Manager

By: Black Diamond Capital Management, L.L.C., in its capacity as Member

By:      /s/ Stephen H. Deckoff
Name: Stephen H. Deckoff
Title:   Managing Principal

 
 

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date
set forth above.

MAIN STREET CAPITAL CORPORATION, as a Lender

By:      /s/ Rodger Stout
Name: Rodger Stout
Title:   Senior Vice President

 
 

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EXHIBIT A

Revised Schedule 1.1(a)

Term Loan Commitments*

Lender
Third Amendment Term Loan Commitment
 
General Electric Capital Corporation
$22,000,000
TOTALS
$22,000,000

 

 
*The Initial Term Loan Commitment of each Lender shall equal the sum of the
Third Amendment Term Loan Commitment and the Closing Date Term Loan Commitment
of such Lender.

 
 

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EXHIBIT B

Closing Agenda

I.           LOAN DOCUMENTS
 
1.  
Fee Letter

 
2. Notice of Borrowing
 
Exhibit A                      -           Funds Flow Memorandum

II.           COLLATERAL DUE DILIGENCE
 
3.  
Pre-Closing Lien Search Reports in respect of each Credit Party from its
respective jurisdiction of organization

 
III.           ORGANIZATIONAL DOCUMENTS
 
4.  
Officer’s Certificate of Holdings, including certification as to no change to
Organization Documents

 
Exhibit A
-           Resolutions
Exhibit B
-           Incumbency Signatures
Exhibit C
-           Certificate of Good Standing to do Business in DE

 
5.  
Officer’s Certificate of Borrower, including certification as to no change to
Organization Documents

 

Exhibit A
-           Resolutions
Exhibit B
-           Incumbency Signatures
Exhibit C
-           Certificate of Good Standing to do Business in DE

 
6.  
Officer’s Certificate of GSE Lining Technology, LLC, including certification as
to no change to Organization Documents

 
Exhibit A
-           Resolutions
Exhibit B
-           Incumbency Signatures
Exhibit C
-           Certificate of Good Standing to do Business in [DE]

IV.           LEGAL OPINIONS
 
7.  
Opinion of Credit Parties’ Counsel re: Third Amendment and related Loan
Documents (Kirkland & Ellis LLP), addressed to Agent and the Lenders

 
 
 

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VI.           DEBT REPAYMENT DOCUMENTS
 
8.  
Payoff Letter from Second Lien Agent, on behalf of Second Lien Lenders, with
respect to the Second Lien Indebtedness

 
9.  
UCC Termination Statements in respect of Second Lien Indebtedness Liens:

 
Name
Secured Party
Jurisdiction
Date of Filing
Original Filing No.
Termination Filing No. & Date
Gundle/SLT Environmental, Inc.
Jefferies Finance LLC
DE SOS
     
GSE Holding, Inc.
Jefferies Finance LLC
DE SOS
     
GSE Lining Technology, LLC
Jefferies Finance LLC
DE SOS
     

 
10.  
Mortgage releases in respect of Second Lien Indebtedness Liens:

 

Name
Secured Party
Jurisdiction
Date of Filing
Original Filing No.
Termination Filing No. & Date
GSE Lining Technology, LLC
Jefferies Finance LLC
Harris County, TX
9/13/2011
20110385760
 
GSE Lining Technology, LLC
Jefferies Finance LLC
Williamsburg County, SC
9/07/2011
201100002034
 
GSE Lining Technology, LLC
Jefferies Finance LLC
Lawrence County, SD
8/30/2011
2011-03677
 

 
11.  
Intellectual Property releases in respect of Second Lien Indebtedness Liens