Exhibit 10.1

 

FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”), dated as of April 16, 2004, is by and among GLOBAL POWER EQUIPMENT
GROUP INC., a Delaware corporation (the “Borrower”), the financial institutions
party to the Credit Agreement (as defined below) signatory hereto, in their
capacities as lenders (collectively, the “Lenders”, and each individually, a
“Lender”), and Deutsche Bank Trust Company Americas, as administrative agent
(the “Administrative Agent”) for the Lenders.

 

WITNESSETH:

 

WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to
that certain Amended and Restated Credit Agreement dated as of May 23, 2001 (as
amended, restated, supplemented or otherwise modified and in effect from time to
time, the “Credit Agreement”), pursuant to which the Lenders have provided to
the Borrower credit facilities and other financial accommodations; and

 

WHEREAS, the Borrower has requested that the Administrative Agent and the
Lenders amend the Credit Agreement in certain respects as set forth herein and
the Lenders and the Administrative Agent are agreeable to the same, subject to
the terms and conditions hereof;

 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants
contained herein, and other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the parties hereto hereby agree as
follows:

 

1. Defined Terms. Terms capitalized herein and not otherwise defined herein are
used with the meanings ascribed to such terms in the Credit Agreement.

 

2. Amendment to Credit Agreement. The Credit Agreement is, as of the Effective
Date (as defined below), hereby amended and restated as follows:

 

(a) Section 7.2.4(c) of the Credit Agreement is amended by amending and
restating such section to read as follows:

 

(c) The Borrower will not permit the Fixed Charge Coverage Ratio as of the last
day of each Fiscal Quarter, commencing with the third Fiscal Quarter of the 2001
Fiscal Year, to be less than the ratio set forth opposite such Fiscal Quarter
below:

 

Fiscal Quarter

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Fixed Charge

Coverage Ratio

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Fiscal Quarters ending after the Effective Date and prior to March 31, 2004

  2.00:1.0

Fiscal Quarter ending March 31, 2004

  1.75:1.0

Fiscal Quarters ending thereafter

  2.00:1.0

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3. Representations and Warranties. In order to induce the Administrative Agent
and the Lenders to enter into this Amendment, the Borrower hereby represents and
warrants to the Administrative Agent and the Lenders, in each case after giving
effect to this Amendment, as follows:

 

(a) The Borrower has the right, power and capacity and has been duly authorized
and empowered by all requisite corporate or limited liability company and
shareholder or member action to enter into, execute, deliver and perform this
Amendment and all agreements, documents and instruments executed and delivered
pursuant to this Amendment.

 

(b) This Amendment constitutes the Borrower’s legal, valid and binding
obligation, enforceable against it, except as enforcement thereof may be subject
to the effect of any applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors’ rights generally and general
principles of equity (regardless of whether such enforcement is sought in a
proceeding in equity or at law or otherwise).

 

(c) The representations and warranties contained in the Credit Agreement and the
other Loan Documents are true and correct in all material respects at and as of
the Effective Date as though made on and as of the Effective Date (except to the
extent specifically made with regard to a particular date, in which case such
representation and warranty is true and correct in all material respects as of
such earlier date).

 

(d) The Borrower’s execution, delivery and performance of this Amendment do not
and will not violate its Articles or Certificate of Incorporation or By-laws,
any material law, rule, regulation, order, writ, judgment, decree or award
applicable to it or any material contractual provision to which it is a party or
to which it or any of its property is subject.

 

(e) No authorization or approval or other action by, and no notice to or filing
or registration with, any governmental authority or regulatory body (other than
those which have been obtained and are in force and effect) is required in
connection with the execution, delivery and performance by the Borrower or any
other Obligor of this Amendment and all agreements, documents and instruments
executed and delivered pursuant to this Amendment.

 

(f) No Default or Event of Default exists under the Credit Agreement as of the
date hereof or would exist as of the Effective Date after giving effect to the
amendments and transactions contemplated by this Amendment.

 

4. Conditions to Effectiveness of Amendment. This Amendment shall become
effective on the date (the “Effective Date”) each of the following conditions
precedent is satisfied:

 

(a) Execution and Delivery. The Borrower, the Administrative Agent, and the
Required Lenders shall have executed and delivered this Amendment; the Borrower
shall have executed and delivered an Officers Certificate in the form of Exhibit
A attached hereto; the Subsidiary Guarantors shall have executed and delivered a
Reaffirmation of Guarantee in the form of Exhibit B attached hereto.

 

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(b) Representations and Warranties. The representations and warranties of the
Borrower and the other Obligors contained in this Amendment, the Credit
Agreement and the other Loan Documents shall be true and correct in all material
respects as of the Effective Date, with the same effect as though made on such
date, except to the extent that any such representation or warranty relates to
an earlier date, in which case such representation or warranty shall be true and
correct in all material respects as of such earlier date.

 

(c) No Defaults. No Default or Event of Default under the Credit Agreement shall
have occurred and be continuing.

 

5. Miscellaneous. The parties hereto hereby further agree as follows:

 

(a) Costs, Expenses and Taxes. The Borrower hereby agrees to pay all reasonable
fees, costs and expenses of the Administrative Agent incurred in connection with
the negotiation, preparation and execution of this Amendment and the
transactions contemplated hereby, including, without limitation, the reasonable
fees and expenses of Winston & Strawn, counsel to the Administrative Agent.

 

(b) Counterparts. This Amendment may be executed in one or more counterparts,
each of which, when executed and delivered, shall be deemed to be an original
and all of which counterparts, taken together, shall constitute but one and the
same document with the same force and effect as if the signatures of all of the
parties were on a single counterpart, and it shall not be necessary in making
proof of this Amendment to produce more than one (1) such counterpart.

 

(c) Headings. Headings used in this Amendment are for convenience of reference
only and shall not affect the construction of this Amendment.

 

(d) Integration. This Amendment and the Credit Agreement (as amended hereby)
constitute the entire agreement among the parties hereto with respect to the
subject matter hereof.

 

(e) Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW
YORK (WITHOUT REFERENCE TO CONFLICT OF LAWS PRINCIPLES).

 

(f) Binding Effect. This Amendment shall be binding upon and inure to the
benefit of and be enforceable by the Borrower, the Administrative Agent and the
Lenders and their respective successors and assigns. Except as expressly set
forth to the contrary herein, this Amendment shall not be construed so as to
confer any right or benefit upon any Person other than the Borrower, the
Administrative Agent and the Lenders and their respective successors and
permitted assigns.

 

(g) Amendment; Waiver. The parties hereto agree and acknowledge that nothing
contained in this Amendment in any manner or respect limits or terminates any of
the provisions of the Credit Agreement or any of the other Loan Documents other
than as expressly set forth herein and further agree and acknowledge that the
Credit Agreement (as amended

 

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hereby) and each of the other Loan Documents remain and continue in full force
and effect and are hereby ratified and confirmed. Except to the extent expressly
set forth herein, the execution, delivery and effectiveness of this Amendment
shall not operate as a waiver of any rights, power or remedy of the Lenders or
the Administrative Agent under the Credit Agreement or any other Loan Document,
nor constitute a waiver of any provision of the Credit Agreement or any other
Loan Document. No delay on the part of any Lender or the Administrative Agent in
exercising any of their respective rights, remedies, powers and privileges under
the Credit Agreement or any of the Loan Documents or partial or single exercise
thereof, shall constitute a waiver thereof. On and after the Effective Date each
reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,”
“herein” or words of like import, and each reference to the Credit Agreement in
the Loan Documents and all other documents delivered in connection with the
Credit Agreement shall mean and be a reference to the Credit Agreement as
amended hereby. The Borrower acknowledges and agrees that this Amendment
constitutes a “Loan Document” for purposes of the Credit Agreement, including,
without limitation, Section 9.1 of the Credit Agreement. None of the terms and
conditions of this Amendment may be changed, waived, modified or varied in any
manner, whatsoever, except in accordance with Section 10.1 of the Credit
Agreement.

 

[signature pages follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
and delivered by their respective officers thereunto duly authorized, as of the
date first written above.

 

GLOBAL POWER EQUIPMENT GROUP INC.

By:

 

/s/ James P. Wilson

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Name:

 

James P. Wilson

Title:

 

CFO and V.P. of Finance

DEUTSCHE BANK TRUST COMPANY

AMERICAS, Individually and as Administrative

Agent

By:

 

/s/ Mary Kay Coyle

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Name:

 

Mary Kay Coyle

Title:

 

Managing Director

CREDIT SUISSE FIRST BOSTON

By:

 

/s/ Jay Chall

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Name:

 

Jay Chall

Title:

 

Director

By:

 

/s/ Denise Alvarez

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Name:

 

Denise Alvarez

Title:

 

Associate

 

Global Power Equipment Group Inc.

Fifth Amendment to Amended and Restated Credit Agreement

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NATIONAL CITY BANK, CLEVELAND

By:

 

 

--------------------------------------------------------------------------------

Name:

 

 

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Title:

 

 

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FLEET NATIONAL BANK

By:

 

/s/ Richard M. Williams

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Name:

 

Richard M. Williams

Title:

 

Director

US BANK NATIONAL ASSOCIATION

By:

 

/s/ Peter I. Bystol

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Name:

 

Peter I. Bystol

Title:

 

Officer

BARCLAYS BANK PLC

By:

 

/s/ John Giannone

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Name:

 

John Giannone

Title:

 

Director

STONE TOWER CLO, LTD.

By:

 

Stone Tower Debt Advisors, LLC, as its

   

Collateral Manager

   

/s/ William J. Sheoris

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Name:

 

William J. Sheoris

Title:

 

Authorized Signatory

 

Global Power Equipment Group Inc.

Fifth Amendment to Amended and Restated Credit Agreement

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CITICORP USA, INC.

By:

 

/s/ Eivind Hegelstad

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Name:

 

Eivind Hegelstad

Title:

 

Vice President

ALLIED IRISH BANKS PLC

By:

 

 

--------------------------------------------------------------------------------

Name:

 

 

--------------------------------------------------------------------------------

Title:

 

 

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AIB DEBT MANAGEMENT

By:

 

 

--------------------------------------------------------------------------------

Name:

 

 

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Title:

 

 

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FORTIS CAPITAL

By:

 

/s/ Douglas V. Riahi

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Name:

 

Douglas V. Riahi

Title:

 

Senior Vice President

By:

 

/s/ Kathleen De Lathavwo

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Name:

 

Kathleen De Lathavwo

Title:

 

Senior Vice President

 

Global Power Equipment Group Inc.

Fifth Amendment to Amended and Restated Credit Agreement

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EXHIBIT A

 

CERTIFICATE OF OFFICER

 

I, the undersigned, Chief Financial Officer and Vice President of Finance of
Global Power Equipment Group Inc., a Delaware corporation (the “Borrower”), in
accordance with Section 4(a) of that certain Fifth Amendment to Amended and
Restated Credit Agreement dated as of April 16, 2004 (the “Amendment”) among the
Borrower, Deutsche Bank Trust Company Americas, as Administrative Agent, and the
financial institutions party thereto, do hereby certify on behalf of the
Borrower, the following:

 

  1. The representations and warranties set forth in Section 3 of the Amendment
are true and correct in all material respects as of the date hereof except to
the extent such representations and warranties are expressly made as of a
specified date in which event such representations and warranties were true and
correct in all material respects as of such specified date;

 

  2. No Default or Event of Default has occurred and is continuing; and

 

  3. The conditions of Section 4 of the Amendment have been fully satisfied.

 

Unless otherwise defined herein, capitalized terms used herein shall have the
meanings set forth in the Amendment.

 

IN WITNESS WHEREOF, the undersigned has duly executed and delivered on behalf of
the Borrower this Certificate of Officer on this 16th day of April, 2004.

 

GLOBAL POWER EQUIPMENT GROUP INC.

By:

 

/s/ James P. Wilson

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Name:

 

James P. Wilson

Title:

 

CFO and V. P. of Finance

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EXHIBIT B

 

REAFFIRMATION OF GUARANTEE

 

Each of the undersigned acknowledges receipt of a copy of the Fifth Amendment to
Amended and Restated Credit Agreement (the “Amendment”; capitalized terms used
herein shall, unless otherwise defined herein, have the meanings provided in the
Amendment) dated as of April 16, 2004, by and among Global Power Equipment Group
Inc., Deutsche Bank Trust Company Americas, formerly known as Bankers Trust
Company, as administrative agent, and the financial institutions party thereto
as Lenders, consents to such amendment and each of the transactions referenced
in the Amendment and hereby reaffirms its obligations under the Subsidiary
Guaranty, as applicable.

 

Dated as of April 16, 2004.

 

DELTAK, L.L.C.

  

BRADEN CONSTRUCTION SERVICES, INC.

By:

 

/s/ Larry Edwards

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By:

 

/s/ Larry Edwards

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Name:

 

Larry Edwards

  

Name:

 

Larry Edwards

Title:

 

Chief Executive Officer

  

Title:

 

Chief Executive Officer

BRADEN MANUFACTURING, L.L.C.

  

CFI HOLDINGS, INC.

By:

 

/s/ Larry Edwards

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By:

 

/s/ Larry Edwards

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Name:

 

Larry Edwards

  

Name:

 

Larry Edwards

Title:

 

Chief Executive Officer

  

Title:

 

President

DELTAK CONSTRUCTION SERVICES, INC.

  

CONSOLIDATED FABRICATORS, INC.

By:

 

/s/ Larry Edwards

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By:

 

/s/ John M. Matheson

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Name:

 

Larry Edwards

  

Name:

 

John M. Matheson

Title:

 

Chief Executive Officer

  

Title:

 

Secretary

 

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