Dated as of September 29, 2008

Butler Service Group, Inc.
110 Summit Avenue
Montvale, NJ 07645

Attn: Mark Koscinski

 

 

Re:

Third Amended and Restated Credit Agreement, dated as of August 29, 2007
(including, all annexes, exhibits and schedules thereto, and as amended,
supplemented or otherwise modified from time to time prior to the date hereof,
the “Credit Agreement”), by and among Butler Service Group, Inc. (the
“Borrower”), the other Credit Parties signatory thereto, General Electric
Capital Corporation, as a Lender and Agent for Lenders (the “Agent”), and the
other Lenders signatory thereto from time to time.

Ladies and Gentlemen:

          Capitalized terms used in this letter (hereafter referred to as this
“Agreement”) and not otherwise defined or limited herein shall have the meanings
attributed to such terms in the Credit Agreement.

          As you are aware, Events of Default (collectively, the “Specified
Events of Default”) have occurred and are continuing under Sections 8.1(b),
8.1(c), 8.1(d) and 8.1(f) of the Credit Agreement arising out of (a) the
Borrower’s failure to comply with the minimum Borrowing Availability covenant
set forth in clause (d)(i) of Annex G of the Credit Agreement for each of the
August 1, 2008, August 15, 2008 and September 12, 2008 testing dates as required
to be maintained pursuant to Section 6.10 of the Credit Agreement, (b) the
Borrower’s delivery of a Borrowing Base Certificate to the Agent on July 22,
2008 which contained certain information which was untrue or incorrect, (c) the
Borrower’s failure to promptly pay and discharge all Charges payable by it as
required by Section 5.2(a) of the Credit Agreement, and (d) the Borrower’s
failure to deliver to the Agent the financial and other information (other than
Borrower’s 10-Q for the Fiscal Quarter ended September 30, 2007) required by
Section 4.1(a) and clause (r) of Annex E of the Credit Agreement to be delivered
on or prior to September 15, 2008. There may be other Defaults or Events of
Default of which the Agent and the Lenders are not currently aware.

          The Borrower and Guarantors have each requested that the Agent on
behalf of the Lenders forbear from the exercise of the Agent’s and Lenders’
rights and remedies available under the Credit Agreement as a result of the
occurrence of the Specified Events of Default. The Agent and Lenders are willing
to grant such forbearance upon the terms and subject to the conditions and
limitations set forth herein.

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As of September 29, 2008
Page 2 of 13

 

 

A.

Forbearance.

          1.          For the period (the “Forbearance Period”) beginning as of
the date first above written (the “Commencement Date”) and ending on the earlier
to occur of (a) 5:00 p.m., New York time, on October 17, 2008, and (b)
termination of this forbearance as provided herein (the “Forbearance Termination
Date”), the Agent and the Lenders, without waiving, curing or ceasing the
continuance of the Specified Events of Default, hereby agree to forbear from the
exercise of any of their rights and remedies available under the Credit
Agreement and the Loan Documents on account of the Specified Events of Default.
Neither the Agent nor the Lenders shall have any obligation to make any Loans,
issue, extend or renew, and the Borrower shall not request the issuance,
extension or renewal of, any Letters of Credit or otherwise extend credit to the
Borrower under the Credit Agreement during the Forbearance Period. The Lenders
have considered and will continue to consider during the Forbearance Period, in
their sole discretion, whether to honor borrowing requests or requests for
issuances of Letters of Credit. Any past or future Loans to, or issuances of
Letters of Credit for the account of, the Borrower should not be considered an
agreement, express or implied, on the part of the Lenders to make any additional
Loans or to issue any additional Letters of Credit or an agreement to waive any
terms of the Credit Agreement in the future, including, without limitation, the
satisfaction of conditions precedent to funding. The Agent’s and Lenders’
forbearance provided for herein shall be effective only with respect to the
Specified Events of Default and shall automatically terminate and cease to be of
force and effect, and the Agent and Lenders may exercise all of their respective
rights and remedies as may be available under the Credit Agreement and under
applicable law, upon or after the occurrence of any other Default or Event of
Default under the Credit Agreement or any Loan Document (other than the
Specified Events of Default) or a default under the terms of this Agreement
(individually a “Forbearance Default” and, collectively, the “Forbearance
Defaults”).

          2.          During the Forbearance Period, and provided that no
Forbearance Default has occurred and that the terms and conditions of this
Agreement are satisfied, the Lenders agree that they will not accelerate, nor
direct the Agent to accelerate, the indebtedness owed to the Lenders under the
Credit Agreement or otherwise exercise any of their rights and remedies, in each
case, as a result of the Specified Events of Default outlined herein; provided,
however, the Agent and the Lenders reserve all rights to charge the Default Rate
of interest on all outstanding Obligations in accordance with Section 1.5(d) of
the Credit Agreement from and after the date of the occurrence of the Specified
Events of Default.

          3.          During the Forbearance Period, and provided that no
Forbearance Default has occurred and that the terms and conditions of this
Agreement are satisfied, the Agent agrees that it will neither establish any new
Reserves which are not in effect on the Commencement Date nor increase any
existing Reserves above the amount of such Reserves which are in effect on the
Commencement Date.

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As of September 29, 2008
Page 3 of 13

 

 

B.

Amendments to the Credit Agreement.

          1.          Section 1.5(a) of the Credit Agreement is hereby amended
and restated as of the Effective Date by deleting such Section 1.5(a) in its
entirety and substituting in lieu thereof the following new Section 1.5(a):

 

 

 

“(a) As of the Eighth Amendment Effective Date, Borrower shall pay interest to
Agent, for the ratable benefit of Lenders in accordance with the various Loans
being made by each Lender, in arrears on each applicable Interest Payment Date,
at the following rates: (i) for the period commencing on July 1, 2008 and ending
on the Forbearance Termination Date, (A) with respect to Revolving Credit
Advances, as determined by Agent, the Index Rate plus 5.5% per annum, or, at the
election of Borrower, the applicable LIBOR Rate plus 7.0% per annum, or, at the
election of Borrower, the applicable Commercial Paper Rate plus 7.0% per annum,
based on the aggregate Revolving Credit Advances outstanding from time to time
and (B) with respect to the Swing Line Loan, as determined by Agent, the Index
Rate plus 5.5% per annum, and (ii) for the period commencing on the day
following the Forbearance Termination Date and ending on the Commitment
Termination Date, (A) with respect to Revolving Credit Advances, as determined
by Agent, the Index Rate plus 7.5% per annum, or, at the election of Borrower,
the applicable LIBOR Rate plus 9.0% per annum, or, at the election of Borrower,
the applicable Commercial Paper Rate plus 9.0% per annum, based on the aggregate
Revolving Credit Advances outstanding from time to time and (B) with respect to
the Swing Line Loan, as determined by Agent, the Index Rate plus 7.5% per
annum.”

          2.          Section 1.6(r) of the Credit Agreement is hereby amended
and restated as of the Effective Date by deleting such Section 1.6(r) in its
entirety and substituting in lieu thereof the following new Section 1.6(r):

 

 

 

“(r)(i) to the extent that such Account (other than the Referenced Accounts),
together with all other Accounts owing from such Account Debtor and its
Affiliates as of any date of determination, exceed 10% of all Eligible Accounts,
(ii) to the extent that any Account that constitutes a Referenced Account (other
than of the type described in clause (b) of the definition of “Referenced
Account”) together with all other Referenced Accounts (other than of the type
described in clause (b) of the definition of “Referenced Account”) owing from
such Account Debtor and its Affiliates as of any date of determination, exceed
15% of all Eligible Accounts, and (iii) to the extent that any Account that
constitutes a Referenced Account of the type as described in clause (b) of the
definition thereof together with all other Referenced Accounts of the type as
described in clause (b) of the definition thereof owing from such Account Debtor
and its Affiliates as of any date of determination, exceed 20% of all Eligible
Accounts;”

          3.          Section 1.9 of the Credit Agreement is hereby amended as
of the Effective Date by deleting such Section 1.9(d) in its entirety and
substituting in lieu thereof the following new Section 1.9(d):

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As of September 29, 2008
Page 4 of 13

 

 

 

“(d) Borrower agrees to pay to Agent, for the ratable benefit of Revolving
Lenders, a non-refundable fee in an amount equal to $10,000 for any day which
the Borrowing Availability for such day is less than (i) during the period
commencing on July 18, 2008 and ending on the Forbearance Termination Date,
$2,000,000, (ii) during the period commencing on the day following the
Forbearance Termination Date and ending on December 31, 2008, $4,000,000 and
(iii) during the period commencing on January 1, 2009 and ending on the
Commitment Termination Date, $5,000,000, and an additional fee in the amount
equal to $2,500 for each consecutive day thereafter that the Borrowing
Availability remains less than the applicable amount for such day identified
above; provided, that for purposes of determining the amount of the minimum
Borrowing Availability pursuant to this clause (d), such determination shall be
made without regard to clause (ii) of the proviso set forth in clause (d) of
Annex G.”

          4.          Annex A of the Credit Agreement is hereby amended as of
the Effective Date by amending and restating the definition of “Referenced
Accounts” in its entirety by deleting such definition in its entirety and
substituting in lieu thereof the following new definition:

 

 

 

              ‘“Referenced Accounts’ means (a) any Account with UTC, Boeing,
Verizon, AT&T, Avon Products, Northrop Grumman, Spirit Aerosystems or
Caterpillar, or such other Accounts as may be agreed to by Agent in its
reasonable discretion following consultation with Borrower, and (b) any Account
with BAE Systems, or such other Accounts as may be agreed to by Agent in its
reasonable discretion following consultation with Borrower.”

          5.          Annex A of the Credit Agreement is hereby amended as of
the Effective Date by adding the following new definition thereto in appropriate
alphabetical order:

 

 

 

              “‘Forbearance Termination Date’ has the meaning specified in that
certain Forbearance Agreement, dated as of September 29, 2008, by and among the
Borrower, the other Credit Parties, the Agent and the Lenders, as amended,
supplemented and modified and in effect from time to time.”

          6.          Annex G of the Credit Agreement is hereby amended as of
the Effective Date by amending and restating clause (d) of Annex G in its
entirety by deleting such clause (d) in its entirety and substituting in lieu
thereof the following new clause (d):

 

 

 

              “(d) Minimum Borrowing Availability. Holdings and its Subsidiaries
shall maintain Borrowing Availability of not less than (i) for the period
commencing on July 1, 2008 and ending on the Forbearance Termination Date,
$2,000,000, (ii) for the period commencing on the day following the Forbearance
Termination Date and ending on December 31, 2008, $4,000,000, and (iii) for the
period commencing on January 1, 2009 and ending on the Commitment Termination
Date, $5,000,000; provided, that in determining compliance with this

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As of September 29, 2008
Page 5 of 13

 

 

 

minimum Borrowing Availability covenant, (A) the aggregate amount of Daily
Reserves shall be excluded from the definition of “Reserves” for purposes of
calculating Borrowing Availability and (B) Borrowing Availability shall be
calculated on each Friday of each week as a daily average of the amount of
Borrowing Availability for the preceding 5-day period (including for such
calculations the Friday such calculation is made).”

          7.          As of the Effective Date, the Credit Agreement is hereby
amended by deleting Exhibit 1.1 (a)(i) to the Credit Agreement in its entirety
and substituting in lieu thereof Exhibit 1.1 (a)(i) to this Agreement.

C.      Effectiveness.

          This Agreement shall become effective as of the date first set forth
above (the “Effective Date”) upon Agent’s receipt of four (4) fully-executed
copies of this Agreement, duly executed and delivered by the Agent, Requisite
Lenders, Borrower and Guarantors.

D.      Representations and Warranties.

          In consideration of the limited agreement of the Agent and the Lenders
to forbear from the exercise of their rights and remedies as set forth above,
each Credit Party hereby represents and warrants to the Agent and the Lenders,
as of the date hereof, as follows:

          1.           The execution, delivery and performance of this Agreement
by such Credit Party: (a) is within its organizational power; (b) has been duly
authorized by all necessary or proper corporate and shareholder action; (c) does
not contravene any provision of such Credit Party’s charter or bylaws or
equivalent organizational documents; (d) does not violate any law or regulation,
or any order or decree of any court or Governmental Authority; (e) does not
conflict with or result in the breach or termination of, constitute a default
under or accelerate or permit the acceleration of any performance required by,
any indenture, mortgage, deed of trust, lease, agreement or other instrument to
which such Credit Party is a party or by which such Credit Party or any of its
property is bound; (f) does not result in the creation or imposition of any Lien
upon any of the property of such Credit Party other than those in favor of Agent
pursuant to the Loan Documents; and (g) does not require the consent or approval
of any Governmental Authority or any other Credit Party.

          2.           All Loan Documents, including without limitation, this
Agreement, the Credit Agreement and the Guaranties, constitute legal, valid and
binding obligations of each Credit Party party thereto enforceable against each
such Credit Party in accordance with the terms thereof. Each Credit Party hereby
ratifies and confirms each of the Loan Documents to which such Credit Party is
party to and the rights granted thereunder in favor of the Agent and the
Lenders, including its liability for the Obligations as defined therein.

          3.           This Agreement has been duly executed and delivered by or
on behalf of each of Borrower and the other Credit Parties.

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As of September 29, 2008
Page 6 of 13

          4.          No Default or Event of Default (other than the Specified
Events of Default) has occurred and is continuing after giving effect to this
Agreement.

          5.          The representations and warranties of Borrower and the
other Credit Parties contained in the Credit Agreement and each other Loan
Document shall be true and correct on and as of the date hereof with the same
effect as if such representations and warranties had been made on and as of such
date, except that any such representation or warranty which is expressly made
only as of a specified date need be true only as of such date.

          6.          As of September 29, 2008, the aggregate amount of
liabilities of the Borrower and the other Credit Parties for unpaid payroll
taxes equals $4,057,287, consisting of (i) $4,018,234 in liabilities for unpaid
payroll taxes arising out of payroll paid prior to September 26, 2008, and (ii)
$39,053 in liabilities for unpaid payroll taxes arising out of payroll paid on
September 26, 2008.

E.       Other Representations, Warranties and Covenants.

          1.          The Credit Parties and the Lenders hereby agree that the
decision by the Agent and the Lenders to grant the forbearance as outlined
herein is not and shall not be deemed to constitute an undertaking by the Agent
and the Lenders to forbear or refrain from exercising any and all rights and
remedies available to them under the Credit Agreement and the other Loan
Documents and under applicable law upon the occurrence of any Forbearance
Default. Additionally, notwithstanding the agreement of the Agent and the
Lenders to enter into this Agreement, the Agent and the Lenders hereby advise
the Credit Parties that, except to the extent of the Agent and the Lenders’
forbearance expressly referenced herein through the Forbearance Period specified
in this Agreement, the Agent and Lenders require strict compliance with all of
the terms and conditions of the Credit Agreement and the other Loan Documents;
provided, however, that the Agent or the Lenders shall not be required to issue
any notices otherwise required by the Credit Agreement with respect to the
Specified Events of Default during the term of this Agreement.

          2.          Each Credit Party further acknowledges and agrees that:
(a) the Specified Events of Default have occurred or will occur and continue,
and shall not be deemed to have been waived, cured or eliminated, in whole or in
part, by this Agreement, and the Agent and the Lenders expressly reserve rights
with respect to the Specified Events of Default, subject only to the terms in
the Credit Agreement, the other Loan Documents and this Agreement; (b) the
parties have not entered into a mutual disregard of the terms and provisions of
the Credit Agreement and the other Loan Documents, or engaged in any course of
dealing in variance with the terms and provisions of the Credit Agreement and
the Loan Documents, within the meaning of any applicable law of the State of New
York, or otherwise; and (c) as of the date hereof, principal in the amount set
forth on Schedule A attached hereto, plus accrued interest was due and owing, by
the Borrower under the Credit Agreement and guaranteed by the Guarantors under
the Guaranties.

          3.          Each Credit Party expressly acknowledges and agrees that
the Credit Agreement and other Loan Documents are valid and enforceable by the
Agent and the Lenders and expressly

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As of September 29, 2008
Page 7 of 13

reaffirms its obligations under the Credit Agreement and other Loan Documents
(including the Guaranties). Each Credit Party agrees that it shall not dispute
the validity or enforceability of the Credit Agreement and other Loan Documents
(including the Guaranties) or any of its obligations thereunder, or the
validity, priority, enforceability or extent of the Agent on behalf of the
Lenders’ security interest in or lien against any item of Collateral under the
Credit Agreement and other Loan Documents.

          4.          As further consideration to induce the Agent and the
Lenders to execute, deliver and perform this Agreement, each Credit Party
represents and warrants that there are no claims, causes of action, suits,
debts, obligations, liabilities, defenses, counterclaims, demands of any kind,
character or nature whatsoever, fixed or contingent, which such Credit Party may
have, or claim to have, against the Lenders or the Agent in connection with the
Credit Agreement and Loan Documents, and such Credit Party hereby releases,
acquits and forever discharges the Agent and each Lender and its respective
agents, employees, officers, directors, servants, representatives, attorneys,
affiliates, successors and assigns (collectively, the “Released Parties”) from
any and all liabilities, claims, suits, debts, causes of action and the like of
any kind, character or nature whatsoever, known or unknown, fixed or contingent,
in connection with the Credit Agreement and Loan Documents, that the Credit
Party may have, or claim to have, against each of the such Released Parties from
the beginning of time until and through the dates of execution and delivery of
this Agreement.

          5.          Each Credit Party covenants and agrees that it will
continue to pay all Charges in accordance with Section 5.2 of the Credit
Agreement from and after the Commencement Date, and that such Credit Party will
not permit the aggregate amount of liabilities of the Borrower and the other
Credit Parties for unpaid payroll taxes arising out of payroll paid prior to the
date set forth as the “last payroll payment date” in any Borrower certification
to the Agent or any Lender as to the amount of outstanding payroll taxes to
exceed $4,018,234.

F.       Miscellaneous.

          1.          Except as expressly amended herein, the Credit Agreement
and the other Loan Documents shall be unmodified and shall continue to be in
full force and effect in accordance with their terms. In addition, this
Agreement shall not be deemed a waiver of any term or condition of any Loan
Document and shall not be deemed to prejudice any right or rights which Agent,
for itself and Lenders, may now have or may have in the future under or in
connection with any Loan Document or any of the instruments or agreements
referred to therein, as the same may be amended from time to time.

          2.          This Agreement, taken together with the Credit Agreement
and all of the other Loan Documents, embodies the entire agreement and
understanding among the parties hereto, and such Agreement may not be amended or
modified and the Forbearance Period extended unless agreed to in writing
executed by all parties signatory to this Agreement or as may otherwise be
provided for under the terms of the Credit Agreement and the other Loan
Documents. This Agreement shall constitute a Loan Document for all purposes
under the Credit Agreement.

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As of September 29, 2008
Page 8 of 13

          3.          This Agreement, and any amendments, waivers, consents or
supplements hereto may be executed in multiple counterparts, each of which when
so executed and delivered shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument. Delivery of an
executed counterpart of this Agreement by facsimile shall be equally as
effective as delivery of an original executed counterpart of the Agreement.

          4.          THIS AGREEMENT AND THE TRANSACTIONS EVIDENCED HEREBY SHALL
BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK.

          5.          Time is of the essence for performing all matters set
forth in this Agreement.

[Remainder of Page Intentionally Blank]

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As of September 29, 2008
Page 10 of 13

AS BORROWER:

BUTLER SERVICE GROUP, INC.

 

 

By:

    /s/ Mark Koscinski

 

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

 

 

Name:

 Mark Koscinski

Title:

 SVP, CFO

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As of September 29, 2008
Page 11 of 13

AS GUARANTORS:

BUTLER INTERNATIONAL, INC.
BUTLER SERVICES INTERNATIONAL, INC.
BUTLER TELECOM, INC.
BUTLER PUBLISHING, INC.
BUTLER OF NEW JERSEY REALTY CORP.
BUTLER SERVICES, INC.
BUTLER UTILITY SERVICE, INC.

 

 

By:

     /s/ Mark Koscinski

 

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

 

 

Name:

 Mark Koscinski

Title:

 SVP, CFO

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As of September 29, 2008
Page 9 of 13

 

 

 

AGENTS AND LENDERS:

GENERAL ELECTRIC CAPITAL
CORPORATION, as Agent
and a Lender

 

By:

    /s/ James H. Kaufman

 

 

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

 

 

Duly Authorized Signatory         

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As of September 29, 2008
Page 12 of 13

SCHEDULE A

As of September 29, 2008, the principal balance due and owing of the Revolving
Loan was $32,749,118.09 and the aggregate outstanding Letter of Credit
Obligations was $2,689,515.95.

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

Exhibit 1.1(a)(i)

[To be attached]

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

BUTLER SERVICE GROUP, INC.
Notice of Revolving Credit Advance - Availability Report

Capitalized terms used herein which are defined in the Third Amended and
Restated Credit Agreement dated as of August 29, 2007 shall have the meanings
therein defined. The Borrower hereby certifies that on the date hereof and on
the borrowing date set forth above, and after giving effect to the Advances
requested hereby: (I) There exists and there shall exist no Default or Event of
Default under the Credit Agreement: (II) The proceeds of the Loans will be used
in accordance with Section 1.4 of the Credit Agreement: (III) Each of the
representations and warranties contained in the Credit Agreement which is
required to be made on such Borrowing Date is and shall be true and correct:
(IV) a Material Adverse Effect has not occurred, and (V) after giving effect to
the Advance requested hereby, the outstanding principal amount of the Revolving
Loan shall not exceed the lesser of the Borrowing Base and the Maximum Amount
less in each case the outstanding principal amount of the Swing Line Loan as set
forth below.

 

 

 

 

 

 Client:

Butler Service Group, Inc.

Attn:

Phone

 

 

 

 

Fax

 

 

 

 

 

 

 Bank:

 

Wire Information:

ABA #

 

 

Contact:

 

Acct #

 

 

 

 

 

 

 

 

 

 

 

Amount : $ 

 

 

Balances:

 

 

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

 

Revolver: 

 

 

 

 

 

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

 

 

 

 

0.00

 

 

 

 

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

Request Date: 

 

 

 

0.00

 

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

 

 

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

Transfer Date: 

 

 

Total Loan 

0.00

 

 

 

 

 

 

 

 

 Loan Balance/Collateral Availability Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Revolver Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Before Advance

 

$

 

 

 

 

 

 

 

 

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

 

 

 

 

PLUS: Amount Requested

 

$

 

 

 

 

 

 

 

 

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

 

 

 

 

LESS: Today’s Receipts

 

$

 

 

 

 

 

 

 

 

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

 

 

 

 

After Advance

 

 

 

 

A.

$

0.00

 

 

 

 

 

 

 

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

 

 Collateral/Availability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Billed Accounts Receivable (As of [________])

 

$

 

 

 

 

 

 

 

 

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

 

 

 

 

LESS: Ineligibles

 

$

 

 

 

 

 

 

 

 

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

 

 

 

 

Eligible Billed AR

 

$

0.00

 

 

 

 

 

 

 

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

 

 

 

 

Available @ 85% Advance Rate

 

 

 

 

B.

$

 

 

 

 

 

 

 

 

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

 

Pending Accounts Receivable (As of [_______])

 

$

 

 

 

 

 

 

 

 

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

 

 

 

 

Accrued T&M Unbilled Revenue (As of [_______])

 

$

 

 

 

 

 

 

 

 

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

 

 

 

 

Fixed Contract A/R (As of [________])

 

$

 

 

 

 

 

 

 

 

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

 

 

 

 

Eligible Pending & fixed A/R

 

$

 

 

 

 

 

 

 

 

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

 

 

 

 

Available @ 75% Advance Rate ($17MM CAP)

 

 

 

 

C.

$

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 Total Available (B+C)

 

 

 

 

 

$

-0.01

 

 

 

 

 

 

 

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

 LESS: Revolver (A)

 

 

 

 

 

$

 

 

 

 

 

 

 

 

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

 LESS: Letters of Credit Outstanding

 

 

 

 

 

$

 

 

 

 

 

 

 

 

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

 OTHER GE RESERVE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 MINIMUM BORROWING AVAILABILITY COVENANT CALCULATION

$

 

 

 

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

 DAILY GE RESERVE

 

 

 

 

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

 ACTUAL AVAILABILITY TOTAL

 

 

 

 

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

 

 

 

The Borrower hereby certifies that (a) as of the date hereof, the aggregate
amount of liabilities of the Borrower and the other Credit Parties for unpaid
payroll taxes equals $_________, consisting of (i) $__________ in liabilities
for unpaid payroll taxes arising out of payroll paid prior to [insert last
payroll payment date] (the “last payroll payment date”) and (ii) $__________ in
liabilities for unpaid payroll taxes arising out of payroll paid on the last
payroll payment date, and (b) from and after the date hereof and the borrowing
date set forth above, the Borrower and the other Credit Parties will continue to
pay all Charges in accordance with Section 5.2 of the Credit Agreement.

 

 

 

AUTHORIZATIONS

 

 Phone/Fax

Requested By:

 

 

 

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

 

The Borrower has caused this Request to be executed by its duly authorized
officer as of the date and year first written above.

The execution of this document guarantees that all information included has been
reviewed, verified, and found to be accurate by the signatory.

 

 

 

 FAX TO:

 

FAX:

 

 

PHONE:

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