Exhibit 10.62
 
EIGHTH AMENDMENT TO FIRST LIEN CREDIT AGREEMENT
 
THIS EIGHTH AMENDMENT TO FIRST LIEN CREDIT AGREEMENT (this “Amendment”) is
entered into as of January 16, 2014 by and among GSE ENVIRONMENTAL, INC., a
Delaware corporation f/k/a Gundle/SLT Environmental, Inc. (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 that Agent and Lenders amend certain provisions
of the Credit Agreement; and
 
WHEREAS, Agent and the Lenders signatory hereto constituting the Required
Lenders are willing to amend the Credit Agreement in certain respects 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. Amendment to Credit Agreement.  Upon satisfaction (or waiver by the Lenders)
of the conditions set forth in Section 3 hereof, the Credit Agreement is hereby
amended as follows:
 
(a) Subsection 4.2(i) of the Credit Agreement is hereby further amended by
deleting clause (5) thereof in its entirety and substituting the following
therefor:
 
“(5)           on or prior to January 17, 2014;
 
(i) [reserved];
 
(ii) identification and detail on of the amount available to the Credit Parties
for North American operations to obtain cash from foreign sources over the
liquidity projection time period; and
 
 (6)           on or prior to January 31, 2014, the Credit Parties’ revised and
updated long-term business plans, including financial projections, prepared in
connection with the process to obtain the Junior Capital or the sale process
described in Section 4.19 or otherwise presented to the Borrower’s board of
directors.”
 
 
 
 

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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 and Required Lenders;
 
(b) the receipt by Agent of a duly executed and effective amendment to the First
Lien Revolving Credit Agreement conforming in form and substance hereto; and
 
(c) 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. 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 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.
 
5. 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.
 
6. 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)).
 
[Remainder of Page Intentionally Left Blank; Signature Pages Follow]
 
 
 
2

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

 
BORROWER:
             
GSE ENVIRONMENTAL, INC.
        By: /s/ Mark A Whitney   Name: Mark A. Whitney   Title: Vice President  
           
CREDIT PARTIES:
             
GSE HOLDING, INC.
        By: /s/ Mark A Whitney   Name: Mark A. Whitney   Title: Vice President  
           
GSE ENVIRONMENTAL, LLC
        By: /s/ Mark A Whitney   Name: Mark A. Whitney   Title: Vice President  
           
SYNTEC LLC
       
By: GSE Environmental, LLC, its sole member
        By: /s/ Mark A Whitney   Name: Mark A. Whitney   Title: Vice President

 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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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/ Brad Kimme
  Name:
Brad Kimme
  Title:
Duly Authorized Signatory

 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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

 
GE Capital Bank, as a Lender
        By:
/s/ Woodrow Broaders, Jr.
  Name:
Woodrow Broaders, Jr.
  Title:
Duly Authorized Signatory

 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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

 
MUBADALA GE CAPITAL, LTD, as a lender
 
By: GENERAL ELECTRIC CAPITAL CORPORATION, as a Servicer
        By:
/s/ Brad Kimme
  Name:
Brad Kimme
  Title:
Duly Authorized Signatory

 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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

 
Haryleysville Life Insurance Company, as a Lender
        By:
/s/ Ronald R. Serpico
  Name:
Ronald R. Serpico
  Title:
Authorized Signatory

 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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

 
Nationwide Mutual Insurance Company, as a Lender
        By:
/s/ Ronald R. Serpico
  Name:
Ronald R. Serpico
  Title:
Authorized Signatory

 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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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

 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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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

 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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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

 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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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

 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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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, 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

 
 
 
 

 
Eighth Amendment to First Lien Credit Agreement
 
 

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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, 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

 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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

 
Cetus Capital II, LLC, as a Lender
        By:
/s/ Richard Maybaum
  Name:
Richard Maybaum
  Title:
Managing Director

 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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

 
SG Distressed Fund, LP, as a Lender
        By:
/s/ Richard Maybaum
  Name:
Richard Maybaum
  Title:
Managing Director

 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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

 
Littlejohn Opportunities Master Fund LP, as a Lender
        By:
/s/ Richard Maybaum
  Name:
Richard Maybaum
  Title:
Managing Director

 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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

 
SUNS SEV LLC, as a Lender
        By:
/s/ Bruce Spohler
  Name:
Bruce Spohler
  Title:
Chief Operating Officer

 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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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

 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 
 

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

 
Wells Fargo, as a Lender
        By:
/s/ Jeff Nikera
  Name:
Jeff Nikera
  Title:
Executive Vice President

 
 
 
 
 
 
 
Eighth Amendment to First Lien Credit Agreement
 

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