Exhibit 10.110




 




 




NINTH AMENDMENT TO LOAN AGREEMENT,




AMENDMENT TO AMENDED AND RESTATED PROMISSORY

NOTES




 




 




NINTH AMENDMENT TO LOAN

AGREEMENT AND AMENDMENT TO AMENDED AND RESTATED PROMISSORY NOTES (this “Amendment”),

dated as of March 28, 2003, by and among [i] THERMOVIEW INDUSTRIES, INC., a

Delaware corporation (“ThermoView”), [ii] AMERICAN HOME DEVELOPERS CO.,

INC., a California corporation (“American Home”), [iii] FIVE STAR

BUILDERS, INC., a California corporation (“Five Star”), [iv] KEY HOME

CREDIT, INC., a Delaware corporation (“Key Home”), [v] KEY HOME

MORTGAGE, INC., a Delaware corporation (“Key Home Mortgage”), [vi]

LEINGANG SIDING AND WINDOW, INC., a North Dakota business corporation (“Leingang

Siding”),  [vii] PRECISION WINDOW

MFG., INC., a Missouri corporation (“Precision”), [viii]  PRIMAX WINDOW CO., a Kentucky corporation (“Primax”),

[ix] ROLOX, INC., a Kansas corporation (“Rolox”), [x] TD WINDOWS,

INC., a Kentucky corporation (“TD Windows”), [xi] THERMAL LINE WINDOWS,

INC., a North Dakota corporation (“Thermal Line”), [xii] THERMOVIEW

OF MISSOURI, INC., a Missouri corporation (“ThermoView-Missouri”),

[xiii] THERMO-TILT WINDOW COMPANY, a Delaware corporation (“Thermo-Tilt”),

[xiv]THERMO-SHIELD OF AMERICA (ARIZONA), INC., an Arizona corporation (“Thermo-Shield

Arizona”), [xv] THERMO-SHIELD OF AMERICA (MICHIGAN), INC., a Michigan

corporation (“Thermo-Shield Michigan”), [xvi] THERMO-SHIELD COMPANY,

LLC, an Illinois limited liability company (“Thermo-Shield Company”),

[xvii] THERMO-SHIELD OF AMERICA (WISCONSIN), LLC, a Wisconsin limited liability

company (“Thermo-Shield Wisconsin”), [xviii] THERMOVIEW ADVERTISING

GROUP, INC., a Delaware corporation (“ThermoView Advertising”) and

[xix] THOMAS CONSTRUCTION, INC., a Missouri corporation (“Thomas

Construction”), (ThermoView, American Home, Five Star, Key Home, Key Home

Mortgage, Leingang Siding, Precision, Primax, Rolox, TD Windows, Thermal Line,

ThermoView-Missouri, Thermo-Tilt, Thermo-Shield Arizona, Thermo-Shield

Michigan, Thermo-Shield Company, Thermo-Shield Wisconsin, ThermoView

Advertising and Thomas Construction individually are referred to in this

Agreement as a “Borrower” and collectively, as the “Borrowers”)

having an address in care of ThermoView Industries, Inc., 5611 Fern Valley

Road, Louisville, Kentucky 40228 and [xx] GE CAPITAL EQUITY INVESTMENTS,

INC., a Delaware corporation (“GE Capital” or the “Series A Lender”

or the “Series C Lender”) and [xi] GE Capital as collateral agent, as

applicable (in such capacity, the “Collateral Agent”) and [xii] Rodney

H. Thomas, Charles L. Smith, Robert L. Cox, Robert L. Cox, II, Stephen A.

Hoffmann, Mitch M. Wexler, Stephen Townzen, Emerging Business Solutions, LLC,

Ronald L. Carmicle, Raymond C. Dauenhauer, J. Sherman Henderson, III, Bruce C.

Merrick, George T. Underhill, II and Daniel F. Dooley (each, a “Series B

Lender” and collectively, the “Series B Lenders”, and together with

the Series A Lender and the Series C Lender, the “Lenders”).




 




W I T N E S S E T H:




 




A.            Pursuant

to that certain Assignment and Acceptance Agreement, dated as of March 22,

2001, the Lenders purchased loans made to the Borrowers pursuant to that

certain Loan Agreement dated as of August 31, 1998, as amended pursuant to (a)

that certain Joinder to Loan Documents and Amendment to Loan Documents (Thomas

Construction, Inc.) dated as of January 1, 1999, by and among certain of the

Borrowers and PNC Bank (“PNC”), (b) that certain Joinder to Loan

Documents and Amendment to Loan Documents (Precision Window Mfg., Inc.) dated

as of January 5, 1999, by and among certain of the




 




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Borrowers and PNC, (c) that certain Joinder to Loan Documents and

Amendment to Loan Documents (Thermo-Shield) dated as of July 8, 1999, by and

among certain of the Borrowers and PNC, (d) that certain Amendment to Loan

Agreement dated as of July 30, 1999, by and among certain of the Borrowers and

PNC, (e) that certain Second Amendment to Loan Agreement dated as of October

14, 1999, by and among certain of the Borrowers and PNC, (f) that certain Third

Amendment to Loan Agreement dated as of November, 1999, by and among certain of

the Borrowers and PNC, (g) that certain Fourth Amendment to Loan Agreement and

Amendment to Note and Term Note dated as of November 10, 1999, by and among certain

of the Borrowers and PNC, (h) that certain Fifth Amendment to Loan Agreement

and Amendment to Note dated as of April 14, 2000, by and among the Borrowers

and the PNC, (i) that certain Sixth Amendment to Loan Agreement dated as of

August 15, 2000, by and among the Borrowers and PNC, (j) that certain Seventh

Amendment to Loan Agreement dated as of March 22, 2001, among the Borrowers and

PNC and (k) that certain Eighth Amendment and Amendment and Restatement of Note

dated as of March 22, 2001 (collectively, the “Loan Agreement”;

capitalized terms used herein and not defined shall have the meanings assigned

to such terms in the Loan Agreement).




 




B.            In

connection with the Loan Agreement, the Borrowers executed and delivered to (i)

the Series A Lender, the Amended and Restated Series A Promissory Note, (ii)

each Series B Lender, an Amended and Restated Series B Promissory Note and

(iii) the Series C Lender, the Amended and Restated Series C Promissory Note,

each dated March 22, 2001 (as amended, modified or supplemented from time to

time the “Notes” and together with the Loan Agreement, the “Loan

Documents”).




 




E.             The

Borrowers are in default under the Loan Documents as of the date hereof, and

the Borrowers have requested a waiver of such default and Event of Default (as

such term is defined in the Loan Documents) existing as of the date hereof, as

well as amendments to the Loan Documents as more particularly described in this

Amendment.




 




F.             The

Lenders are willing to waive such default and Event of Default existing under

the Loan Documents as of the date hereof, and to amend the Loan Documents as

more particularly described in this Amendment upon the condition, among others,

that the Borrowers execute and deliver this Amendment in favor of the Lenders.




 




NOW, THEREFORE, in

consideration of the premises and mutual covenants contained herein, the

parties hereto agree as follows:




 




SECTION

1.           AMENDMENT TO THE LOAN

AGREEMENT.  Effective as of the

Effective Date (as defined herein), the Loan Agreement is amended as follows:




 




1.1           By

amending and restating Section 4.I [1] of the Loan Agreement as follows:




 




“[I]          [1]           Free Cash Flow to Cash Interest

Payments.  (i) Thermoview will

maintain a ratio of Free Cash Flow to Cash Interest Payments equal to or

greater than as set forth below.  Such

ratio shall be determined on a rolling 4 quarter basis measured to begin with

the fiscal quarter ending on December 31, 2001 and as of each fiscal quarter

thereafter through and including the fiscal quarter ending on March 31, 2004:




 




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  June 30, 2001


  	

   


  	

  1.75 to 1.00


  
	

  September 30, 2001


  	

   


  	

  1.75 to 1.00


  
	

  December 31, 2001


  	

   


  	

  1.75 to 1.00


  
	

  March 31, 2002


  	

   


  	

  1.10 to 1.00


  
	

  June 30, 2002


  	

   


  	

  1.75 to 1.00


  
	

  September 30, 2002


  	

   


  	

  1.75 to 1.00


  
	

  December 31, 2002


  	

   


  	

  1.75 to 1.00


  
	

  March 31, 2003


  	

   


  	

  1.40 to 1.00


  
	

  June 30, 2003


  	

   


  	

  1.40 to 1.00


  
	

  September 30, 2003


  	

   


  	

  1.40 to 1.00


  
	

  December 31, 2003 


  and thereafter”


  	

   


  	

  1.75

  to 1.00


  





 




1.2           By

amending and restating the chart included in Section 4.I.[2] of the Loan

Agreement as follows:




 




“[2] 

Funded Debt to EBITDA Ratio. 

The ratio, calculated as of the end of each fiscal quarter of Thermoview

beginning December 31, 2001 (each a “Calculation Date”), of the

consolidated (and combined, if applicable) Funded Debt of Thermoview as of each

Calculation Date divided by the consolidated (and combined, if applicable)

EBITDA for Thermoview for the four (4) fiscal quarters of Thermoview ending on

the applicable Calculation Date shall not be greater than as set forth opposite

each Calculation Date below:




 




	

  December 31, 2001


  	

   


  	

  5.25 to 1.00


  
	

  March 31, 2002 


  	

   


  	

  5.25 to 1.00


  
	

  June 30, 2002


  	

   


  	

  4.15 to 1.00


  
	

  September 30, 2002


  	

   


  	

  3.40 to 1.00


  
	

  December 31, 2002


  	

   


  	

  3.55 to 1.00


  
	

  March 31, 2003


  	

   


  	

  5.00 to 1.00


  
	

  June 30, 2003


  	

   


  	

  5.00 to 1.00


  
	

  September 30, 2003


  	

   


  	

  4.10 to 1.00


  
	

  December 31, 2003 


  and thereafter


  	

   


  	

  3.70 to 1.00


  





 




1.3           By

amending and restating Section 5.G. of the Loan Agreement as follows:




 




“G. Declare or

pay any dividends on or make any distribution with respect to any class of its

equity or ownership interest, or purchase, redeem, retire or otherwise acquire

any of its equity, other than regularly scheduled (i) “PIK”

dividends accrued for the period from October 1, 2001 to December 31, 2002 on

its outstanding Series D Preferred Stock, $.001 par value, of Company (“Series

D Preferred Stock”) and Series E Preferred Stock, $.001 par value, of

Company (“Series E Preferred Stock”), which payments shall be in the

form of Series D Preferred Stock and Series E Preferred Stock, respectively and

(ii) “PIK” or cash dividends accruing after January 1, 2003 on the Series D

Preferred Stock and Series E Preferred Stock; provided, however,

that no payments of dividends shall be permitted pursuant to clause (ii) above

if, (x) at the time of such payment, Borrowers shall not be in compliance with

the provisions of Section 4.I. of this Agreement as such section is amended and

restated in the Eighth Amendment to Loan




 




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Agreement and

Amendment and Restatement of Note, dated as of March 22, 2001, among Borrowers

and Lenders (without giving effect for purposes of this clause (x) to the terms

of any subsequent amendment to Section 4.I. of this Agreement, including,

without limitation, Sections 1.1 and 1.2 of the Ninth Amendment to Loan

Agreement and Amendment to Amended and Restated Promissory Notes, dated as of

March 28, 2003, among Borrowers and Lenders) or (y) at the time of such payment

a Default or Event of Default shall have occurred and be continuing or such

payment would result in the occurrence of a Default or Event of Default.”




 




1.4           By

amending and restating Section 5.H. of the Loan Agreement as follows:




 




“H.          Hoffmann and Bowlds Note.  So long as any Loans shall remain

outstanding, no Borrower shall voluntarily prepay any amounts pursuant to

either the Hoffmann Note or the Bowlds Note (each as defined below) or be

permitted to make any amendments to the Hoffmann Note or the Bowlds Note.”




 




1.5           By

amending and restating Section 6.F. as follows:




 




“F.           So

long as any Loan shall remain outstanding, any Borrower shall make any

principal payment or voluntarily prepay any amount in connection with that

certain Promissory Note dated as of March 22, 2001 by the Borrowers in favor of

Hoffmann (the “Hoffmann Note”) or that certain Promissory Note dated as

of March 22, 2001 by the Borrowers in favor of Richard E. Bowlds (the “Bowlds

Note”).”




 




SECTION

2.           AMENDMENTS TO NOTES.




 




2.1           By amending and restating clause

(vii) of the first paragraph of Section 6 of each Note as follows:  “(vii) the entry of a final judgment against

any Obligor in excess of $100,000, which judgment has not been stayed,

discharged or appealed within five (5) Business Days of the date of entry

thereof,”.




 




2.2           By amending and restating clause (b)

of the second paragraph of Section 6 of each Note as follows:  “(b) if an Event of Default specified in

clauses (i), (vii) or (ix) above, or Section 6.E. or 6.F. of the Loan

Agreement, or an Event of Default resulting from a breach of Section 5.G. of

the Loan Agreement, shall occur, the

outstanding principal balance and accrued interest hereunder together with any

additional amounts payable hereunder, at the option of the Requisite A Lenders

or, if the Series A Note shall no longer be outstanding, the Requisite Lenders,

and without demand or notice of any kind, may be accelerated and become

immediately due and payable;”.




 




SECTION

3.           CONDITIONS PRECEDENT TO

THE EFFECTIVENESS OF THIS AMENDMENT. 

This Amendment shall be effective as of December 31, 2002 (such date is

referred to herein as the “Effective Date”) upon (i) full execution and

delivery of this Amendment by the parties hereto, (ii) full execution and

delivery of Amendment No. 5 and Waiver to the Securities Purchase Agreement,

dated as of the date hereof, between Thermoview and GE Capital, in form and

substance satisfactory to GE Capital and (iii) full execution and delivery of a

certificate of a senior executive officer of Thermoview, dated the date hereof,

to the effect that, as of the date hereof, no litigation not listed




 




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on Annex A

hereto has been commenced against Thermoview or any of its Subsidiaries.




 




SECTION

4.           EXPENSES.  Within       days

of the date hereof, Thermoview shall pay to GE Capital, and shall reimburse GE

Capital for, all reasonable expenses of GE Capital in connection with the

preparation of this Amendment and each of the other documents prepared in

connection herewith (including the reasonable fees and expenses of counsel) and

all other reasonable out-of-pocket costs and expenses of every type and nature

(including, without limitation, the reasonable fees, expenses and disbursements

of GE Capital’s counsel, Weil, Gotshal & Manges LLP) related thereto.




 




SECTION

5.           EFFECT ON LOAN DOCUMENTS.




 




(a)           On

and after the Effective Date, each reference in the Loan Documents to “this

Agreement”, “herein”, “hereof”, “hereunder” or words

of similar import, shall mean and be a reference to such Loan Document as

amended hereby.




 




(b)           Except

as specifically amended above in connection herewith, each Loan Document shall

remain in full force and effect and is hereby ratified and confirmed.




 




(c)           The

execution, delivery and effectiveness of this Amendment shall not, except as

expressly provided herein, operate as a waiver of any right, power or remedy of

the Lenders under any of the Loan Documents or constitute a waiver of any

provision of any of the Loan Documents.




 




SECTION

6.           GOVERNING LAW.  THIS AMENDMENT AND THE OBLIGATIONS ARISING

HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH,

THE LAWS OF THE STATE OF NEW YORK, EXCLUDING ITS CONFLICT OF LAWS RULES.




 




SECTION

7.             SECTION TITLES.  Section titles contained in this Amendment

are and shall be without substantive meaning or content of any kind whatsoever

and are not a part of the agreement between the parties hereto.




 




SECTION

8.           COUNTERPARTS.  This Amendment may be executed in any number

of separate counterparts, each of which shall collectively and separately

constitute one agreement.




 




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IN WITNESS WHEREOF, this

Amendment has been duly executed as of the date first written above.




 




 




	

   


  	

  GE CAPITAL EQUITY INVESTMENTS, INC.,


  
	

   


  	

  as

  Series A Lender, Series C Lender and as Collateral Agent


  
	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  By:


  	

   


  	

   


  
	

   


  	

  Name, 

  Title


  
	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  SERIES B LENDERS:


  
	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  RODNEY

  H. THOMAS


  
	

   


  	

   


  
	

   


  	

   


  	

   


  
	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  CHARLES

  L. SMITH


  
	

   


  	

   


  
	

   


  	

   


  	

   


  
	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  ROBERT

  L. COX


  
	

   


  	

   


  
	

   


  	

   


  	

   


  
	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  ROBERT

  L. COX, II


  
	

   


  	

   


  
	

   


  	

   


  	

   


  
	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  STEPHEN

  A. HOFFMANN


  
	

   


  	

   


  
	

   


  	

   


  	

   


  
	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  MITCH M.

  WEXLER


  
	

   


  	

   


  
	

   


  	

   


  	

   


  
						





 




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  STEPHEN

  TOWNZEN


  
	

   


  	

   


  
	

   


  	

   


  	

   


  
	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  EMERGING

  BUSINESS SOLUTIONS, LLC


  
	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  By:


  	

   


  	

   


  
	

   


  	

  Name:


  
	

   


  	

  Title:


  
	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  RONALD

  L. CARMICLE


  
	

   


  	

   


  
	

   


  	

   


  	

   


  
	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  RAYMOND

  C. DAUENHAUER


  
	

   


  	

   


  
	

   


  	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  J.

  SHERMAN HENDERSON, III


  
	

   


  	

   


  
	

   


  	

   


  	

   


  
	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  BRUCE C.

  MERRICK


  
	

   


  	

   


  
	

   


  	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  GEORGE

  T. UNDERHILL, II


  
	

   


  	

   


  
	

   


  	

   


  	

   


  
	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  DANIEL

  F. DOOLEY


  
	

   


  	

   


  
	

   


  	

   


  	

   


  
					





 




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  THERMOVIEW INDUSTRIES, INC.


  
	

   


  	

  AMERICAN HOME DEVELOPERS CO., INC.


  
	

   


  	

  FIVE STAR BUILDERS, INC.


  
	

   


  	

  KEY HOME CREDIT, INC.


  
	

   


  	

  KEY HOME MORTGAGE, INC.


  
	

   


  	

  LEINGANG SIDING AND WINDOW, INC.


  
	

   


  	

  PRIMAX WINDOW CO.


  
	

   


  	

  PRECISION WINDOW MFG., INC.


  
	

   


  	

  ROLOX, INC.


  
	

   


  	

  TD WINDOWS, INC.


  
	

   


  	

  THERMAL LINE WINDOWS, INC.


  
	

   


  	

  THERMOVIEW OF MISSOURI, INC.


  
	

   


  	

  THERMO-TILT WINDOW COMPANY


  
	

   


  	

  THOMAS CONSTRUCTION, INC.


  
	

   


  	

  THERMO-SHIELD OF AMERICA (ARIZONA), INC.


  
	

   


  	

  THERMO-SHIELD OF AMERICA (MICHIGAN), INC.


  
	

   


  	

  THERMO-SHIELD COMPANY, LLC


  
	

   


  	

  THERMO-SHIELD OF AMERICA(WISCONSIN), LLC


  
	

   


  	

  THERMOVIEW ADVERTISING GROUP, INC.


  
	

   


  	

   


  
	

   


  	

   


  
	

   


  	

  By:


  	

   


  	

   


  





 




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