EX-10.1



 Exhibit 10.1 

 

					
	



	 		 	Wells Fargo Capital Finance
	 	 	Business Credit Division
	 	 	MAC N9811-143
	 	 	Suite 1400, 100 E.Wisconsin Avenue
	 	 	Milwaukee, WI 53202
	 	 	414 224-7477
	 	 	414 224-7442 Fax

 September 29, 2011 
 MISCOR Group, Ltd. 
 1125 S. Walnut 
 South Bend, Indiana 46619 
 Attention: Michael P. Moore 

 

	Re:	Short term extension of credit facilities under Credit and Security Agreement 

 Dear Mr. Moore: 
 Reference is made to that certain Credit and Security Agreement dated as of
January 14, 2008, as amended (the “Credit Agreement”) to which each of MISCOR Group, Ltd., an Indiana corporation (“MISCOR”), Magnetech Industrial Services, Inc., an Indiana corporation (“MIS”) and HK Engine
Components, LLC, an Indiana limited liability company (“HK” and together with MISCOR and MIS, the “Borrowers” and each a “Borrower”), and Wells Fargo Bank, National Association (the “Lender”), acting through
its Wells Fargo Business Credit operating division, are a party. Capitalized terms used herein shall have the meaning assigned to such terms in the Credit Agreement. 
 As you know, pursuant to the Lender’s letter dated August 29, 2011 (the “August Extension”), the Lender agreed to extend the term of the credit facilities provided under the Credit
Agreement on a short term basis to September 30, 2011. In accordance with the August Extension, the Maturity Date pursuant to the Credit Agreement is September 30, 2011 and accordingly both the Revolving Note and the Term Note are
scheduled to mature and be payable on such date. The parties have been working through the terms of a possible extension of the credit facilities provided under the Credit Agreement, including the terms of the subordination agreements with the
Borrowers’ Subordinated Creditors but have not yet reached final agreement on those terms. Accordingly, Lender has agreed to extend the term of the credit facilities until October 7, 2011 and the term “Maturity Date” as the same
is defined in the Credit Agreement is hereby amended to mean October 7, 2011. In light of the short term nature of this extension, and notwithstanding anything to the contrary in the Credit Agreement, no principal payment shall be required on
the Term Note on October 1, 2011. All other amounts normally due on the first day of a month, including interest, shall be due and payable in accordance with the terms of the Credit Agreement. 

Except as expressly set forth herein, the Credit Agreement and the other Loan Documents related thereto remain in full force and effect in accordance
with their terms. The Lender’s agreements herein shall not constitute a “course of dealing” or any agreement of the part of the Lender to further extend the Maturity Date on either a short term or long term basis. 







 MISCOR Group, Ltd. 
 September 29, 2011 
 Page 2 
 Please acknowledge your agreement to the terms of this letter by executing a copy of the same where indicated below and returning it to the undersigned. 

Sincerely, 
  

	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
	
	/s/ Ronald Yandry
	
	Ronald Yandry
	Vice President
	
	 Acknowledged and agreed to

this 30th day of September, 2011

	

  

									
	MISCOR GROUP, LTD.	 		 	MAGNETECH INDUSTRIAL SERVICES, INC.
					
	By:	 	 /s/ Michael P. Moore
	 		 	By:	 	 /s/ Michael P. Moore

		 	Michael P. Moore, Chief Executive Officer	 		 		 	Michael P. Moore, Chief Executive Officer

  

			
	HK ENGINE COMPONENTS, LLC
		
	By:	 	 /s/ Michael P. Moore

		 	Michael P. Moore, Chief Executive Officer