Document:

exh_1014.htm

Exhibit 10.14

 

EXECUTION COPY

 

 

ACKNOWLEDGMENT TO SECOND AMENDMENT TO CREDIT AGREEMENT

 

This ACKNOWLEDGEMENT TO SECOND AMENDED AND RESTATED SUBORDINATION AND INTERCREDITOR AGREEMENT (this “Agreement”), dated as of October 20, 2011, is executed and delivered by LIBERTY BANK OF ARKANSAS an Arkansas state chartered bank whose address for purposes of notice hereunder is P.O. Box 10890, Fayetteville, AR  72703, attn:  Scott Hancock, Executive Vice President (“Liberty Bank”).

 

W I T N E S S E T H:

 

WHEREAS, on March 18, 2011, H.I.G. AERT, LLC, a Delaware limited liability company, located at 500 Boylston Street, 13th Floor, Boston, MA 02116 (“H.I.G.”), made extensions of credit to Advanced Environmental Recycling Technologies, Inc., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”) in an original principal amount of $19,000,000, in accordance with the provisions of a Credit Agreement, dated as of March 18, 2011, made by the Company in favor of H.I.G. (as amended, modified or restated, the “H.I.G. Credit Agreement”), such H.I.G. Credit Agreement representing and evidencing all of the debt that Company has with H.I.G; and

 

WHEREAS, Liberty Bank and H.I.G. entered into a Second Amended and Restated Subordination and Intercreditor Agreement, dated as of March 18, 2011 (as amended, modified or restated, the “Intercreditor Agreement”), consenting to the incurrence by the Company of the indebtedness relating to the H.I.G. Credit Agreement and agreeing the incurrence by the Company of the indebtedness relating to the H.I.G. Credit Agreement shall not constitute a default or event of default under the Liberty Bank Loan Documents (as defined in the Intercreditor Agreement); and

 

WHEREAS, H.I.G. and the Company are entering into an amendment to the H.I.G. Credit Agreement (the “Second Amendment”) to increase the Series B Term Loan Commitment (as defined therein) to an aggregate commitment of $14,000,000.

 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Liberty Bank acknowledges that the Second Amendment shall not constitute a default or event of default pursuant to the Intercreditor Agreement or the Liberty Bank Loan Documents (as defined in the Intercreditor Agreement).

 

- Remainder of page intentionally left blank; signature page follows -

 

  

  

  

IN WITNESS WHEREOF, this Agreement has been executed by the party hereto as of the day and year first above written.

 

 

	 	 
LIBERTY BANK OF ARKANSAS

	 	 	 
	 	By:	 
/s/ Scott Hancock

	 	 	 
Scott Hancock, Executive Vice Presidentexh_1015.htm

Exhibit 10.15

 

EXECUTION COPY

 

AMENDED AND RESTATED SERIES B TERM NOTE

 

$14,000,000, or so much thereof 

as may have been advanced, to or for 

	the benefit of Borrower	October 20, 2011

New York, New York

 

FOR VALUE RECEIVED, the undersigned (the “Borrower”) hereby promises to pay to H.I.G. AERT, LLC (“Lender”), the principal sum of fourteen million dollars ($14,000,000) or so much thereof as represents the unpaid principal amount borrowed under the Series B Term Loan,   payable in the amounts and on the dates set forth in the Credit Agreement referred to below.  The Borrower further promises to pay to the order of Lender interest on the unpaid principal amount hereof from time to time outstanding at the rate or rates per annum determined pursuant to the Credit Agreement, payable on the dates set forth in the Credit Agreement.  Payments of principal and interest on this Term Note shall be made in lawful money of the United States of America and in the manner set forth in the Credit Agreement.

 

This Term Note is a “Series B Note” referred to in, and is entitled to the benefits of, the Credit Agreement (as the same may be amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein without definition having the meanings ascribed thereto in the Credit Agreement) dated as of March 18, 2011, by and among the Borrower, H.I.G. AERT, LLC, as Administrative Agent and the other Lenders who from time to time are parties thereto, and the additional Credit Documents which, among other things, provide for the acceleration of the maturity hereof upon the occurrence of certain events and for prepayments in certain circumstances and upon certain terms and conditions specified therein. Notwithstanding any other provision of this Term Note, interest paid or becoming due hereunder shall in no event exceed the maximum rate permitted by applicable law.

 

Except as expressly set forth in the Credit Agreement, the Borrower hereby expressly waives presentment, demand, notice of protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Term Note and the Credit Agreement.  This Term Note is secured by and is entitled to the benefits of the liens and security interests granted by the Collateral Documents.  This Term Note and interests herein may only be transferred to the extent and in the manner set forth in the Credit Agreement.

 

This Term Note amends and restates in its entirety, and is issued in replacement of and substitution for, that certain Series B Term Note dated March 18, 2011 in the principal amount of $9,000,000.00 issued by the Borrower payable to the Lender.

 

 

[Signature page follows]

 

  

  

  

This Term Note shall be governed by, construed and enforced in accordance with the laws of the State of New York.

 

	 	
ADVANCED ENVIRONMENTAL RECYCLING

TECHNOLOGIES, INC., as the Borrower

	 	 	 
	 	By:	/s/ Joe G. Brooks
	 	Name:	Joe G. Brooks
	 	Title:	 
Chairman and Chief Executive Officerexh_44.htm

Exhibit 4.4

 

AMENDMENT NO. 3 TO

LOAN AND SECURITY AGREEMENT

This AMENDMENT NO. 3 TO LOAN AND SECURITY AGREEMENT (“Amendment”) is dated as of October 19, 2011 and is entered into by and among AMERICA’S CAR-MART, INC., a Texas corporation (“Parent”), COLONIAL AUTO FINANCE, INC., an Arkansas corporation (“Colonial”), AMERICA’S CAR MART, INC., an Arkansas corporation (“ACM”), TEXAS CAR-MART, INC., a Texas corporation (“TCM”)(each of Colonial, ACM and TCM, a “Borrower”, and collectively, “Borrowers”), the financial institutions party to the Loan Agreement (as hereinafter defined) as lenders (collectively, “Lenders”), BOKF, NA d/b/a Bank of Arkansas, as administrative agent for the Lenders (“Agent”) and co-lead arranger for the Lenders, BANK OF AMERICA, N.A., as collateral agent for the Lenders (“Collateral Agent”), and BANK OF AMERICA, N.A., as documentation agent for the Lenders (“Documentation Agent”) and co-lead arranger for the Lenders.  All capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Loan Agreement (as hereinafter defined).

WITNESSETH

 

WHEREAS, Parent, Borrowers, Lenders, Agent, Collateral Agent and Documentation Agent have entered into that certain Loan and Security Agreement dated as of November 4, 2010 (as previously amended, amended and restated, modified, supplemented or renewed, the “Loan Agreement”);

 

WHEREAS, Parent, Borrowers, Lenders, Agent, Collateral Agent and Documentation Agent have agreed to amend the Loan Agreement subject to the terms and conditions stated herein; and

 

NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Lenders, Agent, Collateral Agent, Documentation Agent, Parent and Borrowers hereby agree as follows:

 

I. Amendment to the Loan Agreement.  Pursuant to a request by Colonial under Section 2.1.7 of the Loan Agreement, the Lenders have agreed to increase the Colonial Revolver Commitments.  Effective as of the date hereof, Schedule 1.1 to the Loan Agreement is hereby deleted and replaced with the Schedule 1.1 attached hereto.  No additional increases under Section 2.1.7 of the Loan Agreement shall be available to Colonial.

 

II. Trigger Event:  Borrowers have informed Agent and Lenders that a Trigger Event has occurred prior to the date hereof (“Existing Trigger Event”) and has requested that Agent and Lenders not commence a Trigger Period to exercise their control rights with respect to certain Deposit Accounts of Borrowers based on the Existing Trigger Event.  Agent and Lenders hereby agree that no Trigger Period shall be commenced based on the Existing Trigger Event.  The waiver set forth herein shall be limited precisely as written and shall not be deemed to be (a) a waiver or modification of any other term or condition of the Loan Agreement or (b) prejudice any 

 

  

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right or remedy which Agent or Lenders may now or in the future have under or in connection with the Loan Agreement.

 

III. Conditions.  The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:

 

A. Amendment.  Fully executed copies of this Amendment signed by Parent, Colonial, ACM, TCM , Lenders, Collateral Agent and Documentation Agent shall have been delivered to Agent.

 

B. Other Documents.  Borrowers shall have executed and delivered to Agent such other documents and instruments as Agent may reasonably require.

 

IV. Miscellaneous.

 

A. Guarantor Acknowledgement.  Each of Parent, Colonial, ACM and TCM, as Guarantor hereby (i) acknowledges receipt of the Amendment; (ii) consents to the terms and execution thereof; (iii) reaffirms all obligations to Agent and Lenders pursuant to the terms of its Guaranty; and (iv) acknowledges that Agent and Lenders may amend, restate, extend, renew or otherwise modify the Loan Agreement and any indebtedness or agreement of the Borrowers, or enter into any agreement or extend additional or other credit accommodations, without notifying or obtaining the consent of any Guarantor and without impairing the liability of any Guarantor under its Guaranty for all of any Borrower’s Obligations.

 

B. Survival of Representations and Warranties.  All representations and warranties made in the Loan Agreement or any other document or documents relating thereto, including, without limitation, any Loan Document furnished in connection with this Amendment, shall survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation by the Agent, Collateral Agent, Documentation Agent or the Lenders shall affect the representations and warranties or the right of the Agent, Collateral Agent, Documentation Agent or the Lenders to rely thereon.

 

C. Reference to Loan Agreement.  The Loan Agreement, each of the Loan Documents, and any and all other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof, or pursuant to the terms of the Loan Agreement as amended hereby, are hereby amended so that any reference therein to the Loan Agreement shall mean a reference to the Loan Agreement as amended hereby.

 

D. Loan Agreement Remains in Effect.  The Loan Agreement and the Loan Documents, as amended hereby, remain in full force and effect and Parent and each Borrower ratifies and confirms its agreements and covenants contained therein.  Parent and each Borrower hereby confirms that to the best of its knowledge no Event of Default or Default exists.

 

E. Severability.  Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

 

  

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F. Counterparts.  This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument.

 

G. Headings.  The headings, captions and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.

 

H. NO ORAL AGREEMENTS.  THIS AMENDMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS AS WRITTEN, REPRESENTS THE FINAL AGREEMENT BETWEEN LENDERS, AGENT AND BORROWERS AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN AGENT, LENDERS AND BORROWERS.

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

  

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IN WITNESS WHEREOF, the parties have executed this Amendment under seal on the date first written above.

 

	 	
BORROWERS/GUARANTORS:

	 	 
	 	
COLONIAL AUTO FINANCE, INC.,

an Arkansas corporation

	 	 
	 	 
	 	
By:

	
/s/ Jeffrey A. Williams

	 	
Title:

	
Secretary

	 	  
	 	  
	 	
AMERICA’S CAR MART, INC.,

an Arkansas corporation

	 	 
	 	 
	 	
By:

	
/s/ Jeffrey A. Williams

	 	
Title:

	
Secretary

	 	  
	 	  
	 	
TEXAS CAR-MART, INC.,

a Texas corporation

	 	 
	 	 
	 	
By:

	
/s/ Jeffrey A. Williams

	 	
Title:

	
Secretary

	 	  
	 	  

 

 

  

Signature Page to Amendment No. 3 to Loan and Security Agreement

  

 

	 	
PARENT/GUARANTOR:

	 	 
	 	
AMERICA’S CAR-MART, INC.,

a Texas corporation

	 	 
	 	 
	 	
By:

	
/s/ Jeffrey A. Williams

	 	
Title:

	
Secretary

	 	  

 

 

 

  

Signature Page to Amendment No. 3 to Loan and Security Agreement

  

 

	 	
AGENT, COLLATERAL AGENT,

DOCUMENTATION AGENT AND

LENDERS:

	 	 
	 	
BOKF, NA d/b/a Bank of Arkansas,

as Agent, Co-Lead Arranger and Lender

	 	 
	 	 
	 	
By:

	
/s/ Jeff Dunn

	 	
Title:

	
Executive Vice President

	 	  

 

  

Signature Page to Amendment No. 3 to Loan and Security Agreement

  

 

	 	
BANK OF AMERICA, N.A.

as Collateral Agent, Documentation Agent,

Co-Lead Arranger and Lender

	 	 
	 	 
	 	
By:

	
/s/ Carlos Gil

	 	
Title:

	
Vice President

	 	  

 

 

 

 

 

  

Signature Page to Amendment No. 3 to Loan and Security Agreement

  

 

	 	

COMMERCE BANK

as Lender

	 	 
	 	 
	 	
By:

	

/s/ R. David Emley Jr.

	 	
Title:

	

Vice President

	 	  

 

 

 

 

 

  

Signature Page to Amendment No. 3 to Loan and Security Agreement

  

 

	 	

ARVEST BANK,

as Lender

	 	 
	 	 
	 	
By:

	

/s/ Andy Marshall

	 	
Title:

	

Senior Vice President

	 	  

 

 

 

  

Signature Page to Amendment No. 3 to Loan and Security Agreement

  

 SCHEDULE 1.1

 

REVOLVER COMMITMENTS OF LENDERS

 

	
Lender

	
Colonial Revolver

Commitment

	
ACM-TCM Revolver

Commitment

	
Total Revolver

Commitment

	
Bank of America, N.A.

	
$47,500,000

	
$5,000,000

	
$52,500,000

	
BOKF, NA d/b/a Bank of Arkansas

	
$31,666,666.667

	
$3,333,333.334

	
$35,000,000

	
Commerce Bank

	
$10,555,555.556

	
$1,111,111.112

	
$11,666,666.668

	
Arvest Bank

	
$5,277,777.779

	
$555,555.556

	
$5,833,333.335

	  	
Total: $95,000,000

	
Total: $10,000,000

	
Total: $105,000,000

 

 

  

Signature Page to Amendment No. 3 to Loan and Security Agreement

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