Document:

Exhibit 10.12

 

 

SECOND
AMENDED AND RESTATED SECURED PROMISSORY NOTE

 

 

	
  $1,302,826.48

  	
   

  	
  September
  30, 2004

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Dallas,
  Texas

  

 

FOR VALUE
RECEIVED, 3CI Complete Compliance Corporation, a Delaware corporation (the
“Maker”), promises to pay to the order of Waste Systems, Inc., a Delaware
corporation (the “Payee”), in lawful money of the United States of America, the
sum of One Million Three Hundred Two Thousand Eight Hundred Twenty-six Dollars
and 48/100 ($1,302,826.48), or so much thereof as may be advanced and
outstanding hereunder, together with accrued interest on the outstanding
portion thereof, with such outstanding principal amount to include any unpaid
interest as described below, at a rate of interest equal to the lesser of
(i) the prime rate of interest as set forth from time to time in the
“Money Rates” section of the Wall Street Journal
(Southwestern Edition) (the “Prime Rate”), not to exceed 13%, and (ii) the
Maximum Rate (as defined below) from time to time in effect.  Any change in the Prime Rate shall become
effective, without further notice, on the first day of each calendar month
based upon the published quote of the Prime Rate for the business day
immediately preceding the first day of each calendar month.  The Maker agrees to pay interest at the
Maximum Rate on all past due principal and interest on this Note from the
maturity thereof until paid.  This Note
may be prepaid in whole or in part at any time without notice or prepayment
penalty.  All payments paid on this Note
shall be applied first to accrued but unpaid interest and the balance, if any,
to unpaid principal.  Interest hereunder
shall be computed on the basis of the actual number of days elapsed based on a
365 or 366-day year, as the case may be, and will accrue at the rate applicable
hereunder on the unpaid principal amount of this Note outstanding from time to
time. This Note shall be payable at such address as the Payee may from time to
time designate in writing.

 

Principal and
accrued interest under this Note in the aggregate amount of $25,000.00 shall be
due and payable in monthly installments on the fifth business day of each month
with the first such installment being due and payable on October 7, 2004.  The outstanding principal of this Note and
any accrued but unpaid interest is due and payable on April 3, 2006 (the
“Maturity Date”).

 

If any payment of
principal or interest on this Note shall become due on a day other than a
business day, such payment shall be made on the next succeeding business day
and such extension of time shall in such case be included in computing interest
in connection with such payment.

 

Prior to the
Maturity Date, the Maker shall be entitled to borrow additional amounts
hereunder, not to exceed in the aggregate $100,000, upon not less than three
days notice to the Payee.  Any additional
amounts borrowed by the Maker hereunder shall be due and payable on the
Maturity Date, and shall constitute additional principal under this Note.

 

“Maximum
Rate” means the
lesser of (a) 18% per annum or (b) the maximum lawful nonusurious rate of
interest (if any) that under Applicable Law (as hereinafter defined) the Payee
is permitted to charge the Maker on this Note from time to time.

 

“Applicable
Law” means the
law in effect from time to time and applicable to this Note that permits the
charging and collection of the highest permissible lawful nonusurious rate of
interest on this Note, including the laws of the State of Texas and laws of the
United States of America.

 

In no event shall
the aggregate of the interest on this Note, plus any other amounts paid in
connection with the loan evidenced by this Note that would under Applicable Law
be deemed “interest,” ever exceed the maximum amount of interest which, under
Applicable Law, could be lawfully charged on this Note.  The Payee and the Maker specifically intend
and agree to limit contractually the interest payable on this Note to not more
than an amount determined as being the Maximum Rate.  Therefore, none of the terms of this Note
shall ever be construed to create a contract to pay, charge, demand, or receive
interest at a rate in excess of the Maximum Rate, and neither the Maker nor any
other party liable on this Note shall ever be liable for interest in excess of
that determined as being the Maximum Rate, and the provisions of this paragraph
shall control over all provisions of this Note or of any other instruments
pertaining to or securing this Note.  If
any amount of interest taken or received by the Payee shall be in excess of the
maximum amount of which, under Applicable Law, could lawfully have been
collected on this Note, then the excess shall be deemed to have been the result
of a mathematical or other error by the parties hereto and shall be refunded
promptly to the Maker.  All amounts paid
or agreed to be paid in

 

1

 

connection with the
indebtedness evidenced by this Note that would under Applicable Law be deemed
“interest’ shall, to the extent permitted by Applicable Law, be amortized,
prorated, allocated, and spread throughout the full term of this Note.

 

The Maker will
not, directly or indirectly, create, incur, assume or suffer to exist any Lien
(as hereinafter defined) on any Property (as hereinafter defined) now owned or
hereafter acquired by the Maker, except:

 

1.                                       Liens in favor of the Payee;

 

2.                                       Liens for taxes, assessments or other
governmental charges or levies not yet due or which are being contested in good
faith, by appropriate proceeding by or on behalf of the Maker, and with respect
to which adequate reserves therefore have been established;

 

3.                                       Liens of vendors, carriers, warehousemen,
repairmen, mechanics, workmen, or materialmen arising by operation of law in
the ordinary course of business in respect of obligations that are not yet due
or that are being contested in good faith by appropriate proceedings by or on
behalf of the Maker and with respect to which adequate reserves therefore have
been established;

 

4.                                       Liens and minor irregularities in title
that do not materially interfere with the occupation, use, and enjoyment by the
Maker of the Maker’s Properties or materially impair the value of such
Properties;

 

5.                                       Liens in connection with the original
purchase or lease of any Property hereafter acquired by the Maker involving
annual aggregate payments not exceeding $25,000, or total payments not
exceeding $100,000, unless approved in advance by Maker’s board of directors;

 

6.                                       Liens in connection with any capital
lease which has annual aggregate payments not exceeding $25,000, or total
payments not exceeding $100,000,  and
Liens in connection with any capital lease which has annual aggregate payments
greater than $25,000 unless approved in advance by the Maker’s board of
directors;

 

7.                                       Liens created pursuant to or in
connection with the Settlement Agreement and Release of All Claims dated
January 10, 1996 (the “Shepherd Settlement Agreement”), between James H.
Shepherd, James Michael Shepherd and Richard T. McElhannon as Releasors, and
the Maker, Georg Rethmann, Herman Niehues, Jurgen Thomas, Charles Crochet and
the Payee as Releasees, as acquired by Stericycle, Inc. (“Stericycle”) on or
about May 1, 2002; and

 

8.                                       all other valid and existing Liens of
record with respect to the Properties as of the date hereof securing prior
indebtedness of the Maker, including reaffirmations thereof, with no increase
in priority versus Payee, in connection with the refinancing of the debt
secured thereby (collectively, the “Permitted Liens”).

 

“Lien” means with respect to any Property, any
mortgage, lien (statutory or other), pledge, charge, security interest, claim,
lease, sublease, deed of trust, option, right of first refusal, easement,
servitude, transfer restriction under any stockholder or partner or similar
agreement, or encumbrance, restriction, or other limitations of any kind in
respect of such Property.

 

“Property” means any interest in any kind of
property or asset, whether real, personal or mixed, or tangible or intangible
(including, without limitation, legal rights and all leasehold interests).

 

The Maker and the
Payee (a) acknowledge that this Note amends and restates in its entirety, but
does not constitute a novation of, the Amended and Restated Secured Promissory
Note dated October 1, 1998, in the principal amount of $5,487,308.13, as
amended (the “Amended Note”), executed by the Maker in favor of the Payee, (b)
acknowledge that the Payee has extended valuable financial consideration for
the amendment and restatement of the Amended Note, (c) ratify and confirm that
all liens and related security interests existing under the Amended Note,
including without limitation those created pursuant to or in connection with
the Shepherd Settlement Agreement and those created under a Security
Agreement/Collateral Chattel Mortgage dated September 30, 1995, a Deed of
Trust and Security Agreement dated February 2, 1996, a Leasehold Mortgage and
Security Agreement dated February 2, 1996, a Deed of Trust and Security
Agreement dated March 25, 1996, and a Mortgage dated January 1, 1997, as
acquired by Stericycle (the “Security Documents”), remain in full force and
effect with the same priorities as are in effect before the date of this Note,
and (d) there are no existing, or to the knowledge of Maker or Payee any events
or facts that with time or notice would be become, defaults under the Amended
Note or any instrument or agreement executed in connection with this Note.

 

2

 

For the six months ending September 30, 2004 and
for each of the Maker’s fiscal quarters thereafter until the Maturity Date, the
Maker shall have EBITDA of not less than $500,000  (the
“EBITDA Threshold”).  For purposes of
this Note, EBITDA shall be measured on a trailing six-month basis and shall not
include, effective for the Maker’s fiscal quarter ended June 30, 2004, and
subsequent, all sums paid by Maker that arise from or are related to (a) the
claims of Stericycle regarding the conversion rate of the Maker’s previously
outstanding preferred stock (“Preferred Stock”), including, but not limited to,
Cause No. 95-024912 and Cause No. 2003-46899 in the District Court of Harris
County, Texas, and (b) the claims in Robb et al. v. Stericycle,
Inc. et al., including, but not limited to, the fees and expenses of
the Special Committee of the Maker’s Board of Directors, but excluding any fees
or expenses related to reversal of dividends declared on the Preferred Stock by
the Maker’s Board of Directors.  If the
Maker fails to attain the EBITDA Threshold with respect to any six-month period
ending on each of the Maker’s fiscal quarters from and after September 30, 2004
until the Maturity Date, the Maker shall pay to the Payee within 15 business
days after the end of the applicable fiscal quarter, a fee equal to one-fourth
of the product of (i) the outstanding principal amount of this Note on the last
day of the applicable fiscal quarter, and (ii) 0.03.

 

If one or more of
the following events shall have occurred and be continuing after the expiration
of any cure or grace period specifically set forth hereunder:

 

(a)                                  the Maker fails to pay any principal or
interest of this Note within 15 days following written notice by the Payee to
the Maker of failure to make such payment;

 

(b)                                 the Maker commences a voluntary case or
other proceeding seeking liquidation, reorganization, or other relief with
respect to the Maker or the Maker’s debts under any bankruptcy, insolvency, or
other similar law now or hereafter in effect or seeking the appointment of a
trustee, receiver, liquidator, custodian, or other similar official of the Maker
or any part of the Maker’s Property, or shall consent to any such relief or to
the appointment of or taking possession by any such official in an involuntary
case or other proceeding commenced against the Maker, or shall make a general
assignment for the benefit of creditors, or shall fail generally to pay, or
shall admit in writing the Maker’s general inability to pay, the Maker’s debts
as they become due, or shall take any action to authorize any of the foregoing;
or

 

(c)                                  an involuntary case or other proceeding
shall be commenced against the Maker seeking liquidation, reorganization, or
other relief with respect to the Maker or the Maker’s debts under any
bankruptcy, insolvency, or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian, or other
similar official of the Maker or any part of the Maker’s Property, and such
involuntary case or other proceeding shall remain undismissed and unstayed for
a period of 60 days, or an order for relief shall be entered against the Maker
under any bankruptcy, insolvency, or other similar laws as now or hereafter in
effect;

 

then in
any such event, the Payee may (a) declare this Note and the loan evidenced
thereby (together with accrued interest thereon) and all other amounts payable
hereunder to be, and this Note, the loan, and amounts shall thereupon become,
immediately due and payable without presentment, demand, protest, notice of
intent to accelerate, notice of acceleration, or other notice of any kind whatsoever,
all of which are hereby waived by the Maker, (b) exercise any or all of
the rights under any or all of the Security Documents or pursuant to any law or
at equity, and (c) exercise any or all of the rights and remedies of a
secured party under the UCC or under other applicable law or any other legal
and equitable rights to which the Payee may be entitled, all of which rights
and remedies shall be cumulative, and none of which shall be exclusive, and
shall be in addition to any other rights or remedies contained in this Note or
any of the Security Documents.  Should
the Payee ever foreclose on any Property, the Payee shall have the right to
apply the proceeds thereof in any manner it deems appropriate.  All covenants, conditions, provisions,
warranties, guaranties, indemnities, and other undertakings of the Maker
contained in this Note and the other Security Documents shall be deemed
cumulative to and not in derogation or substitution of any of the terms,
covenants, conditions, or agreements of the Maker herein contained.  The failure or delay of the Payee to exercise
or enforce any rights, Liens, powers, or remedies hereunder or under any of the
other agreements or other documents or security or Property shall not operate
as a waiver of any such Liens, rights, powers, and remedies, but all such
Liens, rights, powers, and remedies shall continue in full force and effect
until the loans evidenced by this Note and all other obligations, indebtedness,
and liabilities shall have been irrevocably and indefeasibly repaid in full in
cash.  All Liens, rights, powers, and
remedies herein provided for are cumulative and none are exclusive.

 

The Payee may not
transfer this Note except to an affiliate of the Payee, and the rights and
privileges of the Payee under this Note shall inure to the benefit of the
Payee’s permitted successors and assigns.

 

The parties hereto
acknowledge and agree that this Note and the obligations and undertakings of
the parties hereunder shall be performable in Dallas, Dallas County, Texas.   This Note shall be governed by, and construed
in accordance with, the laws of the State of Texas, without giving effect to
such State’s principles of conflict of laws.

 

3

 

The Payee waives, if
applicable, all existing defaults or events of default under the Amended Note
through the date hereof.

 

The individuals who execute
this Note on behalf of the Maker and the Payee have the right and authority of
their respective corporations to execute this Note so that it is binding on
such corporation.

 

 

[The
remainder of this page is left intentionally blank.]

 

4

 

IN WITNESS WHEREOF, the
Maker and the Payee have executed this Note effective as of the date first set
forth above.

 

 

	
  3CI COMPLETE COMPLIANCE
  CORPORATION

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/ Matthew D.
  Peiffer

  	
   

  	
   

  
	
   

  	
  Matthew D. Peiffer

  	
   

  
	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  AGREED AND CONSENTED TO:

  	
   

  
	
   

  	
   

  
	
  WASTE SYSTEMS, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/ Elizabeth L.
  Brandel

  	
   

  	
   

  
	
  Name:

  	
  Elizabeth L. Brandel

  	
   

  	
   

  
	
  Title:

  	
   VP Finance of
  Stericycle, owner of WSI

  	
   

  	
   

  
							

 

5EXHIBIT 10.1

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

FIRST
AMENDMENT dated as of September 24, 2004 (this  “Amendment”), to the CREDIT AGREEMENT
dated as of March 15, 2004 (the “Credit  Agreement’’), among TRUE
TEMPER CORPORATION, a Delaware corporation (“Holdings”), TRUE TEMPER
SPORTS, INC., a Delaware corporation (the “Borrower”), the LENDERS from
time to time parties thereto, CREDIT SUISSE FIRST BOSTON, acting through its
Cayman Islands Branch, as Administrative Agent and as Collateral Agent (such
terms having the meanings provided in the Credit Agreement), CREDIT SUISSE
FIRST BOSTON, acting through its Cayman Islands Branch, as sole bookrunner and
sole lead arranger, ANTARES CAPITAL CORPORATION, as syndication agent, and
GOLDMAN SACHS CREDIT PARTNERS L.P. and MERRILL LYNCH CAPITAL, a division of
Merrill Lynch Business Financial Services Inc., as co-documentation agents.

 

A.    Holdings, the Borrower and the
Administrative Agent, among others, are parties to the Credit Agreement.

 

B.    Holdings and the Borrower have requested
that the Lenders agree to amend certain provisions of the Credit Agreement as
set forth in this Amendment.

 

C.    The Lenders whose signatures appear below,
constituting at least the Required Lenders, are willing to amend the Credit
Agreement on the terms and subject to the conditions set forth herein.

 

D.    Capitalized terms used but not defined
herein shall have the meanings assigned to such terms in the Credit Agreement,
as amended hereby.

 

Accordingly,
in consideration of the mutual agreements herein contained and other good and
valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, the parties hereto agree as follows:

 

SECTION
1. Amendment of the Credit Agreement. 
The Credit Agreement is hereby amended, effective as of the First
Amendment Effective Date (as defined below), as follows:

 

(a)   Amendment of Section 1.01.  (i) Section 1.01 is revised by inserting the
following definitions in the appropriate alphabetical order therein:

 

“First
Amendment” shall mean the First Amendment to this Agreement dated as of
September 24, 2004, among Holdings, the Borrower and the Lenders parties
thereto.

 

“First
Amendment Effective Date” shall mean the date on which the First Amendment
becomes effective.

 

 

“Funded
Senior Debt” shall mean, as of the last day of any fiscal quarter, Funded
Debt at such date, excluding the Indebtedness represented by the Subordinated
Notes.

 

“Senior
Leverage Ratio” shall mean, on the last day of any fiscal quarter, the
ratio of (a) Funded Senior Debt on such date to (b) Consolidated EBITDA for the
period of four consecutive fiscal quarters most recently ended on and prior to
such date, taken as one accounting period.

 

(ii)
The definition of “Applicable Margin” is revised by inserting the following
proviso immediately after the table set forth in such definition:

 

“;
provided that, notwithstanding the foregoing, each Applicable Margin set
forth above shall be increased by an additional 0.50% per annum at all times
during the period from and including the First Amendment Effective Date through
and including March 30, 2005 and at any time thereafter until the date on which
the Borrower shall have delivered for any fiscal quarter financial statements
and certificates required by Section 5.04(a) or (b), as applicable, and Section
5.04(c) demonstrating (i) (A) at any time during the period from March 31, 2005
through September 30,2005, that the Leverage Ratio on the last day of such
fiscal quarter is equal to or less than 6.75 to 1.00, or (B) at any time during
the period from October 1, 2005 through December 31, 2005, that the Leverage
Ratio on the last day of such fiscal quarter is equal to or less than 6.50 to
1.00, in which case described in this clause (i) the increase in the Applicable
Margin described above shall be reduced by 0.25% per annum or (ii) at any time
after December 31,2005, that the Borrower is in compliance with the covenant
set forth in Section 6.12, in which case described in this clause (ii) the
increase in the Applicable Margin described above shall no longer be
applicable”

 

(iii)
The definition of “Permitted Acquisition” is revised by deleting clause
(ii)(B)(x) thereof and replacing it with the following clause:

 

“(x)
$5,000,000 or more, then the Senior Leverage Ratio (at any time on or prior to
December 31, 2005) or the Leverage Ratio (at any time after December 31, 2005)
would be at least 0.25 to 1.0 less than the maximum Senior Leverage Ratio or
Leverage Ratio, as applicable, then permitted under Section 6.12 at such time”

 

(b)   Amendment of Section 2.12. Section
2.12(a) is revised by deleting the reference to “$2,000,000” in the eighth line
thereof and replacing it with a reference to “$500,000”.

 

(c)   Amendment of Section 6.11. Section
6.11 is revised by deleting the table set forth in such Section in its entirety
and replacing it with the Following table:

 

	
  Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2004
  through December 31, 2004

  	
   

  	
  1.70 to 1.00

  	
   

  
	
  January 1, 2005 through December 31, 2005

  	
   

  	
  1.70 to 1.00

  	
   

  
	
  January 1, 2006
  through December 31, 2006

  	
   

  	
  2.15 to 1.00

  	
   

  
	
  Thereafter

  	
   

  	
  2.25 to 1.00

  	
   

  

 

2

 

(d)
Amendment of Section 6.12. Section 6.12 is revised by (i) inserting the
words “After December 31,2005” at the beginning of the first line thereof, (ii)
deleting the table set forth in such Section in its entirety and replacing it
with the following table:

 

	
  Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  January 1, 2006
  through December 31, 2006

  	
   

  	
  5.95 to 1.00

  	
   

  
	
  January 1, 2007
  through December 31, 2007

  	
   

  	
  5.50 to 1.00

  	
   

  
	
  January 1, 2008
  through December 31, 2008

  	
   

  	
  4.75 to 1.00

  	
   

  
	
  Thereafter

  	
   

  	
  4.50 to 1.00

  	
   

  

 

and
(iii) inserting the following paragraph at the end of such Section:

 

“Permit
the Senior Leverage Ratio on the last day of any fiscal quarter during any
period set forth below to be greater than the ratio set forth opposite such
period below:

 

	
  Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  September 26,
  2004 through March 31, 2005

  	
   

  	
  4.00 to 1.00

  	
   

  
	
  April 1, 2005
  through December 31, 2005

  	
   

  	
  3.75 to 1.00”

  	
   

  

 

(e)
Amendment or Section 6.13. Section 6.13 is revised by deleting the table
set forth in such Section in its entirety and replacing it with the following
table:

 

3

 

	
  Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2004
  through December 31, 2005

  	
   

  	
  1.40 to 1.00

  	
   

  
	
  Thereafter

  	
   

  	
  1.50 to 1.00

  	
   

  

 

SECTION
2.  Representations and Warranties.  To induce the other parties hereto to enter
into this Amendment, Holdings and the Borrower represent and warrant to each of
the Lenders and the Administrative Agent that, as of the First Amendment Effective
Date:

 

(a)   This Amendment has been duly authorized,
executed and delivered by Holdings and the Borrower and this Amendment and the
Credit Agreement, as amended hereby, constitutes each of Holdings’ and the
Borrower’s legal, valid and binding obligation, enforceable against it in
accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally
and subject to general principles of equity, regardless of whether considered
in a proceeding in equity or at law.

 

(b)   The representations and warranties set forth
in the Credit Agreement and each other Loan Document are, after giving effect
to this Amendment, true and correct in all material respects on and as of the
First Amendment Effective Date, except to the extent such representations and
warranties expressly relate to an earlier date, in which case they were true
and correct in all material respects as of such earlier date.

 

(c)   No Default or Event of Default has occurred and
is continuing.

 

SECTION
3.  Conditions of Effectiveness of
this Amendment.  This Amendment
shall become effective on the date (the “First Amendment Effective Date”)
on which:

 

(a)   The Administrative Agent shall have received
duly executed and delivered counterparts of this Amendment that, when taken
together, bear the signatures of Holdings, the Borrower and the Required
Lenders.

 

(b)   The Borrower shall have paid to the
Administrative Agent for the prorata account of each Lender that has executed
and delivered a signature page (including, without limitation, by way of
facsimile to James Cooper at Latham & Watkins LLP, fax number 212-751-4864)
approving this Amendment on or before Friday, September 24, 2004 a fee in an
amount equal to 0.15% of the aggregate Commitments and outstanding Term Loans
of such Lender under the Credit Agreement.

 

(c)   The Borrower shall have paid to the
Administrative Agent all outstanding fees, costs and expenses owing to the
Administrative Agent as of such date.

 

4

 

SECTION
4.  Effect of Amendment.  (a) Except as expressly set forth herein,
this Amendment shall not by implication or otherwise limit, impair, constitute
a waiver of or otherwise affect the rights and remedies of the Lenders, the
Administrative Agent or the Collateral Agent under the Credit Agreement or any
other Loan Document, and shall not alter, modify, amend or in any way affect
any of the terms, conditions, obligations, covenants or agreements contained in
the Credit Agreement or any other provision of the Credit Agreement or of any
other Loan Document, all of which are ratified and affirmed in all respects and
shall continue in full force and effect. Nothing herein shall be deemed to
entitle Holdings or the Borrower to a consent to, or a waiver, amendment,
modification or other change of, any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Loan
Document in similar or different circumstances.

 

(b)   On the First Amendment Effective Date, the
Credit Agreement shall be amended as provided herein. The parties hereto
acknowledge and agree that (i) this Amendment and any other Loan Documents
executed and delivered in connection herewith do not constitute a novation, or
termination of the “Obligations” (as defined in the Loan Documents) under the
Credit Agreement as in effect prior to the First Amendment Effective Date; (ii)
such “Obligations” are in all respects continuing (as amended hereby) with only
the terms thereof being modified to the extent provided in this Amendment; and
(iii) the Liens and security interests as granted under the Security Documents
securing payment of such “Obligations” are in all such respects continuing in
full force and effect and secure the payments of the “Obligations”.

 

(c)   This Amendment shall constitute a Loan
Document and shall be administered and construed pursuant to the terms of the
Credit Agreement (including, without limitation, Article IX thereof).

 

SECTION
5.  Counterparts.  This Amendment may be executed in any number
of counterparts and by different parties hereto in separate 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 any executed counterpart of a signature page of this Amendment by
facsimile transmission shall be as effective as delivery of a manually executed
counterpart hereof.

 

SECTION
6.  Applicable Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION
7.  Headings.  The headings of this Amendment are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

5

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their respective officers as of the day and year first above
written.

 

 

	
   

  	
  TRUE TEMPER CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Fred
  H. Geyer

  	
   

  
	
   

  	
  By:

  	
  Fred H. Geyer

  
	
   

  	
  Its: 

  	
  Senior Vice President,

    Chief Financial Officer and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TRUE TEMPER SPORTS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Fred
  H. Geyer

  	
   

  
	
   

  	
  By:

  	
  Fred H. Geyer

  
	
   

  	
  Its:

  	
  Senior Vice President,

    Chief Financial Officer and Treasurer

  
						

 

6

 

SIGNATURE PAGE TO

FIRST AMENDMENT

DATED AS OF SEPTEMBER 24, 2004,

TO THE TRUE TEMPER SPORTS, INC. CREDIT AGREEMENT

DATED AS OF MARCH 15, 2004

 

To approve First Amendment:

 

Name of Institution:

 

	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
				

 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}]]