Document:

exv10w1

 

Exhibit 10.1

AMENDMENT NO. 2 TO CREDIT AGREEMENT

(Pennsylvania Crusher Corporation)

     AMENDMENT NO. 2, dated as of June 28, 2005, (this “Amendment No. 2”) among PENNSYLVANIA
CRUSHER CORPORATION, a Delaware corporation (the “Borrower”); the financial institutions referred
to as “LENDERS” in the Credit Agreement referred to below (the “Lenders”); and National City Bank,
as agent for the Lenders (together with its successors and assigns in
such capacity, the “Agent”.

Background

     The Borrower, the Lenders and the Agent entered into a certain Credit Agreement, dated as of
January 3, 2003, as amended pursuant to that certain Amendment No. 1 dated as off May 12, 2003 (as
so amended, the “Existing Credit Agreement” and the same, as it may be further amended, restated,
modified and/or supplemented from time to time, the “Credit Agreement”), which provides for certain
extensions of credit to the Borrower, subject to certain conditions.

     The Borrower has requested that the Lenders agree to modify the Existing Credit Agreement to
allow for a $1,000,000 dividend to be paid on or before July 15, 2005. The Agent and the Lenders
are willing to make the amendments requested by the Borrower pursuant to the terms, and subject to
the conditions, specified below. Accordingly, the parties hereto agree as follows.

     SECTION 1. DEFINITIONS. Except as otherwise defined in this Amendment No. 2, terms
defined in the Existing Credit Agreement are used herein as defined therein.

     SECTION 2. AMENDMENTS TO EXISTING CREDIT AGREEMENT. Subject to the satisfaction of the conditions precedent specified in Section 4 below,

          2.1.1 Section 7.4 of the Existing Credit Agreement (Restricted
Payments) is amended by inserting the following paragraph (c) immediately following paragraph (b)
thereof:

     (c) Dividend. In addition, the Borrower may pay a cash dividend in an aggregate
amount not to exceed One Million Dollars ($1,000,000) on or before July 15, 2005, so
long as no Event of Default or Default exists or would be created as a result of the
making thereof.

     SECTION 3. REPRESENTATIONS AND WARRANTIES. In order to induce the Lenders and the
Agent to agree to amend the Existing Credit Agreement in the manner set forth herein, the Borrower
makes the following representations and warranties, which shall survive the execution and delivery
of this Amendment No. 2:

 

 

          (a) As of the date hereof, no Default or Event of Default has occurred
and is continuing after giving effect to the amendments contained herein; and

          (b) Each of the representations and warranties set forth in the Existing
Credit Agreement and other Loan Documents is true and correct in all material respects before
and after giving effect to the amendments and transactions contemplated hereby as though each
such representation and warranty were made at and as of the date hereof.

     SECTION 4. CONDITIONS PRECEDENT.

     The amendments to the Existing Credit Agreement set forth in Section 2 above, shall
become effective upon the execution and delivery of this Amendment No. 2 by (a) the Borrower, (b)
the Agent and (c) the Majority Lenders, and the execution and delivery of the acknowledgement below
by the Persons indicated thereon.

     SECTIONS. MISCELLANEOUS.

          5.1 Counterparts. This Amendment No. 2 may be executed in
counterparts and by different parties hereto in separate counterparts, each of which, when
executed and delivered, shall be deemed to be an original and all of which, when taken
together,
shall constitute one and the same instrument. A photocopied or facsimile signature shall be
deemed to be the functional equivalent of a manually executed original for all purposes.

          5.2 Ratification. The Existing Credit Agreement, as amended by this
Amendment No. 2 and the other Loan Documents are, and shall continue to be, in full force and
effect and are hereby in all respects confirmed, approved and ratified. Without limiting the
generality of the foregoing, the undersigned confirms the pledges and the security interests
granted pursuant to such Loan Documents.

          5.3 Payment of Fees and Expenses. Without limiting other payment
obligations of the Borrower set forth in the Loan Documents, the Borrower agrees to pay all
costs
and expenses incurred by the Agent in connection with the preparation, execution and delivery
of
this Amendment No. 2 and any other documents or instruments which may be delivered in
connection herewith, including, without limitation, the reasonable fees and expenses of its
counsel, Drinker Biddle & Reath LLP.

          5.4 Authorization to Agent. Each Lender hereby authorizes the Agent
to take such action as shall be consistent with the purposes hereof and as it shall deem
necessary
or appropriate to carry out the purposes of this Amendment No. 2.

          5.5 Governing Law. This Amendment No. 2 shall be construed in
accordance with, and governed by, the laws of the Commonwealth of Pennsylvania, without
regard to choice of law principles.

2

 

          5.6 References. From and after the Amendment No. 2 Effective Date, each reference in
the Credit Agreement to “this Agreement”, “hereof”, “hereunder” or words of like import, and all
references to the Credit Agreement in any and all Loan Documents, other agreements, instruments,
documents, certificates and writings of every kind and nature, shall be deemed to mean the Existing
Credit Agreement as modified and amended by this Amendment No. 2 and as the same may be further
amended, modified or supplemented in accordance with the terms thereof.

3

 

     IN WITNESS WHEREOF, the undersigned have caused this Amendment No. 2 to be duly
executed by their respective, duly authorized officers as of the date first above written.

BORROWER:

	 	 	 	 	 
	 	 	PENNSYLVANIA CRUSHER CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Ronald R. Remick
	 

	 	 	 	 
	 	 	Name: Ronald R. Remick
	 	 	Title: Vice President and Treasurer

4

 

AGENT AND LENDERS:

	 	 	 	 	 
	 	 	NATIONAL CITY BANK, in its capacity as Agent and a Lender
	 
	 	 	 	 
	 

	 	By
	 	/s/ Laura J. Rowley
	 

	 	 	 	 
	 	 	Name: Laura J. Rowley
	 	 	Title: Vice President

5

 

Acknowledgement

Each of the undersigned acknowledges the
foregoing amendment and confirms its obligations
under each of the Loan Documents to which it is a
party, provided, however, it is agreed that
the consent of the undersigned is not required to
amend the Credit Agreement or any Loan Document
except where it is a party to such Loan Document.

	 	 	 	 	 
	JEFFREY SPECIALTY EQUIPMENT CORPORATION
	 
	 	 	 	 
	By:

	 	/s/ Ronald R. Remick	 	 
	 

	 	 

	Name: Ronald R. Remick	 	 
	Title: Vice President and Treasurer	 	 
	 
	 	 	 	 
	K-TRON INVESTMENT CO.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Edward B. Cloues, II	 	 
	 

	 	 

	Name: Edward B. Cloues, II	 	 
	Title: Chairman and President	 	 
	 
	 	 	 	 
	K-TRON INTERNATIONAL INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Edward B. Cloues, II	 	 
	 

	 	 

	Name: Edward B. Cloues, II	 	 
	Title: Chairman and Chief Executive Officer	 	 

6<PAGE>

                                                                    EXHIBIT 10.1

[BANK OF TOKYO-MITSUBISHI LOGO]
SECURITIZATION GROUP MEMO

                                 April 15, 2005

David Berardone / Richard Shuttie
York Receivables Funding LLC
631 S. Richland Avenue
Door 100
York, PA 17403

      Re: Facility Termination Date Extension Notice Letter

Dear Mr. Beradone:

      Pursuant to Section 1.10 of the Amended and Restated Receivables Purchase
Agreement dated as of May 17, 2004 (as the same may be amended, supplemented or
otherwise modified from time to time and in effect in accordance with the terms
hereof, the "Agreement"), among YORK RECEIVABLES FUNDING LLC, a Delaware limited
liability company, as seller (the "Seller"), YORK INTERNATIONAL COPRORATION, a
Delaware corporation ("York" or the "Servicer"), GOTHAM FUNDING CORPORATION, a
Delaware corporation, as a Conduit Purchaser (together with its permitted
assigns, "Gotham"), and THE BANK OF TOKYO-MITSUBISHI, LTD., NEW YORK BRANCH
("BTMNY"), as agent for the Gotham Purchaser Group, LIBERTY STREET FUNDING
CORP., a Delaware corporation, as a Conduit Purchaser ("Liberty Street"), THE
BANK OF NOVA SCOTIA, a Canadian chartered bank acting through its New York
Agency ("BNS"), as agent for the Liberty Street Purchaser Group and BTMNY as
administrator for each Purchaser Group a party thereto or that becomes a party
thereto (in such capacity, together with any successors in such capacity, the
"Administrator"), we hereby provide written notice ("Notice Letter") of the
Purchaser Agents decision to grant an extension to the Facility Termination Date
as of May 16, 2005 (the "Commencement Date"). The Facility Termination Date
shall expire 364 days from the Commencement Date (May 15, 2006).

      This Notice Letter shall become effective as of the date hereof upon
receipt by the Agent of counterpart signature pages of this Notice Letter,
executed by each of the parties hereto.

      Upon the effectiveness of this Notice Letter, each of the Seller and the
Servicer hereby reaffirms all covenants, representations and warranties made by
it in the Agreement to the extent the same are not amended hereby and agrees
that all such covenants, representations and warranties shall be deemed to have
been re-made as of the effective date of this Notice Letter except for any such
representations and warranties that relate to a specific date only.

                                       1
<PAGE>

      Each of the Seller and the Servicer hereby represents and warrants that
this Notice Letter constitutes its legal, valid and binding obligation,
enforceable against such party in accordance with its terms.

      Each of the Seller and the Servicer hereby represents and warrants that no
event or circumstance has occurred and is continuing which constitutes a
Termination Event or which, with the giving of notice of the lapse of time, or
both, would constitute a Termination Event.

      The Agreement and all other documents, instruments and agreements executed
and/or delivered in connection therewith shall remain in full force and effect
and are hereby ratified and confirmed.

      The execution, delivery and effectiveness of this Notice Letter shall not
operate as a waiver of any right, power or remedy of any Conduit Purchaser or
the Administrator under the Agreement or under any other document, instrument or
agreement executed in connection therewith, nor constitute a waiver of any
provision contained therein, in each case except as specifically set forth
herein.

      This Notice Letter shall be governed by, and shall be construed in
accordance with, the internal laws of the State of New York (including Section
5-1401-1 of the General Obligations Law), but without regard to any other
conflicts of law provisions thereof.

      Please acknowledge your agreement with the provisions of this Notice
Letter by signing and delivering to the undersigned one original copy of the
executed Notice Letter.

Very truly yours,

THE BANK OF TOKYO-MITSUBISHI, LTD.,
as Administrator

By:
Name:
Title:

                                       2
<PAGE>

Agreed and Accepted on behalf of
GOTHAM FUNDING CORPORATION,
as a Conduit Purchaser

By:
Name:
Title:

THE BANK OF TOKYO-MITSUBISHI, LTD.,
NEW YORK BRANCH, as Gotham Purchaser Agent

By:
Name:
Title:

Agreed and accepted on behalf of
LIBERTY STREET FUNDING CORP.,
as a Conduit Purchaser

By:
Name:
Title:

Agreed and accepted on behalf of
THE BANK OF NOVA SCOTIA,
as Liberty Street Purchaser Agent

By:
Name:
Title:

Agreed and accepted on behalf of
YORK RECEIVABLES FUNDING LLC,
as Seller

By:
Name:
Title:

                                       3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}]]