Document:

exv10w1

 

EXHIBIT 10.1

FIRST AMENDMENT TO CREDIT AGREEMENT

     This First Amendment (“Amendment”) is made as of the 22nd day of May, 2006 by and
between Tufco, L.P. (“Borrower”), Tufco Technologies, Inc. (“Parent”), Associated Bank Green Bay,
NA, U.S. Bank, NA and JPMorgan Chase Bank, N.A. (successor by merger to Bank One, NA) (collectively
the “Banks”) with JPMorgan Chase Bank, N.A. serving individually as a Bank and as Agent for itself
and the other Banks.

RECITALS

     The parties entered into a Credit Agreement dated as of May 20, 2004 (“Credit Agreement”).

     The parties desire to amend the Credit Agreement as set forth herein.

     NOW, THEREFORE, the parties hereto agree as follows:

	 	1.	 	Capitalized terms not defined herein shall have the meaning ascribed in the
Credit Agreement.
	 
	 	2.	 	All references to Bank One in the Credit Agreement are changed to mean JPMorgan
Chase Bank. All references to Bank One, NA in the Credit Agreement are changed to mean
JPMorgan Chase Bank, N.A.
	 
	 	3.	 	In Article 1, Section 1.1 of the Credit Agreement the Revolving Termination
Date is changed from May 18, 2007 to May 18, 2008.
	 
	 	4.	 	This Amendment is a modification only and not a novation.
	 
	 	5.	 	Except for the above stated amendments, the Credit Agreement shall be and
remain in full force and effect with the changes herein deemed to be incorporated
therein. This Amendment is to be considered attached to the Credit Agreement and made a
part thereof.
	 
	 	6.	 	The parties acknowledge and agree that this Amendment is limited to the terms
above stated and shall not be construed as an amendment of any other terms or
provisions of the Credit Agreement. The parties hereby specifically ratify and affirm
the terms and provisions of the Credit Agreement except as herein changed. This
Amendment shall not establish a course of dealing or be construed as evidence of any
willingness on the Banks’ part to grant other or future amendments, should any be
requested.
	 
	 	7.	 	The Borrower agrees to pay all fees and out of pocket disbursements incurred by
the Banks in connection with this Amendment.

 

 

     IN WITNESS WHEREOF, the parties have entered into this Amendment as of the day and year first
above written.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	BORROWER AND PARENT:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	TUFCO, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By: Tufco LLC, its	 	 
	 	 	Managing General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By: Tufco Technologies, Inc.	 	 
	 	 	 	 	Its Sole Managing Member	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Michael B. Wheeler	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Michael B. Wheeler	 	 
	 	 	 	 	Authorized Officer for
the Managing Member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	TUFCO TECHNOLOGIES, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Michael B. Wheeler	 	 
	 	 	 	 	 	 	 
	 	 	Michael B. Wheeler	 	 
	 	 	Chief Financial
Officer, Vice President and Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	AGENT:	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A., individually	 	 
	 	 	as a Bank and as the Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Mark J. Fischer	 	 
	 	 	 	 	 	 	 
	 	 	Mark J. Fischer, Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BANK: ASSOCIATED BANK GREEN BAY, NA	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Stephen E. Pasowicz	 	 
	 	 	 	 	 	 	 
	 	 	Printed Name: Stephen E. Pasowicz	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BANK: U.S. BANK, NA	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Thomas V. Richtman	 	 
	 	 	 	 	 	 	 
	 	 	Printed Name: Thomas V. Richtman	 	 
	 	 	Title: Vice President	 	 

2

 

     The undersigned Guarantors consent to the foregoing Amendment and acknowledge the continuing
validity and enforceability of the Guaranties.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	GUARANTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	TUFCO TECHNOLOGIES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael B. Wheeler	 	 
	 

	 	 	 	 	 	 
	 	 	Michael B. Wheeler	 	 
	 	 	Chief Financial
Officer, Vice President and Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	TUFCO LLC	 	 
	 
	 	 	 	 	 	 
	 	 	By: Tufco Technologies, Inc.,	 	 
	 	 	Its Sole Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael B. Wheeler	 	 
	 

	 	 	 	 	 	 
	 	 	Michael B. Wheeler	 	 
	 	 	Authorized Officer of the Managing Member	 	 

3<PAGE>

                                                                    EXHIBIT 10.1

                      FOURTH AMENDMENT TO CREDIT AGREEMENT

          This Amendment, dated as of June 6, 2006, but effective as of May 30,
2006, is made by and between HEALTH FITNESS CORPORATION, a Minnesota corporation
(the "Borrower"), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking
association (the "Bank").

                                    Recitals

          The Borrower and the Bank are parties to a Credit Agreement dated as
of August 22, 2003, as amended by a First Amendment to Credit Agreement dated as
of December 5, 2003, by a Second Amendment to Credit Agreement and Waiver of
Defaults dated as of May 14, 2004, and by a Third Amendment to Credit Agreement
and Consent dated as of December 29, 2004 (as so amended, the "Credit
Agreement"). Capitalized terms used in these recitals have the meanings given to
them in the Credit Agreement unless otherwise specified.

          The Borrower has requested that certain amendments be made to the
Credit Agreement. The Bank is willing to grant the Borrower's requests pursuant
to the terms and conditions set forth herein.

          NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements herein contained, it is agreed as follows:

          1. Definitions. All terms defined in the Credit Agreement that are not
otherwise defined herein shall have the meanings given them in the Credit
Agreement. In addition, the following definitions in Section 1.1 are amended:

          "Facility Amount" means $7,500,000, reducing by $250,000 on September
     30, 2003, and on the last day of each calendar quarter thereafter until
     reduced to $3,500,000, unless the Borrower further reduces such amount
     pursuant to Section 2.9, in which event it means such further reduced
     amount.

          "Maturity Date" means June 30, 2008.

          2. Reporting. Sections 5.1(b) and (d) of the Credit Agreement are
amended to read as follows:

          (b) As soon as available and in any event within 45 days after the end
     of each calendar quarter, consolidated balance sheets of the Borrower and
     its Subsidiaries as of the end of such quarter and related consolidated
     statements of earnings and cash flows of the Borrower and its Subsidiaries
     for such quarter and for the year to date, in reasonable detail and stating
     in comparative form the figures for

<PAGE>

     the corresponding date and period in the previous year, all prepared in
     accordance with GAAP, subject to year-end audit adjustments.

          (d) If the outstanding principal balance of the Advances exceeds
     $2,000,000 at any time during any month, a Borrowing Base Certificate as of
     the last day of the most recently ended month or, if not available, as of
     the last day of the month preceding the most recently ended month, properly
     executed by the chief financial officer of the Borrower, together with such
     agings of accounts receivable and other supporting documentation as the
     Bank may require.

          3. No Other Changes. Except as explicitly amended by this Amendment,
all of the terms and conditions of the Credit Agreement shall remain in full
force and effect and shall apply to any advance or letter of credit thereunder.

          4. Conditions. This Amendment shall be effective only if the Bank has
received, on or before the date hereof (or such other date as the Bank may agree
to in writing), this Amendment, duly executed by the Borrower.

          5. Representations and Warranties. The Borrower hereby represents and
warrants to the Bank as follows:

          (a) The Borrower has all requisite power and authority to execute this
     Amendment and to perform all of its obligations hereunder, and this
     Amendment has been duly executed and delivered by the Borrower and
     constitutes the legal, valid and binding obligation of the Borrower,
     enforceable in accordance with its terms.

          (b) The execution, delivery and performance by the Borrower of this
     Amendment have been duly authorized by all necessary corporate action and
     do not (i) require any authorization, consent or approval by any
     governmental department, commission, board, bureau, agency or
     instrumentality, domestic or foreign, (ii) violate any provision of any
     law, rule or regulation or of any order, writ, injunction or decree
     presently in effect, having applicability to the Borrower, or the articles
     of incorporation or by-laws of the Borrower, or (iii) result in a breach of
     or constitute a default under any indenture or loan or credit agreement or
     any other agreement, lease or instrument to which the Borrower is a party
     or by which it or its properties may be bound or affected.

          (c) All of the representations and warranties contained in Article IV
     of the Credit Agreement are correct on and as of the date hereof as though
     made on and as of such date, except to the extent that such representations
     and warranties relate solely to an earlier date.

Health Fitness -- Fourth Amendment to Credit Agreement

                                      -2-

<PAGE>

          6. No Other Waiver. The execution of this Amendment any documents
related hereto shall not be deemed to be a waiver of any Default or Event of
Default under the Credit Agreement or breach, default or event of default under
any Security Document or other document held by the Bank, whether or not known
to the Bank and whether or not existing on the date of this Amendment.

          7. Release. The Borrower hereby absolutely and unconditionally
releases and forever discharges the Bank, and any and all participants, parent
corporations, subsidiary corporations, affiliated corporations, insurers,
indemnitors, successors and assigns thereof, together with all of the present
and former directors, officers, agents and employees of any of the foregoing,
from any and all claims, demands or causes of action of any kind, nature or
description, whether arising in law or equity or upon contract or tort or under
any state or federal law or otherwise, which the Borrower has had, now has or
has made claim to have against any such person for or by reason of any act,
omission, matter, cause or thing whatsoever arising from the beginning of time
to and including the date of this Amendment, whether such claims, demands and
causes of action are matured or unmatured or known or unknown.

          8. References. All references in the Credit Agreement to "this
Agreement" shall be deemed to refer to the Credit Agreement as amended hereby;
and any and all references in the Loan Documents to the Credit Agreement shall
be deemed to refer to the Credit Agreement as amended hereby.

          9. Miscellaneous. The Borrower shall pay all costs and expenses of the
Bank, including attorneys' fees, incurred in connection with the drafting and
preparation of this Amendment and any related documents. Except as amended by
this Amendment, all of the terms and conditions of the Credit Agreement shall
remain in full force and effect. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which counterparts of this Amendment, taken together,
shall constitute but one and the same instrument. This Amendment shall be
governed by the substantive law of the State of Minnesota.

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed as of the date first written above.

WELLS FARGO BANK, NATIONAL              HEALTH FITNESS CORPORATION
ASSOCIATION

By /s/ Kent Paulson                     By /s/ Wesley W. Winnekins
   ----------------------------------      -------------------------------------
   Kent Paulson                            Wesley W. Winnekins
   Its Vice President                      Its Chief Financial Officer and
                                           Treasurer

Health Fitness -- Fourth Amendment to Credit Agreement

                                      -3-

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