Document:

exv10w6

 

Exhibit 10.6

NEGATIVE PLEDGE AGREEMENT

THIS NEGATIVE PLEDGE AGREEMENT (“Agreement”), made this 29th day of August, 2007, by ZAREBA
SYSTEMS, INC., a Minnesota corporation (the “Borrower”), in favor of JPMORGAN CAHSE BANK, N.A., a
national banking association (the “Lender”).

WITNESSETH:

In consideration of financial accommodations extended to the Borrower and to Zareba Security, Inc.,
a Minnesota corporation (“Security”) by the Lender on the date hereof, the Borrower hereby
covenants and agrees with the Lender that so long as any indebtedness under that certain Revolving
Credit Agreement of even date herewith by and between the Borrower, Security and the Lender, any
note(s) executed and delivered in connection therewith, and any extensions, renewals or
modifications thereof, has not been satisfied, the Borrower will not, without the prior written
consent of the Lender, convey or otherwise transfer all or any part of the tract of land legally
described on Exhibit A attached hereto and hereby made a part hereof, together with all
tenements, easements, hereditaments, privileges, minerals and mineral rights, water and water
rights, buildings, fixtures and improvements now or hereafter erected or located on the
above-described land (the “Project”), nor create, assume, incur or suffer to exist any pledge,
mortgage, assignment or other lien or encumbrance of any kind, of or upon the Project or upon the
income or profits therefrom except for:

A. liens for taxes, assessments and other governmental charges which are not delinquent or
which are being contested in good faith by appropriate proceedings diligently conducted,
against which adequate reserves have been established;

B. liens imposed by law in connection with transactions in the ordinary course of business,
such as liens of mechanics and materialmen for sums not yet due or being contested in good
faith and by appropriate proceedings diligently conducted, against which adequate reserves
have been established;

C. zoning restrictions, licenses and minor encumbrances and irregularities in title, all of
which in the aggregate do not materially detract from the value of the properties involved
or materially impair their use in the operation of its business;

D. leases entered into in the ordinary course of business; or

E. those encumbrances set forth on the title commitment previously delivered to the Lender
and as approved by the Lender.

Without limiting the generality of the foregoing, if and to the extent that any unauthorized lien
or encumbrance is recorded or docketed against, or attached to, the Project, whether voluntarily or
involuntarily, the Borrower shall immediately cause the same to be released or satisfied in full.

The Borrower recognizes and agrees that the Lender is extending financial accommodations to the
Borrower in reliance on the agreements of the Borrower as contained herein.

 

 

	 	 	 	 	 
	 	ZAREBA SYSTEMS, INC.

 	 
	 	By:  	/s/ Jeffrey Mathiesen
 	 
	 	 	Jeffrey Mathiesen 	 
	 	 	Its:  Chief Financial Officer 	 
	 

	 	 	 	 	 	 
	STATE OF MINNESOTA

	 	 	)	 	 
	 

	 	 	)	 	ss.
	COUNTY OF HENNEPIN

	 	 	)	 	 

The foregoing instrument was acknowledged before me this 29th day of August, 2007, by Jeffrey
Mathiesen, the Chief Financial Officer of Zareba Systems, Inc., a Minnesota corporation, for and on
behalf of said corporation.

	 	 	 	 	 
	 	 	 
	 	                                                     /s/ Leslie J. O’Brien
 	 
	 	Notary Public 	 
	 	 	 
	 

THIS INSTRUMENT WAS DRAFTED BY:

Winthrop & Weinstine, P.A. (DEM)

225 South Sixth Street, Suite 3500

Minneapolis, Minnesota 55402-4629

(612) 604-6400

3372934v2

 

 

EXHIBIT A

(Legal Description)exv10w1

 

Exhibit 10.1

AMENDMENT TO OPTION TO PURCHASE REAL PROPERTY

     THIS AMENDMENT TO OPTION TO PURCHASE REAL PROPERTY, made this 31st day of
August, 2007, by and between ERBIN REGAR TODD and ERBIN REGAR TODD, JR.,
(“SELLER’) and OZARK ETHANOL, LLC, a Delaware Limited Liability Company
(“BUYER);

     SELLER and BUYER executed a certain OPTION TO PURCHASE REAL
PROPERTY (the “OPTION”) dated September 8, 2006 and the parties desire to amend the OPTION.

     NOW, THEREFORE, in consideration of the sum of $10,000.00 paid by
BUYER to SELLER, the receipt of which is hereby acknowledged by SELLER, the parties agree:

     1. The OPTION is hereby amended as follows:

     A. Paragraph 1 of the OPTION is amended:

          a. By changing August 31, 2007 to August 31, 2008; and

          b. By adding the following tract:

          The South
400 feet of the Northwest Quarter (NW 1/4) of
Section 11, Township Thirty-five (35), Range Thirty-two (32), Vernon County, Missouri.

     B. Paragraphs 4 and 11 of the OPTION are amended by changing 232.27 acres to 256 acres.

     2. In all other
 respects the OPTION shall remain in full force and effect, subject only to the foregoing amendments.

1

 

	 	 	 	 	 
	 	SELLER: 

 	 
	 	/s/ Erbin Regar Todd
 	 
	 	ERBIN REGAR TODD 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	     /s/ Erbin Regar Todd, Jr.
 	 
	 	ERBIN REGAR TODD, JR. 	 
	 	 	 
	 

	 	 	 	 	 
	 	BUYER:

OZARK ETHANOL, LLC 

 	 
	 	BY:    /s/ Jim McClendon
 	 
	 	JIM MCCLENDON        	 
	 	Authorized person in this LLC 	 
	 

ACKNOWLEDGMENT

	 	 	 	 	 	 	 
	STATE OF MISSOURI

	 	 	)	 	 	 
	 

	 	 	)	 	 	s s .
	COUNTY OF VERNON

	 	 	)	 	 	 

     On this 31 day of AUGUST, 2007 before me personally appeared
ERBIN REGAR TODD, a widower by the death of his wife, Margaret
Agnes Todd, who died on the 26th day of January 1998, and who is buried at
the Newton Cemetery, Nevada, Missouri, from whom he was never divorced, not having
since her death remarried, to me known to be the person described in and who executed the foregoing
instrument and acknowledged that he executed the same as his free act and deed.

     IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal at my office in Nevada, Missouri, the day and year first above written.

(SEAL)

	 	 	 	 	 
	 	 	 
	 	/s/ Lisa J. Greenlee
 	 
	 	Notary Public, State of Missouri
 	 
	 	

LISA J. GREENLEE

NOTARY PUBLIC, VERNON CO.

STATE OF MISSOURI

COMMISSION EXP.02/25/10

COMMISSION #06436757 	 
	 

2

 

ACKNOWLEDGMENT

	 	 	 	 	 	 	 
	STATE OF MISSOURI

	 	 	)	 	 	 
	 

	 	 	)	 	 	s s .
	COUNTY OF VERNON

	 	 	)	 	 	 

     On this 31st day of AUGUST, 2007 before me personally
appeared JIM MCCLENDON, Chairman of Ozark Ethanol, LLC, a Delaware LLC, authorized to
do business in the State of Missouri, to me known to be the person described in and who
executed the foregoing instrument and acknowledged that he executed the same and that said
instrument was signed and sealed in behalf of this limited liability company by authority of the
its members and acknowledges the said instrument to be the free act and deed of said limited
liability company, Ozark Ethanol, LLC

     IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal at my office in Nevada, Missouri, the day and year first above written.

(SEAL)

	 	 	 	 	 
	 	 	 
	 	                                                       /s/ Doris Ann Fast
 	 
	 	Notary Public, State of Missouri
 	 
	 	

DORIS ANN FAST

Notary Public -- Notary Seal

State of Missouri -- County of Barton

My Commission Expires Jan. 15, 2010

Commission #      #06439923 	 
	 

JOINDER BY SPOUSE

     DENISE R. TODD, wife of ERBIN REGAR TODD, JR., executes this JOINDER
OF SPOUSE attached to the AMENDMENT TO OPTION TO PURCHASE REAL PROPERTY between
ERBIN REGAR TODD and ERBIN REGAR TODD, JR.,
and OZARK ETHANOL, LLC. She joins as a party to that option, consents thereto to
the end that the arrangement envisioned by the agreement should not be a transaction
in fraud or her marital rights. She understands this document will be attached to the
AMENDMENT TO OPTION TO PURCHASE REAL PROPERTY to affirm her consent thereto.

     IN TESTIMONY WHEREOF, DENISE R. TODD executes this JOINER BY SPOUSE this 31st day of August, 2007.

	 	 	 	 	 
	 	 	 
	 	                                              /s/ Denise R. Todd
 	 
	 	DENISE R. TODD, wife of ERBIN REGAR 	 
	 	TODD, JR. 	 
	 

3

 

ACKNOWLEDGMENT

	 	 	 	 	 	 	 
	STATE OF MISSOURI

	 	 	)	 	 	 
	 

	 	 	)	 	 	s s .
	COUNTY OF VERNON

	 	 	)	 	 	 

On the day hereinabove stated before personally appeared DENISE R. TODD, wife of ERBIN REGAR TODD, JR.,
known to be the person described in and who executed the foregoing instrument and acknowledged that he executed the same
as his free act and deed.

     IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal at my
office in Nevada, Missouri, the day and year first above
written.

(SEAL)

	 	 	 	 	 
	 	 	 
	 	     /s/ Lisa J. Greenlee
 	 
	 	Notary Public, State of Missouri
 	 
	 	

LISA      J.        GREENLEE

NOTARY PUBLIC,        VERNON        CO.

STATE        OF        MISSOURI

COMMISSION EXP.02/25/10

COMMISSION      #06436757 	 
	 

4EX-10.1 SUPPLEMENTAL INDENTURE DATED 9-4-07

 

Exhibit 10.1

SUPPLEMENTAL INDENTURE

     SUPPLEMENTAL INDENTURE (the “Supplemental Indenture”), dated as of September 4, 2007 between
PRG-Schultz International, Inc., a Georgia corporation (the “Company”), and U.S. Bank National
Association, as Trustee (the “Trustee”), to the Indenture between the Company and the Trustee,
dated as of March 17, 2006, as amended or supplemented from time to time, applicable to the 11%
Senior Notes due 2011 (the “Indenture”).

W I T N E S S E T H:

     WHEREAS, the Company has requested the Trustee to enter into this Supplemental Indenture for
the purpose of amending the Indenture in accordance with Sections 9.02 and 9.06 of the Indenture
and waiving Section 4.10 of the Indenture, as more particularly described below; and

     WHEREAS, consents of the Holders of at least a majority in aggregate principal amount of the
Notes (as defined in the Indenture) to the execution of this Supplemental Indenture, in accordance
with Section 9.02 of the Indenture, have been delivered to the Trustee.

     NOW, THEREFORE, intending to be legally bound hereby, the parties hereto agree as follows:

ARTICLE I

AMENDMENTS TO THE INDENTURE

     Section 1.1 Section 3.01 of the Indenture is amended hereby by deleting the second paragraph
thereof in its entirety and replacing such second paragraph with the following:

     The Company may redeem all or a part of the Notes upon not less than 15 nor more than
60 days’ prior notice, at the Redemption Prices (expressed as percentages of principal
amount) set forth below plus accrued and unpaid interest on the Notes redeemed to the
applicable Redemption Date, if redeemed during the periods beginning on the Issue Date and
each of the following indicated periods, subject to the rights of Holders on the relevant
record date to receive interest on the relevant interest payment date:

	 	 	 	 	 
	Year	 	Percentage
	Issue Date through March 14, 2007
	 	 	104	%
	March 15, 2007 through March 14, 2008
	 	 	102	%
	March 15, 2008 and thereafter
	 	 	100	%

     Section 1.2 Section 3.02 of the Indenture is hereby amended by deleting the first sentence
thereof in its entirety and replacing such first sentence with the following:

 

 

     If the Company elects to redeem Notes pursuant to the redemption provisions of Section
3.01 hereof, it shall notify the Trustee at least 15 days prior but not more than 60 days
prior to the Redemption Date of such intended Redemption Date, the principal amount of Notes
to be redeemed and the CUSIP numbers of the Notes to be redeemed.

     Section 1.3 Section 3.04 of the Indenture is hereby amended by deleting the second sentence
thereof in its entirety and replacing such second sentence with the following:

     Subject to Section 3.08 and 3.14 hereof, such notice shall be given not less than 15
nor more than 60 days prior to the Redemption Date for redemption pursuant to Section 3.01.

     Section 1.4 Section 4.07 of the Indenture is hereby amended by inserting the following
immediately after subparagraph (b)(vi) thereof:

     (vii) the redemption of the 10% Senior Convertible Notes due 2011 if the Notes are
redeemed in full, but not in part, simultaneously with the redemption of the 10% Senior
Convertible Notes.

ARTICLE II

WAIVER

     Section 4.10 of the Indenture is hereby waived solely with respect to the application of such
Section 4.10 to (a) the execution and delivery by the Company of that certain 2007 Amended and
Restated Standstill Agreement and (b) the execution and delivery by the Company of that certain
Conversion and Support Agreement.

ARTICLE III

EFFECTIVE TIME

     The effectiveness of this Supplemental Indenture shall be subject to the execution and
delivery by the parties hereto. Upon the satisfaction of this condition precedent, this
Supplemental Indenture shall become effective without any further action by any Person as of the
date hereof.

ARTICLE IV

MISCELLANEOUS PROVISIONS

     Section 4.1 The Indenture, as amended and modified by this Supplemental Indenture, is in all
respects ratified and confirmed; this Supplemental Indenture shall be deemed part of the Indenture
in the manner and to the extent herein and therein provided; and all the terms, conditions, and
provisions of the Indenture shall remain in full force and effect, as amended and modified hereby.

 

 

     Section 4.2 This Supplemental Indenture shall be deemed to be a contract made under the laws
of the State of New York, and for all purposes shall be construed in accordance therewith.

     Section 4.3 The recitals herein contained are made by the Company and not by the Trustee, and
the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no
representation as to the validity or sufficiency of this Supplemental Indenture.

     Section 4.4 This Supplemental Indenture may be executed in any number of counterparts and by
different parties thereto on separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute but one and the same agreement.

     Section 4.5 Capitalized terms used herein without definition have the meanings assigned such
terms in the Indenture.

[signature page to immediately follow]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and their respective corporate seals to be hereunto affixed and attested, all as of the
date hereof.

	 	 	 	 	 
	 	PRG-SCHULTZ INTERNATIONAL, INC.

 	 
	 	By:  	/s/ Peter Limeri
 	 
	 	Name:	 	Peter Limeri 	 
	 	Title:	  	Chief Financial Officer and Treasurer 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee

 	 
	 	By:  	/s/ Paul L. Henderson
 	 
	 	Name:	  	Paul L. Henderson 	 
	 	Title:	  	Assistant Vice President

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