Document:

p02534_x10.htm

    

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      FOURTH
AMENDMENT

       

      THIS
FOURTH AMENDMENT dated as of December 11, 2009 (this “Amendment”) amends
the Credit Agreement dated as of May 18, 2007 (as amended, the “Credit Agreement”)
among PATRICK INDUSTRIES, INC., an Indiana corporation (the “Borrower”), the
LENDERS party thereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent (in
such capacity, the “Administrative
Agent”).  Capitalized terms used but not defined herein have
the respective meanings given to them in the Credit Agreement.

       

      WHEREAS,
the Borrower has requested certain amendments to the Credit
Agreement.

       

      NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

       

      SECTION
1. AMENDMENTS.  Subject
to the conditions precedent set forth in Section 3, the
Credit Agreement is amended as follows:

       

      1.1 Amendments to Definitions in
Section 1.1.

       

      1.1.1 The
following definitions are added in proper alphabetical sequence:

       

      “Ocala Sale” means the
sale of the real property located at 1609 SW 17th Street, Ocala, Florida, for
not less than $1,200,000 in cash.

       

      “Purchasing Card
Program” means the purchasing card program provided to the Borrower and
its Subsidiaries by JPMorgan.

       

      “Woodburn Sale” means
the sale of the real property located at 3099 N. Pacific Highway, Woodburn,
Oregon, for not less than $3,200,000 in cash.

       

      “Fontana Sale
Leaseback” means (a) the sale of the real property located at 13414
Slover Avenue, Fontana, California, for not less than $4,200,000 in cash and (b)
the concurrent lease of such property (or a similar property to be used for
operations currently conducted at such property) by the Company or a Subsidiary
for a term of at least 24 months.

       

      1.1.2 The definitions of “Consolidated EBITDA” and “Permitted
Asset Sales” are amended and restated in their entirety to read as follows,
respectively:

       

      “Consolidated EBITDA”
means, for any period, the sum (without duplication) of (a) Consolidated Net
Income for such period plus (b) to the extent deducted in determining such
Consolidated Net Income, Interest Expense, income tax expense, depreciation,
amortization, Restructuring Charges and
rent expense in an amount not to exceed $45,000 per month for the property sold
pursuant to the Fontana Sale Leaseback, plus (c) losses in connection with
discontinued operations during such period to the extent approved in writing by
the Administrative Agent (which approval shall not be unreasonably withheld)
minus (d) gains in connection with discontinued operations during such period,
plus (e)

       

      
        
           

        

        
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      losses in
connection with stock warrants revaluation during such period, minus (f) gains
in connection with stock warrants revaluation during such period.

       

      “Permitted Asset Sale”
means each of, (i) the Ocala Sale, (ii) the Woodburn Sale and (iii) the Fontana
Sale Leaseback.

       

      1.2 Amendment to Section
2.5(c).  Section 2.5(c) is amended by adding the following
proviso immediately before the period at the end of the first sentence
thereof:

       

      ; provided, that any
Letter of Credit issued in connection with the Fontana Sale Leaseback may expire
on the date that is two years after the date of the issuance of such Letter of
Credit, so long as the Borrower confirms in writing to the Issuing Bank, at the
time of issuance, that such Letter of Credit will be a Supported Letter of
Credit

       

      1.3 Amendment to Section
6.2.  Section 6.2 is amended by adding the following new clause
(d) in proper sequence and designating existing clauses (d) and (e) as clauses
(e) and (f), respectively:

       

      (d)           Liens
on cash and a deposit or securities account at JPMorgan securing the obligations
of the Borrower under the Purchasing Card Program; provided that the
aggregate amount of all such cash and all amounts on deposit in such accounts
shall not at any time exceed $250,000.

       

      1.4 Amendment to Section
6.8(a).  Section 6.8(a) is amended in its entirety to read as
follows:

       

      (a)           Minimum
EBITDA.  Consolidated EBITDA for any fiscal quarter to be less
than the amount specified for such quarter on Schedule
6.8.

       

      1.5 Amendments to
Schedules.  Schedule 1.1(b) and Schedule 6.8 to the Credit
Agreement are replaced with Schedule 1.1(b) and
Schedule 6.8
hereto, respectively.

       

      SECTION
2. REPRESENTATIONS AND
WARRANTIES.  The Borrower represents and warrants to the
Administrative Agent and the Lenders that after giving effect to this Amendment:
(a) the representations and warranties of the Borrower set forth in the Credit
Agreement are true and correct in all material respects (except to the extent
stated to relate to an earlier date, in which case such representations and
warranties were true and correct in all material respects as of such earlier
date); and (b) no Default will exist.

       

      SECTION
3. CONDITIONS
PRECEDENT.  This Amendment shall become effective on the date
on which the Administrative Agent shall have received the
following:

       

      (a)           Counterparts
of this Amendment signed by the Borrower and the Required Lenders.

       

      (b)           A
Confirmation substantially in the form of Exhibit A signed by
each Loan Party.

       

      
        
           

        

        
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      (c)           Payment
of all invoiced fees and expenses of the Administrative Agent (including
reasonable attorneys’ fees and expenses) in connection herewith.

       

      (d)           An
amendment fee for each Lender that delivers a signed counterpart to this
Amendment to the Administrative Agent, prior to 12:00 p.m. (Chicago time) on
December 11, 2009, in an amount equal to the product of 0.15% multiplied by the sum
of (i) such Lender’s Revolving Commitment and (ii) the outstanding principal
amount of such Lender’s Term Loans.

       

      SECTION
4. MISCELLANEOUS.

       

      4.1 Continuing Effectiveness,
etc.  After giving effect to this Amendment, the Credit
Agreement shall remain in full force and effect and is hereby ratified, approved
and confirmed in each and every respect.  After the effectiveness
hereof, all references to the Credit Agreement in any Loan Document shall be
deemed to refer to the Credit Agreement as amended hereby.

       

      4.2 Incorporation of Credit
Agreement Provisions.  The provisions of Sections 1.3 (Terms
Generally), 9.7 (Severability), 9.10 (Waiver of Jury Trial) and 9.11 (Headings)
of the Credit Agreement are incorporated by reference as if fully set forth
herein, mutatis
mutandis.

       

      4.3 Signing in
Counterparts.  This Amendment may be signed by the parties
hereto in several counterparts, each of which shall be deemed to be an original
and all of which shall constitute together but one and the same
agreement.  A signature hereto delivered by facsimile or in .pdf
format shall be effective as delivery of an original counterpart.

       

      4.4 Governing
Law.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF ILLINOIS.

       

      4.5 Successors and
Assigns.  This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted
assigns.

       

      

       

      [Remainder
Of Page Intentionally Left Blank]

       

      

       

      
        
           

        

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

       

      PATRICK
INDUSTRIES, INC.

       

      By  /s/ Andy L.
Nemeth                                                                           

           Name:
Andy L. Nemeth

            Title:
Executive Vice President - Finance

       

      JPMORGAN
CHASE BANK, N.A., individually and as Administrative Agent

       

      By  /s/ Michelle L.
Jameson                                                                           

            Name:
Michelle L. Jameson

            Title:  Vice
President

       

      FIFTH
THIRD BANK

       

      By  /s/ Kristof C.
Schneider                                                                           

            Name:  Kristof
C. Schneider

            Title:  Assistant
Vice President

      

       

      BANK OF
AMERICA, N.A., as successor to LaSalle Bank National Association

       

      By  /s/ Robert L.
Wallace,
Jr.                                                                           

            Name:
Robert L. Wallace, Jr.

            Title:
Senior Vice President

      

       

      KEY BANK,
NATIONAL ASSOCIATION

       

      By  /s/ Ryan J.
Watkins                                                                           

            Name:
Ryan J. Watkins

            Title:   Vice
President

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      RBS
CITIZENS, NATIONAL ASSOCIATION, successor by merger with Charter One
Bank

       

      By  /s/ Ruben V.
Klein

            Name:
Ruben V. Klein

            Title:
Senior Vice President

      

       

      ASSOCIATED
BANK

       

      By  /s/  Robert
J.
Burda                                                                           

            Name:
Robert J. Burda

            Title:
Vice President

      

       

      1ST
SOURCE BANK

       

      By  /s/ Jeff
Baker                                                                           

            Name:
Jeff Baker

            Title:
Senior Vice President

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
1.1(b)

      

      BORROWING
BASE AMOUNTS

      

      
        	
                Period

              	
                Amount

              
	
                November
      1, 2009 – December 31, 2009

              	
                $25,000,000

              
	
                January
      1, 2010 - January 24, 2010

              	
                $21,000,000

              
	
                January
      25, 2010 – February 28, 2010

              	
                $23,000,000

              
	
                March
      1, 2010 – March 28, 2010

              	
                $26,000,000

              
	
                March
      29, 2010 - April 25, 2010

              	
                $28,000,000

              
	
                April
      26, 2010 – June 27, 2010

              	
                $27,000,000

              
	
                June
      28, 2010 - August 29, 2010

              	
                 

                $28,000,000

              
	
                August
      30, 2010 - October 24, 2010

              	
                 

                $26,000,000

              
	
                October
      25, 2010 - November 28, 2010

              	
                 

                $25,000,000

              
	
                November
      29, 2010 - December 31, 2010

              	
                 

                $21,000,000

              

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
6.8

      

      CONSOLIDATED
EBITDA

      
        	
                Fiscal
      Quarter

                (ended
      on or closest to)

              	
                Fiscal
      Quarter then ending

              
	
                March
      28, 2010

              	
                ($584,000)

              
	
                June
      27, 2010

              	
                $2,204,300

              
	
                September
      26, 2010

              	
                $1,973,200

              
	
                December
      31, 2010

              	
                $1,434,600

              

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      EXHIBIT
A

      

      FORM OF
CONFIRMATION

      

      December
11, 2009

      

      To:           JPMorgan
Chase Bank, N.A., individually and as Administrative

      Agent,
and the other financial institutions that are

      parties
to the Credit Agreement referred to below

      

      Please
refer to the Fourth Amendment dated as of the date hereof (the “Amendment”) to the
Credit Agreement dated as of May 18, 2007 (the “Credit Agreement”)
among Patrick Industries, Inc., an Indiana corporation, the Lenders party
thereto and JPMorgan Chase Bank, N.A., as Administrative
Agent.  Capitalized terms used but not otherwise defined herein have
the respective meanings given to them in the Credit Agreement.

       

      Each of the undersigned hereby confirms
to the Administrative Agent and the Lenders that such undersigned has received a
copy of the Amendment and that, after giving effect to the Amendment and the
transactions contemplated thereby, each Loan Document to which such undersigned
is a party continues in full force and effect and is the legal, valid and
binding obligation of such undersigned, enforceable against such undersigned in
accordance with its terms.

       

      PATRICK INDUSTRIES, INC.

      

      By:    /s/ Andy L.
Nemeth                                                                

      Andy L. Nemeth

      Executive Vice President -
Finance

      

      ADORN HOLDINGS, INC.

      

      By:    /s/ Andy L.
Nemeth                                                                

      Andy L. Nemeth

      Treasurer and Secretary

      

      

      ADORN,
LLC

      

      By:    /s/ Andy L.
Nemeth                                                                

      Andy L. Nemeth

      Treasurer and Secretaryform8kexh_121509.htm

    EXHIBIT
10.55

      

      

      

      

      December
14, 2009

      

      

      

      

      American
Consumers, Inc.

      55 Hannah
Way

      Rossville,
GA  30741

      

      Gentlemen:

      

      This
letter confirms that Gateway Bank & Trust (the “Lender”) has agreed to, and
hereby does, irrevocably waive any default or event of default, as well as any
right to cease making loan advances or disbursing loan proceeds, arising from or
in connection with the death of Michael A. Richardson on November 20, 2009,
under any instrument, agreement or document evidencing, securing, guarantying or
otherwise relating to any indebtedness of American Consumers, Inc., a Georgia
corporation doing business as Shop Rite (the “Borrower”) to Lender,
under:

      

      
        	
                 
      

              	
                ·

              	
                any
      term loans, revolving credit loans or other loans made, or agreed to be
      made, by Lender in favor of
Borrower;

              

      

      

      
        	
                 
      

              	
                ·

              	
                any
      agreement or commitment by Lender to issue letters of credit at the
      request of Borrower; and

              

      

      

      
        	
                 
      

              	
                ·

              	
                any
      other credit facilities or financial accommodations by Lender in favor of
      Borrower.

              

      

      

      

      By
execution of this Letter Agreement below, each of the parties hereby agrees to
and accepts the foregoing agreement and waiver of Lender, as of this   14th    
day of December, 2009.

      

      
        
          	 Gateway Bank &
      Trust   	  American Consumers,
      Inc.	 
	 	 	 	 
	
                  By: 
      /s/ Shawn Rogers

                	
                  By:
      

                	/s/ Paul
      R. Cook	 
	Name:
       Shawn Rogers	 	 Name: 
      Paul R. Cook	 
	Title: 
      Sr. Vice President	 	Title: 
      Chief Executive Officer

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