Document:

Exhibit 4.8.1

 

 

 

DAYTON SUPERIOR CORPORATION

103⁄4% SENIOR SECOND SECURED NOTES DUE 2008

 

 

FIRST SUPPLEMENTAL INDENTURE

DATED AS OF DECEMBER 14, 2006

 

 

THE BANK OF NEW YORK TRUST COMPANY, N.A.

AS TRUSTEE

 

 

 

1

 

SUPPLEMENTAL INDENTURE, dated as of December
14, 2006 (this “Supplemental Indenture”), between DAYTON SUPERIOR CORPORATION,
a Delaware corporation (the “Company”), and THE BANK OF NEW YORK TRUST COMPANY,
N.A., a national banking association duly organized under the laws of the
United States, as successor trustee (the “Trustee”).

 

WHEREAS, Dayton Superior Corporation, an Ohio
corporation (the “Issuer”), and the Trustee are parties to an Indenture, dated
as of June 9, 2003 (the “Indenture”), pursuant to which the Issuer issued its
103⁄4% Senior Second Secured Notes Due 2008 (the “Notes”);

 

WHEREAS, concurrently herewith, the Issuer,
an Ohio corporation, is being merged with and into the Company, with the
Company as the surviving entity;

 

WHEREAS, pursuant to Section 5.01 of the
Indenture, the Company is required to execute and deliver to the Trustee this
Supplemental Indenture;

 

WHEREAS, Section 9.01 of the Indenture
provides that, without the consent of any Holder, the Company and the Trustee
may enter into indentures supplemental to the Indenture for the purpose of,
among other things, compliance with Article 5 of the Indenture; and

 

WHEREAS, the execution and delivery of this
Supplemental Indenture have been duly authorized and all conditions and
requirements necessary to make this Supplemental Indenture a valid and binding
agreement have been duly performed and complied with;

 

NOW, THEREFORE, for and in consideration of
the premises and other good and valuable consideration, the receipt and
sufficiency of which hereby are acknowledged, it is mutually covenanted and
agreed, for the equal proportionate benefit of all Holders of the Notes, as
follows:

 

ARTICLE I.

 

AGREEMENT TO ASSUME

 

Section 1.1             The Company hereby assumes all of
the obligations of the Issuer, an Ohio corporation, under the Indenture
including, the due and punctual payment of the principal of, and premium, if
any, and interest on all of the Notes and the performance of every covenant of
the Notes, the Indenture and the Registration Rights Agreement (as defined in
the Indenture).

 

Section 1.2             The Company hereby assumes all of
the obligations of the Issuer, an Ohio corporation, under the Security
Documents (as defined in the Indenture) including, the due and punctual
performance of every covenant of the Security Documents.

 

2

 

ARTICLE II.

 

MISCELLANEOUS

 

Section 2.1             The Trustee accepts the trusts
created by the Indenture, as amended and supplemented by this Supplemental
Indenture, and agrees to perform the same upon the terms and conditions of the
Indenture, as amended and supplemented by this Supplemental Indenture.

 

Section 2.2             All capitalized terms used and not
defined herein shall have the respective meanings assigned to them in the
Indenture.

 

Section 2.3             Upon execution and delivery of this
Supplemental Indenture, the terms and conditions of this Supplemental Indenture
shall be part of the terms and conditions of the Indenture for any and all
purposes, and all the terms and conditions of both shall be read together as
though they constitute one and the same instrument, except that in case of
conflict, the provisions of this Supplemental Indenture will control.

 

Section 2.4             Each of the Company and the Trustee
hereby confirms and reaffirms the Indenture in every particular except as
amended and supplemented by this Supplemental Indenture.

 

Section 2.5             All covenants and agreements in
this Supplemental Indenture by the Company or the Trustee shall bind their
respective successors and assigns, whether so expressed or not.

 

Section 2.6             In case any provisions in this
Supplemental Indenture shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

 

Section 2.7             Nothing in this Supplemental
Indenture, express or implied, shall give to any Person, other than the parties
hereto and their successors under the Indenture and the Holders of the Notes,
any benefit or any legal or equitable right, remedy or claim under the
Indenture.

 

Section 2.8             The parties may sign any number of
copies of this Supplemental Indenture. Each signed copy shall be an original,
but all of them together shall represent the same agreement. One signed copy is
enough to prove this Supplemental Indenture.

 

Section 2.9             This Supplemental Indenture shall
be governed by and construed in accordance with the laws of the State of New
York, as applied to contracts made and performed within the State of New York,
without regard to principles of conflicts of law. Each of the parties hereto
agrees to submit to the jurisdiction of the courts of the State of New York in
any action or proceeding arising out of or relating to this Supplemental
Indenture.

 

Section 2.10           All provisions of this Supplemental
Indenture shall be deemed to be incorporated in, and made a part of, the
Indenture; and the Indenture, as amended and supplemented by this Supplemental
Indenture, shall be read, taken and construed as one and the same instrument.

 

3

 

Section 2.11           The recitals contained herein shall
be taken as the statements of the Company, and the Trustee assumes no
responsibility for their correctness. The Trustee shall not be liable or
responsible for the validity or sufficiency of this Supplemental Indenture or
the due authorization of this Supplemental Indenture by the Company. In
entering into this Supplemental Indenture, the Trustee shall be entitled to the
benefit of every provision of the Indenture relating to the conduct of,
affecting the liability of or affording protection to the Trustee, whether or
not elsewhere herein so provided.

 

4

 

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

 

 

	
   

  	
  DAYTON SUPERIOR CORPORATION, a 

  Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ THOMAS W. ROEHRIG

  	
   

  
	
   

  	
   

  	
  Name: Thomas W. Roehrig

  
	
   

  	
   

  	
  Title: Vice President and Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK TRUST 

  COMPANY, N.A., as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROXANE J. ELLWANGER

  	
   

  
	
   

  	
   

  	
  Name: Roxane J. Ellwanger

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
						

 

5Exhibit 4.12.5

 

JOINDER, CONSENT AND AMENDMENT
NO. 5

 

This JOINDER, CONSENT AND AMENDMENT No. 5 dated
as of December 14, 2006 (“Amendment No. 5”), is entered into by and among DAYTON SUPERIOR CORPORATION, an Ohio
corporation (“Dayton Ohio”), DAYTON SUPERIOR DELAWARE CORPORATION, a
Delaware corporation (“Dayton Delaware”), the persons designated as “Lenders”
on the signature pages hereto, and GENERAL ELECTRIC CAPITAL CORPORATION, a
Delaware corporation, as Agent.

 

WHEREAS, Dayton Ohio, the other Credit Parties, the Lenders (as
defined therein) and Agent are party to the Credit Agreement
dated as of January 30, 2004, as amended by Amendment No. 1, dated June 30,
2004, Amendment No. 2, dated February 23, 2005, Amendment No. 3, dated
September 29, 2006 and Amendment No. 4, dated as of December 1, 2006 (which
Amendment No. 4 has not become effective as of the date hereof) (“Original
Credit Agreement”; all
capitalized terms defined in the Original Credit Agreement and not otherwise
defined herein to have the meanings assigned thereto in the Original Credit
Agreement or in Annex A thereto); and

 

WHEREAS, Dayton Ohio has informed Lenders and
Agent that it desires to consummate an initial public offering of Stock and, in
order to have a Delaware corporation as the issuer of such Stock, Dayton Ohio
intends to merge into Dayton Delaware, as a result of which Dayton Delaware
shall be the surviving entity of such merger and shall succeed to and assume
all the rights and obligations of the Dayton Ohio (the “Dayton Delaware Merger”);
and

 

WHEREAS, the Dayton Delaware Merger will be
consummated pursuant to that certain Agreement and Plan of Merger, dated as of
December 11, 2006, between the Dayton Ohio and Dayton Delaware (the “Merger
Agreement”); and

 

WHEREAS, in connection with the Dayton Delaware
Merger, Dayton Delaware will change its name to “Dayton Superior Corporation”;
and

 

WHEREAS, Dayton Ohio has requested that Lenders
and Agent (i) consent to the consummation of the Dayton Delaware Merger to the
extent the foregoing would otherwise contravene any of the provisions of the
Original Credit Agreement, and (ii) amend the Original Credit Agreement in
certain respects; and

 

WHEREAS, Dayton Delaware is executing this
Amendment No. 5 to become party as the “Borrower” to the Credit Agreement and
the other Loan Documents and to induce the Lenders and the Agent to enter into
this Amendment No. 5.

 

NOW, THEREFORE, in
consideration of the premises and the agreements, provisions and covenants
herein contained, Dayton Ohio, Dayton Delaware, the Lenders and Agent agree as
follows:

 

SECTION 1.

ADDITIONAL DEFINED TERMS

 

The capitalized terms set forth in Section 3(c) below
shall have the meanings when used herein as set forth therein.

 

 

SECTION 2.

CONSENT

 

(a)              Effective
as of the Effective Date, Agent and Lenders hereby consent to the consummation
of the Dayton Delaware Merger by Dayton Ohio and Dayton Delaware in accordance
with the terms of the Merger Agreement and waive compliance and the effects of
noncompliance with the provisions of Section 3.6(a) of the Original
Credit Agreement and Section 5(k) of the Security Agreement, Sections
4.1 and 4.3 of the Pledge Agreement or any other applicable
provisions of the Original Credit Agreement or the other Loan Documents to the
extent those provisions would otherwise be violated as a consequence
thereof.  

 

(b)             Anything
herein to the contrary notwithstanding, (i) the consent contained in this Section
2 is subject to the satisfaction of the conditions set forth in Section
5 hereof, and (ii) such consent only applies to the specific actions and
provisions noted above, and shall not be applicable to any other circumstance
and shall not be construed as a waiver to any further or future action on the
part of any Credit Party that would require a waiver by the Agent or the
Lenders.

 

SECTION 3.

AMENDMENTS

 

Subject to the satisfaction of the
conditions to effectiveness referred to in Section 5 below, the
Original Credit Agreement is hereby amended as follows:

 

(a)           The preamble to the Original Credit
Agreement is amended by replacing the text “DAYTON SUPERIOR CORPORATION, an
Ohio corporation” appearing therein with the text “DAYTON SUPERIOR CORPORATION,
a Delaware corporation”.

 

(b)           Section 2.8 of the Original
Credit Agreement is amended by adding the following new paragraph (e) thereto:

 

“(e)         Within
a reasonable time after consummation of the Dayton Delaware Merger, Dayton
Delaware shall deliver to Agent true and correct copies of the Certificate of
Merger, certified by the Secretary of State of the State of Delaware and the
Certificate of Merger, certified by the Secretary of State of the State of
Ohio.”

 

(c)           Section 3.6(a) of the Original
Credit Agreement is amended by adding the following text immediately following
clause (i)(B) appearing therein: “and (C) Dayton Ohio and Dayton Delaware may
consummate the Dayton Delaware Merger”.

 

(d)           The following definitions are added
to Annex A in the appropriate alphabetical places:

 

“Amendment No.
5” means Amendment No. 5, dated as of December 14, 2006, to this Agreement.

 

“Amendment
No. 5 Effective Date” means December 14, 2006.

 

2

 

“Dayton
Delaware” means Dayton Superior Corporation (formerly known as Dayton
Superior Delaware Corporation), a Delaware corporation and successor by merger
to Dayton Ohio.

 

“Dayton
Delaware Merger” means the merger of Dayton Ohio with and into Dayton
Delaware, with Dayton Delaware as the surviving entity, in accordance with the
terms of the Merger Documents.

 

“Dayton
Ohio” means Dayton Superior Corporation, an Ohio corporation.

 

“Merger
Agreement” means that certain Agreement and Plan of Merger, dated as of
December 11, 2006, between Dayton Ohio and Dayton Delaware.

 

“Merger
Documents” means, collectively (i) the Merger Agreement and (ii) each other
document, agreement and instrument executed or delivered in connection with the
Dayton Delaware Merger, in each case as to clause (ii), as amended, restated,
modified or supplemented in accordance with the terms hereof and thereof.

 

(e)           The Revolving Notes attached as Exhibit
1.1(a)(i) to the Original Credit Agreement are deleted in their entirety
and replaced with the Amended and Restated Revolving Notes attached hereto as Exhibit
A.

 

(f)            The Swing Line Notes attached as Exhibit
1.1(c) to the Original Credit Agreement are deleted in their entirety and
replaced with the Amended and Restated Swing Line Notes attached hereto as Exhibit
B.

 

SECTION
4.

JOINDER OF DAYTON DELAWARE

 

Effective as of the Effective Date, in reliance upon the
representations and warranties of Dayton Delaware and Dayton Ohio set forth
herein and in the Original Credit Agreement, Agent, Lenders, Dayton Ohio and
Dayton Delaware each hereby acknowledges and agrees that, by Dayton Delaware’s
execution and delivery hereof, without further notice or action of any kind
whatsoever on its part or on the part of any other Person:

 

(a)              for
all purposes, Dayton Delaware is hereby joined automatically as the “Borrower”
party to the Original Credit Agreement, as amended hereby, being hereafter
bound by all of the terms and provisions thereof,

 

(b)             Dayton
Delaware hereby assumes and becomes liable for the prompt payment, observance
and performance of all the Obligations now outstanding or hereafter arising,
and

 

(c)              Dayton
Delaware hereby makes as of the Effective Date, and thereafter agrees to make
at such time or times as the representations and warranties therein are deemed
to be made or repeated, 

 

3

 

as to the “Borrower”
and as to itself as a “Credit Party”, each of the representations and
warranties contained in the Original Credit Agreement,

 

in the case
of both clauses (a) and (b) above, to the same extent and with the same force
and effect as if Dayton Delaware had been the Borrower under and an original
signatory to the Original Credit Agreement. 
Each reference to “Borrower” in the Original Credit Agreement, as
amended hereby, and the other Loan Documents shall be deemed to be a reference
to Dayton Delaware; provided, that the representations and warranties made as
of the Effective Date are made subject to any items that are to be updated in
the Disclosure Schedules (as contemplated on Schedule A hereto) by virtue of
the consummation of the Dayton Delaware Merger.

 

SECTION
5.

CONDITIONS TO EFFECTIVENESS

 

This Amendment No. 5
shall become effective on the date (the “Effective Date”) that the
following conditions shall have been satisfied, so long as such date is on or
prior to December 14, 2006:

 

(a)           Agent shall have received one or more counterparts of this Amendment No.
5 executed and delivered by Dayton Ohio, Dayton Delaware, Agent and the Lenders.

 

(b)           Each Lender shall have received an Amended and Restated
Revolving Note, duly executed and delivered by Dayton Delaware, to the order of
such Lender, in the form of Exhibit A attached hereto.

 

(c)           Each Lender shall have received an Amended and Restated
Swing Line Note, duly executed and delivered by Dayton Delaware, to the order
of such Lender, in the form of Exhibit B attached hereto.

 

(d)           Agent shall have received a confirmation with respect to
the Intercreditor Agreeement, duly executed and delivered by Agent, Dayton
Delaware and The Bank of New York, as collateral agent and trustee under the
Senior Notes Indenture, in the form of Exhibit E attached hereto.

 

(e)           Agent shall have received a joinder agreement with respect
to the Security Agreement, duly executed and delivered by Agent and Dayton
Delaware, in the form of Exhibit F attached hereto.

 

(f)            Agent shall have received true and correct copies of the
Merger Documents, together with true and correct copies of the Merger
Documents, including the Certificate of Merger to be filed with the Secretary
of State of the State of Delaware and the Certificate of Merger to be filed
with the Secretary of State of the State of Ohio, each of which shall be in
form and substance satisfactory to Agent.

 

(g)           Agent shall have received copies of all documents and
legal opinions executed and delivered pursuant to the Senior Notes Indenture
and Senior Subordinated Notes Indenture in connection with the consummation of
the Dayton Delaware Merger.

 

(h)           Agent shall have received a UCC financing statement
in the form of Exhibit G attached hereto.

 

(i)            Agent shall have received for Dayton Delaware, (a) its
certificate of incorporation and all amendments thereto, (b) its by-laws,
together with all amendments thereto, (c) resolutions of its Board of 

 

4

 

Directors, approving and authorizing the execution, delivery and performance
of Amendment No. 5 and the other Loan Documents to which it is a party and the
transactions to be consummated in connection therewith, and (d) a certificate
as to the incumbency of the officer executing this Amendment No. 5, each
certified as of the Amendment No. 5 Effective Date by Dayton Ohio’s and Dayton
Delaware’s secretary or assistant secretary as being in full force and effect
without any modification or amendment, and (e) evidence of the incorporation of
Dayton Delaware in the State of Delaware.

 

(j)            Agent shall have received a legal opinion from Latham & Watkins LLP,
substantially in the form of Exhibit H hereto.

 

(k)           Agent shall have received a certificate from the
secretaries or assistant secretaries of Dayton Ohio and Dayton Delaware, respectively,
that there is no continuing Default or Event of Default and that the
representations and warranties of Dayton Ohio and Dayton Delaware contained in
this Amendment No. 5 shall be true and correct in all material respects as of
the Effective Date.

 

SECTION
6.

POST-CLOSING COVENANTS

 

Dayton Delaware hereby
further agrees to deliver to the Agent as and when required by Agent, the items
listed on Schedule A hereto.

 

SECTION
7.

LIMITATION ON SCOPE

 

Except as expressly amended hereby, all of the
representations, warranties, terms, covenants and conditions of the Loan
Documents shall remain in full force and effect in accordance with their
respective terms.  The amendments set
forth herein shall be limited precisely as provided for herein and shall not be
deemed to be waivers of, amendments of, consents to or modifications of any
term or provision of the Loan Documents or any other document or instrument
referred to therein or of any transaction or further or future action on the
part of Dayton Ohio or any other Credit Party requiring the consent of Agent or
Lenders except to the extent specifically provided for herein.  Agent and Lenders have not and shall not be
deemed to have waived any of their respective rights and remedies against Dayton
Ohio or any other Credit Party for any existing or future Defaults or Event of
Default.

 

SECTION
8.

MISCELLANEOUS

 

(a)           Each of Dayton Ohio and Dayton
Delaware hereby represents and warrants that this Amendment No. 5 has been duly
authorized and executed by such Person, and the Original Credit Agreement, as
amended by this Amendment No. 5, is the legal, valid and binding obligation of such
Person, enforceable in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, moratorium and similar laws affecting
the rights of creditors in general; and

 

(b)           Dayton Ohio repeats and restates its representations and warranties
contained in the Original Credit Agreement as of the date of this Amendment No.
5 and as of the Effective Date, except to the extent such representations and
warranties relate to a specific date.

 

(c)           This Amendment No. 5 is being
delivered in the State of New York.

 

5

 

(d)           Each of
Dayton Ohio and Dayton Delaware hereby ratifies and confirms the Original
Credit Agreement as amended hereby, and agrees that, as amended hereby, the
Original Credit Agreement remains in full force and effect.

 

(e)           Each of Dayton Ohio and Dayton
Delaware agrees that all Loan Documents remains in full force and effect
notwithstanding the execution and delivery of this Amendment No. 5.

 

(f)            This
Amendment No. 5 may be executed by the parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed an original, but
all of which counterparts together shall constitute but one and the same
instrument.

 

(g)           All
references in the Loan Documents to the “Credit Agreement” and in the Original
Credit Agreement as amended hereby to “this Agreement,” “hereof,” “herein” or
the like shall mean and refer to the Original Credit Agreement as amended by
this Amendment No. 5 (as well as by all subsequent amendments, restatements,
modifications and supplements thereto).

 

(h)           Each
of the following provisions of the Original Credit Agreement is hereby
incorporated herein by this reference with the same effect as though set
forth in its entirety herein, mutatis mutandis, and as if “this
Agreement” in any such provision read “this Amendment No. 5”: Section 9.3
(Notices), Section 9.6, (Severability), Section 9.8
(Headings), Section 9.9 (Applicable Law), Section 9.12
(Construction), Section 9.15 (Waiver of Jury Trial) and Section 9.17
(Entire Agreement).

 

[signature
pages follow]

 

6

 

WITNESS the due execution hereof by the respective
duly authorized officers of the undersigned as of the date first written above.

 

 

	
   

  	
  DAYTON SUPERIOR CORPORATION, an Ohio 

  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ THOMAS W. ROEHRIG

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas W. Roehrig

  
	
   

  	
   

  	
  Title:

  	
  Vice President and
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  DAYTON SUPERIOR CORPORATION, a Delaware 

  corporation (f/k/a Dayton Superior Delaware Corporation)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ THOMAS W. ROEHRIG

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas W. Roehrig

  
	
   

  	
   

  	
  Title:

  	
  Vice President and
  Secretary

  
						

 

 

[signatures
continue on the next page]

 

 

AGENT
AND LENDERS:

 

	
   

  	
  GENERAL ELECTRIC CAPITAL
  CORPORATION,

  
	
   

  	
  as Agent, an L/C Issuer
  and a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DANIEL MCCREADY

  	
   

  
	
   

  	
   

  	
  Name: Daniel McCready

  
	
   

  	
   

  	
  Title: Its Duly
  Authorized Signatory

  

 

 

[signatures
continue on the next page]

 

8

 

	
   

  	
  GMAC COMMERCIAL FINANCE LLC,

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERT J. BRANDOW

  	
   

  
	
   

  	
  Name: Robert J.
  Brandow

  
	
   

  	
  Title: Director

  

 

9

 

Schedule
A

 

(a)                                  Within 10 days after the Effective Date,
Agent shall have received, to the extent necessary to reflect accurately as of
the Effective Date the matters purported to be set forth therein, updated
Disclosure Schedules to the Original Credit Agreement, in form and substance satisfactory
to Agent.  Such updated Disclosure
Schedules shall become part of the Credit Agreement upon execution and delivery
thereof by Dayton Delaware and written approval by Agent.

 

(b)                                 Within 10 days after the Effective Date,
Agent shall have received an insurance certificate or certificates
demonstrating that Dayton Delaware and the assets acquired by it pursuant to
the Merger Documents have insurance coverage as required by the Original Credit
Agreement.

 

(c)                                  Within 10 days after the Effective Date, Agent
shall have received (i) a perfection certificate in form and substance
satisfactory to Agent, executed by Dayton Delaware and (ii) such information as
Agent may have requested relative to UCC, judgment lien, tax lien and other
searches and results, satisfactory to Agent, of such UCC, judgment lien, tax
lien and other searches of public records with respect to Dayton Delaware as
Agent shall have required.

 

(d)                                 Within 10
days after the Effective Date, Agent shall have received as to Dayton Delaware
(1) a good standing certificate (including verification of tax status) in its
state of incorporation, and (2) good standing certificates (including
verification of tax status) and certificates of qualification to conduct
business in each jurisdiction where its ownership or lease of property or the
conduct of its business requires such qualification, each dated a recent date
prior to the Amendment No. 5 Effective Date and certified by the applicable
Secretary of State or other authorized Governmental Authority.

 

(e)                                  Within 30 days after the Effective Date,
Agent shall have received such deposit account control agreements with respect
to deposit accounts of Dayton Delaware, or such amendments to existing deposit
account control agreements of Dayton Ohio, as Agent shall have reasonably
requested and in form and substance satisfactory to Agent.

 

10

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