Document:

exv10w5

 

Exhibit 10.5

THIRTEENTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

     THIS THIRTEENTH AMENDMENT TO REVOLVING CREDIT AGREEMENT dated as of April 1, 2005
(“Amendment”), is between FIRST OAK BROOK BANCSHARES, INC., a Delaware corporation (the “Company”),
having an address of 1400 West 16th Street, Oak Brook, Illinois 60523, and LASALLE BANK NATIONAL
ASSOCIATION, a national banking association (the “Bank”), having an address of 135 South LaSalle
Street, Chicago, Illinois 60603.

R E C I T A L S:

     WHEREAS, the parties have previously entered into, among other things, a Revolving Credit
Agreement dated as of December 1, 1991, as amended from time to time and most recently by a Twelfth
Amendment to Revolving Credit Agreement dated as of April 1, 2004 (collectively, the “Agreement”),
evidenced by that certain Extension Revolving Note dated as of April 1, 2004 in the principal
amount of Fifteen Million Dollars ($15,000,000); and

     WHEREAS, at the present time the Company requests and the Bank is agreeable to amending the
Agreement pursuant to the terms and conditions set forth herein;

     NOW, THEREFORE, in consideration of the premises and of the mutual agreements hereinafter set
forth, it is agreed by the parties hereto as follows:

A G R E E M E N T S:

1. RECITALS. The foregoing Recitals are hereby made a part of this Amendment.

2. DEFINITIONS. All capitalized terms used herein without definition shall have the
respective meanings set forth in the Agreement.

3. AMENDMENTS TO AGREEMENT.

     3.1. Maturity Date. Section 1 of the Agreement is hereby amended by changing the
maturity date of the Bank’s commitment for the Revolving Credit Loan to be “April 1, 2006.”

     3.2. Revolving Note. All references in the Agreement to the term “Revolving Note”
shall be deemed to be references to the Extension Revolving Note of even date herewith in the form
of Exhibit A attached hereto and made a part hereof.

4. REPRESENTATIONS AND WARRANTIES. To induce the Bank to enter into this Amendment,
the Company warrants that:

     4.1. Authorization. The Company is duly authorized to execute and deliver this
Amendment and is and will continue to be duly authorized to borrow monies under the Agreement, as
amended hereby, and to perform its obligations under the Agreement, as amended hereby. No consent
of any public authority or regulatory body or any other person or entity is required as a condition
to the validity or enforceability of this Amendment.

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     4.2. No Conflicts. The execution and delivery of this Amendment and the performance
by the Company of its obligations under the Agreement, as amended hereby, do not and will not
conflict with any provision of law or of the charter or by-laws of the Company or of any agreement
binding upon the Company.

     4.3. Validity and Binding Effect. The Agreement, as amended hereby, is a legal, valid
and binding obligation of the Company, enforceable against the Company in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency or other similar laws of
general application affecting the enforcement of creditors’ rights or by general principles of
equity limiting the availability of equitable remedies.

     4.4. Compliance with Agreement. The representations and warranties set forth in
Section 6 of the Agreement, as amended hereby, are true and correct with the same effect as if such
representations and warranties had been made on the date hereof, with the exception that all
references to the financial statements shall mean the financial statements most recently delivered
to the Bank and except for such changes as are specifically permitted under the Agreement. In
addition, the Borrower has complied with and is in compliance with all of the covenants set forth
in the Agreement.

     4.5. No Event of Default. As of the date hereof, no Event of Default under Section 9
of the Agreement, as amended hereby, or event or condition which, with the giving of notice or the
passage of time, or both, would constitute an Event of Default, has occurred or is continuing.

5. CONDITIONS PRECEDENT. This Amendment shall become effective as of the date above first
written after receipt by the Bank of the following documents:

     (a) This Amendment duly executed by the Company;

     (b) An Extension Revolving Note, executed by the Company and made payable to the order
of the Bank, substantially in the form of Exhibit A attached hereto; and

     (c) Such other documents and/or opinions of counsel as the Bank may request.

6. GENERAL.

     6.1. Governing Law; Severability. This Amendment shall be construed in accordance
with and governed by the laws of the State of Illinois. Wherever possible each provision of the
Agreement and this Amendment shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of the Agreement and this Amendment shall be prohibited by or
invalid under such law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of the
Agreement and this Amendment.

     6.2. Successors and Assigns. This Amendment shall be binding upon the Company and the
Bank and their respective successors and assigns, and shall inure to the benefit of the Company and
the Bank and the successors and assigns of the Bank.

     6.3. Continuing Force and Effect of Agreement. Except as specifically modified or
amended hereby, the Agreement shall remain in full force and effect and is hereby ratified and
confirmed in all respects.

     6.4. References to Loan Agreement. Each reference in the Agreement to “this
Agreement”, “hereunder”, “hereof”, or words of like import, and each reference to the Agreement in
any and all instruments or documents delivered in connection therewith, shall be deemed to refer to
the Agreement as amended hereby.

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     IN WITNESS WHEREOF, the parties hereto have executed this Thirteenth Amendment to Revolving
Credit Agreement as of the date first above written.

FIRST OAK BROOK BANCSHARES, INC., a Delaware corporation

	 	 	 	 	 
	 

	 	By:
	 	/s/ ROSEMARIE BOUMAN
	 

	 	 	 	 
	 

	 	Its:
	 	Vice President and Chief Financial Officer
	 

	 	 	 	 

LASALLE BANK NATIONAL ASSOCIATION, a national banking association

	 	 	 	 	 
	 

	 	By:
	 	/s/ JEFF BACHLER
	 

	 	 	 	 
	 

	 	Its:
	 	Vice President
	 

	 	 	 	 

EXHIBIT A

EXTENSION REVOLVING NOTE

			
	$15,000,000
	 	Dated as of April 1, 2005

Due: April 1, 2006

     FIRST OAK BROOK BANCSHARES, INC., a Delaware corporation (the “Maker), for value received,
promises to pay to the order of LASALLE BANK NATIONAL ASSOCIATION, a national banking association
(the “Bank”), the lesser of: the principal sum of Fifteen Million Dollars ($15,000,000), or the
aggregate unpaid principal amount outstanding under that certain Revolving Credit Agreement dated
December 1, 1991 between the Maker and the Bank, as amended from time to time and most recently by
that certain Thirteenth Amendment to Revolving Credit Agreement of even date herewith
(collectively, the “Loan Agreement”), made available by the Bank to the Maker at the maturity or
maturities and in the amount or amounts as stated on the records of the Bank together with interest
(computed on actual days elapsed on the basis of a 360-day year) on any and all principal amounts
outstanding hereunder from time to time from the date hereof until maturity. Interest shall be
payable at the Maker’s option at the rates and times set forth in the Loan Agreement. In no event
shall any principal amount have a maturity later that April 1, 2006.

     This Note shall be available for direct advances and for Bankers’ Acceptances.

     Principal and interest shall be paid to the Bank at its office at 135 South LaSalle Street,
Chicago, Illinois, or at such other place as the holder of this Note may designate in writing to
the undersigned. This Note may be prepaid in whole or in part as provided for in the Loan
Agreement.

     This Note evidences indebtedness incurred under the Loan Agreement (and if amended, under all
amendments thereto) to which reference is hereby made for a statement of the terms and conditions
under which the due date of the Note or any payment thereon may be accelerated. The holder of this
Note is entitled to all of the benefits and security provided for in said Loan Agreement.

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     The undersigned agrees that in any action or proceeding instituted to collect or enforce
collection of this Note, the amount endorsed by the Bank on the reverse side of this Note shall be
prima facie evidence of the unpaid principal balance of this Note.

     This Note is in substitution for, but not in repayment of, that certain Extension Revolving
Note dated April 1, 2004 in the amount of $15,000,000, executed by the Maker in favor of the Bank,
and does not constitute a novation therefor.

FIRST OAK BROOK BANCSHARES, INC., a Delaware corporation

	 	 	 	 	 
	 

	 	By:
	 	/s/ ROSEMARIE BOUMAN
	 

	 	 	 	 
	 

	 	Its:
	 	Vice President and Chief Financial Officer
	 

	 	 	 	 

47<PAGE>

                                                                     Exhibit 4.1

NOTE MODIFICATION AGREEMENT AND AMENDMENT TO LOAN AGREEMENT DATED JUNE 20, 2003
  BETWEEN JPMORGAN CHASE BANK, N.A. AND THE BADGER METER EMPLOYEE SAVINGS AND
             STOCK OWNERSHIP PLAN AND TRUST, DATED APRIL 18, 2005.

                AMENDMENT TO LOAN AGREEMENT DATED JUNE 20, 2003

This agreement is dated as of April 18, 2005, by and between Badger Meter
Employee Savings and Stock Ownership Plan and Trust (the "Borrower") and
JPMorgan Chase Bank, N.A., successor by merger to Bank One, NA with its main
office in Chicago, IL (the "Bank"), and its successors and assigns.

WHEREAS, the Borrower and the Bank entered into a Loan Agreement dated June 20,
2003, as amended (if applicable) (the "Credit Agreement"); and

WHEREAS, the Borrower has requested and the Bank has agreed to amend the Credit
Agreement as set forth below;

NOW, THEREFORE, in mutual consideration of the agreements contained herein and
for other good and valuable consideration, the parties agree as follows;

1.    DEFINED TERMS. Capitalized terms not defined herein shall have the meaning
      ascribed in the Credit Agreement.

2.    MODIFICATION OF CREDIT AGREEMENT. The Credit Agreement is hereby amended
      as follows:

      2.1   Section 1.13 of the Credit Agreement captioned "Termination Date"
            and Section 2.1 of the Credit Agreement captioned "Stock Acquisition
            Loan" are hereby amended by deleting the date "April 30, 2006"
            contained therein and replacing it with "April 30, 2008".

3.    RATIFICATION. The Borrower confirms that the Credit Agreement remains in
      full force and effect, other than as specifically modified herein.

4.    EXECUTION AND DELIVERY. This agreement shall become effective only after
      it is fully executed by the Borrower, Badger Meter, Inc., and the Bank,
      and the Bank shall have received from the Borrower the following
      documents: Note Modification Agreement.

5.    ACKNOWLEDGEMENT OF BORROWER. The Borrower, the Bank and Badger Meter, Inc.
      acknowledge and agree that this agreement is limited to the terms outlined
      above, and shall not be construed as an agreement to change any other
      terms or provisions of the Credit Agreement. This agreement shall not
      establish a course of dealing or be construed as evidence of any
      willingness on the Bank's part to grant other or future agreements, should
      any be requested.

6.    NOT A NOVATION. This agreement is a modification only and not a novation.
      Except for the above-quoted modification(s), the Credit Agreement, any
      loan agreements, credit agreements, reimbursement agreements, security
      agreements, mortgages, deeds of trust, pledge agreements, assignments,
      guaranties, instruments or documents executed in connection with the
      Credit Agreement, and all the terms and conditions thereof, shall be and
      remain in full force and effect with the changes herein deemed to be
      incorporated therein. This agreement is to be considered attached to the
      Credit Agreement and made a part thereof. This agreement shall not release
      or affect the liability of any guarantor of any promissory note or credit
      facility executed in reference to the Credit Agreement or release any
      owner of collateral granted as security for the Credit Agreement. The
      validity, priority and enforceability of the Credit Agreement shall not be
      impaired hereby. To the extent that any provision of this agreement
      conflicts with any term or condition set forth in the Credit Agreement, or
      any document executed in conjunction therewith, the provisions of this
      agreement shall supersede and control. The Borrower and the Bank,
      respectfully, each expressly reserves all rights against all parties to
      the Credit Agreement.

                                       19
<PAGE>

BANK:

JPMORGAN CHASE BANK, N.A.

By: /s/ Gregory S. Dorf, Senior Vice President
    -------------------------------------------

Date Signed: 5/16/05

BORROWER:  BADGER METER EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN AND TRUST

By: /s/ Michael C. Wieber,
    ------------------------------------
    Vice President, Marshall & Ilsley Trust Company N.A., Trustee

Date Signed: 5/12/05

By: /s/ Lora C. Sykora,
    ------------------------------------
   Vice President, Marshall & Ilsley Trust Company N.A., Trustee

Date Signed: 5/12/05

The undersigned, Badger Meter, Inc., is signing below to acknowledge, ratify,
and reaffirm the representation, warranties and convenants set forth in Sections
3, 5, and 7 of the Loan Agreement dated June 20, 2003.

BADGER METER, INC.

BY: /s/ Richard Johnson, CFO & Treasurer
    -----------------------------------------

Date Signed: 4/18/05

                                                     NOTE MODIFICATION AGREEMENT

This agreement is dated as of April 19, 2005 (the "Agreement Date"), to be
effective as of April 19, 2005 (the "Effective Date"), by and between Badger
Meter Employee Savings and Stock Ownership Plan and Trust (the "Borrower") and
JP Morgan Chase Bank, NA, successor by merger to Bank One, NA with its main
office in Chicago, IL (the "Bank").

WHEREAS, the Borrower executed a Promissory Note as evidence of indebtedness in
the original face amount of One Million Two Hundred Eight-Five Thousand and
00/100 Dollars ($1,285,000.00), dated June 20, 2003 owing by the Borrower to the
Bank, as same may have been amended or modified from time to time (the "Note"),
which Note has at all times been, an is now, continuously and without
interruption outstanding in favor of the Bank; and,

WHEREAS, the Borrower has requested and the Bank has agreed that the Note be
modified to the limited extent as hereinafter set forth;

NOW THEREFORE, in mutual consideration of the agreements contained herein and
for other good and valuable consideration, the parties agree as follows:

1.    ACCURARY OF RECITALS. The Borrower acknowledges the accuracy of the
      Recitals stated above.

2.    MODIFICATION OF NOTE.

      2.1   From and after the Effective Date, the date in which the entire
            unpaid principal balance plus all accrued interest shall be due and
            payable is hereby changed from April 30, 2006 to April 30, 2008.

3. RATIFICATION OF RELATED DOCUMENTS AND COLLAERAL. The Note shall remain in
full force and effect as IT may be modified herein.

                                       20
<PAGE>

4. EXECUTION AND DELIVERY OF AGREEMENT BY THE BANK. Neither the Borrower nor the
Bank shall be bound by this agreement until both the Borrower and the Bank have
executed this Agreement.

5. INTEGRATION, ENTIRE AGREEMENT, CHANGE, DISCHARGE, TERMINATION, OR WAIVER. The
Note as modified herein (along with the related Loan Agreement dated June 20,
2003, as amended, between JPMorgan Chase Bank, N.A., successor by merger to Bank
One, NA and Badger Meter Employee Savings and Stock Ownership Plan and Trust)
contain the complete understanding and agreement of the Borrower and the Bank in
respect of the loan and supersede all prior representations, warranties,
agreements, arrangements, understandings, and negotiations. No provision of the
Note as modified herein may be changed, discharged, supplemented, terminated, or
waived except in a writing signed by the party against whom it is being
enforced.

6. COUNTERPART EXECUTION. This agreement may be executed in multiple
counterparts, each of which, when so executed, shall be deemed an original, but
all such counterparts, taken together, shall constitute one and the same
agreement.

7. NOT A NOVATION. This agreement is a modification only and not a novation. In
addition to all amounts hereafter due under the Note as modified herein, all
accrued interest evidenced by the Note being modified by this agreement shall
continue to be due and payable until paid. Except for the above-quoted
modification(s), the Note, and all the terms and conditions thereof, shall be
and remain in full force and effect with the changes herein deemed to be
incorporated therein. This agreement is to be considered attached to the Note
and made a part thereof. This agreement shall not release or affect the
liability of any guarantor, surety or endorser of the Note or release any owner
of collateral securing the Note. The validity, priority and enforceability of
the Note shall not be impaired hereby.

BANK:

JPMORGAN CHASE BANK, N.A.

By: /s/ Gregory S. Dorf, Senior Vice President
    ---------------------------------------------

Date Signed: 5/16/05

BORROWER: BADGER METER EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN AND TRUST

By: /s/ Michael C. Wieber,
    --------------------------------------------
    Vice President, Marshall & Ilsley Trust Company N.A., Trustee

Date Signed: 5/12/05

By: /s/ Lora C. Sykora,
    ------------------------------------------
    Vice President, Marshall & Ilsley Trust Company N.A., Trustee

Date Signed: 5/12/05

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