Document:

Exhibit
10.1

 

	
  

  	
   

  	
  Amendment
  to Credit Agreement

  

 

This agreement is
dated as of September 9, 2009, by and between Supreme Corporation (the “Borrower”)
and JPMorgan Chase Bank, N.A. (together with its successors and assigns the “Bank”). The
provisions of this agreement are effective on the date that this agreement has
been executed by all of the signers and delivered to the Bank (the “Effective Date”).

 

WHEREAS, the Borrower and the Bank entered into
a credit agreement dated December 23, 2008, 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 in this agreement;

 

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 used in this
agreement shall have the same meanings as in the Credit Agreement, unless
otherwise defined in this agreement.

 

2.                                      WAIVER. The Bank hereby waives the violation of Section 5.2
O of the Credit Agreement, entitled “Adjusted EBITDA”, through August 31,
2009, which violations occurred prior to the date of this agreement, but strict
compliance with each of these covenants shall be required at all times hereafter.
Nothing in this paragraph shall be construed as a waiver of any other term or
condition of the Credit Agreement nor shall be construed as a commitment on the
part of the Bank to waive any subsequent violation of the same or any other
term or condition set forth in the Credit Agreement, as amended by this
agreement.

 

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

 

3.1                               From and after
the Effective Date,  Section 5.2 of
the Credit Agreement captioned “M. Tangible
Net Worth” is hereby amended and restated to read as follows:

 

M.                                  Tangible Net Worth. Permit at any
time, the consolidated Tangible Net Worth of the Borrower and its Subsidiaries
to be less than $67,000,000.00 beginning September 30, 2009, or any time
thereafter.

 

3.2                               3.2                                 From and after
the Effective Date,  Section 5.2 of
the Credit Agreement captioned “O. Adjusted
EBITDA” is hereby amended and restated to read as follows:

 

O.                                   Adjusted EBITDA.   Permit its net income, plus interest expense, plus
depreciation expense, plus amortization expense, plus income tax expense, plus
non-cash non-recurring expense, minus non-cash non-recurring income, minus
extraordinary gains (collectively, “Adjusted EBITDA”), all computed on a
consolidated basis for the Borrower and its Subsidiaries for each “Test Period”
(hereinafter defined), to be less than eighty-five percent (85.00%) of Borrower’s
projected Adjusted EBITDA for such Test Period, based on Borrower’s September 2009
financial statement projections delivered to the Bank. As used herein, the term
“Test Period” means each period of two consecutive calendar months, commencing
with the period of two consecutive calendar months ending on September 30,
2009.

 

4.                                      RATIFICATION. The Borrower ratifies and reaffirms the Credit
Agreement and the Credit Agreement shall remain in full force and effect as
modified by this agreement.

 

5.                                      BORROWER REPRESENTATIONS
AND WARRANTIES.
The Borrower represents and warrants that, other than as may be described in Section 2
of this agreement (a) the representations and warranties contained in the
Credit Agreement are true and correct in all material respects as of the date
of this agreement, (b) no condition, event, act or omission which could
constitute a default or an event of default under the Credit Agreement, as
modified by this agreement, or any other Related Document exists, and (c) no
condition, event, act or omission has occurred and is continuing that with the
giving of notice, or the passage of time or both, would constitute a default or
an event of default under the Credit Agreement, as modified by this agreement,
or any other Related Document.

 

6.                                      FEES AND EXPENSES. The Borrower agrees to pay all fees and
out-of-pocket disbursements incurred by the Bank in connection with this agreement,
including legal fees incurred by the Bank in the preparation, consummation,
administration and enforcement of this agreement.

 

 

7.                                      EXECUTION AND DELIVERY. This agreement shall become effective
only after it is fully executed by the Borrower and the Bank.

 

8.                                      ACKNOWLEDGEMENTS OF
BORROWER / RELEASE.
The Borrower acknowledges that as of the date of this agreement it has no
offsets with respect to all amounts owed by the Borrower to the Bank arising
under or related to the Credit Agreement, as modified by this agreement, or any
other Related Document on or prior to the date of this agreement. The Borrower
fully, finally and forever releases and discharges the Bank, its successors and
assigns and their respective directors, officers, employees, agents and
representatives (each a “Bank Party”)
from any and all claims, causes of action, debts, demands and liabilities, of
whatever kind or nature, in law or in equity, of the Borrower, whether now
known or unknown to the Borrower, which may have arisen in connection with the
Credit Agreement or the actions or omissions of any Bank Party related to the
Credit Agreement on or prior to the date hereof. The Borrower acknowledges and
agrees 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.

 

9.                                      INTEGRATION, ENTIRE
AGREEMENT, CHANGE, DISCHARGE, TERMINATION, OR WAIVER. The Credit Agreement, as modified by
this agreement, and the other Related Documents contain the complete
understanding and agreement of the Borrower and the Bank in respect of the
Credit Facilities and supersede all prior understandings and negotiations. No
provision of the Credit Agreement, as modified by this agreement, or the other
Related Documents, may be changed, discharged, supplemented, terminated, or waived
except in a writing signed by the party against whom it is being enforced.

 

10.                               Governing Law and Venue. This agreement shall be governed by and
construed in accordance with the laws of the State of Indiana (without giving
effect to its laws of conflicts). The Borrower agrees that any legal action or
proceeding with respect to any of its obligations under this agreement may be
brought by the Bank in any state or federal court located in the State of
Indiana, as the Bank in its sole discretion may elect. By the execution and
delivery of this agreement, the Borrower submits to and accepts, for itself and
in respect of its property, generally and unconditionally, the non-exclusive
jurisdiction of those courts. The Borrower waives any claim that the State of
Indiana is not a convenient forum or the proper venue for any such suit, action
or proceeding.

 

 

This
space has been intentionally left blank.

 

2

 

11.                               NOT A NOVATION. This agreement is a modification only
and not a novation. Except as expressly modified by this agreement, the Credit
Agreement, any other Related Documents, 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 other Related
Documents, the provisions of this agreement shall supersede and control. The
Bank expressly reserves all rights against all parties to the Credit Agreement
and the other Related Documents.

 

 

	
   

  	
  Borrower:

  
	
   

  	
   

  
	
   

  	
  Supreme
  Corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeff Mowery

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Jeff Mowery

  	
  CFO

  
	
   

  	
   

  	
  Printed Name

  	
  Title

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date Signed:

  	
  September 9,
  2009

  
					

 

 

	
   

  	
  Bank:

  
	
   

  	
   

  
	
   

  	
  JPMorgan Chase
  Bank, N.A.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  	
  Printed Name

  	
  Title

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date Signed:

  	
  September 9,
  2009

  
					

 

3Exhibit
10.2

 

	
  

  	
   

  	
  Note
  Modification Agreement

  

 

This agreement is dated as of September 9, 2009 (the “Agreement Date”), by and between Supreme
Corporation (the “Borrower”) and
JPMorgan Chase Bank, N.A. (together with its successors and assigns, the “Bank”). The
provisions of this agreement are effective on the date that this agreement has
been executed by all of the signers and delivered to the Bank (the “Effective Date”).

 

WHEREAS, the Borrower executed a Line of Credit
Note dated as of December 23, 2008 in the original principal amount of
Thirty-Three Million and 00/100 Dollars ($33,000,000.00), (as same may have
been amended or modified from time to time, the “Note”) as evidence of an extension of credit from the Bank to
the Borrower, which Note has at all times been, and 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 in this agreement;

 

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

 

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

 

2.               DEFINITIONS. Capitalized terms used in this agreement
shall have the same meanings as in the Note, unless otherwise defined in this
agreement.

 

3.               MODIFICATION OF NOTE.

 

3.1         From and after
the Effective Date, the provision in the Note captioned “Promise to Pay” is hereby amended and
restated to read as follows:

 

Promise to Pay.  On or before July 31,
2010, for value received, Supreme Corporation (the “Borrower”) promises to pay
to JPMorgan Chase Bank, N.A., whose address is 121 W. Franklin St., Elkhart, IN
46516 (the “Bank”) or order, in lawful money of the United States of America,
the sum of Twenty-Five Million and 00/100 Dollars ($25,000,000.00) or so much
thereof as may be advanced and outstanding, plus interest on the unpaid balance
as provided below.

 

3.2         Each of the Related Documents is modified
to provide that it shall be a default or an event of default thereunder if the
Borrower shall fail to comply with any of the covenants of the Borrower herein
or if any representation or warranty by the Borrower herein or by any guarantor
in any Related Documents is materially incomplete, incorrect, or misleading as
of the date hereof. As used in this agreement, the “Related Documents” shall include the Note and all applications
for letters of credit, loan agreements, credit agreements, reimbursement
agreements, security agreements, mortgages, deeds of trust, pledge agreements,
assignments, guaranties, or any other instrument or document executed in
connection with the Note or in connection with any other obligations of the
Borrower to the Bank.

 

3.3         Each reference in the Related Documents
to any of the Related Documents shall be a reference to such document as
modified by this agreement.

 

4.               RATIFICATION OF RELATED
DOCUMENTS AND COLLATERAL. The Related Documents are ratified and reaffirmed by the Borrower and
shall remain in full force and effect as they may be modified by this
agreement. All property described as security in the Related Documents shall
remain as security for the Note, as modified by this agreement, and the
Liabilities under the other Related Documents.

 

5.               BORROWER REPRESENTATIONS
AND WARRANTIES.
The Borrower represents and warrants to the Bank that each of the
representations and warranties made in the Note and the other Related Documents
and each of the following representations and warranties are and will remain,
true and correct until the later of maturity or the date on which all
Liabilities evidenced by the Note are paid in full:

 

5.1         No default, event of default or event
that would constitute a default or event of default but for the giving of
notice, the lapse of time or both, has occurred and is continuing under any
provision of the Note, as modified by this agreement, or any other Related
Document.

 

5.2         No
event has occurred which may in any one case or in the aggregate materially and
adversely affect the financial condition, properties, business, affairs,
prospects or operations of the Borrower or any guarantor or any subsidiary of
the Borrower.

 

 

5.3         The Borrower has no defenses or
counterclaims, offsets or adverse claims, demands or actions of any kind,
personal or otherwise, that it could assert with respect to the Note or any
other Liabilities.

 

5.4         The Note, as modified by this agreement,
and the other Related Documents are the legal, valid, and binding obligations
of the Borrower and the other parties, enforceable against the Borrower and
other parties in accordance with their terms, except as may be limited by
bankruptcy, insolvency or other laws affecting the enforcement of creditors’
rights generally and by general principles of equity.

 

5.5         The Borrower, other than any Borrower who
is a natural person, is validly existing under the laws of the State of its
formation or organization. The Borrower has the requisite power and authority
to execute and deliver this agreement and to perform the obligations described
in the Related Documents as modified herein. The execution and delivery of this
agreement and the performance of the obligations described in the Related
Documents as modified herein have been duly authorized by all requisite action
by or on behalf of the Borrower. This agreement has been duly executed and
delivered by or on behalf of the Borrower.

 

6.               BORROWER COVENANTS. The Borrower covenants with the Bank:

 

6.1         The Borrower shall execute, deliver, and
provide to the Bank such additional agreements, documents, and instruments as
reasonably required by the Bank to effectuate the intent of this agreement.

 

6.2         The Borrower fully, finally, and forever
releases and discharges the Bank, its successors, and assigns and their
respective directors, officers, employees, agents, and representatives (each a “Bank Party”) from any and all causes of
action, claims, debts, demands, and liabilities, of whatever kind or nature, in
law or equity, of the Borrower, whether now known or unknown to the Borrower, (i) in
respect of the loan evidenced by the Note and the Related Documents, or of the
actions or omissions of any Bank Party in any manner related to the loan
evidenced by the Note or the Related Documents and (ii) arising from
events occurring prior to the date of this agreement.

 

6.3         To the extent not prohibited by
applicable law, the Borrower shall pay to the Bank:

 

6.3.1                        All the internal and external costs and expenses
incurred (or charged by internal allocation) by the Bank in connection with
this agreement (including, without limitation, inside and outside attorneys,
appraisal, appraisal review, processing, title, filing, and recording costs,
expenses, and fees).

 

7.               EXECUTION AND DELIVERY
OF AGREEMENT BY THE BANK. The Bank shall not be bound by this agreement until (i) the Bank has
executed this agreement and (ii) the Borrower performed all of the
obligations of the Borrower under this agreement to be performed
contemporaneously with the execution and delivery of this agreement.

 

8.               INTEGRATION, ENTIRE
AGREEMENT, CHANGE, DISCHARGE, TERMINATION, OR WAIVER. The Note, as modified by this agreement,
and the other Related Documents contain the complete understanding and
agreement of the Borrower and the Bank in respect of any Liabilities evidenced
by the Note and supersede all prior understandings, and negotiations. No
provision of the Note, as modified by this agreement, or any other Related
Documents may be changed, discharged, supplemented, terminated, or waived
except in a writing signed by the party against whom it is being enforced.

 

9.               GOVERNING LAW AND VENUE. This agreement shall be governed by and
construed in accordance with the laws of the State of Indiana (without giving
effect to its laws of conflicts). The Borrower agrees that any legal action or
proceeding with respect to any of its obligations under the Note or this
agreement may be brought by the Bank in any state or federal court located in
the State of Indiana, as the Bank in its sole discretion may elect. By the
execution and delivery of this agreement, the Borrower submits to and accepts,
for itself and in respect of its property, generally and unconditionally, the
non-exclusive jurisdiction of those courts. The Borrower waives any claim that
the State of Indiana is not a convenient forum or the proper venue for any such
suit, action or proceeding. This agreement binds the Borrower and its
successors, and benefits the Bank, its successors and assigns. The Borrower
shall not, however, have the right to assign the Borrower’s rights under this
agreement or any interest therein, without the prior written consent of the
Bank.

 

10.         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.

 

2

 

11.         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 by this agreement, and the other Related Documents, all accrued
interest evidenced by the Note being modified by this agreement and all accrued
amounts due and payable under the Related Documents shall continue to be due
and payable until paid. Except for the modification(s) set forth in this
agreement, the Note, the other Related Documents 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.
References to the Related Documents and to other agreements shall not affect or
impair the absolute and unconditional obligation of the Borrower to pay the
principal and interest on the Note when due. The Bank reserves all rights
against all parties to the Note and the other Related Documents.

 

 

	
   

  	
   

  	
  Borrower:

  
	
   

  	
   

  	
   

  
	
  Address:

  	
  2581 Kercher
  Road

  	
  Supreme
  Corporation

  
	
   

  	
  Goshen, IN 46528

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jeff Mowery

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Jeff Mowery

  	
  CFO

  
	
   

  	
   

  	
   

  	
  Printed Name

  	
  Title

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date Signed:

  	
  September 9,
  2009

  
						

 

 

BANK’S ACCEPTANCE

 

The foregoing agreement is hereby agreed to and acknowledged.

 

 

	
   

  	
  Bank:

  
	
   

  	
   

  
	
   

  	
  JPMorgan Chase
  Bank, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  	
  Printed Name

  	
  Title

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date Signed:

  	
  September 9,
  2009

  
					

 

3

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