Document:

Exhibit 10.20

 

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with the Quarterly Report of

On-Site Sourcing Inc. (the Company) on Form 10-Q for the period ending June 30,

2002 as filed with the Securities and Exchange Commission on the date hereof

(the Report), I, Jason Parikh, Chief Financial Officer of the Company, certify,

pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the

Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies

with the requirements of section 13(a) or 15(d) of the Securities Exchange Act

of 1934; and

 

(2) The information contained

in the Report fairly presents, in all material respects, the financial

condition and result of operations of the Company.

 

 

	

  /s/ Jason Parikh

  	

   

  
	

   

  
	

  Jason Parikh

  
	

  Chief Financial Officer

  
	

  August 14, 2002SECOND MODIFICATION OF AMENDED AND RESTATED

Exhibit

10.21

 

SECOND

MODIFICATION OF AMENDED AND RESTATED

REVOLVING LINE OF CREDIT LOAN AGREEMENT,,TERM LOANS

AGREEMENT AND SECURITY AGREEMENT

 

THIS SECOND MODIFICATION OF AMENDED AND RESTATED

REVOLVING LINE OF CREDIT LOAN

AGREEMENT, TERM LOANS AGREEMENT AND SECURITY AGREEMENT (“Second Modification”) is entered into effective as of the 23

day of May, 2002, by and between On-Site Sourcing, Inc. (“Borrower”), a

Delaware corporation, with its principal office at 1111 North Nineteenth Street, 6th Floor, Arlington,

Virginia 22209, and Wachovia Bank, National Association, successor-in-interest

to First Union National Bank, a national banking association (the “Lender”),

with an address of 1970 Chain Bridge Road, McLean, Virginia 22102.

 

RECITALS:

 

R-l.          Lender

made a loan in the form of a revolving line of credit (“Line of Credit”) to Borrower, currently in the maximum principal sum

of Seven Million and 00/100 Dollars ($7,000,000.00), evidenced by an Amended

and Restated Revolving Note, dated as of May 30, 2001 (the “Revolving Note”). The Line of Credit is governed and secured

by that certain Amended and Restated

Revolving Line of Credit Loan Agreement, Term Loans Agreement and Security

Agreement executed by Borrower and Lender dated as of May 30, 2001, as modified

by that certain First Modification of

Amended and Restated Revolving Line of Credit Loan Agreement, Term Loans Agreement and Security

Agreement executed by Borrower and Lender dated as of July 2, 2001 (as so

modified, the “Loan Agreement”).

 

R-2.         The

Loan Agreement also governs and secures (1) that certain term loan to Borrower

and North Henry Street Realty Company, LLC, a Delaware limited liability

company (“North Henry”), in the original principal amount of Five Million Eight

Hundred Thousand and 00/100 Dollars ($5,800,000.00), as evidenced by that

certain Commercial Note executed by Borrower and North Henry dated as of

November 15, 2000; (2) that certain term loan to Borrower in the original

principal amount of One Million One Hundred Twenty Five Thousand and 00/100 Dollars ($1,125,000.00), as evidenced

by that certain Term Note dated June 12, 2000; and (3) that certain term loan

to Borrower in the original principal amount of One Million, Seven Hundred

Eighty Thousand, Three Hundred and 00/100 Dollars ($1,780,300.00), as evidenced

by that certain Term Note, dated

July 2, 2001.

 

R-3.         Contemporaneous

herewith, Borrower and the Lender have modified the Revolving Note pursuant to a First Modification of Amended

and Restated Revolving Note to extend the maturity date to May 31, 2003, reduce

the amount of the LIBOR-based interest rate option available to Borrower and

for certain other purposes.

 

R-4.         As

a condition and to induce Lender to extend the maturity date of the Line of Credit, Borrower and Lender have agreed to further

modify the Loan Agreement to (a) extend the “Ending Date” as defined in the Loan Agreement to May 31, 2003, (b) to

revise certain of the requirements

for an Account to qualify as “Eligible” for purposes of advancing loan proceeds

on

 

 

the Line of Credit, (c) to establish the requirements for allowing loan

advances against unbilled accounts, and for certain other purposes.  Capitalized terms not otherwise defined

herein shall have the meanings as set forth for such terms in the Loan Agreement.

 

NOW, THEREFORE, in consideration of the premises,

the mutual agreements herein contained, and other good and valuable

consideration, the receipt and sufficiency of which are hereby acknowledged,

the Borrower and the Lender hereby agree as follows:

 

1.                                          To induce the Lender to enter into this Second

Modification, the Borrower warrants and represents to the Lender that:

 

a.                                       The Borrower’s books and records properly reflect

the Borrower’s financial condition, and no material adverse change in the

Borrower’s financial condition has occurred since the last date that the

Borrower provided financial reports to the Lender; and

 

b.                                    No litigation is pending or threatened against the

Borrower of which the Borrower has

not informed the Lender in writing; and

 

c.                                       The Borrower is in compliance with all provisions

of the Loan Agreement and with all

applicable laws and regulations; and

 

d.                                      Borrower has the power and authority to enter

into this Second Modification, to perform its obligations hereunder, to execute

all documents being executed and delivered

in connection herewith, and to incur the obligations provided for herein, all of which have been duly authorized and

approved in accordance with the Borrower’s organizational documents; and

 

e.                                       This Second Modification, together with all

documents executed in connection herewith or pursuant hereto, constitute the

valid and legally binding obligations of the Borrower in accordance with their

respective terms; and

 

f.                                         The Borrower’s obligations under the Loan

Documents remain valid and enforceable obligations, and the execution and

delivery of this Second Modification and other documents executed in connection

herewith shall not be construed as a novation of the Loan Agreement or the

other Loan Documents.

 

2.                                        Paragraph 2 under the definition of “Eligible”

as set forth in the Loan Agreement is hereby deleted in its entirety and

restated as follows:

 

2

 

“in the case of a Commercial Account or a Government Account, less than one hundred and twenty-one (121) days

have passed from the original billing

date;”

 

3.                                        Paragraph 1 under the definition of “Eligible”

as set forth in the Loan Agreement is hereby deleted in its entirety and

restated as follows:

 

“the Account has been Billed or is an Unbilled Account”

 

4.             The following new

definition is hereby added to the Loan Agreement:

 

“Unbilled Account” means a Commercial Account or Government Account which, although it has not

been Billed, (a) satisfies all of the other criteria of being an Eligible

Account as set forth in the

definition of “Eligible” in this Agreement, and (b) such Account shall be

Billed within seven (7) days of the end of the calendar month within which the work was performed or service

provided by Borrower creating the Account.”

 

5.                                        Paragraph 3.2. b. of the Loan Agreement entitled “Borrowing

Base Certificate” is deleted in

its entirety and restated as follows:

 

“b.            Borrowing Base Certificate. The Lender shall have received a Borrowing Base Certificate, executed

by a duly authorized officer of the Borrower with supporting updated schedules

attached thereto, including without limitation, (a) an accounts receivable

aging schedule in intervals of not more than thirty (30) days with all

supporting attachments and (b) a schedule itemizing the amount and account debtor for each Eligible Unbilled

Account against which Advances have been made or are requested to be made on

the Revolving Loan, along with a certification by an authorized officer of

Borrower that each Eligible Unbilled Account which was included in the Borrowing Base Certificate submitted by

Borrower in the immediately preceding month, against which Advances were made

on the Revolving Loan, was Billed within seven (7) days of the end of said

month.”

 

6.                                        Paragraph

6.11. e. of the Loan Agreement entitled “Borrowing Base Certificates” is

hereby deleted in its entirety and

restated as follows:

“e.            Borrowing Base Certificates. On or before the

twentieth day of each month,

Borrower shall submit a fully completed Borrowing Base Certificate, dated as of the first day of the month in which

the statement is being provided and

 

3

 

stating the Borrowing Base as of the last day of the preceding month.

At Lender’s request, the Borrower

shall furnish to the Lender such schedules, certificates, lists, records, reports, information and documents to

enable the Lender to verify the Borrowing Base.”

 

7.                             Paragraph

6.11. f. of the Loan Agreement entitled “Monthly Reports” is hereby deleted in

its entirety and restated as follows:

 

“f.             Monthly Accounts Receivable Aging Reports. On or before the twentieth day of each month,

Borrower shall deliver to the Lender, an accounts receivable aging schedule,

with all supporting schedules and attachments, dated as of the first day of the

calendar month in which the schedule and attachments are being provided,

setting forth, among other things, the aging and amount owing and identity of

the account debtor for each account receivable as of the end of the immediately

preceding calendar month, said

schedule and the attachments thereto to be in form and substance satisfactory to Lender.  For example, on or before June 20, the Borrower shall deliver to the Lender an

accounts receivable aging schedule

dated June 1, which is current and updated

through May 31st. Borrower shall also deliver on or before the twentieth day of each calendar month a

schedule itemizing the amount and account debtor for each Eligible Unbilled

Account against which Advances have been or are requested to be made on the

Revolving Loan, along with a certification by an authorized officer of Borrower that each Eligible Unbilled

Account which was included in the Borrowing Base Certificate submitted by

Borrower for the immediately preceding month, against which Advances were made on the Revolving Loan, was Billed

within seven (7) days of the end of

said month. In the event that Borrower fails to provide such certification or should such Unbilled Accounts for which

an Advance is made not be Billed within seven (7) days of the end of each

month, then such Unbilled Accounts shall not qualify as being Eligible for Advances under this Agreement. Borrower

shall, to the satisfaction of Lender, reconcile all accounts receivable aging reports to Borrower’s general

ledger.”

 

8.                                      In consideration of Lender’s agreement to this Second

Modification, Borrower promises to

pay to Lender, on demand, a loan fee of Seventeen Thousand, Five Hundred and

00/100 Dollars ($17,500.00). In addition, Borrower promises to pay, on demand,

all costs (including attorneys fees) incurred by the Lender for the preparation

of this Second Modification, any additional documents connected therewith, and

any other expenses incurred by Lender in relation to this Second Modification.

 

4

 

9.                                      The Borrower authorizes the Lender to advance

funds to itself or to third parties to pay the fees, costs and expenses listed in this Second Modification, which

advances shall be deemed to be

Advances to the Borrower under the Loan Agreement.

 

10.                                ARBITRATION: PROVISIONS IN THE LOAN AGREEMENT REGARDING ARBITRATION ARE INCORPORATED HEREIN BY REFERENCE

AS IF FULLY SET FORTH HEREIN.

 

11.                                Except as modified by this Second Modification,

the Loan Agreement remains in full force and effect and unmodified. Borrower

warrants and represents that it has no offsets or defenses to its obligations

under the Loan Agreement, as so modified, and the other Loan Documents.

 

12.                                In consideration of Lender’s agreement to this

Second Modification, Borrower hereby releases and waives any and all claims of any kind that it may have against the

Lender as of the date of this Second Modification arising out of or relating to

the Loan Agreement, as amended by

this Second Modification,

 

IN WITNESS WHEREOF, the parties have executed this

Second Modification as of the date

and year first written above.

 

	

   

  	

  ON-SITE SOURCING, INC., a Delaware corporation

  	 

	

   

  	

   

  	 

	

   

  	

   

  	 

	

   

  	

  By:

  	

  /s/

  Jason Parikh

  	

  (SEAL)

  
	

   

  	

  Name:

  	

  Jason Parikh

  	

   

  	 

	

   

  	

  Title:

  	

  CFO

  	

   

  	 

	

   

  	

   

  	 

	

   

  	

   

  	 

	

   

  	

  WACHOVIA BANK, NATIONAL ASSOCIATION,

  successor-in-interest to First Union National Bank

  	 

	

   

  	

   

  	 

	

   

  	

   

  	 

	

   

  	

  By:

  	

  /s/

  Monica Sevilla

  	

  (SEAL)

  	 

	

   

  	

  Name:

  	

  Monica

  Sevilla

  	

   

  	 

	

   

  	

  Title:

  	

  Vice President

  	

   

  	 

						

 

5

 

COMMONWEALTH OF VIRGINIA

COUNTY OF Arlington:  to wit:

 

I, the undersigned Notary Public

in and for the aforesaid jurisdiction, do hereby certify that Jason

Parikh as CFO of On-Site Sourcing, Inc., whose name is signed to the foregoing

Second Modification of Amended and Restated Revolving Line of Credit Loan

Agreement, Term Loans Agreement and Security Agreement, personally appeared

before me within the aforesaid jurisdiction and acknowledged the same.

GIVEN under my hand and seal this 22nd

day of May, 2002.

 

	

   

  	

  /s/ A. Touloumes-Britt

  
	

   

  	

  Notary Public

  
	

  My Commission expires

  	

  6/30/05

  	

   

  	

   

  
				

 

COMMONWEALTH OF VIRGINIA

COUNTY OF Fairfax: to wit:

 

I, the undersigned Notary Public in and for the

aforesaid jurisdiction, do hereby certify that [ILLEGIBLE] as Vice President of

Wachovia Bank, National Association, successor-in-interest to First Union

National Bank, whose name is signed to the foregoing Second Modification of

Amended and Restated Revolving Line of Credit Loan Agreement, Term Loans

Agreement and Security Agreement, personally appeared before me within the

aforesaid jurisdiction and acknowledged the same.

 

GIVEN under my hand and seal this 23rd  day of May, 2002.

 

	

   

  	

  /s/ Jeanne M. McKee

  
	

   

  	

  Notary Public

  
	

  My Commission expires

  	

  August

  31, 2004

  	

   

  	

   

  
				

 

(CONSENT AND ACKNOWLEDGMENT ON FOLLOWING PAGES)

 

6

 

CONSENT OF NORTH HENRY STREET REALTY COMPANY, LLC TO

SECOND MODIFICATION TO AMENDED AND RESTATED REVOLVING LINE OF CREDIT LOAN

AGREEMENT, TERM LOANS AGREEMENT AND SECURITY AGREEMENT AND RELATED DOCUMENTS

 

North Henry Street Realty Company, LLC, a Delaware

limited liability company (“North Henry”),

the grantor under that certain Deed of Trust, Assignment of Rents and Security

Agreement dated as of November 15, 2000 (the “Deed of Trust”), provided for the

original benefit of First Union National Bank, predecessor in interest to

Wachovia Bank, National Association (“Wachovia”), to secure, among other

things, that Commercial Note executed and made payable by On-Site Sourcing, Inc., a Delaware corporation and North

Henry to First Union in the original

principal amount of Five Million Eight Hundred Thousand and 00/100 Dollars

($5,800,000.00), does hereby acknowledge, consent and agree to the annexed

Second Modification to Amended and Restated Revolving Line of Credit Loan

Agreement, Term Loans Agreement and

Security Agreement (the “Second Modification”), and all documents executed in connection with the Second Modification,

including without limitation, that certain First Modification to Amended and Restated Note of even date herewith.  North Henry represents, warrants and agrees that North Henry has no

offsets or defenses to the Deed of Trust, Amended and Restated Revolving Line of Credit Loan

Agreement as modified by the Second Modification, or any other document or

agreement to which North Henry is bound or which is for the benefit of

Wachovia.

 

	

   

  	

  NORTH HENRY STREET REALTY

  COMPANY, 

  LLC, a Delaware limited liability

  company, by ON-

  SITE SOURCING, INC., a Delaware

  corporation,

  as its sole manager and sole member

  	 

	

   

  	

   

  	

   

  	 

	

   

  	

   

  	

   

  	 

	

   

  	

  By:

  	

  /s/

  Jason Parikh

  	

  (SEAL)

  
	

   

  	

  Name:

  	

  Jason

  Parikh

  	

   

  	 

	

   

  	

  Title:

  	

  CFO

  	

   

  	 

							

 

7

 

COMMONWEALTH OF VIRGINIA

COUNTY OF Arlington: to wit:

 

I, the undersigned Notary Public in and for the

aforesaid jurisdiction, do hereby certify that Jason Parikh as CFO of On-Site

Sourcing, Inc., a Delaware corporation, as the sole manager and member of North

Henry Street Realty Company, LLC, a Delaware limited liability company, whose

name is signed to the foregoing Second Modification of Amended and Restated

Revolving Line of Credit Loan Agreement, Term Loans Agreement and Security

Agreement, personally appeared before me within the aforesaid jurisdiction and

acknowledged the same.

 

GIVEN under my hand and seal this 22nd

day of May, 2002.

 

	

   

  	

  A. Touloumes-Britt

  
	

   

  	

  Notary Public

  
	

  My Commission expires

  	

  6/5/05

  	

   

  	

   

  
				

 

8

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