Document:

Exhibit 10.2

AMENDMENT TO THIRD AMENDED
AND RESTATED

LIQUIDITY PURCHASE AGREEMENT

(re: Mohawk Factoring, Inc.)

This Amendment to
the Third Amended and Restated Liquidity Purchase Agreement (this "Amendment")
is entered into as of  July 30, 2007 among
VARIABLE FUNDING CAPITAL COMPANY LLC, a Delaware limited liability company, and
WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association,
individually as an Investor and as Agent, and pertains to the Third Amended and
Restated Liquidity Purchase Agreement, amended and restated as of December 1,
2005 (the "Liquidity Agreement").  Capitalized terms used and not
otherwise defined herein are used with the meanings attributed thereto in the
Liquidity Agreement.

 

FOR GOOD AND VALUABLE
CONSIDERATION, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 

SECTION
1.  
Amendment to the Liquidity Agreement.  The definition of "Facility Termination
Date" is hereby amended and restated to read in its entirety as follows:

Facility
Termination Date:  July 28, 2008, or
such later date to which the Facility Termination Date may be extended, if
extended, in the sole discretion of each Investor in accordance with the terms
of Section 2.1(b).

 

                SECTION
2. 
Liquidity Agreement in Full Force and Effect as Amended.  Except as
specifically amended hereby, the Liquidity Agreement shall remain in full force
and effect.  All references to the Liquidity Agreement shall be deemed to mean
the Liquidity Agreement as modified hereby.  This Amendment shall not
constitute a novation of the Liquidity Agreement, but shall constitute an
amendment thereof.  The parties hereto agree to be bound by the terms and
conditions of the Liquidity Agreement, as amended by this Amendment, as though
such terms and conditions were set forth herein.

 

SECTION 3.  Miscellaneous.

 

                                (a)  This
Amendment may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall
be deemed to be an original and all of which when taken together shall
constitute one and the same agreement.  Delivery of an executed counterpart of
a signature page to this Amendment by telecopier shall be effective as delivery
of a manually executed counterpart of this Amendment.

 

                                (b)  The
descriptive headings of the various sections of this Amendment are inserted for
convenience of reference only and shall not be deemed to affect the meaning or
construction of any of the provisions hereof.

 

                                (c)
          THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER
THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO CONFLICT OF LAWS
PRINCIPLES.

1

                                                                                                                                                                                                               
                                                                                                                                                                                                       
 

 

 

 

 

 

 

                IN WITNESS WHEREOF, the parties have caused this Amendment to be executed
by their respective officers thereunto duly authorized, as of the date first
above written.

 

 

WACHOVIA
BANK, NATIONAL ASSOCIATION, individually and as Agent

 

By:    /s/
Eero H. Maki                                         

Name:     Eero
H. Maki                                         

Title:       Director                                                  

 

 

 

VARIABLE
FUNDINC CAPITAL COMPANY LLC

By:          Wachovia Capital Markets, LLC, 

                as Attorney-In-Fact

 

By:    /s/
Douglas R. Wilson Sr.                         

Name:     Douglas
R. Wilson Sr.                         

Title:       Director                                                  

	
  2kaiform10q3q2007exh101.htm

    Exhibit
      10.1

                    

    
      
        
          	 

        

      

    

     

     

     

    FIRST
      AMENDMENT

     

    to

    

    ASSET
      PURCHASE AGREEMENT

    among

    KADANT
      COMPOSITES LLC,

    KADANT
      INC.,

    LDI
      COMPOSITES CO.

    and

    LIBERTY
      DIVERSIFIED INDUSTRIES, INC.

    dated
      as
      of

    October
      10, 2006

    

    

    

    
      
              

                   
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FIRST
      AMENDMENT TO ASSET PURCHASE AGREEMENT

    

    This
      First Amendment to Asset Purchase Agreement is made and entered into as of
      October 10, 2006, among KADANT COMPOSITES LLC, a Delaware
      limited liability company (“Seller”), KADANT
      INC., a Delaware corporation (“Kadant”), LDI
      COMPOSITES CO., a Minnesota corporation (“Buyer”), and
LIBERTY DIVERSIFIED INDUSTRIES, INC., a Minnesota corporation,
      and parent corporation of Buyer (“Buyer
      Parent”).  Capitalized terms used herein and not otherwise
      defined shall have the meaning ascribed to them in the Agreement (defined
      below).

    

    WHEREAS,
      effective October 21, 2005, the parties entered into that certain Asset Purchase
      Agreement (the “Agreement”) pursuant to which Seller sold to
      Buyer all of the tangible and intangible assets of Seller other than the
      Excluded Assets (as defined therein), and Buyer purchased the same on the terms
      set forth therein.

    

    WHEREAS,
      the parties wish to amend certain of the provisions, covenants and obligations
      under the Agreement in accordance with the terms and conditions of this
      Amendment;

    

    NOW,
      THEREFORE, in consideration of the covenants and agreements
      hereinafter set forth, the parties hereto agree as follows:

    

    1.           Amendment
      to Section 10 of Agreement.  Section 10(a) of the Agreement is
      hereby to provide the following additional provision:

    

    “(iv)           During
      Buyer's Administration Period, warranty claimants were sent notices
      (the “Warranty Notices”) that their claims would be remedied (the
      remedy specified in the Warranty Notices being referred to as the
“Approved Warranty Claims”) but such Approved Warranty Claims were not remedied
      before the Warranty Fund was fully committed.  Seller agrees to honor and
      pay up to an additional amount of $1,500,000 (the “Additional Funds”) for
      Approved Warranty Claims as specified in the Warranty Notices.  At
      such time as the Additional Funds have been exhausted, Seller agrees to honor
      and pay for Warranty Claims in accordance with applicable warranty obligations
      as provided in section 10(a) (iii) of the Agreement.

    

    2.           Amendment
      to Section 12 of Agreement.  Section 12(f) of the Agreement shall
      be amended by replacing the second sentence thereof with the following: “No
      Indemnifying Party shall be liable for any Loss, to the extent that the
      aggregate of all such Losses for which Indemnified Parties have received
      indemnification exceed $8,914,000.”

    

    3.           Release.  In
      further consideration of the Seller’s obligation to pay Additional Funds, as set
      forth in Section 1 above, Buyer and Buyer Parent hereby release and forever
      discharge each of Seller and Kadant, their respective agents, employees,
      affiliated entities, directors, officers, successors and assigns of and from
      all
      demands, actions, causes of action, suits, damages and any and all claims,
      demands and liabilities whatsoever of every name and nature, both in law and
      in
      equity, which against the other, each now has or ever had and more especially
      on
      account of, from or relating to, Warranty Claims and  product problems
      related to premature degradation or crumbling of the product and excessive
      contraction of the product; provided, however, that this release
      shall not effect the obligation of Seller and Kadant to defend Buyer and Buyer
      Parent from any Third Party Claim related to Warranty Claims subject to the
      limitations set forth in Section 12(f) of the Agreement, as amended by this
      Amendment.

    

    4.           Survival
      of Remaining Provisions.  Except as set forth above all of the
      other terms, provisions and conditions set forth in the Agreement shall remain
      in full force and legal effect as if the terms of the Amendment had been
      originally included in the Agreement.

    
      
              

                  
      
      

                       
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      this Amendment has been duly executed as of the day and year first above
      written.

     

    KADANT
      COMPOSITES LLC

    

    

    By:           Kadant
      GranTek Inc., its sole member

    
 

    

     
By: 
/s/
      Jonathan W.
      Painter___________

    Name:      Jonathan
      W. Painter

    Title:        Chairman

    

    

    KADANT
      INC.

    

    

    By:           /s/
      Sandra L. Lambert                                                                         

                   
      Name:      Sandra L. Lambert

    Title:         VP
      & General Counsel

    

    

    LDI
      COMPOSITES
      CO.

    

    

    By:           /s/
      Stephen Richardson            

                   Name:     
      Stephen Richardson

    Title:        
      VP & CFO

    

    

    LIBERTY
      DIVERSIFIED INDUSTRIES,
      INC.

    

    

    By:           /s/
      Stephen Richardson            

                   Name:     
      Stephen Richardson

    Title:       
       VP & CFO

    

    
      
              

                            Signature
            Page to First Amendment to Asset Purchase Agreement

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