Document:

exv4w14

 

EXHIBIT 4.14

AMENDMENT NO. 12 TO AMENDED AND RESTATED CREDIT AGREEMENT

     THIS AMENDMENT dated as of September 29, 2006, by and among the financial institutions whose
signatures appear below (individually a “Bank,” collectively the “Banks”), Comerica Bank, as
Administrative Agent for the Banks (in such capacity, “Agent”), and Olympic Steel, Inc., an Ohio
corporation (the “Company”).

     RECITALS:

     A. Company, Agent and Comerica Bank, Fifth Third Bank, LaSalle Bank Midwest National
Association (fka Standard Federal Bank N.A.), Bank of America, N.A., (as assignee of Banc of
America Leasing & Capital, LLC, successor to Fleet Capital Corporation) and KeyBank National
Association are parties to that certain Amended and Restated Credit Agreement dated as of December
30, 2002, as previously amended (“Credit Agreement”).

     B. Recently, Company acquired three (3) new Subsidiaries: Oly Steel NC, Inc., Tinsley
Group-PS&W, Inc. and G.S.P., LLC.

     C. Company, the Banks and Agent desire to amend the Credit Agreement as set forth below.

     NOW THEREFORE, the parties agree as follows:

     1. The definition of “Revolving Credit Aggregate Commitment” set forth in Section 1.1 of the
Credit Agreement is amended to read as follows:

“Revolving Credit Aggregate Commitment” shall mean (i) from September 26, 2006 through March
30, 2007, One Hundred Thirty Million Dollars ($130,000,000) and (ii) commencing March 31,
2007 and thereafter, One Hundred Ten Million Dollars ($110,000,000), in either case, subject
to any increase in the Revolving Credit Aggregate Commitment pursuant to Section 2.17 of
this Agreement, by an amount not to exceed the Revolving Credit Optional Increase, and
subject to reduction or termination under Section 2.13, 2.14 or 9.2 hereof.”

     2. On March 31, 2007, Company shall repay the indebtedness outstanding under the Revolving
Credit Notes to the extent such indebtedness exceeds One Hundred Ten Million Dollars
($110,000,000).

     3. Each Bank’s Revolving Credit Percentage and allocation of the Revolving Credit are as set
forth in Schedule 1.2, which was last amended in Amendment No. 9 to Amended and Restated Credit
Agreement dated March 431, 2005 among Agent, Banks and Company.

     4. Schedules 5.2, 5.3(b), 5.3(c), 5.3(e), 6.16, 6.19 and 6.24 to the Credit Agreement are
replaced with the Schedules attached hereto.

     5. The requirements set forth in Sections 7.17(a) and 7.17(c) of the Credit Agreement shall
not apply to G.S.P., LLC, a wholly-owned Subsidiary of Company, it being the

 

 

agreement of the Banks, the Agent and the Company that G.S.P., LLC shall not be a guarantor of
the Obligations and that the assets of G.S.P., LLC shall not be pledged as collateral security for
the Obligations. Company shall, within sixty (60) days of this Amendment, comply with the
provisions of Section 7.17 (c) with respect to any real property owned or leased by Oly Steel NC,
Inc. or Tinsley Group-PS&W, Inc., including without limitation, the real property commonly known as
3031 Hamp Stone Road, Siler City, North Carolina 27344.

     6. Company shall, within thirty (30) days of this Amendment, deliver to Agent opinions of
counsel to the Loan Parties, covering such matters as reasonably required by and otherwise
reasonably satisfactory in form and substance to the Agent and each of the Banks.

     7. Except as expressly modified hereby, all the terms and conditions of the Credit Agreement
shall remain in full force and effect.

     8. Company hereby represents and warrants that, after giving effect to the amendments
contained herein, (a) execution, delivery and performance of this Amendment and any other documents
and instruments required under this Amendment or the Credit Agreement are within its corporate
powers, have been duly authorized, are not in contravention of law or the terms of its Articles of
Incorporation or Bylaws, and do not require the consent or approval of any governmental body,
agency, or authority; and this Amendment and any other documents and instruments required under
this Amendment or the Credit Agreement, will be valid and binding in accordance with their terms;
(b) the continuing representations and warranties made by Company set forth in Sections 6.1 through
6.19 and 6.21 through 6.24 of the Credit Agreement are true and correct on and as of the date
hereof with the same force and effect as if made on and as of the date hereof; (c) the continuing
representations and warranties of Company set forth in Section 6.20 of the Credit Agreement are
true and correct as of the date hereof with respect to the most recent financial statements
furnished to the Bank by Company in accordance with Section 7.1of the Credit Agreement; and (d) no
Default or Event of Default has occurred and is continuing as of the date hereof.

     9. Capitalized terms used but not defined herein shall have the meaning set forth in the
Credit Agreement.

     10. This Amendment may be signed in counterparts.

     11. This Amendment shall become effective (according to the terms and as of the date hereof)
upon satisfaction by Company of the following conditions:

          (a) Agent shall have received counterpart originals of this Amendment, in each
case duly executed and delivered by Company, the Agent, the Banks, and the
Guarantors and originals of the Loan Documents identified on the Closing Agenda
annexed hereto duly executed by the parties thereto and, where applicable, in
recordable form.

 

 

WITNESS the due execution hereof as of the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	COMERICA BANK,	 	OLYMPIC STEEL, INC.
	as Agent	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 	 	 
	 

	 	 
 John
E. Spidel
	 	 	 	 

	 	 	 	 
	Its:

	 	Vice President
	 	Its:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	SWING LINE BANK:	 	COMERICA BANK
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	John E. Spidel	 	 	 	 
	 

	 	 	 	Its:
	 	Vice President	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	ISSUING BANK:	 	COMERICA BANK
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	John E. Spidel	 	 	 	 
	 

	 	 	 	Its:
	 	Vice President	 	 	 	 

 

 

	 	 	 	 	 	 	 
	BANKS:	 	COMERICA BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	John E. Spidel	 	 
	 

	 	Its:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	LASALLE BANK MIDWEST NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	FIFTH THIRD BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	KEYBANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 

 

 

Acknowledged by the undersigned Guarantors as of September 29, 2006.

	 	 	 	 	 	 	 
	 	 	GUARANTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	OLYMPIC STEEL LAFAYETTE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	OLYMPIC STEEL MINNEAPOLIS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	OLYMPIC STEEL IOWA, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	OLY STEEL WELDING, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	OLYMPIC STEEL RECEIVABLES, L.L.C.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:EX-10.1

 

Exhibit 10.1

Stock Subscription Agreement

This Stock Subscription Agreement (this “Agreement”) is entered into by and between
                                        
(“Investor”) and Paragon Real Estate Equity and Investment Trust, a Maryland
trust (the “Company”), as of September 29, 2006.

     1. Sale and Purchase of Shares. Subject to the terms and conditions set forth in this
Agreement, the Company hereby sells to Investor, and Investor hereby purchases from the Company for
investment,
                     shares of the Company’s Class C convertible preferred shares of beneficial
interest, $0.01 par value per share (“Stock”), issuable upon the Company’s receipt of the signed
Agreement. As consideration for the purchase of Stock, Investor hereby agrees to pay to the
Company the sum of $                     (the “Purchase Price”) in equal quarterly installments on the
first day of each quarter, beginning September 1, 2006. The shares of Stock being purchased by
Investor are referred to as the “Subscription Shares.”

     2. Representation and Warranty of the Company. The Company represents and warrants to
Investor that the Subscription Shares, when issued, will be duly authorized and validly issued by
the Company, but not fully paid and nonassessable until the Company receives the Purchase Price
from Investor.

     3. Representations and Warranties of Investor. Investor understands that the sale of
Subscription Shares is intended to be exempt from registration under the Securities Act of 1933, as
amended (the “Securities Act”), by virtue of Sections 3(b) and 4(2) of the Securities Act, and
Investor represents and warrants that:

          (a) Investor has been advised that the Subscription Shares have not been registered under the
Securities Act and, therefore, cannot be resold unless they are registered under the Securities Act
or unless an exemption from registration is available and the certificates representing the
subscription shares will be legended accordingly. Investor is aware that there is a limited market
for the resale of the Subscription Shares, and that he may be required to hold the Subscription
Shares indefinitely. Investor is purchasing the Subscription Shares for his own account for
investment and not with a view to, or for resale in connection with, the distribution thereof, and
Investor has no present intention of distributing or reselling the Subscription Shares. Investor
represents and warrants that he has such knowledge and experience in financial and business matters
that he is capable of evaluating the merits and risks of such investment and is able to bear the
economic risk of such investment.

          (b) In addition to any other legends required by any agreement or otherwise, the certificates
representing Subscription Shares shall be conspicuously endorsed in substantially the following
form:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED IN A PRIVATE
PLACEMENT, WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”). NO TRANSFER OF SUCH SECURITIES MAY BE MADE ON THE BOOKS OF THE
ISSUER, UNLESS ACCOMPANIED BY AN OPINION OF COUNSEL SATISFACTORY TO THE
ISSUER, THAT SUCH TRANSFER MAY PROPERLY BE MADE WITHOUT REGISTRATION UNDER
THE ACT OR THAT SUCH SECURITIES HAVE BEEN SO REGISTERED UNDER A REGISTRATION
STATEMENT WHICH IS IN EFFECT AT THE DATE OF SUCH TRANSFER. IN ADDITION, THE
SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER
PURSUANT TO A SUBSCRIPTION AGREEMENT DATED

SEPTEMBER 29, 2006.

 

 

          (c) Investor is an “accredited investor” as such term is defined in Rule 501(a) of
Regulation D of the Securities Act.

          (d) This Stock Subscription Agreement has been duly executed and delivered by Investor and
constitutes Investor’s legal, valid and binding obligation, enforceable in accordance with its
terms. If Investor does not make a quarterly payment of the Purchase Price, Investor will return a
proportionate number of Subscription Shares.

          (e) Investor is a member of the board of trustees of the Company, has made a complete and
thorough investigation of the affairs and prospects of the Company and has had a reasonable
opportunity to ask questions of and receive answers from a person or persons acting on behalf of
the Company concerning this investment, and all such questions have been answered to the full
satisfaction of Investor.

          (f) Investor acknowledges that the Company is entering into this Agreement in reliance upon
Investor’s representations and warranties in this Agreement.

     4. Covenants and Representations to Survive Delivery; Assignment. All covenants, agreements,
representations and warranties made in this Agreement will survive the delivery to Investor of the
Subscription Shares and payment therefore and, notwithstanding any investigation previously or in
the future made by Investor or on Investor’s behalf, shall continue in full force and effect.
Investor may not assign any of his rights hereunder. Whenever in this Agreement any of the parties
hereto is referred to, such reference shall be deemed to include the heirs, successors and
permitted assigns of such party, and all covenants, promises and agreements in this Agreement by or
on behalf of the Company, or by or on behalf of Investor, shall bind and inure to the benefit of
the heirs, successors and permitted assigns of such party hereto.

     5. Governing Law; Amendments. This Stock Subscription Agreement shall be construed and
enforced in accordance with the domestic substantive laws of the State of Ohio without
giving effect to any choice or conflict of laws provision or rule that would cause the application
of the domestic substantive laws of any other state. This Agreement cannot be changed orally, and
can be changed only by an instrument in writing signed by the party against whom enforcement of
such change is sought.

In Witness Whereof, the parties have executed this Agreement as of the
date written above.

Paragon Real Estate Equity and Investment Trust

	 	 	 
	   /s/ James C. Mastandrea
 

By James C. Mastandrea, President and CEO

	 	 

                                                                                             

By Investor:                                                                          

2

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