Document:

ARBITRATION NOTICE:
            This Agreement is subject to arbitration pursuant to the
          South Carolina Uniform Act (SC Code ss.15-48-10 et seq.) and
                   any amendments thereto, as modified herein.

                               EMPLOYMENT CONTRACT

         THIS EMPLOYMENT AGREEMENT, entered into the 20th day of
March, 2002, by and between Beach First National Bancshares, Inc. and Beach
First National Bank, hereinafter referred to as "Bank", and Walt Standish,
hereinafter referred to as the "Executive".

                        W I T N E S S E T H  T H A T:

         WHEREAS, the Bank desires to employ Executive as the President and CEO
of Beach First National Bank and President of Beach First National Bancshares,
Inc., and Executive desires such employment upon the terms and conditions set
forth herein below.

         NOW, THEREFORE, for and in consideration of the mutual covenants and
agreements set forth herein, the parties agree as follows:

     1.  Employment: The Bank agrees to continue to employ Executive as
President and Chief Executive Officer of Beach First National Bank and President
of Beach First National Bancshares, Inc., for a period of two (2) years
commencing on March 20, 2002, unless terminated by either party in accordance
with the terms herein. In the event Change in Control of the Bank occurs within
the employment period, the Executive's employment will automatically extend for
an additional three (3) years. For the purposes of this Contract, a Change in
Control of the Bank shall mean that as of the date of this Contract, there is a
change in the members of the Board of Directors in that a majority of the
members are new members and have never served as members of the Bank Board or
that the Shareholders of the Bank approved a merger, consolidation or
reorganization unless such merger, consolidation or reorganization is as a
result of a complete liquidation or dissolution of the Bank or an agreement for
the sale or other disposition of all or substantially all of the assets of the
Bank to any entity other than a transfer to a subsidiary of the Bank. In the
event there occurs a change in control, any restrictions on any outstanding
incentive awards (included restricted stock), granted to the Executive under any
incentive plan or arrangement shall lapse and such incentive award or awards
shall immediately become one hundred (100%) percent vested; all stock options
and stock appreciation rights granted to the Executive shall become immediately
exercisable and shall become one hundred (100%) percent vested; and any
performance units granted to the Executive shall become one hundred (100%)
percent vested.

  2. Performance: During the term of this Contract and any renewals or
extensions hereof, if any, Executive agrees to devote substantially all of his
full business time, attention and efforts to the performance of his duties for
the Bank, it being understood that the Executive's duties are executive and
administrative and subject to definition and direction by the Bank's Board of
Directors. Provided, nothing herein contained shall restrict or prevent
Executive from personally, on his own account and solely for his own benefit,
investing in stocks, bonds, commodities, real estate or other forms of
investment and provided further, that Executive may engage in other activities,
such as professional, charitable, educational, religious and similar types of
organizations, speaking engagements, which are not, or are not likely to become,
in competition, directly or indirectly, with the Bank, and similar type
activities to the extent that such other activities do not inhibit or prohibit
the performance of Executive's duties or conflict with the business of the Bank.

   3.  Term:  Original term is two (2) years, whereas the contract will
automatically renew for one (1) two (2)year period unless either party requests
re-negotiation before October 15, 2003.  Salary and stock options will
be reviewed annually by the executive committee of the board of directors.
         The Executive shall use his best efforts to assure (1) that Beach First
National Bank is operated in a manner that will achieve satisfactory ratings in
reports of examination by the Office of the Comptroller of the Currency and (2)
that the Bank and its holding company comply with the reporting requirements of
the applicable government agencies.

4.     Compensation: As remuneration for the full-time services, the
Executive shall receive a salary of One Hundred thirty-five thousand and
no/100 ($135,000.00) dollars per annum from which the appropriate employment
taxes shall be paid and said salary shall be paid bi-weekly.

<PAGE>

5.     Bonuses:  On January 31 following the first year of the agreement,
the Executive will receive a minimum of five (5%) percent cash bonus, with the
discretion of the executive committee by February 21 annually, of the net
pre-tax income of the Bank for the prior year. As used in this Section "net
pre-tax income" shall mean income computed according to generally accepted
accounting principles for Beach First National Bancshares, Inc.

6.     Other Benefits: The Bank shall make available to the Executive the
life insurance, dental and health insurance, disability insurance, retirement
benefits and such other benefits or plans as are provided to the Bank employees
and the Executive may participate in said programs if eligible and the cost for
participation will be the same as applicable to all other similarly situated
employees. If the Executive is continuously employed by the Bank for ten (10)
years and then leaves such employment, the Executive will be permitted, to the
extent allowed by the applicable insurers/providers, to continue to participate
in health and dental insurance and other employee benefits, at his own expense
(this obligation shall survive the termination of this Agreement).

       In addition, the Bank shall designate the Executive as the authorized
user of the Dunes Club membership for so long as the Executive remains the
President and CEO of Beach First National Bank.

7.  Vacation: The Executive may take the minimum amount of vacation
permitted in accordance with the then applicable policies of the Office
of the Comptroller of the Currency, which shall be a minimum of fifteen (15)
days annually.

8.  Grant of Options: The Bank will grant to the Executive options under
the Bank's incentive stock option plan to purchase twenty thousand (20,000)
shares of the Bank's common stock for an exercise price as determined on the
date of issuance in accordance with the Bank's stock options plan. These options
shall vest in the following manner: 5,000 shares vest on March 1, 2002 with
5,000 vesting each subsequent year for the next three (3) years; provided that
shares shall not be exercisable and shall lapse and not ever be exercisable if
during the year Beach First National Bank receives a less than satisfactory
overall rating on a safety and soundness examination conducted by the Office of
the Comptroller of the Currency and the Board of Directors does not find that
the Executive made reasonable efforts to avoid such a rating and is taking
appropriate steps to cure the deficiencies which led to such rating.
Furthermore, if the Bank does not meet the criteria for any year, the options
may vest in the sole discretion of the Board of Directors and the Board shall
notify the Executive in writing if the options are to be vested. In addition:

               1. Options shall be subject to immediate vesting in the event
                  of a change in control;

               2. All options shall be exercisable in accordance with the
                  Bank's stock option plan, as may be amended from to time.

               3. All options shall be exercisable at any time during the ten
                  (10) years following their vesting; except all unexercised
                  options will expire ninety (90) days after termination of
                  employment other than as a result of death. In such event,
                  Executive's representative shall have the right to exercise
                  said options within six (6) months thereafter; and

               4. All options are to be non-transferable and non-assignable
                  except upon death and then only by Executive's Will.

         In addition, the parties understand that the Bank may adopt an
incentive stock option plan after the effective date of this Agreement.

9.       Expenses: The Executive shall be promptly reimbursed, against
presentation of vouchers or receipts, for all authorized expenses properly and
reasonably incurred by him on behalf of the Bank.  In addition, the Bank
will provide the Executive with an automobile with approval of the Bank
Personnel Committee.

10.      Confidential Information and Related Matters: Executive acknowledges
that the Bank has information which is proprietary, confidential and information
which constitutes trade secrets which the Bank uses in its business and which is
essential to the Bank's continued ability to compete and be successful.
Executive also acknowledges that the release of such information would cause
serious and irreparable harm to the Bank's business and the Bank has expended
considerable time, resources and capital in the development of this information.

                                       2
<PAGE>

         The term "Trade Secrets", shall be defined as set forth in the South
Carolina Uniform Trade Secrets Act which defines Trade Secrets as information,
including a formula, pattern, compilation, program, device, method, technique,
or process that (i) derives independent economic value, actual or potential,
from not being generally known to, and not being readily ascertainable by proper
means by other persons who can obtain economic value from its disclosure or use,
and (ii) is subject to efforts that are reasonable under the circumstances to
maintain its secrecy. The term "Confidential Information", shall mean Bank
materials and information to which the public does not have ready access to and
the Executive receives access or which Executive develops, individually or in
collaboration with others, as a result of or in the course of his employment or
through the use of any of Bank's facilities or resources. The following
constitutes "Trade Secrets" and "Confidential Information":

     1.   The internal computer software and Bank designed programs utilized for
          marketing development, sales, customer and event profiles;

     2.   Marketing and advertising plans and techniques, purchasing
          information, price lists, price policies, vendors' lists, profit
          margin information, quoting procedures, daily, weekly, monthly
          and yearly financial reports, customer profiles, customer contacts,
          security procedures and existing and potential customer data;

     3.   Personnel information such as employee's names and addresses, salary
          and wage information, performance criteria and job descriptions,
          performance evaluations, personnel forms and procedures, training
          programs and procedures;

     4.   All contracts, proposals, and accounts  with vendors, suppliers,
          and customers;

     5.   Private telephone numbers, facsimile numbers and e-mail's;

     6.   Customer/account lists/databases for business contacts.

         Confidential information shall not include any materials or
information to the extent that such materials or information are publicly known
(through no wrongful act of Executive) or generally utilized by others engaged
in the same business or activities as the Bank or were known by Executive but
not as a result of due to his employment hereunder. Failure to designate any
Confidential Information as "confidential" shall not affect its status as
Confidential Information under the terms of this Contract.

         Executive agrees that during the term of his employment, Executive
shall not use or disclose any Trade Secrets or Confidential Information of the
Bank, except as an employee of the Bank and with the consent of the Bank.

11. Covenant Not to Solicit Bank's Customers: During Executive's
employment and in the event of termination, for whatever reason, for a period of
two (2) years thereafter Executive will not directly or indirectly, alone or in
association with or on behalf of any other person or entity, solicit, divert or
take away or attempt to solicit, divert or take away from Beach First National
Bank any of its customers or potential customers for any business purpose
similar to the Bank except in the course of performing duties assigned to him or
her by the Bank. "Customers" shall mean any person, firm, corporation or other
entity for which Bank has performed services during the three (3) year period
immediately preceding Executive's termination. "Potential customers" shall mean
any person, firm, corporation or other entity which Bank has solicited or
identified for solicitation during Executive's employment with Bank.

12.  Covenant Not to Compete: For a period of two (2) years after the
termination of employment, if such termination is by the Bank for cause as set
out in Section 13 or by the Executive for any reason other than a material
breach of this Agreement by the Bank, Executive will not, directly or
indirectly, for himself or on behalf of, or in conjunction with, any other
person, persons, employer, partnership or corporation be engaged or be employed
in a similar business or venture as the Bank' business in which Executive was
employed by Bank within the County of Horry.

         Executive acknowledges that the two (2) year restriction and the
geographical restriction are fair and reasonable for the protection of the Bank.
The restrictions do not impose any undue hardship and would not deprive
Executive of the ability to earn a livelihood.

                                       3

<PAGE>

13.  Termination: The Bank shall have the right to terminate this
Agreement for cause if any of the following events occur and the Executive is
given not less than seven (7) days notice that the Bank proposes to terminate
for cause and the Executive is given the opportunity to appear before the Board
of Directors of the Bank and, if the event is curable, the Executive is given a
reasonable opportunity to cure:

     a.       The permanent disability of the Executive;

     b.       Executive's failure or refusal to comply with the policies,
              standards and regulations of the Bank from time to time
              established by the Board of Directors;

     c.       Executive's fraud, dishonesty or other misconduct in the
              performance of his duties on behalf of the Bank;

     d.       The Executive is convicted of a felony or any other crime
              involving fraud or dishonest, or any act of misconduct which
              relates directly or indirectly to the duties of the Executive;

     e.       A judgment is entered against Executive for: embezzlement, fraud,
              breach of trust, theft, violation of laws respecting controlled
              substances or other misconduct which adversely affects the Bank
              or the Executive's ability to perform his duties under this
              Agreement and such judgment becomes final and unappealable.

     f.       Any acts or conduct which amount to fraud, dishonesty, willful
              misconduct, or unethical behavior which adversely affects the
              Bank or the Executive's ability to perform his duties under this
              Agreement;

     g.       Executive becomes bankrupt or insolvent;

     h.       Absenteeism not related to injury, illness, sickness or
              permitted vacation.

14.      Automatic Termination: The Bank has no obligation to provide
         Executive notice more than once for any acts or matters for which
         Executive has received any written warning or for which Executive has
         been provided an opportunity to cure. In such event, termination can
         be automatic. Except for the Bank's obligation to pay accrued
         benefits or salary earned, this Agreement shall terminate upon the
         death of the Executive.

15.      Arbitration:  In the event of any controversy or claim arising out of
         or relating to this Agreement, or the breach, termination or validity
         thereof, the parties will attempt in good faith to resolve such
         controversy or claim.  If the matter has not been resolved within
         sixty (60) days of the commencement ofsuch discussions (which period
         may be extended by mutual agreement), then the parties hereby agree to
         immediately submit the controversy to binding arbitration.
         The arbitration shall be conducted by a single arbitrator in accordance
         with the American Arbitration Association.  Judgment upon the award
         rendered by the arbitrator may be entered by a court having
         jurisdiction thereof.  Arbitration shall take place in Horry County,
         South Carolina. Each of the parties shall use all reasonable efforts to
         insure that any arbitration proceeding is completed with in sixty
         (60) days following notice of a request for arbitration hereunder.

16.      Payment by the Bank: In the event that any payment required
         under this Agreement would be considered a "golden parachute payment"
         under 12 C.F.R. ss.359.1, the Bank shall not be obligated to make such
         payment at such time but shall defer making such payment until such
         time as the making of the payment would not be considered to be a
         "golden parachute payment."

17.      Governing Law:  This Agreement shall be governed by and construed with
         the laws of the State of South Carolina without regard to conflicts of
         laws provisions thereof.

18.      Prior Agreements: This Agreement supersedes any prior agreements or
         understandings by and/or between the parties and constitutes the entire
         agreement between the parties and may be modified only by a writing
         signed by all of the parties hereto.

19.      Notice: For the purposes of this Agreement, notices and all
         other communications provided for in the Agreement shall be in writing
         and shall be deemed duly given when delivered or mailed by the United
         States Certified or Registered Mail, Return Receipt Requested, Postage
         Prepaid, addressed as follows:

                                       4
<PAGE>

                           Beach First National Bank
                           1550 North Oak Street
                           Myrtle Beach, South Carolina 29577

                           Walter E. Standish III
                           c/o Beach First National Bank
                           1550 North Oak Street
                           Myrtle Beach, South Carolina 29577

or to such other address as either party may have furnished the other in
writing in accordance herewith except that notices or chance of address shall be
effective only upon receipt.

         IN WITNESS WHEREOF, Bank and the Executive have caused this instrument
to be executed on the date first above written.

                             Bank:

                             Beach First National Bancshares, Inc.

                                        Raymond E. Cleary, III
                                        By:   /s/ Raymond E. Cleary, III
                                              ---------------------------
                                        Its:  Chairman

                             Beach First National Bank

                                        Raymond E. Cleary, III
                                        By:    /s/ Raymond E. Cleary, III
                                              --------------------------

                            Its:  Chairman

                            Executive:

                                      Walter E. Standish, III

                                             /s/ Walter E. Standish, III
                                             ------------------------------
                                             President & CEO

                                       5Exhibit 4.3 - Amendment No. 1 to PNC Loan Agreement

AMENDMENT NO. 1 

TO 

REVOLVING CREDIT, TERM LOAN AND SECURITY AGREEMENT 

          THIS AMENDMENT NO. 1 ("Amendment") is entered into as of June 10, 2002 by and among
PERMA-FIX ENVIRONMENTAL SERVICES, INC., a corporation organized under the laws of the
State of Delaware ("Borrower,"), PNC BANK, NATIONAL ASSOCIATION ("PNC"), the various other
financial institutions (together with PNC, collectively the "Lenders") named in or which hereafter
become a party to the Loan Agreement (as hereafter defined) and PNC as agent for Lenders (in such
capacity, "Agent") and as Issuing Bank.

BACKGROUND 

	          Borrower, Agent and Lenders are parties to a Revolving Credit, Term Loan and Security
Agreement dated as of December 22, 2000 (as amended, supplemented or otherwise modified from time
to time, the "Loan Agreement") pursuant to which Lenders provides Borrower with certain financial
accommodations. 

	          Borrower has requested that Lenders amend certain provisions of the Loan Agreement and
Agent, on behalf of Lenders is willing to do so on the terms and conditions hereafter set forth. 

	          NOW, THEREFORE, in consideration of any loan or advance or grant of credit heretofore or
hereafter made to or for the account of Borrower by Lenders, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby
agree as follows: 

	          1.     Definitions. All capitalized terms not otherwise defined herein shall have the meanings given
to them in the Loan Agreement. 

	          2.     Amendment to Loan Agreement. Subject to satisfaction of the conditions precedent set forth
in Section 3 below, the Loan Agreement is hereby amended as follows: 

		                  (a)     Section 1.2 of the Loan Agreement is hereby amended by inserting the following
defined terms in their appropriate alphabetical order: 

		                  "Amendment No. 1" shall mean Amendment No. I to Revolving Credit, Term Loan and
Security Agreement dated as of June 10, 2002. 

		                  "Amendment No. 1 Effective Date" shall mean the date when the conditions of
effectiveness set forth in Section 3 of Amendment No. I have been met to Agent's
satisfaction. 

		                  "Amortizing Availability" shall mean $4,000,000, less $66,666.67, on the fifteenth day
of each month commencing with July 15, 2002 and reducing to $0 upon the end of  the
Term. In the event (x) any 

		  

		  

		  

		Equipment of East Tennessee Materials & Energy Corporation
is sold on or after the Amendment No. I Effective Date, the Amortizing Availability shall
be further reduced by the greater of (i) 75% of the fair market value of such Equipment
or (ii) 45% of the liquidation in place value of such Equipment, in each case as set forth
in the appraisal dated March 2, 2002 conducted by Marshall and Stevens Valuation
Consulting, or (y) the face amount of the Standby UC is reduced by an amendment
thereto, then the Amortizing Availability shall be reduced (but not increased) to the
amended face amount and the monthly amortization amount shall be the quotient
obtained by dividing (1) the amended face amount of the Standby L/C by (2) the number
of months remaining from the date of such reduction until June 15, 2007 (the intent being
that the revised Amortizing Availability would be reduced to $0 by June 15, 2007 in
equal monthly amounts if the Term was extended to such date). 

		                  "Revised Article 9" shall mean Revised Article 9 of UCC. 

		                  "Standby UC" shall mean a standby letter of credit in the original face amount of
$4,000,000, which secures surety bond obligations which Borrower is required to cause
to be issued. 

		                   "UCC" shall mean the Uniform Commercial Code as adopted in the State of New York. 

		                   (b)     Section 1.2 of the Loan Agreement is hereby amended by amending the following
defined terms to provide as follows:

			                             "Collateral" shall mean and include all of the following assets, properties, rights 

                    and interests of each Credit Party, whether now owned and existing or hereafter 

                    arising,
acquired or created, and wherever located:

			                              (a)     all Receivables;

			                              (b)     all Equipment;

			                              (c)     all General Intangibles;

			                              (d)    all Inventory; 

			                              (e)    all Investment Property; 

			                              (f)     all Real Property and fixtures and improvements, including 

                                      Leasehold
Interests; 

			                              (g)     all Subsidiary Stock as listed on Schedule 1.2(b);

			                              (h)     any and all balances, credits, deposits, accounts or moneys of or in 

                                       such
Person's name in the possession or control of, or in transit to, 

                                       Agent or
any other financial institution (including, without limitation,  

			  

			2 

			  

			                                        all sums on deposit therein from time to time and all
securities, 

                                        instruments and accounts in which such sums are invested
from 

                                        time to time); 

                               (j)     all of such Person's right, title and interest in and to (i) its 

                                       respective
goods and other property including, but not limited to, 

                                       all merchandise
returned or rejected by Customers, relating to 

                                       or securing any of the
Receivables; (ii) all of such Person's rights 

                                       as a consignor, a consignee,
an unpaid vendor, mechanic, artisan, 

                                       or other lienor, including stoppage
in transit, setoff, detinue, 

                                       replevin, reclamation and repurchase; (iii) all
additional amounts 

                                       due to such Person from any Customer relating to the
Receivables; 

                                       (iv) other property, including warranty claims, relating to
any 

                                       goods securing this Agreement; (v) all of such Person's contract 

                                       rights, rights of payment that have been earned under a contract 

                                       right,
instruments (including promissory notes), documents, chattel 

                                       paper
(including electronic chattel paper), warehouse receipts, 

                                       deposit
accounts, letters of credit (whether or not such Person, 

                                       as beneficiary,
has demanded or is entitled to demand payment

                                       or performance thereof),
Investment Property and money; (vi) all 

                                       commercial tort claims (as
defined under Revised Article 9) (whether 

                                       now existing or hereafter
arising); (vii) all real and personal 

                                       Property of third parties in which such
Person has been granted a 

                                       lien or security interest as security for the
payment or enforcement 

                                       of Receivables; and (viii) any other goods,
personal property or 

                                       real property now owned or hereafter acquired in
which such 

                                       Person has expressly granted a security interest or may in the 

                                       future grant a security interest to Agent hereunder, or in any 

                                       amendment
or supplement hereto or thereto, or under any other 

                                       agreement between
Agent and such Person;
                              (j)     all of such Person's ledger sheets, ledger cards, files, correspondence, 

                                       records, books of account, business papers, computers, computer 

                                       software (owned by such Person or in which it has an interest), 

                                       computer
programs, tapes, disks and documents relating to (a), (b), 

                                       (c), (d), (e), (f),
(g), (h) or (i) of this Paragraph; and

                              (k)     all proceeds and products of (a), (b), (c), (d), (c), (f), (g), (h),
(i) 

                                        and j) in
whatever form, including, but not limited to: cash, deposit 

                                        accounts
(whether or not comprised solely of proceeds), 

                                        certificates of deposit,
insurance proceeds (including hazard, flood 

                                        and credit insurance),
negotiable instruments and other 

                                        instruments for the payment of money,
chattel paper, security 

                                        agreements, documents, eminent domain
proceeds, condemnation 

                                        proceeds and tort claim proceeds

 

3

 

	                             "General Intangibles" shall mean and include all of each Credit Party's general 

                  intangibles,
whether now owned or hereafter acquired including, without limitation, all 

                  payment intangibles, all
choses in action, causes of action, corporate or other 

                  business records, inventions, designs, patents, patent
applications, equipment 

                  formulations, manufacturing procedures, quality control procedures, trademarks, 

                  trademark applications, service marks, trade secrets, goodwill, copyrights, design
-

                  rights, permits,
software, computer information, source codes, object codes, 

                  records and dates, registrations, licenses,
franchises, customer lists, tax refunds, 

                  tax refund claims, computer programs, all claims under guaranties,
security 

                  interests or other security held by or granted to Borrower to secure payment of 

                  any of the
Receivables by a Customer (other than to the extent covered by 

                  Receivables), all other intellectual
property or proprietary rights, all rights of 

                  indemnification and all other intangible Property of every kind
and nature (other 

                  than Receivables). 

	                            "Inventory" shall mean and include all of each Credit Party's now owned 

                  or hereafter acquired
goods, merchandise and other personal property, wherever 

                  located, to be furnished under any
consignment arrangement, contract of service 

                  or held for sale or lease, all raw materials, work in process,
finished goods and 

                  materials and supplies of any kind, nature or description which are or might be 

                  used
or consumed in any Credit Party's business or used in selling or furnishing 

                  such goods, merchandise and
other personal property, and all documents of title 

                  or other documents representing them.

	                            "L/C Commitment" means the commitment of the Issuing Bank to Issue, 

                  and the commitment of
the Lenders severally to participate in, Letters of Credit 

                  from time to time Issued or outstanding as
provided herein, in an aggregate 

                  amount not to exceed on any date the sum of $4,500,000, less any
reduction 

                  to the face amount of the Standby UC; provided that the L/C Commitment 

                  is part of the
Revolving Commitment Facility, rather than a separate 

                  independent commitment.

	                           "Letter of Credit" means any commercial documentary Letter of Credit 

                  issued by the Issuing
Bank pursuant to Section 2.14 as well as the Standby L/C.

	                           "Receivables" shall mean and include, as to any Credit Party, all of such 

                  Credit Party's accounts,
contract rights, instruments (including those evidencing 

                  indebtedness owed to such Credit Party by its
Affiliates), documents, chattel 

                  paper (including electronic chattel paper), general intangibles relating to
accounts, 

                  drafts and acceptances, credit card receivables and all other forms of obligations 

                  owing to such
Credit Party arising out of or in connection with the sale or lease 

                  of Inventory or the rendition of services
pursuant to term contracts or otherwise 

                  or the licensing of any general intangible rights, all supporting
obligations, 

                  guarantees and other security therefor, whether secured or unsecured, now 

                  existing or
hereafter created, and whether or not specifically sold or assigned 

                  to Agent hereunder.

	                           (c)     Section 1.3 of the Loan Agreement is hereby amended by inserting the following sentence
at the end thereof to provide as follows: 

	  

	4 

	  

			                                 "To the extent the definition of any category or type of Collateral is 

                                 expanded by any
amendment, modification or revision to Revised 

                                 Article 9, such expanded definition will apply
automatically as of 

                                 the date of such amendment, modification or revision." 

	                        (d)     Section 2.2(a)(y) of the Loan Agreement is hereby amended in its entirety to provide as
follows:

	                                 "(y) an amount up to the sum (without duplication) of (i) up to 85% 

                                 of Commercial Receivables
aged 60 days or less from invoice date, 

                                 (ii) up to 85% of Commercial Broker Receivables aged
up to 90 

                                 days from the due date, up to 120 days from invoice date, (iii) up 

                                 to 85% of Acceptable
Government Agency Receivables aged 60 

                                 days or less from the due date, UP to 150 days from
invoice date, 

                                 (iv) up to 50% of Acceptable Unbilled Amounts aged 60 days (the 

                                 foregoing
applicable percentages being referred to as the "Advance 

                                 Rates") subject, in each case, to clause
(b) of the definition of 

                                 "Eligible Receivables," and (v) Amortizing Availability, minus (vi) 

                                 such
reserves as Agent may reasonably deem proper and necessary 

                                 from time to time. The amount
determined pursuant to this  

                                  Section 2.2(a)(y) at any time and from time to time shall be referred 

                                 to as the "Formula Amount." For purposes of this Section 2.2, 

                                 reserves shall include all L/C
Obligations from time to time 

                                 outstanding. 

	                      (e)     Section 2.14(i)(i) of the Loan Agreement is hereby amended by amending the first
sentence thereof in its entirety to provide as follows: 

	                                "Borrower shall pay to the Agent for the account of the Lenders a 

                                 letter of credit fee (x) with
respect to the Letters of Credit (other than 

                                 the Standby UC) equal to the rate per annum equal to
three percent 

                                 (3%) per annum, and (y) with respect to the Standby L/C equal to 

                                 the rate per
annum equal to four percent (4%) per annum, in each 

                                 case calculated on the average daily
maximum amount available to 

                                 be drawn of the outstanding Letters of Credit (other than the 

                                 Standby L/C) with respect to clause (x) and of the Standby L/C 

                                 with respect to clause (y) (each of
which rates shall be increased 

                                 by 2% per annum at any time when an Event of Default shall have 

                                 occurred and be continuing), computed on a quarterly basis in 

                                 arrears on the last Business Day of
each calendar quarter based 

                                 upon the applicable Letters of Credit outstanding for that quarter 

                                 as
calculated by Agent, such computation be made on the basis 

                                 of actual days elapsed in a 360-day
year." 

	                       (f)     Section 4.1 of the Loan Agreement is hereby amended by inserting a new sentence at the
end thereof to provide as follows: 

	                                  "Borrower shall promptly provide Agent with written notice of 

                                  all commercial tort claims, such
notice to contain the case title  

	  

	5 

	  

	                                  together with the applicable court and a brief description of the 

                                  claim(s). Upon delivery each such notice, Borrower shall be 

                                  deemed to hereby grant to Agent, for
its benefit and for the 

                                  ratable benefit of the Lenders, a security interest
and lien in 

                                  and to such
commercial tort claims and all proceeds thereof." 

	                       (g)     A new subsection is hereby added to Article 4 at the end thereof to provide as follows: 

			                                "4.22. Filing, of Financing Statements. By its signature hereto, 

                                 Borrower ,hereby authorizes
Agent to file against Borrower, 

                                 one or more initial financing, continuation or amendment 

                                 statements pursuant to the UCC in m and substance 

                                 satisfactory to Agent that (a) indicate the
Collateral (i) all 

                                 assets of Borrower or words of similar effect, regardless of 

                                 whether
any particular
asset comprised in the Collateral falls 

                                 within the scope of
Revised Article 9, or (ii) as being of an 

                                 equal or lesser scope or with greater detail, and (b) contain 

                                 any other information required by part
5 of Revised Article 9 

                                 for the sufficiency or filing office acceptance of any
financing 

                                 statement
or amendment, including (i) whether Borrower is 

                                 an organization, the type of organization and
any organization 

                                 identification number issued to Borrower, and (ii) in the case 

                                 of a financing
statement filed as a fixture filing or indicating 

                                 Collateral as-extracted collateral or timber to be
cut, a 

                                 sufficient description of real property to which the Collateral 

                                 relates. 

			                       (h)     Section 5.2 of the Loan Agreement is hereby amended by inserting the lowing subsection at
the conclusion thereof: 

		                                "(c)   Each Credit Party's (i) organizational identification number issued 

                                by each Credit
Party's state of incorporation or organization or a 

                                statement that no such number has been
issued and (ii) federal tax 

                                identification number, are listed on Schedule 5.2(c)." 

			                        			(i)     Section 7. 1 (a) of the Loan Agreement is hereby amended by inserting the following
sentence at the end thereof: 

		                                Without limiting the foregoing, no Credit Party shall reincorporate 

                                 or organize itself
under the laws of any jurisdiction other than the 

                                 laws of state of organization as of the
date hereof without the 

                                 prior written consent of Agent." 

			                        (j)     Section I7.1 of the Loan Agreement is hereby amended by deleting the rase "five (5) days"
appearing therein and inserting the phrase "ten (I0) days" in substitution
therefor. 

           3.     Conditions of Effectiveness. This Amendment shall become effective upon satisfaction of
the following conditions precedent: Agent shall have received (i) four (4) copies of this Amendment
executed by Borrower and consented and agreed to by Guarantors, (ii) four copies of an Amendment No.
I to Secured Subsidiaries Guaranty dated as of the date of this Amendment among Agent and Subsidiary,
(iii) an amendment fee of $50,000 (which fee shall be charged to Borrower's Account), and (iv) such
other
 

6

 

certificates, instruments, documents, agreements and opinions of counsel as may be required by
Agent or its counsel, each of which shall be in form and substance satisfactory to Agent and its counsel.

	4.     Representations and Warranties. Borrower hereby represents and warrants as follows: 

		                   (a)     This Amendment and the Loan Agreement, as amended hereby, constitute 

        legal,
valid and binding obligations of Borrower and are enforceable against Borrower 

        in
accordance with their respective terms. 

		                   (b)     Upon the effectiveness of this Amendment, Borrower hereby reaffirms 

        all
covenants, representations and warranties made in the Loan Agreement to the 

        extent the
same are not amended hereby and agrees that all such covenants, 

        representations and
warranties shall be deemed to have been remade as of the 

        effective date of this
Amendment, except that such representations and warranties 

        shall be qualified by the
matters set forth on Schedule A attached hereto and made 

        a part hereof 

		                   (c)     No Event of Default or Default has occurred and is continuing or 

        would exist after
giving effect to this Amendment. 

		                   (d)     Borrower has no defense, counterclaim or offset with respect to the 

        Loan
Agreement. 

		                   (e)     Borrower is incorporated in the State of Delaware. 

	          5.     Effect on the Loan Agreement. 

		                  (a)      Upon the effectiveness of Section 2 hereof, each reference in the Loan Agreement
to "this Agreement," "hereunder," "hereof," "herein" or words of like import shall mean
and be a reference to the Loan Agreement as amended hereby. 

		                  (b)     Except as specifically amended herein, the Loan Agreement, and all other
documents, instruments and agreements executed and/or delivered in connection
therewith, shall remain in full force and effect, and are hereby ratified and confirmed. 

		                  (c)      The execution, delivery and effectiveness of this Amendment shall not operate as a
waiver of any right, power or remedy of Agent or any Lender, nor constitute a waiver of
any provision of the Loan Agreement, or any other documents, instruments or
agreements executed and/or delivered under or in connection therewith. 

	          6.     Governing Law. This Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns and shall be governed by and construed in accordance
with the laws of the State of New York.

	 

	7

	 

	          7.     Headings. Section headings in this Amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment for any other purpose. 

	          8.     Counterparts. This Amendment may be executed by the parties hereto in one or more
counterparts, each of which shall be deemed an original and all of which when taken together shall
constitute one and the same agreement. 

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

                                                         PERMA-FIX ENVIRONMENTAL SERVICES, INC.

                                                          By:
   /s/Richard T. Kelecy                                             

                                                                Name:	Richard T. Kelecy

                                                                Title:	Vice President
                                                          PNC BANK, NATIONAL ASSOCIATION, as

                                                          Agent and Lender

                                                           By:
   /s/Susanne Raschner                                                

                                                                  Name:	Susanne Raschner

                                                                  Title:	Vice President
(SIGNATURES CONTINUED ON FOLLOWING PAGE)

 
 

 

 

 

8

 

CONSENTED AND AGREED TO:

SCHREIBER, YONLEY AND ASSOCIATES, INC.

By:    /s/Richard T. Kelecy                                              

      Name:	Richard T. Kelecy

      Title:	Vice President
PERMA-FIX TREATMENT SERVICES, INC.

By:    /s/Richard T. Kelecy                                            

      Name:	Richard T. Kelecy

      Title:	Vice President
PERMA-FIX, INC.

By:    /s/Richard T. Kelecy                                             

      Name:	Richard T. Kelecy

      Title:	Vice President

PERMA-FIX OF NEW MEXICO, INC.

By:    /s/Richard T. Kelecy                                            

      Name:	Richard T. Kelecy

      Title:	Vice President

PERMA-FIX OF FLORIDA, INC.

By:    /s/Richard T. Kelecy                                           

      Name:	Richard T. Kelecy

      Title:	Vice President

PERMA-FIX OF MEMPHIS, INC.

By:    /s/Richard T. Kelecy                                          

      Name:	Richard T. Kelecy

      Title:	Vice President
 

 

9

 

PERMA-FIX OF DAYTON, INC.

By:   /s/Richard T. Kelecy                                          

      Name:	Richard T. Kelecy

      Title:	Vice President
PERMA-FIX OF FT. LAUDERDALE, INC.

By:    /s/Richard T. Kelecy                                       

      Name:	Richard T. Kelecy

      Title:	Vice President

PERMA-FIX OF ORLANDO, INC.

By:    /s/Richard T. Kelecy                                        

       Name:	Richard T. Kelecy

       Title:	Vice President
PERMA-FIX OF SOUTH GEORGIA, INC.

By:   /s/Richard T. Kelecy                                        

      Name:	Richard T. Kelecy

      Title:	Vice President

PERMA-FIX OF MICHIGAN, INC.

By:    /s/Richard T. Kelecy                                       

      Name:	Richard T. Kelecy

      Title:	Vice President
DIVERSIFIED SCIENTIFIC SERVICES, INC.

By:    /s/Richard T. Kelecy                                        

      Name:	Richard T. Kelecy

      Title:	Vice President
 

 

10

 

INDUSTRIAL WASTE MANAGEMENT, INC.

By:    /s/Richard T. Kelecy                                        

       Name:	Richard T. Kelecy

       Title:	Vice President
MINTECH, INC.

By:    /s/Richard T. Kelecy                                           

      Name:	Richard T. Kelecy

      Title:	Vice President
RECLAMATION SYSTEMS, INC.

By:    /s/Richard T. Kelecy                                          

       Name:	Richard T. Kelecy

       Title:	Vice President
EAST TENNESSEE MATERIALS & ENERGY CORPORATION

By:    /s/Richard T. Kelecy                                            

       Name:	Richard T. Kelecy

       Title:	Vice President
 

 

 

 

 

 

11

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