Document:

EX-10.1

 

Exhibit 10.1

AMENDMENT NO. 2

     This AMENDMENT No. 2 dated as of February 23, 2005 (“Amendment No. 2”), is entered
into by and among DAYTON SUPERIOR CORPORATION, an Ohio corporation (“Borrower”), and the
persons designated as “Lenders” whose signatures appear below.

     WHEREAS, Borrower, the Lenders (as defined therein) and Agent are party to the Credit
Agreement dated as of January 30, 2004 as amended by Amendment No. 1, dated as of June 30, 2004
(“Original Credit Agreement”; all capitalized terms defined in the Original Credit
Agreement and not otherwise defined herein to have the meanings assigned thereto in the Original
Credit Agreement or in Annex A thereto); and

     WHEREAS, Borrower has requested that the Original Credit Agreement be amended in the manner
set forth below.

     NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants
herein contained, Borrower and the Lenders whose signatures appear below agree as follows:

SECTION 1.

AMENDMENTS

     Subject to the satisfaction of the conditions to effectiveness referred to in Section 2 below,
the Original Credit Agreement is hereby amended as follows:

     (a) Section 1.5(c) of the Original Credit Agreement is amended and restated in its
entirety as follows:

(c) Prepayments from Asset Dispositions. Except as otherwise provided in
Section 1.5(f) hereof, immediately upon receipt of any Net Proceeds in
respect of any Asset Disposition in excess of $1,000,000 for any single transaction
or series of related transactions, Borrower shall repay the Revolving Credit
Advances by an amount equal to the amount of such Net Proceeds and the Revolving
Loan Commitment shall be permanently reduced by the amount of such Net Proceeds
provided, however, that any such requirement to repay Revolving
Credit Advances in respect of such Net Proceeds shall be reduced to the extent that
Borrower shall have certified to Agent that such Net Proceeds have been deemed to
have been applied to effect a permanent reduction of Revolving Loan Commitment under
clause 3(A) of Section 4.10 of the Senior Notes Indenture and clause 3(A) of Section
4.10 of the Senior Subordinated Notes Indenture. Notwithstanding the foregoing,
Borrower or their Subsidiaries may reinvest all Net Proceeds of such Asset
Disposition, within three hundred sixty-five (365) days of receipt of such Net
Proceeds, in Productive Assets; provided, further, that, without
limitation of any prepayment obligation above in this clause (c), on each date (but
not earlier than the one hundred eightieth (180th) day following the date
of consummation of any Asset Disposition, or such later day to which Requisite
Lenders, in their sole discretion, may agree at the request of Borrower) on which
Net Proceeds of one or more Asset Dispositions constituting Permitted Sale
Leasebacks that have not been applied to repay Revolving Credit Advances (and
permanently reduce the Revolving Loan Commitment)

 

 

or reinvested in Productive Assets exceed in the aggregate $10,000,000, Borrower
shall immediately repay the Revolving Credit Advances by an amount equal to the
amount of such excess Net Proceeds as provided in the first sentence of this
paragraph (c), and the Revolving Loan Commitment shall be permanently reduced by the
amount of repayment. If the applicable Credit Party does not intend to so reinvest
such Net Proceeds or if the period set forth in the immediately preceding sentence
expires without such reinvestment of such Net Proceeds, Borrower shall prepay the
Revolving Credit Advances in an amount equal to such remaining Net Proceeds of such
Asset Disposition to the extent otherwise required by this Section 1.5(c).

     (b) Section 3.17 of the Original Credit Agreement is amended and restated in its
entirety as follows:

3.17. Sale-Leasebacks. The Credit Parties shall not and shall not cause or
permit any of their Subsidiaries to engage in any sale-leaseback, synthetic lease or
similar transaction involving any of its assets, except for any Permitted Sale
Leaseback.

     (c) Annex A of the Original Credit Agreement is amended by adding the following
definitions in their appropriate alphabetical place:

           (i) “Amendment No. 1” means Amendment No. 1, dated as of June 30, 2004, to this
Agreement.

           (ii) “Amendment No. 2” means Amendment No. 2, dated as of February 23, 2005, to this
Agreement.

           (iii) “Permitted Sale Leaseback” means any sale of personal or real property (with or
without improvements thereon) by any Credit Party to a Person who is not an Affiliate of Borrower
and the entering into by such Credit Party as lessee of a lease of such personal or real property
(and, if included in such transfer) the improvements thereon so long as (i) the sale of such
personal or real property (and, if applicable, improvements) complies with Section 3.7,
(ii) such lease is on current market terms for the area in which such personal or real property is
located as reasonably determined by the Borrower, (iii) no Default or Event of Default then exists
or would result from such sale or lease and (iv) the aggregate unpaid rent (other than any portion
of rent attributable to interest or finance costs) in respect of such sale and any prior sales
constituting part of a sale and leaseback transaction does not exceed $25,000,000.

SECTION 2.

CONDITIONS TO EFFECTIVENESS

     This Amendment No. 2 shall become effective on the date, which must be on or prior to February
28, 2005 (the “Effective Date”) in the event that on or prior to such date:

     (a) Agent shall have received one or more counterparts of this Amendment No. 2 executed and
delivered by Borrower and Requisite Lenders; and

     (b) there shall be no continuing Default or Event of Default and the representations and
warranties of Borrower contained in this Amendment No. 2 shall be true and correct in all material
respects.

 

 

SECTION 3.

LIMITATION ON SCOPE

     Except as expressly amended hereby, all of the representations, warranties, terms, covenants
and conditions of the Loan Documents shall remain in full force and effect in accordance with their
respective terms. The amendments set forth herein shall be limited precisely as provided for
herein and shall not be deemed to be waivers of, amendments of, consents to or modifications of any
term or provision of the Loan Documents or any other document or instrument referred to therein or
of any transaction or further or future action on the part of Borrower requiring the consent of
Agent or Lenders except to the extent specifically provided for herein. Agent and Lenders have not
and shall not be deemed to have waived any of their respective rights and remedies against Borrower
for any existing or future Defaults or Event of Default.

SECTION 4.

MISCELLANEOUS

     (a) Borrower hereby represents and warrants as follows:

           (i) this Amendment No. 2 has been duly authorized and executed by Borrower and the Original
Credit Agreement, as amended by this Amendment No. 2, is the legal, valid and binding obligation of
Borrower that is a party thereto, enforceable in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, moratorium and similar laws affecting the
rights of creditors in general; and

           (ii) Borrower repeats and restates the representations and warranties of Borrower contained in
the Original Credit Agreement as of the date of this Amendment No. 2 and as of the Effective Date,
except to the extent such representations and warranties relate to a specific date.

     (b) This Amendment No. 2 is being delivered in the State of New York.

     (c) Borrower hereby ratifies and confirm the Original Credit Agreement as amended hereby, and
agree that, as amended hereby, the Original Credit Agreement remains in full force and effect.

     (d) Borrower agrees that all Loan Documents remain in full force and effect notwithstanding
the execution and delivery of this Amendment No. 2.

     (e) This Amendment No. 2 may be executed by the parties hereto in separate counterparts, each
of which when so executed and delivered shall be deemed an original, but all of which counterparts
together shall constitute but one and the same instrument.

     (f) All references in the Loan Documents to the “Credit Agreement” and in the Original Credit
Agreement as amended hereby to “this Agreement,” “hereof,” “herein” or the like shall mean and
refer to the Original Credit Agreement as amended by this Amendment No. 2 (as well as by all
subsequent amendments, restatements, modifications and supplements thereto).

     (g) Each of the following provisions of the Original Credit Agreement is hereby incorporated
herein by this reference with the same effect as though set forth in its entirety herein, mutatis
mutandis, and as if “this Agreement” in any such provision read “this Amendment No. 2”:

 

 

Section 9.3 (Notices), Section 9.6, (Severability), Section 9.8 (Headings), Section 9.9
(Applicable Law), Section 9.12 (Construction), Section 9.15 (Waiver of Jury Trial) and Section 9.17
(Entire Agreement).

[signature pages follow]

 

 

WITNESS the due execution hereof by the respective duly authorized officers of the undersigned as
of the date first written above.

	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 	 	DAYTON SUPERIOR CORPORATION	 	 
	 	 	
By:
	 	/s/ Edward J. Puisis

Name:  Edward J. Puisis

Vice President and Chief Financial Officer
	 	 
	 	 	LENDERS:	 	 
	 	 	GENERAL ELECTRIC CAPITAL CORPORATION,

as a Lender	 	 
	 	 	
By:
	 	/s/ Sandra Claghorn

Name: Sandra Claghorn

Senior Vice President	 	 
	 	 	GMAC COMMERCIAL FINANCE LLC,

as a Lender	 	 
	 	 	
By:
	 	/s/ Robert J. Brandow

Name: Robert J. Brandow

Director<PAGE>

Exhibit No. 4(E)

                               (Face of Security)

REGISTERED
REGISTERED

NO.
    ___________
$
  _____________

                                CUSIP 743315 AF 0

                           THE PROGRESSIVE CORPORATION

                                7% NOTE DUE 2013

      THE PROGRESSIVE CORPORATION, an Ohio corporation (the "Issuer"), for value
received, hereby promises to pay to

or registered assigns, at the office or agency of the Issuer at the office of
the Trustee in Canton, Massachusetts, the principal sum of

dollars on October 1, 2013, in such coin or currency of the United States of
America as at the time of payment shall be legal tender for the payment of
public and private debts, and to pay interest semiannually on April 1 and
October 1 of each year, commencing on April 1, 1994, on said principal sum at
said office or agency, in like coin or currency, at the rate per annum specified
in the title of this Note, from the April 1 or the October 1, as the case may
be, next preceding the date of this Note to which interest has been paid, unless
the date hereof is a date to which interest has been paid, in which case from
the date of this Note, or unless no interest has been paid on the Notes, in
which case from October 6, 1993, until payment of said principal sum has been
made or duly provided for; provided, that payment of interest may be made at the
option of the Issuer by check mailed to the address of the person entitled
thereto as such address shall appear on the Security Register. Nothwithstanding
the foregoing, if the date hereof is after the fifteenth day of March or
September, as the case may be, and before the following April 1 or October 1,
this Note shall bear interest from such April 1 or October 1; provided, that if
the Issuer default in the payment of interest due on such April 1 or October 1,
then this Note shall bear interest from the next preceding April 1 or October 1
to which interest has been paid or, if no interest has been paid on this Note,
from October 6, 1993. The interest so payable on any April 1 or October 1 will,
subject to certain exceptions provided in the Indenture referred to on the
reverse hereof, be paid to the person in whose name this Note is registered at
the close of business on the March 15 or September 15, as the case may be, next
preceding such April 1 or October 1.

      Reference is made to the further provisions of this Note set forth on the
reverse hereof. Such further provisions shall for all purposes have the same
effect as though fully set forth at this place.

      This Note shall not be valid or become obligatory for any purpose until
the certificate of authentication hereon shall have been signed by the Trustee
under the Indenture referred to on the reverse hereof.

                                      -1-
<PAGE>

IN WITNESS WHEREOF, The Progressive Corporation has caused this instrument to be
signed by facsimile by its duly authorized officers and has caused a facsimile
of its corporate seal to be affixed hereto or imprinted hereon.

                                        THE PROGRESSIVE CORPORATION

[CORPORATE SEAL]                   By:
                                       ___________________________________
                                         President and Chief Executive
                                                  Officer

Attest:

  ________________________
  Secretary

Date: ________________

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This is one of the Securities, of the series designated herein, referred
to in the within-mentioned Indenture.

                                   THE FIRST NATIONAL BANK OF BOSTON,
                                             as TRUSTEE

                                   By:
                                       ___________________________________
                                               Authorized Signatory

                                      -2-
<PAGE>

                               (Back of Security)

                           THE PROGRESSIVE CORPORATION

                                7% NOTE DUE 2013

      This Note is one of a duly authorized issue of debenture, notes, bonds or
other evidences of indebtedness of the Issuer (hereinafter called the
"Securities") of the series hereinafter specified, all issued or to be issued
under and pursuant to an indenture dated as of September 15, 1993 (herein called
the "Indenture"), duly executed and delivered by the Issuer to The First
National Bank of Boston, as Trustee (herein called the "Trustee"), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuer and the holders of the
Securities. The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest (if any) at different rate, may be subject to
different redemption provisions (if any), may be subject to different sinking,
purchase or analogous funds (if any) and may otherwise vary as in the Indenture
provided. This Note is one of a series designated as the 7% Notes Due 2013 of
the Issuer, limited in aggregate principal amount to $150,000,000.

      In case an Event of Default, as defined in the Indenture, with respect to
the 7% Notes Due 2013 shall have occurred and be continuing, the principal
hereof any be declared, and upon such declaration shall become, due and payable,
in the manner, with the effect and subject to the conditions provided in the
Indenture.

      The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than 66-2/3% in aggregate principal
amount of the Securities at the time Outstanding (as defined in the Indenture)
of all series to be affected (voting as one class), evidenced as in the
Indenture provided, to execute supplemental indentures adding any provisions to
or changing in any manner or eliminating any of the provisions of the Indenture
or of any supplemental indenture or modifying in any manner the rights of the
Holders of the Securities of each such series: provided, however, that no such
supplemental indenture shall (i) extend the final maturity of any Security, or
reduce the principal amount thereof, or reduce the rate or extend the time of
payment of any interest thereon, or impair or affect the rights of any Holder to
institute suit for the payment thereof, without the consent of the Holder of
each Security so affected or (ii) reduce the aforesaid percentage of Securities,
the Holders of which are required to consent to any such supplemental indenture,
without the consent of the Holder of each Security so affected. It is also
provided in the Indenture that, with respect to certain defaults or Events of
Default regarding the Securities of any series, prior to any declaration
accelerating the maturity of such Securities, the Holders of a majority in
aggregate principal amount Outstanding of the Securities of such series may on
behalf of the Holders of all the Securities of such series waive any such past
default or Event of Default and its consequences. The preceding sentence shall
not, however, apply to a default in the payment of the principal of or premium,
if any, or interest on any of the Securities. Any such consent or wavier by the
Holder of this Note (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future Holders and owners
of this Note and any Note which may be issued in exchange or substitution
herefor, irrespective of whether or not any notation thereof is made upon this
Note or such other Note.

      No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note in
the manner, at the respective times, at the rate and in the coin or currency
herein prescribed.

      The Notes are issuable in registered form without coupons in denominations
of $1,000 and any integral multiple of $1,000 at the office or agency of the
Issuer at the office of the Trustee in Canton, Massachusetts, and in the manner
and subject to the limitations provided in the Indenture, but without the
payment of any service charge. Notes may be exchanged for a like aggregate
principal amount of Notes of other authorized denominations.

                                      -3-
<PAGE>

      The Notes are not subject to redemption at the option of the Issuer or
through the operation of a sinking fund.

      Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer at the office of the Trustee in Canton,
Massachusetts, a new Note or Notes of authorized denominations for an equal
aggregate principal amount will be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge
except for any tax or other governmental charge imposed in connection therewith.

      The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the registered Holder hereof as the absolute owner of
this Note (whether or not this Note shall be overdue and notwithstanding any
notation or ownership or other writing hereon), for the purpose of receiving
payment of, or on account of, the principal hereof and, subject to the
provisions on the face hereof, interest hereon, and for all other purposes, and
neither the Issuer nor the Trustee nor any authorized agent of the Issuer or the
Trustee shall be affected by notice to the contrary.

      No recourse under or upon any obligation, covenant or agreement of the
Issuer in the Indenture or any indenture supplemental thereto or in any Note, or
because of the creation of any indebtedness represented thereby, shall be had
against any incorporator, shareholder, officer or director, as such, of the
Issuer or of any successor corporation, either directly or through the Issuer or
any successor corporation, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise, all such liability being expressly waived and released
by the acceptance hereof and as part of the consideration for the issue hereof.

      Terms used herein which are defined in the Indenture shall have the
respective meanings assigned thereto in the Indenture.

                                  ABBREVIATIONS

      The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

   TEN COM                -          as tenants in common
   TEN ENT                -          as tenants by the entireties
   CUST                   -          Custodian
   JT TEN                 -          as joint tenants with right
                                     of survivorship and not as
                                     tenants
   UNIF GIFT MIN ACT      -          Uniform Gifts to Minors Act
                                     in common

                                _____________________________
                                (State)

     Additional abbreviations may also be used though not in the above list.

                                      -4-
<PAGE>

  FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s)
                                      unto

                     PLEASE INSERT SOCIAL SECURITY OR OTHER
                         IDENTIFYING NUMBER OF ASSIGNEE

 ______________________________________________________________________________

 ______________________________________________________________________________
      Please print or typewrite name and address including postal zip code of
assignee

 ______________________________________________________________________________
                         the within Note and all rights
           thereunder, hereby irrevocably constituting and appointing

 ______________________________________________________________________________
                     attorney to transfer said Note on the
     books of the Issuer, with full power of substitution in the premises.

 Date:
      _________________              _________________________________________

                             NOTICE: The signature to this assignment must
                             correspond with the name as written upon the
                             face of the within instrument in every particular,
                             without alteration or enlargement or any change
                             whatever.

                                      -5-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]