Document:

Exhibit 10.24

 

FIFTH
MODIFICATION OF AMENDED AND RESTATED

REVOLVING LINE OF CREDIT LOAN AGREEMENT, TERM LOANS

AGREEMENT AND SECURITY AGREEMENT

 

THIS FIFTH
MODIFICATION OF AMENDED AND RESTATED REVOLVING LINE OF CREDIT LOAN AGREEMENT,
TERM LOANS AGREEMENT AND SECURITY AGREEMENT (“Fifth Modification”) is entered
into effective as of the 24th day of March, 2003, by and between
On-Site Sourcing, Inc., a Delaware corporation (the “Borrower”), with its
principal office at 832 North Henry Street, Alexandria, Virginia 22314, and
Wachovia Bank, National Association, formerly known as First Union National
Bank (the “Lender”), a national banking association with an address of 1970
Chain Bridge Road, McLean, Virginia 
22102.

 

RECITALS:

 

R-1.                           Lender
made a loan in the form of a revolving line of credit (“Line of Credit”) to
Borrower, currently in the maximum principal sum of Seven Million and 00/100
Dollars ($7,000,000.00), evidenced by an Amended and Restated Revolving Note,
dated as of May 30, 2001, as modified by that certain First Modification of
Amended and Restated Revolving Note dated as of May 23, 2002 (as so modified,
the “Revolving Note”).  The Line of
Credit is governed and secured by that certain Amended and Restated Revolving
Line of Credit Loan Agreement, Term Loans Agreement and Security Agreement
executed by Borrower and Lender dated as of May 30, 2001, as modified by that
certain First Modification of Amended and Restated Revolving Line of Credit
Loan Agreement, Term Loans Agreement and Security Agreement dated as of July 2,
2001, that certain Second Modification of Amended and Restated Revolving Line
of Credit Loan Agreement, Term Loans Agreement and Security Agreement dated as
of May 23, 2002, that certain Third Modification of Amended and Restated Revolving
Line of Credit Loan Agreement, Term Loans Agreement and Security Agreement
dated as of September 25, 2002, and that certain Fourth Modification of Amended
and Restated Revolving Line of Credit Loan Agreement, Term Loans Agreement and
Security Agreement dated as of February 3, 2003  (as so modified, the “Loan Agreement”).

 

R-2.                           The
Loan Agreement also governs and secures (1) that certain term loan to Borrower
and North Henry Street Realty Company, LLC, a Delaware limited liability
company (“North Henry”), in the original principal amount of Five Million Eight
Hundred Thousand and 00/100 Dollars ($5,800,000.00), as evidenced by that
certain Commercial Note executed by Borrower and North Henry dated as of
November 15, 2000; (2) that certain term loan to Borrower in the original
principal amount of One Million One Hundred Twenty Five Thousand and 00/100
Dollars ($1,125,000.00), as evidenced by that certain Term Note dated June 12,
2000; (3) that certain term loan to Borrower in the original principal amount of
One Million Seven Hundred Eighty Thousand Three Hundred and 00/100 Dollars
($1,780,300.00), as evidenced by that certain Term Note dated July 2, 2001; and
(4) that certain term loan to Borrower in the original principal amount of One
Million Two Hundred Fifty Thousand and 00/100 Dollars ($1,250,000.00), as
evidenced by that certain Term Note dated September 25, 2002.

 

 

R-3.                           Contemporaneous
herewith, Borrower and the Lender have modified the Revolving Note pursuant to
a Second Modification of Amended and Restated Revolving Note to extend the
maturity date of the Line of Credit to May 31, 2004 and for certain other
purposes.

 

R-4.                           As a
condition and to induce Lender to extend the maturity date of the Line of
Credit, Borrower and Lender have agreed to further modify the Loan Agreement to
extend the “Ending Date” as defined in the Loan Agreement to May 31, 2004 and
for certain other purposes.

 

NOW,
THEREFORE, in consideration of the premises, the mutual agreements herein
contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrower and the Lender
hereby agree as follows:

 

1.                                       Capitalized
terms not otherwise defined herein shall have the meanings as set forth for
such terms in the Loan Agreement.

 

2.                                       To
induce the Lender to enter into this Fifth Modification, the Borrower warrants
and represents to the Lender that:

 

a.                                       The
Borrower’s books and records properly reflect the Borrower’s financial
condition, and no material adverse change in the Borrower’s financial condition
has occurred since the last date that the Borrower provided financial reports
to the Lender; and

 

b.                                      No
litigation is pending or threatened against the Borrower of which the Borrower
has not informed the Lender in writing; and

 

c.                                       The
Borrower is in compliance with all provisions of the Loan Agreement and with
all applicable laws and regulations; and

 

d.                                      Borrower
has the power and authority to enter into this Fifth Modification, to perform
its obligations hereunder, to execute all documents being executed and
delivered in connection herewith, and to incur the obligations provided for
herein, all of which have been duly authorized and approved in accordance with
the Borrower’s organizational documents; and

 

e.                                       This
Fifth Modification, together with all documents executed in connection herewith
or pursuant hereto, constitute the valid and legally binding obligations of the
Borrower in accordance with their respective terms; and

 

f.                                         The
Borrower’s obligations under the Loan Documents (as defined in the Loan
Agreement, as modified hereby) remain valid and enforceable obligations, and
the

 

2

 

execution and
delivery of this Fifth Modification and any other documents executed in
connection herewith shall not be construed as a novation of the Loan Agreement
or the other Loan Documents.

 

3.                                       The
definition of  “Ending Date”
under the Loan Agreement is hereby deleted in its entirety and restated as
follows:

 

“ff.  “Ending Date” means May 31, 2004.”

 

4.                                       The
Borrower promises to pay, on demand, all costs (including a loan fee of
Seventeen Thousand Five Hundred and 00/100 Dollars [$17,500.00] and attorneys
fees) incurred by the Lender for the preparation of this Fifth Modification,
any additional documents and any other expenses incurred by Lender in relation
to this Fifth Modification.

 

5.                                       The
Borrower authorizes the Lender to advance funds to itself or to third parties
to pay the fees, costs and expenses listed in this Fifth Modification, which
advances shall be deemed to be Advances to the Borrower under the Loan
Agreement.

 

6.                                       ARBITRATION: PROVISIONS IN THE LOAN
AGREEMENT REGARDING ARBITRATION ARE INCORPORATED HEREIN BY REFERENCE AS IF
FULLY SET FORTH HEREIN.

 

7.                                       Except
as modified by this Fifth Modification, the Loan Agreement remains in full
force and effect and unmodified. 
Borrower warrants and represents that it has no offsets or defenses to
its obligations under the Loan Agreement, as so modified, and the other Loan
Documents.

 

8.                                       In
consideration of Lender’s agreement to this Fifth Modification, the Borrower
hereby releases and waives any and all claims of any kind that it may have
against the Lender as of the date of this Fifth Modification arising out of or
relating to the Loan Agreement, as amended by this Fifth Modification.

 

3

 

IN WITNESS
WHEREOF, the parties have executed this Fifth Modification as of the date and
year first written above.

 

 

	
   

  	
  ON-SITE SOURCING, INC., a Delaware
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Jason Parikh

  	
  (SEAL)

  
	
   

  	
  Name:

  	
   Jason Parikh

  	
   

  
	
   

  	
  Title:

  	
   CFO

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WACHOVIA BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Joseph C. Costa

  	
  (SEAL)

  
	
   

  	
  Name:

  	
   Joseph C. Costa

  	
   

  
	
   

  	
  Title:

  	
   Vice-President

  	
   

  
							

 

STATE OF VIRGINIA

COUNTY OF Arlington: to wit:

 

I, the
undersigned Notary Public in and for the State and County aforesaid, do hereby
certify that Jason
Parikh as CFO of On-Site Sourcing, Inc., whose name is signed to the
foregoing Fifth Modification of Amended and Restated Revolving Line of Credit Loan
Agreement, Term Loans Agreement and Security Agreement, personally appeared before me within the aforesaid
jurisdiction and acknowledged the same.

 

GIVEN under my
hand and seal this 24th day of March, 2003.

 

 

	
   

  	
  /s/ A. Touloumes - Britt

  	
   

  
	
   

  	
  Notary Public

  
	
   

  	
   

  
	
   

  	
   

  
	
  My Commission expires:  6/30/05

  	
   

  

 

4

 

STATE OF VIRGINIA

COUNTY OF Fairfax: to wit:

 

I, the
undersigned Notary Public in and for the State and County aforesaid, do hereby
certify that Joseph C. Costa as Vice-President of Wachovia Bank, National
Association, whose name is signed to the foregoing Fifth Modification of
Amended and Restated Revolving Line of Credit Loan Agreement, Term Loans
Agreement and Security Agreement, personally appeared before me within the
aforesaid jurisdiction and acknowledged the same.

 

GIVEN under my
hand and seal this 25th day of March, 2003.

 

 

	
   

  	
  /s/ Karen E. Reynolds

  	
   

  
	
   

  	
  Notary Public

  
	
   

  	
   

  
	
   

  	
   

  
	
  My Commission expires:  5/31/05

  	
   

  

 

5

 

CONSENT
OF NORTH HENRY STREET REALTY COMPANY, LLC TO FIFTH

MODIFICATION TO AMENDED AND RESTATED REVOLVING LINE OF

CREDIT LOAN AGREEMENT, TERM LOANS AGREEMENT AND SECURITY

AGREEMENT AND  RELATED DOCUMENTS

 

North Henry
Street Realty Company, LLC, a Delaware limited liability company (“North
Henry”), the grantor under that certain Deed of Trust, Assignment of Rents and
Security Agreement dated as of November 15, 2000 (the “Deed of Trust”),
benefitting Wachovia Bank, National Association (formerly known as First Union
National Bank) (“Wachovia”) to secure, among other things, that Commercial Note
executed and made payable by On-Site Sourcing, Inc., a Delaware corporation and
North Henry to Wachovia in the original principal amount of Five Million Eight
Hundred Thousand and 00/100 Dollars ($5,800,000.00), does hereby acknowledge,
consent and agree to the annexed Fifth Modification to Amended and Restated
Revolving Line of Credit Loan Agreement, Term Loans Agreement and Security
Agreement (the “Fifth Modification”), and all documents executed in connection
with the Fifth Modification, and North Henry represents, warrants and agrees
that North Henry has no offsets or defenses to the Deed of Trust, the Fifth
Modification and the Amended and Restated Revolving Line of Credit Loan
Agreement, Term Loans Agreement and Security Agreement modified thereby (and as
previously modified), or any other document or agreement to which North Henry
is bound or which was executed for the benefit of Wachovia.

 

 

	
   

  	
  NORTH HENRY STREET REALTY COMPANY, LLC, a
  Delaware limited liability company, by ON-SITE SOURCING, INC., a Delaware
  corporation, as its sole manager and sole member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Jason Parikh

  	
  [SEAL] 

  
	
   

  	
  Name:

  	
   Jason Parikh

  	
   

  
	
   

  	
  Title:

  	
   CFO

  	
   

  
					

 

6

 

	
  State of Virginia

  	
  )

  
	
  County of Arlington

  	
  ) To Wit:

  

 

Acknowledged
before me by Jason Parikh as CFO of On-Site Sourcing, Inc., a Delaware
corporation, as the sole manager and member of North Henry Street Realty
Company, LLC, a Delaware limited liability company this 24th day of
March, 2003.

 

 

	
  [SEAL]

  	
     /s/ A. Touloumes - Britt

  	
   

  
	
   

  	
  Notary Public

  
	
   

  	
   

  
	
   

  	
   

  
	
  My commission expires:  6/30/05

  	
   

  

 

7Exhibit 10.25

 

TO BE ATTACHED TO

THE ORIGINAL AMENDED AND RESTATED REVOLVING NOTE

 

SECOND  MODIFICATION OF

AMENDED AND RESTATED REVOLVING NOTE

 

THIS SECOND
MODIFICATION OF AMENDED AND RESTATED REVOLVING NOTE (the “Note Modification”)
is dated as of the 24th day of March, 2003, and is made by and
between ON-SITE SOURCING, INC., a
Delaware corporation (the “Borrower”), having an address at 832 North Henry
Street, Alexandria, Virginia 22314, and WACHOVIA
BANK, NATIONAL ASSOCIATION, successor-in-interest to First Union
National Bank, a national banking association (the “Lender”), having an address
at 1970 Chain Bridge Road, McLean, Virginia 
22102.

 

RECITALS:

 

R-1.                           The
Lender made a loan in the form of a revolving line of credit (the “Line of
Credit”) to the Borrower in the maximum principal sum of $7,000,000.00,
evidenced by an Amended and Restated Revolving Note dated as of May 30, 2001,
as modified by that certain First Modification of Amended and Restated
Revolving Note dated as of May 23, 2002 (as so modified, the “Note”).

 

R-2.                           The
Line of Credit is governed and secured by that certain Amended and Restated
Revolving Line of Credit Loan Agreement, Term Loans Agreement and Security
Agreement executed by the Borrower and the Lender dated as of May 30, 2001, as
modified by that certain First Modification of Amended and Restated Revolving
Line of Credit Loan Agreement, Term Loans Agreement and Security Agreement
dated as of July 2, 2001, that certain Second Modification of Amended and
Restated Revolving Line of Credit Loan Agreement, Term Loans Agreement and
Security Agreement dated as of May 23, 2002, that certain Third Modification of
Amended and Restated Revolving Line of Credit Loan Agreement, Term Loans
Agreement and Security Agreement dated as of September 25, 2002, and that
certain Fourth Modification of Amended and Restated Revolving Line of Credit
Loan Agreement, Term Loans Agreement and Security Agreement dated as of
February 3, 2003 (collectively, the “Original Loan Agreement”).

 

R-3.                           The
Borrower and the Lender have agreed to modify the Note to extend the Maturity
Date, and for certain other purposes. 
In addition to and in conjunction with entering into the Note
Modification,  Borrower and Lender have
contemporaneously entered into a certain Fifth Modification of Amended and
Restated Revolving Line of Credit Loan Agreement, Term Loans Agreement and
Security Agreement of even date herewith (the “Fifth Loan Agreement
Modification”), thereby, among other things, extending the “Ending Date” as
defined in the Original Loan Agreement to May 31, 2004, and modifying the
Original Loan Agreement to reflect that it governs and secures the Note, as
modified by this Note Modification (the Original Loan Agreement, as modified by
the Fifth Loan Agreement Modification, being collectively referred to as the
“Loan Agreement”).

 

 

NOW,
THEREFORE, in consideration of the mutual agreements and covenants contained in
this Agreement, the parties agree as follows:

 

1.                                       Maturity
Date.  The definition of Maturity
Date, as defined in the Note, is hereby modified to mean May 31, 2004.

 

2.                                       Loan
Agreement.  The Note, as modified by
this Note Modification, and the loans evidenced thereby, shall be governed and
secured by the Loan Agreement.

 

3.                                       Affirmation
of Provisions.  Except as modified
by this Note Modification, the provisions of the Note are hereby reaffirmed and
remain in full force and effect.  The
Borrower warrants that it has no offsets or defenses against the Note, as
modified.  If the term Borrower
comprises more than one person or entity, the liability of such persons or
entities hereunder shall be joint and several.

 

IN WITNESS
WHEREOF, the parties to this Second Modification of Amended and Restated
Revolving Note have set their hands and seals as of the date and year first written
above, the Lender having signed this Second Modification of Amended and
Restated Revolving Note only for the purposes of consenting to the modification
herein contained.

 

 

	
   

  	
  ON-SITE SOURCING, INC., a Delaware
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Jason Parikh

  	
  (SEAL)

  
	
   

  	
  Name:

  	
   Jason Parikh

  	
   

  
	
   

  	
  Title:

  	
   CFO

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WACHOVIA BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Joseph C. Costa

  	
  (SEAL)

  
	
   

  	
  Name:

  	
   Joseph C. Costa

  	
   

  
	
   

  	
  Title:

  	
   Vice-President

  	
   

  
							

 

2

 

COMMONWEALTH
OF VIRGINIA

COUNTY OF Arlington : to wit:

 

I, the
undersigned Notary Public in and for the aforesaid jurisdiction, do hereby
certify that Jason
Parikh as CFO of On-Site Sourcing, Inc., whose name is signed to the
foregoing Second Modification of Amended and Restated Revolving Note,
personally appeared before me within the aforesaid jurisdiction and
acknowledged the same.

 

GIVEN under my hand
and seal this 25th day of March, 2003.

 

 

	
   

  	
  /s/ A. Touloumes - Britt

  	
   

  
	
   

  	
  Notary Public

  
	
   

  	
   

  
	
   

  	
   

  
	
  My Commission expires:  6/30/05

  	
   

  

 

 

COMMONWEALTH
OF VIRGINIA

COUNTY OF Fairfax : to wit:

 

I, the
undersigned Notary Public in and for the aforesaid jurisdiction, do hereby
certify that Joseph C. Costa as Vice-President of Wachovia Bank, National
Association, successor-in-interest to First Union National Bank, whose name is
signed to the foregoing Second Modification of Amended and Restated Revolving
Note, personally appeared before me within the aforesaid jurisdiction and
acknowledged the same.

 

GIVEN under my hand
and seal this 25th day of March, 2003.

 

 

	
   

  	
  /s/ Karen E. Reynolds

  	
   

  
	
   

  	
  Notary Public

  
	
   

  	
   

  
	
   

  	
   

  
	
  My Commission expires:  May 31, 2005

  	
   

  

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}]]