Document:

ex10-2_1365250.htm

 

 

  

EXHIBIT 10.2.2

Execution Version

FIRST AMENDMENT TO DEFERRAL AGREEMENT

 

This FIRST AMENDMENT TO DEFERRAL AGREEMENT (this “Amendment”), dated as of July 17, 2009, is entered into by and among Barzel Finco Inc. (f/k/a Novamerican Steel Finco Inc.) (the “Issuer”),
Barzel Industries Inc. (f/k/a Symmetry Holdings Inc.) (the “Parent”; and together with the Issuer and the other subsidiaries of the Parent, the “Company”), JPMorgan Chase Bank, N.A. (“JPM”) and CIBC World Markets Inc. (“CIBC”;
and together with JPM, the “Noteholders”) amends certain provisions of that certain Deferral Agreement, dated as of May 14, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Deferral Agreement”), among the Company, JPM and CIBC. Capitalized terms used herein without definition shall have the meanings assigned to such terms
in the Deferral Agreement.

 

W I T N E S S E T H:

 

WHEREAS, the Issuer and the Parent have requested that the undersigned Noteholders agree to amend certain of the terms and provisions of the Deferral Agreement, as specifically set forth in this Amendment; and

 

WHEREAS, the undersigned Noteholders agree to amend the Deferral Agreement on the terms, subject to the conditions and in reliance on the representations set forth herein.

 

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

 

1.           Amendment to the Deferral Agreement.

 

(a)           Section 1 of the Deferral Agreement is hereby amended by deleting clause (d) of the definition of “Deferral Termination Event” in its entirety and replacing it with the following

 

“(d) 5:00pm EDT on October 13, 2009.”

 

2.           Conditions Precedent. This Amendment shall become effective as of the date first written above (the “Effective Date”) upon:

 

(a)           each of the parties hereto having executed and delivered a counterpart to this Amendment;

 

(b)           the Company having paid all outstanding fees and expenses of the Advisors;

 

(c)           the Issuer having delivered to the Advisors a certificate signed by an officer of the Issuer certifying that, to the Company’s knowledge, no additional Liens exist as of the Effective Date (other than those Liens existing on February 27, 2009) to the extent such Liens
apply to assets or property of the Company with a fair market value equal to or greater than $500,000, other than Ordinary Course Operating and Statutory Liens; and

 

(d)           delivery of such other information and documents as the Noteholders or their counsel may reasonably request.

 

 

  

  

  

 

3.           Continued Validity of Deferral Agreement and the Indenture. Except for the amendment to the Deferral Agreement set forth in Section 1 hereof,
this Amendment shall not, by implication or otherwise, limit, impair, constitute a waiver of or otherwise affect any rights or remedies of any Noteholder under the Deferral Agreement or the Indenture, nor alter, modify, amend or in any way affect any of the rights, remedies, obligations or any covenants of the Issuer or the Parent arising under the Deferral Agreement or the Indenture, all of which are ratified and confirmed in all respects and shall continue in full force and effect. Except as expressly set forth
herein, no failure to exercise nor any delay in exercising, on the part of the Issuer, the Noteholders or the Trustee, of any right, remedy, power or privilege under the Indenture or otherwise shall operate as a waiver thereof. No waiver shall be effective unless in writing. The Issuer and the Noteholders hereby agree that, during the pendency of this Agreement, all statutes of limitations and similar laws, rules and equitable theories with respect to the time in which the Trustee or any Noteholder, on the one
hand, or the Issuer, on the other hand, may bring any claim or action against the other shall be tolled and that the passage of such time shall not otherwise operate to the detriment of the Issuer, the Trustee or any Noteholder with respect to such right.

 

4.           Representations and Warranties. Each of the Issuer and the Parent hereby represent and warrant to the Noteholders as follows:

 

(a)           Due Execution and Authorization; Legal, Valid and Binding Obligation. This Amendment has been duly executed and delivered by each of the Issuer and the Parent. The execution, delivery and performance by each
of the Issuer and the Parent of this Amendment is within such Person’s corporate (or other organizational) powers and has been duly authorized by all necessary action on its part. This Amendment, the Deferral Agreement as amended hereby and the Indenture constitute the legal, valid and binding obligations of such Person, enforceable against such Person in accordance with its terms, subject only to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

(b)           No Violation; No Defaults; Consents and Approvals. The execution and delivery by each of the Issuer and the Parent of this Amendment and the performance by such Person of this Amendment and the Deferral Agreement
as amended hereby will not violate any (i) provision of the Issuer’s or the Parent’s organizational documents, (ii) contractual restriction binding on the Issuer or the Parent, or (iii) law or regulation binding on or affecting the Issuer or the Parent, except, in the case of clauses (ii) and (iii), to the extent such violation does not result in a Material Adverse Change.

 

(c)           No Default. Immediately prior to and after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

 

(d)           Validity of Security Interests. The Security Documents and all of the Collateral described therein do and shall continue to secure the payment of all Notes Obligations as set forth in the Indenture.

 

 

  

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5.           Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTIONS 5-1401 AND 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

6.           Costs and Expenses. The Issuer agrees to pay on demand all costs and expenses of the Noteholders and the Trustee in connection with the preparation, execution and delivery of this Amendment, including the reasonable
fees, costs and expenses of the Advisors to the Noteholders with respect thereto and of Pryor Cashman LLP as advisors to the Trustee with respect thereto.

 

7.           Headings. All headings in this Agreement are included only for convenience and ease of reference and shall not be considered in the construction and interpretation of any provision hereof.

 

8.           Binding Nature and Benefit. This Agreement shall be binding upon and inure to the benefit of each party hereto and their respective successors and assigns.

 

9.           Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original for all purposes, but all of which together shall constitute one and the same instrument. Delivery
of an executed counterpart of a signature page to this Amendment by telecopier (or electronic mail (in portable document format (pdf))) shall be effective as delivery of a manually executed counterpart of this Amendment.

 

10.           No Modifications. Except as expressly modified hereby, the terms and conditions of the Deferral Agreement and the Indenture shall continue unchanged and remain in full force and effect.

 

[Signature pages follow.]

  

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

	  	  	  	
BARZEL INDUSTRIES INC.

	  	  	  	  	  
	  	  	  	
By: 
	
/s/ Karen G. Narwold

	  	  	  	  	
Name:  Karen G. Narwold

Title     Vice President

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	
BARZEL FINCO INC.

	  	  	  	  	  
	  	  	  	
By:
	
/s/ Karen G. Narwold

	  	  	  	  	
Name:  Karen G. Narwold

Title     Vice President

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	
JPMORGAN CHASE BANK, N.A.

	  	  	  	  	  
	  	  	  	
By: 
	
/s/ Susan E. Atkins

	  	  	  	  	
Name:  Susan E. Atkins

Title     Managing Director

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	
CIBC WORLD MARKETS INC.

	  	  	  	  	  
	  	  	  	
By: 
	
/s/ E.L. Gordon

	  	  	  	  	
Name:  E.L. Gordon

Title     Authorized  Signatory

Acknowledged:

 

	
THE BANK OF NEW YORK MELLON, AS TRUSTEE
	  	  
	  	  	  
	
By:
	
/s/ Christopher Greene
	  	  
	  	
Name:  Christopher Greene

Title     Vice President
	  	  

[Signature page to First Amendment to Deferral Agreement]EX-4.1

Exhibit 4.1

AMENDMENT NO. 1 TO RIGHTS AGREEMENT

     This Amendment No. 1 (this “Amendment”) to Rights Agreement dated as of December 28, 2005 (the
“Agreement”), between Wabash National Corporation, a Delaware corporation (the “Company”), and
National City Bank (the “Rights Agent”), is effective as of July 17, 2009.

     WHEREAS, the Company desires to make the application of the Agreement inapplicable to Trailer
Investments, LLC and certain of its affiliates; and

     WHEREAS, the Company has delivered to the Rights Agent an appropriate certificate pursuant to
Section 27 of the Agreement; and

     WHEREAS, in accordance with Section 27 of the Agreement, this Amendment shall become effective
immediately upon execution by the Company, whether or not also executed by the Rights Agent.

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

Section 1. Amendments to the Agreement.

     (a) The first sentence of Section 1(a) of the Agreement relating to the definition of
“Acquiring Person” is deleted in its entirety and replaced with the following:

“Acquiring Person” shall mean any Person that, together with all Affiliates and
Associates of such Person, shall be the Beneficial Owner of 20% or more of the shares of
Common Stock of the Company then outstanding, but shall not include (i) the Company, (ii)
any Subsidiary of the Company, (iii) any employee benefit plan of the Company or any
Subsidiary of the Company, or any Person holding shares of Common Stock for or pursuant to
the terms of any such employee benefit plan to the extent, and only to the extent, of such
shares of Common Stock so held, or (iv) any Trailer Entity.

     (b) Section 1(j) of the Agreement relating to the definition of “Distribution Date” is deleted
in its entirety and replaced with the following:

“Distribution Date” shall mean the earlier of (i) the Close of Business on the tenth
Business Day after the Stock Acquisition Date (or, if the tenth Business Day after the Stock
Acquisition Date occurs before the Record Date, the Close of Business on the Record Date),
or (ii) the Close of Business on the tenth Business Day (or, if such tenth Business Day
occurs before the Record Date, the Close of Business on the Record Date), or such specified
or unspecified later date on or after the Record Date as may be determined by action of the
Board prior to such time as any Person becomes an Acquiring Person, after the date of the
commencement by any Person (other than the Company, any Subsidiary of the Company, any
employee benefit plan of the Company or of any Subsidiary of the Company, any Person holding
shares of Common Stock for or pursuant
to the terms of any such employee benefit plan, or any Trailer Entity) of, or of

 

 

the first
public announcement of the intention of any Person (other than any of the Persons referred
to in the preceding parenthetical) to commence, a tender or exchange offer the consummation
of which would result in such Person becoming the beneficial owner of 20% or more of the
outstanding shares of Common Stock.

     (c) The following additional defined terms shall be added to Section 1 of the Agreement:

“Trailer Entities” means Trailer Investments and each other Person which directly or
indirectly through one or more intermediaries Controls, is Controlled by, or is under common
Control with, Trailer Investments, where (i) “Person” means any individual, corporation,
partnership, limited liability company, trust, business trust, association, joint stock
company, joint venture, sole proprietorship, unincorporated organization, governmental
authority or other form of entity not specifically listed in the foregoing, and (ii) where
“Control,” “Controlled by” or “under common Control with” means the possession, direct or
indirect, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or otherwise.

“Trailer Investments” means Trailer Investments, LLC, a Delaware limited liability
company.

     (d) Section 11(a)(ii) of the Agreement is deleted in its entirety and replaced with the
following:

Subject to Section 23 and Section 24 of this Agreement, in the event that any Person (other
than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or
of any Subsidiary of the Company, any Person organized, appointed or established by the
Company for or pursuant to the terms of any such employee benefit plan, or any Trailer
Entity), alone or together with its Affiliates and Associates, shall become an Acquiring
Person, unless the event causing such Person to become an Acquiring Person is a transaction
set forth in Section 13(a) hereof, or is an acquisition of shares of Common Stock pursuant
to a cash tender offer made pursuant to Section 14(d) of the Exchange Act for all
outstanding shares of Common Stock (other than shares of Common Stock beneficially owned by
the Person making the offer or by its Affiliates or Associates) at a price and on terms
determined by at least two-thirds of the Board, after receiving advice from one or more
investment banking firms, to be (a) at a price which is fair to stockholders (taking into
account all factors which such members of the Board deem relevant including, without
limitation, prices which could reasonably be achieved if the Company or its assets were sold
on an orderly basis designed to realize maximum value) and (b) otherwise in the best
interests of the Company and its stockholders, proper provision shall be made so that
promptly following the Redemption Period (as defined in Section 23(a)), each holder of a
Right (except as provided below and in Section 7(e) hereof) shall thereafter have the right
to receive, upon exercise thereof and payment of an amount equal to the then current
Purchase Price in accordance with the terms of this
Agreement, in lieu of a number of one one-thousandths of a share of Preferred Stock, such
number of shares of Common Stock of the Company as shall equal the result

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obtained by (x)
multiplying the then current Purchase Price by the then number of one one-thousandths of a
share of Preferred Stock for which a Right was or would have been exercisable immediately
prior to the first occurrence of a Section 11(a)(ii) Event, whether or not such Right was
then exercisable, and (y) dividing that product (which, following such first occurrence,
shall thereafter be referred to as the “Purchase Price ” for each Right and for all
purposes of this Agreement except to the extent set forth in Section 13 hereof) by 50% of
the current market price per share of Common Stock (determined pursuant to Section 11(d)
hereof) on the date of such first occurrence (such number of shares, the “Adjustment
Shares ”).

     (e) The second sentence of Section 24(a) of the Agreement is deleted in its entirety and
replaced with the following:

Notwithstanding the foregoing, the Board shall not be empowered to effect
such exchange at any time after any Person (other than the Company, any
Subsidiary of the Company, any employee benefit plan of the Company or any
such Subsidiary, any entity holding Common Stock for or pursuant to the
terms of any such employee benefit plan, or any Trailer Entity), together
with all Affiliates and Associates of such Person, becomes the Beneficial
Owner of 50% or more of the Common Stock then outstanding.

Section 2. Governing Law.

     This Amendment shall be deemed to be a contract made under the internal laws of the State of
Delaware and for all purposes shall be governed by and construed in accordance with the laws of
such state.

Section 3. Severability.

     If any term, provision, covenant or restriction of this Amendment is held by a court of
competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of
the terms, provisions, covenants and restrictions of this Amendment shall remain in full force and
effect and shall in no way be affected, impaired or invalidated.

Section 4. Effect of Amendment.

     This Amendment is effective immediately upon execution by the Company, whether or not also
executed by the Rights Agent. The Agreement, as amended by this Amendment, shall remain and
continue in full force and effect and is in all respects agreed to, ratified and confirmed hereby.
Any reference to the Agreement after the date first set forth above shall be deemed to be a
reference to the Rights Agreement, as amended by this Amendment.

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Section 5. Counterparts.

     This Amendment may be executed in any number of counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together
constitute but one and the same instrument.

[Signature Page Follows]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
their respective corporate seals to be hereunto affixed and attested, all as of the day and year
first above written.

	 	 	 	 	 
	 	WABASH NATIONAL CORPORATION

 	 
	 	By:  	/s/ Robert J. Smith
 	 
	 	 	Robert J. Smith 	 
	 	 	Senior Vice President and Chief 
Financial Officer 	 
	 
	 	NATIONAL CITY BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

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