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Exhibit 10(P)  

 
 

AMENDMENT NO. 1 TO LOAN AND SECURITY AGREEMENT    
    

        THIS AMENDMENT NO. 1 TO LOAN AND SECURITY AGREEMENT (this "Amendment"), dated as of
August 29, 2003, is made and entered into by and among WELLS FARGO FOOTHILL, INC., a California corporation
("Lender"), EARL SCHEIB, INC., a Delaware corporation
("Parent"), and EARL SCHEIB REALTY CORP., a California corporation ("ES
Realty") (Parent and ES Realty are referred to hereinafter collectively, jointly and severally, as the "Borrower"). Capitalized
terms used herein and not otherwise defined shall have the respective meanings ascribed to them in that certain Loan and Security Agreement entered into as of August 4, 2003 between Lender and
Borrower (the "Original Agreement"). 

        WHEREAS, Lender and Borrower desire to enter into this Amendment to amend the Original Agreement as set forth herein, all in accordance
with Sections 15 and 16.6 of the Original Agreement. 

        NOW, THEREFORE, in consideration of the foregoing and of the mutual promises contained herein and for other valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, Lender and Borrower hereby amend the Original Agreement as follows: 

        1.     Section 2.4. The following is hereby added as a new paragraph after the last sentence of Section 2.4 of the
Original Agreement: 

        "Lender
and Borrower each acknowledge that the Overlap Letters of Credit (as defined below) are outstanding as of August 29, 2003. As a result, but for this paragraph, Lender and
Borrower each
acknowledge that an Overadvance would exist, and Borrower would be required to take certain actions and pay certain amounts to Lender pursuant to this Agreement. Accordingly, Lender and Borrower
hereby agree that, notwithstanding any other provision of this Agreement, beginning August 29, 2003, and ending September 12, 2003, no Overadvance shall exist with respect to any amounts
that would be deemed an Overadvance and would not otherwise exist if the Overlap Letters of Credit were not outstanding as of such date (an "Excused
Overadvance"). In furtherance of this, Lender hereby excuses such Excused Overadvance, and acknowledges that Borrower shall not be required to take my actions, or make. any
payments to Lender, with respect to the Excused Overadvance. Lender and Borrower each agree that no Overadvance existing as of September 13, 2003 or later (including, without limitation, an
Overadvance relating to the Overlap Letters of Credit) shall be deemed an Excused Overadvance, and Borrower shall be required to take all actions, and pay all fees and other expenses related thereto. 

        For
purposes of this Section 2.4, the "Overlap Letters of Credit" shall mean the following letters of credit issued by City National Bank relating to the following insurance
policies: 

	•
	Letter
of Credit in the amount of $1,400,000 relating to the workers compensation insurance policy for the claim year August 1, 2001 through July 31, 2002 from
St. Paul Fire and Marine Insurance Co.

	•
	Letter
of Credit in the amount of $600,000 relating to the workers compensation insurance policy for the claim year August 1, 2002 through July 31, 2003 from
St, Paul Fire and Marine Insurance Co.

	•
	Letter
of Credit in the amount of $91,500 relating to the workers compensation insurance policy for the claim years prior to August 1, 1998 from Liberty Mutual
Insurance Co." 

        2.     Reference to and Effect Upon the Amended Original Agreement. All of the provisions of this Amendment shall be deemed to be
incorporated in, and made a part of, the Original Agreement; and the Original Agreement, as supplemented and amended by this Amendment, shall be read, taken and 

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construed
as one and the same agreement. Except as expressly modified herein, the Original Agreement shall remain in full force and effect and is hereby ratified. 

        3.     Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of California
without regard to its conflict of laws. 

        4.     Counterparts. This Amendment may be executed in any number of counterparts, or facsimile counterparts, each of which shall
be deemed an original, and all of which together shall constitute one and the same instrument. 

        5.     Titles and Subtitles. The titles and subtitles used in this Amendment are used for convenience and are not to be
considered in construing or interpreting this Amendment. 

        IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed effective as of the day and year first written above, 

	
BORROWER	
 	
LENDER
	

EARL SCHEIB, INC.,

a Delaware Corporation	
 	

WELLS FARGO FOOTHILL, INC.,

a California corporation
	 	 	 	 	 	 	 
	By:	 	/s/  CHARLES E. BARRANTES      
	 	By:	 	/s/  JIM FARNER      

	Title:	 	Chief Financial Officer
	 	Title:	 	Vice President

	 	 	 	 	 	 	 
	EARL SCHEIB REALTY CORP.,

a California corporation	 	 	 	 
	 	 	 	 	 	 	 
	By:	 	/s/  CHARLES E. BARRANTES      
	 	 	 	 
	Title:	 	Chief Financial Officer
	 	 	 	 

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Exhibit 10(Q)  

 
 

AMENDMENT NO. 2 TO LOAN AND SECURITY AGREEMENT    
    

        THIS AMENDMENT NO. 2 TO LOAN AND SECURITY AGREEMENT (this
"Amendment"), dated as of February 19, 2004, is made and entered into by and among WELLS FARGO
FOOTHILL, INC., a California corporation ("Lender"), EARL
SCHEIB, INC., a Delaware corporation ("Parent"), and EARL SCHEIB REALTY
CORP., a California corporation ("ES Realty")(Parent and ES Realty are referred to hereinafter collectively, jointly and
severally, as the "Borrower"). Capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed to them in that
certain Loan and Security Agreement entered into as of August 4, 2003 between Lender and Borrower (the "Original Agreement"), as amended as of
August 29, 2003 (the "First Amendment"). 

        WHEREAS, Lender and Borrower desire to enter into this Amendment to amend the Original Agreement as set forth herein, all in accordance
with Sections 15 and 16.6 of the Original Agreement. 

        NOW, THEREFORE, in consideration of the foregoing and of the mutual promises contained herein and for other valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, Lender and Borrower hereby amend the Original Agreement as follows: 

        1.     Section 7.15(a)(i). Section 7.15(a)(i) of the Original Agreement shall be deleted and replaced by the
following: 

        (i)    Minimum EBITDA. EBITDA, measured on a quarter-end basis, of at least the required amount set forth in the
following table for the applicable period set forth opposite thereto: 

	Applicable Amount
 
	 	Applicable Period

	$(50,000)	 	For the quarter ending July 31, 2003
	

$(200,000)	
 	

For the quarter ending October 31, 2003
	

$(1,450,000)	
 	

For the quarter ending January 31, 2004
	

$50,000	
 	

For the quarter ending April 30, 2004
	

$50,000	
 	

For the quarter ending July 31, 2004
	

To be determined by Lender in its sole discretion upon receipt of the Projections for the forthcoming fiscal year in accordance with Section 6.3(c)	
 	

For each subsequent quarter thereafter

        2.     Amendment Fee. In consideration for and in connection with this Amendment, Borrower hereby agrees to pay an amount equal
to Fifteen Thousand Dollars ($15,000) (the "Amendment Fee") to Lender. Borrower shall pay the Amendment Fee to Lender in the manner set forth in the
Loan Agreement. 

Borrower
hereby acknowledges and agrees that the Amendment Fee is fully earned and non-refundable and that such fee constitutes an Obligation and is in addition to any other fees payable
by Borrower under the Loan Agreement or any other Loan Document. 

        3.     Reference to and Effect Upon the Amended Original Agreement. All of the provisions of this Amendment shall be deemed to be
incorporated in, and made a part of, the Original Agreement and 

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the
First Amendment; and the Original Agreement, as supplemented and amended by the First Amendment and this Amendment, shall be read, taken and construed as one and the same agreement. Except as
expressly modified herein, the Original Agreement and the First Amendment shall remain in full force and effect and are hereby ratified. 

        4.     Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of California
without regard to its conflict of laws principles. 

        5.     Counterparts. This Amendment may be executed in any number of counterparts, or facsimile counterparts, each of which shall
be deemed an original, and all of which together shall constitute one and the same instrument. 

        6.     Titles and Subtitles. The titles and subtitles used in this Amendment are used for convenience and are not to be
considered in construing or interpreting this Amendment. 

        IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed effective as of the day and year first written above. 

	
BORROWER	
 	
LENDER
	

EARL SCHEIB, INC.,

a Delaware Corporation	
 	

WELLS FARGO FOOTHILL, INC.,

a California corporation
	 	 	 	 	 	 	 
	By:	 	/s/  CHARLES E. BARRANTES      
	 	By:	 	/s/  JIM FARNER      

	Title:	 	Chief Financial Officer
	 	Title:	 	Vice President

	 	 	 	 	 	 	 
	EARL SCHEIB REALTY CORP.,

a California corporation	 	 	 	 
	 	 	 	 	 	 	 
	By:	 	/s/  CHARLES E. BARRANTES      
	 	 	 	 
	Title:	 	Chief Financial Officer
	 	 	 	 

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Exhibit 10(R)  

EXECUTION COPY  

 
 

AMENDMENT NO. 3 TO LOAN AND SECURITY AGREEMENT    
    

        THIS AMENDMENT NO. 3 TO LOAN AND SECURITY AGREEMENT (this
"Amendment"), dated as of April. 6, 2004, is made and entered into by and among WELLS FARGO
FOOTHILL, INC., a California corporation ("Lender"), EARL
SCHEIB, INC., a Delaware corporation ("Parent"), and EARL SCHEIB REALTY
CORP., a California corporation ("ES Realty") (Parent and ES Realty are referred to hereinafter collectively, jointly and
severally, as the "Borrower"). Capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed to them in that
certain Loan and Security Agreement entered into as of August 4, 2003 between Lender and Borrower (the "Original Agreement"), as amended as of
August 29, 2003 (the "First Amendment") and February 19, 2004 (the "Second Amendment"). 

        WHEREAS, Lender and Borrower desire to enter into this Amendment to amend the Original Agreement as set forth herein, all in accordance
with Sections 15 and 16.6 of the Original Agreement 

        NOW, THEREFORE, in consideration, of the foregoing and of the mutual promises contained herein and for other valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, Lender and Borrower hereby amend the Original Agreement as follows: 

        1.     Minimum EBITDA. Section 7.15(a)(i) of the Original Agreement and Section 1 of the Second Amendment
shall be deleted and replaced by the following: 

        (i)    Minimum EBITDA. EBITDA, measured on, a quarter-end basis, of at least the required amount set forth in the
following table for the applicable period set forth opposite thereto: 

	Applicable Amount
 
	 	Applicable Period

	$(50,000)	 	For the quarter ending July 31, 2003
	

$(200,000)	
 	

For the quarter ending October 31, 2003
	

$(1,450,000)	
 	

For the quarter ending January 31, 2004
	

$50,000	
 	

For the quarter ending April 30, 2004
	

$50,000	
 	

For the quarter ending July 31, 2004
	

$150,000	
 	

For the quarter ending October 31, 2004
	

($1,350,000)	
 	

For the quarter ending January 31, 2005
	

$0	
 	

For the quarter ending April 30, 2005
	

To be determined by Lender in its sole discretion upon receipt of the Projections for the forthcoming fiscal year in accordance with Section 6.3(c)	
 	

For each subsequent quarter thereafter

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        2.     Tangible Net Worth. Section 7.15(a)(ii) of the Original Agreement shall be deleted and replaced by the
following: 

        (ii)   Tangible Net Worth. Tangible Net Worth of at least the required amount set forth in the following table, measured as of
the applicable date set forth opposite thereto: 

	Applicable Amount
 
	 	Applicable Period

	$5,900,000	 	July 31, 2003
	

$5,200,000	
 	

October 31, 2003
	

$3,900,000	
 	

January 31, 2004
	

$3,500,000	
 	

April 30, 2004
	

$3,500,000	
 	

July 31, 2004
	

$3,500,000	
 	

October 31, 2004
	

$3,300,000	
 	

January 31, 2005
	

$3,000,000	
 	

April 30, 2005
	

To be determined by Lender in its sole discretion upon receipt of the Projections for the forthcoming fiscal year in accordance with Section 6.3(c)	
 	

For each subsequent quarter thereafter

        3.     Reference to and Effect Upon the Amended Original Agreement. All of the provisions of this Amendment shall be deemed to be
incorporated in, and made a part of, the Original Agreement, the First Amendment and the Second Amendment; and the Original Agreement, as supplemented and amended by the First Amendment, the Second
Amendment and this Amendment, shall be read, taken and construed as one and the same agreement. Except as expressly modified herein, the Original Agreement, the First Amendment and the Second
Amendment shall remain in full force and effect and are hereby ratified. 

        4.     Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of California
without regard to its conflict of laws principles. 

        5.     Counterparts. This Amendment may be executed in any number of counterparts, or facsimile counterparts, each of which shall
be deemed an original, and all of which together shall constitute one and the same instrument. 

        6.     Titles and Subtitles. The titles and subtitles used in this Amendment are used for convenience and are not to be
considered in construing or interpreting this Amendment. 

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        IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed effective as of the day and year first written above. 

	
BORROWER	
 	
LENDER
	

EARL SCHEIB, INC.,

a Delaware Corporation	
 	

WELLS FARGO FOOTHILL, INC.,

a California corporation
	 	 	 	 	 	 	 
	By:	 	/s/  CHARLES E. BARRANTES      
	 	By:	 	/s/  JIM FARNER      

	Title:	 	Chief Financial Officer
	 	Title:	 	Vice President

	 	 	 	 	 	 	 
	EARL SCHEIB REALTY CORP.,

a California corporation	 	 	 	 
	 	 	 	 	 	 	 
	By:	 	/s/  CHARLES E. BARRANTES      
	 	 	 	 
	Title:	 	Chief Financial Officer
	 	 	 	 

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AMENDMENT NO. 3 TO LOAN AND SECURITY AGREEMENT

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