Document:

Exhibit 10.11.11

 

EXECUTION VERSION

 

ELEVENTH AMENDMENT TO, AND WAIVER
UNDER, CREDIT AGREEMENT

 

THIS ELEVENTH AMENDMENT TO, AND WAIVER UNDER,
CREDIT AGREEMENT (this “Eleventh Amendment”) is made and entered into as
of April 22, 2008, by and among the financial institutions identified on the
signature pages hereof (such financial institutions, together with their
respective successors and assigns, are referred to hereinafter each
individually as a “Lender” and collectively as the “Lenders”),
WELLS FARGO FOOTHILL, INC., a California corporation, as arranger and
administrative agent for the Lenders (in such capacities, together with any
successor arranger and administrative agent, “Agent”), and TRC
COMPANIES, INC., a Delaware corporation (the “Administrative Borrower”),
on behalf of all Borrowers.

 

WITNESSETH:

 

WHEREAS, the Administrative Borrower, the
Administrative Borrower’s Subsidiaries party thereto, the Lenders and Agent are
parties to that certain Credit Agreement, dated as of July 17, 2006 (as
amended as of October 31, 2006, as of November 29, 2006, as of
December 29, 2006, as of January 31, 2007, as of July 30, 2007,
as of September 25, 2007, as of November 28, 2007, as of
December 14, 2007, as of March 3, 2008, and as of April 4, 2008
and as the same may be further amended, modified, supplemented or amended and
restated from time to time, the “Credit Agreement”);

 

WHEREAS, pursuant to clauses (a) and
(b) of Schedule 5.3 to the Credit Agreement, as amended, with
respect to the months ended January 31, 2008 and February 29, 2008,
the Borrowers were required to deliver unaudited consolidated balance sheets,
income statements, and statements of cash flow covering Parent’s and its
Subsidiaries’ operations during such periods, together with a comparison to Projections
for such monthly periods and the corresponding monthly periods of the prior
fiscal year and a Compliance Certificate related thereto, in each case on or
prior to April 22, 2008 (the “January/February 2008 Monthly
Financial Statement Obligations”);

 

WHEREAS, the Borrowers have failed to comply with
such January/February 2008 Monthly Financial Statement Obligations (the “Applicable
Defaults”);

 

WHEREAS, the Administrative Borrower has
requested Agent and the Lenders to waive the Applicable Defaults, and Agent and
the Lenders have agreed to do so subject to the terms and conditions set forth
herein; and

 

WHEREAS, Agent, the Lenders and the Borrowers
have agreed to amend the Credit Agreement, all as herein provided subject to
the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of
the agreements and provisions herein contained, the parties hereto do hereby
agree as follows:

 

Section 1.              Definitions.  Any capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to such terms in the Credit
Agreement.

 

 

 

 

Section 2.              Waivers Under Credit Agreement.  Subject to the satisfaction of the terms and
conditions set forth herein, Agent and the Required Lenders hereby waive the
Applicable Defaults; provided that this waiver shall be rescinded and no
longer effective as of May 2, 2008 if the Borrowers fail to comply with
the January/February 2008 Monthly Financial Statement Obligations on or
prior to May 2, 2008.

 

Section 3.              Amendments to the Credit
Agreement.  Subject to the
terms and conditions set forth herein, the Credit Agreement is hereby amended,
as of the Effective Date (defined below), as follows:

 

3.01.       Schedule 5.3.  Schedule 5.3 to the Credit Agreement
is hereby amended as follows: the left hand column in the first row of the table in Schedule
5.3 to the Credit Agreement relating to monthly financial statements is
hereby deleted in its entirety and replaced with the following: “as soon as
available, but in any event within 40 days (45 days in the case of a month that
is the end of one of Parent’s fiscal quarters) after the end of each month
during each of Parent’s fiscal years; provided, that (x) with
respect to the month ended January 31, 2008, Borrowers shall deliver the
required information and documents to Agent on or prior to May 2, 2008,
and (y) with respect to the month ended February 29, 2008, Borrowers
shall deliver the required information and documents to Agent on or prior to
May 2, 2008.”

 

Section 4.              Representations and Warranties.  In order to induce Agent and the
Lenders to enter into this Eleventh Amendment, the Administrative Borrower, for
itself and on behalf of all of the other Borrowers, hereby represents and
warrants that:

 

4.01.       No Default. 
At and as of the date of this Eleventh Amendment and at and as of the
Effective Date and both prior to (other than with respect to the Applicable
Defaults) and after giving effect to this Eleventh Amendment, no Default or
Event of Default exists and is continuing.

 

4.02.       Representations and Warranties True and Correct.  At and as of the date of this Eleventh
Amendment and both prior to (other than with respect to the Applicable
Defaults) and after giving effect to this Eleventh Amendment, each of the
representations and warranties contained in the Credit Agreement and other Loan
Documents is true and correct in all material respects.

 

4.03.       Corporate Power, Etc. 
Administrative Borrower (a) has all requisite corporate power and
authority to execute and deliver this Eleventh Amendment and to consummate the
transactions contemplated hereby for itself and, in the case of Administrative
Borrower, on behalf of all of the other Borrowers, and (b) has taken all
action, corporate or otherwise, necessary to authorize the execution and
delivery of this Eleventh Amendment and the consummation of the transactions
contemplated hereby for itself and, in the case of Administrative Borrower, on
behalf of all of the other Borrowers.

 

4.04.       No Conflict. 
The execution, delivery and performance by Administrative Borrower (on
behalf of itself and all of the other Borrowers) of this Eleventh Amendment
will not (a) violate any provision of federal, state, or local law or
regulation applicable to any Borrower, the Governing Documents of any Borrower,
or any order, judgment or decree of any court or other Governmental Authority
binding on any Borrower, (b) conflict with or result in any breach of, or 

 

 

2

 

 

constitute (with due notice or
lapse of time or both) a default under any material contractual obligation of
any Borrower, (c) result in or require the creation or imposition of any
Lien of any nature whatsoever upon any properties or assets of any Borrower,
other than Permitted Liens, or (d) require any approval of any Borrower’s
interestholders or any approval or consent of any Person under any material
contractual obligation of any Borrower, other than consents or approvals that
have been obtained and that are still in force and effect.

 

4.05.       Binding Effect. 
This Eleventh Amendment has been duly executed and delivered by the
Administrative Borrower (on behalf of itself and all of the other Borrowers)
and constitutes the legal, valid and binding obligation of the Administrative
Borrower (on behalf of itself and all of the other Borrowers), enforceable
against the Administrative Borrower (on behalf of itself and all of the other
Borrowers) in accordance with its terms, except as such enforceability may be
limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws, now or hereafter in effect, relating to or affecting the
enforcement of creditors’ rights generally, and (b) the application of
general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law).

 

Section 5.              Conditions.  This Eleventh Amendment shall be
effective upon the fulfillment by the Borrowers, in a manner satisfactory to
Agent and the Lenders, of all of the following conditions precedent set forth
in this Section 5 (such date, the “Effective Date”):

 

5.01.       Execution of the Eleventh Amendment.  Each of the parties hereto shall have
executed an original counterpart of this Eleventh Amendment and shall have
delivered (including by way of telefacsimile or electronic mail) the same to
Agent.

 

5.02.       Amendment Fee.  Borrowers shall have paid to Agent, for the ratable
benefit of the Lenders, in immediately available funds an amendment fee equal
to $20,000.

 

5.03.       Representations and Warranties.  As of the Effective Date, the representations
and warranties set forth in Section 4 hereof shall be true and
correct.

 

5.04.       Compliance with Terms. 
Borrowers shall have complied in all respects with the terms hereof and
of any other agreement, document, instrument or other writing to be delivered
by Borrowers in connection herewith.

 

5.05.       Delivery of Other Documents. 
Agent shall have received all other instruments, documents and
agreements as Agent may reasonably request, in form and substance reasonably
satisfactory to Agent.

 

Section 6.              Miscellaneous.

 

6.01.       Continuing Effect. 
Except as specifically provided herein, the Credit Agreement and the
other Loan Documents shall remain in full force and effect in accordance with
their respective terms and are hereby ratified and confirmed in all respects.

 

6.02.       No Waiver; Reservation of Rights.  This Eleventh Amendment is
limited as specified and the execution, delivery and effectiveness of this
Eleventh Amendment shall not operate 

 

 

 

3

 

 

as a modification, acceptance or
waiver of any provision of the Credit Agreement, or any other Loan Document,
except as specifically set forth herein. 
Notwithstanding anything contained in this Eleventh Amendment to the
contrary, Agent and the Lenders expressly reserve the right to exercise any and
all of their rights and remedies under the Credit Agreement, any other Loan
Document and applicable law in respect of any Default or Event of Default
(except to the extent set forth in Section 2 with respect to the Applicable
Defaults).

 

6.03.       References.

 

(a)           From and after the
Effective Date, (i) the Credit Agreement, the other
Loan Documents and all agreements, instruments and documents executed and
delivered in connection with any of the foregoing shall each be deemed amended
hereby to the extent necessary, if any, to give effect to the provisions of
this Eleventh Amendment and (ii) all of the terms and provisions of this
Eleventh Amendment are hereby incorporated by reference into the Credit
Agreement, as applicable, as if such terms and provisions were set forth in
full therein, as applicable.

 

(b)           From and after the
Effective Date, (i) all references in the Credit Agreement to “this
Agreement”, “hereto”, “hereof”, “hereunder” or words of like import referring
to the Credit Agreement shall mean the Credit Agreement as amended hereby and
(ii) all references in the Credit Agreement, the other Loan Documents or
any other agreement, instrument or document executed and delivered in
connection therewith to  “Credit Agreement”,
“thereto”, “thereof”, “thereunder” or words of like import referring to the
Credit Agreement shall mean the Credit Agreement as amended hereby.

 

6.04.       Governing Law. 
THIS ELEVENTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

6.05.       Severability. 
The provisions of this Eleventh Amendment are severable, and if any
clause or provision shall be held invalid or unenforceable in whole or in part
in any jurisdiction, then such invalidity or unenforceability shall affect only
such clause or provision, or part thereof, in such jurisdiction and shall not
in any manner affect such clause or provision in any other jurisdiction, or any
other clause or provision in this Eleventh Amendment in any jurisdiction.

 

6.06.       Counterparts. 
This Eleventh Amendment may be executed in any number of counterparts,
each of which counterparts when executed and delivered shall be an original,
but all of which shall together constitute one and the same instrument.  Delivery of an executed counterpart of this
Eleventh Amendment by telefacsimile or electronic mail shall be equally
effective as delivery of a manually executed counterpart.  A complete set of counterparts shall be
lodged with the Administrative Borrower, Agent and each Lender.

 

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

 

6.08.       Binding Effect; Assignment.  This Eleventh Amendment shall be binding upon
and inure to the benefit of Borrowers, Agent and the Lenders and their
respective successors 

 

 

4

 

 

and assigns; provided, however,
that the rights and obligations of Borrowers under this Eleventh Amendment
shall not be assigned or delegated without the prior written consent of Agent
and the Lenders.

 

6.09.       Expenses. 
Borrowers agree to pay Agent upon demand, for all reasonable expenses,
including reasonable fees of attorneys and paralegals for Agent and the Lenders
(who may be employees of Agent or the Lenders), incurred by Agent and the
Lenders in connection with the preparation, negotiation and execution of this
Eleventh Amendment and any document required to be furnished herewith.

 

6.10.       Integration.  This Eleventh Amendment, together with the
other Loan Documents, incorporates all negotiations of the parties hereto with
respect to the subject matter hereof and is the final expression and agreement
of the parties hereto with respect to the subject matter hereof.

 

 

 

[Signature page follows]

 

 

 

 

 

5

 

 

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

 

	
   

  	
  ADMINISTRATIVE BORROWER:
    

  
	
   

  	
   

  
	
   

  	
  TRC
  COMPANIES, INC., a Delaware

  
	
   

  	
  corporation, as Administrative Borrower, on

  behalf of itself and all other Borrowers

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /S/ Martin H. Dodd 

  
	
   

  	
  Name:

  	
   Martin H. Dodd

  
	
   

  	
  Title:

  	
   Senior Vice President

  
	
   

  	
   

  
	
   

  
	
   

  	
  AGENT
  AND LENDERS:

  
	
   

  	
   

  
	
   

  	
  WELLS
  FARGO FOOTHILL, INC.,

  
	
   

  	
  as Agent and as a
  Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /S/ Jason P. Shanahan

  
	
   

  	
  Name:

  	
   Jason P. Shanahan

  
	
   

  	
  Title:

  	
   Vice President

  
	
   

  	
   

  
	
   

  
	
   

  	
  TEXTRON
  FINANCIAL CORPORATION,

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /S/ Chris Grivakis

  
	
   

  	
  Name:

  	
   Chris Grivakis

  
	
   

  	
  Title:

  	
   Senior Account Executive

  
	
   

  	
   

  
					

 

 

 

[SIGNATURE
PAGE OF ELEVENTH AMENDMENT]Exhibit 4.1

 

Amendment Number One

to

Registration Rights Agreement

 

By instrument dated September 7,
2007, a Registration Rights Agreement (the “Agreement”) was
entered into by Chase Packaging Corporation, a Texas corporation (the “Company”), and those persons and entities listed on Exhibit “A”
attached hereto (collectively referred to as the “Purchasers”).

 

The Agreement was entered
into in connection with, and as part of, an overall transaction pursuant to
which the Company issued and sold to the Purchasers certain Units, with each
Unit consisting of one share of Series A 10% Convertible Preferred Stock
(the “Preferred Stock”), five hundred (500)
shares (the “Shares”) of the Company’s ten
cent ($0.10) par value Common Stock (the “Common Stock”),
and five hundred (500) warrants (the “Warrants”),
with each Warrant exercisable into one share of Common Stock at fifteen cents
($0.15) per share.

 

Under the terms of the
Agreement, by no later than the “Required Filing Date”
the Company is required to prepare and file with the SEC a Registration
Statement covering the Preferred Stock, the Shares, and the Warrants.

 

Also under the terms of the
Agreement, the Required Filing Date is June 3, 2008.

 

At this time, management of
the Company is devoting essentially all of its time in preparing, and filing
with the SEC, an annual report on Form 10-KSB and also preparing a Proxy
Statement for distribution to the Company’s shareholders in preparation for the
annual meeting of shareholders of the Company which will be held on June 3.

 

In order to keep the Company’s
operating costs to a minimum until an acquisition or other reorganization
transaction can be accomplished (which will provide the Company with an
operating business), the Company’s operating expenses have been kept to a
minimum resulting in management of the Company consisting only of a few
individuals.

 

It has become apparent that,
with the demands on their time made by the need to prepare and file the annual
report on Form 10-KSB and the Proxy Statement, it will be extremely
difficult for management of the Company to also prepare and file a Registration
Statement with the SEC by June 3, 2008. 
For this reason, management of the Company has requested that the
Purchasers sign an amendment to the Agreement for the purpose of extending the
Required Filing Date under the Agreement to August 31, 2008.

 

 

In consideration of ten
dollars cash in hand paid by the Company to each Purchaser, and other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the Company and the Purchasers hereby agree that the Required Filing Date as
defined in the Agreement is hereby extended to August 31, 2008.

 

This instrument
may be signed by means of multiple signature pages (with signatures on
faxed pages) which, when attached hereto, will be deemed fully effective and
legally binding in the same manner as if a single signature page had been
signed by all of the parties hereto.

 

 

	
   

  	
   DATED the 30th day of April, 2008.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  COMPANY:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CHASE PACKAGING CORPORATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Allen T. McInnes

  
	
   

  	
   

  	
   

  	
  Allen T. McInnes,

  
	
   

  	
   

  	
   

  	
  Chairman of the Board, President

  
	
   

  	
   

  	
   

  	
  and Treasurer

  
							

 

[Signatures of Purchasers to
follow on next pages]

 

 

[Signature Page of
Purchaser]

 

	
  Name of Holder:

  	
   

  
	
   

  
	
  Signature of Authorized
  Signatory of Purchaser:

  	
   

  
	
   

  	
   

  
	
  Name  of Authorized Signatory:

  	
   

  
	
   

  	
   

  
	
  Title  of Authorized Signatory:

  	
   

  
	
   

  	
   

  
	
  Tax ID #:

  	
   

  
	
   

  	
   

  
	
  Full Address:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Facsimile #:

  	
   

  
	
   

  	
   

  
	
  Telephone #:

  	
   

  
	
   

  	
   

  
	
  Attn:

  	
   

  
								

 

 

Exhibit A

 

PURCHASERS

 

	
  Nicholas A Baker III

  
	
  William J Barrett Jr.
  IRA Rollover

  
	
  Sara Barrett

  
	
  William J. Barrett

  
	
  William R. Cast IRA

  
	
  Donald E Cutler IRA
  Rollover

  
	
  Robert Deputy

  
	
  Edward L. Flynn

  
	
  Leona T. Flynn

  
	
  Arthur J Gajarsa

  
	
  Arthur J Gajarsa IRA

  
	
  David S. Gardner

  
	
  Elizabeth R. Gardner

  
	
  Herbert M. Gardner

  
	
  Herbert M. Gardner
  Keogh

  
	
  Mary Gardner

  
	
  Peter H. Gardner and
  Linda Gardner

  
	
  Stuart M.
  Gerson & Pamela E. Somers, JTWROS

  
	
  Ann C W Green IRA

  
	
  Tammy Klein

  
	
  Richard Leibner

  
	
  William D. Marohn

  
	
  Allen T. McInnes

  
	
  C Richard Stafford IRA

  
	
  William Sutherland IRA
  Rollover

  
	
  Sidney Todres IRA

  
	
  Esther K. Zyskind

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