Document:

EXHIBIT 10(d)

 

GUARANTY

CONFIRMATION AGREEMENT

 

AGREEMENT, dated as of April 30, 2002, by and between T. F.

CUSHING, INC. and AVEST, INC. (each a “Guarantor” and collectively the

“Guarantors”) and FLEET CAPITAL CORPORATION (the “Lender”).

 

R

E C I T A L S

 

Each Guarantor executed and delivered to Fleet National Bank (the

“Bank”) a Guaranty Agreement, dated as of July 9, 1997 (each, a “Guaranty”)

pursuant to which each Guarantor absolutely and unconditionally guaranteed to

the Bank the full and prompt payment and performance when due of the

“Guaranteed Obligations” of ASTREX INC. (the “Borrower”) to the Bank, all as

set forth in more detail therein.  On or

about August 31, 1998, the Bank, T. F. Cushing, Inc. and the Borrower entered

into a certain Amendment No. 1 to Credit and Security Agreement, dated as of

August 31, 1998 (“Amendment No. 1”), and each Guarantor executed and delivered

a Guaranty Confirmation Agreement dated as of August 31, 1998 in connection

therewith.  On or about December 18,

1998, the Bank, T. F. Cushing, Inc. and the Borrower entered into a certain

Amendment No. 2 to Credit and Security Agreement, dated as of December 18,

1998  (“Amendment No. 2”), and each

Guarantor executed and delivered a Guaranty Confirmation Agreement dated as of

December 18, 1998 in connection therewith. On or about May 14, 1999, the Bank,

T. F. Cushing, Inc. and the Borrower entered into a certain Amendment No. 3 to

Credit and Security Agreement, dated as of May 14, 1999  (“Amendment No. 3”), and each Guarantor executed

and delivered a Guaranty Confirmation Agreement (With Modifications) dated as

of May 14, 1999 in connection therewith. 

The Bank has assigned its rights with respect to the Guaranteed

Obligations to the Lender, and the Lender, the Guarantors, and the Borrower now

desire to enter into a certain Amendment No. 4 to Credit and Security Agreement

dated of even or substantially even date herewith (“Amendment No. 4”).

 

Each Guarantor shall derive substantial benefits, financial and

otherwise, from the execution and delivery of such Amendment No. 4 and any

agreement or instrument executed in connection therewith (including without

limitation any and all amended and restated revolving credit notes and any and

all term loan notes).

 

The Lender is only willing to enter into such Amendment No. 4  if, among other things, each Guarantor

executes and delivers this Agreement.

 

NOW, THEREFORE, in consideration of the premises, and for other

good and valuable consideration, the receipt and sufficiency which are hereby

acknowledged, and to induce the granting of any further credit by the Lender to

the Borrower, the parties hereto hereby agree as follows:

 

1.             Each Guarantor

hereby represents, warrants, confirms and covenants to the Lender that (i) its

Guaranty (and any related mortgage) remains in full force and effect, (ii) its

Guaranty (and any related mortgage) remains the legal, valid and binding

obligation of such

 

 

Guarantor,

enforceable in accordance with its terms, (iii) such Guarantor has no claims, counterclaims,

defenses or offsets against the Lender, whether relating to its Guaranty (or

any mortgage) or otherwise and (iv) pursuant to the provisions of

the Guaranty of such Guarantor, the obligations of the Borrower guaranteed by

the Guarantor pursuant to the Guaranty include without limitation, for the

avoidance of any doubt, all principal, interest, costs and expenses (including

attorneys’ fees) under the Notes and any and all obligations under any swap or

hedging agreements.  Pursuant to the

applicable terms and provisions of each Guaranty, neither the modifications set

forth or to be set forth in said Amendment No. 1, Amendment No. 2, Amendment

No. 3 or Amendment No. 4 (or in any other agreement or instrument) shall impair

the obligations of each Guarantor under its Guaranty.

 

2.             Each of the

Guarantors acknowledges to the Lender that the Guaranteed Obligations include

(without limitation) any and all Letter of Credit Obligations (as defined in

Amendment No. 4).

 

3.             The execution

and delivery of this Agreement (or any other confirmation (past, present or

future)) shall not be construed or interpreted to create a custom or course of

dealing or performance (or any duty or obligation) pursuant to which the Lender

is required to obtain a confirmation or consent from the Guarantor, or to

notify the Guarantor, with respect to any modification or other event or

circumstance.  No such consent or

confirmation or notice shall be necessary in connection with any such

modification or other event or circumstance in order to keep the obligations of

each Guarantor under its Guaranty in full force and effect, said obligations

being unconditional as set forth therein.

 

4.             No amendment,

waiver or other modification of this Agreement shall be effective against a

party hereto unless set forth in writing signed by such party.  This Agreement may be executed in

counterparts.

 

5.             This Agreement

shall (i) be binding upon and inure to the benefit of the parties hereto

and their respective successors and assigns and (ii) shall be governed by

and construed in accordance with the internal laws of the State of Connecticut.

 

2

 

IN WITNESS WHEREOF, the parties hereto have executed and delivered

this Agreement as of the day and year first written above.

 

	

   

  	

   

  
	

   

  	

  T.F. CUSHING, INC.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/

  	

  Michael McGuire

  	

   

  
	

   

  	

   

  	

  Michael McGuire

  
	

   

  	

   

  	

  President

  
	

   

  	

   

  
	

   

  	

  AVEST, INC.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/

  	

  Michael McGuire

  	

   

  
	

   

  	

   

  	

  Michael McGuire

  
	

   

  	

   

  	

  President

  
	

   

  	

   

  
	

   

  	

  FLEET CAPITAL CORPORATION

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/

  	

  Mary G. Murphy

  	

   

  
	

   

  	

   

  	

  Mary G. Murphy

  
	

   

  	

   

  	

  Vice President

  
						

 

3exhibit

                            CERTIFICATE OF AMENDMENT
                       TO THE CERTIFICATE OF INCORPORATION
                                       OF
                            THE LIONSHARE GROUP, INC.

    The  Lionshare  Group,  Inc., a  corporation  organized  and existing  under the
Delaware Business Corporation Laws (the  "Corporation"),  and in accordance with
the applicable  provisions of Section 242 of the General  Corporation Law of the
State of Delaware (the "DGCL"),

         DOES HEREBY CERTIFY:

FIRST: That the fourth paragraph of the Corporation's Certificate of
Incorporation, as amended, is hereby deleted in its entirety and replaced with
the following:

        "FOURTH: The total number of shares of stock which the corporation shall
        have authorized to issue is two hundred million (200,000,000), of which
        are to be divided into two classes as follows:

        180,000,000 shares of common stock with a par value $.0001 per share, and
        20,000,000 shares of preferred stock with a par value of $.0001 per share.

            The Board of Directors is authorized to provide for the issuance of
        the shares of preferred stock to series, and to establish from time to
        time the number of shares to be included in each series, and to fix the
        designation, powers, preferences and relative, participating, optional or
        other special rights of the shares of each series and the qualifications,
        limitations or restrictions thereof.

    Effective as of the effective date of this Certificate of Amendment, each ten
(10) shares of common stock, $.0001 par value per share, outstanding as of the
effective date of this Certificate of Amendment (the "Old Common Stock"), will
be changed into one (1) fully paid and nonassessable share of common stock,
$.0001 par value per share (the "New Common Stock"). Each certificate that
represented shares of Old Common Stock shall after the effective date of this
Certificate of Amendment represent the number of shares of New Common Stock into
which the shares of Old Common Stock represented by such certificate were
reclassified and converted into hereby; provided, however, that each person
holding of record a certificate or certificates that represented shares of Old
Common Stock shall receive, upon surrender of said certificate or certificates,
a new certificate or certificates, as the case may be, evidencing and
representing the number of shares of New Common Stock to which such person is
entitled pursuant to this Certificate of Amendment. Each fractional share
resulting from the foregoing reverse stock split shall be rounded up and
converted into the right to receive one (1) share of New Common Stock.

SECOND: The foregoing Certificate of Amendment to the Certificate of
Incorporation was adopted pursuant to Section 141(f) of the DGCL by the Board of
Directors of the Corporation by written consent dated June 10, 2002, and was
adopted pursuant to Section 228 of the DGCL by the holders of a majority of its
issued and outstanding shares of common stock by written consent of such
stockholders dated June __, 2002. Therefore, the number of votes cast was
sufficient for approval.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to
the Certificate of Incorporation to be executed by its duly authorized officer.

   Signed,  this ____ day of July, 2002.

                             George Weast, President

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