Document:

ex10-1.htm

Exhibit 10.1

 

 

THIRD AMENDMENT 

 

TO 
AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT

 

This THIRD AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT (this “Amendment”), effective as of July 16, 2015, is entered into by and among ENSERVCO CORPORATION, a Delaware corporation (“Enservco”), DILLCO FLUID SERVICE, INC., a Kansas corporation (“Dillco”), and HEAT WAVES HOT OIL SERVICE LLC, a Colorado limited liability company (“Heat Waves”) (Enservco, Dillco and Heat Waves, and each Person joined hereto as a borrower from time to time, each, a “Borrower” and collectively, “Borrowers”), PNC BANK, NATIONAL ASSOCIATION (“PNC”), as the sole Lender on the date hereof, and PNC, as Agent for the Lenders (in such capacity, “Agent”), with reference to the following facts:

 

RECITALS

 

A.     The parties to this Amendment have entered into an Amended and Restated Revolving Credit and Security Agreement, dated as of September 12, 2014, as amended by the Consent and First Amendment to Amended and Restated Revolving Credit and Security Agreement dated as of February 27, 2015, as further amended by the Second Amendment to Amended and Restated Revolving Credit and Security Agreement dated as of March 29, 2015 (as maybe further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders provide certain credit facilities to Borrowers;

 

B.     Any and all initially capitalized terms used in this Amendment without definition shall have the respective meanings assigned thereto in the Credit Agreement; 

 

C.     Borrowers have requested Agent and the Lenders amend certain provisions of the Credit Agreement, each as more fully set forth herein; and

 

D.     Agent and the Lenders are willing to make such amendments to the Credit Agreement, in accordance with, and subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

 

ARTICLE I     
AMENDMENTS TO CREDIT AGREEMENT

 

1.01     Amendment to Section 6.6(a) (Insurance). Clause (i) of Section 6.6(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(i) Keep all its insurable properties and properties in which such Borrower has an interest insured against the hazards of fire, flood, sprinkler leakage, those hazards covered by extended coverage insurance and such other hazards, and for such amounts, as is customary in the case of companies engaged in businesses similar to such Borrower’s, provided that, in addition to the foregoing insurance requirements, upon the occurrence of any Event of Default, Agent, in its sole discretion, may require each Borrower to obtain and maintain, for so long as the Event of Default continues, business interruption insurance for such amounts as is customary in the case of companies engaged in businesses similar to such Borrower’s;”

 

 

 

 

 

ARTICLE II     
Conditions Precedent

 

2.01     Closing Conditions. This Amendment shall become effective as of the day and year first set forth above (the “Amendment Effective Date”) upon satisfaction of the following conditions (in each case, in form and substance reasonably acceptable to the Agent):

 

	 	
(a)
	
Amendment. The Agent shall have received from Borrowers, this Amendment duly executed by Borrowers and by PNC, as Agent and as the sole Lender as of the Amendment Effective Date;

 

	 	
(b)
	
Fees and Expenses. The Agent shall have received from Borrowers such fees and expenses that are payable in connection with the consummation of the transactions contemplated hereby and the Agent’s counsel shall have received from Borrowers payment of all outstanding fees and expenses previously incurred and all fees and expenses incurred in connection with this Amendment; 

 

	 	
(c)
	
Default. After giving effect to this Amendment, no Default or Event of Default shall exist; and

 

	 	
(d)
	
Representations and Warranties. The representations and warranties set forth herein must be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof).

 

ARTICLE III

Miscellaneous

 

3.01     Survival of Representations and Warranties. All representations and warranties made in the Credit Agreement or in any Other Document and any related agreements to which it is a party, and each of the representations and warranties contained in any certificate, document or financial or other statement furnished at any time under or in connection with the Credit Agreement, the Other Documents or any related agreement are true and correct in all material respects on and as of the date hereof as though made on and as of the date hereof, other than representations and warranties relating to a specific earlier date, and in such case such representations and warranties are true and correct in all material respects as of such earlier date.

 

 

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3.02     Authority. Each Borrower has full power, authority and legal right to enter into this Amendment and to perform all its respective Obligations hereunder and under the Other Documents (as amended or modified hereby). This Amendment has been duly executed and delivered by such Person, and this Amendment constitutes the legal, valid and binding obligation of such Person enforceable in accordance with its terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally. The execution, delivery and performance of this Amendment (a) are within such Person’s corporate, limited liability company or limited partnership powers (as applicable), have been duly authorized by all necessary company or partnership (as applicable) action, are not in contravention of law or the terms of such Person’s operating agreement, bylaws, partnership agreement, certificate of formation, articles of incorporation or other applicable documents relating to such Person’s formation or to the conduct of such Person’s business or of any material agreement or undertaking to which such Person is a party or by which such Person is bound, (b) will not, in any material respect, conflict with or violate any law or regulation, or any judgment, order or decree of any Governmental Body, (c) will not require the Consent of any Governmental Body or any other Person, except those Consents which have been duly obtained, made or compiled prior to the date hereof and which are in full force and effect or except those which the failure to have obtained would not have, or could not reasonably be expected to have a Material Adverse Effect and (d) will not conflict with, nor result in any breach in any of the provisions of or constitute a default under or result in the creation of any Lien except Permitted Encumbrances upon any asset of any Borrower or Guarantor under the provisions of any material agreement, charter document, operating agreement or other instrument to which any Borrower or Guarantor is a party or by which it or its property is a party or by which it may be bound.

 

3.03     No Default. After giving effect to this Amendment, no event has occurred and is continuing that constitutes a Default or an Event of Default.

 

3.04     References to the Credit Agreement. The Credit Agreement, each of the Other Documents, and any and all other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof, or pursuant to the terms of the Credit Agreement as amended hereby, are hereby amended so that any reference therein to the Credit Agreement shall mean a reference to the Credit Agreement as amended by this Amendment.

 

3.05     Credit Agreement Remains in Effect. The Credit Agreement and the Other Documents remain in full force and effect and Borrowers ratify and confirm their agreements and covenants contained therein. Borrowers hereby confirm that, after giving effect to this Amendment, no Event of Default or Default has occurred and is continuing. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or the Lenders under any of the Other Documents, nor constitute a waiver of any provision of any of the Other Documents.

 

3.06     Submission of Amendment. The submission of this Amendment to the parties or their agents or attorneys for review or signature does not constitute a commitment by Agent or the Lenders to modify any of their respective rights and remedies under the Other Documents, and this Amendment shall have no binding force or effect until all of the conditions to the effectiveness of this Amendment have been satisfied as set forth herein.

 

3.07     Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

 

 

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3.08     Counterparts. This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument.

 

3.09     Headings. The headings, captions and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.

 

3.10     Expenses of Agent. Borrowers agree to pay on demand all costs and expenses reasonably incurred by Agent in connection with the preparation, negotiation and execution of this Amendment, including, without limitation, the costs and fees of Agent’s legal counsel.

 

3.11     NO ORAL AGREEMENTS. THIS AMENDMENT, TOGETHER WITH THE OTHER DOCUMENTS AS WRITTEN, REPRESENTS THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

[Signature Pages Follow]

 

 

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IN WITNESS WHEREOF, the parties have entered into this Amendment by their respective duly authorized officers as of the date first above written.

 

	
 
	
BORROWERS:

 

ENSERVCO CORPORATION,
a Delaware corporation

 

By:                                                                                    
Name: Rick D. Kasch
Title: President

 

DILLCO FLUID SERVICE, INC.,
a Kansas corporation

 

By:                                                                                       
Name: Rick D. Kasch
Title: President

 

HEAT WAVES HOT OIL SERVICE LLC,
a Colorado limited liability company

 

By:                                                                                     
Name: Rick D. Kasch
Title: Manager

 

Third Amendment to Amended and Restated Revolving Credit and Security Agreement

 

 

 

 

	
 
	
AGENT:

 

PNC BANK, NATIONAL ASSOCIATION,
as Agent

 

By:                                                                                 
Name: Mark Tito
Title: Vice President

 

SOLE LENDER:

 

PNC BANK, NATIONAL ASSOCIATION

 

By:                                                                                     
Name: Mark Tito
Title: Vice President

 

 

Third Amendment to Amended and Restated Revolving Credit and Security AgreementEX-10.1

 Exhibit 10.1 

SECOND AMENDMENT 
 TO

 THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

This Second Amendment to Third Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into as of
August 11, 2015, by and among Silicon Valley Bank (“Bank”), RingCentral, Inc., a Delaware corporation (“RingCentral”), RCLEC, Inc., a Delaware corporation (“RCLEC”), RingCentral Florida, LLC, a Delaware limited
liability company (“RingCentral Florida”), and RCVA, Inc., a Virginia corporation (“RCVA” and together with RingCentral, RCLEC and RingCentral Florida, individually and collectively, jointly and severally, “Borrower”)
whose address is 20 Davis Drive, Belmont, CA 94002. 
 RECITALS 

A. Bank and Borrower have entered into that certain Third Amended and Restated Loan and Security Agreement dated as of March 30,
2015, as amended by that certain First Amendment to Third Amended and Restated Loan and Security Agreement by and among Bank, RingCentral and RCLEC dated as of June 30, 2015 (as the same may from time to time further be amended, modified,
supplemented or restated, the “Loan Agreement”). 
 B. Bank has extended credit to Borrower for the purposes permitted in
the Loan Agreement. 
 C. Borrower has requested that Bank amend the Loan Agreement to extend the maturity date as more fully set
forth below. 
 D. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with
the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1.
Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

2. Amendment to Loan Agreement. 

2.1 Section 13 (Definitions). The following term and its definition set forth in Section 13.1 are amended in their
entirety and replaced with the following: 
 “Revolving Line Maturity Date” is August 14, 2017. 

3. Limitation of Amendment. 

  
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 3.1 The amendment set forth in Section 2, above, is effective for the purposes set
forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy
which Bank may now have or may have in the future under or in connection with any Loan Document. 
 3.2 This Amendment shall be
construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall
remain in full force and effect. 
 4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby
represents and warrants to Bank as follows: 
 4.1 Immediately after giving effect to this Amendment (a) the representations and
warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as
of such date), and (b) no Event of Default has occurred and is continuing; 
 4.2 Borrower has the power and authority to
execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3 The
organizational documents of Borrower most recently delivered to Bank remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, have been duly authorized; 
 4.5 The execution and delivery by Borrower of this Amendment
and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any material contractual restriction
with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on Borrower, except as already has been obtained or made; and 
 4.7 This Amendment has been duly executed and
delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, 

  
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except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to
or affecting creditors’ rights. 
 5. Integration. This Amendment and the Loan Documents represent the entire agreement about
this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into
this Amendment and the Loan Documents. 
 6. Counterparts. This Amendment may be executed in any number of counterparts and
all of such counterparts taken together shall be deemed to constitute one and the same instrument. 
 7. Effectiveness. This
Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, (b) Borrower’s payment of a facility fee in the amount of Twenty-Three Thousand Dollars ($23,000), and
(c) payment of Bank’s legal fees and expenses in connection with the negotiation and preparation of this Amendment (which fees and expenses for the documentation and negotiation of this Amendment will not exceed Two Thousand Dollars
($2,000) as of the date hereof so long as there are no more than three (3) turns of the Amendment). 
 [Signature page follows.] 

  
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 IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed and delivered as of the date first written above. 
  

											
	BANK	  		  		  	BORROWER
				
	Silicon Valley Bank	  		  		  	RingCentral, Inc.
						
	By:	  	 /s/ Charles Thor
	  		  		  	By:	  	 /s/ Clyde Hosein

											
	Name:	  	Charles Thor	  		  		  	Name:	  	Clyde Hosein
	Title:	  	Vice President	  		  		  	Title:	  	CFO

  

											
		  		  		  		  	RCLEC, Inc.
						
		  		  		  		  	By:	  	 /s/ Mitesh Dhruv

											
		  		  		  		  	Name:	  	Mitesh Dhruv
		  		  		  		  	Title:	  	VP Finance and CFO

  

											
		  		  		  		  	RingCentral Florida, LLC
						
		  		  		  		  	By:	  	 /s/ Mitesh Dhruv

											
		  		  		  		  	Name:	  	Mitesh Dhruv
		  		  		  		  	Title:	  	VP Finance and Secretary

  

											
		  		  		  		  	RCVA, Inc.
						
		  		  		  		  	By:	  	 /s/ Mitesh Dhruv

											
		  		  		  		  	Name:	  	Mitesh Dhruv
		  		  		  		  	Title:	  	VP Finance and CFO

 [Signature Page to Second Amendment to 

Third Amended and Restated Loan and Security Agreement]

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