Document:

Ex. 10.1 - Note Purchase Agreement Amendment

    Exhibit
      10.1

    

    INSITUFORM
      TECHNOLOGIES, INC.

     

    ___________________________________

     

    
THIRD
      AMENDMENT

    TO

    NOTE
      PURCHASE AGREEMENT

     

    
      
      

    

    Dated
      as
      of March 28, 2007

    

     

    ___________________________________

     

    Re:
      Note
      Purchase Agreement dated as of April 24, 2003

    and

    $65,000,000
      Senior Notes, Series 2003-A,

    Due
      April 24, 2013

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    THIRD
      AMENDMENT 
      TO

      NOTE
        PURCHASE AGREEMENT

    

     

    THIS
      THIRD AMENDMENT TO NOTE PURCHASE AGREEMENT dated as of March 28, 2007 (the
      or
      this “Third Amendment”) is between INSITUFORM TECHNOLOGIES, INC., a
      Delaware corporation (the “Company”), and each of the institutions
      holding a Note (as hereinafter defined) and party hereto (collectively, the
      “Noteholders”).

     

    Recitals:

     

        A.    The
      Company entered into the Note Purchase Agreement dated as of April 24, 2003
      (as amended, supplemented or otherwise modified through the date hereof, the
      “Note
      Agreement”),
      pursuant to which the Company issued its 5.29% Senior Notes, Series 2003-A,
      due April 24, 2013 in the original aggregate principal amount of
      $65,000,000 (as amended, supplemented or otherwise modified through the date
      hereof, the “Notes”).
      

     

        B.    The
      Company and the Noteholders now desire to amend the Note Agreement in the
      respects, but only in the respects, hereinafter set forth in order to reflect
      certain agreements between the Company and the Noteholders.

     

        C.    Capitalized
      terms used herein shall have the respective meanings ascribed thereto in the
      Note Agreement unless herein defined or the context shall otherwise
      require.

     

        D.    All
      requirements of law have been fully complied with and all other acts and things
      necessary to make this Third Amendment a valid, legal and binding instrument
      according to its terms for the purposes herein expressed have been done or
      performed.

     

    NOW,
      THEREFORE,
      upon
      the full and complete satisfaction of the conditions precedent to the
      effectiveness of this Third Amendment set forth in Section 3 hereof, and in
      consideration of good and valuable consideration the receipt and sufficiency
      of
      which is hereby acknowledged, the Company and the Noteholders do hereby agree
      as
      follows:

     

     SECTION
      1.        AMENDMENT TO THE NOTE
      AGREEMENT.

     

        Amendment
      to
      Schedule B (Definitions).
      Schedule
      B of the Note Agreement shall be and is hereby amended by amending the
      definition of “EBITDA”
      therein
      by adding a new clause (e) at the end thereof to read as follows: 

     

    “;
      plus
      (e) all non-recurring charges taken during the fiscal year ending December
      31,
      2007 relating to the discontinuance/disposition of the tunneling business of
      the
      Company and its Subsidiaries to the extent deducted in determining Consolidated
      Net Income for such period;
      provided that
      the
      aggregate pretax amount of such charges included in EBITDA pursuant to this
      clause (e) shall not exceed $34,200,000.”

     

    SECTION 2.     REPRESENTATIONS
      AND WARRANTIES OF THE COMPANY.

     

    To
      induce
      the Noteholders to execute and deliver this Third Amendment, the Company
      represents and warrants (which representations shall survive the execution
      and
      delivery of this Third Amendment) to the Noteholders that:

     

    (a)    this
      Third Amendment has been duly authorized, executed and delivered by it and
      this
      Third Amendment constitutes the legal, valid and binding obligation, contract
      and agreement of the Company enforceable against it in accordance with its
      terms, except as enforcement may be limited by bankruptcy, insolvency,
      reorganization, moratorium or similar laws or equitable principles relating
      to
      or limiting creditors’ rights generally;

     

    (b)    the
      Note
      Agreement, as amended by this Third Amendment, constitutes the legal, valid
      and
      binding obligation, contract and agreement of the Company enforceable against
      it
      in accordance with its terms, except as enforcement may be limited by
      bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable
      principles relating to or limiting creditors’ rights generally;

     

    (c)    the
      execution, delivery and performance by the Company of this Third Amendment
      (i) has been duly authorized by all requisite corporate action and, if
      required, shareholder action, (ii) does not require the consent or approval
      of any governmental or regulatory body or agency, and (iii) will not
      (A) violate (1) any provision of law, statute, rule or regulation or
      its certificate of incorporation or bylaws, (2) any order of any court or
      any rule, regulation or order of any other agency or government binding upon
      it,
      or (3) any provision of any material indenture, agreement or other
      instrument to which it is a party or by which its properties or assets are
      or
      may be bound, or (B) result in a breach or constitute (alone or with due
      notice or lapse of time or both) a default under any indenture, agreement or
      other instrument referred to in clause (iii)(A)(3) of this Section 2(c),
      other than any violation, breach or default which individually or in the
      aggregate could not reasonably be expected to have a Material Adverse Effect;
      

     

    (d)    as
      of the
      date hereof and after giving effect to this Third Amendment, no Default or
      Event
      of Default has occurred which is continuing;

     

     (e)    the
      financial statements of the Company for the fiscal year ended December 31,
      2006 furnished to you do not, nor does any written statement furnished by the
      Company to you in connection with the execution and delivery of this Third
      Amendment, contain any untrue statement of a material fact or omit to state
      any
      material fact necessary to make the statements contained therein not misleading
      in light of the circumstances under which they were made. There is no fact
      known
      to the Company which the Company has not disclosed to you in writing which
      could
      reasonably be expected to have a Material Adverse Effect; and

     

    (f)     The
      Company has not paid any consideration to any holder of indebtedness of the
      Company in connection with the transactions contemplated by this Third
      Amendment, except for (i) the legal fees of counsel to the holders of such
      indebtedness, and (ii) a fee of 5 bps paid to Bank of America, N.A. for the
      amendment to the Second Amended and Restated Credit Agreement dated as of March
      26, 2006 (the “Bank
      Credit Agreement”)
      between
      the Company and Bank of America, N.A. 

     

    
      	
              SECTION 3.

            	
              CONDITIONS
                TO EFFECTIVENESS OF THIS THIRD
                AMENDMENT.

            

    

     

    This
      Third Amendment shall become effective when each of the following conditions
      has
      been satisfied:

     

    (a)    executed
      counterparts of this Third Amendment, duly executed by the Company and the
      holders of at least 51% of the outstanding principal of the Notes, shall have
      been delivered to the Noteholders;

     

    (b)    executed
      copies of a consent to this Third Amendment shall have been duly executed by
      the
      Subsidiaries which are parties to the Subsidiary Guaranties; 

     

    (c)    the
      representations and warranties of the Company set forth in Section 2 hereof
      shall be true and correct on and with respect to the date hereof;

     

    (d)    the
      Company shall have paid a fee to each Noteholder in an amount equal to 5 bps
      of
      the outstanding principal amount of the Notes held by such
      Noteholder;

     

    (e)    the
      amendment to the Bank Credit Agreement dated March 28, 2007 shall have been
      duly executed and delivered by the parties thereto and such agreement shall
      be
      in form and substance satisfactory to each Noteholder executing this Third
      Ame  the
      Company shall have paid the fees, costs, expenses and disbursements of Chapman
      and Cutler LLP, special counsel to the Noteholders, incurred in connection
      with
      the consummation of the transactions contemplated by this Third
      Amendment.

     

    Upon
      receipt of all of the foregoing, this Third Amendment shall become effective.
      Delivery of this Third Amendment to the Company, duly executed by the holders
      of
      at least 51% of the outstanding principal amount of the Notes, shall acknowledge
      satisfaction of the foregoing conditions.  

     

    
      	
              SECTION 4.

            	
              MISCELLANEOUS.

            

    

     

    SECTION
      4.1.     The
      Company
      acknowledges and agrees that by agreeing to the amendments of the Note Agreement
      set forth herein, the Noteholders shall not be deemed to have waived any rights
      as on account of any Default or Event of Default which may at any time hereafter
      exist under the Note Agreement, which rights are hereby expressly reserved
      by
      the holders of the Notes.

     

    SECTION 4.2.    This
      Third Amendment shall be construed in connection with and as part of the Note
      Agreement, and except as modified and expressly amended by this Third Amendment,
      all terms, conditions and covenants contained in the Note Agreement and the
      Notes are hereby ratified and shall be and remain in full force and
      effect.

     

    SECTION 4.3.     Any
      and
      all notices, requests, certificates and other instruments executed and delivered
      after the execution and delivery of this Third Amendment may refer to the Note
      Agreement without making specific reference to this Third Amendment but
      nevertheless all such references shall include this Third Amendment unless
      the
      context otherwise requires.

     

    SECTION 4.4.    The
      descriptive headings of the various Sections or parts of this Third Amendment
      are for convenience only and shall not affect the meaning or construction of
      any
      of the provisions hereof.

     

    SECTION 4.5.    This
      Third Amendment shall be governed by and construed in accordance with Illinois
      law.

     

    [Signature
      Pages to Follow]

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      The
        execution hereof by you shall constitute a contract between us for the uses
        and
        purposes hereinabove set forth, and this Third Amendment may be executed
        in any
        number of counterparts, each executed counterpart constituting an original,
        but
        all together only one agreement.

       

      INSITUFORM
        TECHNOLOGIES, INC.

       

       

      By  
        /s/
        David A. Martin

             
        Its Vice President and Controller

      

       

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      

      Accepted
        and agreed to as of the date first written above:

       

      WACHOVIA
        CAPITAL MARKETS, LLC

      

      

      By  
         /s/
        Mark W. Ponder

             
        Mark W. Ponder

             
        Its Managing Director

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      

       

      Accepted
        and agreed to as of the date first written above:

       

      

      THE
        NORTHWESTERN MUTUAL LIFE 

      INSURANCE
        COMPANY

      

      

      By    /s/
        Richard A. Strait

              Richard
        A. Strait

                                                  Its
        Authorized
        Representative

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      Accepted
        and agreed to as of the date first written above:

       

      PRINCIPAL
        LIFE INSURANCE COMPANY

       

      By
        Principal Global Investors, LLC, a 

           
        Delaware limited liability company, its 

           
        Authorized Signatory

      

      

        By    /s/
          Debra Svoboda 

                 Debra
          Svoboda 

                 Its
          EPP Counsel

        

                

        By    /s/
          James C. Fifield 

                 James
          C. Fifield

                 Its
          Assistant General Counsel

                      

      

      

      MELLON
        BANK, N.A., solely
        in
        its capacity as 

           
        Custodian for the Aviva Life - Principal 

           
        Glob Priv Structured Settlements IMM ANN 

           
        (as directed by the Principal Global 

           
        Investors, LLC), and not in its individual 

           
        capacity (MAC & CO) - Nominee Name

      

       

      By    
        /s/
        Bernadette Rist 

              
        Bernadette Rist

              
        Its Authorized Signatory

              

                                     
 CALHOUN
&
CO.,
as
        nominee for Comerica 

                                                   
        Bank & Trust, National Association, Trustee 

                                                                                                                   
        to the Trust created by Trust Agreement 

                                                                                                                   
        dated October 1, 2002

       

       

                                                                                    
        By    
        /s/
        Annette Lawson 

                                                                                                                 Annette
        Lawson

      
           Its
          Attorney-in-Fact and Agent

      

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      Accepted
        and agreed to as of the date first written above:

      

      ASSURITY
        LIFE INSURANCE COMPANY

           
         (Successor in Interest to Security 

            
        Financial Life Insurance Co.)

       

      

      By    /s/
        Victor D. Weber 

                Victor
        D.
        Weber

      Its
        Senior Director - InvestmentsEx. 10/2 - First Amendment to Second Amended and Restated Credit Agreement

    Exhibit
      10.2

    
 

    FIRST
      AMENDMENT TO

    SECOND
      AMENDED AND RESTATED CREDIT AGREEMENT

    

    

    This
      FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) dated as of March 28, 2007, is among INSITUFORM TECHNOLOGIES,
      INC., a Delaware corporation (“Borrower”), each lender party thereto
      (collectively, “Lenders” and individually, a “Lender”), and BANK OF AMERICA,
      N.A., a national banking association, as Administrative Agent and L/C Issuer
      (“Agent”).

    

    WHEREAS,
      the Borrower, the Agent, and the Lenders are parties to that certain Second
      Amended and Restated Credit Agreement dated as of February 17, 2006 (the
“Original Credit Agreement”) (the Original Credit Agreement, as amended by this
      Amendment is referred to herein as the “Credit Agreement”);

    

    WHEREAS,
      the Borrower has requested that the Agent and the Lenders consent to certain
      amendments to the Note Purchase Agreement-2003 and to certain amendments to
      the
      Original Credit Agreement as more fully described herein; and

    

    WHEREAS,
      the Agent and the Lenders are willing to accede to such requests in reliance
      upon and in accordance with the terms, conditions, representations and
      warranties set forth in this Amendment.

    

    NOW,
      THEREFORE, in consideration of the mutual agreements herein and other sufficient
      consideration, the receipt of which is hereby acknowledged, the Borrower, the
      Agent and the Lenders hereby agree as follows:

     

    1.  Definitions.    Unless
      otherwise specifically defined herein, each term used herein which is defined
      in
      the Original Credit Agreement shall have the meaning assigned to such term
      in
      the Original Credit Agreement. Each reference to “hereof”, “hereunder”, “herein”
and “hereby” and each other similar reference and each reference to “this
      Agreement” and each other similar reference contained in the Original Credit
      Agreement shall from the date hereof refer to the Credit Agreement as amended
      hereby.

     

    2.  Effectiveness
      of Agreement.    The
      effectiveness of this Amendment is subject to the satisfaction and occurrence
      of
      the following conditions precedent:

     

    (a)  The
      Agent
      shall have received the following documents in form and substance satisfactory
      to the Agent:

     

    (i)  Executed
      counterparts of this Amendment;

     

    (ii)  Executed
      copies of a consent to this Amendment duly executed by each Guarantor party
      to
      the Master Guaranty;

     

    (iii)  An
      amendment to the Note Purchase Agreement-2003 (the “2003 NPA Amendment”), duly
      executed and delivered by the Borrower and the requisite noteholders thereunder
      needed to approve such amendments and such agreements shall be in form and
      substance satisfactory to the Agent and the Required Lenders; 

     

    (iv)  Copies
      of
      any certificates, documents, consents or opinions delivered by any Loan Party
      in
      connection with the 2003 NPA Amendment; and

     

    (v)  Such
      other assurances, certificates, documents, consents or opinions as the Agent
      reasonably may require.

     

    (b)  The
      Agent
      shall have received payment from Borrower of the amendment fee set forth in
      that
      certain fee letter dated as of the date hereof among the Borrower and the
      Agent.

     

    3.  Amendments
      to Credit Agreement.   
      Subject
      to the terms and conditions set forth in Section 2 hereof, the Credit Agreement
      is hereby amended as follows:

     

    (a)  The
      defined term “Note Purchase Agreement-2003” in Section 1.01 of the Credit
      Agreement is amended and restated in its entirety as follows:

     

    “Note
      Purchase Agreement-2003” means the Note Purchase Agreement dated as of April 24,
      2003, as amended to and including March 28, 2007, among the Borrower and other
      parties signatory thereto under which the Borrower issued certain 5.29% Senior
      Notes, Series 2003-A, due April 24, 2013, of $65,000,000 aggregate principal
      amount; provided,
      however,
      that,
      except with respect to Section
      8.01(e)
      of this
      Agreement (which is a cross default to other Indebtedness, including the Note
      Purchase Agreement-2003 as in effect from time to time), after March 28, 2007,
      no amendments to, or waivers of, the terms, conditions and definitions of the
      Note Purchase Agreement-2003 referred to or incorporated by reference herein
      shall be deemed to amend or waive such terms, conditions and definitions for
      purposes of this Agreement unless the Agent separately agrees or consents
      thereto hereunder. The terms, conditions and definitions referred to or
      incorporated by reference herein will survive termination, restatement or
      cancellation of the Note Purchase Agreement-2003 for purposes of this Agreement
      (other than Section
      8.01(e)).

     

    (b)  The
      Agent
      and the Lenders acknowledge and agree that the Indebtedness outstanding under
      the Note Purchase Agreement-1997 has been paid in full by the Borrower, and,
      notwithstanding anything to the contrary set forth in the Credit Agreement,
      the
      Borrower, the Agent and the Lenders agree that the Borrower shall have no
      further obligation under the Credit Agreement to comply with any terms or
      covenants incorporated by reference to the Note Purchase Agreement-1997. For
      the
      avoidance of doubt, the preceding sentence does not amend, modify or terminate
      any obligation of the Borrower under the Credit Agreement to comply with any
      terms or covenants incorporated by reference to the Note Purchase
      Agreement-2003. 

     

    4.  Waivers
      and Consents.   Subject
      to the terms and conditions set forth herein, the Agent and the Lenders hereby
      consent to the execution and delivery by the Borrower of the 2003 NPA Amendment.
      The consent contained in this Section 4
      is
      specific in intent and is valid only for the specific purpose for which given.
      Nothing contained herein obligates the Agent or the Lenders to agree to any
      additional consents.

     

    5.  Representations
      and Warranties of Borrower.  
      Borrower
      hereby represents and warrants to the Agent and the Lenders that (i) the
      Borrower’s execution of this Amendment has been duly authorized by all requisite
      action of the Borrower; (ii) no consents are necessary from any third parties
      for the Borrower’s execution, delivery or performance of this Amendment, (iii)
      each of this Amendment, the Credit Agreement and any other Loan Documents to
      which a Loan Party is a party constitute the legal, valid and binding
      obligations of such Loan Party, enforceable against such Loan Party in
      accordance with its terms, except to the extent that the enforceability thereof
      against such Loan Party may be limited by bankruptcy, insolvency or other laws
      affecting the enforceability of creditors rights generally or by equity
      principles of general application, (iv) the representations and warranties
      of
      the Borrower contained in Article 5 of the Credit Agreement are true and correct
      in all material respects on and as of the date hereof as if such representations
      and warranties had been made on and as of the date hereof, except to the extent
      such representations and warranties expressly relate to an earlier date, and
      (v)
      after giving effect to this Amendment, there is no Default or Event of Default
      under the Credit Agreement.

     

    6.  Expenses.  The
      Borrower agrees to pay all reasonable out of pocket expenses incurred by the
      Agent (including the reasonable fees, charges and disbursements of counsel
      for
      the Agent) in connection with the preparation, negotiation, execution, delivery
      and administration of this Amendment and the other Loan Documents in accordance
      with Section 10.04 of the Credit Agreement.

     

    7.  Governing
      Law.  This
      Amendment shall be governed by, and construed in accordance with, the law of
      the
      State of Missouri applicable to agreements made and to be performed entirely
      within such state; provided that Agent shall retain all rights arising under
      Federal law.

     

    8.  Section
      Titles.   
      The
      section titles in this Amendment are for convenience of reference only and
      shall
      not be construed so as to modify any provisions of this Amendment.

     

    9.  Counterparts;
      Facsimile Transmissions.   This
      Amendment may be executed in one or more counterparts and on separate
      counterparts, each of which shall be deemed an original, but all of which
      together shall constitute one and the same instrument. Signatures to this
      Amendment may be given by facsimile or other electronic transmission, and such
      signatures shall be fully binding on the party sending the same.

     

    10.  Statutory
      Notice - Oral Commitments.   Nothing
      contained in the following notice shall be deemed to limit or modify the terms
      of the Loan Documents:

     

    ORAL
      AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM
      ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT
      ARE NOT ENFORCEABLE. TO PROTECT YOU (BORROWER) AND US (CREDITOR) FROM
      MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH
      MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE
      STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING
      TO MODIFY IT.

    

    

    [The
      remainder of this page is intentionally left blank.]

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      

      IN
        WITNESS WHEREOF, this Amendment has been duly executed as of the date first
        above written.

      

      INSITUFORM
        TECHNOLOGIES, INC. 

      
 

      By:      
           /s/
        David A. Martin     

      Name:   
        David
        A. Martin     

      Title:     
         Vice
        President and Controller  

      

      BANK
        OF
        AMERICA, N.A., as Administrative Agent

       

       

      By:        
        /s/
        Stephen Bode     

      Name:   
        Stephen
        Bode     

      Title:     
        Vice
        President  

      

      

      BANK
        OF
        AMERICA, N.A., as a Lender

       

      
 

      By:        
        /s/
        Stephen Bode     

      Name:   
        Stephen
        Bode     

      Title:     
        Vice
        President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}]]