Document:

Limited Waiver and Amendment of Purchase Agreement and Note, dated 3/12/2004

 EXHIBIT 10.68 
 [Execution Copy] 
  
 LIMITED WAIVER AND AMENDMENT 
 OF PURCHASE AGREEMENT AND NOTE 
  
 1.    Reference is made to that certain Securities
Purchase Agreement, dated as of July 18, 2003, as amended by that certain Limited Waiver, dated as of July 18, 2003 (as amended, the “Purchase Agreement”), by and between IMPCO TECHNOLOGIES, INC. (the “Company”) and
BISON CAPITAL STRUCTURED EQUITY PARTNERS, LLC (“Bison”). Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Purchase Agreement. 
  
 2.    The Company has informed Bison that, as of December
31, 2003, the following Events of Default have occurred (collectively, the “Specified Events of Default”): (a) failure to satisfy Section 9.18(a) of the Purchase Agreement (Minimum Consolidated EBITDA) for FQ4 2003 and (b) failure
to satisfy Section 9.18(b) of the Purchase Agreement (Consolidated Leverage Ratio) for FQ4 2003. 
  
 3.    At the request of the Company, Bison hereby (a) waives each of the Specified Events of Default, (b) agrees that the Company
shall be deemed to be in compliance with Sections 9.18(a) and 9.18(b) of the Purchase Agreement at and for the period ended December 31, 2003, (c) agrees that, for purposes of determining compliance with Sections 9.18(a) and 9.18(b) of the Purchase
Agreement (i) for the first quarters of 2004, Consolidated EBITDA of the Company for the fourth quarter of 2003 shall be deemed to be $500,000 and (ii) for the second, third and fourth quarters of 2004, Consolidated EBITDA of the Company for the
fourth quarter of 2003 shall be deemed to be $1,000,000, and (d) agrees that, to the extent Bison elects to accelerate the Note in connection with an Event of Default under Section 10.1(i)(b) that occurs during 2004, such acceleration shall not be
effective until January 1, 2005 or such later date as determined by Bison in its sole discretion. 
  
 4.    In consideration of the limited waivers set forth herein, the Company hereby covenants and agrees as follows: 
  
 (a)    The Company shall pay to Bison a cash pay waiver
fee equal to $150,000, which amount represents the accrued default interest calculated at the default rate of interest under the Purchase Agreement from December 2003 through and including March 2004. Such cash pay waiver fee shall be due and
payable on March 15, 2004, in immediately available funds and shall be fully earned on the date hereof and non-refundable when paid. Any failure by the Company to pay such waiver fee as set forth in this Paragraph 4(a) shall be an immediate Event of
Default under the Purchase Agreement. 
  
 (b)    The Company shall pay to Bison a PIK waiver fee equal to $100,000, which amount shall be capitalized and added to the principal of the Note on the date hereof (and the principal amount of the Note shall be deemed
increased accordingly). Such PIK waiver fee shall be fully earned and non-refundable on the date hereof. 

 (c)    The interest rate on the Note shall be deemed to be amended as
follows: 
  
 (i)    to the extent that the
Consolidated EBITDA of the Company for the period of four consecutive fiscal quarters of the Company ending on the second fiscal quarter of 2004 (without giving effect to Paragraph 3(c) hereof) is less than $6,250,000, during such fiscal quarter,
the interest rate shall be increased by 4.50% (to a total interest rate of 15.75%), which increased interest amount shall be capitalized and added to the principal of the Note on the date that interest is otherwise payable on the Note; 

 
 (ii)    to the extent that the Consolidated EBITDA
of the Company for the period of four consecutive fiscal quarters of the Company ending on the third fiscal quarter of 2004 (without giving effect to Paragraph 3(c) hereof) is less than $7,750,000, during such fiscal quarter, the interest rate shall
be increased by 6.00% (to a total interest rate of 17.25%), which increased interest amount shall be capitalized and added to the principal of the Note on the date that interest is otherwise payable on the Note; and 
  
 (iii)    to the extent that the Consolidated EBITDA of
the Company for the period of four consecutive fiscal quarters of the Company ending on the fourth fiscal quarter of 2004 (without giving effect to Paragraph 3(c) hereof) is less than $10,000,000, during such fiscal quarter, the interest rate shall
be increased by 7.50% (to a total interest rate of 18.75%), which increased interest amount shall be capitalized and added to the principal of the Note on the date that interest is otherwise payable on the Note. 
  
 5. This Limited Waiver and Amendment of Purchase Agreement and Note (this
“Limited Waiver”) shall become effective on the date on which Bison receives each of the following: 
  

	 	(a)	a counterpart hereof duly executed by the Company; 

  

	 	(b)	a counterpart hereof duly executed by the Senior Lender; 

  

	 	(c)	a copy of a fully executed waiver by the Senior Lender, in form and substance reasonably satisfactory to Bison, of all defaults or events of defaults existing under the Senior
Credit Documents, directly or indirectly, as a result of the circumstances giving rise to the Specified Events of Default; and 

  

	 	(d)	an executed Compliance Certificate for fiscal year 2003 (after giving effect to this Limited Waiver). 

  
 6.    The limited waivers set forth herein shall be limited expressly as written and relate solely to
the Specified Events of Default. Nothing in this Limited Waiver shall be deemed to (a) constitute a waiver of compliance by the Company with respect to (i) Section 9.18(a) or 9.18(b) of the Purchase Agreement in any other instance or on any other
date or (ii) any other term, provision or condition of the Purchase Agreement or any other Transaction Document, (b) 
  

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 constitute a waiver of any Default or Event of Default other than as expressly set forth herein or (c) prejudice any
right or remedy that Bison may now have or may have in the future under or in connection with the Purchase Agreement or any other Transaction Document. Except as expressly waived herein or amended hereby, the terms, provisions and conditions of the
Purchase Agreement and the other Transaction Documents, including the Liens granted thereunder, shall remain in full force and effect. The Company, on behalf of each of the Credit Parties, hereby confirms that the Purchase Agreement, the other
Transaction Documents and all of the Obligations are in full force and effect and in all other respects are hereby ratified and confirmed and none of the Credit Parties has any defenses, setoffs or counterclaims to the Obligations. 
  
 7.    This Limited Waiver is a Transaction Document. From
and after the date hereof, all references in the Transaction Documents to the Purchase Agreement or the Note shall mean the Purchase Agreement or the Note, as applicable, as amended hereby. 
  
 8.    This Limited Waiver may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. 
  
 9.    The Company agrees to promptly reimburse Bison on
demand for all fees and out-of-pocket costs and expenses, including the fees, out-of-pocket costs and expenses of counsel retained by Bison in connection with the negotiation and documentation of this Limited Waiver, and such amounts shall
constitute part of the Obligations. 
  
 10.    THIS LIMITED WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE
GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 
  
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Limited Waiver and Amendment to Purchase
Agreement and Note to be executed by their duly authorized representatives as of March 12, 2004. 
  

			
	
	 BISON CAPITAL STRUCTURED EQUITY
 PARTNERS,
LLC, a Delaware limited liability company

		
	By:	  	/s/    DOUGLAS B. TRUSSLER
	 	 	

	 	  	 Name: Douglas B. Trussler
 Title: Executive Vice
President

	
	 IMPCO TECHNOLOGIES, INC.,
 a Delaware
corporation

		
	By:	  	/s/    NICKOLAI A. GERDE
	 	 	

	 	  	 Name: Nickolai A. Gerde
 Title: Vice President &
CFO

  
 The undersigned is (a) the
Agent for the Lenders party to that certain Loan and Security Agreement, dated as of July 18, 2003 (as amended, the “Senior Credit Agreement”), among the Agent, the Lenders from time to time a party thereto and the Company, and (b)
a party to that certain Subordination and Intercreditor Agreement, dated as of July 18, 2003 (as amended, the “Intercreditor Agreement”), among Bison, the Company and the undersigned. Pursuant to the Senior Credit Agreement and the
Intercreditor Agreement, the undersigned hereby consents to the execution, delivery and performance by the Company and Bison of the foregoing Limited Waiver and Amendment of Purchase Agreement and Note as of March 12, 2004. 
  

			
	
	 LASALLE BUSINESS CREDIT, LLC,
 as
Agent

		
	By:	  	/s/    ALAN J. MILLER
	 	 	

	 	  	 Name: Alan J. Miller
 Title: Vice
PresidentAmendment and Waiver Agreement, dated 3/12/2004

 EXHIBIT 10.69 
  
 AMENDMENT AND WAIVER AGREEMENT 
  
 AGREEMENT, dated March 12, 2004, by and among LASALLE BUSINESS CREDIT, LLC, a Delaware limited liability company
(“LaSalle”), with its principal office at 135 South LaSalle Street, Chicago, Illinois 60603, the financial institutions which from time to time become a party to the Loan Agreement, hereinafter defined (collectively, the
“Lenders” and individually, a “Lender”), LaSalle as agent for Lenders (in such capacity, “Agent”), and IMPCO TECHNOLOGIES, INC., a Delaware corporation, with its principal office at 16804
Gridley Place, Cerritos, California 90703 (“Borrower”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, Borrower
and LaSalle as Lender and Agent, are parties to a Loan and Security Agreement dated as of July 18, 2003 (as amended, modified and/ or supplemented, the “Loan Agreement”) (all capitalized terms which are used herein and which are
defined in the Loan Agreement and not otherwise defined herein, shall have the respective meanings ascribed thereto in the Loan Agreement), pursuant to which Lenders have agreed, upon satisfaction of certain conditions, to make Revolving Advances
and other financial accommodations to Borrower in the aggregate principal amount not to exceed $12,000,000; 
  
 WHEREAS, Borrower has advised Lenders and Agent that as of December 31, 2003, it will not be in compliance with the following financial covenants: (a)
Section 14(p)(ii), due to its failure to maintain a Minimum Consolidated EBITDA of $4,000,000 as of December 31, 2003; (b) Section 14(p)(iii), due to its failure to maintain a Fixed Charge Coverage Ratio of not less than 0.25:1.00 as of December 31,
2003; and (c) Section 14(p)(iv), due to its failure to maintain a Consolidated Leverage Ratio not to exceed 8.45:1:00 as of December 31, 2003 (the foregoing are collectively referred to as the “Financial Covenant Non-Compliance”);
and 
  
 WHEREAS, Borrower has requested that Lenders and Agent:
agree to: (a) waive the Financial Covenant Non-Compliance, and (b) amend the Loan Agreement in certain respects, and Lenders and Agent are willing to so agree to waive the Financial Covenant Non-Compliance and to so amend the Loan Agreement, all on
the terms and subject to the conditions hereinafter set forth; 
  
 NOW THEREFORE, the parties hereto agree as follows: 
  
 1.    Amendment to Loan Agreement. Effective upon the Effective Date (as hereinafter defined), Clause (xv) of the definition of “Eligible Account” contained Section 1(a) of the Loan Agreement is hereby
deleted in its entirety and the following is inserted in lieu thereof: 
  
 “(xv) it is not an Account which, when added to a particular Account Debtor’s other indebtedness to Borrower, exceeds fifteen percent (15%) of the aggregate of Borrower’s Accounts (except with respect to: (A) Accounts due
from UPS Oasis Supply, in which case, such percentage limit shall be 25%, (B) Accounts due 

 from Mitsubishi Caterpillar Forklift America, Inc., in which case, such percentage limit shall be 40%,
and (C) Accounts due from NACCO Materials Handling Group Incorporated, in which case, such percentage limit shall be 40% ); provided, however, that Accounts excluded from Eligible Accounts solely by reason of this subparagraph (xv)
shall be Eligible Accounts to the extent of such concentration limit;” 
  
 2.    Waiver. 
  
 (a) Effective as of the Effective Date, Lenders and Agent hereby waive the Financial Covenant Non-Compliance. 
  
 (b) The waiver granted herein is given solely for the specific purpose and solely in respect of compliance by Borrower with the Financial Covenants set
forth in Sections 14(p)(ii), (iii) and (iv) of the Loan Agreement, with respect to its fiscal quarter ended December 31, 2003. Nothing contained herein or in this Agreement shall constitute a waiver by Lenders or Agent of any other term or provision
of the Loan Agreement or the Other Documents, whether or not Lenders or Agent have any knowledge thereof, nor shall anything contained herein be deemed a waiver by Lenders or Agent of any non-compliance with the terms or provisions of the Loan
Agreement or the Other Agreements which may occur after the Effective Date. 
  
 3.    Acknowledgments and Confirmations. 
  
 Borrower, Lenders and Agent hereby acknowledge and confirm that: (i) all references in the Loan Agreement to “this Agreement” shall, without
limitation, be deemed to refer to the Loan Agreement, as amended hereby; and (ii) all references in each of the Other Agreements to the “Loan Agreement” shall, without limitation, be deemed to refer to the Loan Agreement, as amended
hereby. 
  
 4.    Representations and
Warranties. Borrower hereby represents and warrants to Lenders and Agent, that: 
  
 (a) Each of the representations and warranties set forth in Section 13 of the Loan Agreement is true in all material respects as of the date hereof, except for changes in the ordinary course of business, which, either
singly or in the aggregate, are not materially adverse to the business or financial condition of Borrower or to the Collateral. 
  
 (b) As of the date hereof, after giving effect to the terms of this Agreement, there exists no Default or Event of Default. 
  
 (c) Borrower has the power to execute, deliver and perform this Agreement.
and all agreements, instruments and documents executed in connection herewith (this Agreement and such other agreements, instruments are documents are sometimes hereinafter referred to collectively as the “Amendment Documents”).
Borrower has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Amendment Documents. No consent or approval of any entity or Person (including, without limitation, any shareholder of
Borrower), no consent or approval of any landlord or mortgagee, no waiver of any 
  

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 Lien or right of distraint or other similar right and no consent, license, approval, authorization or declaration of any
governmental authority, bureau or agency, is required in connection with the execution, delivery or performance by Borrower, or the validity or enforcement, of this Agreement or the other Amendment Documents. 
  
 (d) The execution and delivery by Borrower of this Agreement and the other
Amendment Documents and performance by it hereunder and thereunder, will not violate any provision of law and will not conflict with or result in a breach of any order, writ, injunction, ordinance, resolution, decree, or other similar document or
instrument of any court or governmental authority, bureau or agency, domestic or foreign, or the certificate of incorporation or by-laws of Borrower, or create (with or without the giving of notice or lapse of time, or both) a default under or
breach of any agreement, bond, note or indenture to which Borrower is a party, or by which it is bound or any of its properties or assets is affected (including, without limitation, the Subordinated Debt Documents), or result in the imposition of
any Lien of any nature whatsoever upon any of the properties or assets owned by or used in connection with the business of Borrower, other than the Liens contemplated by this Agreement. 
  
 (e) This Agreement and the other Amendment Documents have been duly executed and delivered by Borrower and constitute the
valid and legally binding obligation of Borrower, enforceable in accordance with their respective terms. 
  
 5.    Conditions to Effectiveness of Amendment and Waiver. The effectiveness of the amendment and waiver contained in this
Agreement, shall be subject to the fulfillment (to the satisfaction of Agent and Lenders) of the following conditions precedent (the “Effective Date”): 
  
 (a) Borrower shall have executed and delivered to Agent, this Agreement. 
  
 (b) Borrower shall have delivered to Agent a copy of a waiver from Bison
Capital Structured Equity Partners, LLC, which waiver shall be in form and substance satisfactory to Lenders and Agent. 
  
 (c) Borrower shall have delivered to Agent a certificate of an Executive Officer, certifying as to resolutions of the Board of Directors of Borrower
authorizing the execution, delivery and performance of this Agreement, all agreements, instruments and documents executed in connection therewith and the transactions contemplated hereby and thereby. 
  
 (d) Borrower shall have executed and delivered to Agent all agreements,
instruments and documents reasonably requested by Agent in connection with this Agreement. 
  
 (e) All legal matters incident to this Agreement shall be reasonably satisfactory to Lenders, Agent and their counsel. 
  
 (f) Borrower shall have paid to the Agent, a $20,000 waiver and amendment fee. 
  
 6.    Further Assurances. Borrower agrees that it will, from time to time, execute and/or deliver
all agreements, instruments and documents and do and perform all actions and 
  

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 things (all at Borrower’s expense) as Agent shall reasonably request to carry out the intent and
terms of this Agreement. 
  
 7.    Release
of Borrower’s Claims. 
  
 (a) Borrower and its legal
representatives, successors and assigns, agree to and hereby do RELEASE, ACQUIT and FOREVER DISCHARGE, Lenders and Agent (including, without limitation, all affiliated entities, divisions, subsidiaries, direct and indirect parent corporations and
holding companies) and their respective officers, directors, shareholders, employees, trustees, substitute trustees, agents and attorneys, past and present (the “Indemnified Lender Parties”), from all of Borrower’s Claims, as
defined in Paragraph 7(b) below. 
  
 (b) As used in Paragraph 7(a)
above, the term “Borrower’s Claims” means any and all possible claims, disputes, obligations, demands, actions, causes of action, costs, expenses and liabilities whatsoever, known or unknown, at law or in equity, to the extent
originating on or before the date hereof, which Borrower may now or hereafter have against Lenders or Agent or any of the other Indemnified Lender Parties, if any, and irrespective of whether any such Borrower’s Claims arise out of contract,
tort, violation of laws, or regulations, or otherwise, which arise out of, are connected with, related to, or concern in any way any of this Agreement, the Loan Agreement or the Other Agreements (or the transactions contemplated thereby) or the
Collateral, or which arise out of, are connected with, related to, or concern in any way, any action, inaction, performance, non-performance, representation, transaction, or occurrence involving or in any way related to this Agreement, the Loan
Agreement or the Other Agreements (or the transactions contemplated thereby) or the Collateral. 
  
 8.    Miscellaneous. 
  
 (a) Nothing contained herein shall impose an obligation on Lenders or Agent to further amend the Loan Agreement or waive compliance with any other
provision. 
  
 (b) The waiver herein granted in Section 2 above
shall be effective only with respect to the Financial Covenant Non-Compliance and for no other purpose whatsoever. The waiver contained herein shall not be deemed to be a waiver of any future or other deviation of any provision of the Loan
Agreement. Except as set forth herein, none of Lenders nor Agent waive any breach of, or Default or Event of Default under, the Loan Agreement, nor any right or remedy, Lenders or Agent may have under the Loan Agreements, the Other Agreements or
applicable law, all of which rights and remedies are expressly reserved. 
  
 (c) Except as specifically amended herein, the Loan Agreement and the Other Agreements shall remain in full force and effect in accordance with their respective terms. 
  
 (d) No modification or waiver of or with respect to any provision of this
Agreement and all other agreements, instruments and documents delivered pursuant hereto or referred to herein, nor consent to any departure by any party hereto or thereto from any of the terms or conditions hereof or thereof, shall in any event be
effective, unless it shall be in writing and signed by each party hereto, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 
  

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 (e) This Agreement, together with all of the other agreements, instruments and documents referred to
herein, embodies the entire agreement and understanding among the parties hereto with respect to the subject matter hereof and thereof and supersedes all prior agreements and understandings relating to the subject matter hereof. 
  
 (f) Without in any way limiting Section 14(r) of the Loan Agreement, Borrower
shall pay all of Lenders’ and Agent’s fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby, including, without limitation, Lenders’ and Agent’s legal fees and expenses
incurred in connection with the preparation and, if required, the enforcement, of this Agreement and the other Amendment Documents. 
  
 (g) This Agreement may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were upon the same instrument.

  
 IN WITNESS WHEREOF, the parties hereto have duly
executed this Agreement as of the date first above set forth. 
  

			
	 LASALLE BUSINESS CREDIT, LLC,
 as a
Lender and as Agent
  

		
	By:	  	/s/    ALAN J. MILLER
	 	 	

	 	  	 Name: Alan J. Miller

	 	  	 Title: Vice President

  
  

			
	 IMPCO TECHNOLOGIES, INC.,
 as
Borrower
  

		
	By:	  	/s/    NICKOLAI A. GERDE
	 	 	

	 	  	 Name: Nickolai A. Gerde

	 	  	 Title: Vice President & CFO

  
  

			
	 CONSENTED TO:
  
 BISON CAPITAL STRUCTURED
 EQUITY PARTNERS,
LLC

		
	By:	  	/s/    DOUGLAS B. TRUSSLER
	 	 	

	 	  	 Name: Douglas B. Trussler

	 	  	 Title: Executive Vice President

  

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