Document:

First Supplemental Agreement, dated November 30, 2012

 Exhibit 10.4 
 F23.119 
 DATED 30 November 2012 

ERIS SHIPPING S.A. 
 (as borrower) 
 -and- 

PARAGON SHIPPING INC. 
 (as guarantor) 
 -and- 

HSBC BANK plc 
 (as lender) 
  
  

FIRST SUPPLEMENTAL AGREEMENT TO 
 A US$22,000,000 SECURED LOAN 
 FACILITY 

AGREEMENT DATED 02 JULY 2010 
  

 
  
 

 

 CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 1
	  	 Interpretation
	  	 	3	  
			
	 2
	  	 Conditions
	  	 	4	  
			
	 3
	  	 Representations and Warranties
	  	 	6	  
			
	 4
	  	 Amendments to the Loan Agreement and the Security Documents
	  	 	6	  
			
	 5
	  	 Confirmation and Undertaking
	  	 	12	  
			
	 6
	  	 Communications, Law and Jurisdiction
	  	 	13	  
		
	 Schedule
	  	 	9	  
		  	 Effective Date Confirmation
	  	 	9	  

 FIRST SUPPLEMENTAL AGREEMENT 
 Dated: 30 November 2012 
 BETWEEN: 

 

	(1)	ERIS SHIPPING S.A., a company incorporated according to the law of the Republic of Liberia whose registered address is at 80 Broad Street, Monrovia, Republic of
Liberia (the “Borrower”); and 

  

	(2)	PARAGON SHIPPING INC., a company incorporated according to the law of the Republic of the Marshall Islands whose registered address is at Trust Company Complex,
Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 acting as guarantor and managers (the “Guarantor”); and 

  

	(3)	HSBC BANK plc, having its registered office at 8 Canada Square, London, E14 5HQ, England, acting through its office at 93 Akti Miaouli, GR-185 38 Piraeus, Greece
(the “Lender”). 

 SUPPLEMENTAL TO a secured loan facility agreement dated 02 July 2010 (the
“Loan Agreement”) made between the Borrower and the Lender, on the terms and subject to the conditions of which the Lender agreed to advance to the Borrower an aggregate amount not exceeding twenty two million Dollars ($22,000,000)
(the “Loan”). 
 WHEREAS: 
  

	(A)	The Borrower has requested the consent of the Lender to, amongst other things amend clauses 11.13 (Additional Security) and 13.2 (Financial covenants) of
the Loan Agreement as more particularly described in this First Supplemental Agreement. 

  

	(B)	In consideration of the Lender consenting to the above amendments, the Borrower has agreed to amend the definition of Margin contained in clause 1.1 of the Loan
Agreement. 

  

	(C)	Accordingly, the Borrower, the Guarantor and the Lender have agreed to amend and supplement the Loan Agreement on the terms and conditions set forth in this First
Supplemental Agreement. 

  

	(D)	The outstanding balance of the Loan on the date of this First Supplemental Agreement is eighteen million four hundred thousand Dollars ($18,400,000).

  
 2 

 IT IS AGREED THAT: 

 

	1	Interpretation 

  

	 	1.1	In this First Supplemental Agreement:- 

  

	 	1.1.1	“Additional Security Documents” means this First Supplemental Agreement, the English Account Charge, the Greek Account Charge and the Side Letter and
“Additional Document” means any one of them. 

  

	 	1.1.2	“English Account Charge” means the deed of charge in respect of the Earnings Account to be executed by the Borrower as security for the payment of the
Indebtedness, in such form and containing such terms and conditions as the Lender shall require referred to in clause 11.1.6 (Security Documents) of the Loan Agreement. 

 

	 	1.1.3	“Greek Account Charge” means the first priority accounts assignment, pledge and charge agreement or agreements in respect of the Earnings Account to be
executed by the Borrower as security for the payment of the Indebtedness, in such form and containing such terms and conditions as the Lender shall require referred to in clause 11.1.5 (Security Documents) of the Loan Agreement.

  

	 	1.1.4	“Effective Date” means the date of this First Supplemental Agreement. 

 

	 	1.1.5	“First Supplemental Agreement” means the Agreement contained herein. 

 

	 	1.1.6	“Side Letter” means the side letter entered or to be entered between the Borrower, the Guarantor and the Lender. 

 

	 	1.2	In this First Supplemental Agreement “Security Parties” means the Borrower and the Guarantor and “Security Party” means any one of
them. 

  

	 	1.3	All words and expressions defined in the Loan Agreement shall have the same meaning when used in this First Supplemental Agreement unless the context otherwise
requires, and clause 1.2 of the Loan Agreement shall apply to the interpretation of this First Supplemental Agreement as if it were set out in full. 

  
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	2	Conditions 

  

	 	2.1	Conditions Precedent As conditions for the agreement of the Lender to the requests specified in Recital (A) above and for the effectiveness of Clause 4, the
Borrower and the Guarantor shall deliver or cause to be delivered to or to the order of the Lender the following documents and evidence: 

  

	 	2.1.1	a certificate from a duly authorised officer of each Security Party confirming that none of the documents delivered to the Lender pursuant to clause 3.1 and schedule 1,
part I, 1 (a), (c), (d), (e) and (g) of the Loan Agreement have been amended or modified in any way since the date of their delivery to the Lender, or copies, certified by a duly authorised officer of the Security Party in question as
true, complete, accurate and neither amended nor revoked, of any which have been amended or modified; 

  

	 	2.1.2	the original resolution of the directors of each Security Party and the resolution of the shareholders of that Security Party (together, where appropriate, with signed
waivers of notice of any directors’ or shareholders’ meetings) approving, and authorising or ratifying the execution of, this First Supplemental Agreement, the English Account Charge, the Greek Account Charge and the Side Letter (as
applicable) and any further documents to be executed by each Security Party pursuant to this First Supplemental Agreement, the English Account Charge, the Greek Account Charge and the Side Letter; 

 

	 	2.1.3	a legalised power of attorney of each Security Party under which this First Supplemental Agreement, the English Account Charge, the Greek Account Charge and the Side
Letter and any documents required pursuant to them are to be executed by that Security Party; 

  

	 	2.1.4	a certificate of good standing in respect of each Security Party; 

  

	 	2.1.5	the Additional Security Documents duly executed together with all other documents required by any of them; 

  
 4 

	 	2.1.6	confirmation satisfactory to the Lender that all legal opinions required by the Lender will be given substantially in the form required by the Lender;

  

	 	2.1.7	evidence that the process agent referred to in clause 22.5.1 of the Loan Agreement and any process agent appointed under any other Finance Document has accepted its
appointment as agent for service of process in relation to any proceedings before the English Courts in connection with the Additional Security Documents; 

  

	 	2.1.8	on the Effective Date summary table of amendments similar to those contained in this First Supplemental Agreement, also contained in other loan agreements of the Group
agreed or to be agreed no later than sixty (60) days from the Effective Date; 

  

	 	2.1.9	any further debt incurred by the Group, during the period commencing on 30 November 2012 and ending on 31 December 2013 (inclusive), is subject to such
Lender’s approval, such further debt to exclude existing, committed but undrawn (including committed pending documentation) and replacement loan facilities made available to the Group in respect of existing vessels and/or existing newbuildings
of the Group on the Effective Date; and 

  

	 	2.1.10	a copy of any other consent, licence, approval, authorisation or other document, opinion or assurance which the Lender considers to be necessary or desirable (if it has
notified the Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by any of the Relevant Documents or for the validity and enforceability of any of the Relevant Documents. 

 

	 	2.2	Conditions Subsequent The Borrower undertakes to deliver to the Lender within ninety (90) days after the date of this First Supplemental Agreement but by no
later than 28 February 2013, evidence satisfactory to the Lender in its discretion that the Guarantor has increased its equity by ten million Dollars ($10,000,000). 

 

	 	2.3	 No waiver If any of the documents and evidence required by Clauses 2.1 and 2.2 have not been delivered to or to the order of the Lender in
accordance therewith, the Borrower undertakes to deliver all outstanding documents and evidence to or to the 

  
 5 

	 	
order of the Lender no later than the date specified by the Lender, and delivery on such later date shall not be taken as a waiver of the Lender’s right to require production of all the
documents and evidence required by Clauses 2.1 and 2.2. 

  

	 	2.4	All documents and evidence delivered to the Lender pursuant to this Clause shall: 

 

	 	2.4.1	be in form and substance acceptable to the Lender; 

  

	 	2.4.2	be accompanied, if required by the Lender, by translations into the English language, certified in a manner acceptable to the Lender; and 

 

	 	2.4.3	if required by the Lender, be certified, notarised, legalised or attested in a manner acceptable to the Lender. 

 

	3	Representations and Warranties 

 Each of the representations and warranties contained in clause 12 of the Loan Agreement and clause 2 of the Guarantee shall be deemed repeated by the Borrower and the Guarantor respectively at the date of
this First Supplemental Agreement and at the Effective Date, by reference to the facts and circumstances then pertaining, as if references to the Finance Documents included this First Supplemental Agreement (save that in the case of clause 12.1.9 of
the Loan Agreement such representation and warranty shall be subject to the Event of Default previously notified to the Lender in respect of clause 14.1.4 of the Loan Agreement, which the Lender has agreed to waive subject to terms and conditions of
a side letter of even date with this First Supplemental Agreement). 
  

	4	Amendments to the Loan Agreement and the Security Documents 

 With effect from the Effective Date:- 
  

	 	4.1	the definitions contained in Clause 1.1 of this First Supplemental Agreement (other than the definition of “Effective Date”) shall be added to clause
1.1 of the Loan Agreement in alphabetical order; 

  

	 	4.2	the definition of “Earnings Account” shall be deleted and replaced as follows:- 

“Earnings Account” means a bank account opened in the name of the Borrower with the Lender at the Piraeus branch and a
bank account opened or to be opened in the name of the Borrower with the Lender with the London branch and both accounts designated “Eris Shipping S.A. – Earnings Account”.; 

  
 6 

	 	4.3	the definition of “Margin” shall be deleted and replaced as follows:- 

 ““Margin” means, for the period from 30 November 2012 until 31 December 2013 (inclusive), three per cent (3%) per annum and, for the period from 1 January 2014
and for the remainder of the Facility Period, two point six per cent (2.6%) per annum.”; 
  

	 	4.4	the definition of “Security Documents” set out in clause 1.1 of the Loan Agreement shall be construed to include the Additional Security Documents;

  

	 	4.5	the following sub-clauses 11.1.5 and 11.1.6 shall be added to the Loan Agreement:- 

 

	 	“11.1.5	a first priority Greek accounts assignment, pledge and charge agreement over the Earnings Account and all amounts from time to time standing to the credit of the
Earnings Account.; 

  

	 	11.1.6	a deed of charge over the Earnings Account and all amounts from time to time standing to the credit of the Earnings Account.”; and 

 

	 	11.1.7	a side letter from the Borrower, the Guarantor and the Lender. 

  

	 	4.6	in line one of clause 11.4 of the Loan Agreement (Application of Earnings Account) the words “Clause 11.5” shall be deleted and replaced with the words
“Clauses 11.5 and 11.6”; 

  

	 	4.7	clause 11.5 (Minimum Free Liquidity) of the Loan Agreement shall be deleted and replaced with the following:- 

 

	 	“11.5	 Minimum Free Liquidity The Borrower shall maintain credited and pledged in favour of the Lender in the Earnings Account at all times (free of
any Encumbrances (other than in favour of the Lender) or third party rights of set off) a minimum aggregate positive account balance of not less than five hundred thousand Dollars ($500,000) at all times throughout the Facility Period. The Lender
shall have the right to transfer such Minimum Free Liquidity amount to any other branch of its group at its absolute discretion and the Borrower will co-operate fully with the Lender in

  
 7 

	 	
connection with such transfer and the Borrower will execute and procure the execution of any further documents as the Lender may in its absolute discretion consider necessary or desirable.”;

  

	 	4.8	clause 11.13 of the Loan Agreement shall be deleted and replaced with the following:- 

 

	 	“11.13	Additional security If at any time the aggregate of the Market Value and the value of any additional security (such value to be the face amount of the deposit
(in the case of cash), determined conclusively by appropriate advisers appointed by the Lender (in the case of other charged assets), and determined by the Lender in its discretion (in all other cases)) for the time being provided to the Lender
under this Clause 11.13 is less than (a) for the period commencing on the signing date of this Agreement up to and including 29 November 2012 (i) one hundred and thirty per cent (130%) of the amount of the Loan then outstanding
or if there are any Master Agreement Liabilities (ii) one hundred and thirty five per cent (135%) of the aggregate of the amount of the Loan then outstanding and the amount certified by the Lender to be the amount which would be payable by
the Borrower to the Lender under the Master Agreement if an Early Termination Date were to occur at that time, (b) for the period commencing on 30 November 2012 up to and including 31 December 2013 one hundred and five per cent
(105%) of the aggregate of (i) the amount of the Loan then outstanding and (ii) the amount certified by the Lender to be the amount which would be payable by the Borrower to the Lender under the Master Agreement if an Early
Termination Date where to occur at that time, (c) for the period commencing on 1 January 2014 up to and including 31 December 2014 one hundred and ten per cent (110%) of the aggregate of (ii) the amount of the Loan then
outstanding and (ii) the amount certified by the Lender to be the amount which would be payable by the Borrower to the Lender under the Master Agreement if an Early Termination Date where to occur at that time and (d) for the period
commencing on 1 January 2015 and throughout the remainder of the Facility Period one hundred and twenty per cent (120%) of the aggregate of (i) the amount of the Loan then outstanding and (ii) the amount certified by the Lender
to be the amount which would be payable by the Borrower to the Lender under the Master Agreement if an Early Termination Date where to occur at that time, the Borrower shall, within thirty (30) days of the Lender’s request, at the
Borrower’s option: 

  

	 	11.13.1	 pay to the Lender or to its nominee a cash deposit in the amount of the shortfall to be secured in favour of the Lender as additional security for the
payment of the Indebtedness; or 

  
 8 

	 	11.13.2	give to the Lender other additional security in amount and form acceptable to the Lender in its discretion; or 

 

	 	11.13.3	prepay the Loan in the amount of the shortfall. 

 Clauses 5.3 (Reborrowing), 6.2 (Voluntary prepayment of Loan) and 6.4 (Restrictions) shall apply, mutatis mutandis, to any prepayment made under this Clause 11.13 and the value
of any additional security provided shall be determined as stated above.”; 
  

	 	4.9	the following clause 12.1.16 shall be added to the Loan Agreement:- 

  

	 	“12.1.16	The Borrower has obtained or shall obtain no later than sixty (60) days from the Effective Date consent from all other lenders of the Group, that they have
acquired approval in respect of amendments similar to those contained in the First Supplemental Agreement, also contained in other loan agreements of the Group.”; 

 

	 	4.10	clause 13.2 (Financial covenants) of the Loan Agreement shall be deleted and replaced with the following:- 

“Financial covenants The Borrower shall procure that the Guarantor shall throughout the Facility Period (on a Group basis)
comply with the following financial covenants, to be assessed quarterly on the basis of the Accounting Information:-” 
  

	 	“(a)	the ratio of Total Liabilities to EBITDA shall not exceed 7:1, except during the period commencing on 30 November 2012 and ending on 31 December 2013
(inclusive);” 

  
 9 

	 	(b)	the ratio of EBITDA to Group Interest Expense shall be not less than 2.5:1, except during the period commencing on 30 November 2012 and ending on 31 December
2013 (inclusive);” 

  

	 	(c)	(i) for the period commencing on the Drawdown Date and ending on 29 November 2012 (inclusive), the Market Value Adjusted Net Worth shall be at least one hundred
million Dollars ($100,000,000), (ii) for the period commencing on 30 November 2012 and ending on 31 December 2013 (inclusive), the Market Value Adjusted Net Worth shall be at least fifty million Dollars ($50,000,000) and
(iii) for the period commencing on 1 January 2014 and for the remainder of the Facility Period, the Market Value Adjusted Net Worth shall be at least one hundred million Dollars ($100,000,000), in each case assessed on the basis of the
Value Adjusted Total Assets;” and 

  

	 	(d)	(i) for the period commencing on the Drawdown Date and ending on 29 November 2012 (inclusive), the ratio of Total Liabilities to Value Adjusted Total Assets shall
be not less than 0.75:1, (ii) for the period commencing on 30 November 2012 and ending on 31 December 2013 (inclusive), the ratio of Total Liabilities to Value Adjusted Total Assets shall not be applicable and (ii) from
1 January 2014 and for the remainder of the Facility Period, the ratio of Total Liabilities to Value Adjusted Total Assets shall be not less than 0.80.”; 

 

	 	4.11	in clause 13.2 (Value Adjusted Total Assets) of the Loan Agreement paragraph (c) shall be deleted and replaced with the following:-

  

	 	“(c)	the total market value of all assets of the Group comprising all items of the Group as shown in the balance sheet adjusted to their prevailing market value on a
quarterly basis including, without limitation, the market value of any existing vessels of the Group, the resale value of any newbuilding contract measured on a novation basis and the value of any investments in publicly quoted listed
affiliates.”; 

  

	 	4.12	the following clause 13.3.21 shall be added to the Loan Agreement:- 

  
 10 

	 	“13.3.21	The Borrower shall procure that no later than sixty (60) days from the Effective Date all other lenders of the Group will provide evidence that they have acquired
approval in respect of amendments similar to those contained in the First Supplemental Agreement, also contained in other loan agreements of the Group”.; 

 

	 	4.13	the following clause 13.3.22 shall be added to the Loan Agreement:- 

  

	 	“13.3.22	The Borrower shall procure during the period commencing on 30 November 2012 and ending on 31 December 2013 (inclusive), that the Guarantor shall not incur any
further debt unless it has obtained the Lender’s prior written approval, such approval shall not be required in respect of existing or committed (including committed but undocumented) loan facilities made available to the Group in respect of
existing vessels and/or existing newbuildings of the Group or in respect of the refinancing of existing or committed loan facilities made available to the Group”.; 

 

	 	4.14	clause 18.2.2 of the Loan Agreement shall be deleted and replaced with the following:- 

 

	 	“18.2.2	in the case of the Lender, European Corporate & Structured Banking Centre, L28, 8 Canada Square, London E14 5HQ, United Kingdom (fax no: +44 207 991 4619)
marked for the attention of Mr Alastair Muir.”; and 

  

	 	4.15	clause 6.8 of the Guarantee shall be deleted and replaced with the following:- 

 “The Guarantor shall, throughout the Facility Period on a Group basis, comply with the following financial covenants, to be assessed quarterly on the basis of the Accounting Information:- 

 

	 	“(a)	the ratio of Total Liabilities to EBITDA shall not exceed 7:1, except during the period commencing on 30 November 2012 and ending on 31 December 2013
(inclusive);” 

  

	 	(b)	the ratio of EBITDA to Group Interest Expense shall be not less than 2.5:1, except during the period commencing on 30 November 2012 and ending on 31 December
2013 (inclusive);” 

  
 11 

	 	(c)	(i) for the period commencing on the Drawdown Date and ending on 29 November 2012 (inclusive), the Market Value Adjusted Net Worth shall be at least one hundred
million Dollars ($100,000,000), (ii) for the period commencing on 30 November 2012 and ending on 31 December 2013 (inclusive), the Market Value Adjusted Net Worth shall be at least fifty million Dollars ($50,000,000) and
(iii) for the period commencing on 1 January 2014 and for the remainder of the Facility Period, the Market Value Adjusted Net Worth shall be at least one hundred million Dollars ($100,000,000), in each case assessed on the basis of the
Value Adjusted Total Assets;”; and 

  

	 	(d)	(i) for the period commencing on the Drawdown Date and ending on 29 November 2012 (inclusive), the ratio of Total Liabilities to Value Adjusted Total Assets shall
be not less than 0.75:1, (ii) for the period commencing on 30 November 2012 and ending on 31 December 2013 (inclusive), the ratio of Total Liabilities to Value Adjusted Total Assets shall not be applicable and (ii) from
1 January 2014 and for the remainder of the Facility Period, the ratio of Total Liabilities to Value Adjusted Total Assets shall be not less than 0.80.”. 

 

	5	Confirmation and Undertaking 

  

	 	5.1	Each of the Security Parties confirms that all of its respective obligations under or pursuant to each of the Security Documents to which it is a party remain in full
force and effect, despite the amendments to the Loan Agreement and the Security Documents made in this First Supplemental Agreement, as if all references in any of the Security Documents to the Loan Agreement and Security Documents (however
described) were references to the Loan Agreement and the Security Documents as amended and supplemented by this First Supplemental Agreement. 

  

	 	5.2	The definition of any term defined in any of the Security Documents shall, to the extent necessary, be modified to reflect the amendments to the Loan Agreement and the
Security Documents made in this First Supplemental Agreement. 

  
 12 

	6	Communications, Law and Jurisdiction 

 The provisions of clauses 18 (Notices) and 22 (Law and Jurisdiction) of the Loan Agreement shall apply to this First Supplemental Agreement as if they were set out in full and as if
references to the Loan Agreement were references to this First Supplemental Agreement and references to the Borrower were references to the Security Parties. 
 IN WITNESS of which the parties to this First Supplemental Agreement have executed this First Supplemental Agreement as a deed the day and year first before written. 

 

					
	 SIGNED and DELIVERED as
 a DEED by
 ERIS SHIPPING S.A.
 acting by
  
 its duly
authorised attorney-in-fact
 in the presence of:
	  	 )
 )

)
 )

)
 )

)
	  	 

	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
			
	 SIGNED and DELIVERED as
 a DEED by
 PARAGON SHIPPING INC.

acting by
  
 its duly authorised attorney-in-fact
 in the presence of:
	  	 )
 )

)
 )

)
 )

)
	  	 

	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
			
	 SIGNED and DELIVERED as
 a DEED by
 HSBC BANK plc
 acting by
  
 its duly
authorised attorney-in-fact
 in the presence of:
	  	 )
 )

)
 )

)
 )

)
	  	 

	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

  
 13EX-10.1

 Exhibit 10.1 
 AMENDMENT NO. 12 TO SECOND AMENDED 
 AND RESTATED CREDIT
AGREEMENT AND 
 AMENDMENT TO REVOLVING CREDIT NOTE 

THIS AMENDMENT, dated as of December 12, 2012, by and between Manitex International, Inc., a Michigan corporation formerly known as
Veri-Tek International, Corp., and Manitex, Inc., a Texas corporation (the “Companies”, and individually a “Company”), and Comerica Bank, a Texas banking association, of Detroit, Michigan (“Bank”). 

WITNESSETH: 

WHEREAS, Companies and Bank entered into that certain Second Amended and Restated Credit Agreement dated April 11, 2007, as amended
(the “Agreement”), and Companies executed and delivered to Bank the $22.5 million Revolving Credit Note dated June 29, 2011, as amended (the “Revolving Note”); and 

WHEREAS, Companies and Bank wish to amend the Agreement and the Revolving Note; 

NOW, THEREFORE, Companies and Bank agree as follows: 
  

	1.	The following definitions set forth in Section 1 of the Agreement are amended to read as follows: 

“Borrowing Base” shall mean, as of any determination, the sum of (a) eighty-five percent (85%) of Eligible
Accounts, plus (b) eighty-five percent (85%) of Eligible Canadian Accounts, plus (c) the lesser of (i) 85% of Eligible Bill and Hold Receivables and (ii) $10,000,000, plus (d) the lesser of
(i) the Applicable Inventory Percentage of Eligible Inventory and (ii) $16,000,000, plus (d) the Overformula Amount. “Eligible Bill and Hold Receivable” shall mean any Account that is on a “bill and hold” basis
based on documentation satisfactory to Bank. 
 “Overformula Amount” shall initially mean $1,500,000. On each of
April 1, 2013, April 1, 2014 and April 1, 2015, the Overformula Amount shall decrease by $500,000. 

“Revolving Credit Maximum Amount” shall mean Thirty-Two Million Dollars ($32,000,000). 

 

	2.	The Revolving Note is amended so that the face amount thereof is now Thirty-Two Million Dollars ($32,000,000). 

 

	3.	This Amendment may be executed in counterparts, of which this is one, all of which shall constitute one and the same instrument. 

	4.	Except as modified hereby, all of the terms and conditions of the Agreement shall remain in full force and effect. Capitalized terms used but not defined herein shall
have the meanings given them in the Agreement. 

  

	5.	Each Company hereby represents and warrants that, after giving effect to the amendments contained herein, (a) execution, delivery and performance of this Amendment
and any other documents and instruments required under this Amendment or the Agreement are within such Company’s corporate powers, have been duly authorized, are not in contravention of law or the terms of such Company’s Articles of
Incorporation or Bylaws, and do not require the consent or approval of any governmental body, agency, or authority; and this Amendment and any other documents and instruments required under this Amendment or the Agreement, will be valid and binding
in accordance with their terms; (b) the continuing representations and warranties of such Company set forth in Sections 7.1 through 7.15 of the Agreement are true and correct on and as of the date hereof with the same force and effect as if
made on and as of the date hereof; (c) no Default or Event of Default has occurred and is continuing as of the date hereof. 

  

	6.	This Amendment shall be effective upon (a) execution of this Amendment by Companies and Bank, and (b) payment by the Companies to Bank of the non-refundable
amendment fee in the amount of Twenty-Two Thousand Five Hundred Dollars ($22,500.00). 

 [Remainder of Page
Intentionally Left Blank] 

  
 2 

 WITNESS the due execution hereof as of the day and year first above written. 

 

							
	BANK:	 		 		 	COMPANIES:
				
	COMERICA BANK	 		 		 	MANITEX INTERNATIONAL, INC.
				
	By: /s/ Ronald P.
Riggan                                        
                    	 		 		 	By: /s/ David H.
Gransee                                        
                
				
	Its: Vice
President                                       
                               	 		 		 	Its: VP &
CFO                                        
                                
				
		 		 		 	MANITEX, INC.
				
		 		 		 	By: /s/ David H.
Gransee                                        
               
				
		 		 		 	Its: VP &
CFO                                        
                               

  
 3

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