Document:

Exhibit 10.4

 

SEVENTH AMENDMENT 

TO

AMENDED AND RESTATED LOAN AGREEMENT

 

THIS AMENDMENT (the “Amendment”) is
made as of February 1, 2005 by and between CHASE CORPORATION (the “Borrower”); and FLEET NATIONAL  BANK (the “Bank”).

 

RECITALS

 

A.            The
Bank and the Borrower entered into a First Amended and Restated Loan Agreement
dated as of October 31, 2001, as amended (the “Loan Agreement”),
providing for revolving loans by the Bank to the Borrower and for various term
loans by the Bank to the Borrower. 
Capitalized terms used herein without definition shall have the meanings
assigned to them in the Loan Agreement.

 

B.            The
Borrower desires to increase the Revolving Commitment and extend the Expiration
Date.

 

C.            Subject
to certain terms and conditions, the Bank is willing to agree to the same, all
as hereinafter set forth.

 

NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows:

 

1.             Amendments
to Loan Agreement.  Section 7.1
of the Loan Agreement is amended by amending the definitions of “Expiration
Date” and “Revolving Commitment” as set forth below:

 

“Expiration
Date” – March 31, 2007.

 

“Revolving Commitment” – $10,000,000.

 

2.             No Further Amendments.

 

Except
as specifically amended hereby, the Loan Agreement shall remain otherwise
unmodified and in full force and effect and is hereby ratified and affirmed in
all respects.

 

 

3.             Certain Representations of the Borrower.

 

As a
material inducement to the Bank to enter into this Amendment, the Borrower
represents and warrants to the Bank, after giving effect to this Amendment, as
follows:

 

(a)           The
execution and delivery of this Amendment has been duly authorized by all
requisite corporate action on the part of the Borrower and will not violate any
provision of law, any order, judgment or decree of any court or other agency of
government, or the articles or bylaws of the Borrower or any indenture,
agreement or other instrument to which the Borrower is bound, or be in conflict
with, or result in a breach of, or constitute (with due notice or lapse of time
or both) a default under, or result in the creation or imposition of any lien,
charge or encumbrance of any nature whatsoever upon any of the property or
assets of the Borrower pursuant to, any such indenture, agreement or
instrument.

 

(b)           The
representations and warranties contained in the Loan Agreement are true and
correct in all material respects on and as of the date of this Amendment as
though made at and as of such date (except to the extent that such
representations and warranties expressly relate to an earlier date or except to
the extent variations therefrom have been permitted under the terms of the Loan
Agreement or otherwise in writing by the Bank). 
No material adverse change has occurred in the assets, liabilities,
financial condition, business or prospects of the Borrower from that disclosed
in the annual certified financial statements most recently furnished to the
Bank.  No event of default or condition
or event that, but for the requirement that time elapse or notice be given or
both, would constitute an event of default, has occurred or is continuing.

 

(c)           This
Amendment constitutes the legal, valid and binding obligations of the Borrower,
enforceable against the Borrower in accordance with its terms, subject to
bankruptcy, insolvency, reorganization, moratorium and similar laws affecting
the rights and remedies of creditors generally or the application of principles
of equity, whether in any action at law or proceeding in equity, and subject to
the availability of the remedy of specific performance or of any other
equitable remedy or relief to enforce any right thereunder.

 

4.             Conditions.

 

The
willingness of the Bank to agree to the foregoing is subject to the following
conditions:

 

(a)           The
Borrower shall have executed and delivered to the Bank (or shall have caused to
be executed and delivered to the Bank by the appropriate persons) the
following:

 

(i)  This Amendment;

 

(ii)  An amendment to the Amended and Restated Revolving
Credit Note evidencing the increased Revolving Commitment; and

 

(iii)  Such other supporting documents and
certificates as the Bank or its counsel may reasonably request.

 

2

 

(b)           All
legal matters incident to the transactions contemplated hereby shall be
satisfactory to counsel for the Bank.

 

5.             Miscellaneous.

 

(a)           This
Amendment shall be governed by and construed in accordance with the laws of the
Commonwealth of Massachusetts.

 

(b)           This
Amendment may be executed by the parties hereto in several counterparts hereof
and by the different parties hereto on separate counterparts hereof, all of
which counterparts shall together constitute one and the same agreement.

 

IN
WITNESS WHEREOF, the Bank and the Borrower have caused this Amendment to be
duly executed as a sealed instrument by their duly authorized representatives,
all as of the day and year first above written.

 

	
   

  	
  CHASE
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  // Everett
  Chadwick

  	
   

  
	
   

  	
   

  	
  Name: Everett
  Chadwick

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FLEET
  NATIONAL BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  // Peter
  McCarthy

  	
   

  
	
   

  	
   

  	
  Name: Peter
  McCarthy

  
	
   

  	
   

  	
  Title: Senior
  Vice President

  
					

 

3Exhibit 10.5

 

SECOND AMENDMENT

TO

AMENDED AND RESTATED REVOLVING CREDIT NOTE

 

This
Amendment is entered into as of February 1, 2005 by and between CHASE CORPORATION, a Massachusetts
corporation (the “Borrower”), and FLEET
NATIONAL BANK, a
national banking association (the “Bank”).

 

WHEREAS,
the Bank and the Borrower entered into a certain loan arrangement on October 31,
2001, as amended, which is evidenced, in part, by a certain Amended and
Restated Revolving Credit Note dated October 31, 2001, as amended (the “Revolving
Note”) made by the Borrower payable to the order of the Bank in the
principal amount of $7,000,000 and a certain First Amended and Restated Loan
Agreement dated October 31, 2001, as amended, between the Borrower and the
Bank (the “Loan Agreement”); and

 

WHEREAS,
the Bank and the Borrower have on this date amended the Loan Agreement pursuant
to a certain Seventh Amendment to First Amended and Restated Loan Agreement;
and

 

WHEREAS,
the Borrower and the Bank are desirous of amending the Revolving Note in the
manner set forth below.

 

NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Borrower and the Bank agree as follows:

 

1.             Effective
as of the date first written above, the $7,000,000 principal amount of the
Revolving Note reflected in the upper left hand corner thereof shall be deemed
amended to read “$10,000,000”.

 

2.             The
Revolving Note is hereby further amended, effective as of the date first
written above, by deleting the first paragraph thereof in its entirety and
replacing it with the following:

 

“FOR VALUE RECEIVED, CHASE CORPORATION, a
Massachusetts corporation (the “Borrower”), hereby promises to pay to the order
of FLEET NATIONAL BANK (the “Bank”) the principal amount of Ten Million Dollars
($10,000,000.00) or such portion thereof as may be advanced by the Bank
pursuant to §1.2 of that First Amended and Restated Loan Agreement dated as of October 31,
2001 between the Bank and the Borrower, as amended, restated, supplemented,
replaced or otherwise modified from time to time (the “Loan Agreement”) and
remains outstanding from time to time hereunder (“Principal”), with interest,
at the rate hereinafter set forth, on the daily balance of all unpaid
Principal, from the date hereof until payment in full of all Principal and
interest hereunder.  Terms defined in the
Loan Agreement are used herein with the meanings so defined.”

 

 

3.             Except
as specifically provided herein, all terms and conditions of the Revolving Note
shall remain in full force and effect and are hereby ratified and
confirmed.  This Amendment constitutes an
amendment to and modification of the Revolving Note and not a refinancing
thereof.  On and after the date hereof,
each reference in the Revolving Note to “this Note”, “hereunder”, “hereof” or
words of like import referring to the Revolving Note, shall mean and be a
reference to the Revolving Note as amended by this Amendment, and each
reference in any loan documents between the Borrower and the Bank to the Revolving
Note, “thereunder”, “thereof” or words of like import referring to the
Revolving Note shall mean a reference to the Revolving Note as amended by this
Amendment.

 

4.             This
Amendment may be executed by the parties hereto in several counterparts hereof
and by the different parties hereto on separate counterparts hereof, all of
which counterparts shall together constitute one and the same agreement

 

This
Amendment shall take effect as a sealed instrument under the laws of the
Commonwealth of Massachusetts as of the date first written above.

 

 

	
   

  	
  CHASE
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  // Everett
  Chadwick

  	
   

  
	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FLEET
  NATIONAL BANK

  
	
   

  	
   

  
	
   

  	
  By:

  	
  // Peter
  McCarthy

  	
   

  
	
   

  	
   

  	
  Senior Vice
  President

  
						

 

2

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