Document:

THIRD AMENDMENT TO

JOINT VENTURE AGREEMENT

THIS THIRD AMENDMENT TO JOINT VENTURE AGREEMENT (this “Amendment”) is made and entered into to be effective as of the 30th day of May, 2011 (“Effective Date”), by and between ADELMAN ENTERPRISES, INC., a Delaware corporation (“AE”) and MENACHE, LLC, a Delaware limited liability company (“Menache”), with reference to the following facts:

BACKGROUND INFORMATION

WHEREAS, AE and Menache are parties to that certain Joint Venture Agreement, dated April 24, 2010, as amended by that certain First Amendment thereto dated October 20, 2010 and the Second Amendment thereto dated November 24, 2010 (collectively, the “Joint Venture Agreement”) (capitalized terms not otherwise defined herein shall have the respective meanings ascribed to such terms in the Joint Venture Agreement); and

WHEREAS, in accordance with the Joint Venture Agreement, the parties have formed Menache Adelman, LLC, a Delaware limited liability company (the “Company”); and

WHEREAS, AE and Menache desire to amend the Joint Venture Agreement in accordance with the terms hereof to extend the date by which the Initial Funding must be contributed to the Company by AE in order to avoid the consequences described in Section 6.2 of the Joint Venture Agreement.

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

1.  Section 6.1 – Capitalization.  Section 6.1 of the Joint Venture Agreement is hereby deleted in its entirety, and the following provision is substituted in lieu thereof:

“As consideration for the 40% ownership of Menache Adelman, Adelman Enterprises has agreed to fund the development of the Technology such that such Technology becomes ready for use on a motion picture (“Funded Development”); provided however that it is anticipated that the amount contributed by Menache Adelman shall be Three Million Five Hundred Thousand Dollars ($3,500,000).  As soon as practicable following the execution of this Agreement, AE will first pay the amount of Sixty-Six Thousand Six Hundred Sixty-Seven Dollars ($66,667) to Alberto Menache as an independent contractor for his consulting services for the development of the Anthus Channel as it pertains to integrating motion capture into television programming (“Alberto Payment”).  AE will then contribute the amount of Three Hundred Fifty Thousand Dollars ($350,000) to the Company (“Company Initial Funding”) so that the initial work can commence on prototypes of the Technology.  The Alberto Payment and the Company Initial Funding shall be referred to herein as the “Initial Funding”.

  

1

  

 

Notwithstanding anything to the contrary in this Agreement, it is further agreed that beginning on August 20, 2011 (“Fund Share Date”), a minimum of one third (1/3) of each dollar (“Company Share”) received by AE or any of its subsidiary companies, shall be payable to the Company.  This obligation shall be triggered for all money that is received above and beyond the amount needed to cover the monthly expenses incurred by AE, with such monthly expenses not to exceed the amount of Six Thousand Dollars ($6,000).  These payments shall be made first to the Alberto Payment until the full amount of the Alberto Payment has been paid, and thereafter to the Company until the full amount of the Company Initial Funding has been received by the Company.  Thereafter, the Company Share shall be paid to the Company until such time as the Company (separate and apart from the Alberto Payment) has received a total of Three Million Five Hundred Thousand Dollars ($3,500,000).

 

Following the Initial Funding, AE shall make capital contributions to the Company in incremental amounts at least equal to the amounts required to pay all costs as and when contemplated under the budget heretofore agreed upon by AE and Menache and attached hereto as Exhibit “A” (the "Budget”).  The capital contributions described in this Section 6.1 shall be deemed to be consideration for AE’s 40% Ownership Interest in the Company.  If additional funding is needed beyond the amount contemplated in this Section 6.1, then AE shall, to the best of its ability, provide additional capital.”

 

2.  Section 6.2 – Extension of Time.  The time by which the Initial Funding must be contributed by AE to the Company in order to avoid the consequences set forth in Section 6.2 of the Joint Venture Agreement is hereby extended until October 31, 2011.  Accordingly, the first sentence of Section 6.2 of the Joint Venture Agreement is hereby deleted in its entirety, and the following sentence is substituted in lieu thereof:

 

“In the event that AE fails to contribute the Initial Funding to Menache Adelman by October 31, 2011, Menache shall have the right to terminate this Agreement.”

 

3.           Effective Date of Amendment.  The amendment to the Joint Venture Agreement described in this Amendment shall be effective as of the Effective Date.

 

4.    Joint Venture Agreement in Full Force and Effect.  Except as expressly amended hereby, the Joint Venture Agreement and the terms and provisions thereof shall remain in full force and effect.   Unless specifically provided to the contrary, or the context requires otherwise, all references herein to the Joint Venture Agreement shall mean the Joint Venture Agreement, as amended hereby.

 

5.           Electronic or Facsimile Transmission.  In order to facilitate execution of this Amendment, the parties agree that this Amendment may be executed and electronically mailed or sent by facsimile to the other party and the executed facsimile or electronic copy shall be binding and enforceable as an original.

 

  

2

  

 

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

 

IN WITNESS WHEREOF, the parties hereto have caused these presents to be signed, sealed and delivered as of the Effective Date.

 

	  	
ADELMAN ENTERPRISES, INC.

	  	  
	  	
By:

	  
	 	 	

Charles Adelman, President

	  	  
	  	
MENACHE, LLC

	  	  
	  	
By:

	  
	 	 	

Alberto Menache, Manager

   

  

3

  

  

MENACHE, LLC

Budget Summary

	  	 	
MONTH

	 
	
G&A

	 	1	 	 	2	 	 	3	 	 	4	 	 	5	 	 	6	 	 	7	 	 	8	 	 	9	 	 	10	 	 	11	 	 	12	 	 	
Total

	 
	
Management

	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	240	 
	
Insurance

	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	24	 
	
Payroll Taxes

	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	158	 
	
Rent

	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	60	 
	
Utilites

	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	12	 
	
Phone/Fax/Internet

	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	12	 
	
Office Supplies

	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	12	 
	
Travel & Entertainment

	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	24	 
	
Consulting/Accounting Fees

	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	1	 	 	$	12	 
	
Legal Fees

	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	24	 
	
Total G&A

	 	$	48	 	 	$	48	 	 	$	48	 	 	$	48	 	 	$	48	 	 	$	48	 	 	$	48	 	 	$	48	 	 	$	48	 	 	$	48	 	 	$	48	 	 	$	48	 	 	$	578	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
TOTAL R&D

	 	$	125	 	 	$	220	 	 	$	250	 	 	$	252	 	 	$	252	 	 	$	262	 	 	$	262	 	 	$	267	 	 	$	257	 	 	$	209	 	 	$	134	 	 	$	130	 	 	$	2,620	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Subtotal

	 	$	173	 	 	$	268	 	 	$	298	 	 	$	300	 	 	$	300	 	 	$	310	 	 	$	310	 	 	$	315	 	 	$	305	 	 	$	257	 	 	$	182	 	 	$	178	 	 	$	3,198	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
10% Contingency

	 	$	17	 	 	$	27	 	 	$	30	 	 	$	30	 	 	$	30	 	 	$	31	 	 	$	31	 	 	$	32	 	 	$	31	 	 	$	26	 	 	$	18	 	 	$	18	 	 	$	320	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Total

	 	$	191	 	 	$	295	 	 	$	328	 	 	$	330	 	 	$	330	 	 	$	341	 	 	$	341	 	 	$	347	 	 	$	336	 	 	$	283	 	 	$	200	 	 	$	196	 	 	$	3,518	 

 

  

  

  

 

MENACHE, LLC

Phase II R&D Budget

	  	 	
MONTHS

	 	 	 	 
	  	 	1	 	 	2	 	 	3	 	 	4	 	 	5	 	 	6	 	 	7	 	 	8	 	 	9	 	 	10	 	 	11	 	 	12	 	 	

Total

	 
	
Staff

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
System Engineer

	 	$	25	 	 	$	25	 	 	$	25	 	 	$	25	 	 	$	25	 	 	$	25	 	 	$	25	 	 	$	25	 	 	$	25	 	 	$	25	 	 	$	25	 	 	$	25	 	 	$	300	 
	
DSP Engineer

	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	13	 	 	$	150	 
	
Software Engineer

	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	180	 
	
System Engineer # 2

	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	180	 
	
Digital Engineer

	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	180	 
	
Program Manager

	 	$	8	 	 	$	8	 	 	$	8	 	 	$	8	 	 	$	8	 	 	$	8	 	 	$	8	 	 	$	8	 	 	$	8	 	 	$	8	 	 	$	8	 	 	$	8	 	 	$	90	 
	
Labor Subtotal

	 	$	90	 	 	$	90	 	 	$	90	 	 	$	90	 	 	$	90	 	 	$	90	 	 	$	90	 	 	$	90	 	 	$	90	 	 	$	90	 	 	$	90	 	 	$	90	 	 	$	1,080	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Direct Cost

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Tag Development

	 	 	 	 	 	$	30	 	 	$	30	 	 	$	30	 	 	$	30	 	 	$	30	 	 	$	30	 	 	$	30	 	 	$	30	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	240	 
	
Tag Antenna Development

	 	 	 	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	 	 	 	 	 	 	 	 	$	135	 
	
Tag Package/Fixture Development

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	 	 	 	 	 	 	 	 	$	50	 
	
Tag Manufacturing

	 	 	 	 	 	 	 	 	 	 	 	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	2	 	 	$	4	 	 	$	4	 	 	 	 	 	 	$	20	 
	
Sensor RF/IF Development

	 	 	 	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	 	 	 	 	 	 	 	 	$	90	 
	
Sensor Antenna Development

	 	 	 	 	 	 	 	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	 	 	 	 	 	 	 	 	$	80	 
	
Sensor FPGA Development

	 	 	 	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	 	 	 	 	 	 	 	 	$	180	 
	
Sensor DSP Board Development

	 	 	 	 	 	 	 	 	 	 	 	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	120	 
	
Dual Pol Sensors Manufacturing

	 	 	 	 	 	 	 	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	 	 	 	 	 	 	 	 	$	160	 
	
Measurment Processor System

	 	 	 	 	 	$	20	 	 	$	20	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	40	 
	
Frequency Ref/Dist & AP

	 	 	 	 	 	 	 	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	 	 	 	 	 	 	 	 	$	40	 
	
UWB Development

	 	 	 	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	70	 
	
Misc

	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	20	 	 	$	20	 	 	$	90	 
	
DC Subtotal

	 	$	5	 	 	$	110	 	 	$	145	 	 	$	147	 	 	$	147	 	 	$	157	 	 	$	157	 	 	$	157	 	 	$	147	 	 	$	99	 	 	$	24	 	 	$	20	 	 	$	1,315	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Indirect Cost

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Integration

	 	 	 	 	 	 	 	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	100	 
	
Software Tools

	 	$	10	 	 	$	10	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	$	5	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	45	 
	
Test Equipment

	 	$	20	 	 	$	10	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	10	 	 	$	80	 
	
IC Subtotal

	 	$	30	 	 	$	20	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	15	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	20	 	 	$	225	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
TOTAL

	 	$	125	 	 	$	220	 	 	$	250	 	 	$	252	 	 	$	252	 	 	$	262	 	 	$	262	 	 	$	267	 	 	$	257	 	 	$	209	 	 	$	134	 	 	$	130	 	 	$	2,620Unassociated Document

Exhibit 10.1

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is entered into as of August 22, 2011, by and among WELLS FARGO CAPITAL FINANCE, LLC, a Delaware limited liability company, as the arranger and administrative agent (the "Agent") for the Lenders (as defined in the Credit Agreement referred to below), the Lenders party hereto, WABASH NATIONAL CORPORATION, a Delaware corporation ("Wabash"), certain Subsidiaries of Wabash designated on the signature pages hereto as borrowers (together with Wabash, such Subsidiaries are collectively referred as the "Borrowers") and certain Subsidiaries of Wabash designated on the signature pages hereto as guarantors.

 

WHEREAS, Borrowers, Agent, and Lenders are parties to that certain Credit Agreement dated as of June 28, 2011 (as amended, restated, modified or supplemented from time to time, the "Credit Agreement"); and

 

WHEREAS, on August 17, 2011, Borrowers notified Agent that Borrowers have elected to exercise their right under Section 2.2 of the Credit Agreement to effect a Revolver Increase in the amount of $25,000,000, effective on August 22, 2011;

 

WHEREAS, in connection with such Revolver Increase, Borrowers have requested that Lenders agree to amend the Credit Agreement in certain respects as set forth herein, and Lenders have agreed to the foregoing, on the terms and conditions set forth herein.

 

NOW THEREFORE, in consideration of the premises and mutual agreements herein contained, the parties hereto agree as follows:

 

1. Defined Terms.  Unless otherwise defined herein, capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Credit Agreement.

 

2. Amendments to Credit Agreement.  In reliance upon the representations and warranties of Borrowers set forth in Section 6 below, and subject to the satisfaction of the conditions to effectiveness set forth in Section 5 below, the Credit Agreement is hereby amended as follows:

 

(a) The pricing grid contained in the definition of "Base Rate Margin" contained in Schedule 1.1 to the Credit Agreement is hereby amended and restated in its entirety, as follows:

 

	
 

Level

 

	
Monthly Average Excess Availability

	
 

Base Rate Margin

	
I

	
If the Monthly Average Excess Availability is greater than $70,000,000

	
100 percentage points

	
II

	
If the Monthly Average Excess Availability is greater than $35,000,000 and less than or equal to $70,000,000

	
125 percentage points

	
III

	
If the Monthly Average Excess Availability is less than or equal to $35,000,000

	
150 percentage points

  

-- 1 --

  

 

(b) The pricing grid contained in the definition of "LIBOR Rate Margin" contained in Schedule 1.1 to the Credit Agreement is hereby amended and restated in its entirety, as follows:

 

	
 

Level

	
 

Monthly Average Excess Availability

 

	
 

LIBOR Rate Margin

	
I

	
If the Monthly Average Excess Availability is greater than $70,000,000

	
200 percentage points

	
II

	
If the Monthly Average Excess Availability is greater than $35,000,000 and less than or equal to $70,000,000

	
225 percentage points

	
III

	
If the Monthly Average Excess Availability is less than or equal to $35,000,000

	
250 percentage points

(c) The definition of "Maximum Revolver Amount" contained in Schedule 1.1 to the Credit Agreement is hereby amended and restated in its entirety, as follows:

 

"Maximum Revolver Amount" means $175,000,000, decreased by the amount of reductions in the Revolver Commitments made in accordance with Section 2.4(c) of the Agreement, and increased by the amount of any Revolver Increases made in accordance with Section 2.2 of the Agreement.

 

(d) Schedule C-1 to the Credit Agreement is hereby amended and restated in its entirety, as set forth on Annex I attached hereto.

 

3. Continuing Effect.  Except as expressly set forth in Section 2 of this Amendment, nothing in this Amendment shall constitute a modification or alteration of the terms, conditions or covenants of the Credit Agreement or any other Loan Document, or a waiver of any other terms or provisions thereof, and the Credit Agreement and the other Loan Documents shall remain unchanged and shall continue in full force and effect, in each case as amended hereby.

 

4. Reaffirmation and Confirmation.  Each Borrower hereby ratifies, affirms, acknowledges and agrees that the Credit Agreement and the other Loan Documents to which it is a party represent the valid, enforceable and collectible obligations of such Borrower, and further acknowledges that there are no existing claims, defenses, personal or otherwise, or rights of setoff whatsoever with respect to the Credit Agreement or any other Loan Document.  Each Borrower hereby agrees that this Amendment in no way acts as a release or relinquishment of the Liens and rights securing payments of the Obligations.  The Liens and rights securing payment of the Obligations are hereby ratified and confirmed by each Borrower in all respects.

 

  

-- 2 --

  

5. Conditions to Effectiveness.  This Amendment shall become effective upon the satisfaction of each of the following conditions precedent:

 

(a) Agent shall have received a copy of this Amendment executed and delivered by Agent, the Lenders and the Loan Parties (with eight (8) original copies of this Amendment to follow within two (2) Business Days after the date hereof);

 

(b) Borrowers shall have paid to Agent the closing fees set forth in the Amendment Fee Letter of even date herewith, for payment by Agent to the Lenders in connection with their respective commitment increases;

 

(c) Agent shall have received evidence of the organizational authority of each Borrower to execute, deliver and perform its obligations under this Amendment and the Fee Letter, together with (i) a copy of such Borrower's organizational documents certified as complete by an officer of such Borrower and (ii) a copy of a good standing certificate for such Borrower in its state of organization, certified as of a recent date by the appropriate secretary of state; and

 

(d) no Default or Event of Default shall have occurred and be continuing on the date hereof or as of the date of the effectiveness of this Amendment.

 

6. Representations and Warranties.  In order to induce Agent and Lenders to enter into this Amendment, each Borrower hereby represents and warrants to Agent and Lenders that:

 

(a) after giving effect to this Amendment, all representations and warranties contained in the Loan Documents to which such Borrower is a party are true, correct and complete 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) on and as of the date of this Amendment, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true, correct and complete 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) on and as of such earlier date);

 

(b) no Default or Event of Default has occurred and is continuing or will exist after this Amendment becomes effective; and

 

(c) this Amendment and the Loan Documents, as amended hereby, constitute legal, valid and binding obligations of such Borrower and are enforceable against such Borrower in accordance with their respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally.

 

  

-- 3 --

  

7. Miscellaneous.

 

(a) Expenses.  Each Borrower agrees to pay on demand all reasonable costs and expenses of Agent (including reasonable attorneys fees) incurred in connection with the preparation, negotiation, execution, delivery and administration of this Amendment and all other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith.  All obligations provided herein shall survive any termination of this Amendment and the Credit Agreement as amended hereby.

 

(b) Choice of Law and Venue; Jury Trial Waiver; Reference Provision.  Without limiting the applicability of any other provision of the Credit Agreement or any other Loan Document, the terms and provisions set forth in Section 12 of the Credit Agreement are expressly incorporated herein by reference.

 

(c) Counterparts.  This Amendment may be executed in any number of counterparts, and by the parties hereto on the same or separate counterparts, and each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment.

 

8. Release.

 

(a) In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Borrower, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent and Lenders, and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, each Lender and all such other Persons being hereinafter referred to collectively as the "Releasees" and individually as a "Releasee"), of and from all demands, actions, causes of action, suits, controversies, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a "Claim" and collectively, "Claims") of every name and nature, both at law and in equity, which Borrower or any of its successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Amendment for or on account of, or in relation to, or in any way in connection with any of the Credit Agreement, or any of the other Loan Documents or transactions thereunder or related thereto.

 

(b) Each Borrower understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.

 

(c) Each Borrower agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above.

 

  

-- 4 --

  

 

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

 

	
BORROWERS:

 

WABASH NATIONAL CORPORATION

 

 

By: /s/ Mark J. Weber                                                                             

Name: Mark J. Weber

Title: Senior Vice President, Chief Financial Officer   and Treasurer

	
WABASH NATIONAL TRAILER CENTERS, INC.

 

 

By: /s/ Mark J. Weber                                                                             

Name: Mark J. Weber

Title: Vice President – Treasurer

	
WABASH WOOD PRODUCTS, INC. (f/k/a WNC Cloud Merger Sub, Inc.)

 

 

By: /s/ Mark J. Weber                                                                             

Name: Mark J. Weber

Title: Vice President – Treasurer

	
WABASH NATIONAL, L.P.

 

By: Wabash National Trailer Centers, Inc.,

        Its General Partner

 

By: /s/ Mark J. Weber                                                                             

Name: Mark J. Weber

Title: Vice President – Treasurer, General Partner

	
TRANSCRAFT CORPORATION

 

By: /s/ Mark J. Weber                                                                             

Name: Mark J. Weber

Title: Vice President – Treasurer

 

 

  

S-1

  

 

	
GUARANTORS:

 

CLOUD OAK FLOORING COMPANY, INC.

 

 

By: /s/ Mark J. Weber                                                                             

Name: Mark J. Weber

Title: Vice President – Treasurer

	
NATIONAL TRAILER FUNDING, LLC

 

By: Wabash National Trailer Centers, Inc.,

        Its Sole Member

 

By: /s/ Mark J. Weber                                                                             

Name: Mark J. Weber

Title: Vice President – Treasurer, Member

	
WABASH NATIONAL MANUFACTURING, LP 

(f/k/a Wabash National Lease Receivables, LP)

 

By:  Wabash National Corporation,

        Its General Partner

 

By: /s/ Mark J. Weber                                                                             

Name: Mark J. Weber

Title: Vice President – Treasurer, General Partner

	
CONTINENTAL TRANSIT CORPORATION

 

 

By: /s/ Mark J. Weber                                                                             

Name: Mark J. Weber

Title: Treasurer

  

S-2

  

 

	
WABASH NATIONAL SERVICES, LP

 

By:   Wabash National Trailer Centers, Inc.,

         Its General Partner

 

By: /s/ Mark J. Weber                                                                             

Name: Mark J. Weber

Title: Vice President – Treasurer, General Partner

	
FTSI DISTRIBUTION COMPANY, LP

 

By: Wabash National Trailer Centers, Inc.,

        Its General Partner

 

By: /s/ Mark J. Weber                                                                             

Name: Mark J. Weber

Title: Vice President – Treasurer, General Partner

  

S-3

  

	
AGENT:

 

WELLS FARGO CAPITAL FINANCE, LLC

 

 

By: /s/ Dan Laven                                                                                     

Name: Dan Laven

Title: Vice President

  

S-4

  

	
LENDERS:

 

WELLS FARGO CAPITAL FINANCE, LLC

 

 

By: /s/ Dan Laven                                                                                     

Name: Dan Laven

Title: Vice President

  

S-5

  

 

 

	
RBS CITIZENS BUSINESS CAPITAL, 

a division of RBS Citizens, N.A.

 

 

By: /s/ Kimberly A. Crotty                                                                           

Name: Kimberly A. Crotty

Title: Vice President

  

S-6

  

	
GENERAL ELECTRIC CAPITAL CORPORATION

 

 

By: /s/ Jack F. Morrone                                                                                 

Name: Jack F. Morrone

Title: Duly Authorized Signatory

  

S-7

  

 

	
GE CAPITAL FINANCIAL INC.

 

 

By: /s/ Heather L. Glade                                                                                  

Name: Heather L. Glade

Title: Duly Authorized Signatory

  

S-8

  

 

 

 

	
BMO HARRIS BANK N.A., successor to Harris N.A.

 

 

By: /s/ William J. Kennedy                                                                          

Name: William J. Kennedy

Title: Vice President

 

 

  

S-9

  

 

	
CAPITAL ONE LEVERAGE FINANCE CORPORATION

 

 

By: /s/ Ari Kaplan                                                                                         

Name: Ari Kaplan

Title: Senior Vice President

  

S-10

  

 

ANNEX I

 

Schedule C-1

 

 

Commitments

 

	
Lender

	
Revolver

Commitment

	
Total Commitment

	
Wells Fargo Capital Finance, LLC

	
$50,000,000

	
$50,000,000

	
RBS Citizens Business Capital, a division of RBS Citizens, N.A.

	
$50,000,000

	
$50,000,000

	
General Electric Capital Corporation

	
$17,500,000

	
$17,500,000

	
GE Capital Financial Inc.

	
$17,500,000

	
$17,500,000

	
BMO Harris Bank N.A.

	
$25,000,000

	
$25,000,000

	
Capital One Leverage Finance Corporation

	
$15,000,000

	
$15,000,000

	
All Lenders

	
$175,000,000

	
$175,000,000

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