Document:

Unassociated Document

THIRD AMENDMENT TO

LOAN AND SECURITY AGREEMENT

 

THIS THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of November 1, 2011 (the “Amendment Date”), is made by and between AUTOINFO, INC., a Delaware corporation (“Parent Company”) and its direct and indirect Subsidiaries, namely, SUNTECK TRANSPORT CO., INC. (“Sunteck”), ELEETS LOGISTICS, INC. (“Eleets Logistics”), E-TRANSPORT CARRIERS, INC. F/K/A SUNTECK TRANSPORT CARRIERS, INC. (“ETC”), SUNTECK GOVERNMENT LOGISTICS, INC. (“SGL”), SUNTECK TRANSPORT GROUP, INC., a Florida corporation (“STG”), RAILPORT SERVICES, INC., a Florida corporation (“RSI”) and AMERICAN SHIPPERS DISPATCH, INC. (“ASD”), all of which are Florida corporations (Parent Company, together with Sunteck, Eleets Logistics, ETC, SGL, RSI and ASD, herein called, collectively, the “Borrowers” and, individually, a “Borrower”), and REGIONS BANK (“Lender”), for the purpose of amending that certain Loan and Security Agreement, dated as of February 17, 2009, made between Borrowers and Lender (as amended to date and as further amended hereby, the “Loan Agreement”), as an accommodation to Borrowers made at their request in reliance by Lender on the terms and conditions herein contained.

 

1. Definitions, Etc.  Capitalized terms used in this Amendment, but not expressly defined herein, shall have the same meanings as given to such terms in the Loan Agreement.  Section references used in this Amendment shall mean Sections references in the Loan Agreement.

 

2. Amendments.  The Loan Agreement shall be amended as follows:

 

2.1 Addition of Definitions.  There shall be added to Section 1.1 of the Loan Agreement the following defined terms in the correct alphabetical order:

 

“Eleets” means Eleets Transportation Company, a Florida corporation.

 

“Eleets Acquisition” means the sale by Eleets to Eleets Logistics of all right, title and interest of Eleets in and to all of the assets and property held or used in connection with its “Truck Agent Division” business unit in exchange for the cancellation of certain Debt owed by Eleets to Eleets Logistics and other members of the “Sunteck Transport Group” (as that term is defined in the Eleets Acquisition Agreement).

 

“Eleets Acquisition Agreement” means the Asset Purchase Agreement, dated July 7, 2011, effective as of July 1, 2011, among Parent Company, Eleets Logistics, Sunteck, RSI, Eleets and Steele, together with all schedules and exhibits thereto, and as it may be amended or modified from time to time in accordance with Section 7.5d of this Agreement.

 

“Eleets Acquisition Documents” means (i) the Eleets Acquisition Agreement, and (ii) the “Brokerage Agent Agreement” and the “Truck Agent Agreement,” as those quoted terms are defined in the Omnibus Agreement.

 

  

  

  

“Eleets Parties” means Eleets and the other “Borrowers,” as that term is defined in the Omnibus Agreement (for avoidance of doubt, the Eleets Parties do not include any Borrowers).

 

“Omnibus Agreement” means the Omnibus Agreement, dated as of November 1, 2011, made among Parent Company, Eleets Logistics, ETC, RSI, Sunteck, STG, the Eleets Parties, Steele, and Wells Fargo Bank, National Association, together with all schedules and exhibits thereto, and as it may be amended or modified from time to time in accordance with Section 7.5(d) of this Agreement.

 

“Omnibus Transactions” means all those transactions described in and contemplated to occur by, between or among the parties to the Omnibus Agreement in connection therewith, including those set forth and described in Section 2.3 below.

 

“Second Amendment” means the Second Amendment to Loan and Security Agreement, dated April 28, 2011, made between the parties hereto, amending this Agreement.

 

“Steele” means Allen Steele, a resident of the State of Florida, individually.

 

“Third Amendment” means the Third Amendment to Loan and Security Agreement dated the Third Amendment Date, made between the parties hereto amending this Agreement.

 

“Third Amendment Effective Date” has the meaning set forth in the Third Amendment.

 

“Trigger Condition” means either (i) any Event of Default has occurred and  continuing thereafter until waived in writing by Lender or cured with Lender’s written consent; or (ii) Excess Availability is less than twenty percent (20%) of Working Capital Obligations then outstanding, and continuing thereafter until Excess Availability equals or exceeds twenty percent (20%) of Working Capital Obligations for at least sixty (60) days consecutively, as determined by Lender.

 

2.2 Interim Statements.  There shall be added to Section 6.6(b) of the Loan Agreement (Interim Statements) the following sentence at the present end thereof:

 

Notwithstanding the foregoing, from and after the Third Amendment Date, unless and except to the extent that a Trigger Condition has occurred which is then continuing, all such interim financial statements may be reported by Borrowers quarterly, instead of monthly, within forty-five (45) days after the end of each Fiscal Quarter.

 

2.3 Eleets Acquisition; Post-Closing Transactions.  Heretofore, pursuant to Section 7.4 of the Loan Agreement, as amended pursuant to the Second Amendment, Lender consented to the Eleets Acquisition,  subject to the fulfillment of certain conditions precedent, which Borrowers fulfilled as of the effective date of the Eleets Acquisition Agreement, upon which date the Eleets Acquisition was consummated substantially in accordance with the terms of the Eleets Acquisition Documents.  In furtherance of the transactions which have occurred or were contemplated to occur pursuant to the Eleets Acquisition Documents, Borrowers have requested that Lender further consent to the execution and delivery by Parent Company, Eleets Logistics, ETC, RSI, Sunteck and STG of the Omnibus Documents and their performance thereunder and, in connection therewith, that  Lender further consent to each of the following:

 

  

  

  

(i) that Eleets Logistics be removed as a Borrower under the Loan Agreement and the other Loan Documents;

 

(ii) that Eleets Logistics be released and forever discharged from any debt, liability or obligation under the Loan Agreement and the other Loan Documents;

 

(iii) that Lender release any Lien on, or security interest in, (A) any assets of Eleets Logistics, (B) the “Transferred Receivables”, as that quoted term is defined in the Omnibus Agreement, (C) all Equity Interests in Eleets Logistics (collectively, the “Eleets Logistics Collateral”), and, in furtherance thereof, that, on the Third Amendment Effective Date, that Lender caused to be filed, at Borrowers’ expense, UC-3 termination statements or releases in respect of the foregoing releases;

 

(iv) that (i) Lender consent to the sale, assignment, transfer and conveyance of the Transferred Receivables from Eleets Logistics to Eleets in accordance with the terms of the Omnibus Agreement and (ii) the “Logistics Stock Purchase” (as that quoted term is defined in the Omnibus Agreement); and

 

(v) that Lender agree that if hereafter Lender receives notice from Borrowers that any proceeds of Eleets Receivables have mistakenly been deposited into a Concentration Account, Lender will, at Borrowers’ direction (after Borrowers have provided Lender satisfactory documentation in regard thereto) cause such proceeds to be remitted as so provided in the Omnibus Agreement, at Borrowers’ expense.

 

Lender has considered the foregoing requests of Borrowers,  and hereby consents and agrees to each of them, subject, however, to the following conditions (herein called the “Omnibus Conditions”):

 

(a) that Lender shall have received a copy, as executed by the parties thereto, of the Omnibus Documents, to be substantially in the form of Exhibit A annexed hereto with all blanks completed and with such modifications, if any, thereto as Lender shall review and approve from time to time;

 

(b) that Lender shall have received satisfactory evidence that the Omnibus Transactions have been consummated by the parties thereto substantially in accordance with the terms of the executed Omnibus Documents, pursuant to a certificate from a Senior Officer of Parent to such effect, to be substantially in the form of in form Exhibit B attached hereto, which certificate shall include a statement of sources and uses concerning the Omnibus Transaction, together with pro forma financial statements and Borrowing Base certifications giving effect to the Omnibus Transactions as of Borrowers’ most recent Fiscal Month reported to Lender under Section 6.6(b) of the Loan Agreement.

 

  

  

  

(c) that the Eleets Acquisition Documents, the Omnibus Documents and the “Stock Purchase Agreement” described in subsection (e) below shall all constitute “Material Agreements” for all purposes of the Loan Agreement and the other Loan Documents.

 

(d) that Lender shall have reviewed and approved the “Purchase Price” (as that term is defined in the Omnibus Agreement) and that such “Purchase Price” shall have been remitted directly to the following Collections Account (and not to Eleets Logistics) for application to the Obligations:

 

Incoming Wire for Payment:

Regions Bank

ABA:                      062005690

Account:                110245-400100

Name:                      Corporate Clearing Account

Ref:                          Auto Info Obligor:  2580065790                                                      

 Contact: Anna Isbell (205) 264-5594

(e) that in respect of the “Logistics Stock Purchase” described in clause (iv) above prior to the consummation thereof Lender shall have received, reviewed and approved the terms of the Stock Purchase Agreement referenced in the definition of “Logistics Stock Purchase;”

 

(f) that, by their execution hereof, all Borrowers except Eleets Logistics, (1) acknowledge and consent to the release by Lender of Eleets Logistics as a Borrower and the release by Lender of the Eleets Logistics Collateral in connection therewith, all without any reduction to, impairment of, or release from any debt, liability or obligation of such Borrowers,  other than Eleets Logistics, to Lender under the Loan Agreement and the other Loan Documents, all of which shall be and remain in full force and effect, unchanged hereby; and (2) agree to indemnify, save and hold harmless Lender from any loss, damage, cost or expense occasioned by its execution hereof and performance hereunder as relates to the matters described in this Section 2.3;

 

(g) that, by its execution and delivery hereof, Eleets Logistics hereby relieves, releases and forever discharges Lender from any debt, liability or obligation to Eleets Logistics existing or arising under, pursuant to, or in connection with the Loan Agreement or any Loan Documents, including, without limitation, any in respect of any commitments of Lender made thereunder; and

 

(h) that in reference to clause (v) above, Borrowers shall take all necessary and appropriate actions hereafter (including any requested by Lender) to assure the segregation of Eleets Receivables (and the proceeds thereof) from the Collateral and if, despite such actions being undertaken, any commingling of Eleets Receivables (or proceeds thereof) occurs, to give Lender immediate written notice thereof with satisfactory documentation in regard thereto.

 

  

  

  

2.4 Name Change.  In respect of the change of the name of “Sunteck Transport Carriers, Inc.” to “E-Transport Carriers, Inc.,” which was made effective on June 17, 2011, Lender waives the Event of Default under Section 7.8 of the Loan Agreement (No Change in Name, Etc.) resulting from such name change occurring without Lender’s prior written consent, and Lender hereby gives its consent thereto.

 

2.5 EBITDA.  Section 8.1(a) of the Loan Agreement (EBITDA definition) is amended by adding thereto at the present end thereof the following clause:

 

; plus non-cash stock option expense.

 

2.6 Financial Covenants.  Section 8.2 of the Loan Agreement (Financial Covenants) shall be amended by adding thereto a new Section 8.3, to read as follows:

 

8.3.           Measurement Dates.  Notwithstanding any terms of Section 8.1 or 8.2 of the Loan Agreement to the contrary, from and after the Third Amendment Date, unless and except to the extent that any Trigger Condition has occurred which is then continuing, all references in said Sections 8.1 and Section 8.2 to “Fiscal Month” shall mean, instead, “Fiscal Quarter)” mutatis mutandis; provided, however, that, without limitation of the foregoing, with specific respect to Section 8.2(b) of the Loan Agreement Funded Debt to EBITDA Ratio), the references therein to “January 31” shall, as appropriate, be deemed changed to “March 31”.

 

3. Conditions Precedent.  Completion of the following to Lender’s satisfaction shall constitute express conditions precedent to the effectiveness of the amendments and consents set forth in Section 2 above (and the date on which all of the foregoing shall have occurred as determined by Lender being called herein the “Third Amendment Effective Date”): (i) Lender and Borrowers shall have executed and delivered this Amendment; and (ii) Borrowers shall have fulfilled all Omnibus Conditions (excepting any which by their express terms are intended to occur prospectively) to Lender’s satisfaction.

 

4. Representations and Warranties.  In order to induce Lender to enter into this Amendment, Borrowers hereby represent and warrant to Lender as follows:

 

4.1 Legal Right.  Each Borrower has the full power, right and legal authority to execute, deliver and perform its obligations under this Amendment;

 

4.2 Authorization.  Each Borrower has taken all necessary corporate action necessary to authorize the execution and delivery of, and the performance of its obligations under, this Amendment;

 

4.3 Enforceability.  This Amendment constitutes a legal, valid and binding obligations of each Borrower, enforceable against each Borrower in accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization or moratorium or similar laws affecting the rights of creditors generally;

 

  

  

  

4.4 No Default.  No Default or Event of Default has occurred and is continuing or would result from the execution, delivery and performance by each Borrower of this Amendment and the Omnibus Transactions.

 

4.5 No Offset.  No right of offset, no defense and no counterclaim exists in favor of either Borrower in regard to the payment and performance of the Obligations;

 

4.6 Representations.  The representations and warranties contained in the Loan Agreement and in each of the other Loan Documents to which each Borrower is a party remain true and complete on and as of the date hereof as though made on and as of the date hereof except for (i) changes which have occurred and which were not prohibited by the terms of the Loan Agreement or such other Loan Documents, (ii) to the extent that any such representation or warranty related to an earlier date, and (iii) as are affected by transactions specifically and expressly contemplated by the Loan Agreement.

 

5. Reference to and Effect on the Documents.

 

5.1 References.  Each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and each reference to the Loan Agreement in the other Loan Documents other than the Loan Agreement, shall mean and be a reference to the Loan Agreement as amended hereby.

 

5.2 Effect.  Except as specifically amended hereby, the Loan Agreement and all other Loan Documents, and all other documents, agreements, instruments or writings entered into in connection therewith, shall remain in full force and effect, and are hereby ratified, confirmed and acknowledged by Borrowers.  The amendments set forth herein are limited precisely as written and shall not be deemed to (i) be a consent to any waiver or modification of any other term or conditions of the Loan Agreement, any other Loan Document, or any document delivered pursuant thereto, or (ii) prejudice any right or rights which Lender may now or in the future have in connection with the Loan Agreement or any other Loan Document, or (iii) constitute a novation of the Loan Agreement or any other Loan Document.

 

6. Governing Law.  This Amendment and the rights and obligations of the parties hereunder shall be governed by, and construed and interpreted in accordance with the substantive laws of the State of Georgia, without regard for its conflict of laws principles.

 

7. Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

 

8. Successors.  This Amendment shall be binding upon the permitted successors and assigns of the parties hereto.

 

9. Counterparts.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any party hereto may execute this Amendment by signing any such counterpart.

 

  

  

  

10. Loan Document.  This Amendment constitutes a Loan Document under the Loan Agreement.

 

11. Amendment Fees.  None.

 

  

  

  

WITNESS the hands of Borrowers and Lender, as of the date first above written.

 

	 	
“BORROWERS”

	 
	 	  	 	  	 
	 	
AUTOINFO, INC.

	
[SEAL]

	 
	 	  	 	  	 
	 	
By:

	/s/ William I. Wunderlich	 
	 	
Name:

	William I. Wunderlich	 
	 	
Title:

	Chief Financial Officer	 
	 	  	 	  	 
	 	
SUNTECK TRANSPORT CO., INC.

	
[SEAL]

	 
	 	  	 	  	 
	 	
By:

	/s/ William I. Wunderlich	 
	 	
Name:

	William I. Wunderlich	 
	 	
Title:

	Chief Financial Officer	 
	 	  	 	  	 
	 	
E-TRANSPORT CARRIERS, INC. F/K/A

SUNTECK TRANSPORT CARRIERS,

	
[SEAL]

	 
	 	
INC.

	 	  	 
	 	  	 	  	 
	 	
By:

	/s/ William I. Wunderlich	 
	 	
Name:

	William I. Wunderlich	 
	 	
Title:

	Chief Financial Officer	 

  

  

  

	  	
SUNTECK GOVERMENT

	
[SEAL]

	  
	  	
LOGISTICS, INC.

	  	  
	  	  	 	  	  
	  	
By:

	/s/ William I. Wunderlich	  
	  	
Name:

	William I. Wunderlich	  
	  	
Title:

	Chief Financial Officer	  
	  	  	 	  	  
	  	  	 	  	  
	  	
SUNTECK TRANSPORT

	
[SEAL]

	  
	  	
GROUP, INC.

	  	  
	  	  	 	  	  
	  	
By:

	/s/ William I. Wunderlich	  
	  	
Name:

	William I. Wunderlich	  
	  	
Title:

	  Chief Financial Officer	  
	  	  	 	  	  
	  	
RAILPORT SERVICES, INC.

	
[SEAL]

	  
	  	  	 	  	  
	  	
By:

	/s/ William I. Wunderlich	  
	  	
Name:

	William I. Wunderlich	  
	  	
Title:

	Chief Financial Officer	  
	  	  	 	  	  
	  	  	 	  	  
	  	
AMERICAN SHIPPERS DISPATCH,

	
[SEAL]

	  
	  	
INC.

	  	  
	  	  	 	  	  
	  	
By:

	/s/ William I. Wunderlich	  
	  	
Name:

	William I. Wunderlich	  
	  	
Title:

	Chief Financial Officer	  
	  	  	 	  	  
	  	  	 	  	  
	  	
ELEETS LOGISTICS, INC.

	
             [SEAL]

	  
	 	 	 	 
	  	
By:

	/s/ William I. Wunderlich	  
	  	
Name:

	William I. Wunderlich	  
	  	
Title:

	Chief Financial Officer	  

  

  

  

	  	
Accepted in Atlanta, Georgia

	  	  	  	  
	  	
“LENDER”

	  	  	  	  
	  	
REGIONS BANK

	  	  	  	  
	  	  	  	  
	  	  	  	  
	  	
By:

	
/s/Sharon Cobb

	  
	  	  	  	  
	  	
Name:

	
Sharon Cobb

	  
	  	  	  	  
	  	
Title:

	
Senior Vice PresidentUnassociated Document

 

Exhibit 10.1

 

SETTLEMENT OF CLAIMS AND MUTUAL GENERAL RELEASES

THIS SETTLEMENT OF CLAIMS AND MUTUAL GENERAL RELEASES (“Release Agreement”) is hereby entered into this 3rd day of August, 2011, by and between OLD STAIRS CO. LLC, formerly known as WM Coffman LLC (“Old Stairs”), with an address at 445 Broadhollow Rd., Melville, New York 11747, and P&F & INDUSTRIES, INC. (“P&F”), with an address at 445 Broadhollow Rd., Melville, New York 11747 on the one hand, and AGNL Coffman, L.L.C. (“AGNL”), with an address at 245 Park Avenue, New York, NY 10167 on the other hand.

Whereas, in or about June 2009, Old Stairs was formed by a series of transactions (the “Formation”) pursuant to which, among other things, certain subsidiaries of P&F, among other parties, sold various assets to Old Stairs in exchange for certain cash payments and notes payable over time; and

Whereas, on and after June 8, 2009, and attendant to the Formation, Old Stairs and certain of its affiliates, and AGNL entered into certain ancillary agreements listed on the Schedule attached hereto (the “Lease Assignment Agreements”); and

Whereas, pursuant to the Lease Assignment Agreements, AGNL was the landlord and Old Stairs was the tenant under that certain lease, dated March 30, 2007 (the “Original Lease”) which was amended on June 8, 2009 (the “First Amendment”) (hereinafter collectively referred to as the “Lease”); and

Whereas, in connection with the First Amendment and in consideration thereof, a certain Guaranty Agreement dated June 8, 2009 (the “Guaranty”) was entered into between Crown Column & Mill Work Company, LLC (“Crown”), Coffman Stairs, LLC ("Coffman Stairs”), and Visador Holding Company (“Visador”) and WM Coffman LLC, on the one hand, and AGNL on the other hand.  A copy of the Guaranty is attached hereto as Exhibit A; and

Whereas, Old Stairs, P&F and AGNL all expressly acknowledge and agree that nothing contained in this Release Agreement is intended to affect any right or remedy which AGNL has under the Guaranty; and

Whereas, in or about June 2010, Old Stairs’ lender, PNC Bank, N.A. (“PNC”), exercised its rights pursuant to its loan documents and under the Uniform Commercial Code and foreclosed on substantially all of the assets of Old Stairs; and

Whereas, thereafter, PNC informed Old Stairs that PNC had sold substantially all of Old Stairs’ assets; and

Whereas, Old Stairs has vacated the premises occupied pursuant to the Lease and has defaulted on its obligations under the Lease; and

Whereas, on or about May 4, 2010, AGNL duly and properly exercised its rights under the Lease and sent a Notice of Termination of the Lease to Old Stairs based on Old Stairs’ defaults under the Lease (the “Lease Termination”); and

  

  

  

 

Whereas, as a result of Old Stairs’ defaults, AGNL asserts a claim against Old Stairs for damages under the Lease, (the “AGNL Claim”); and

Whereas, Old Stairs acknowledges that: (a) it has defaulted under the Lease, (b) the Lease Termination was properly effected under the Lease, and (c) as a consequence of Old Stairs’ defaults, AGNL is currently owed $4,279,734.33 under the Lease; and

Whereas, the parties hereto desire to provide for (a) a payment to AGNL on account of Old Stairs’ default, and (b) the exchange of mutual general releases only among those parties identified below; and

Whereas, pursuant to the terms hereof, in order to accomplish a partial distribution to AGNL of the cash remaining with Old Stairs after the foreclosure and sale of its assets, and an exchange of mutual general releases; and

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

1.           Acknowledgement of Amounts Owed Through Old Stairs’ Default. Old Stairs acknowledges that, as a result of its defaults under the Lease Agreement, it currently owes AGNL the sum of $4,279,734.33, representing $372,718.75 in past-due rent and $3,907,015.58 is contractual damages for breach of the Lease.

2.           Payment of the Claim.  In full and complete satisfaction of AGNL’s claim against Old Stairs, Old Stairs shall pay to AGNL the sum of $172,000.00 in cash by wire transfer (the “AGNL Payment”).  With respect to the AGNL Payment,

(a)           Old Stairs represents and warrants that making the AGNL Payment is not intended to hinder, defraud, or delay any creditors of Old Stairs from exercising their respective and available rights and remedies.

(b)           Old Stairs acknowledges and agrees that, in the event that AGNL is required to restore or return to Old Stairs or to any trustee, receiver or similar person appointed pursuant to any Bankruptcy Law all or any part of the AGNL Payment following or in connection with any bankruptcy or insolvency proceeding, AGNL's rights and priority as a creditor of Old Stairs that existed prior to execution of this Release Agreement shall be reinstated and revived, including, without limitation, reinstating (y) any liens or other encumbrances on any collateral as of the date originally granted and (z) the full amount of damages available to AGNL prior to entering into this Release Agreement (collectively, “AGNL’s Claim”).  Such reinstatement and revival of AGNL’s Claim shall be automatic and unconditional and as if such monies had never been paid or rights relinquished.  "Bankruptcy Law" means means the United States Bankruptcy Code, 11 U.S.C.A. §§ 101 et seq. or any federal or state insolvency laws or laws for composition of indebtedness or for the reorganization of debtors.

 

 

3.           Termination of the Lease Assignment Agreements.  The parties acknowledge that Old Stairs has ceased doing business.  Effective with AGNL’s receipt of the AGNL Payment, each and every of the Lease Assignment Agreements are and shall be deemed to be terminated by mutual consent according to their respective terms and provisions, without any further obligations, debts or duties on the part of any party to this Release Agreement, to the extent not previously terminated by AGNL as a result of the Lease Termination.

  

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4.           Survival of Guaranty.  The parties acknowledge and agree that nothing contained in this Release Agreement shall in any way impact or otherwise affect any claim which AGNL has, or may have against Crown, Coffman Stairs and/or Visador pursuant to the Guaranty, and that AGNL is not releasing any such claim(s) through entering into this Release Agreement and that all such claims survive.

5.           Release by AGNL.  AGNL, together with its successors and assigns, hereby releases and discharges Old Stairs, Countrywide Hardware, Inc. (“Countrywide”), Woodmark International, Inc. (“WMI”), Pacific Stair Products, Inc. (“PSP”), and P&F, and their respective representatives, agents, administrators, shareholders, successors, assigns, members, managers, officers, directors and attorneys from any and all obligations, debts, losses, damages, liabilities, contracts, controversies, agreements, premises, claims, causes of action, and demands of any kind whatsoever at law or in equity, direct or indirect, known or unknown, discovered or undiscovered, asserted or unasserted, which AGNL, its affiliates, successors and assigns, ever had, now has, or hereafter can, shall or may have, arising from the beginning of time to the date hereof.

6.           Release by Old Stairs.  Old Stairs, together with its successors and assigns, hereby releases and discharges AGNL, and its representatives, agents, administrators, successors, shareholders, assigns, members, managers, officers, directors and attorneys from any and all obligations, debts, losses, damages, liabilities, contracts, controversies, agreements, premises, claims, causes of action, and demands of any kind whatsoever at law or in equity, direct or indirect, known or unknown, discovered or undiscovered, asserted or unasserted, which Old Stairs, its successors and assigns, ever had, now has, or hereafter can, shall or may have, arising from the beginning of time to the date hereof.

7.           Release by P&F.  P&F, together with its successors and assigns, hereby releases and discharges AGNL, and its representatives, agents, administrators, successors, assigns, members, managers, officers, directors and attorneys from any and all obligations, debts, losses, damages, liabilities, contracts, controversies, agreements, premises, claims, causes of action, and demands of any kind whatsoever at law or in equity, direct or indirect, known or unknown, discovered or undiscovered, asserted or unasserted, which P&F, its successors and assigns, ever had, now has, or hereafter can, shall or may have, arising from the beginning of time to the date hereof.

8.           Release by Countrywide.  Countrywide, together with its successors and assigns, hereby releases and discharges AGNL, and its representatives, agents, administrators, successors, shareholders, assigns, members, managers, officers, directors and attorneys from any and all obligations, debts, losses, damages, liabilities, contracts, controversies, agreements, premises, claims, causes of action, and demands of any kind whatsoever at law or in equity, direct or indirect, known or unknown, discovered or undiscovered, asserted or unasserted, which Countrywide, its successors and assigns, ever had, now has, or hereafter can, shall or may have, arising from the beginning of time to the date hereof.

  

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9.           Release by WMI.  WMI, together with its successors and assigns, hereby releases and discharges AGNL, and its representatives, agents, administrators, successors, shareholders, assigns, members, managers, officers, directors and attorneys from any and all obligations, debts, losses, damages, liabilities, contracts, controversies, agreements, premises, claims, causes of action, and demands of any kind whatsoever at law or in equity, direct or indirect, known or unknown, discovered or undiscovered, asserted or unasserted, which WMI, its successors and assigns, ever had, now has, or hereafter can, shall or may have, arising from the beginning of time to the date hereof.

10.           Release by PSP.  PSP, together with its successors and assigns, hereby releases and discharges AGNL, and its representatives, agents, administrators, successors, shareholders, assigns, members, managers, officers, directors and attorneys from any and all obligations, debts, losses, damages, liabilities, contracts, controversies, agreements, premises, claims, causes of action, and demands of any kind whatsoever at law or in equity, direct or indirect, known or unknown, discovered or undiscovered, asserted or unasserted, which PSP, its successors and assigns, ever had, now has, or hereafter can, shall or may have, arising from the beginning of time to the date hereof.

11.           Conditions Precedent to Occurrence of Effective Date.  This Release Agreement shall automatically become effective upon receipt of the AGNL Payment by AGNL.

12.           Presumptions.  Each of the parties hereto acknowledge that he, she or it, respectively, has consulted with counsel and with such other experts and advisors as he, she or it has deemed necessary in connection with the negotiation, execution and delivery of this Release Agreement and has participated in the drafting hereof.  Therefore, this Release Agreement shall be construed without regard to any presumption or rule requiring that it be construed against any one party causing this Release or any part hereof to be drafted.

13.           Entire Agreement.  This Release Agreement contains the entire understanding and agreement by and among the parties with respect to the subject matter hereof.  No other agreements, covenants, representations or warranties, expressed or implied, oral or written, have been made by any party with respect to the subject matter of this Release Agreement.  All prior or contemporaneous conversations, negotiations, proposed agreements and agreements, or covenants, representations and warranties with respect to the subject matter hereof are waived and superseded by, replaced in their entireties and merged into this Release Agreement.

14.           Further Assurance.  Each party to this Release Agreement shall execute such other and further documents and instruments as the other party may reasonably request to implement the provisions of this Release Agreement.

15.           Benefit of Agreement.  This Release Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns.  No other person or entity shall be entitled to claim any right or benefit hereunder, including, without limitation, any third-party beneficiary of this Release Agreement.

  

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16.           Severability.  The provisions of this Release Agreement are intended to be severable.  If any provisions of this Release Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or enforceability without in any manner affecting the validity or enforceability of such provision in any other jurisdiction or the remaining provisions of this Release in any jurisdiction.

17.           Governing Law, Jurisdiction, Venue.  This Release Agreement shall be governed by and construed in accordance with the laws of the State of New York applied to contracts to be performed wholly within the State of New York.  Any judicial proceeding brought by or against any party to this Release Agreement with respect to this Release Agreement or any related agreement may be brought in any court of competent jurisdiction in the State of New York, County of New York, United States of America, and, by execution and delivery of this Release Agreement, each party accepts for himself, herself or itself and in connection with his properties, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts, and irrevocably agree to be bound by any judgment rendered thereby in connection with this Release Agreement..  Each party to this Release Agreement waives any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens.

18.           Waiver of Jury Trial.  EACH PARTY TO THIS RELEASE AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS RELEASE AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS RELEASE AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE AND EACH PARTY HEREBY CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS RELEASE AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENTS OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.  IN ADDITION, EACH PARTY WAIVES THE RIGHT TO CLAIM OR RECOVER IN ANY SUCH SUIT, ACTION OR PROCEEDING ANY DAMAGES OTHER THAN OR IN ADDITION TO ACTUAL DAMAGES.

19.           Counterparts; Electronic Signatures.  This Release Agreement may be executed in one or more counterparts, all of which taken together shall constitute one and the same agreement.  Any signature delivered by a party in PDF via e-mail or by facsimile shall be deemed to be an original signature hereto.

20.           Amendment.  No amendment, modification, rescission, waiver or release of any provision of this Release Agreement shall be effective unless the same shall be in writing and signed by the parties hereto.

  

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21.           Headings.  Section headings in this Release Agreement are included herein for convenience of reference only and shall not constitute a part of this Release Agreement for any other purpose.

 

[Remainder of page intentionally left blank]

 

  

6

  

IN WITNESS WHEREOF, this Release Agreement has been duly executed as of the day and year first written above.

 

OLD STAIRS CO., LLC

 

 

	
By:

	
/s/ Joseph A. Molino, Jr.

	
Name:

	
Joseph A. Molino, Jr.

	
Title:

	
Manager

 

P&F INDUSTRIES, INC.

 

 

	
By:

	
/s/ Richard A. Horowitz

	
Name: 

	
Richard A. Horowitz

	
Title: 

	
President

 

AGNL COFFMAN, L.L.C.

 

By:  AGNL Manager, Inc.

 

	
By:

	
/s/ Gordon J. Whiting

	
Name: 

	
Gordon J. Whiting

	
Title: 

	
President

 

 

AGREED AND CONSENTED TO:

COUNTRYWIDE HARDWARE, INC.

	
By:

	
/s/ Richard A. Horowitz

	
Name: 

	
Richard A. Horowitz

	
Title: 

	
Vice President

WOODMARK INTERNATIONAL, INC.

	
By:

	
/s/ Richard A. Horowitz

	
Name: 

	
Richard A. Horowitz

	
Title: 

	
Vice President, Countrywide Hardware, its General Partner

PACIFIC STAIR PRODUCTS, INC.

	
By:

	
/s/ Richard A. Horowitz

	
Name: 

	
Richard A. Horowitz

	
Title:

	
President

 

  

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SCHEDULE TO

ACKNOWLEDGEMENT OF TERMINATION OF AGREEMENTS,

SETTLEMENT OF CLAIM AND MUTUAL GENERAL RELEASES

Lease Agreement, dated as of March 30, 2007, among AGNL, Coffman Stairs, LLC and Visador Holding Company.

First Amendment to Lease Agreement, dated as of June 8, 2009, between AGNL and Old Stairs.

Memorandum of First Amendment to Lease, dated as of June 8, 2009 between AGNL and Old Stairs.

  

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