Document:

Exhibit 10.23

 

SECOND SUPPLEMENTAL INDENTURE

 

SECOND SUPPLEMENTAL INDENTURE dated as of December 14,
2005 (this “Supplemental Indenture”), among The Fibre-Metal
Products Company, a Delaware corporation (the “New Guarantor”), Norcross
Safety Products L.L.C., a Delaware limited liability
company (the “Company”), Norcross Capital Corp., a
Delaware corporation (“Capital” and, together with the Company, the “Issuers”),
the Guarantors listed on the signature pages hereto (the “Existing
Guarantors”) under the Indenture referred to below, and Wilmington Trust
Company, as trustee under the Indenture referred to below (the “Trustee”).

 

W I  T  N  E  S  S  E  T  H:

 

WHEREAS, the Issuers and the Existing
Guarantors have heretofore executed and delivered to the Trustee an Indenture dated
as of August 13, 2003 (as supplemented by the First Supplemental Indenture
dated July 19, 2005 by and among the Issuers, the Existing Guarantors and
the Trustee, and as further amended or supplemented from time to time, the “Indenture”;
capitalized terms used herein without definition shall have the meanings
assigned to them in the Indenture), providing for the issuance by the Issuers of
$152,500,000 aggregate principal amount of 9 7/8% Senior Subordinated Notes due
2011 (the “Notes”);

 

WHEREAS, Section 4.20 of the Indenture
provides that under certain circumstances the Issuers are required to cause the
New Guarantor to execute and deliver to the Trustee a supplemental indenture
pursuant to which the New Guarantor shall unconditionally guarantee all of the
Issuers’ obligations under the Notes pursuant to a Guarantee on the terms and
conditions set forth herein; and

 

WHEREAS, pursuant to Section 8.01 of the
Indenture, the Trustee, the Issuers and the Existing Guarantors are authorized
to execute and deliver this Supplemental Indenture;

 

NOW THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which
is hereby acknowledged, the New Guarantor, the Issuers, the Existing Guarantors
and the Trustee mutually covenant and agree for the equal and ratable benefit
of the Holders as follows:

 

1.                                       Amendments
to Certain Definitions.  Section 1.01
of the Indenture (Definitions) is hereby amended as follows:

 

(a)                                  The
definition of “Akron Note” is hereby amended by deleting the word “Holdco” and replacing it with the word “NSP
Holdings”.

 

(b)                                 The
definition of “Holdco” is hereby amended by (i) deleting the words “NSP
Holdings L.L.C., a Delaware limited liability company”
and (ii) replacing them with the words “Safety Products Holdings, Inc.,
a Delaware corporation”.

 

(c)                                  The
definition of “Management Notes” is hereby deleted in its entirety.

 

(d)                                 The
definition of “Management Side Letter Agreements” is hereby deleted in its
entirety.

 

 

(e)                                  The
following definition is hereby added immediately following the definition of “Notes”:

 

“NSP Holdings”
means NSP Holdings L.L.C.,
a Delaware limited liability company.

 

2.                                       Additional
Amendments.  Section 4.11 of the
Indenture is hereby amended by replacing clauses (B)(11) and (B)(14) thereof
with the words “intentionally omitted;”.

 

3.                                       Agreement
to Guarantee.  The New Guarantor
hereby agrees, jointly and severally with all other Guarantors, to Guarantee
the Issuers’ obligations under the Notes on the terms and subject to the conditions
set forth in Article 10 of the Indenture and to be bound by all other
applicable provisions of the Indenture.  From
and after the date hereof, the New Guarantor shall be a Guarantor for all
purposes under the Indenture and the Notes.

 

4.                                       Ratification
of Indenture; Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms,
conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part of the Indenture for all
purposes, and every Holder heretofore or hereafter authenticated and delivered
shall be bound hereby.

 

5.                                       Construction.  For
all purposes of this Supplemental Indenture, except as otherwise herein expressly
provided or unless the context otherwise requires: (i) the
terms and expressions used herein shall have the same meanings as corresponding
terms and expressions used in the Indenture; and (ii) the words “herein,” “hereof”
and “hereby” and other words of similar import used in this Supplemental
Indenture refer to this Supplemental Indenture as a whole and not to any
particular section hereof.

 

6.                                       Governing Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE
AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.  EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO
THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE.

 

7.                                       Trustee
Makes No Representation.  The Trustee
shall not be responsible in any manner whatsoever for or in respect of the
validity or sufficiency of this Supplemental Indenture or for or in respect of
the recitals contained herein, all of which are made solely by the Issuers.

 

8.                                       Multiple
Counterparts.  The parties may sign
multiple counterparts of this Supplemental Indenture.  Each signed counterpart shall be deemed an
original, but all of them together represent one and the same agreement.

 

 

9.                                       Headings.
The headings of this Supplemental Indenture have been inserted for convenience
of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

 

IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed as of the date and year
first above written.

 

	
   

  	
  THE FIBRE-METAL PRODUCTS COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David F. Myers, Jr.

  
	
   

  	
   

  	
  Name: David F. Myers, Jr.

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORCROSS SAFETY PRODUCTS L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David F. Myers, Jr.

  
	
   

  	
   

  	
  Name: David F. Myers, Jr.

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORCROSS CAPITAL CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David F. Myers, Jr.

  
	
   

  	
   

  	
  Name: David F. Myers, Jr.

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXISTING GUARANTORS:

  
	
   

  	
   

  	
   

  
	
   

  	
  MORNING PRIDE MANUFACTURING L.L.C. 

  NORTH SAFETY MEXICO HOLDINGS LLC 

  NORTH SAFETY PRODUCTS INC.

  
	
   

  	
  PRO-WARRINGTON L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David F. Myers, Jr.

  
	
   

  	
   

  	
  Name: David F. Myers, Jr.

  
	
   

  	
   

  	
  Title:

  
				

 

 

	
   

  	
   

  	
  WILMINGTON TRUST COMPANY

  
	
   

  	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Kristin L. Moore

  
	
   

  	
   

  	
  Name:

  	
  Kristin L. Moore

  
	
   

  	
   

  	
  Title:

  	
  Financial Services OfficerExhibit 10.27

 

July 19, 2005

 

Michael Koester

GS Mezzanine Partners III Onshore Fund, L.P.

GS Mezzanine Partners III Offshore Fund, L.P.

85 Broad Street

New York, NY  10004

 

Re:          $8,454,333 11 3/4% Senior Pay in Kind
Notes due 2012 issued by NSP Holdings L.L.C. (“NSP Holdings”) and NSP Holdings
Capital Corp. (“NSP Capital”, and together with NSP Holdings, the “Issuers”) to
CIVC Partners Fund, L.P. (the “CIVC Notes”)

 

Dear Mr. Koester:

 

Reference is herby made
to the CIVC Notes and that certain registration rights agreement (the “CIVC
Registration Rights Agreement”) dated as of January 7, 2005 among the
Issuers and CIVC Partners Fund, L.P. (“CIVC”). 
The CIVC Notes were issued as part of an aggregate $100,000,000
principal amount issuance by the Issuers of 11 3/4% Senior Pay in Kind Notes
due 2012 (the “Existing Notes”).  As
purchaser of the CIVC Notes, GS Mezzanine Partners III Onshore, L.P. and GS
Mezzanine Partners III Offshore Fund, L.P. (together, “Buyer”), is entitled to
certain registration rights with respect to the CIVC Notes pursuant to the CIVC
Registration Rights Agreement.  Safety
Products Holdings, Inc. (the “Company”), in connection with its
acquisition of all of the equity interests of the subsidiaries of NSP Holdings
(the “Acquisition”), will assume all the obligations of the Issuers under the Existing
Notes, including the CIVC Notes, and under the CIVC Registration Rights
Agreement.  In connection with the
Acquisition, the Company will issue an additional $25,000,000 11 3/4% Senior
Pay in Kind Notes due 2012 (the “New Notes”) and will enter into a registration
rights agreement for the benefit of the holders of the New Notes.  After the assumption of the Existing Notes
and the issuance of the New Notes by the Company and the completion of the registration
of the New Notes, the New Notes and the Existing Notes (including the CIVC
Notes, assuming Buyer’s acceptance of the offer contained herein) will
constitute a single class of Notes.  The
Company hereby requests that Buyer waive any and all rights to register the
CIVC Notes pursuant to the CIVC Registration Rights Agreement in exchange for
the right to register the CIVC Notes as part of the Company’s registration of
the New Notes.  In the event the Company
does not register the New Notes, Buyer would retain any and all rights to
register the CIVC Notes pursuant to the CIVC Registration Rights Agreement.

 

 

Please note your
acceptance of the above offer by signing below as indicated.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  SAFETY PRODUCTS HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David F. Myers, Jr.

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  
	
   

  
	
  Acknowledged and
  agreed as of this 15th day of July, 2005:

  
	
   

  
	
  GS MEZZANINE
  PARTNERS III ONSHORE FUND, L.P.

  
	
  GS MEZZANINE
  PARTNERS III OFFSHORE FUND, L.P.

  
	
   

  
	
  By:

  	
  /s/ John Bowman

  	
   

  
	
   

  	
  Name: John
  Bowman

  
	
   

  	
  Title: Vice
  President

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