Document:

mis_8k0309ex101.htm

Exhibit 10.1

 

 

RELEASE OF TENANT GUARANTY

 

DANSVILLE PROPERTIES, LLC, for itself, its agents, representatives, employees, shareholders, officers, directors, attorneys, successors or assigns, divisions, subsidiaries, and affiliated companies (collectively “Dansville Properties”) hereby releases and waives MISCOR
Group, Ltd., together with its agents, representatives, employees, shareholders, officers, directors, attorneys, successors or assigns, divisions, subsidiaries, and affiliated companies (collectively “MISCOR”) from any claim, demand, action, or cause of action known or unknown, current or future, which Dansville Properties may have or may have ever had against MISCOR under the terms of the Tenant Guaranty dated January 16, 2008 (“Agreement”).  Further, Dansville Properties promises
not to ever bring suit against MISCOR alleging any claim for breach of the Tenant Guaranty.

 

	  	
Dansville Properties, LLC

	  	  
	  	  
	  	
Lawrence D. Mehlenbacher, Sole Member

	
Witnessed:
	  
	  	  
	  	  
	
Richard Rizzierimis_8k0309ex102.htm

Exhibit 10.2

 

 

 

RELEASE OF LANDLORD GUARANTY

 

AMERICAN MOTIVE POWER, INC., for itself, its agents, representatives, employees, shareholders, officers, directors, attorneys, successors or assigns, divisions, subsidiaries, and affiliated companies (collectively “AMP”) hereby releases and waives Lawrence Mehlenbacher
(“Mehlenbacher”) from any claim, demand, action, or cause of action known or unknown, current or future, which AMP may have or may have ever had against Mehlenbacher under the terms of the Landlord Guaranty dated January 16, 2008 (“Agreement”).  Further, AMP promises not to ever bring suit against Mehlenbacher alleging any claim for breach of the Landlord Guaranty.

 

	  	
American Motive Power, Inc.

	  	  
	  	  
	  	
John A. Martell, CEO

	
Witnessed:
	  
	  	  
	  	  
	
James M. Lewis, Secretarymis_8k0309ex104.htm

Exhibit 10.4

 

 

MUTUAL RELEASE OF

JANUARY 2008 OBLIGATIONS

On January 16, 2008, one group of parties including MISCOR GROUP, LTD. and AMERICAN MOTIVE POWER, INC. and their agents, representatives, employees, shareholders, officers, directors, attorneys, successors or assigns, divisions, subsidiaries, and affiliated companies (collectively “MISCOR Companies”) and a second group of parties
including Lawrence Mehlenbacher, Thomas Coll, and Richard Rizzieri (collectively “Former Shareholders”) and a third group of affiliated companies including DANSVILLE PROPERTIES, LLC, LMC INDUSTRIAL CONTRACTORS, INC., LMC POWER SYSTEMS, INC., and their agents, representatives, employees, shareholders, officers, directors, attorneys, successors or assigns, divisions, subsidiaries, and affiliated companies (collectively “LMC Companies”) (MISCOR Companies, Former Shareholders, and LMC Companies
collectively referred to herein as “Parties”), executed certain agreements including but not limited to:

 

	  	
i.
	
AMP Stock Purchase Agreement

	  	
ii.
	
Non-Competition Agreements

	  	
iii.
	
Shareholder agreements

	  	
iv.
	
Mutual Services Agreement

	  	
v.
	
MISCOR Grant Sharing Agreement

 

which are collectively referred to herein as “the January 2008 Agreements.”

 

The Parties now wish to release each other from all obligations or liabilities related in any way to the January 2008 Agreements so as to forever resolve any disagreements arising from one or another of the January 2008 Agreements.  Therefore it is hereby agreed by and among the Parties as follows:

 

MISCOR Companies’ release of Former Shareholders and LMC Companies.  The MISCOR Companies hereby release and waive from any claim, demand, action, or cause of action known or unknown, current or future, which the MISCOR Companies may have or may have ever had against Former Shareholders or LMC Companies under the terms
of the January 2008 Agreements.  Further, the MISCOR Companies promises not to ever bring suit against Former Shareholders or LMC Companies alleging any claim for breach of any or all of the January 2008 Agreements.

 

Former Shareholders’ release of MISCOR Companies.  The Former Shareholders hereby release and waive from any claim, demand, action, or cause of action known or unknown, current or future, which the Former Shareholders may have or may have ever had against the MISCOR Companies under the terms of the January 2008 Agreements.  Further,
the Former

 

  

  

  

Shareholders promise not to ever bring suit against MISCOR Companies alleging any claim for breach of any or all of the January 2008 Agreements.

 

LMC Companies’ release of MISCOR Companies.  The LMC Companies hereby release and waive from any claim, demand, action, or cause of action known or unknown, current or future, which the LMC Companies may have or may have ever had against MISCOR Companies under the terms of the January 2008 Agreements.  Further,
the LMC Companies promise not to ever bring suit against MISCOR Companies alleging any claim for breach of any or all of the January 2008 Agreements.

 

	  	
MISCOR Group, Ltd.

	  	  
	  	  
	  	
John A. Martell, President and CEO

	  	  
	  	  
	  	  
	  	
American Motive Power, Inc.

	  	  
	  	  
	  	
John A. Martell, CEO

	  	  
	  	  
	  	  
	  	
Lawrence Mehlenbacher

	  	  
	  	  
	  	
Lawrence Mehlenbacher

	  	  
	  	  
	  	  
	  	
Richard Rizzieri

	  	  
	  	  
	  	
Richard Rizzieri

	  	  
	  	  
	  	
Thomas Coll

	  	  
	  	  
	  	
Thomas Coll

	  	  
	  	  
	  	  

  

  

  

	  	
Dansville Properties, LLC

	  	  
	  	  
	  	
Lawrence D. Mehlenbacher, Sole Member

	  	  
	  	  
	  	
LMC Industrial Contractors, Inc

	  	  
	  	  
	  	
Lawrence D. Mehlenbacher, President

	  	  
	  	  
	  	
LMC Power Systems, Inc.

	  	  
	  	  
	  	
Lawrence D. Mehlenbacher, Presidentmis_8k0309ex1010.htm

Exhibit 10.10

 

 

March 15, 2010

	
MISCOR GROUP, LTD.
	
LMC TRANSPORT, LLC

	
1125 S. Walnut
	
2060 Lakeville Road

	
South Bend, Indiana  46619
	
Avon, New York 14414

	
Attention: Jay Lewis
	  

Gentlemen:

MISCOR Group, Ltd., an Indiana corporation (“MISCOR”), Magnetech Industrial Services, Inc. (“MIS”), an Indiana corporation, HK Engine Components, LLC, an Indiana limited liability company (“HK”), and American Motive Power, Inc., a Nevada corporation (“AMP” and together with MISCOR, MIS and HK
collectively, the “Borrowers”), and Wells Fargo Bank, National Association (the “Lender”), are parties to that certain Credit and Security Agreement dated as of January 14, 2008, as amended (the “Credit Agreement”).  Capitalized terms used herein shall have the meaning assigned to such terms in the Credit Agreement.

The Borrowers have advised the Lender that they intend to sell the capital stock of AMP (the “AMP Sale”) in accordance with the terms of that certain AMP Stock Purchase Agreement dated March 8, 2010, between LMC Transport, LLC (“Purchaser”) and MISCOR (the “AMP SPA”).  In connection with the AMP
Sale, the Borrowers have requested the Lender’s consent to such sale and a release of all of the Lender’s security interests in and other liens on or interests in (collectively, the “Liens”) the assets of AMP (the “Released Borrower”), as well as the capital stock of AMP and any and all rights pursuant to such stock (the “Specified Assets”).

Subject to the terms and conditions of this letter, the Lender hereby consents to the AMP Sale pursuant to the terms of the AMP SPA, and hereby agrees that, upon Lender’s receipt of a fully executed copy of the AMP SPA and evidence, satisfactory to the Lender, of Purchaser’s compliance with Article VII (Deliveries By Purchaser
At Closing) of the AMP SPA (i) the Released Borrower shall be released from all further obligations to the Lender, (ii) the Lender shall release, terminate and satisfy its Liens in the Specified Assets, and execute and deliver to or at the direction of the Borrowers such releases, termination statements or directions to terminate as the Borrowers may reasonably request, which must be prepared and filed by the Borrowers at the Borrowers’ sole cost and expense, and (iii) the Lender shall file the UCC termination
and amendment in the forms attached hereto at Exhibit A.  The Released Borrower hereby acknowledges that the Lender shall have no further commitments or other obligations to make any loans or other financial accommodations to or at the request of the Released Borrower or based upon the assets of the Released Borrower.

 

 

 

 

 

MISCOR Group, Ltd.

LMC Transport, LLC

March 15, 2010

Page 2

 

 

Following the closing of the AMP Sale, all items for payment of Accounts due to the Released Borrower received in the Borrowers’ lockbox at the Lender (the “WFB Lockbox”) will be deposited daily, and upon receipt of collected funds, will (subject to the deduction of fees set forth below) be wire transferred to Purchaser in
accordance with the following instructions:

	  	
Acct. # [omitted]

	  	
Routing # [omitted]

	  	  	  
	  	
Name on acct:
	
American Motive Power, Inc.

	  	  	  
	  	
Name of Bank:
	
Steuben Trust Company
	  
	  	
Address: 
	
11 Megan Drive

	  	  	
Geneseo, NY  14454-13347

	  	
Telephone:
	
585-243-0380

	  	
Contact: 
	
Lynnea Fugle

 

 

at a cost to the Released Borrower of Twelve Dollars ($12.00) per wire, which shall be withheld by the Lender from such collected funds.  The Lender shall have no liability to the Released Borrower or Purchaser for any loss or damage that any of them may claim to have suffered or incurred on account of the foregoing services provided
by the Lender unless caused by the Lender’s gross negligence or willful misconduct.

Neither this letter, nor any other communication between the Lender and the Borrowers, shall be deemed to be a waiver, modification, or release of any Default or Event of Default (as defined in the Credit Agreement) or consent to any violation of the terms of the Credit Agreement, in each case with respect to MISCOR, MIS and HK (the “Remaining
Borrowers”).

The Remaining Borrowers hereby acknowledge and agree that the Remaining Borrowers remain liable for all Indebtedness, and that all liens and security interests of the Lender in the Remaining Borrowers’ assets shall remain in full force and effect.

Please acknowledge your agreement to the terms of this letter by executing a copy of the same where indicated below and returning it to the undersigned.  This letter may be executed in counterparts.

Sincerely,

WELLS FARGO BANK, NATIONAL ASSOCIATION

Daniel J. Manella

Vice President

  

  

  

MISCOR Group, Ltd.

LMC Transport, LLC

March 15, 2010

Page 3

 

Acknowledged and Agreed to

this _____ day of March, 2010.

	
MISCOR GROUP, LTD., on behalf of itself and the other Remaining Borrowers
	  
	  	  	  
	
By:
	  	  
	
Name:
	  	  
	
Title:
	  	  
	  	  	  
	  	  	  
	
LMC TRANSPORT, LLC
	  
	  	  	  
	
By:
	  	  
	
Name:
	  	  
	
Title:
	  	  

Signature page to letter of Wells Fargo Bank, National Association to MISCOR Group, Ltd., and LMC Transport, LLC

  

  

  

 

MISCOR Group, Ltd.

LMC Transport, LLC

March 15, 2010

Page 4

EXHIBIT A

See two (2) UCC-3 Statements attached hereto

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