Document:

exv4w2

Exhibit 4.2

Execution Copy

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO
A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
(“DTC”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

BRANDYWINE OPERATING PARTNERSHIP, L.P.

4.95% Guaranteed Notes Due 2018

			
	 	 	 
	 
	 	PRINCIPAL AMOUNT $325,000,000
	REGISTERED
	 	CUSIP No. 105340AL7
	No. 1
	 	ISIN No. US105340AL76

          BRANDYWINE OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “Issuer”, which
term includes any successor entity under the Indenture hereinafter referred to), for value
received, hereby promises to pay to Cede & Co., as the nominee of DTC, or registered assigns, the
principal sum of THREE HUNDRED TWENTY-FIVE MILLION DOLLARS ($325,000,000) on April 15, 2018, unless
redeemed on any Redemption Date (as defined on the reverse hereof), and to pay interest on the
outstanding principal amount of this Note from April 5, 2011 (or from the most recent Interest
Payment Date (as defined below) to which interest has been paid or duly provided for), semiannually
in arrears on April 15 and October 15 of each year, commencing on October 15, 2011 (the “Interest
Payment Dates”), at the rate of 4.95% per annum, until payment of said principal amount has been
paid or duly provided for. Interest on this Note will be computed on the basis of a 360-day year
of twelve 30-day months.

          The interest so payable and punctually paid or duly provided for on any Interest Payment Date
will be paid, as provided in the Indenture, to the Person in whose name this Note

 

 

(or one or more Predecessor Securities) is registered at the close of business on the “Regular
Record Date” for such payment, which will be the April 1 and October 1 (regardless of whether such
day is a Business Day) immediately preceding such Interest Payment Date. Any such interest not so
punctually paid or duly provided for on an Interest Payment Date (“Defaulted Interest”) will
forthwith cease to be payable to the Holder on such Regular Record Date, and may either be paid to
the Person in whose name this Note (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, with notice whereof given by mail by or on behalf of the Issuer to the Holder of
this Note not less than 10 days prior to such Special Record Date (which will be not more than 15
days and not less than 10 days prior to the date of the proposed payment of such Defaulted
Interest), or may be paid at any time in any other lawful manner, all as more fully provided for in
the Indenture (as defined on the reverse hereof).

          Payment of the principal of and Make-Whole Amount (as defined on the reverse hereof), if any,
and interest on this Note will be made at the office or agency of the Issuer maintained by the
Issuer for such purpose in the Borough of Manhattan, The City of New York, which initially will be
the Corporate Trust Office of The Bank of New York Mellon, the Trustee for this Note under the
Indenture, located at 101 Barclay Street, Floor 8W, Attention: Corporate Trust Administration, New
York, New York 10286, in such coin or currency of the United States as at the time of payment is
legal tender for payment of public and private debts; provided, however, that at the option of the
Issuer payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address will appear in the Security Register or by wire transfer of funds to the
Person entitled thereto at a bank account maintained in the United States.

          Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which such further provisions will for all purposes have the same effect as if set forth at
this place.

          Unless the certificate of authentication hereon has been executed by or on behalf of The Bank
of New York Mellon, the Trustee for this Note under the Indenture, or its successor thereunder, by
the manual signature of one of its authorized officers, this Note will not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

 

 

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in
facsimile, and an imprint or facsimile of its seal to be imprinted hereon.

Dated: April 5, 2011

	 	 	 	 	 

	[SEAL]	 	BRANDYWINE OPERATING PARTNERSHIP, L.P.
	 
	 	 	 	 
	 

	 	By:
	 	Brandywine Realty Trust,

as General Partner

	 	 	 	 	 
	 	 	 
	 	By:  	                                         /s/ Gerard H. Sweeney
 	 
	 	 	Name:  	Gerard H. Sweeney 	 
	 	 	Title:  	President and Chief 
Executive Officer 	 
	 

	 	 	 	 	 

	Attest:
	 	 	 	 
	 
	 	 	 	 
	By:

	 	/s/ Brad A. Molotsky
 

Name: Brad A. Molotsky
	 	 
	 

	 	Title: General Counsel and Secretary	 	 

CERTIFICATE OF AUTHENTICATION

          This is one of the Securities of the series designated therein described in the
within-mentioned Indenture.

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON,

as Trustee

 	 
	 	By:  	/s/ Mary Miselis	 
	 	 	Authorized Signatory 	 
	 	 	 	 

 

 

	 	 	 	 	 

[REVERSE OF NOTE]

BRANDYWINE OPERATING PARTNERSHIP, L.P.

4.95% Guaranteed Notes Due 2018

          This Note is one of a duly authorized issue of securities of the Issuer (the “Securities”),
issued or to be issued under and pursuant to an Indenture, dated as of October 22, 2004, as
supplemented (the “Indenture”), among the Issuer, Brandywine Realty Trust, a Maryland real estate
investment trust (the “Parent Guarantor”), and The Bank of New York Mellon, as Trustee (the
“Trustee,” which term includes any successor Trustee under the Indenture with respect to the series
of Securities of which this Note is a part), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights thereunder of the Issuer,
the Parent Guarantor, the Trustee and the Holders of the Securities and the terms upon which the
Securities are to be authenticated and delivered. The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest (if any) at different rates, may be subject to different
redemption provisions (if any), and may otherwise vary as provided in the Indenture. This Note is
one of a series of Securities designated as the “4.95% Guaranteed Notes due 2018” of the Issuer
(the “Notes”), initially limited in aggregate principal amount to $325,000,000. The Issuer may,
from time to time, without the consent of the Holders, issue and sell additional Securities ranking
equally with the Notes and otherwise identical in all respects (except for their date of issuance,
issue price and the date from which interest payments thereon will accrue) so that such additional
Securities will be consolidated and form a single series with the Notes.

          The Notes are fully and unconditionally guaranteed as to the due and punctual payment of
principal of and Make-Whole Amount, if any, and interest on the Notes by the Parent Guarantor.

          All terms used in this Note which are defined in the Indenture will have the meanings assigned
to them in the Indenture.

          The Issuer may redeem this Note, at any time, in whole or in part, at its option as follows:

          If this Note is redeemed before the date that is 30 days prior to the maturity date of this
Note, this Note shall be redeemed at a redemption price (the “Redemption Price”) equal to the
greater of: (i) 100% of the principal amount of the Note then outstanding to be redeemed, and (ii)
the sum of the present values of the remaining scheduled payments of principal and interest on the
Note to be redeemed (not including any portion of such payments of interest accrued to the date of
redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months) at the applicable Treasury Rate plus 35 basis points
(“Make-Whole Amount”), plus, in the case of either (i) or (ii) above, accrued and unpaid interest
on the principal amount being redeemed to the date fixed for redemption (the “Redemption Date”).
If this Note is redeemed at any time on or after the date that is 30 days before the maturity date
of this Note, the Redemption Price will equal 100% of the principal

 

 

amount of the Note then outstanding to be redeemed, plus accrued and unpaid interest on the
principal amount being redeemed to the Redemption Date.

          The following terms have the meanings specified below:

          “Treasury Rate” means, with respect to any Redemption Date either (i) the yield, under the
heading which represents the average for the immediately preceding week, appearing in the most
recently published statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption
“Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if
no maturity is within three months before or after the Remaining Life (as defined below), yields
for the two published maturities most closely corresponding to the Comparable Treasury Issue will
be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a
straight line basis, rounding to the nearest month), or (ii) if such release (or any successor
release) is not published during the week preceding the Calculation Date or does not contain such
yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption
Date. The Treasury Rate will be calculated on the third business day preceding the Redemption Date
(the “Calculation Date”).

          “Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent
Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the
Notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Notes.

          “Comparable Treasury Price” means (1) the average of five Reference Treasury Dealer quotations
for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer
quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference
Treasury Dealer quotations, the average of all such quotations.

          “Independent Investment Banker” means any of Wells Fargo Securities, LLC, J.P. Morgan
Securities LLC or Citigroup Global Markets Inc., as specified by the Issuer, or, if these firms are
unwilling or unable to select the Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Issuer.

          “Reference Treasury Dealer” means (1) a primary U.S. government securities dealer in New York
City (a “Primary Treasury Dealer”) selected by Wells Fargo Securities, LLC, J.P. Morgan Securities
LLC and Citigroup Global Markets Inc. and their respective successors; provided, however, that, if
any of the foregoing ceases to be a Primary Treasury Dealer, the Issuer will substitute therefor
another Primary Treasury Dealer and (2) any two other Primary Treasury Dealers selected by the
Issuer after consultation with the Independent Investment Banker.

 

 

          “Reference Treasury Dealer quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Independent Investment Banker, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m. (New York
City time) on the third business day preceding such Redemption Date.

          If notice has been given as provided in the Indenture and funds for the redemption of this
Note or any part thereof called for redemption will have been made available on the Redemption
Date, this Note or such part thereof will cease to accrue interest on the Redemption Date referred
to in such notice and the only right of the Holder will be to receive payment of the Redemption
Price. Notice of any optional redemption of any Notes will be given to the Holder hereof (in
accordance with the provisions of the Indenture), at least 30 and not more than 60 days prior to
the Redemption Date. The notice of redemption will specify, among other things, the Redemption
Price and the aggregate principal amount of Notes to be redeemed. In the event of redemption of
this Note in part only, a new Note of like tenor for the unredeemed portion hereof and otherwise
having the same terms and provisions as this Note will be issued by the Issuer in the name of the
Holder hereof upon the presentation and surrender hereof.

          This Note is not subject to repayment at the option of the Holder thereof. In addition, this
Note is not entitled to the benefit of, and is not subject to, any sinking fund.

          In case an Event of Default with respect to this Note shall have occurred and be continuing,
the principal of and Make-Whole Amount, if any, and interest on this Note may automatically become
or may be declared, and upon such declaration will become, due and payable, in the manner, with the
effect and subject to the conditions provided in the Indenture.

          The Indenture permits, with certain exceptions as therein provided, the Issuer, the Parent
Guarantor and the Trustee with the consent of the Holders of more than 50% in principal amount of
the Notes at the time Outstanding, to execute supplemental indentures for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of
modifying in any manner the rights of the Holders of the Notes; provided, however, that, without
the consent of the Holder of each Security affected thereby, no such supplemental indenture will,
among other things: (i) change the Stated Maturity of the principal of, or any installment of
principal of or interest on, any Security, (ii) reduce the principal amount of or premium, if any,
or interest on any Security; (iii) change the Place of Payment on any Security or the currency or
currency unit in which any Security or the principal thereof or premium, if any, or interest
thereon is payable; (iv) impair the right to institute suit for the enforcement of any such payment
on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption
Date); (v) reduce or alter the method of computation of any amount payable upon redemption,
repayment or purchase of any Security by the Issuer or the Parent Guarantor (or the time when such
redemption, repayment or purchase may be made); (vi) modify or affect in any manner adverse to
Holders of any Securities the terms of the obligations of the Parent Guarantor in respect of the
due and punctual payment of principal of or premium, if any, or interests on any Security; or (vii)
reduce the percentage in principal amount of the Outstanding Securities of any particular series,
the consent of the Holders of which is required for any such supplemental indenture. The Indenture
also permits the Issuer, the Parent Guarantor

 

 

and the Trustee to enter into one or more supplemental indentures, without the consent of any
Holders of the Notes, to, among other things: (i) evidence the succession of another person as
obligor or a guarantor under the Indenture; (ii) add covenants of the Issuer or the Parent
Guarantor for the benefit of Holders of Securities; (iii) add events of default for the benefit of
Holders of Securities; (iv) secure, or add additional guarantees with respect to, the Securities;
(v) provide for the acceptance of appointment by a successor trustee; (vi) cure any ambiguity,
defect or inconsistency in the Indenture, provided that such action will not adversely affect the
interests of Holders of Securities of any series in any material respects; and (vii) supplement any
provisions of the Indenture to permit or facilitate defeasance or discharge of any series of
Securities provided that such action will not adversely affect the interests of Holders of
Securities of any series in any material respect.

          The Indenture also contains provisions permitting the Holders of more than 50% in principal
amount of the Outstanding Securities of a series, on behalf of the Holders of all of the Securities
of such series, to waive compliance by the Issuer and the Parent Guarantor with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences with respect
to a Security, except a default in the payment of principal of or interest, if any, on such
Security or a default with respect to a covenant or provision of the Indenture, which cannot be
amended without the consent of the Holder of such Security.

          This Note is issuable only in registered form, without coupons, in denominations of $2,000 and
integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to
certain limitations therein set forth, this Note is exchangeable for a like aggregate principal
amount of Notes as requested by the Holder surrendering the same. If (x) the Depositary is at any
time unwilling or unable to continue as depositary and a successor Depositary is not appointed by
the Issuer within 90 days after the Issuer receives such notice or becomes aware of such
ineligibility, (y) the Issuer delivers to the Trustee an Issuer Order to the effect that this Note
will be exchangeable or (z) an Event of Default has occurred and is continuing with respect to the
Notes, this Note will be exchangeable for Notes in definitive form and in an equal aggregate
principal amount. Such definitive Notes will be registered in such name or names as the Depositary
will instruct the Trustee.

          As provided in the Indenture and subject to certain limitations set forth therein and above,
the transfer of this Note may be registered on the Security Register of the Issuer, upon surrender
of this Note for registration of transfer at the office or agency of the Issuer in the Borough of
Manhattan, The City of New York, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Issuer duly executed by, the Holder hereof or by his attorney
duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for
the same aggregate principal amount will be issued to the designated transferee or transferees.

          No reference herein to the Indenture and no provision of this Note or of the Indenture will
alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of and the Make-Whole Amount, if any, and interest on this Note at the time, place and
rate, and in the coin or currency, herein and in the Indenture prescribed, or impair the
obligations of the Parent Guarantor in respect of their unconditional guarantees of the
aforementioned payments.

 

 

          No service charge will be made for any such registration of transfer or exchange, but the
Issuer may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

          Prior to due presentment of this Note for registration of transfer, the Issuer, the Parent
Guarantor, the Trustee and any agent of the Issuer, the Parent Guarantor or the Trustee may treat
the Person in whose name this Note is registered as the Holder of this Note for all purposes,
whether or not this Note be overdue, and none of the Issuer, the Parent Guarantor or the Trustee
nor any such agent will be affected by notice to the contrary.

          Certain of the Issuer’s and the Parent Guarantor’s obligations under the Indenture with
respect to any series of Securities may be terminated if the Issuer or the Parent Guarantor
irrevocably deposits with the Trustee money or Government Obligations sufficient to pay and
discharge the entire indebtedness on all such Securities, as provided in the Indenture.

          No recourse will be had for the payment of the principal of or Make-Whole Amount, if any, or
the interest, if any, on this Note, or for any claim based thereon, or upon any obligation,
covenant or agreement of the Issuer or the Parent Guarantor in the Indenture, against any
incorporator, limited partner, shareholder, trustee, director, officer or employee, as such, past,
present of future, of the Issuer, of the Parent Guarantor or of any successor entity to the Issuer
or the Parent Guarantor, whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment of penalty or otherwise; and all such personal liability is expressly
released and waived as a condition of, and as part of the consideration for, the issuance of this
Note.

          The Indenture and the Notes will be governed by, and construed in accordance with, the laws of
the State of New York.

 

 

ASSIGNMENT/TRANSFER FORM

          FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s), assign(s) and transfer(s)
unto (insert Taxpayer Identification No.)
 

  

 

(Please print or typewrite name and address including postal zip code of assignee)

 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing

 

 attorney to transfer said Note on the
books of the Issuer with full power of substitution in the premises.

Date:

 

                                                            

NOTICE: The signature of the registered Holder to

this assignment must correspond with the name as

written upon the face of the within instrument in

every particular, without alteration or enlargement

or any change whatsoever.exv10w1

Exhibit 10.1

THIRD AMENDMENT AGREEMENT

     This THIRD AMENDMENT AGREEMENT (this “Amendment”) is made as of the 1st day of
April, 2011 among:

     (a) GIBRALTAR INDUSTRIES, INC., a Delaware corporation (“Gibraltar”);

     (b) GIBRALTAR STEEL CORPORATION OF NEW YORK, a New York corporation (“GSNY” and,
together with Gibraltar, collectively, “Borrowers” and, individually, each a “Borrower”);

     (c) the Lenders, as defined in the Credit Agreement, as hereinafter defined;

     (d) KEYBANK NATIONAL ASSOCIATION, as the lead arranger, sole book runner and
administrative agent for the Lenders under the Credit Agreement (“Agent”);

     (e) JPMORGAN CHASE BANK, N.A. and BMO CAPITAL MARKETS FINANCING, INC, as co-syndication
agents; and

     (f) HSBC BANK USA, NATIONAL ASSOCIATION and MANUFACTURERS AND TRADERS TRUST COMPANY, as
co-documentation agents.

     WHEREAS, Borrowers, Agent and the Lenders are parties to that certain Third Amended and
Restated Credit Agreement, dated as of July 24, 2009, that provides, among other things, for loans
and letters of credit aggregating Two Hundred Million Dollars ($200,000,000), all upon certain
terms and conditions (as amended and as the same may from time to time be further amended, restated
or otherwise modified, the “Credit Agreement”);

     WHEREAS, Borrowers, Agent and the Lenders desire to amend the Credit Agreement to modify
certain provisions thereof and add certain provisions thereto;

     WHEREAS, each capitalized term used herein and defined in the Credit Agreement, but not
otherwise defined herein, shall have the meaning given such term in the Credit Agreement; and

     WHEREAS, unless otherwise specifically provided herein, the provisions of the Credit Agreement
revised herein are amended effective as of the date of this Amendment;

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein and for
other valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
Borrowers, Agent and the Lenders agree as follows:

     1. Amendment to Definitions in the Credit Agreement. Section 1.1 of the Credit
Agreement is hereby amended to delete the definition of “Borrowing Base” therefrom and to insert in
place thereof the following:

 

 

     “Borrowing Base” means an amount equal to the total of the following:

     (a) up to eighty-five percent (85%) of the aggregate amount due and owing on
Eligible Accounts Receivable of each Borrowing Base Company; plus

     (b) during the Special D.S. Brown Borrowing Base Period, up to fifty percent
(50%) of the aggregate amount due and owing on the Agreed D.S. Brown Eligible
Accounts Receivable; plus

     (c) the lowest of:

     (i) the sum of:

     (A) the lesser of:

     (1) up to sixty-five percent (65%) of the aggregate of
the cost or market value (whichever is lower), as determined
on a first-in first-out basis in accordance with GAAP, of the
Eligible Inventory of each Borrowing Base Company; and

     (2) the cost or market value (whichever is lower), as
determined on a first-in first-out basis in accordance with
GAAP, of Eligible Inventory, multiplied by up to eighty-five
percent (85%) of the Appraised Inventory NOLV Percentage;
plus

     (B) during the Special D.S. Brown Borrowing Base Period, up to
forty percent (40%) of the aggregate of the cost or market value
(whichever is lower), as determine on a first-in first-out basis in
accordance with GAAP, of the Agreed D.S. Brown Eligible Inventory;
and

     (ii) One Hundred Million Dollars ($100,000,000); plus

     (d) the Fixed Asset Advance; minus

     (e) Reserves for Designated Hedge Agreements established pursuant to Section
2.13(b) hereof; minus

     (f) other Reserves, if any;

	 	 	provided that, anything herein to the contrary notwithstanding, Agent shall at all times
have the right to reduce such percentages or dollar amount caps from time to time, in its
reasonable credit judgment.

2

 

     2. Additions to Definitions in the Credit Agreement. Section 1.1 of the Credit
Agreement is hereby amended to add the following new definitions thereto:

     “Agreed D.S. Brown Eligible Account Receivable” means an Account that is an account
receivable (i.e., each specific invoice) of D.S. Brown that would, if D.S. Brown was a
Borrowing Base Company, meet the requirements of an Eligible Account Receivable, as
determined by Agent in its reasonable discretion.

     “Agreed D.S. Brown Eligible Inventory” means Inventory of D.S. Brown that would, if
D.S. Brown was a Borrowing Base Company, meet the requirements of Eligible Inventory, as
determined by Agent in its reasonable discretion.

     “D.S.B. Holding” means D.S.B. Holding Corp., a Delaware corporation.

     “D.S. Brown” means The D.S. Brown Company, an Ohio corporation.

     “D.S. Brown Acquisition” means the Acquisition by Gibraltar of all of the outstanding
equity interests of D.S.B. Holding pursuant to the D.S. Brown Acquisition Documents.

     “D.S. Brown Acquisition Date” means the date that the D.S. Brown Acquisition is
consummated, pursuant to the D.S. Brown Acquisition Documents.

     “D.S. Brown Acquisition Documents” means the D.S. Brown Purchase Agreement and each
other document executed and delivered in connection therewith.

     “D.S. Brown Purchase Agreement” means that certain Stock Purchase Agreement, dated as
of March 10, 2011, by and among the stockholders of D.S.B. Holding and Gibraltar.

     “Special D.S. Brown Borrowing Base Period” means the period from the D.S. Brown
Acquisition Date to the earlier of (a) the date D.S. Brown becomes a Borrowing Base Company
pursuant to Section 2.15 hereof, or (b) forty-five (45) days after the D.S. Brown
Acquisition Date.

     3. Amendment to Addition of Borrowing Base Company Provisions. Section 2.15 of the
Credit Agreement is hereby amended to delete subsection (a) therefrom and to insert in place
thereof the following:

     (a) such Domestic Subsidiary shall have complied with all requirements of Section 5.20
hereof,

     4. Amendment to Acquisition Covenant Provisions. Section 5.13 of the Credit Agreement
is hereby amended to delete subsections (e), (g) and (h) therefrom and to insert in place thereof,
respectively, the following:

3

 

     (e) if the Accounts and Inventory acquired in connection with such Acquisition are
proposed to be included in the determination of the Borrowing Base, Agent shall have
conducted a field examination and appraisal of such Accounts and Inventory to its reasonable
satisfaction; provided that, with respect to the D.S. Brown Acquisition, such field
examination and appraisal may be conducted within forty-five (45) days after the D.S. Brown
Acquisition Date;

     (g) Borrowers shall have provided to Agent, at least five Business Days prior to such
Acquisition, historical financial statements of the target entity and a pro forma financial
statement of the Companies accompanied by a certificate of a Financial Officer showing (i)
pro forma compliance with Section 5.7 hereof, both before and after giving effect to the
proposed Acquisition, (ii) Revolving Credit Availability of no less than Fifty Million
Dollars ($50,000,000) after giving effect to such Acquisition, and (iii) that the target
entity has generated positive Target EBITDA (excluding proposed synergies or other post
acquisition actions or enhancements) for the most recently completed twelve (12) consecutive
calendar months prior to such Acquisition; provided that compliance with subpart (ii) above
shall not be required with respect to the D.S. Brown Acquisition, unless any Company shall
have made a significant asset disposition subsequent to January 28, 2011 and prior to the
D.S. Brown Acquisition Date; and

     (h) the aggregate Consideration paid by the Companies for such Acquisition:

     (i) shall not exceed the aggregate amount of Seventy-Five Million Dollars
($75,000,000) (except that the D.S. Brown Acquisition may be for aggregate
Consideration of up to One Hundred Five Million Dollars ($105,000,000), so long as
the D.S. Brown Acquisition occurs prior to April 30, 2011); and

     (ii) when added to all other Acquisitions (including the D.S. Brown
Acquisition) for all Companies during the Commitment Period, shall not exceed the
aggregate amount of One Hundred Fifty Million Dollars ($150,000,000).

     5. Amendment to Deposit and Securities Accounts Provisions. Article VI of the Credit
Agreement is hereby amended to delete Section 6.19 therefrom and to insert in place thereof the
following:

     Section 6.19. Deposit and Securities Accounts. Borrowers have provided to
Agent a list of all banks, other financial institutions and Securities Intermediaries at
which any Credit Party maintains Deposit Accounts or Securities Accounts as of the D.S.
Brown Acquisition Date, which list correctly identifies the name, address and telephone
number of each such financial institution or Securities Intermediary, the name in which the
account is held, a description of the purpose of the account, and the complete account
number therefor.

4

 

     6. Amendment to Schedules After the D.S. Brown Acquisition Date. Upon the acceptance
by Agent of the updated Schedules to the Credit Agreement pursuant to Section 8 hereof, the Credit
Agreement shall be amended to delete Schedule 2 (Guarantors of Payment), Schedule 3
(Borrowing Base Companies), Schedule 4 (Real Property), Schedule 5 (Pledged
Securities), Schedule 6.1 (Corporate Existence; Subsidiaries; Foreign Qualification),
Schedule 6.9 (Locations), Schedule 6.17 (Intellectual Property) and Schedule
6.19 (Deposit Accounts) therefrom, and to insert in place thereof, respectively, a new
Schedule 2, Schedule 3, Schedule 4, Schedule 5, Schedule
6.1, Schedule 6.9, Schedule 6.17 and Schedule 6.19.

     7. Closing Deliveries. Concurrently with the execution of this Amendment, Borrowers
shall:

     (a) cause each Guarantor of Payment to execute the attached Guarantor Acknowledgment
and Agreement; and

     (b) pay all legal fees and expenses of Agent in connection with this Amendment and any
other Loan Documents.

     8. Required Deliveries After the D.S. Brown Acquisition. On or before each of the
dates specified in this Section 8, Borrowers shall satisfy each of the items specified in the
subparts below:

     (a) within twenty (20) days after the D.S. Brown Acquisition Date, unless a longer
period is agreed to by Agent in writing, Borrowers shall deliver to Agent the following
replacement Schedules to the Credit Agreement, in each case, as may be requested by Agent,
to be in form and substance acceptable to Agent and giving effect to the D.S. Brown
Acquisition: Schedule 2 (Guarantors of Payment), Schedule 3 (Borrowing Base
Companies), Schedule 4 (Real Property), Schedule 5 (Pledged Securities),
Schedule 6.1 (Corporate Existence; Subsidiaries; Foreign Qualification),
Schedule 6.9 (Locations), Schedule 6.17 (Intellectual Property) and
Schedule 6.19 (Deposit Accounts); and

     (b) within ten days after the D.S. Brown Acquisition Date, unless a longer period is
agreed to by Agent in writing, Borrowers shall cause D.S.B. Holding and any Subsidiary of
D.S.B. Holding (other than a Non-Material Subsidiary) to deliver to Agent:

     (i) an executed joinder agreement to the Guaranty of Payment, such agreement to
be prepared by Agent and in form and substance acceptable to Agent;

     (ii) an executed joinder agreement to the Pledge and Security Agreement, such
agreement to be prepared by Agent and in form and substance acceptable to Agent;

5

 

     (iii) such other supporting documentation, Security Documents, corporate
governance documents, authorization documents, lien searches and an opinion of
counsel as may be deemed necessary or advisable by Agent.

     9. Representations and Warranties. Borrowers hereby represent and warrant to Agent
and the Lenders that (a) Borrowers have the legal power and authority to execute and deliver this
Amendment; (b) the officers executing this Amendment have been duly authorized to execute and
deliver the same and bind Borrowers with respect to the provisions hereof; (c) the execution and
delivery hereof by Borrowers and the performance and observance by Borrowers of the provisions
hereof do not violate or conflict with the Organizational Documents of Borrowers or any law
applicable to Borrowers or result in a breach of any provision of or constitute a default under any
other agreement, instrument or document binding upon or enforceable against Borrowers; (d) no
Default or Event of Default exists, nor will any occur immediately after the execution and delivery
of this Amendment or by the performance or observance of any provision hereof; (e) each of the
representations and warranties contained in the Loan Documents is true and correct in all material
respects as of the date hereof as if made on the date hereof, except to the extent that any such
representation or warranty expressly states that it relates to an earlier date (in which case such
representation or warranty is true and correct in all material respects as of such earlier date);
(f) Borrowers are not aware of any claim or offset against, or defense or counterclaim to,
Borrowers’ obligations or liabilities under the Credit Agreement or any Related Writing; and (g)
this Amendment constitutes a valid and binding obligation of Borrowers in every respect,
enforceable in accordance with its terms.

     10. Waiver and Release. Borrowers, by signing below, hereby waive and release Agent
and each of the Lenders, and their respective directors, officers, employees, attorneys, affiliates
and subsidiaries, from any and all claims, offsets, defenses and counterclaims of which Borrowers
are aware, such waiver and release being with full knowledge and understanding of the circumstances
and effect thereof and after having consulted legal counsel with respect thereto.

     11. References to Credit Agreement and Ratification. Each reference to the Credit
Agreement that is made in the Credit Agreement or any other Related Writing shall hereafter be
construed as a reference to the Credit Agreement as amended hereby. Except as herein otherwise
specifically provided, all terms and provisions of the Credit Agreement are confirmed and ratified
and shall remain in full force and effect and be unaffected hereby. This Amendment is a Loan
Document.

     12. Counterparts. This Amendment may be executed in any number of counterparts, by
different parties hereto in separate counterparts and by facsimile signature, each of which, when
so executed and delivered, shall be deemed to be an original and all of which taken together shall
constitute but one and the same agreement.

     13. Headings. The headings, captions and arrangements used in this Amendment are for
convenience only and shall not affect the interpretation of this Amendment.

6

 

     14. Severability. Any term or provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder
of this Amendment and the effect thereof shall be confined to the term or provision so held to be
invalid or unenforceable.

     15. Governing Law. The rights and obligations of all parties hereto shall be governed
by the laws of the State of New York, without regard to principles of conflicts of laws.

[Remainder of page intentionally left blank.]

7

 

     JURY TRIAL WAIVER. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the date
first set forth above.

	 	 	 	 	 
	 	GIBRALTAR INDUSTRIES, INC.

 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 
	 	GIBRALTAR STEEL CORPORATION OF

NEW YORK

 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 
	 	KEYBANK NATIONAL ASSOCIATION,

as Agent and as a Lender

 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 
	 	MANUFACTURERS AND TRADERS

TRUST COMPANY,

as a Co-Documentation Agent and a Lender

 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

Signature Page 1 of 3 to

Third Amendment Agreement

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as a Co-Syndication Agent and a Lender

 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 
	 	BMO CAPITAL MARKETS FINANCING, INC.,

as a Co-Syndication Agent and a Lender

 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 
	 	HARRIS N.A.,

as a Fronting Lender

 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 
	 	HSCB BANK USA, NATIONAL ASSOCIATION,

as a Co-Documentation Agent and a Lender

 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 
	 	BANK OF AMERICA, N.A.,

as a Lender

 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 
	 	PNC BANK, NATIONAL ASSOCIATION,

as successor to National City Bank,

as a Lender

 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

Signature Page 2 of 3 to

Third Amendment Agreement

 

 

	 	 	 	 	 
	 	US BANK, NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 
	 	RBS CITIZENS, NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 
	 	FIRST NIAGARA BANK, N.A.,

as a Lender

 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 
	 	COMERICA BANK,

as a Lender

 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 
	 	PNC BANK, NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 

Signature Page 3 of 3 to

Third Amendment Agreement

 

 

GUARANTOR ACKNOWLEDGMENT AND AGREEMENT

     The undersigned consent and agree to and acknowledge the terms of the foregoing Third
Amendment Agreement, dated as of April 1, 2011. The undersigned further agree that the obligations
of the undersigned pursuant to the Guaranty of Payment executed by the undersigned are hereby
ratified and shall remain in full force and effect and be unaffected hereby.

     The undersigned hereby waive and release Agent and the Lenders and their respective directors,
officers, employees, attorneys, affiliates and subsidiaries from any and all claims, offsets,
defenses and counterclaims of any kind or nature, absolute and contingent, of which the undersigned
are aware or should be aware, such waiver and release being with full knowledge and understanding
of the circumstances and effect thereof and after having consulted legal counsel with respect
thereto.

     JURY TRIAL WAIVER. THE UNDERSIGNED, TO THE EXTENT PERMITTED BY LAW, HEREBY WAIVE ANY
RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE, AMONG BORROWERS, AGENT, THE LENDERS AND THE UNDERSIGNED, OR ANY THEREOF, ARISING OUT OF,
IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN
CONNECTION WITH THIS AMENDMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR
DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO.

	 	 	 	 	 	 	 

	AIR VENT INC.	 	ALABAMA METAL INDUSTRIES CORPORATION
	 
	By:

	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 
	Name:

	 	 	 	Name:	 	 
	 

	 	 
	 	 	 	 
	Title:

	 	 	 	Title:	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	APPLETON SUPPLY CO., INC.	 	CONSTRUCTION METALS, LLC
	 
	By:

	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 
	Name:

	 	 	 	Name:	 	 
	 

	 	 
	 	 	 	 
	Title:

	 	 	 	Title:	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	DIAMOND PERFORATED METALS, INC.	 	DRAMEX INTERNATIONAL INC
	 
	By:

	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 
	Name:

	 	 	 	Name:	 	 
	 

	 	 
	 	 	 	 
	Title:

	 	 	 	Title:	 	 
	 

	 	 
	 	 	 	 

 

 

	 	 	 	 	 	 	 

	FLORENCE CORPORATION	 	FLORENCE CORPORATION OF KANSAS
	 
	By:

	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 
	Name:

	 	 	 	Name:	 	 
	 

	 	 
	 	 	 	 
	Title:

	 	 	 	Title:	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	GIBRALTAR INTERNATIONAL, INC.	 	GIBRALTAR STRIP STEEL, INC.
	 
	By:

	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 
	Name:

	 	 	 	Name:	 	 
	 

	 	 
	 	 	 	 
	Title:

	 	 	 	Title:	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	NOLL/NORWESCO, LLC	 	SEA SAFE, INC.
	 
	By:

	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 
	Name:

	 	 	 	Name:	 	 
	 

	 	 
	 	 	 	 
	Title:

	 	 	 	Title:	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	SOLAR GROUP, INC.	 	SOLAR OF MICHIGAN, INC.
	 
	By:

	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 
	Name:

	 	 	 	Name:	 	 
	 

	 	 
	 	 	 	 
	Title:

	 	 	 	Title:	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	SOUTHEASTERN METALS
MANUFACTURING COMPANY, INC.	 	 	 	 
	 
	By:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Title:

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