Document:

Exhibit 10.3

 

REAFFIRMATION

 

THIS REAFFIRMATION (this “Reaffirmation”)
dated as of August 7, 2009, is made by each of the undersigned (each, an “Undersigned”),
in favor of the Lender (as defined below).

 

R  E  C  I  T
A  L  S:

 

1.             Brad
Foote Gear Works, Inc. (the “Borrower”) and Bank of America, N.A.,
as lender (in such capacity, the “Lender”) are parties to that certain
Loan and Security Agreement, dated as of January 17, 1997 (as amended to
date and in effect on the date hereof, the “Existing Loan Agreement”).

 

2.             The
Borrower and the Lender have agreed to amend the Existing Loan Agreement
pursuant to that certain Third Omnibus Amendment Agreement (the “Omnibus
Amendment Agreement”) of even date herewith (the Existing Loan Agreement,
as amended by the Omnibus Amendment Agreement, and as such may be further
amended, modified, restated or supplemented from time to time, the “Loan
Agreement”).

 

3.             Each
of the Undersigned is party to one or more Loan Documents (collectively, the “Reaffirmed
Documents”) relating to the Loan Agreement.

 

4.             It
is a condition precedent to the occurrence of the Amendment Effective Date (as
defined in the Omnibus Amendment Agreement) that each of the Undersigned
execute and deliver this Reaffirmation.

 

NOW THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and in order to
induce the Lender to enter into the Omnibus Amendment Agreement, each
Undersigned agrees, for the benefit of the Lender, as follows:

 

ARTICLE I.

DEFINITIONS

 

Capitalized terms used herein that are
defined in the Loan Agreement shall have the same meanings when used herein
unless otherwise defined herein.

 

ARTICLE II.

REAFFIRMATION

 

Each Reaffirmed Document remains in full
force and effect and is hereby ratified and confirmed, and from and after the
date hereof, each reference that appears in any of the Reaffirmed Documents to
the Existing Loan Agreement shall be deemed to be a reference to the Loan
Agreement.

 

 

ARTICLE
III.

MISCELLANEOUS PROVISIONS

 

SECTION 3.1.  Loan
Document.  This Reaffirmation is a
Loan Document executed pursuant to the Loan Agreement and shall (unless
otherwise expressly indicated herein) be construed, administered and applied in
accordance with the terms and provisions thereof.

 

SECTION 3.2.  Severability.  Any provision of this Reaffirmation which is
prohibited or unenforceable in any jurisdiction shall, as to such provision and
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this
Reaffirmation or affecting the validity or enforceability of such provision in
any other jurisdiction.

 

SECTION 3.3.  Headings.  The various headings of this reaffirmation
are inserted for convenience only and shall not affect the meaning or
interpretation of this Amendment or any provisions hereof.

 

SECTION 3.4.  Execution in Counterparts.  This Reaffirmation may be executed by the
parties hereto in several counterparts, each of which shall be deemed to be an
original and all of which shall constitute together but one and the same
agreement.

 

SECTION 3.5  Governing Law.  THIS REAFFIRMATION SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF ILLINOIS
(INCLUDING 735 ILCS SECTION 105/5-5), BUT OTHERWISE WITHOUT GIVING EFFECT
TO ANY OF SUCH STATE’S CONFLICTS-OF-LAW PROVISIONS.

 

SECTION 3.6  Successors and Assigns.  This Reaffirmation shall be binding upon and
shall inure to the benefit of the parties hereto and their respective
successors and assigns.

 

SECTION 3.7  Release and Covenant Not to Sue.  Each of the Undersigned agrees that it shall
be bound by the release set forth in Section 5.5 of the Thirty-fifth
Amendment as if such provision applied directly to such party mutatis mutandis.

 

 

[Remainder of page intentionally
left blank]

 

 

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

 

	
   

  	
  BROADWIND
  ENERGY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. Cameron Drecoll

  
	
   

  	
  Name:

  	
  J. Cameron Drecoll

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  1309
  SOUTH CICERO AVENUE, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ralph Placzek

  
	
   

  	
  Name:

  	
  Ralph Placzek

  
	
   

  	
  Title:

  	
  Vice President of Finance
  and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  5100
  NEVILLE ROAD, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ralph Placzek

  
	
   

  	
  Name:

  	
  Ralph Placzek

  
	
   

  	
  Title:

  	
  Vice President of
  Finance and TreasurerExhibit 10.12

 

EXECUTION COPY

 

AMENDMENT NO.
4 TO AMENDED AND

RESTATED RECEIVABLES PURCHASE AGREEMENT

 

This AMENDMENT NO. 4 TO AMENDED
AND RESTATED RECEIVABLES PURCHASE AGREEMENT, dated as of June 29, 2009
(this “Amendment”), is by and among MANITOWOC FUNDING, LLC, as Seller,
THE MANITOWOC COMPANY, INC., as Servicer, HANNOVER FUNDING COMPANY LLC, as
Purchaser, and NORDDEUTSCHE LANDESBANK GIROZENTRALE, as Agent.

 

WHEREAS, the parties hereto are
parties to that certain Amended and Restated Receivables Purchase Agreement,
dated as of December 21, 2006 (as amended, supplemented or otherwise
modified from time to time, the “Agreement”); and

 

WHEREAS, the parties hereto
desire to amend the Agreement as set forth herein;

 

NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:

 

SECTION 1.           Definitions.  Capitalized terms defined in the Agreement
and used but not otherwise defined herein shall have the meanings assigned thereto
in the Agreement.

 

SECTION 2.           Amendments.  The Agreement is hereby amended as follows:

 

(a)                                  The
definition of “Credit Agreement” set forth in Exhibit I to
the Agreement is amended by replacing the date “November 6, 2008” where it
appears therein with the date “June 12, 2009”.

 

(b)                                 The
following new defined term is hereby added to Exhibit I to the
Agreement in appropriate alphabetical order:

 

“Consolidated Senior Secured Leverage Ratio” has the meaning set
forth in the Credit Agreement, without giving effect to any amendment,
amendment and restatement, supplement or other modification to the Credit
Agreement (unless such amendment, amendment and restatement, supplement or
other modification has been consented to in writing by the Agent).

 

(c)                                  The
following defined term is hereby deleted from Exhibit I to the
Agreement:

 

“Consolidated Senior Leverage Ratio”
has the meaning set forth in the Credit Agreement, without giving effect to any
amendment, amendment and restatement, supplement or other modification to the
Credit Agreement (unless such amendment, amendment and restatement, supplement
or other modification has been consented to in writing by the Agent).

 

 

(d)                                 Clause
(s) of Exhibit IV to the Agreement is replaced in its
entirety with the following:

 

(s)                                  Financial
Covenants.

 

(i)            Maximum
Consolidated Total Leverage Ratio. 
The Servicer will cause the Consolidated Total Leverage Ratio at all
times during the fiscal quarters of the Servicer set forth below to be less
than the ratio set forth opposite such fiscal quarter below:

 

	
  Fiscal Quarter Ending

  	
   

  	
  Ratio

  
	
   

  	
   

  	
   

  
	
  June 30,
  2009

  	
   

  	
  5.25:1.00

  
	
  September 30,
  2009

  	
   

  	
  6.625:1.00

  
	
  December 31,
  2009

  	
   

  	
  7.125:1.00

  
	
  March 31,
  2010

  	
   

  	
  7.375:1.00

  
	
   

  	
   

  	
   

  
	
  June 30,
  2010

  	
   

  	
  7.375:1.00

  
	
  September 30,
  2010

  	
   

  	
  6.75:1.00

  
	
  December 31,
  2010

  	
   

  	
  6.25:1.00

  
	
  March 31,
  2011

  	
   

  	
  6.25:1.00

  
	
   

  	
   

  	
   

  
	
  June 30,
  2011

  	
   

  	
  6.00:1.00

  
	
  September 30,
  2011

  	
   

  	
  5.75:1.00

  
	
  December 31,
  2011

  	
   

  	
  5.125:1.00

  
	
  March 31,
  2012

  	
   

  	
  5.00:1.00

  
	
   

  	
   

  	
   

  
	
  June 30,
  2012

  	
   

  	
  4.50:1.00

  
	
  September 30,
  2012

  	
   

  	
  4.00:1.00

  
	
  December 31,
  2012,

  	
   

  	
  3.50:1.00

  
	
  and thereafter

  	
   

  	
   

  

 

(ii)           Maximum Consolidated
Senior Secured Leverage Ratio. The Servicer will cause the Consolidated
Senior Secured Leverage Ratio at all times during the fiscal quarter of the
Servicer set forth below to be less than the ratio set forth opposite such
fiscal quarter below:

 

	
  Fiscal Quarter Ending

  	
   

  	
  Ratio

  
	
   

  	
   

  	
   

  
	
  June 30, 2011

  	
   

  	
  5.25:1.00

  
	
  September 30, 2011

  	
   

  	
  5.25:1.00

  
	
  December 31, 2011

  	
   

  	
  4.50:1.00

  
	
  March 31, 2012

  	
   

  	
  4.50:1.00

  
	
   

  	
   

  	
   

  
	
  June 30, 2012

  	
   

  	
  4.00:1.00

  
	
  September 30, 2012

  	
   

  	
  4.00:1.00

  
	
  December 31, 2012,

  	
   

  	
  3.50:1.00

  
	
  and thereafter

  	
   

  	
   

  

 

2

 

(iii)          Minimum Consolidated
Interest Coverage Ratio.  The
Servicer will not permit the Consolidated Interest Coverage Ratio for any
fiscal quarter of the Servicer set forth below to be less than or equal to the
ratio set forth opposite such fiscal quarter below:

 

	
  Fiscal Quarter Ending

  	
   

  	
  Ratio

  
	
   

  	
   

  	
   

  
	
  June 30, 2009

  	
   

  	
  2.75:1.00

  
	
  September 30, 2009

  	
   

  	
  2.25:1.00

  
	
  December 31, 2009

  	
   

  	
  1.875:1.00

  
	
  March 31, 2010

  	
   

  	
  1.875:1.00

  
	
   

  	
   

  	
   

  
	
  June 30, 2010

  	
   

  	
  2.00:1.00

  
	
  September 30, 2010

  	
   

  	
  2.125:1.00

  
	
  December 31, 2010

  	
   

  	
  2.125:1.00

  
	
  March 31, 2011

  	
   

  	
  2.125:1.00

  
	
   

  	
   

  	
   

  
	
  June 30, 2011

  	
   

  	
  2.25:1.00

  
	
  September 30, 2011

  	
   

  	
  2.30:1.00

  
	
  December 31, 2011

  	
   

  	
  2.40:1.00

  
	
  March 31, 2012

  	
   

  	
  2.625:1.00

  
	
   

  	
   

  	
   

  
	
  June 30, 2012

  	
   

  	
  2.75:1.00

  
	
  September 30, 2012,

  	
   

  	
  3.00:1.00

  
	
  and thereafter

  	
   

  	
   

  

 

SECTION 3.           Representations
and Warranties.  On the date hereof,
each of the Seller and Manitowoc hereby represents and warrants (as to itself)
to the Purchaser and the Agent as follows:

 

(a)           after giving effect to
this Amendment, no event or condition has occurred and is continuing which
constitutes a Termination Event or Unmatured Termination Event;

 

(b)           after giving effect to
this Amendment, the representations and warranties of such Person set forth in
the Agreement and each other Transaction Document are true and correct as of
the date hereof, as though made on and as of such date (except to the extent
such representations and warranties relate solely to an earlier date and then
as of such earlier date); and

 

(c)           this Amendment
constitutes the valid and binding obligation of such Person, enforceable
against such Person in accordance with its terms.

 

In addition to the foregoing, the Servicer
represents and warrants to the Seller, the Purchaser and the Agent that that
certain Amendment No. 2 to the Credit Agreement has become effective in
accordance with Section 4 thereof.

 

3

 

SECTION 4.           Effectiveness.  This Amendment shall be effective, as of the
date hereof, upon receipt by the Agent of the following (in each case, in form
and substance reasonably satisfactory to the Agent):

 

(a)           counterparts of this
Amendment duly executed by each of the parties hereto; and

 

(b)           an executed copy of a
letter from JPMorgan Chase Bank, N.A. to Manitowoc confirming that the
transactions contemplated by the Agreement constitute a “Permitted
Securitization” under the Credit Agreement.

 

SECTION 5.           Miscellaneous.  The Agreement, as amended hereby, remains in
full force and effect.  Any reference to
the Agreement from and after the date hereof shall be deemed to refer to the
Agreement as amended hereby, unless otherwise expressly stated.  This Amendment may be executed in any number
of counterparts and by the different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which then taken together shall constitute one and the same Amendment.  This Amendment may be executed by facsimile
or delivery of a “.pdf” copy of an executed counterpart hereof.  This Amendment shall be governed by, and
construed in accordance with, the internal laws of the State of New York
(including Sections 5-1401 and 5-1402 of the General Obligations Law of the State
of New York, but without regard to any other conflict of laws provisions
thereof) and the obligations, rights and remedies of the parties under this
Amendment shall be determined in accordance with such laws.

 

[Signature pages follow]

 

4

 

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

 

	
   

  	
  MANITOWOC FUNDING, LLC,

  
	
   

  	
  as Seller

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Amendment
No. 4 to Amended and Restated

Receivables
Purchase Agreement

 

S-1

 

	
   

  	
  THE MANITOWOC COMPANY, INC.,

  
	
   

  	
  as Servicer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Amendment
No. 4 to Amended and Restated

Receivables
Purchase Agreement

 

S-2

 

 

	
   

  	
  NORDDEUTSCHE LANDESBANK GIROZENTRALE, as Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Amendment
No. 4 to Amended and Restated

Receivables
Purchase Agreement

 

S-3

 

	
   

  	
  HANNOVER FUNDING COMPANY LLC,

  
	
   

  	
  as Purchaser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Amendment
No. 4 to Amended and Restated

Receivables
Purchase Agreement

 

S-4

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