Document:

Exhibit 10.3

 

EXECUTION VERSION

 

AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED 
 CREDIT AGREEMENT

 

AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as of February 14,2008 (this “Amendment No. 1”), among NEW ENTERPRISE STONE & LIME CO., INC. (the “Borrower”), MANUFACTURERS AND TRADERS TRUST COMPANY, as Agent (“M&T”), and the Lenders (as defined below).

 

WITNESSETH:

 

WHEREAS, the Borrower, the lenders from time to time parties thereto (the “Lenders”), Manufacturers and Traders Trust Company, individually, as a Lender, Co-Lead Arranger, the Issuing Bank, the Swing Lender and as the Agent and National City Bank, as a Lender, Co-Lead Arranger and Syndication Agent are parties to the Second Amended and Restated Credit Agreement, dated as of January 11,2008 (the “Original Credit Agreement”); and

 

WHEREAS, the Borrower and the Lenders have agreed to amend the Original Credit Agreement as more specifically set forth herein (the Original Credit Agreement, as amended by this Amendment No. 1, and as the same may be further amended, restated, modified and/or supplemented from time to time, being referred to as the “Credit Agreement”);

 

NOW, THEREFORE, in consideration of the agreements herein contained, and for other valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows.

 

1.             DEFINITIONS.  Except as otherwise defined in this Amendment No. 1, initially capitalized terms shall have the respective meanings assigned to such terms in the Original Credit Agreement.

 

2.             AMENDMENTS.  Upon satisfaction of the conditions set forth in Article 4 below, effective as of the date first above written, the Original Credit Agreement shall be amended as follows:

 

a.             Subsection 1.7.4 (Certain Asset Dispositions) is amended by adding a reference to paragraph (j) of Subsection 7.7.2 in the parenthetical phrase set forth in the second through fourth lines thereof.

 

b.             Subsection 5.1.1 (Delivery of Monthly Financial Statements) is amended and restated as follows:

 

“5.1.1 Delivery of Monthly Financial Statements.  As soon as practicable and in any event within forty-five (45) days after the close of each Accounting Month, the Borrower shall deliver to the Agent a management-prepared balance sheet, statement of income and statement of cash flows of the Borrower and its Subsidiaries on a Consolidated basis at the end of and for (a) the period

 

 

commencing at the end of the previous fiscal year and ending with the end of such Accounting Month and (b) the period commencing at the end of the previous Accounting Month and ending with the end of the Accounting Month then ending, setting forth in comparative form the corresponding figures for the appropriate periods of the preceding fiscal year as permitted by the integration of Stabler and its subsidiaries.  Together with the financial statements delivered pursuant to this Subsection 5.1.1, the Borrower shall deliver a narrative explaining the variances to the prior year period or if the prior year comparison is not available then a narrative summarizing the Borrower’s performance for the Accounting Month.”

 

c.             Section 6.3 (Total Leverage Ratio) is amended by (i) replacing the heading “Total Leverage Ratio” with the heading “Leverage Ratios”, (ii) inserting the phrase “6.3.1 Total Leverage Ratio” in front of the existing text in that Subsection and (iii) inserting the following language as a new Subsection 6.3.2:

 

“6.3.2 EBITDA Leverage Ratio.  As at the end of each fiscal quarter specified below, the Borrower and its Subsidiaries, on a Consolidated basis, shall maintain an EBITDA Leverage Ratio of no more than the ratio specified below for such fiscal quarter:

 

 

	
Fiscal Quarters Ending.
    	
 
    	
EBITDA Leverage Ratio
    
	
 
    	
 
    	
 
    
	
Closing Date through 11/30/08
    	
 
    	
5.45:1.00
    
	
 
    	
 
    	
 
    
	
12/1/08 through 11/30/09
    	
 
    	
5.10:1.00
    
	
 
    	
 
    	
 
    
	
12/1/09 through 11/30/10
    	
 
    	
4.30:1.00
    
	
 
    	
 
    	
 
    
	
12/1/10 through 11/30/12
    	
 
    	
3.80:1.00
    
	
 
    	
 
    	
 
    
	
12/1/12 and thereafter
    	
 
    	
3.75:1.00
    

 

This covenant shall be tested as at the end of each fiscal quarter.

 

d.             Clauses (e) and (i) of Subsection 7.7.2 (Sales and Other Dispositions) are amended by deleting the proviso set forth at the end of each clause.

 

e.             Subsection 7.7.2 (Sales and Other Dispositions) is amended by adding the following language after clause (i) of that Subsection:

 

“(j)          transfers by the Borrower or any of its Subsidiaries of parcels of real property contained within any Material Real Property so long as (i) such parcel(s) are not material to the

 

 

business of the Borrower or any of its Subsidiaries as to be determined in the sole discretion of the Agent, (ii) the loss in value of any Material Real Property containing such parcel(s) to be disposed of pursuant to this clause is not so great as to cause it to no longer be Material Real Property as defined herein, and (iii) the fair market value of all of the parcels of real property so disposed of pursuant to this clause (j) less the fair market value of any parcels added to the Material Real Property as a result of any exchange or swap of parcels disposed of pursuant to this clause (j) does not exceed $7,500,000 during the term of this Agreement.”

 

f.              Section 9.1 (Defined Terms) is amended by adding the following definitions, each in their correct alphabetical location:

 

“EBITDA: for any Person for any period, the Net Income of such Person for such period plus the sum of the following (to the extent deducted in the computation of such Net Income and without duplication): (a) depreciation expense and cost depletion; (b) amortization expense; (c) Interest Expense; and (d) Borrower Taxes (but, if there is a net tax benefit, such tax benefit shall be deducted from Net Income in calculating EBITDA).

 

“EBITDA Leverage Ratio: as of the end of any fiscal quarter, the ratio of (a) the sum of (i) Average Indebtedness minus (ii) the Actual Value of any and all Operating Leases respecting property, plant and equipment minus (iii) obligations under Synthetic Leases, in each case for the four fiscal quarter period then ending to (b) EBITDA for such four fiscal quarter period.”

 

g.             Exhibit K (Form of Officer’s Compliance Certificate) is amended and restated in the form attached to this Amendment No. 1 as Exhibit A.

 

3.             REPRESENTATIONS AND WARRANTIES.  In order to induce the Lenders, the Issuing Bank, the Swing Lender and the Agent to agree to amend the Original Credit Agreement in the manner set forth herein, the Borrower makes the following representations and warranties, which shall survive the execution and delivery of this Amendment No. 1:

 

(1)           As of the date hereof and after giving effect to the amendments contained herein, no Default or Event of Default has occurred and is continuing or would exist immediately after giving effect to the amendments contained herein;

 

(2)           Each of the representations and warranties of the Borrower and the other Loan Parties made in the Loan Documents is true and correct in all respects (or in all material respects if any such representation or warranty is not by its terms already qualified as to materiality) both before and after giving effect to the amendments contemplated hereby as though each such representation and warranty were made at and as of the date hereof unless relating solely to an earlier date, in which case such representation and warranty shall be true and

 

 

correct in all respects as of such earlier date (or in all material respects as of such earlier date if any such representation or warranty is not by its terms qualified as to materiality);

 

(3)           The execution, delivery and performance of this Amendment No. 1 has been duly authorized by all requisite corporate action on the part of Borrower; and

 

(4)           No consent or approval of any third party, including, without limitation, any governmental agency or authority is necessary in connection with the execution, delivery and/or performance of this Amendment No. 1 and/or the enforceability hereof.  Upon execution by the parties set forth on the signature lines below, this Amendment No. 1 will constitute the legal, valid and binding obligation of the Borrower, enforceable against it in accordance with the terms hereof.

 

4.             EFFECTIVENESS.  The amendments to the Original Credit Agreement set forth in Article 2 above shall become effective, as of the date hereof, immediately upon the last to occur of the following:

 

(1)           The Majority Lenders shall have consented to this Amendment No. 1;

 

(2)           The Agent and Borrower shall have duly executed this Amendment No. 1;

 

(3)           An Amended and Restated Intercreditor Agreement, in substantially the form delivered to the Lenders, shall have been executed and delivered by the parties thereto; and

 

(4)           The Agent and Lenders shall have received such other information as they shall reasonably request.

 

5.             MISCELLANEOUS.

 

a.             Counterparts.  This Amendment No. 1 may be executed in counterparts and by different parties hereto in separate counterparts, each of which, when executed and delivered, shall be deemed to be an original and all of which, when taken together, shall constitute one and the same instrument.  A photocopied or facsimile signature shall be deemed to be the functional equivalent of a manually executed original for all purposes.

 

b.             Ratification.  Except as set forth in Article 2 of this Amendment No. 1, no amendment or modification to the Credit Agreement is intended hereby.  The Original Credit Agreement, as amended by this Amendment No. 1, and the other Loan Documents (and/or in connection with this Amendment No. 1) are, and shall continue to be, in full force and effect.  Each of the parties hereto hereby confirms, approves and ratifies in all respects the Original Credit Agreement, as amended by this Amendment No. 1, and each of the parties hereto and each of the Guarantors hereby confirms and ratifies in all respects all of the other agreements, documents and instruments to which such Person is a party and delivered in connection with the Original Credit Agreement (and/or in connection with this Amendment No. 1). Without limiting the generality of the foregoing, the Borrower and the Guarantors, hereby confirm that the pledges

 

 

and the security interest granted pursuant to the Loan Documents continue to secure all of the Secured Obligations under and ratifies (i) the Original Credit Agreement as amended hereby and (ii) the other Loan Documents.

 

c.             Payment of Expenses.  Without limiting other payment obligations of the Borrower set forth in the Credit Agreement, the Borrower agrees to pay all reasonable costs and expenses incurred by Agent in connection with the preparation, execution and delivery of this Amendment No. 1 and any other documents, agreements and/or instruments which may be delivered in connection herewith, including, without limitation, the reasonable fees and expenses of Agent’s counsel, Drinker Biddle & Reath LLP.

 

d.             Governing Law.  This Amendment No. 1 shall be construed in accordance with, and governed by, the internal laws of the Commonwealth of Pennsylvania, without regard to the choice of law principles of such state.

 

e.             References.  From and after the effective date of this Amendment No. 1, each reference in the Credit Agreement to “this Agreement”, “hereof, “hereunder” or words of like import, and all references to the Credit Agreement in any and all agreements, instruments, certificates and other documents, shall be deemed to mean the Credit Agreement as modified and amended by this Amendment No. 1 and as the same may be further amended, modified or supplemented in accordance with the terms thereof.

 

 

[SIGNATURE PAGES FOLLOW]

 

 

IN WITNESS WHEREOF, the undersigned have caused this Amendment No. 1 to be duly executed by their respective, duly authorized officers as of the date first above written.

 

 

	
 
    	
/s/   Paul I. Detwiler, III
    
	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
Title:
    	
Executive   Vice President, Chief Financial

Officer   and Secretary
    

 

 

[Signature Page to Amendment No. 1 to Second Amended and Restated Credit Agreement New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
MANUFACTURERS   AND TRADERS
    
	
 
    	
TRUST   COMPANY, as Agent and Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stephen A. Foreman
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

 

[Signature Page to Amendment No. 1 to Second Amended and Restated Credit Agreement New Enterprise Stone & Lime Co., Inc.]

 

 

Acknowledged and agreed to by:

 

	
 
    	
Guarantors:
    
	
 
    	
 
    
	
 
    	
MARTIN   LIMESTONE, INC.
    
	
 
    	
STAR   CARRIERS, INC.
    
	
 
    	
ABC   PAVING CO., INC.
    
	
 
    	
E.R.S.C., INC.
    
	
 
    	
GATEWAY   TRADE CENTER INC.
    
	
 
    	
BUFFALO   CRUSHED STONE INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul I. Detwiler, III
    	
 
    
	
 
    	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
 
    	
Title:
    	
Vice   President and Assistant Secretary,
    
	
 
    	
 
    	
 
    	
on   behalf of each of the foregoing
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
NEW   ENTERPRISE TRANSPORTATION, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul I. Detwiler, III
    	
 
    
	
 
    	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
 
    	
Title:
    	
Vice   President and Secretary
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
VALLEY   QUARRIES, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul I. Detwiler, III
    	
 
    
	
 
    	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
 
    	
Title:
    	
President   and Assistant Secretary
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
BLAIR   BEDFORD PAVING COMPANY, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul I. Detwiler, III
    	
 
    
	
 
    	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
 
    	
Title:
    	
Secretary   and Treasurer
    
					

 

 

[Signature Page to Amendment No. 1 to Second Amended and Restated Credit Agreement New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
NESL   BUFFALO HOLDINGS, INC.
    
	
 
    	
2544   CLINTON, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul I. Detwiler, III
    	
 
    
	
 
    	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
 
    	
Title:
    	
Vice   President, Secretary and Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
STABLER   COMPANIES INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul I. Detwiler, III
    	
 
    
	
 
    	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
 
    	
Title:
    	
Vice   President and Secretary
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
PROTECTION   SERVICES INC.
    
	
 
    	
SCI   PRODUCTS INC.
    
	
 
    	
WORK   AREA PROTECTION CORP.
    
	
 
    	
EASTERN   INDUSTRIES, INC.
    
	
 
    	
STABLER   DEVELOPMENT COMPANY
    
	
 
    	
ELCO-HAUSMAN   CONSTRUCTION CORPORATION
    
	
 
    	
EII   TRANSPORT INC.
    
	
 
    	
PRECISION   SOLAR CONTROLS INC.
    
	
 
    	
ASTI   TRANSPORTATION SYSTEMS, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul I. Detwiler, III
    	
 
    
	
 
    	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
 
    	
Title:
    	
Vice   President and Assistant Secretary
    
					

 

 

[Signature Page to Amendment No. 1 to Second Amended and Restated Credit Agreement New Enterprise Stone & Lime Co., Inc.]

 

 

EXHIBIT A

 

FORM OF OFFICER’S COMPLIANCE CERTIFICATE

 

 

EXHIBIT K

 

FORM OF OFFICER’S COMPLIANCE CERTIFICATE

 

Reference is made to the Second Amended and Restated Credit Agreement dated as of January 11, 2008 (as amended, modified or supplemented through the date hereof, the “Credit Agreement”), by and among MANUFACTURERS AND TRADERS TRUST COMPANY, as Agent, Co-Lead Arranger, Issuing Bank, Swing Lender and a Lender, NATIONAL CITY BANK, as Co-Lead Arranger, Syndication Agent and a Lender, and the other Lenders referred to therein, and NEW ENTERPRISE STONE & LIME CO., INC. (the “Borrower”).  Terms are used herein as defined in the Credit Agreement.

 

This Certificate is delivered by the Borrower in respect of the fiscal [year] [quarter] of the Borrower ending on                                      , 20       (the “Reference Date”).  In accordance with the terms of Subsection 5.1.4 of the Credit Agreement, the undersigned, the [Chief Executive Officer] [Chief Financial Officer] of the Borrower, does hereby certify to the Agent as follows:

 

1.             As at the date hereof, [there exists no Event of Default or Default.] [there [exists/existed] the [Event[s] of Default] [and] [Default[s]] specified on Schedule A annexed hereto for the periods specified thereon, and with respect to which the Borrower [proposes to take] [and] [has taken] the action[s] set forth thereon.]

 

2.             As of the end of the [quarter] [fiscal year] to which this Certificate relates, the assets of Rock Solid Insurance constitute less than 5% of the assets of the Borrower and its Subsidiaries and the EBITDA of Rock Solid Insurance constitutes less than 5% of the EBITDA of the Borrower and its Subsidiaries, in each case, based upon the Consolidated financial statements of the Borrower most recently delivered pursuant to the Credit Agreement. [The calculations set forth below include the results of Rock Solid Insurance at and as of the date of such Consolidated financial statements.](1) [The calculations set forth below exclude the results of Rock Solid Insurance at and as of the date of such Consolidated financial statements.  A reconciliation showing the effect of including Rock Solid Insurance in such calculations is set forth on Annex 2 hereto.](2)

 

3.             The Borrower is in compliance with the financial covenants set forth in Article 6 of the Credit Agreement, as tested in accordance with Section 6.6 of the Credit Agreement, as more fully set forth below and on Annex 1 hereto.

 

(1)   Include if the assets and EBITDA of Rock Solid Insurance are each less than 5% of the assets or EBITDA of the Borrower based on the most recently delivered Consolidated financial statements.

 

(2)  Include if either the assets or EBITDA of Rock Solid Insurance is greater than 5% of the assets or EBITDA of the Borrower based on the most recently delivered Consolidated financial statements.

 

 

	
 
    	
 
    	
Actual
    	
 
    	
Required
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Net Worth (Section 6.1)
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
(Tested   as at the end of each fiscal year) Actual Net Worth:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total assets
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Minus
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total liabilities
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Net   Worth amount
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Required   Net Worth:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
85% of Closing Date Net Worth(3)
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
50% of Cumulative Net Income
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
90%   of Net Proceeds of issuance of or, exercise
   or conversion into equity securities
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Required Net Worth amount
    	
 
    	
at least
    	
 
    	
 
    

 

	
 
    	
 
    	
Actual
    	
 
    	
Required
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Fixed Charge Coverage Ratio  (Section 6.2)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
(Tested   as at the end of each fiscal quarter)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
EBITDAR
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
minus   the lesser of (i) Non Financed Capital
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Expenditures   for the four fiscal quarters then
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ending   and (ii) Maximum Capital Expenditures
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
at   date of determination,
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
minus
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Borrower   Taxes paid in cash
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Fixed   Charges for the four fiscal quarters
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
then   ending
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Ratio
    	
 
    	
 
    	
 
    	
 
    	
 
    	
at   least
    

 

(3)  Defined as Net Worth on February 28, 2007.

 

 

	
Total Leverage Ratio   (Section 6.3.1)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
(Tested   as at the end of each fiscal quarter)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Average   Indebtedness for the four fiscal
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
quarters   then ending
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
EBITDAR   for the four fiscal quarters
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
then   ending
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Ratio
    	
 
    	
 
    	
 
    	
no   more than
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
EBITDA Leverage Ratio (Section 6.3.2)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
(Tested   as at the end of each fiscal quarter)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Average Indebtedness
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
minus
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Actual   Value of Operating Leases
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
minus
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Obligations   under Synthetic Leases
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
for   the four fiscal quarters then ending
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
EBITDA   for such four fiscal quarter
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
period   then ending
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Ratio
    	
 
    	
no   more than
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Capital Expenditures (Section 6.4)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
(Tested   as at the end of each fiscal year)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Expenditures   for fixed or capital assets
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Expenditures   in respect of Synthetic Leases
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Capital Expenditure amount
    	
 
    	
 
    	
 
    	
no   more than
   plus, if applicable,
   permitted carry over
   amount
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Operating Lease Expense  (Section 6.5)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
(Tested as at the end of each fiscal quarter)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Operating   Lease Expense amount for
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
the   four fiscal quarters then ending
    	
 
    	
 
    	
 
    	
No   more than $7,500,000
    	
 
    	
 
    

 

Annexed hereto as Annex 1 are calculations supporting the figures reported above.

 

4.             The aggregate amount of Investments by the Borrower or any of its direct or indirect wholly-owned Subsidiaries in Rock Solid Insurance as of the date hereof is $

 

 

             .  Such amount does not exceed the amount permitted under paragraph (j) of Section 7.3 of the Credit Agreement.

 

5.             The aggregate sale price of equipment which was obsolete or no longer used or useful in the business of the Borrower or any of its Subsidiaries and was sold or disposed of by the Borrower or any of its Subsidiaries equals $                     in the aggregate for the fiscal quarter most recently ended, and $                       in the aggregate for the current fiscal year.  The aggregate amount for the current fiscal year does not exceed the amount permitted under paragraph (d) of Subsection 7.7.2 of the Credit Agreement.

 

6.             The fair market value of any property of the Borrower or any of its Subsidiaries (other than Material Real Property) transferred in like-kind exchanges pursuant to Section 1031 of the Code equals $                    in the aggregate for the fiscal quarter most recently ended, and $                      in the aggregate for the current fiscal year.  The aggregate amount for the current fiscal year does not exceed the amount permitted under paragraph (e) of Subsection 7.7.2 of the Credit Agreement.

 

7.             The aggregate sale price of assets of the Borrower or any of its Subsidiaries sold or disposed of not in the ordinary course of business equals $                       in the aggregate for the fiscal quarter most recently ended, and $                        in the aggregate for the current fiscal year.  The aggregate amount for the current fiscal year does not exceed the amount permitted under paragraph (f) of Subsection 7.7.2 of the Credit Agreement.

 

8.             The aggregate sale price of equipment of the Borrower or any of its Subsidiaries transferred in connection with sale-leaseback transactions equals $                     in the aggregate for the fiscal quarter most recently ended, and $                    in the aggregate during the term of the Credit Agreement.  All equipment subject to such sale-leaseback transactions has an invoice date within one year of the date of such transfer.  The aggregate amount during the term of the Credit Agreement does not exceed the amount permitted under paragraph (h) of Subsection 7.7.2 of the Credit Agreement.

 

9.             The fair market value of any real property of the Borrower or any of its Subsidiaries (other than Material Real Property) sold or disposed of equals $                     in the aggregate for the fiscal quarter most recently ended, and $                     in the aggregate for the current fiscal year.  The aggregate amount for the current fiscal year does not exceed the amount permitted under paragraph (i) of Subsection 7.7.2 of the Credit Agreement.

 

10.           The fair market value of all of the parcels of real property disposed of pursuant to paragraph (j) of Subsection 7.7.2 less the fair market value of any parcels added to the Material Real Property as a result of any exchange or swap of parcels disposed of equals $                       in the aggregate for the fiscal quarter most recently ended, and $                      in the aggregate during the term of the Credit Agreement.  The aggregate amount during the term of the Credit Agreement does not exceed the amount permitted under paragraph (j) of Subsection 7.7.2 of the Credit Agreement

 

[Signature Page Follows].

 

 

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of                                          , 20     .

 

 

	
 
    	
NEW   ENTERPRISE STONE & LIME CO., INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
Title:
    	
Executive   Vice President, Chief Financial
    
	
 
    	
 
    	
Officer   and Secretary
    

 

 

[Signature Page to the Officer’s Compliance Certificate (first lien)]Exhibit 10.4

 

EXECUTION VERSION

 

AMENDMENT NO. 2 AND MODIFICATION TO
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

AMENDMENT NO. 2 AND MODIFICATION TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT dated as of June 20,2008 (this “Amendment No. 2”), among NEW ENTERPRISE STONE & LIME CO., INC. (the “Borrower”), the GUARANTORS signatory hereto, MANUFACTURERS AND TRADERS TRUST COMPANY, as Agent, Issuing Bank, Swing Lender and a Lender (the “Agent”), and the other LENDERS set forth on the signature pages to this Amendment No. 2.

 

WITNESSETH:

 

WHEREAS, the Borrower, the Agent and certain other parties entered into that certain Second Amended and Restated Credit Agreement, dated as of January 11, 2008 (as amended by Amendment No. 1 dated as of February 14, 2008, the “Original Credit Agreement”), which provides for certain extensions of credit to the Borrower and its Subsidiaries, subject to certain terms and conditions.

 

WHEREAS, the Borrower and the Lenders have agreed to amend and modify the Original Credit Agreement as more specifically set forth herein (the Original Credit Agreement, as amended by this Amendment No. 2, and as the same may be further amended, restated, modified and/or supplemented from time to time, being referred to as the “Credit Agreement”);

 

NOW, THEREFORE, in consideration of the agreements herein contained, and for other valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows.

 

1.             DEFINITIONS.  Except as otherwise defined in this Amendment No. 2, initially capitalized terms shall have the respective meanings assigned to such terms in the Original Credit Agreement.

 

2.             AMENDMENTS.  Upon satisfaction of the conditions set forth in Article 6 below, effective as of the date first above written:

 

(a)           Section 9.1 (Defined Terms) is amended by adding the following definition, in its correct alphabetical location:

 

“Conversion Deferred Tax Liability: the deferred tax liability (in an amount not to exceed $75,000,000 as at any date of determination) that arose on or about January 1,2008 in connection with the Borrower’s termination of its election to be treated as an S Corporation under the Code, as such deferred tax liability may appear on the balance sheet of the Borrower as at the end any fiscal year in accordance with GAAP.

 

(b)           The definition of “Net Worth” in the Original Credit Agreement is amended and restated as follows:

 

 

“Net Worth: the excess of total assets over total liabilities (other than the Conversion Deferred Tax Liability), total assets and total liabilities each to be determined in accordance with GAAP.”

 

(c)           The following sentence shall be added at the end of the definition of “Borrower Taxes”:

 

“For the sake of clarity, Borrower Taxes includes deferred taxes of the Borrower and its Subsidiaries.”

 

3.             MODIFICATIONS.  Upon satisfaction of the conditions set forth in Article 6 below, the Agent and the Lenders agree to modify the requirement that Borrower deliver its:

 

(a)           annual financial statements for the fiscal year ended February 29, 2008, which are due by June 20, 2008 pursuant to the Waiver and Modification Agreement dated as of May 30, 2008, by and among the parties hereto and certain Lenders signatory thereto (the “Waiver and Modification Agreement”),

 

(b)           Officer’s Compliance Certificate for the quarter ended February 29, 2008, which is due by June 20, 2008 pursuant to the Waiver and Modification Agreement,

 

(c)           annual budget for the fiscal year commencing on March 1, 2008, which is due by June 20, 2008 pursuant to the Waiver and Modification Agreement,

 

(d)           monthly reports for the months ended March 31, 2008 and April 30, 2008, which are due by June 20, 2008 pursuant to the Waiver and Modification Agreement,

 

and, in each case, agree to extend the delivery deadline for such financial statements and reports referenced in clauses (a) through (d) above until June 30, 2008.  The modifications set forth herein are limited to their express terms and shall not imply that the Agent or the Lenders would be willing to expand the terms or provide additional waivers or modifications in the future.

 

4.             WAIVERS.  Agent and Lenders hereby waive any Default or Event of Default that may have arisen as a result of (i) the amendments set forth in Section 2 above not becoming effective until the date hereof, and (ii) Borrower’s failure to deliver the items specified in clauses (a) through (d) of Section 3 above to the extent the same are delivered no later than June 30, 2008.  The waivers set forth herein are limited to its express terms and shall not imply that the Agent or the Lenders would be willing to expand the terms or provide additional waivers in the future.

 

5.             REPRESENTATIONS AND WARRANTIES.  In order to induce the Lenders, the Issuing Bank, the Swing Lender and the Agent to agree to amend the Original Credit Agreement in the manner set forth herein, the Borrower makes the following representations and warranties, which shall survive the execution and delivery of this Amendment No. 2:

 

2

 

(1)           As of the date hereof and after giving effect to the amendments and modifications contained herein, no Default or Event of Default has occurred and is continuing or would exist immediately after giving effect to the amendments contained herein;

 

(2)           Each of the representations and warranties of the Borrower and the other Loan Parties made in the Loan Documents is true and correct in all respects (or in all material respects if any such representation or warranty is not by its terms already qualified as to materiality) both before and after giving effect to the amendments contemplated hereby as though each such representation and warranty were made at and as of the date hereof unless relating solely to an earlier date, in which case such representation and warranty shall be true and correct in all respects as of such earlier date (or in all material respects as of such earlier date if any such representation or warranty is not by its terms qualified as to materiality);

 

(3)           The execution, delivery and performance of this Amendment No. 2 has been duly authorized by all requisite corporate action on the part of Borrower; and

 

(4)           No consent or approval of any third party, including, without limitation, any governmental agency or authority is necessary in connection with the execution, delivery and/or performance of this Amendment No. 2 and/or the enforceability hereof.  Upon execution by the parties set forth on the signature lines below, this Amendment No. 2 will constitute the legal, valid and binding obligation of the Borrower, enforceable against it in accordance with the terms hereof.

 

6.             EFFECTIVENESS.  The amendments, modifications and waivers to the Original Credit Agreement set forth in Articles 2, 3 and 4 above shall become effective, as of the date hereof, immediately upon the last to occur of the following:

 

(1)           The Majority Lenders shall have consented to this Amendment No. 2;

 

(2)           The Agent and Borrower shall have duly executed this Amendment No. 2; and

 

(3)           The Agent and Lenders shall have received such other information as they shall reasonably request.

 

7.             MISCELLANEOUS.

 

(a)           Counterparts.  This Amendment No. 2 may be executed in counterparts and by different parties hereto in separate counterparts, each of which, when executed and delivered, shall be deemed to be an original and all of which, when taken together, shall constitute one and the same instrument.  A photocopied or facsimile signature shall be deemed to be the functional equivalent of a manually executed original for all purposes.

 

(b)           Ratification.  Except as set forth in Articles 2, 3 and 4 of this Amendment No. 2, no amendment, modification or waiver to the Credit Agreement is intended

 

3

 

hereby.  The Original Credit Agreement, as amended by this Amendment No. 2, and the other Loan Documents (and/or in connection with this Amendment No. 2) are, and shall continue to be, in full force and effect.  Each of the parties hereto hereby confirms, approves and ratifies in all respects the Original Credit Agreement, as amended by this Amendment No. 2, and each of the parties hereto and each of the Guarantors hereby confirms and ratifies in all respects all of the other agreements, documents and instruments to which such Person is a party and delivered in connection with the Original Credit Agreement (and/or in connection with this Amendment No. 2). Without limiting the generality of the foregoing, the Borrower and the Guarantors, hereby confirm that the pledges and the security interest granted pursuant to the Loan Documents continue to secure all of the Secured Obligations under and ratifies (i) the Original Credit Agreement as amended hereby and (ii) the other Loan Documents.

 

(c)           Payment of Expenses.  Without limiting other payment obligations of the Borrower set forth in the Credit Agreement, the Borrower agrees to pay all reasonable costs and expenses incurred by Agent in connection with the preparation, execution and delivery of this Amendment No. 2 and any other documents, agreements and/or instruments which may be delivered in connection herewith, including, without limitation, the reasonable fees and expenses of Agent’s counsel, Drinker Biddle & Reath LLP.

 

(d)           Governing Law.  This Amendment No. 2 shall be construed in accordance with, and governed by, the internal laws of the Commonwealth of Pennsylvania, without regard to the choice of law principles of such state.

 

(e)           References.  From and after the effective date of this Amendment No. 2, each reference in the Credit Agreement to “this Agreement”, “hereof, “hereunder” or words of like import, and all references to the Credit Agreement in any and all agreements, instruments, certificates and other documents, shall be deemed to mean the Credit Agreement as modified and amended by this Amendment No. 2 and as the same may be further amended, modified or supplemented in accordance with the terms thereof.

 

[Signature Pages Follow]

 

4

 

IN WITNESS WHEREOF, the undersigned have caused this Amendment No. 2 to be duly executed by their respective, duly authorized officers as of the date first above written.

 

	
 
    	
NEW   ENTERPRISE STONE & LIME CO., INC., as Borrower
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Paul I. Detwiler, III
    
	
 
    	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
 
    	
Title:
    	
Executive   Vice President, Chief Financial Officer and Secretary
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
MANUFACTURERS   AND TRADERS TRUST COMPANY, as Agent and Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/   Stephen A. Foreman
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
Acknowledged and agreed to by:
    
	
 
    	
 
    
	
 
    	
Guarantors:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
MARTIN   LIMESTONE, INC.
    	
 
    
	
 
    	
STAR   CARRIERS, INC.
    	
 
    
	
 
    	
ABC   PAVING CO., INC.
    	
 
    
	
 
    	
E.R.S.C., INC.
    	
 
    
	
 
    	
GATEWAY   TRADE CENTER INC.
    	
 
    
	
 
    	
BUFFALO   CRUSHED STONE INC.
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul I. Detwiler, III
    	
 
    
	
 
    	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
 
    	
Title:
    	
Vice President and   Assistant Secretary,
   on behalf of each of the foregoing
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
NEW   ENTERPRISE TRANSPORTATION, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul I. Detwiler, III
    	
 
    
	
 
    	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
 
    	
Title:
    	
Vice   President and Secretary
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
VALLEY   QUARRIES, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul I. Detwiler, III
    	
 
    
	
 
    	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
 
    	
Title:
    	
President   and Assistant Secretary
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
BLAIR   BEDFORD PAVING COMPANY, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul I. Detwiler, III
    	
 
    
	
 
    	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
 
    	
Title:
    	
Secretary   and Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
NESL   BUFFALO HOLDINGS, INC.
    
	
 
    	
2544   CLINTON, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul I. Detwiler, III
    	
 
    
	
 
    	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
 
    	
Title:
    	
Vice   President, Secretary and Treasurer
    
					

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
STABLER   COMPANIES INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul I. Detwiler, III
    	
 
    
	
 
    	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
 
    	
Title:
    	
Vice   President and Secretary
    
	
 
    	
 
    
	
 
    	
PROTECTION   SERVICES INC.
    
	
 
    	
SCI   PRODUCTS INC.
    
	
 
    	
WORK   AREA PROTECTION CORP.
    
	
 
    	
EASTERN   INDUSTRIES, INC.
    
	
 
    	
STABLER   DEVELOPMENT COMPANY
    
	
 
    	
ELCO-HAUSMAN   CONSTRUCTION CORPORATION
    
	
 
    	
EII   TRANSPORT INC.
    
	
 
    	
PRECISION   SOLAR CONTROLS INC.
    
	
 
    	
ASTI   TRANSPORTATION SYSTEMS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul I. Detwiler, III
    	
 
    
	
 
    	
 
    	
Name:
    	
Paul   I. Detwiler, III
    
	
 
    	
 
    	
Title:
    	
Vice   President and Assistant Secretary
    
					

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
NATIONAL   CITY BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/  John F. McDonald
    
	
 
    	
 
    	
Name:
    	
John   F. McDonald
    
	
 
    	
 
    	
Title:
    	
Assistant   Vice President
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
FIRST   COMMONWEALTH BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Lawrence C. Deihle
    
	
 
    	
 
    	
Name:
    	
Lawrence   C. Deihle
    
	
 
    	
 
    	
Title:
    	
SVP
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
SOVEREIGN   BANK
    as successor to Waypoint Bank
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Zerick D. Cook
    
	
 
    	
 
    	
Name:
    	
Zerick   D. Cook
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
CITIZENS   BANK OF PENNSYLVANIA
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Benjamin Ditson
    
	
 
    	
 
    	
Name:
    	
Benjamin   Ditson
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
KEY   BANK, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mark F. Wachowiak
    
	
 
    	
 
    	
Name:
    	
Mark   F. Wachowiak
    
	
 
    	
 
    	
Title:
    	
Vice   President, Corporate Banking
   and Finance
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
FULTON   BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   James J. Dougherty
    
	
 
    	
 
    	
Name:
    	
James   J. Dougherty
    
	
 
    	
 
    	
Title:
    	
VP   Relationship Manager
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
S&T   BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael J. Settimio
    
	
 
    	
 
    	
Name:
    	
Michael   J. Settimio
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
HSBC   BANK USA, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Frank M. Eassa
    
	
 
    	
 
    	
Name:
    	
Frank   M. Eassa
    
	
 
    	
 
    	
Title:
    	
AVP,   Relationship Manager
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
WILMINGTON   TRUST OF PENNSYLVANIA
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Megan V. Rosanova
    
	
 
    	
 
    	
Name:
    	
Megan   V. Rosanova
    
	
 
    	
 
    	
Title:
    	
AVP
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
FIRSTMERIT   BANK, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert G. Morlan
    
	
 
    	
 
    	
Name:
    	
Robert   G. Morlan
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
SANDY   SPRING BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Roy S. Lewis
    
	
 
    	
 
    	
Name:
    	
Roy   S. Lewis
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
THE   HUNTINGTON NATIONAL BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   David S. Vith
    
	
 
    	
 
    	
Name:
    	
David   S. Vith
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
FIRST   NATIONAL BANK OF PENNSYLVANIA
    
	
 
    	
formerly   OMEGA BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Karl K. Brustle
    
	
 
    	
 
    	
Name:
    	
Karl   K. Brustle
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
TRISTATE   CAPITAL BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Paul J. Oris
    
	
 
    	
 
    	
Name:
    	
Paul   J. Oris
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

 

 

	
 
    	
AUDAX   CREDIT OPPORTUNITIES OFFSHORE LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael P. McGonigle
    
	
 
    	
 
    	
Name:
    	
Michael   P. McGonigle
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

[Signature Page to Amendment No. 2 to Second Amended and Restated Credit Agreement —

New Enterprise Stone & Lime Co., Inc.]

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