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Exhibits 4.15 and 10.24  

 
 

SECOND AMENDMENT TO RESTATED CREDIT AGREEMENT    
  

        THIS SECOND AMENDMENT TO RESTATED CREDIT AGREEMENT (hereinafter referred to as the "Amendment") executed as of the 24th day of June, 2002, by and
between ADDISON ENERGY INC., an Alberta, Canada corporation ("Borrower") and BANK ONE, NA, CANADA BRANCH ("Bank One"), and each of the financial institutions which is a party thereto (as
evidenced by the signature pages to the Agreement) or which may from time to time become a party thereto pursuant to the provisions of Section 28 thereof or any successor or assignee thereof
(hereinafter collectively referred to as "Lenders", and individually, "Lender") and Bank One, as Administrative Agent (the "Agent"), BNP Paribas (Canada), as Syndication Agent, The Bank of Nova
Scotia, as Documentation Agent and Banc One Capital Markets, Inc., as Lead Arranger and Bookrunner ("Arranger"). 

 
 

WITNESSETH:    
  

        WHEREAS, as of April 26, 2001, Borrower, the Lenders and the Agent entered into a Credit Agreement pursuant
to which the Lenders made available to the Borrowers certain credit facilities in the form therein described; and 

        WHEREAS, as of December 18, 2001, Borrower, Lenders and Agent entered into a Restated Credit Agreement (the "Credit Agreement");
and 

        WHEREAS, as of April 26, 2002, Borrower, Lenders and Agent entered into an Amendment to Restated Credit Agreement (the "First
Amendment"); and 

        WHEREAS, the Borrower has requested that the Lenders agree to make certain additional amendments to the Credit Agreement and the Lenders,
together with certain additional financial
institutions who shall become a party to the Credit Agreement at the Amendment Effective Date (as hereinafter defined), have agreed to do so on the terms and conditions hereinafter set forth. 

        NOW, THEREFORE, the parties agree to amend the Credit Agreement as follows: 

        1.    Unless
otherwise defined herein all defined terms used herein shall have the same meaning as ascribed to such terms in the Credit Agreement. 

        2.    Section 1
of the Credit Agreement is hereby amended to add the following new definitions: 

        "Pro-Forma Consolidated EBITDA" shall mean Consolidated Net Income (excluding gains and losses from asset sales, extraordinary
and non-recurring non-cash gains and losses) from Qualified Acquisitions plus, from such Qualified Acquisitions, the sum of (i) (A) income tax expense (but excluding
income tax expense relating to the sales or other disposition of assets, including capital stock, the gains and losses from which are excluded in the determination of Consolidated Net Income), plus
(B) Consolidated Interest Expense, plus (C) depreciation, depletion and amortization expense, plus (D) any other non-cash expenses less (ii) any other
non-cash income, all as determined in accordance with GAAP and/or any applicable Securities and Exchange Commission regulation and acceptable to the Agent (which such acceptance shall not
be unreasonably withheld), in each case for four (4) fiscal quarters ending on the date of determination." 

        "Qualified Acquisitions" shall mean, as of any date, acquisitions by Borrowers in the previous twelve (12) months." 

        3.    Section 13
of the Credit Agreement is hereby amended by deleting Subsection (c) therefrom and substituting the following in lieu thereof: 

        "(c)  Debt Coverage Ratio. The Borrower will not allow the ratio of Consolidated Funded Debt to the sum of (i) Consolidated EBITDA
plus (ii) Pro-Forma Consolidated EBITDA, to be greater 

 

than 2.5 to 1.0 as of the end of any fiscal quarter beginning with the fiscal quarter ending June 30, 2002." 

        4.    Except
to the extent its provisions are specifically amended, modified or superseded by the First Amendment or this Amendment, the representations, warranties and
affirmative and negative covenants of the Borrower contained in the Credit Agreement are incorporated herein by reference for all purposes as if copied herein in full. The Borrower hereby restates and
reaffirms each and every term and provision of the Credit Agreement, as amended, including, without limitation, all representations, warranties and affirmative and negative covenants. Except to the
extent its provisions are specifically amended, modified or superseded by the First Amendment or this Amendment, the Credit Agreement, as amended, and all terms and provisions thereof shall remain in
full force and effect, and the same in all respects are confirmed and approved by the Borrower and the Lenders. 

        5.    This
Amendment shall be effective as of the date first above written, but only upon the satisfaction of the conditions precedent set forth in Paragraph 6 hereof. 

        6.    The
obligations of Lenders under this Amendment shall be subject to the following conditions precedent: 

        (a)  Execution and Delivery. The Borrower shall have executed and delivered this Amendment, and other required documents, all
in form and substance satisfactory to the Agent; 

        (b)  Representations and Warranties. The representations and warranties of the Borrower under this Amendment are true and
correct in all material respects as of such date, as if then made (except to the extent that such representations and warranties related solely to an earlier date); 

        (c)  No Event of Default. No Event of Default shall have occurred and be continuing nor shall any event have occurred or
failed to occur which, with the passage of time or service of notice, or both, would constitute an Event of Default; 

        (d)  Other Documents. The Agent shall have received such other instruments and documents incidental and appropriate to the
transaction provided for herein as the Agent or its counsel may reasonably request, and all such documents shall be in form and substance satisfactory to the Agent; 

        (e)  Legal Matters Satisfactory. All legal matters incident to the consummation of the transactions contemplated hereby shall
be reasonably satisfactory to special counsel for the Agent retained at the expense of Borrower. 

        7.    Borrower
hereby represents and warrants that all factual information heretofore and contemporaneously furnished by or on behalf of Borrower to Agent for purposes of or in
connection with this Amendment does not contain any untrue statement of a material fact or omit to state any material fact necessary to keep the statements contained herein or therein from being
misleading. Each of the foregoing representations and warranties shall constitute a representation and warranty of Borrower made under the Credit Agreement, and it shall be an Event of Default if any
such representation and warranty shall prove to have been incorrect or false in any material respect at the time given. Each of the representations and warranties made under the Credit Agreement
(including those made herein) shall survive and not be waived by the execution and delivery of this Amendment or any investigation by Lenders. 

        8.    The
Borrower agrees to indemnify and hold harmless the Lenders and their respective officers, employees, agents, attorneys and representatives (singularly, an
"Indemnified Party", and collectively, the "Indemnified Parties") from and against any loss, cost, liability, damage or expense (including the reasonable fees and out-of-pocket
expenses of counsel to the Lender, including all local counsel hired by such counsel) ("Claim") incurred by the Lenders in investigating or preparing for, defending against, or providing evidence,
producing documents or taking any other action in respect of 

2

 

any commenced or threatened litigation, administrative proceeding or investigation under any federal securities law, federal or state environmental law, or any other statute of any jurisdiction, or
any regulation, or at common law or otherwise, which is alleged to arise out of or is based upon any acts, practices or omissions or alleged acts, practices or omissions of the Borrower or its agents
or arises in connection with the duties, obligations or performance of the Indemnified Parties in negotiating, preparing, executing, accepting, keeping, completing, countersigning, issuing, selling,
delivering, releasing, assigning, handling, certifying, processing or receiving or taking any other action with respect to the Loan Documents and all documents, items and materials contemplated
thereby even if any of the foregoing arises out of an Indemnified Party's ordinary negligence. The indemnity set forth herein shall be in addition to any other obligations or liabilities of the
Borrower to the Lenders hereunder or at common law or otherwise, and shall survive any termination of this Amendment, the expiration of the Loan and the payment of all indebtedness of the Borrower to
the Lenders hereunder and under the Notes, provided that the Borrower shall have no obligation under this section to the Lenders with respect to any of the foregoing arising out of the gross
negligence or willful misconduct of the Lenders. If any Claim is asserted against any Indemnified Party, the Indemnified Party shall endeavor to notify the Borrower of such Claim (but failure to do so
shall not affect the indemnification herein made except to the extent of the actual harm caused by such failure). The Indemnified Party shall have the right to employ, at the Borrower's expense,
counsel of the Indemnified Parties' choosing and to control the defense of the Claim. The Borrowers may at their own expense also participate in the defense of any Claim. Each Indemnified Party may
employ separate counsel in connection with any Claim to the extent such Indemnified Party believes it reasonably prudent to protect such Indemnified Party. The parties intend
for the provisions of this Section to apply to and protect each Indemnified Party from the consequences of strict liability imposed or threatened to be imposed on any Indemnified Party as well as from
the consequences of its own negligence, whether or not that negligence is the sole, contributing, or concurring cause of any Claim.

        9.    This
Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

        10.  WRITTEN CREDIT AGREEMENT. THE CREDIT AGREEMENT, AS AMENDED BY THE FIRST AMENDMENT OR THIS AMENDMENT REPRESENTS THE FINAL
AGREEMENT BETWEEN AND AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
AND AMONG THE PARTIES. 

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

	 	 	BORROWER:
	

 	
 	

ADDISON ENERGY INC.
	

 	
 	

By:	

/s/ J. DOUGLAS RAMSEY
 J. Douglas Ramsey, Vice President

and Chief Financial Officer

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	 	 	LENDERS:
	

 	
 	

BANK ONE, NA CANADA BRANCH

as a Lender and as Administrative Agent
	

 	
 	

By:	

/s/ MICHAEL N. TAM

	 	 	Name:	Michael N. Tam

	 	 	Title:	Director

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	 	 	BNP PARIBAS (CANADA)

as a Lender and as Syndication Agent
	

 	
 	

By:	

/s/ CHARLES RITCHIE

	 	 	Name:	Charles Ritchie

	 	 	Title:	Vice President-Energy & Project Finance

	

 	
 	

By:	

/s/ MICHAEL GOSSELIN

	 	 	Name:	Michael Gosselin

	 	 	Title:	Director-Energy & Project Finance

5

 

	 	 	THE BANK OF NOVA SCOTIA

as a Lender and as Documentation Agent
	

 	
 	

By:	

/s/ BRIAN WILLIAMSON

	 	 	Name:	Brian Williamson

	 	 	Title:	Director

6

 

	 	 	COMERICA BANK, CANADA BRANCH
	

 	
 	

By:	

/s/ PHILIP H. BUXTON

	 	 	Name:	Philip H. Buxton

	 	 	Title:	Managing Director and Principal Officer

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	 	 	FLEET NATIONAL BANK
	

 	
 	

By:	

/s/ JEFFREY H. RATHKAMP

	 	 	Name:	Jeffrey H. Rathkamp

	 	 	Title:	Vice President

8

 

	 	 	THE TORONTO-DOMINION BANK
	

 	
 	

By:	

/s/ DEBBI L. BRITO

	 	 	Name:	Debbi L. Brito

	 	 	Title:	Asst. Mgr. Credit Compliance Administration

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SECOND AMENDMENT TO RESTATED CREDIT AGREEMENT

WITNESSETHExhibit 10.1  

April 27,
2002 

Mr. Wayne
Wetherell

10883 Thornmint Road

San Diego, CA 92127 

Dear
Wayne: 

        When
signed by you in the space provided below, this letter will represent an amendment to the Employment Agreement (the "Agreement") between ImageWare Systems, Inc. and you dated
April 1, 1997 and revised March 1, 1999 wherein that Agreement will be extended through April 30, 2003 and extended thereafter for additional one year terms unless either party
shall give thirty (30) day notice prior to the expiration of a term. All other terms remain in effect as written in the Agreement. 

Sincerely

/s/
JIM MILLER 

Jim
Miller

Chairman and CEO 

Accepted
and Agreed: 

/s/
WAYNE WETHERELL 

Wayne
Wetherell

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