Document:

ex10-50.htm

    Exhibit
10(50)

       

       

      AMENDMENT
NO. 8 TO RATIFICATION AND AMENDMENT AGREEMENT AND 

      AMENDMENT NO. 10 TO LOAN AND
SECURITY AGREEMENT

       

      AMENDMENT
NO. 8 TO RATIFICATION AND AMENDMENT AGREEMENT AND AMENDMENT
NO. 10 TO LOAN AND SECURITY AGREEMENT, dated as of December 11, 2007 (this
“Eighth Ratification
Amendment”), by and among
CONGOLEUM CORPORATION, a Delaware corporation, as debtor and
debtor-in-possession (“Borrower”), CONGOLEUM FISCAL, INC., a New York
corporation, as debtor and
debtor-in-possession
(“CFI”), CONGOLEUM SALES, INC., a New York
corporation, as debtor and
debtor-in-possession
(“CSI” and together with CFI, collectively,
“Guarantors” and each individually, a “Guarantor”), and WACHOVIA BANK, NATIONAL
ASSOCIATION, successor by merger to Congress Financial Corporation (“Lender”).

       

      W I T N E S S E T H:

       

      WHEREAS,
Lender, Borrower and Guarantors have entered into financing arrangements
pursuant to which Lender may make loans and advances and provide other financial
accommodations to Borrower as set forth in the Loan and Security Agreement,
dated December 10, 2001, between Lender and Borrower, as amended by
Amendment No. 1 to Loan and Security Agreement, dated September 19, 2002,
between Lender and Borrower, Amendment No. 2 to Loan and Security Agreement,
dated as of February 27, 2003, among Lender, Borrower and Guarantors, and as
further amended and ratified by the Ratification and Amendment Agreement, dated
as of January 7, 2004 (the “Ratification Agreement”), between Lender and
Borrower, as acknowledged by Guarantors, Amendment No. 1 to Ratification
Agreement and Amendment No. 3 to Loan and Security Agreement, dated as of
December 14, 2004, between Lender and Borrower, as acknowledged by Guarantors,
Amendment No. 2 to Ratification Agreement and Amendment No. 4 to Loan and
Security Agreement, dated as of January 13, 2005, between Lender and Borrower,
as acknowledged by Guarantors, Amendment No. 3 to Ratification Agreement and
Amendment No. 5 to Loan and Security Agreement, dated as of June 7, 2005,
between Lender and Borrower, as acknowledged by Guarantors, Amendment No. 4 to
Ratification Agreement and Amendment No. 6 to Loan and Security Agreement, dated
as of December 19, 2005, as acknowledged by Guarantors, Amendment No. 5 to
Ratification Agreement and Amendment No. 7 to Loan and Security Agreement, dated
as of September 27, 2006 between Lender and Borrower, as acknowledged by
Guarantors, Amendment No. 6 to Ratification Agreement and Amendment No. 8 to
Loan and Security Agreement, dated as of November 27, 2006 between Lender and
Borrower, as acknowledged by Guarantors, and Amendment No. 7 to Ratification
Agreement and Amendment No. 9 to Loan and Security Agreement dated as of June
12, 2007 between Lender and Borrowers, as acknowledged by Guarantors, permitting
debtor and debtor-in-possession financing for Borrower and Guarantors, as the same now exists or may hereafter
be amended, modified, supplemented, extended, renewed, restated or
replaced (all of the foregoing, as amended hereby and as the same may
hereafter be further amended, modified, supplemented, extended, renewed,
restated or replaced, collectively, the “Loan Agreement”, and together with all
agreements, documents and instruments at any time executed and/or delivered in
connection therewith or related thereto, including the Reaffirmation and
Amendment of Guarantor Documents, dated as of January 7, 2004, between Lender
and Guarantors, as from time to time amended, modified, supplemented, extended,
renewed, restated or replaced, collectively, the “Financing
Agreements”);

       

      
        
           

        

        
           

           

        

        
           

        

      

      WHEREAS,
Borrower and each Guarantor have each commenced a case under Chapter 11 of
Title 11 of the United States Code in the United States Bankruptcy Court for the
District of New Jersey and have each retained possession of its assets and is
authorized under the Bankruptcy Code to continue the operation of its businesses
as a debtor-in-possession;

       

      WHEREAS,
Borrower and Guarantors have requested that Lender make certain amendments to
the Loan Agreement, and Lender is willing to agree to such request, subject to
the terms and conditions contained herein;

       

      WHEREAS,
by this Eighth Ratification Amendment, Lender, Borrower and Guarantors desire
and intend to evidence such amendments;

       

      WHEREAS,
this Eighth Ratification Amendment has been filed with the Bankruptcy Court and
notice thereof has been served upon all parties that have requested notice in
the Borrower’s and Guarantors’ bankruptcy cases pursuant to the Final Order
(1) Authorizing Debtors’ Use of Cash Collateral, (2) Authorizing Debtors to
Obtain Post-Petition Financing, (3) Granting Senior Liens and Priority
Administrative Expense Status Pursuant to 11 U.S.C. §§105 and 364(c), (4)
Modifying the Automatic Stay Pursuant to 11 U.S.C. §362, and (5) Authorizing
Debtors to Enter Into Agreements with Congress Financial Corporation (as the same now exists or may
hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced, the “Final DIP Financing Order”), which was approved by the Bankruptcy
Court on February 2, 2004;

       

      WHEREAS, no objection has been filed by
any interested party to the terms and conditions of this Eighth Ratification
Amendment and Borrower and Guarantors are authorized to execute and deliver this
Eighth Ratification Amendment in accordance with the terms of the Final DIP
Financing Order; and

       

      NOW,
THEREFORE, in consideration of the foregoing, the mutual covenants and
agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Lender, Borrower and
Guarantors hereby covenant, warrant and agree as follows:

       

      1.  DEFINITIONS.

       

      1.1   Additional
Definition.  “Eighth Ratification Amendment” shall mean this
Eighth Ratification Amendment, as the same now exists or may hereafter be
amended, modified, supplemented, extended, renewed, restated or
replaced.

       

      1.2  Amendments to Definitions in
Financing Agreements.

       

      (a)  All references to the term
“Financing Agreements” in this Eighth
Ratification Amendment and in any of the Financing Agreements shall be deemed
and each such reference is hereby amended to include, in addition and not in
limitation, this Eighth Ratification Amendment, as the same now exists or may
hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced.

       

      
        
           

        

        
          2

           

        

        
           

        

      

      (b)  All
references to the term “Ratification Agreement” in this Eighth Ratification
Amendment and in any of the Financing Agreements shall be deemed and each such
reference is hereby amended to mean the Ratification Agreement, as amended
hereby, as the same now exists or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced.

       

      1.3  Interpretation.  For
purposes of this Eighth Ratification Amendment, unless otherwise defined herein,
all capitalized terms used herein, including, but not limited to, those terms
used and/or defined in the recitals above, shall have the respective meanings
assigned to such terms in the Loan Agreement.

       

      2.  AMENDMENTS TO LOAN
AGREEMENT

       

      2.1  Minimum
EBITDA.  Section 9.23(c) of the Loan Agreement is hereby
deleted in its entirety and replaced with the following:

       

      “(c)  Borrower
and its Subsidiaries shall not, for any period set forth below during fiscal
year 2007 and 2008 of Borrower and its Subsidiaries (each, a “Test Period”),
permit EBITDA of Borrower and its Subsidiaries on a rolling four (4) quarter
basis to be less than the respective amount set forth below opposite such
Test Period; provided, that, if Excess
Availability was equal to or greater than $15,000,000 for each of the ninety
(90) consecutive days immediately preceding the last day of any such Test
Period, then Borrower and its Subsidiaries shall not be required to comply with
the terms of this Section 9.23(c) for such Test Period:

      

      
        	
                Test
      Period

              	
                Minimum
      EBITDA

              
	
                For the four (4) quarters ending
      December 31, 2007

              	
                $20,000,000

              
	
                For the four (4) quarters ending
      March 31, 2008

              	
                $20,000,000

              
	
                For the four (4) quarters ending
      June 30, 2008

              	
                $20,000,000

              

      

      

      2.2  Term.

       

      (a)  The
first sentence of Section 12.1(a) of the Loan Agreement is hereby deleted in its
entirety and replaced with the following:

       

      “This Agreement and the other Financing
Agreements shall become effective as of the date set forth on the first page
hereof and shall continue in full force and effect for a term ending on
the earlier of (i) June 30,
2008 and (ii) the date the plan of
reorganization in the
Borrower’s and Guarantors’ bankruptcy cases, as confirmed by the Bankruptcy Court,
becomes effective (such earlier date, the “Termination Date”).”

      

      
        
           

        

        
          3

           

        

        
           

        

      

      (b)  Section
12.1(c)(iii) of the Loan Agreement is hereby amended by deleting the reference
to “December 31, 2007” and replacing it with “June 30, 2008”.

       

      3.  AMENDMENT
FEE.  In addition to and not in limitation of all other fees,
costs and expenses payable to Lender under the Financing Agreements, in
consideration of this Eighth Ratification Amendment, Borrower shall pay Lender
an amendment fee in the amount of $100,000 (the “Amendment Fee”), which fee
shall be fully earned as of and payable on the date hereof and may be charged
directly to the loan account of Borrower.

       

      4.  ADDITIONAL REPRESENTATIONS,
WARRANTIES AND COVENANTS.  In addition to the continuing
representations, warranties and covenants heretofore made in the Loan Agreement
or otherwise and hereafter made by Borrower and Guarantors to Lender, whether
pursuant to the Financing Agreements or otherwise, and not in limitation
thereof, Borrower and Guarantors hereby represent, warrant and covenant with, to
and in favor of Lender the following (which shall survive the execution and
delivery of this Agreement), the truth and accuracy of which, or compliance
with, to the extent such compliance does not violate the terms and provisions of
the Bankruptcy Code, being a continuing condition of the making of loans by
Lender:

       

      4.1  This
Eighth Ratification Amendment has been duly authorized, executed and delivered
by Borrower and Guarantors and the agreements and obligations of Borrower and
Guarantors contained herein constitute legal, valid and binding obligations of
Borrower and Guarantors enforceable against Borrower and Guarantors in
accordance with their respective terms.

       

      4.2   No
Default or Event of Default or act, condition or event which with notice or
passage of time or both would constitute an Event of Default exists or has
occurred as of the date of this Eighth Ratification Amendment.

       

      5.  CONDITIONS
PRECEDENT.  In addition to any other conditions contained
herein or in the Loan Agreement, as in effect immediately prior to the date
hereof, with respect to the Loans, Letter of Credit Accommodations and other
financial accommodations available to Borrower (all of which conditions, except
as modified or made pursuant to this Eighth Ratification Amendment shall remain
applicable to the Loans and be applicable to Letter of Credit Accommodations and
other financial accommodations available to Borrower), the following are
conditions to Lender’s obligation to extend further loans, advances or other
financial accommodations to Borrower pursuant to the Loan
Agreement:

       

      5.1  Borrower
and Guarantors shall execute and/or deliver to Lender this Eighth Ratification
Amendment, and all other Financing Agreements that Lender may request to be
delivered in connection herewith, in form and substance satisfactory to
Lender;

       

      
        
           

        

        
          4

           

        

        
           

        

      

      
        5.2  No
trustee, examiner or receiver or the like shall have been appointed or
designated with respect to Borrower or any Guarantor, as debtor and
debtor-in-possession, or its business, properties and assets;

         
5.3  Borrower and Guarantors shall execute
and/or deliver to Lender all other Financing Agreements, and other agreements,
documents and instruments, in form and substance satisfactory to Lender, which,
in the good faith judgment of Lender are necessary or appropriate and implement
the terms of this Eighth Ratification Amendment and the other Financing
Agreements, as modified pursuant to this Eighth Ratification Amendment, all of
which contains provisions, representations, warranties, covenants and Events of
Default, as are reasonably satisfactory to Lender and its counsel;

       

      5.4  Each
of Borrower and Guarantors shall comply in full with the notice and other
requirements of the Bankruptcy Code, the applicable Federal Rules of Bankruptcy
Procedure, and the terms and conditions of the Final DIP Financing Order in a
manner acceptable to Lender and its counsel;

       

      5.5  No
objection has been filed by any interested party to the terms and conditions of
this Eighth Ratification Amendment and Borrower and Guarantors are authorized,
in accordance with the terms of the Final DIP Financing Order, to execute,
deliver, comply with and fully be bound by this Eighth Ratification Amendment;
and

       

      5.6  No
Default or Event of Default shall be continuing under any of the Financing
Agreements, as of the date hereof.

       

      6.  MISCELLANEOUS.

       

      6.1  Amendments and
Waivers.  Neither this Eighth Ratification Amendment nor any
other instrument or document referred to herein or therein may be changed,
waived, discharged or terminated orally, but only by an instrument in writing
signed by the party against whom enforcement of the change, waiver, discharge or
termination is sought.

       

      6.2  Further
Assurances.  Each of Borrower and Guarantors shall, at its
expense, at any time or times duly execute and deliver, or shall cause to be
duly executed and delivered, such further agreements, instruments and documents,
and do or cause to be done such further acts as may be necessary or proper in
Lender’s opinion to evidence, perfect, maintain and enforce the security
interests of Lender, and the priority thereof, in the Collateral and to
otherwise effectuate the provisions or purposes of this Eighth Ratification
Amendment, any of the other Financing Agreements or the Financing
Order.

       

      6.3  Headings.  The
headings used herein are for convenience only and do not constitute matters to
be considered in interpreting this Eighth Ratification Amendment.

       

      6.4  Counterparts.  This
Eighth Ratification Amendment may be executed in any number of counterparts,
each of which shall be deemed to be an original, but all of which shall together
constitute one and the same agreement.

       

      
        
           

        

        
          5

           

        

        
           

        

      

      
        6.5  Additional Events of
Default.  The parties hereto acknowledge, confirm and agree
that the failure of Borrower or any Guarantor to comply with any of the
covenants, conditions and agreements contained herein or in any other agreement,
document or instrument at any time executed by Borrower or any Guarantor in
connection herewith shall constitute an Event of Default under the Financing
Agreements.

         
6.6  Effectiveness.  This
Eighth Ratification Amendment shall become effective upon the execution hereof
by Lender.

       

      IN
WITNESS WHEREOF, the parties hereto have caused this Eighth Ratification
Amendment to be duly executed as of the day and year first above
written.

      

      WACHOVIA BANK, NATIONAL
ASSOCIATION,

      successor
by merger to Congress Financial Corporation

      

      By: /s/ Herbert C.
Korn

      Title:
Director

      

      

      CONGOLEUM
CORPORATION,

      as Debtor and
Debtor-in-Possession

      

      By: /s/ Howard N. Feist
III

      Title: Chief Financial
Office

      

      

      CONGOLEUM SALES,
INC.,

      as Debtor and
Debtor-in-Possession

      

      By: /s/ Howard N. Feist
III

      Title: Chief Financial
Office

      

      

      CONGOLEUM FISCAL,
INC.,

      as Debtor and
Debtor-in-Possession

      

      By: /s/ Howard N. Feist
III

      Title: Chief Financial
Office

      

      
        
           

        

        
          6ex10-52.htm

     

    Exhibit
10 (52)

     

     

    BUSINESS RELATIONS
AGREEMENT

     

     

    BUSINESS
RELATIONS AGREEMENT dated as of March 11, 1993 by and between American Biltrite
Inc., a Delaware corporation (“ABI”), and Congoleum
Corporation, a Delaware corporation (“Congoleum”), pursuant to the
Joint Venture Agreement dated as of December 16, 1992 (the “Agreement”) by and among ABI,
Congoleum and the other corporations in the Hillside Group (as defined in the
Agreement).  Capitalized terms not otherwise defined herein have the
meaning assigned such terms in the Agreement.

     

    The
Agreement provides for, among other things, the sale, assignment and transfer by
ABI to Newco of all of ABI’s right, title and interest in and to all of the
Division Assets and the subsequent contribution of the Division Assets by Newco
to Congoleum (as more fully described in the Agreement) at the Closing Date (the
“Asset Transfer”).

     

    This
Business Relations Agreement is made, executed and delivered pursuant to Section
76.01(g) of the Agreement.

     

    In
consideration of the Asset Transfer and the other agreements and provisions of
the Agreement and this Business Relations Agreement and for other good and
valuable consideration, ABI and Congoleum hereby agree as follows:

     

    1.           Distribution
Rights.

     

    (a)           Exclusive
Right and License.  Congoleum hereby grants to ABI, and ABI hereby
accepts, the exclusive right and license to distribute Congoleum’s vinyl and vinyl composition floor tile
(“Congoleum Tile”) in Canada (the “License”).  This License includes (i)
all rights attendant to distribution of Congoleum Tile in Canada and (ii) the
right to assign or sublicense any of the foregoing rights to affiliates of ABI,
provided that (A) the assignee or sublicensee agrees in writing to be bound by all of
the terms and conditions of this Section 1, (B) Congoleum is given reasonable
advance notice of such assignment or sublicensing with a
copy of the executed agreement by which the assignee or sublicense agrees to be so bound and (C) any such
assignment shall not relieve ABI of any of its obligations under this
Section 1.  For purposes of this
Business Relations Agreement, “Affiliates” shall mean any person or entity
controlling, controlled by or under common control with ABI.

     

    (b)           Purchase
Price.  The purchase price payable by ABI for
Congoleum Tile shall be the
lesser of (i) 120% of the
fully absorbed manufacturing cost, calculated in accordance with generally
accepted accounting
principles (“GAAP”), or (ii) the lowest price charged by
Congoleum to any of its
other customers.  Shipping costs shall be paid on the same basis
currently paid at ABI.

     

    (c)           Other Terms
and Conditions.  Transactions under this Section
1 shall be conducted in accordance with
ordinary and customary commercial terms.  The initial
term of the License granted in Section 1(a) above shall terminate on the
fifth

     

    
      
         

      

      
         

         

      

      
         

      

    

     

    anniversary of the date hereof and may
be renewed for successive one year periods by the approval of both parties
hereto prior to the end of
the initial term or any renewal term.  Notwithstanding the foregoing,
the License granted in Section 1(a) above may be terminated at any time after notice by
Congoleum if (i) ABI fails to pay for the Congoleum Tile on a timely basis or (ii)
ABI ceases to own any shares of Newco Class A Common Stock.

     

    2.           Purchase
Rights.

     

    (a)           Floor
Tile.  ABI hereby
grants to Congoleum the nonexclusive right to purchase floor tile from
ABI.

     

    (b)           Urethane.  ABI hereby grants
to Congoleum the
nonexclusive right to purchase urethane from ABI.

     

    (c)           Purchase
Price.  The
purchase price payable by Congoleum for floor tile purchased under Section
2(a) above and for urethane purchased under
Section 2(b) above shall be the lesser of (i) 120%
of the fully absorbed manufacturing cost, calculated in accordance with GAAP, or
(ii) the lowest price charged by ABI to any of its other
customers.  Shipping costs shall be paid on the same basis currently paid at
ABI.

     

    (d)           Other Terms
and Conditions.  Transactions under this
Section 2 shall be conducted in
accordance with ordinary
and customary commercial terms.  The initial term of the purchase rights granted
in Sections 2(a)and 2(b)above (the “Purchase Rights”) shall terminate on the fifth anniversary of the date hereof and
may be renewed for
successive one year periods by the approval of both parties
hereto prior to the end of
the initial term or any renewal term.  Notwithstanding the foregoing, the
Purchase Rights may be
terminated at any time after notice by ABI if (i) Congoleum fails to pay for the
floor tile purchased under Section 2(a) 2(b)above or the urethane purchased under
Section 2(b) above on a timely basis or (ii)
Congoleum ceases to own any shares of Newco Class B Common
Stock.

     

    3.           Data
Processing.  During the period of 18 months following the date
hereof, Congoleum hereby agrees to provide to ABI data processing services
substantially equivalent to those utilized by ABI in its business (other than
that of the flooring division in the United States) immediately prior to the
date hereof at a cost comparable to that allocated by ABI to consolidated
Affiliates of ABI in connection with the provision of data processing services
by ABI prior to the date hereof or such other data processing service as may be
mutually agreed upon at a cost to be determined by the
parties.  Section 3 will be
made by ABI promptly upon presentation by Congoleum to ABI of an itemized
monthly bill therefor.  The agreement set forth in this Section 3 may be terminated at any time after
notice by Congoleum if (a) ABI fails to pay for the data processing services on
a timely basis or (b) ABI ceases to own any shares of Newco Class A Common
Stock.

     

    4.           Insurance.

     

    (a)           Retro
Premiums.  Congoleum hereby agrees to reimburse ABI for any
insurance premiums retroactively imposed on ABI (the “Retro Premiums”) relating

     

    
      
         

      

      
         

         

      

      
         

      

    

     

    to claims made against ABI or its
Affiliates in connection with the business or operations of the flooring
division of ABI (other than
those claims listed in Section 4(b) hereof).  Congoleum shall
make such reimbursement promptly after receipt of written notice from ABI of the
imposition of any Retro Premium, which notice shall include (i) the dollar
amount of the Retro Premium
being imposed and (ii) a statement as to the reasons (together with related
documentation, if available) for the imposition of the Retro
Premium.

     

    (b)           Proceeds.  Congoleum hereby agrees to
pay over to ABI promptly any insurance proceeds received by Congoleum paid in connection
with the following claims filed by ABI relating to the business and operations of ABI’s flooring division (“Flooring Claims”):  (i) March 1992 claim
involving the Farrel Unidrive #1 (broken gears); (ii) Lufkin Unidrive case (June 1992); and (iii)
July 1992 claim involving
the Farrell Unidrive #2
(broken gear teeth).  Congoleum further agrees that ABI may retain any
insurance proceeds it
receives in connection with Flooring Claims.  Notwithstanding anything
in the Agreement to the
contrary, insurance proceeds paid in connection with Flooring Claims shall not
be deemed to be Division Assets.

     

    5.           Paper
Slitting.  Congoleum hereby agrees to assume from the Division,
and Congoleum and ABI hereby agree to continue in effect until termination by
the Board of Directors of Congoleum or ABI, the existing arrangement between
ABI’s tape division and the Division pursuant to which the tape division
supplies paper slitting services to the Division.  Congoleum agrees to
pay ABI for the provision of these services at a cost equal to that allocated by
ABI to the Division in connection with the provision of these services to the
Division prior to the date hereof, which cost shall be renegotiated on the first
anniversary of the date hereof.

     

    6.           Notices.  All
notices and other communications given or made pursuant hereto shall be in
writing and shall be deemed to have been duly given or made as of the date
delivered or mailed if delivered personally or mailed by registered or certified
mail (postage prepaid, return receipt requested) to the parties at the following
addresses (or at such other address for a party as shall be specified by like
changes of address shall be effective upon receipt):

     

    
      (a)           If to ABI:

      

      American Biltrite
Inc.

      57 River Street

      Wellesley Hills,
MA  02181

      Attention:  Richard G.
Marcus

      

      With a copy to:

      

      Skadden, Arps, Slate, Meagher &
Flom, LLP

      One Beacon Street, 31st Floor

      Boston,
MA  02108

      Attention:  Louis A. Goodman,
Esq.

       

       

      
        
           

        

        
           

        

        
           

        

      

       

      (b)           If to Congoleum:

      

      Congoleum
Corporation

      861 Sloan Avenue

      Trenton,
NJ  08619

      Attention:  Howard N.
Feist

      

      With a copy to:

      

      Patterson, Belknap, Webb &
Tyler

      30 Rockefeller Plaza

      New York,
NY  10112

      Attention:  Stephen W.
Schwarz, Esq.

    

     

    7.           Headings.  The
headings contained in this Business Relations Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of
this Business Relations Agreement.

     

    8.           Severability.  If
any term of other provision of this Business Relations Agreement is invalid,
illegal or incapable of being enforced by any rule of law or public policy, all
other conditions and provisions of this Business Relations Agreement shall
nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner
adverse to any party.  Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties hereby
shall negotiate in good faith to modify this Business Relations Agreement so as
to effect the original intent of the parties as closely as possible in an
acceptable manner to the end that the transactions contemplated hereby are
fulfilled to the extent possible.

     

    9.           Entire
Agreement.  This Business Relations Agreement constitutes the
entire agreement and supersedes all prior agreements and undertakings, both
written and oral, among the parties, or any of them, with respect to the subject
matter hereof.

     

    10.           Parties in
Interest.  This Business Relations Agreement shall be binding
upon and inure solely to the benefit of each party hereto, and nothing in this
Business Relations Agreement, express or implied, is intended to or shall confer
upon any other person any right, benefit or remedy of any nature whatsoever
under or by reason of this Business Relations Agreement.

     

    11.           Governing
Law.  This Business Relations Agreement shall be governed by,
and construed in accordance with, the laws of the State of Delaware, regardless
of the laws that might otherwise govern under applicable principles of conflicts
of laws thereof.

     

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

     

    
      
         

      

      
         

         

      

      
         

      

    

    AMERICAN
BILTRITE INC.

    

    

    By: /s/ Richard G.
Marcus

    Name: Richard G. Marcus

    Title President

    

    CONGOLEUM
CORPORATION

    

    

    By: /s/ Howard N. Feist
III

    Name: Howard N. Feist
III

    Title: Vice
President-Finance

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