Document:

ex4_1.htm

Exhibit 4.1

 

Exhibit A

 

THIS NOTE AND THE SECURITIES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (THE “ACT”) OR ANY STATE SECURITIES LAWS.  THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

NON-NEGOTIABLE

PROMISSORY NOTE

	$2,500,000.00 	 __________, 2011

 

 

FOR VALUE RECEIVED, the undersigned PERMA-FIX ENVIRONMENTAL SERVICES, INC., a Delaware corporation (“PESI”), promises to pay to the order of HOMELAND SECURITY CAPITAL CORPORATION, a Delaware corporation (“Homeland”), having a notice address at 1005 North Glebe Road, Suite 550, Arlington, Virginia 22201, or at such other place as may be designated in writing by Homeland, the principal sum of TWO MILLION FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($2,500,000.00), together with interest thereon at the annual interest rate hereinafter stated, payable as set forth below.

Unless otherwise defined herein, all terms defined or referenced in that certain Stock Purchase Agreement of even date herewith (the “Purchase Agreement”) between PESI, Homeland and Safety & Ecology Holdings Corporation, will have the same meanings herein as therein.

1.             Until paid in full in accordance with the terms hereof, interest on this Note shall accrue from the date hereof at the Interest Rate (calculated on the basis of a 360-day year consisting of twelve 30 day months).  For purposes of this Note, the Interest Rate shall mean six percent (6.0%) per annum, except upon the occurrence of an Event of Default (as defined herein), in which case, during the period from the date of such Event of Default until the earlier of (i) the date such Event of Default is cured or (ii) the date on which such payment is made as set forth herein, the Interest Rate shall mean twelve percent (12.0%) per annum.  Notwithstanding any other provision of this Note, Homeland does not intend to charge, and PESI shall not be required to pay, any interest or other fees or charges in excess of the maximum interest permitted by applicable law; any payments in excess of such maximum shall be refunded to PESI or credited to reduce principal hereunder.  The principal and accrued interest due thereon shall be payable over a three (3) year period in thirty-six (36) monthly installments of principal and interest, with the first monthly installment of $76,054.84 in principal and interest due and payable on _________, 2011, and a like installment due and payable on the 15th day of each month thereafter for 34 months, and the remaining unpaid principal balance of this Note and all accrued interest thereon due and payable on _________, 2014 (the “Maturity Date”).

 

  

  

  

2.             This Note is executed and delivered in connection with, and subject to the terms and conditions contained in, the Purchase Agreement.  It is specifically agreed that the entire principal amount of this Note has been advanced as of the date hereof, and that no additional advances will be made hereunder.  Subject to the provisions of Section 4, all payments will first be applied to the payment of accrued interest, and the remainder will be applied in reduction of the principal balance hereof.  Payments of principal and interest on this Note shall be made by wire transfer of immediately available funds to an account designated by Homeland in Exhibit A attached hereto, which may be changed by Homeland in writing from time to time.

3.             PESI will have the right to prepay this Note in whole or in part at any time and from time to time without premium or penalty, but with interest accrued to the date of prepayment.

4.             PESI agrees that, upon an occurrence of an Event of Default (as defined below), and, as a result, this Note is placed in the hands of an attorney for collection or to defend or enforce any of Homeland’s rights hereunder, PESI will pay, subject to the terms hereof, Homeland’s reasonable attorneys’ fees and expenses and all other reasonable expenses incurred by Homeland in connection therewith, provided that Homeland is represented by a single attorney or law firm, as determined by a court of competent jurisdiction or as agreed to by PESI and the Parent (the “Expenses”).

5.             The payment and performance of this Note is unsecured.  This Note is non-negotiable, and neither this Note nor the right to receive the payments due and to become due under this Note may be sold, transferred or assigned by Homeland without the prior written consent of PESI which may be withheld by PESI in PESI’s sole discretion.  This Note is subject to PESI’s right to offset payments hereunder as a result of any Claim that PESI or PESI Indemnitees may have against Homeland in accordance with Article VIII of the Purchase Agreement, pursuant to Section 9.3 of the Purchase Agreement.

6.             Upon the occurrence of an Event of Default (as defined below), Homeland will have the option to declare this Note in default and to be immediately due and payable, whereupon this Note shall become forthwith due and payable upon such written demand received by PESI (“Written Demand Notice”), and Homeland will thereafter have the right, at its option and in its sole discretion, by written election delivered to PESI to receive in full and complete satisfaction of all PESI’s obligations under this Note, either:

	
  

	
a.

	
the cash amount equal to the sum of the unpaid principal balance owing under this Note and all accrued and unpaid interest thereon, plus the Expenses (the “Payoff Amount”);

 

	
  

	
b.

	
the number of fully paid and non-assessable shares of the common stock, par value $.001 per share, of PESI (the “PESI Common Stock”) equal to the quotient determined by dividing the Payoff Amount by the average of the closing prices per share of the PESI Common Stock as reported by the primary national securities exchange or automatic quotation system on which PESI Common Stock is traded during the 30 consecutive trading day period ending on the trading day immediately prior to receipt by PESI of the Written Demand Notice delivered in accordance with Section 9.4 of the Purchase Agreement (the “Payoff Shares”); provided, however, that the number of Payoff Shares plus the number of shares of PESI Common Stock issued or to be issued to the Management Investors pursuant to Section 5.21 of the Purchase Agreement shall not exceed 19.9% of the voting power of all of PESI voting securities issued and outstanding as of the date of the Purchase Agreement; or

 

  

2

  

 

	
  

	
c.

	
any combination of the Payoff Amount or the Payoff Shares, provided, however, that the aggregate amount of the Payoff Amount and the Payoff Shares shall not exceed the unpaid principal balance and accrued interest due under this Note as of receipt by PESI of the Written Demand Notice, with the number of Payoff Shares to be determined by dividing the amount of the Payoff Amount which is to be paid in Payoff Shares by the average of the closing prices per share of the PESI Common Stock as reported by the primary national securities exchange or automatic quotation system on which PESI Common Stock is traded during the thirty (30) consecutive trading day period ending on the trading day immediately prior to receipt by PESI of the Written Demand Notice and Homeland’s written election to receive a portion of the Payoff Amount in Payoff Shares, with such notice to specify the amount of the Payoff Amount to be paid in Payoff Shares.

 

7.             If Homeland elects to receive Payoff Shares, (i) the issuance of the Payoff Shares will be subject to Homeland providing in writing to PESI within three Business Days prior to the issuance of the Payoff Shares, substantially the same representations, warranties and covenants as set forth in Exhibit C attached to the Purchase Agreement and (ii) Homeland shall not, at anytime or for any reason, assign, transfer or convey the Payoff Shares or any portion thereof, if issued by PESI to Homeland, to Yorkville.  If issued, the Payoff Shares will not be registered, and Homeland will not be entitled to registration rights with respect to the Payoff Shares, except for those certain Piggyback Registration Rights set forth in the Registration Rights Agreement attached as Exhibit D to the Purchase Agreement, which PESI and Homeland shall execute immediately prior to the issuance of the Payoff Shares.  The Payoff Shares issued to Homeland pursuant to this Note, if any, will be restricted securities and subject to the restrictions, qualifications, and limitations set forth in the Purchase Agreement, Exhibits C and D of the Purchase Agreement, and this Note, including without limitation, compliance with federal and state securities laws and the limitations on the maximum number of Payoff Shares to be issued to Homeland set forth in Section 6(b) hereof.

8.             Events of Default.  Notwithstanding any provision of this Note to the contrary, subject to the terms hereof and the Purchase Agreement, the outstanding principal and accrued interest under this Note shall become due and payable, without notice or demand, upon the happening of any one of the following specified events (each, an “Event of Default”):

 

	
  

	
a.

	
PESI fails to pay any installment of principal and interest due hereunder within 30 days of when due; or

 

	
  

	
b.

	
Any legal proceeding is commenced by or against PESI seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of its structure or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, trustee, custodian or other similar official for PESI or for all or substantially all of  PESI’s property, or shall take any such action to authorize any of the foregoing, and such case or proceeding (x) results in the entry of an order for relief against it which is not stayed within twenty (20) Business Days after the entry thereof or (y) is not dismissed within sixty (60) days of commencement; or

 

  

3

  

 

	
  

	
c.

	
Change in Control (as defined below) of PESI.  For the purposes of this Note, a “Change in Control” shall mean any of the following:

 

	
  

	
i.

	
consummation of a transaction in which any person, entity, corporation, or group (as such terms are defined in sections 13 (d)(3) and 14 (d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than PESI, or a profit sharing, employee ownership or other employee benefit plan sponsored by PESI or any subsidiary of PESI) has purchased PESI’s voting securities for cash, securities or other consideration pursuant to a tender offer, or has become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Exchange Act (in one transaction or a series of transactions), of securities of PESI representing more than 50% of the total voting power of the then outstanding securities of PESI ordinarily having the right to vote in the election of directors; or

 

	
  

	
ii.

	
a change, without approval of at least a majority of the Board of Directors then in office, of a majority of PESI’s Board of Directors; or

 

	
  

	
iii.

	
consummation by PESI of PESI selling all or substantially all of PESI’s assets to a purchaser which is not a subsidiary of PESI; or

 

	
  

	
iv.

	
PESI shareholders’ approval of a plan of dissolution or liquidation of PESI; or

 

	
  

	
v.

	
PESI’s consummation of a merger or consolidation, in which PESI or a  subsidiary of PESI is not the surviving corporation, and immediately following such merger or consolidation less than fifty percent (50%) of the surviving corporation’s outstanding voting stock is held by persons who are stockholders of PESI immediately prior to such merger or consolidation.

 

9.             All notices required or permitted hereunder shall be in writing and shall be deemed effectively given if given in accordance with the notice provisions in the Purchase Agreement, unless otherwise agreed to by the parties.  In addition any notice otherwise required or permitted hereunder, PESI shall give Homeland written notice not less than ten (10) days prior to the consummation of any Change in Control.

 

  

4

  

 

10.           PESI hereby expressly waives presentment, demand, and protest, notice of demand, dishonor and nonpayment of this Note, and all other notices or demands of any kind in connection with the delivery, acceptance, performance, default or enforcement hereof, and hereby consents to any delays, extensions of time, renewals, waivers or modifications that may be granted or consented to by Homeland hereof with respect to the time of payment or any other provision hereof.

 

11.           The rights and remedies of Homeland under this Note shall be cumulative.  It is agreed that no delay or omission to exercise any right, power or remedy accruing to Homeland upon any breach or default of PESI under this Note shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.

 

12.           In the event any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Note operate or would prospectively operate to invalidate this Note, then and in any such event, such provision(s) only shall be deemed null and void and shall not affect any other provision of this Note and the remaining provisions of this Note shall remain operative and in full force and effect and in no way shall be affected, prejudiced, or disturbed thereby.

 

13.           This Note shall be governed by and construed and enforced in accordance with the laws of The State of Delaware, without regard to its conflicts of laws provisions.  The parties irrevocably and unconditionally submit to the exclusive jurisdiction of the courts sitting in the State of Delaware over any suit, action or proceeding arising out of or relating to this Note.  The parties irrevocably and unconditionally waive any objection to the laying of venue of any such suit, action or proceeding brought in such court and any claim that any such suit, action or proceeding brought in such court has been brought in an inconvenient forum.  The parties agree that a final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the parties and may be enforced in any other courts to whose jurisdiction other parties are or may be subject, by suit upon such judgment.

 

14.           Jury Trial Waiver.  PESI HEREBY KNOWINGLY AND VOLUNTARILY IRREVOCABLY WAIVES TRIAL BY JURY AND THE RIGHT THERETO IN ANY ACTION OR PROCEEDING OF ANY KIND, ARISING UNDER OR OUT OF, OR OTHERWISE RELATED TO, THIS NOTE.  PESI FURTHER ACKNOWLEDGES THAT IT HAS HAD AN OPPORTUNITY TO REVIEW THIS NOTE WITH ITS COUNSEL AND THAT IT ON ITS OWN HAS MADE THE DETERMINATION TO EXECUTE THIS NOTE AFTER CONSIDERATION OF ALL OF THE TERMS OF THIS NOTE AND OF ALL OTHER FACTORS WHICH IT CONSIDERS RELEVANT.

 

  

5

  

 

IN WITNESS WHEREOF, PESI has executed this instrument effective the date first above written.

 

	 	
PERMA-FIX ENVIRONMENTAL SERVICES, 

	 	INC., a Delaware corporation
	 	 	 
	 	 	 
	
 

	
By:

	 
	 	Name:	 
	 	Title:	 

 

 

6ex10_1.htm

Exhibit 10.1

THIRD AMENDMENT

to that certain

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

This THIRD AMENDMENT, dated as of July 15, 2011 (this “Amendment”), is made in connection with that certain Fourth Amended and Restated Credit Agreement, dated as of December 31, 2009 (as amended and in effect from time to time, the “Credit Agreement”), among Columbus McKinnon Corporation (the “Company”), certain subsidiaries of the Company party thereto (together with the Company, the “Borrowers”), the lending institutions party thereto (the “Lenders”), and  Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.  Capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the Credit Agreement.

 

WHEREAS, the Borrowers have requested that the Administrative Agent and the Lenders agree to amend certain terms and provisions of the Credit Agreement, as specifically set forth in this Amendment; and

WHEREAS, the Borrowers, the Administrative Agent and the Lenders are willing to amend certain terms and provisions of the Credit Agreement, but only on the terms and subject to the conditions set forth herein.

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

 

§1.           Amendments.

(a)           Section 1.01 of the Credit Agreement is hereby amended by deleting the definition of “Applicable Rate” contained therein and substituting in lieu thereof the following:

““Applicable Rate” means, from time to time, the following percentages per annum, based upon the Total Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a):

	
Level

	 	
Total Leverage Ratio

	 	
Commitment Fee

	 	 	
Eurocurrency Rate

	 	 	
Standby Letter of Credit Fee

	 	 	
Commercial Letter of Credit and Bankers’ Acceptance Fees

	 	 	
Base Rate

	 
	 I  	 	
Greater than or equal to 3.00x

	 	 	0.375%	 	 	 	2.750%	 	 	 	2.750%	 	 	 	2.000%	 	 	 	1.750%	 
	
II  

	 	
Less than 3.00x but greater than or equal to 2.50x

	 	 	0.375%	 	 	 	2.500%	 	 	 	2.500%	 	 	 	1.750%	 	 	 	1.500%	 
	
III  

	 	
Less than 2.50x but greater than or equal to 2.00x

	 	 	0.300%	 	 	 	2.250%	 	 	 	2.250%	 	 	 	1.500%	 	 	 	1.250%	 
	
IV

	 	
Less than 2.00x but greater than or equal to 1.75x

	 	 	0.225%	 	 	 	2.000%	 	 	 	2.000%	 	 	 	1.250%	 	 	 	1.000%	 
	 V   	 	
Less than 1.75x but greater than or equal to 1.50x

	 	 	0.175%	 	 	 	1.750%	 	 	 	1.750%	 	 	 	1.000%	 	 	 	0.750%	 
	
VI

	 	
Less than 1.50x

	 	 	0.125%	 	 	 	1.500%	 	 	 	1.500%	 	 	 	1.000%	 	 	 	0.500%	 

  

  

  

Any increase or decrease in the Applicable Rate resulting from a change in the Total Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, that (a) subject to clause (b) below, the Applicable Rate in effect from July 15, 2011 through the first Business Day immediately following the date on which a Compliance Certificate for the fiscal quarter ended June 30, 2011 is delivered shall be determined based upon Pricing Level II and (b) if a Compliance Certificate is not delivered when due in accordance with Section 6.02(a), then Pricing Level I shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered.”

(b)           Section 1.01 of the Credit Agreement is hereby amended by deleting the text “fifth (5th) day of each January, April, July and October” contained in the definition of “Interest Payment Date” and substituting in lieu thereof the text “last day of each March, June, September and December”.

(c)           Section 1.01 of the Credit Agreement is hereby amended by deleting clause (a)(iv) contained in the definition of “Total Funded Indebtedness” and substituting in lieu thereof the following:

“(iv) the maximum drawing amount of all standby letters of credit outstanding and the maximum stated amount of all bankers’ acceptances outstanding, plus”.

(d)           Section 1.01 of the Credit Agreement is hereby amended by adding the following sentence at the end of the definition of “Total Funded Indebtedness”:

“For the avoidance of doubt, net obligations of the Company and its Subsidiaries under any Swap Contract shall not constitute Total Funded Indebtedness.”

(e)           Section 1.01 of the Credit Agreement is hereby amended by deleting the parenthetical contained in clause (a)(i) of the definition of “Total Leverage Ratio” and substituting in lieu thereof the following:

“(which shall include the L/C - BA Obligations, other than the L/C - BA Obligations relating to commercial letters of credit).”

(f)           Section 2.03(a)(ii) of the Credit Agreement is hereby amended by deleting clause (A) thereof and substituting in lieu thereof the text “(A) intentionally omitted”.

(g)           Section 2.03(a)(ii) of the Credit Agreement is hereby amended by deleting clause (B) thereof and substituting in lieu thereof the following:

“(B)            the expiry date of such requested Letter of Credit, or the maturity of any Bankers’ Acceptance issued under such requested Letter of Credit, would occur after the Letter of Credit - BA Expiration Date, unless all the Lenders have approved such expiry date; provided that, the expiry date of such requested Letter of Credit, or the maturity of any Bankers’ Acceptance issued under such requested Letter of Credit, may occur after the Letter of Credit - BA Expiration Date so long as (1) such expiry date or maturity would not occur after December 31, 2014, (2) the aggregate Outstanding Amount of the L/C - BA Obligations with respect to such Letters of Credit and Bankers’ Acceptances shall not exceed $20,000,000 at any time and (3) the Company shall comply with Section 2.03(g) with respect to such Letters of Credit and Bankers’ Acceptances.”

  

- 2 -

  

 

(h)           Section 2.03(b)(iii) is hereby amended by adding the text “or such later date to the extent permitted under the proviso contained in Section 2.03(a)(ii)(B)” after the text “Letter of Credit – BA Expiration Date”.

(i)           Section 2.03(i) of the Credit Agreement is hereby amended by deleting the text “fifth (5th) day of each of January, April, July and October” contained therein and substituting in lieu thereof the text “last day of each of March, June, September and December”.

(j)           Section 2.03(j) of the Credit Agreement is hereby amended by deleting the text “fifth (5th) day of each of January, April, July and October” contained therein and substituting in lieu thereof the text “last day of each of March, June, September and December”.

(k)           Section 2.03(g) of the Credit Agreement is hereby amended by deleting clause (i) thereof and substituting in lieu thereof the following:

“(i)           Upon the request of the Administrative Agent, (A) if the L/C Issuer has honored any full or partial drawing request under any Letter of Credit or made any payment under any Bankers’ Acceptance and such drawing has resulted in an L/C- BA Borrowing, (B) if, as of the Letter of Credit - BA Expiration Date, any L/C - BA Obligation for any reason remains outstanding, or (C) if, as of the date that is sixty (60) days prior to the Maturity Date (or, if such day is not a Business Day, the next preceding Business Day), any L/C - BA Obligation remains outstanding with respect to any Letters of Credit and/or Bankers’ Acceptances described in the proviso contained in Section 2.03(a)(ii)(B), the Company shall, (1) in the case of clauses (A) or (B), immediately Cash Collateralize the then Outstanding Amount of all L/C - BA Obligations in an amount equal to 103% of the Outstanding Amount thereof and (ii) in the case of clause (C), immediately Cash Collateralize the then Outstanding Amount of all L/C - BA Obligations with respect to any Letters of Credit and/or Bankers’ Acceptances described in the proviso contained in Section 2.03(a)(ii)(B) in an amount equal to 103% of the Outstanding Amount thereof.”

(l)           Section 2.09(a) of the Credit Agreement is hereby amended by deleting the text “fifth (5th) day of each January, April, July and October, or if the fifth (5th)” contained therein and substituting in lieu thereof the text “last day of each March, June, September and December, or if the last”.

(m)           Section 7.01 of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of clause (h) contained therein, (ii) deleting the period at the end of clause (i) contained therein and substituting in lieu thereof the text “; and” and (iii) adding the following new clause (j) in the appropriate alphabetical order:

“(j)           Liens (other than Liens on Equity Interests in any Subsidiary) securing Indebtedness permitted under Section 7.03(l) so long as such Indebtedness secured by such Liens does not exceed $2,500,000 at any time.”

(n)           Section 7.02(i) of the Credit Agreement is hereby amended by deleting the amount “$25,000,000” contained therein and substituting in lieu thereof the amount “$30,000,000”.

 

  

- 3 -

  

 

(o)           Section 7.03 of the Credit Agreement is hereby amended by deleting clause (l) contained therein and substituting in lieu thereof the following:

“(l)           other Indebtedness of the Company and its Domestic Subsidiaries in a principal amount outstanding at any one time not exceeding $10,000,000; provided that the amount of such Indebtedness that may be secured shall not exceed $2,500,000 at any time.”

§2.           Consents.  Pursuant to Sections 2 and 3(c) of that certain Second Amendment to that certain Fourth Amended and Restated Credit Agreement, dated as of December 16, 2010 (the “Second Amendment”), the Administrative Agent hereby consents and agrees to (a) extend the date that the sale of the Business (as defined in Section 2 of the Second Amendment) is required to be consummated to December 31, 2012 or such later date as is reasonably acceptable to the Administrative Agent and (b) extend the date that the Investment described in Section 3(c) of the Second Amendment is required to be consummated to December 31, 2012 or such later date as is reasonably acceptable to the Administrative Agent.

§3.           Affirmation and Acknowledgment.  Each Borrower hereby ratifies and confirms all of its Obligations to the Lenders, including, without limitation, the Loans, the Notes and the other Loan Documents, and each Borrower hereby affirms its absolute and unconditional promise to pay to the Lenders all Obligations under the Credit Agreement as amended hereby.  Each Guarantor hereby acknowledges and consents to this Amendment and agrees that its Guaranty remains in full force and effect, and each such Guarantor confirms and ratifies all of its obligations under the Loan Documents.  Each Borrower and each Guarantor hereby confirms that the Obligations are and remain secured pursuant to the Security Documents and pursuant to all other instruments and documents executed and delivered by the Borrowers and the Guarantors, as security for the Obligations.

§4.           Representations and Warranties.  Each Borrower hereby represents and warrants to the Lenders as follows:

(a)           The execution and delivery by each Borrower and each Guarantor of this Amendment, and the performance by each Borrower and each Guarantor of its obligations and agreements under this Amendment and the Credit Agreement as amended hereby, are within the corporate authority of each Borrower and each Guarantor and have been duly authorized by all necessary corporate proceedings on behalf of each Borrower and each Guarantor, and do not contravene any provision of law, statute, rule or regulation to which any Borrower or any Guarantor is subject or any Borrower’s or any Guarantor’s charter, other incorporation papers, by-laws or any stock provision or any amendment thereof or of any agreement or other instrument binding upon any Borrower or any Guarantor.

(b)           This Amendment and the Credit Agreement as amended hereby constitute legal, valid and binding obligations of the Borrowers and the Guarantors, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights or general principles of equity and except to the extent that availability of the remedy of specific performance or injunctive relief is subject to the discretion of the court before which any proceeding therefore may be brought.

(c)           Other than approvals or consents which have been obtained, no approval or consent of, or filing with, any governmental agency or authority is required to make valid and legally binding the execution, delivery or performance by the Borrowers of this Amendment and the Credit Agreement, as amended hereby.

 

  

- 4 -

  

 

(d)           The representations and warranties contained in Article V of the Credit Agreement are true and correct at and as of the date made and as of the date hereof, except to the extent of changes resulting from transactions contemplated or permitted by the Credit Agreement and the other Loan Documents and changes occurring in the ordinary course of business that singly or in the aggregate are not materially adverse, or to the extent that such representations and warranties relate expressly to an earlier date.

(e)           The Borrowers have performed and complied in all material respects with all terms and conditions herein required to be performed or complied with by it prior to or at the time hereof, and as of the date hereof, after giving effect to the provisions hereof, there exists no Event of Default or Default.

§5.           Conditions to Effectiveness.  The Administrative Agent, the Lenders and the Company agree that this Amendment shall become effective as of the date first written above upon the receipt by the Administrative Agent of (a) counterparts of this Amendment, duly executed by each of the Company, the Guarantors, the Administrative Agent and each of the Lenders and (b) an amendment fee in an amount equal to 12.5 bps on the Aggregate Commitments, for the pro rata account of each Lender based on such Lender’s Applicable Percentage.

§6.           Expenses.  Borrowers agree to pay to the Administrative Agent upon written demand therefor an amount equal to any and all reasonable out-of-pocket costs, expenses, and liabilities incurred or sustained by the Adminsitrative Agent in connection with the preparation of this Amendment (including, without limitation, reasonable fees and expenses of legal counsel). Amounts payable pursuant to this Section 6 shall be subject to the provisions of Section 10.04(a) of the Credit Agreement, as fully as if set forth therein.

 

§7.           Miscellaneous Provisions.

(a)           Except as otherwise expressly provided by this Amendment, all of the terms, conditions and provisions of the Credit Agreement and the other Loan Documents shall remain in full force and effect without modification or waiver.

(b)           This Amendment shall constitute a Loan Document under the Credit Agreement, and all obligations included in this Amendment (including, without limitation, all obligations for the payment of principal, interest, fees, and other amounts and expenses) shall constitute obligations under the Loan Documents and be secured by the collateral security for the Obligations.  The Credit Agreement, together with this Amendment, shall be read and construed as a single agreement.  All references in the Loan Documents to the Credit Agreement or any other Loan Document shall hereafter refer to the Credit Agreement or any other Loan Document as amended hereby.

(c)           THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

(d)           This Amendment may be executed in any number of counterparts, and all such counterparts shall together constitute but one instrument.  In making proof of this Amendment it shall not be necessary to produce or account for more than one counterpart signed by each party hereto by and against which enforcement hereof is sought.  Delivery of an executed counterpart of this Amendment by facsimile or electronic mail in portable document format (.pdf) shall be equally effective as delivery of an original executed counterpart of this Amendment.

  

- 5 -

  

 

[Remainder of page intentionally left blank.]

 

 

  

- 6 -

  

IN WITNESS WHEREOF, each of the undersigned has caused this Amendment to be executed as of the date first written above.

	  	
BORROWERS

	  	  
	  	
COLUMBUS MCKINNON CORPORATION

	  	  
	  	
By: /s/ Karen L. Howard

	  	 	
Name: Karen L. Howard

	  	 	
Title: Vice President-Finance & CFO

	  	  
	  	  
	  	
GUARANTORS

	  	  
	  	
YALE INDUSTRIAL PRODUCTS, INC.

	 	 
	  	
By: /s/ Karen L. Howard

	  	 	
Name: Karen L. Howard

	  	 	
Title: Vice President-Finance & CFO

	  	  
	  	
CRANE EQUIPMENT & SERVICE, INC.

	 	 
	  	
By: /s/ Karen L. Howard

	  	 	
Name: Karen L. Howard

	  	 	
Title: Vice President-Finance & CFO

 

  

  

  

 

	  	
BANK OF AMERICA, N.A.,

	  	
as Administrative Agent

	  	  
	  	
By: /s/ Colleen M. O’Brien

	  	 	
Name: Colleen M. O’Brien

	  	 	
Title: Sr. Vice President

 

  

  

  

 

	  	
BANK OF AMERICA, N.A.,

	  	
as a Lender, L/C Issuer and Swing Line Lender

	  	  
	  	
By: /s/ Colleen M. O’Brien

	  	 	
Name: Colleen M. O’Brien

	  	 	
Title: Sr. Vice President

 

  

  

  

 

	  	
JPMORGAN CHASE BANK, N.A.,

	  	
as a Lender

	  	  
	  	
By: /s/ Karen L. Mikols

	  	 	
Name: Karen L. Mikols

	  	 	
Title: Authorized Officer

  

  

 

  

	  	
RBS CITIZENS BANK, N.A.,

	  	
as a Lender

	  	  
	  	
By: /s/ Michael Kennuth

	  	 	
Name: Michael Kennuth

	  	 	
Title: Vice President

  

  

  

 

	  	
M&T BANK,

	  	
as a Lender

	  	  
	  	
By: /s/ Andrew M. Constantino

	  	 	
Name: Andrew M. Constantino

	  	 	
Title: Vice President

  

  

  

 

	  	
PNC BANK, N.A.,

	  	
as a Lender

	  	  
	  	
By: /s/ James F. Stevenson

	  	 	
Name: James F. Stevenson

	  	 	
Title: Senior Vice President

  

  

  

 

	  	
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH.,

	  	
as a Lender

	 	 
	  	
By: /s/ Mikhail Faybusovich

	  	 	
Name: Mikhail Faybusovich

	  	 	
Title: Director

	  	  
	  	  
	  	
By: /s/ Vipul Dhadda

	  	 	
Name: Vipul Dhadda

	  	 	
Title: Associate

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}]]