Document:

Unassociated Document

Exhibit 10.3

COMCAST
CORPORATION

RESTRICTED
STOCK UNIT AWARD

This is a
Restricted Stock Unit Award (the “Award”) dated [__________, 2005] from Comcast
Corporation (the “Company”) to ____________________ (the “Grantee”). The vesting
of Restricted Stock Units is conditioned on the Grantee’s continuation in
service from the Date of Grant through each applicable Vesting Date, and on the
Company’s attainment of the performance objectives established under the Comcast
Corporation 2002 Executive Cash Bonus Plan (“the ECBP”), as further provided in
this Award. The delivery of Shares under this Award is intended to constitute
performance-based compensation, within the meaning of section 162(m) of the
Code, and Treasury Regulations issued under section 162(m) of the
Code.

1. Definitions.
Capitalized terms used herein are defined below or, if not defined below, have
the meanings given to them in the Plan.

a.   “Account” means
an unfunded bookkeeping account established pursuant to Paragraph 5.d and
maintained by the Committee in the name of Grantee (a) to which Deferred Stock
Units are deemed credited and (b) to which an amount equal to the Fair Market
Value of Deferred Stock Units with respect to which a Diversification Election
has been made and interest thereon are deemed credited, reduced by distributions
in accordance with the Plan.

b.   “Award” means
the award of Restricted Stock Units hereby granted.

c.   “Board” means
the Board of Directors of the Company.

d.   “Code” means
the Internal Revenue Code of 1986, as amended. 

e.   “Committee” means
the Compensation Committee of the Board or its delegate.

f.   “Date
of Grant” means
the date first set forth above, on which the Company awarded the Restricted
Stock Units. 

g.   “Deferred
Stock Units” means
the number of hypothetical Shares subject to an Election.

h.   “Disabled
Grantee”
means

(1) Grantee,
if Grantee’s employment by a Participating Company is terminated by reason of
Disability; or

(2) Grantee’s
duly-appointed legal guardian following Grantee’s termination of employment by
reason of Disability, acting on Grantee’s behalf.

 

 

 

i.   “ECBP” means
the Comcast Corporation 2002 Executive Cash Bonus Plan, or any successor plan,
program or arrangement.

j.   “Employer” means
the Company or the subsidiary or affiliate of the Company for which Grantee is
performing services on the Vesting Date. 

k.   “First
Tier Goal” means
the First Tier Goal established for a calendar year under the ECBP.

l.   “Normal
Retirement” means
Grantee’s termination of employment that is treated by the Participating Company
as a retirement under its employment policies and practices as in effect from
time to time.

m.   “Plan” means
the Comcast Corporation 2002 Restricted Stock Plan, incorporated herein by
reference.

n.   “Restricted
Period” means,
with respect to each Restricted Stock Unit, the period beginning on the Date of
Grant and ending on the Vesting Date.

o.   “Restricted
Stock Unit” means a
unit that entitles Grantee, upon the Vesting Date set forth in an Award, to
receive one Share.

p.   “Rule
16b-3” means
Rule 16b-3 promulgated under the 1934 Act, as in effect from time to time.

q.   “Retired
Grantee” means
Grantee, following Grantee’s termination of employment pursuant to a Normal
Retirement.

r.   “Second
Tier Goal” means
the Second Tier goal established for a calendar year under the ECBP.

s.   “Shares” means
shares of the Company’s Class A Common Stock, par value $.01 per
share.

t.   “Vesting
Date” means
the date(s) on which Grantee vests in all or a portion of the Restricted Stock
Units, as provided in Paragraph 3.

u.   “1934
Act” means
the Securities Exchange Act of 1934, as amended.

v.   “2005
RSUs” means
[______] of the Restricted Stock Units described in Paragraph 2. 

w.   “2006
RSUs” means
[______] of the Restricted Stock Units described in Paragraph 2, plus any 2005
RSUs that fail to vest under Paragraph 3.b(1).

 

 

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x.   “2007
RSUs” means
[_____] of the Restricted Stock Units described in Paragraph 2, plus any 2006
RSUs that fail to vest under Paragraph 3.b(2) (including Restricted Stock Units
that failed to vest before 2007).

y.   “2008
RSUs” means
[_____] of the Restricted Stock Units described in Paragraph 2, plus any 2007
RSUs that fail to vest under Paragraph 3.b(3) (including Restricted Stock Units
that failed to vest before 2008). 

2. Grant
of Restricted Stock Units. Subject
to the terms and conditions set forth herein and in the Plan, the Company hereby
grants to Grantee _____ Restricted Stock Units.

3. Vesting
of Restricted Stock Units.

a.   Subject
to the terms and conditions set forth herein and in the Plan, Grantee shall vest
in the Restricted Stock Units on the Vesting Dates set forth in Paragraph 3.b,
and as of each Vesting Date shall be entitled to the delivery of Shares with
respect to such Restricted Stock Units; provided, however, that on the Vesting
Date, Grantee is, and has from the Date of Grant continuously been, an employee
of the Company or a Subsidiary Company during the Restricted Period, and
provided further that the applicable performance conditions as set forth in
Paragraph 3.b have been satisfied.

b.   Subject
to Paragraph 3.a, a Vesting Date for Restricted Stock Units subject to the Award
shall occur in accordance with the following schedule:

(1) 2005
RSUs.

(a)   As to
[2/3rds] of the 2005 RSUs, [__________], 2006, provided that the First Tier Goal
is satisfied for 2005.

(b)   As to an
additional [1/3rd] of the 2005 RSUs, [__________], 2006, provided that the
Second Tier Goal is satisfied for 2005.

(2) 2006
RSUs.

(a)   As to
[2/3rds] of the 2006 RSUs, [__________], 2007, provided that the First Tier Goal
is satisfied for 2006. 

(b)   As to an
additional [1/3rd] of the 2006 RSUs, [__________], 2007, provided that the
Second Tier Goal is satisfied for 2006.

(3)   2007
RSUs.

(a)   As to
[2/3rds] of the 2007 RSUs, [__________], 2008, provided that the First Tier Goal
is satisfied for 2007. 

(b)   As to an
additional [1/3rd]
of the 2007 RSUs, [__________], 2008, provided that the Second Tier Goal is
satisfied for 2007.

 

 

-3-

 

(4)   2008
RSUs.

(a)   As to
[2/3rds] of the 2008 RSUs, [__________], 2009, provided that the First Tier Goal
is satisfied for 2008. 

(b)   As to an
additional [1/3rd] of the 2008 RSUs, [__________], 2009, provided that the
Second Tier Goal is satisfied for 2008.

4. Forfeiture
of Restricted Stock Units.

a.   Subject
to the terms and conditions set forth herein and in the Plan, if Grantee
terminates employment with the Company and all Subsidiaries during the
Restricted Period for any reason, Grantee shall forfeit the Restricted Stock
Units as of such termination of employment. Upon a forfeiture of the Restricted
Stock Units as provided in this Paragraph 4, the Restricted Stock Units shall be
deemed canceled.

b.   The
provisions of this Paragraph 4 shall not apply to Shares issued in respect of
Restricted Stock Units as to which a Vesting Date has occurred. 

5.   Deferral
Elections.

Grantee
may elect to defer the receipt of Shares issuable with respect to Restricted
Stock Units, consistent, however, with the following:

a. Deferral
Elections.

(1)   Initial
Election. Grantee
shall have the right to make an Initial Election to defer the receipt of all or
a portion of the Shares issuable with respect to Restricted Stock Units hereby
granted by filing an Initial Election to defer the receipt of such Shares on the
form provided by the Committee for this purpose.

(2)   Deadline
for Deferral Election. An
Initial Election to defer the receipt of Shares issuable with respect to
Restricted Stock Units hereby granted shall not be effective unless it is filed
with the Committee on or before the following dates:

(a) With
respect to the 2005 RSUs, June 30, 2005;

(b) With
respect to the 2006 RSUs, June 30, 2006;

(c) With
respect to the 2007 RSUs, June 30, 2007; and

(d) With
respect to the 2008 RSUs, June 30, 2008

(3)   Deferral
Period. Subject
to Paragraph 5.b, all Shares issuable with respect to Restricted Stock
Units that are subject to an Initial Election under this Paragraph 5.a shall be
delivered to Grantee without any legend or restrictions (except those that may
be imposed by the Committee, in its sole judgment, under Paragraph 7), on the
date designated by Grantee, which shall not be earlier than January 2 of the
third calendar year 

 

 

-4-

 

beginning
after the Vesting Date, nor later than January 2 of the eleventh calendar year
beginning after the Vesting Date.

(4)   Effect
of Failure of Vesting Date to Occur. An
Initial Election shall be null and void if a Vesting Date does not occur with
respect to Restricted Stock Units identified in such Initial
Election.

b.   Subsequent
Elections/Acceleration Elections. No
Subsequent Election shall be effective until 12 months after the date on which a
Subsequent Election is filed with the Committee.

(1)   If
Grantee makes an Initial Election, or pursuant to this Paragraph 5.b(1) makes a
Subsequent Election, to defer the distribution date for Shares issuable with
respect to some or all of the Restricted Stock Units hereby granted, Grantee may
elect to defer the distribution date for a minimum of five years and a maximum
of ten additional years from the previously-elected distribution date by filing
a Subsequent Election with the Committee on or before the close of business at
least one year before the date on which the distribution would otherwise be
made.

(2)   If
Grantee dies before Shares subject to an Initial Election under Paragraph 5.a
are to be delivered, the estate or beneficiary to whom the right to delivery of
such Shares shall have passed may make a Subsequent Election to defer receipt of
all or any portion of such Shares for five additional years from the date
delivery of Shares would otherwise by made, provided that such Subsequent
Election must be filed with the Committee at least one year before the date on
which the distribution would otherwise be made, as reflected on Grantee’s last
Election.

(3)   In lieu
of a Subsequent Election described in Paragraph 5.b(2), the estate or
beneficiary to whom the right to delivery of Shares shall have passed may, as
soon as practicable following the Grantee’s death, make an Acceleration Election
to accelerate the delivery date of such Shares from the date delivery of such
Shares would otherwise be made to a date that is as soon as practicable
following the Grantee’s death. 

(4)   If
Grantee becomes a Disabled Grantee before the Shares subject to an Initial
Election under Paragraph 5.a are to be delivered, Grantee may, as soon as
practicable following the date on which Grantee becomes a Disabled Grantee,
elect to accelerate the distribution date of such Shares from the date payment
would otherwise be made to a date that is as soon as practicable following the
date the Disabled Grantee became disabled.

(5)   If
Grantee becomes a Retired Grantee before Shares subject to an Initial Election
under Paragraph 5.a are to be delivered, Grantee may make a Subsequent Election
to defer all or any portion of such Shares for five additional years from the
date delivery of Shares would otherwise be made. Such a Subsequent Election must
be filed with the Committee at least one year before the date on which the
distribution would otherwise be made.

 

 

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c.   Diversification
Election. As
provided in the Plan and as described in the prospectus for the Plan, a Grantee
with an Account may be eligible to make a Diversification Election on an
election form supplied by the Committee for this purpose.

d.   Book
Accounts. An
Account shall be established for each Grantee who makes an Initial Election.
Deferred Stock Units shall be credited to the Account as of the Date an Initial
Election becomes effective. Each Deferred Stock Unit will represent a
hypothetical Share credited to the Account in lieu of delivery of the Shares to
which an Initial Election, Subsequent Election or Acceleration Election applies.
If an eligible Grantee makes a Diversification Election, then to the extent an
Account is deemed invested in the Income Fund, the Committee shall credit
earnings with respect to such Account at the Applicable Interest
Rate.

e.   Status
of Deferred Amounts.
Grantee’s right to delivery of Shares subject to an Initial Election, Subsequent
Election or Acceleration Election, or to amounts deemed invested in the Income
Fund pursuant to a Diversification Election, shall at all times represent the
general obligation of the Company. Grantee shall be a general creditor of the
Company with respect to this obligation, and shall not have a secured or
preferred position with respect to such obligation. Nothing contained in the
Plan or an Award shall be deemed to create an escrow, trust, custodial account
or fiduciary relationship of any kind. Nothing contained in the Plan or an Award
shall be construed to eliminate any priority or preferred position of Grantee in
a bankruptcy matter with respect to claims for wages.

f.   Non-Assignability,
Etc. The
right of Grantee to receive Shares subject to an Election under this Paragraph
5, or to amounts deemed invested in the Income Fund pursuant to a
Diversification Election, shall not be subject in any manner to attachment or
other legal process for the debts of Grantee; and no right to receive Shares or
cash hereunder shall be subject to anticipation, alienation, sale, transfer,
assignment or encumbrance.

6. Notices. Any
notice to the Company under this Agreement shall be made in care of the
Committee at the Company’s main office in Philadelphia, Pennsylvania. All
notices under this Agreement shall be deemed to have been given when
hand-delivered or mailed, first class postage prepaid, and shall be irrevocable
once given.

7. Securities
Laws. The
Committee may from time to time impose any conditions on the Shares issuable
with respect to Restricted Stock Units as it deems necessary or advisable to
ensure that the Plan satisfies the conditions of Rule 16b-3, and that Shares are
issued and resold in compliance with the Securities Act of 1933, as
amended.

8. Delivery
of Shares. Except
as otherwise provided in Paragraph 5, the Company shall notify Grantee that a
Vesting Date with respect to Restricted Stock Units has occurred. Within ten
(10) business days of a Vesting Date, the Company shall, without payment from
Grantee, deliver to Grantee a certificate for the Shares without any legend or
restrictions, except for such restrictions as may be imposed by the Committee,
in its sole judgment, under Paragraph 7, provided that no certificates for
Shares will be delivered to Grantee until appropriate arrangements have been
made with the Employer for the withholding of any taxes which may be due with
respect to such Shares. The Company may 

 

-6-

 

 

condition
delivery of certificates for Shares upon the prior receipt from Grantee of any
undertakings which it may determine are required to assure that the certificates
are being issued in compliance with federal and state securities laws. The right
to payment of any fractional Shares shall be satisfied in cash, measured by the
product of the fractional amount times the Fair Market Value of a Share on the
Vesting Date, as determined by the Committee.

 

9. Award
Not to Affect Employment. The
Award granted hereunder shall not confer upon Grantee any right to continue in
the employment of the Company or any subsidiary or affiliate of the
Company.

10. Miscellaneous.

    (a) The Award
granted hereunder is subject to the approval of the Plan by the shareholders of
the Company to the extent that such approval (i) is required pursuant to the
By-Laws of the National Association of Securities Dealers, Inc., and the
schedules thereto, in connection with issuers whose securities are included in
the NASDAQ National Market System, or (ii) is required to satisfy the conditions
of Rule 16b-3.

    (b) The
address for Grantee to which notice, demands and other communications to be
given or delivered under or by reason of the provisions hereof shall be
Grantee’s address as reflected in the Company’s personnel records.

 (c) The
validity, performance, construction and effect of this Award shall be governed
by the laws of the Commonwealth of Pennsylvania, without giving effect to
principles of conflicts of law.

 

	 	 COMCAST
    CORPORATION
	 	 	 
	 	
      BY: 
	 
	 	 	
      LAWRENCE
      S. SMITH

	 	
      ATTEST: 
	 
	 	 	
      ARTHUR
      R. BLOCK

 

-7-Exhibit 10.26

 

AMENDMENT OF
AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

THIS AMENDMENT
OF AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this "Amendment")
is entered into effective January 5, 2005, between ALAMO GROUP INC., a Delaware
corporation ("Borrower"), each of the banks or other lending
institutions that is a signatory to this Amendment (collectively, "Lenders"),
and BANK OF AMERICA, N.A., a national banking association, as Administrative
Agent (in such capacity, together with its successors and permitted assigns, "Administrative
Agent").

R E
C I T A L S

A.        Reference
is hereby made to that certain Amended and Restated Revolving Credit Agreement
dated as of August 25, 2004, by and among Borrower, Lenders, and Administrative
Agent (as renewed, extended, modified, and amended from time to time, the "Credit
Agreement"), providing for a revolving line of credit and a letter of
credit facility.

B.         Capitalized
terms used herein shall, unless otherwise indicated, have the respective
meanings set forth in the Credit Agreement.

C.         Borrower,
Lenders, and Administrative Agent desire to modify certain provisions contained
in the Credit Agreement, subject to the terms and conditions set forth herein.

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

1.         Amendments
to the Credit Agreement.  

(a)        Section
1 of the Credit Agreement is hereby amended to delete the definitions
of "Operating Cash Flow" and "Permitted Acquisition"
in their entirety and replace such definitions with the following:

"Operating
Cash Flow" means, for the Company and its Consolidated Subsidiaries,
for any period, the sum of Net Income, less income or plus loss from
discontinued operations and extraordinary items, less gains or plus losses from
the sale of assets, plus income tax expense, plus interest expense, plus
depreciation, depletion, amortization and other non-cash charges, plus Target
Operating Cash Flow, each as determined in accordance with GAAP and each for
the twelve (12) month period ended as of the date of determination.

"Permitted
Acquisition" means an Acquisition by the Company or any Consolidated
Subsidiary of the Company with respect to which each of the following
conditions shall have been satisfied:

(a)        the
consideration paid for any individual Acquisition shall be less than
$20,000,000;

(b)        the
consideration paid for all Acquisitions during the current fiscal year, in the
aggregate, after giving effect to the Acquisition, shall not exceed
$30,000,000;

A- 171263.3                                                                                  1                                        
                                       Amendment 

                                                                                                                                                              

                                                                                                                                                            

(c)        the
Company has provided to Administrative Agent and Lenders all information and
documentation reasonably requested by Administrative Agent and Lenders
regarding the Acquisition;

(d)        as
of the closing of such Acquisition, after giving effect to such Acquisition, no
Event of Default or Potential Default shall exist or occur as a result of, and
after giving effect to, such Acquisition;

(e)        not
less than five (5) Business Days prior to the closing of any Acquisition,
Administrative Agent shall have received a certificate in the form of Exhibit
Q dated on or immediately prior to the date of the Acquisition, executed by
the President or a Vice President of the Company (i) confirming that all
representations and warranties set forth in the Loan Documents continue to be
true and correct in all material respects immediately prior to and after giving
effect to the Acquisition and the transactions contemplated thereby, and, for
any Acquisition in which the total consideration is equal to or greater than
$20,000,000, certifying pro forma financial statements of the Company and its
Consolidated Subsidiaries demonstrating compliance with the covenant set forth
in Section 8.16 including in such calculation the Target Operating Cash
Flow (as if the business, assets or Person acquired had been acquired since the
first (1st) day of the period for which such pro forma financial statements are
delivered and had been managed and conducted in accordance with the Company's
standard business practices) for the prior four (4) fiscal quarters of the
Company and its Consolidated Subsidiaries.

(b)        Section
1 of the Credit Agreement is hereby amended to add the following
definitions:

"Target"
means any Person that has been or may be acquired pursuant to an Acquisition
permitted hereunder.

"Target
Operating Cash Flow" means, for any Target, (a) with respect to the
proforma calculations required pursuant to (x) paragraph (e) of the
definition of Permitted Acquisition and (y) Section 8.01(f), either (i)
the actual Operating Cash Flow of the Target for the four (4) quarter period
ended immediately prior to the date of such Acquisition or (ii) an amount
agreed upon by Borrower and Required Lenders for the four (4) quarter period
ended immediately prior to the date of such Acquisition and (b) with respect to
the calculation of any financial covenant as reported by Borrower pursuant to
the requirements of Section 8.01(d), either (i) the actual Operating
Cash Flow for each Target for the portion of the twelve (12) month (or four (4)
quarter) period ended on the date of determination that is prior to the date of
the Acquisition of such Target or (ii) an amount agreed upon by Borrower and
Required Lenders for the portion of the twelve (12) month (or four (4) quarter)
period ended on the date of determination that is prior to the date of the
Acquisition of such Target.

(c)        Section
8.01(d) of the Credit Agreement is hereby deleted in its entirety and
replaced with the following:

 

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                                       Amendment 

                                                                                                                                                              

(d)        Compliance
Certificate.  Within forty-five (45) days after the end of each first
three fiscal quarters of the Company, and concurrent with the delivery of the
annual financial statements that must delivered pursuant to Section 8.01(b),
a certificate executed by the President, Vice President - Controller, or Vice
President - Administration of the Company, stating that a review of the
activities of the Company and its Consolidated Subsidiaries during that fiscal
quarter has been made under the officer's supervision and that the Company and
its Consolidated Subsidiaries have performed each and every obligation and
covenant contained herein and are not in default under any of the same or, if a
default has occurred, specifying the nature and status thereof, and setting
forth a computation in reasonable detail as of the end of the period covered by
such statements, of compliance, to the extent required, with Sections 8.14,
8.15, 8.16, and 8.18, (including calculations supporting
Target Operating Cash Flow with respect to each Target)  in addition to the
foregoing, and within 120 days after the close of each fiscal year of the
Company, the President, Vice President - Controller, or Vice President  
Administration of the Company shall certify to Administrative Agent in writing
that there is no condition or event that would constitute a Potential Default
or an Event of Default under any of the terms or provisions of this Agreement
(insofar as any of those terms or provisions pertain to accounting or financial
matters) and, if any such condition or event then exists, specifying the nature
and period of existence thereof.  The compliance certificates described in this
Section 8.01 shall be in substantially the form of the attached Exhibit
J;

(d)        Section
8.01(f) of the Credit Agreement is hereby deleted in its entirety and
replaced with the following:

(f)         Permitted
Acquisitions.  Not less than five (5) Business Days prior to the
closing of any Acquisition, the Company shall deliver to Administrative Agent a
certificate in the form of Exhibit Q dated on or immediately prior to
the date of the Acquisition, executed by the President or a Vice President of
the Company (i) confirming that all representations and warranties set forth in
the Loan Documents continue to be true and correct in all material respects immediately
prior to and after giving effect to the Acquisition and the transactions
contemplated thereby, and, for any Acquisition in which the total consideration
is equal to or greater than $20,000,000, certifying pro forma financial
statements of the Company and its Consolidated Subsidiaries and demonstrating
compliance with the covenant set forth in Section 8.16 including in such
calculation the Target Operating Cash Flow (as if the business, assets or
Person acquired had been acquired since the first (1st) day of the period for
which such pro forma financial statements are delivered and had been managed
and conducted in accordance with the Company's standard business practices) for
the prior four (4) fiscal quarters of the Company and its Consolidated Subsidiaries.

 

(e)        Exhibit J of the Credit Agreement is hereby
deleted in its entirety and replaced with Exhibit J attached
hereto.

(f)         Exhibit Q of the Credit Agreement is hereby
deleted in its entirety and replaced with Exhibit Q attached
hereto.

2.         Amendment of Credit Agreement and Other Loan Documents.

(a)        All
references in the Loan Documents to the Credit Agreement shall include
references to the Credit Agreement as modified and amended by this Amendment,
and as may, from time to time, be further modified, amended, restated,
extended, renewed, and/or increased.

(b)        Any
and all of the terms and provisions of the Loan Documents are hereby amended
and modified wherever necessary, even though not specifically addressed herein,
so as to conform to the amendments and modifications set forth herein.

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                                       Amendment 

                                                                                                                                                              

                                                                                                                                                            

3.         Ratifications.
Borrower (a) ratifies and confirms all provisions of the Loan Documents as
amended by this Amendment, (b) ratifies and confirms that all guaranties,
assurances, and Liens granted, conveyed, or assigned to Administrative Agent
for the benefit of Lenders under the Loan Documents are not released, reduced,
or otherwise adversely affected by this Amendment and continue to guarantee,
assure, and secure full payment and performance of the present and future
Obligation (except to the extent specifically limited by the terms of such
guaranties, assurances, or Liens (if any)), and (c) agrees to perform such
acts and duly authorize, execute, acknowledge, deliver, file, and record such
additional documents, and certificates as Administrative Agent and Lenders may
reasonably request in order to create, perfect, preserve, and protect those
guaranties, assurances, and Liens (if any).

4.         Representations. 
Borrower represents and warrants to Administrative Agent and Lenders that as of
the date of this Amendment: (a) this Amendment has been duly authorized,
executed, and delivered by Borrower and each Guarantor; (b) no action of,
or filing with, any Governmental Authority is required to authorize, or is otherwise
required in connection with, the execution, delivery, and performance of this
Amendment by Borrower and each Guarantor; (c) the Loan Documents, as
amended by this Amendment, are valid and binding upon Borrower and each
Guarantor and are enforceable against Borrower and each Guarantor in accordance
with their respective terms, except as limited by debtor relief laws and
general principles of equity; (d) the execution, delivery, and performance
by Borrower and each Guarantor does not require the consent of any other Person
and do not and will not constitute a violation of any governmental requirement,
order of any Governmental Authority, or material agreements to which Borrower
or any Guarantor is a party or by which Borrower or any Guarantor is bound; (e) all
representations and warranties in the Credit Agreement are true and correct in
all material respects on and as of the date of this Amendment, except to the
extent that (i) any of them speak to a different specific date, or (ii) the
facts on which any of them were based have been changed by transactions
contemplated or permitted by the Credit Agreement; and (f) after giving effect
to this Amendment, no Potential Default or Event of Default exists.

5.         Conditions. 
This Amendment shall not be effective unless and until: 

(a)        Administrative
Agent shall have received this Amendment executed by all of the parties hereto;

(b)        the
representations and warranties in this Amendment are true and correct in all
material respects on and as of the date of this Amendment, except to the extent
that (i) any of them speak to a different specific date, or (ii) the facts on
which any of them were based have been changed by transactions contemplated or
permitted by the Credit Agreement; and

(c)        after
giving effect to this Amendment, no Potential Default or Event of Default
exist.

6.         Continued
Effect.  Except to the extent amended hereby or by any documents executed
in connection herewith, all terms, provisions, and conditions of the Credit
Agreement and the other Loan Documents, and all documents executed in
connection therewith, shall continue in full force and effect and shall remain
enforceable and binding in accordance with their respective terms.

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                                       Amendment 

                                                                                                                                                              

7.         Miscellaneous. 
Unless stated otherwise (a) the singular number includes the plural and vice
versa and words of any gender include each other gender, in each case, as
appropriate, (b) headings and captions may not be construed in interpreting
provisions, (c) this Amendment shall be construed -- and its performance
enforced -- under Texas law, (d) if any part of this Amendment is for any
reason found to be unenforceable, all other portions of it nevertheless remain
enforceable, and (e) this Amendment may be executed in any number of
counterparts with the same effect as if all signatories had signed the same
document, and all of those counterparts must be construed together to
constitute the same document.

8.         Parties.
 This Amendment binds and inures to Borrower, Administrative Agent, and
each Lender and their respective successors and permitted assigns.

9.         Entireties.  The Credit Agreement and the
other Loan Documents, as amended by this Amendment, represent the final
agreement between the parties about the subject matter of the Credit Agreement
and may not be contradicted by evidence of prior, contemporaneous, or
subsequent oral agreements of the parties.  There are no unwritten agreements
between the parties.

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Page Intentionally Left Blank;

Signature Pages
to Follow.]

 

 

 

 

 

 

A- 171263.3                                                                                  5                                        
                                       Amendment 

                                                                                                                                                              

                                                                                                                    

SIGNATURE PAGE TO
AMENDMENT OF 

AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT BETWEEN

ALAMO GROUP INC.,

BANK OF AMERICA,
N.A., AS ADMINISTRATIVE AGENT,

AND THE LENDERS
DEFINED THEREIN

EXECUTED as of
the day and year first mentioned.

ALAMO GROUP INC.,

a Delaware corporation

By:                                                                              

            Robert H. George

            Vice President

 

 

 

 

   

 

 

Signature Page to Amendment 

 

SIGNATURE PAGE TO
AMENDMENT OF 

AMENDED AND
RESTATED REVOLVING CREDIT AGREEMENT BETWEEN

ALAMO GROUP INC.,

BANK OF AMERICA,
N.A., AS ADMINISTRATIVE AGENT,

AND THE LENDERS
DEFINED THEREIN

 

 

 

BANK OF
AMERICA, N.A.,

as
Administrative Agent

By:                                                                              

                                                                                    Suzanne Paul,
Vice President

 

 

 

 

 

 

 

Signature Page to Amendment 

SIGNATURE PAGE TO
THIRD AMENDMENT OF 

REVOLVING CREDIT
AGREEMENT BETWEEN

ALAMO GROUP INC.,

BANK OF AMERICA,
N.A., AS ADMINISTRATIVE AGENT,

AND THE LENDERS
DEFINED THEREIN

 

 

BANK OF
AMERICA, N.A.,

as a Lender

By:                                                                              

                                                                                    Stevens E.
Warrick, Senior Vice President

            

 

 

 

 

 

Signature Page to Amendment 

SIGNATURE PAGE TO
AMENDMENT OF 

AMENDED AND
RESTATED REVOLVING CREDIT AGREEMENT BETWEEN

ALAMO GROUP INC.,

BANK OF AMERICA,
N.A., AS ADMINISTRATIVE AGENT,

AND THE LENDERS
DEFINED THEREIN

 

 

JP MORGAN
CHASE BANK, as a Lender

 

By:                                                                              

            Mark V. Harris, Senior Vice President

            

 

 

 

 

 

 

Signature Page to Amendment 

SIGNATURE PAGE TO
AMENDMENT OF 

AMENDED AND
RESTATED REVOLVING CREDIT AGREEMENT BETWEEN

ALAMO GROUP INC.,

BANK OF AMERICA,
N.A., AS ADMINISTRATIVE AGENT,

AND THE LENDERS
DEFINED THEREIN

 

 

GUARANTY
BANK, as a Lender

By:                                                                              

                                                                                    Joseph
N. Petet, Senior Vice President

            

 

 

 

 

 

 

 

Signature Page to Amendment 

SIGNATURE PAGE TO
AMENDMENT OF 

AMENDED AND
RESTATED REVOLVING CREDIT AGREEMENT BETWEEN

ALAMO GROUP INC.,

BANK OF AMERICA,
N.A., AS ADMINISTRATIVE AGENT,

AND THE LENDERS
DEFINED THEREIN

To induce the
Administrative Agent and Lenders to enter into this Amendment, each of the
undersigned (a) consent and agree to this Amendment's execution and delivery,
(b) ratify and confirm that all guaranties, assurances, and Liens (if any)
granted, conveyed, or assigned to Administrative Agent on behalf of Lenders
under the Loan Documents are not released, diminished, impaired, reduced, or
otherwise adversely affected by this Amendment and continue to guarantee,
assure, and secure the full payment and performance of all present and future
Obligation (except to the extent specifically limited by the terms of such
guaranties, assurances, or Liens), (c) agree to perform such acts and duly
authorize, execute, acknowledge, deliver, file, and record such additional
guaranties, assignments, security agreements, deeds of trust, mortgages, and
other agreements, documents, instruments, and certificates as Administrative
Agent may reasonably deem necessary or appropriate in order to create, perfect,
preserve, and protect those guaranties, assurances, and Liens (if any), and (d)
waive notice of acceptance of this consent and agreement, which consent and
agreement binds the undersigned and their successors and permitted assigns and
inures to Administrative Agent, Lenders, and their respective successors and
permitted assigns.

		

ALAMO CAPITAL INC.,

				

ALAMO GROUP (TX) L.P.,

			
	

a Nevada corporation

				

a Delaware limited partnership

			
	 	 
	

By:                                                       

				

By: Alamo Group Holdings, LLC,

			
	

Robert H.
George

				

a Delaware
limited liability company,

			
	

Vice President
- Administration

				

its General
Partner

			
	 	 
	

ALAMO GROUP (IA) INC.,

				

By:                                                             

			
	

a Nevada corporation

				

Robert H. George

			
	 	            Vice President -
Administration
	

By:                                                       

				

 

			
	

Robert H.
George

				

ALAMO GROUP (USA) INC.,

			
	

Vice President
- Administration

				

a Delaware corporation

			
	 	 
	

ALAMO GROUP (KS) INC.,

				

By:                                                       

			
	

a Kansas corporation

				

Robert H.
George

			
	 	      Vice President
- Administration
	

By:                                                       

				

 

			
	

Robert H.
George

				

ALAMO GROUP HOLDINGS, L.L.C.,

			
	

Vice President
- Administration

				

a Delaware limited liability
company

			
	 	 
	

ALAMO GROUP (SMC) INC.,

				

By:                                                       

			
	

a Nevada corporation

				

Robert H.
George

			
	 	      Vice President
- Administration
	

By:                                                       

				

 

			
	

Robert H.
George

				 
	

Vice President
- Administration

				 

 

 

Signature Page to Amendment 

		

ALAMO SALES CORP.,

				

HERSCHEL‐ADAMS INC.,

			
	

a Delaware corporation

				

a Nevada corporation

			
	 	 
	

By:                                                       

				

By:                                                       

			
	

Robert H.
George

				

Robert H.
George

			
	

Vice President
- Administration

				

Vice President
- Administration

			
	 	 
	

M&W GEAR COMPANY,

				

SCHULTE (USA) INC.,

			
	

a Delaware corporation

				

a Florida corporation

			
	 	 
	

By:                                                       

				

By:                                                       

			
	

Robert H. George

				

Robert H.
George

			
	

Vice President ‐
Administration

				

Vice President
- Administration

			
	  	 
	

SCHWARZE INDUSTRIES, INC.,

				

 

			
	

an Alabama corporation

				

TIGER CORPORATION,

			
	

By:                                                       

				

a Nevada corporation

			
	

Robert H.
George

				

By:                                                       

			
	      Vice President -
			Administration	 
	

       

				

Robert H.
George

			
	 	      Vice President ‐
Administration
	

ALAMO GROUP SERVICES, INC.,

				

 

			
	

a Delaware corporation

				 
	

By:                                                       

				 
	

Robert H.
George

				 
	

       Vice President -
Administration

				 
	

				 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

Signature Page to Amendment 

EXHIBIT "J"

COMPLIANCE CERTIFICATE

Date:                                                                       

Bank
of America, N.A.

300
Convent Street

Post
Office Box 300

San
Antonio, Texas  78291

Attn:
Stevens E. Warrick, Senior Vice President

This Certificate is delivered to you pursuant to that
certain Amended and Restated Revolving Credit Agreement (the "Loan
Agreement"), dated August 25, 2004, by and between Bank of America, as
Administrative Agent for the Lenders, the Lenders and Alamo Group Inc. (the "Company")
and the subsidiaries of the Company named therein as members of the "Obligated
Group."  All capitalized terms not otherwise defined shall have the meaning
assigned to them in the Loan Agreement.

As of the date of this Certificate, the Company
certifies to Lenders the following:

I.      COMPLIANCE:

A.    The representations and warranties stated in Article
6 of the Loan Agreement continue to be true, except:

[List any exceptions]

B.    The Company has performed and fulfilled all of
its obligations stated in Article 8 of the Loan Agreement, except:

[List any exceptions]

C.    The Company and each other member of the
Obligated Group has kept, observed, performed and fulfilled each and every
covenant and condition stated in Article 9 of the Loan Agreement,
except:

[List any exceptions]

D.    There are no Events of Default or Potential
Default in existence as such term is defined in Article 10 of the
Loan Agreement, except:

[List any exceptions]

E.     Neither the Company nor any Obligated Group
member is involved in any material litigation, except:

[List any exceptions]

F.     The accompanying balance sheet and operating
statement and supporting financial data have been prepared in accordance with
GAAP and are true and correct, subject to normal year end audit and
adjustments.

 

 

 

A-171263.2                                                                                     1                                                        
EXHIBIT "J"

G.    The Company's computations of the
following financial covenants of the Company contained in the Loan Agreement
and as calculated on the attached Schedule A are as follows, and are correct:

(a)           Minimum Fixed Charge
Coverage Ratio

                           (Section 8.14
- minimum of 1.25 to 1.0):                                                                
to                        

(b)           Minimum Consolidated
Tangible Net Worth

                           (Section 8.15 - minimum of

                            $_____________, subject to annual

                           
adjustment):                                                                                      
$                                              

(c)           Maximum Leverage
Ratio

                           (Section 8.16 - maximum of

                          
3.25 to 1.0:                                                                                        
                   
to                        

(d)           Minimum Asset Coverage Ratio

                           (Section 8.18 - minimum of 3.00
to 1.0):                                                                 
to                        

(e)           Maximum
Capital Stock Repurchases

                          
(Section
9.04 - maximum of $20,000,000

                           aggregate
during the term of the Loan Agreement )                              $                                              

(f)            Maximum
Capital Expenditures

                           
(Section
9.12 - maximum of $10,000,000

                            aggregate
during any fiscal year )                                                        $                                                              

 

 

 

Very
truly yours,

ALAMO
GROUP INC.

By:       
                                                                                                           

Printed
Name:                                                                                       

Title:                                                                                                     

 

 

 

 

 

 

A-171263.2                                                                                     2                                                        
EXHIBIT "J"

SCHEDULE A TO COMPLIANCE CERTIFICATE

(for the period ending ___________________________)

 

	

  Covenant

  	
   

  At End of Subject
	Period

  
	

  
	1.      
	Fixed Charge Coverage Ratio (Section 8.14)

  	

  	

  
	

  
	(a)    
	Operating Cash Flow (from Schedule B)

  	

  $                           
	 

  	

  
	

  
	(b)    
	Lease and rent expense (Company and Consolidated Subsidiaries)

  	

  $                           
	 

  	

  
	

  
	(c)    
	Maintenance Capital Expenditures (Company and Consolidated Subsidiaries)

  	

  $                           
	 

  	

  
	

  
	(d)    
	Cash Taxes (Company and Consolidated Subsidiaries)

  	

  $                           
	 

  	

  
	

  
	(e)    
	Dividends paid in cash (Company and Consolidated Subsidiaries)

  	

  $                           
	 

  	

  
	

  
	(f)     
	Line 1(a), plus Line 1(b), minus
  Line 1(c), minus Line 1(d), minus Line 1(e)

  	

  	

  $                           
	 

  
	

  
	(g)    
	Interest Expense (Company and Consolidated Subsidiaries)

  	

  $                           
	 

  	

  
	

  
	(h)    
	Principal Payments on Indebtedness for Borrowed Money (excluding the
	Obligation) (Company and Consolidated Subsidiaries)

  	

  $                           
	 

  	

  
	

  
	(i)     
	Lease and rent expense (Company and Consolidated Subsidiaries)

  	

  $                           
	 

  	

  
	

  
	(j)     
	Line 1(g), plus Line 1(h), plus
  Line 1(i)

  	

  	

  $                           
	 

  
	

  
	(k)    
	Fixed Charge Coverage Ratio - ratio of Line 1(f) to Line 1(j)

  	

  	

  ______ to ______

  
	

  
	(l)     
	Minimum Ratio (per §8.14)

  	

  	

  1.25 to 1.00

  
	

  
	2.      
	Consolidated Tangible Net Worth (Section 8.15)

  	

  	

  
	

  
	(a)    
	Initial minimum Tangible Net Worth  at Closing

  	

  $109,500,000

  	

  
	

  
	(b)    
	Net Income (as reported on the audited financials for the fiscal year ending
	December 31, 2005) times 50%

  	

  $                           
	 

  	

  

 

A-171263.2                                                                                  3                                                            EXHIBIT "J"

 

	

  
	(c)     Net proceeds of Equity Issuances from
  Closing Date through the fiscal year ending December 31, 2005

  	

  $                           
	 

  	

  
	

  
	(d)     Additions for fiscal year ending December
  31, 2005 (Line 2(b) plus Line 2(c))

  	

  	

  $                           
	 

  
	

  
	(e)     Net Income (as reported on the audited
  financials for the fiscal year ending December 31, 2006) times 50%

  	

  $                           
	 

  	

  
	

  
	(f)      Net proceeds of Equity Issuances for fiscal
  year ending December 31, 2006

  	

  $                           
	 

  	

  
	

  
	(g)     Additions for fiscal year ending December
  31, 2006 (Line 2(e) plus Line 2(f))

  	

  	

  $                           
	 

  
	

  
	(h)     Net Income (as reported on the audited
  financials for the fiscal year ending December 31, 2007) times 50%

  	

  $                           
	 

  	

  
	

  
	(i)      Net proceeds of Equity Issuances for fiscal
  year ending December 31, 2007

  	

  $                           
	 

  	

  
	

  
	(j)      Additions for fiscal year ending December
  31, 2007 (Line 2(h) plus Line 2(i))

  	

  	

  $                           
	 

  
	

  
	(k)     Net Income (as reported on the audited
  financials for the fiscal year ending December 31, 2008) times 50%

  	

  $                           
	 

  	

  
	

  
	(l)      Net proceeds of Equity Issuances for fiscal
  year ending December 31, 2008

  	

  $                           
	 

  	

  
	

  
	(m)    Additions for fiscal year ending December 31,
  2008 (Line 2(k) plus Line 2(l))

  	

  	

  $                           
	 

  
	

  
	(n)     Sum of Line 2(a), plus Line 2(d),
  plus 2(g), plus 2(j), plus 2(m)

  	

  	

  $                           
	 

  
	

  
	(o)     Total Shareholders Equity

  	

  $                           
	 

  	

  
	

  
	(p)     Accumulated Other Comprehensive Income

  	

  $                           
	 

  	

  
	

  
	(q)     Intangible Assets

  	

  $                           
	 

  	

  

 

A-171263.2                                                                                 
4                                                            EXHIBIT "J"

	

  
	(r)      Actual Consolidated Tangible Net Worth
  (Line 2(o), minus or plus (as applicable) Line 2(p), minus
  Line 2(q) -  Must be greater than Line 2(n)

  	

  	

  $                           
	 

  
	

   

  
	3.       Leverage Ratio (Section 8.16)

  	

  	

  
	

  
	(a)     Indebtedness for Borrowed Money

  	

  $                           
	 

  	

  
	

  
	(b)     Capital leases

  	

  $                           
	 

  	

  
	

  
	(c)     Guaranties of Indebtedness for Borrowed
  Money and capital leases

  	

  $                           
	 

  	

  
	

  
	(d)     Consolidated Funded Debt - Line 3(a), plus
  Line 3(b), plus Line 3(c)

  	

  	

  $                           
	 

  
	

  
	(e)     Operating Cash Flow (from Schedule B)

  	

  	

  $                           
	 

  
	

  
	(f)      Leverage Ratio - ratio of Line 3(d) to
  Line 3(e)

  	

  	

  ______ to _____

  
	

  
	(g)     Maximum Ratio

  	

  	

  3.25 to 1.00

  
	

  
	4.       Asset Coverage Ratio (Section 8.18)

  	

  	

  
	

  
	(a)     Cash Equivalent Investments

  	

  $                           
	 

  	

  
	

  
	(b)     Accounts Receivable

  	

  $                           
	 

  	

  
	

  
	(c)     Inventory

  	

  $                           
	 

  	

  
	

  
	(d)     Net PP&E

  	

  $                           
	 

  	

  
	

  
	 (e)      Line 4(a), plus Line 4(b), plus
  Line                      4(c), plus Line 4(d)

  	

  	

  $                           
	 

  
	

  
	(f)      Indebtedness for Borrowed Money

  	

  $                           
	 

  	

  
	

  
	(g)     Capital leases

  	

  $                           
	 

  	

  
	

  
	(h)     Guaranties of Indebtedness for Borrowed
  Money and capital leases

  	

  $                           
	 

  	

  
	

  
	(i)      Consolidated Funded Debt - Line 4(f), plus
  Line 4(g), plus Line 4(h)

  	

  	

  $                           
	 

  
	

  
	(j)      Asset Coverage Ratio - ratio of Line 4(e)
  to Line 4(i)

  	

  	

  ______ to _____

  
	

  
	(k)     Minimum Ratio

  	

  	

  3.00 to 1.00

  
	

  
	5.       Maximum Capital Expenditures (Section 9.12)

  	

  	

  
	

  
	(a)     Actual

  	

  	

  $                           
	
  

  
	

  
	(b)     Maximum Amount  

  	

  	

  $10,000,000

  

 A-171263.2                                                                                                  
5                                             
EXHIBIT "J"

 

 

	

  
	6.       Maximum Capital Stock Repurchases (Section 9.04)

  	

  	

  
	

  
	(a)     Actual

  	

  	

  $                           
	 
  

  
	

  
	(b)     Maximum Amount  

  	

  	

  $20,000,000

  

 

 

 

 

 

 A-171263.2                                                                                                  
6                                             
EXHIBIT "J"

 

 

SCHEDULE B TO COMPLIANCE CERTIFICATE

(for the period ending ___________________________)

	

  	
  Schedule B to Compliance
  Certificate

  	

  	

  	

  	

  	

  	

  	

  	

  
	

  	

  	

  	

  	

  	

  	

  	

  	

  	

  
	

  	

  	

  	

  	

  	

  	

  	

  	

  	

  
	

  	

  	

  	

  	

  	

  	

  	

  	

  	

  
	

  	

  	
   

  	
   

  	
   

  	
   

  	
  
	Current

  	
   

  	
   

  	

  
	

  	

  	
  
	Prior Year

  	
   

  	
  
	Prior Full

  	
   

  	
  
	Year

  	
   

  	
  
	Totals

  	

  
	

  	
  Operating Cash Flow

  	
  
	Interim

  	
   

  	
  
	Fiscal Year

  	
   

  	
  
	Interim

  	
   

  	
  
	Columns

  	

  
	

  	
  (Company and Consolidated Subsidiaries plus sum of all Targets)

  	
  
	(1)

  	
   

  	
  
	(2)

  	
   

  	
  
	(3)

  	
   

  	
  
	(2)+(3)-(1)

  	

  
	

  	
   

  	
  
	 

  	
   

  	
  
	 

  	
   

  	
  
	 

  	
   

  	
  
	 

  	

  
	

  	
  Company and Consolidated Subsidiaries

  	

  	

  	

  	

  	

  	

  	

  	

  
	
  
	A.

  	
  Net
  Income

  	

  	

  	

  	

  	

  	

  	

  	
  
	A.

  
	
  
	B.

  	
  Income
  from discontinued operations or extraordinary items

  	

  	

  	

  	

  	

  	

  	

  	
  
	B.

  
	
  
	C.

  	
  Losses
  from discontinued operations or extraordinary items

  	

  	

  	

  	

  	

  	

  	

  	
  
	C.

  
	
  
	D.

  	
  Gains
  from sales of assets

  	

  	

  	

  	

  	

  	

  	

  	
  
	D.

  
	
  
	E.

  	
  Losses
  from sales of assets

  	

  	

  	

  	

  	

  	

  	

  	
  
	E.

  
	
  
	F.

  	
  Income
  tax expense

  	

  	

  	

  	

  	

  	

  	

  	
  
	F.

  
	
  
	G.

  	
  Interest
  expense

  	

  	

  	

  	

  	

  	

  	

  	
  
	G.

  
	
  
	H.

  	
  Depreciation,
  depletion, amortization and non-cash charges

  	

  	

  	

  	

  	

  	

  	

  	
  
	H.

  
	

  	

  	

  	

  	

  	

  	

  	

  	

  	

  
	

  	
  Operating Cash Flow-Company and Consolidated Subsidiaries

  	

  	

  	

  	

  	

  	

  	

  	

  
	

  	
  (Line
  A, minus Line B, plus Line C, minus Line D, plus Line E

  	

  	

  	

  	

  	

  	

  	

  	

  
	
  
	I.

  	
  plus Line F, plus Line G, plus Line H)

  	

  	

  	

  	

  	

  	

  	

  	
  
	I.

  
	

  	

  	

  	

  	

  	

  	

  	

  	

  	

  
	
  
	J.

  	
  Target Operating Cash Flow (sum of all Targets)

  	

  	

  	

  	

  	

  	

  	

  	
  
	J.

  
	

  	

  	

  	

  	

  	

  	

  	

  	

  	

  
	
  
	K.

  	
  Operating Cash Flow (Line I plus Line J)

  	

  	

  	

  	

  	

  	

  	

  	
  
	K.

  
	

  	

  	

  	

  	

  	

  	

  	

  	

  	

  
	

  	

  	

  	

  	

  	

  	

  	

  	

  	

  
	

  	

  	

  	

  	

  	

  	

  	

  	

  	

  

A-171263.2                                                                                                  
7                                             
EXHIBIT "J"

SCHEDULE C TO COMPLIANCE CERTIFICATE

(for the period ending ___________________________)

	

  	
  Schedule C to Compliance
  Certificate

  	

  	

  	

  	

  
	

  	

  	

  	

  	

  	

  
	

  	

  	

  	

  	

  	

  
	

  	
  Target Operating Cash Flow 
	 

  	
  
	 

  	
  
	 

  	

  	

  
	

  	
  (separate calculation for each acquired Target)

  	
  
	 

  	
  
	 

  	

  	

  
	

  	

  	
  
	 

  	
  
	 

  	

  	

  
	

  	

  	

  	
  
	 

  	

  	

  
	

  	
  Target Name: 
	 

  	
  
	Actual last 12 month/

  	
   	
  
	Amount agreed upon

  	

  
	

  	
  Acquisition Date: 
	 

  	
  
	last 4 quarter

  	
   	
  
	among Borrower

  	

  
	

  	
   

  	
  
	period immediately

  	

  	
  
	and Required Lenders

  	

  
	

  	
  Actual Target Operating Cash Flow

  	
  
	preceding acquisition

  	

  	
  
	(Line I)

  	

  
	

  	
   

  	
  
	 

  	

  	
  
	 

  	

  
	
  
	A.

  	
  Net
  Income

  	

  	

  	

  	
  
	A.

  
	
  
	B.

  	
  Income
  from discontinued operations or extraordinary items

  	

  	

  	

  	
  
	B.

  
	
  
	C.

  	
  Losses
  from discontinued operations or extraordinary items

  	

  	

  	

  	
  
	C.

  
	
  
	D.

  	
  Gains
  from sales of assets

  	

  	

  	

  	
  
	D.

  
	
  
	E.

  	
  Losses
  from sales of assets

  	

  	

  	

  	
  
	E.

  
	
  
	F.

  	
  Income
  tax expense

  	

  	

  	

  	
  
	F.

  
	
  
	G.

  	
  Interest
  expense

  	

  	

  	

  	
  
	G.

  
	
  
	H.

  	
  Depreciation,
  depletion, amortization and non-cash charges

  	

  	

  	

  	
  
	H.

  
	

  	

  	

  	

  	

  	

  
	

  	
  Target
  historical operating cash flow (Line A, minus Line B, plus Line C,

  	

  	

  	

  	

  
	
  
	I.

  	
  minus Line D, plus Line E, plus Line F, plus Line G, plus Line H)

  	

  	

  	

  	
  
	I.

  
	

  	

  	

  	

  	

  	

  
	
  
	J.

  	
  Months
  per year

  	
  
	12

  	

  	
  
	12

  	
  
	J.

  
	
  
	K.

  	
  Number
  of Months Alamo Group has operated Target

  	
   

  	
   

  	
   

  	
  
	K.

  
	
  
	L.

  	
  Number
  of Months operated under previous ownership (Line J minus Line K)

  	

  	

  	

  	
  
	L.

  
	
  
	M

  	
  Historical
  target factor (Line L divided by Line J)

  	

  	

  	

  	
  
	M

  
	

  	

  	

  	

  	

  	

  
	
  
	N.

  	
  Target Operating Cash Flow (Line I multiplied by Line M)

  	

  	

  	

  	
  
	N.

  
	

  	

  	

  	

  	

  	

  

A-171263.2                                                                                           
8                                                         
EXHIBIT "J"

EXHIBIT Q

Permitted Acquisition Certificate

Bank of America, N.A.

300 Convent Street

Post Office Box 300

San Antonio, Texas  78291

Attn: Stevens E. Warrick,
Senior Vice President

This
Certificate is delivered to you pursuant to (a) that certain Amended and
Restated Revolving Credit Agreement (the "Loan Agreement"), dated
August 25, 2004, by and between Bank of America, as Administrative Agent for
the Lenders, the Lenders, and Alamo Group Inc. (the "Company")
and the subsidiaries of the Company named therein as members of the "Obligated
Group", and (b) the proposed Acquisition of [the assets of] [the capital
stock of] ____________, a _____________ by _________________.  All capitalized
terms not otherwise defined shall have the meaning assigned to them in the Loan
Agreement.

As
of the date of this Certificate, the Company certifies to Administrative Agent
and Lenders the following:

1.          The
consideration paid for the proposed Acquisition is $____________ (must be less
than $20,000,000).

2.          The
consideration paid for all Acquisitions during the current fiscal year is
$____________ (must be less than $30,000,000).

3           After
giving effect to the Acquisition:

(a)           All representations and warranties set
forth in the Loan Documents continue to be true and correct in all material
respects immediately prior to and after giving effect to the Acquisition and
the transactions contemplated thereby.

(b)           No Event of Default or Potential Default
shall exist or occur as a result of, and after giving effect to, the
Acquisition.

(c)           If the total consideration for the
Acquisition is equal to or greater than $20,000,000, the Company has attached
as Schedule A, pro forma financial statements of the Company and its
Consolidated Subsidiaries that demonstrate compliance with the covenant set
forth in Section 8.16 of the Loan Agreement, including in such
calculation Target Operating Cash Flow as set forth on Schedule B (as if
the business, assets or Person acquired had been acquired since the first (1st)
day of the period for which such pro forma financial statements are delivered
and had been managed and conducted in accordance with the Company's standard
business practices) for the prior four (4) fiscal quarters of the Company and
its Consolidated Subsidiaries.

ALAMO
GROUP INC.

By:                                                                                                                      

Name:                                                                                                     

Title:                                                                                                       

 

A-171263.2                                                                                       
9                                                       EXHIBIT "Q"

SCHEDULE A to EXHIBIT Q TO
PERMITTED Acquisition Certificate

See attached pro forma financials.

 

 

 

 

 

 

 

 

 

 

A-171263.2                                                                                       
10                                                       EXHIBIT "Q"

SCHEDULE B to exhibit q to
PERMITTED Acquisition Certificate

	

   	
   	

   	

   	

   	

   
	

  	
  
	 

  	

  	

  	

  	

  
	

  	
  Target Operating Cash Flow to be used for
	 

  	

  	

  	

  	

  
	

  	
  completion of Exhibit Q pursuant to section

  	

  	

  	

  	

  
	

  	
  8.01(f) of the Credit Agreement

  	
  
	 

  	
  
	 

  	

  	

  
	

  	
  (separate calculation for each Target)

  	
  
	 

  	
  
	 

  	

  	

  
	

  	

  	
  
	 

  	
  
	 

  	

  	

  
	

  	

  	

  	
  
	 

  	

  	

  
	

  	
  Target Name: 
	 

  	
  
	Actual last 12 month/

  	
  
	 

  	
  
	Amount agreed upon

  	

  
	

  	
   

  	
  
	last 4 quarter

  	
   	
  
	among Borrower

  	

  
	

  	
   

  	
  
	period as of date

  	

   	
  
	and Required Lenders

  	

  
	

  	
  Actual Target Operating Cash Flow

  	
  
	of Exhibit Q

  	

  	
  
	(Line I)

  	

  
	

  	
   

  	
  
	 

  	

  	
  
	 

  	

  
	
  
	A.

  	
  Net
  Income

  	

  	

  	

  	
  
	A.

  
	
  
	B.

  	
  Income
  from discontinued operations or extraordinary items

  	

  	

  	

  	
  
	B.

  
	
  
	C.

  	
  Losses
  from discontinued operations or extraordinary items

  	

  	

  	

  	
  
	C.

  
	
  
	D.

  	
  Gains
  from sales of assets

  	

  	

  	

  	
  
	D.

  
	
  
	E.

  	
  Losses
  from sales of assets

  	

  	

  	

  	
  
	E.

  
	
  
	F.

  	
  Income
  tax expense

  	

  	

  	

  	
  
	F.

  
	
  
	G.

  	
  Interest
  expense

  	

  	

  	

  	
  
	G.

  
	
  
	H.

  	
  Depreciation,
  depletion, amortization and non-cash charges

  	

  	

  	

  	
  
	H.

  
	

  	

  	

  	

  	

  	

  
	

  	
  Target Operating Cash Flow
	 (Line
  A, minus Line B, plus Line C,

  	

  	

  	

  	

  
	
  
	I.

  	
  minus
  Line D, plus Line E, plus Line F, plus Line G, plus Line H)

  	

  	

  	

  	
  
	I.

  
	

  	

  	

  	

  	

  	

  

 

A-171263.2                                                                                        
11                                                        EXHIBIT "Q"

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}]]