Document:

Subordinated Promissory Note dated as of August 31, 2007

 Exhibit 10.5 
 SUBORDINATED PROMISSORY NOTE 
  

	 August 31, 2007 
	 $15,000,000 

 NOBLE
INTERNATIONAL, LTD., a Delaware corporation (“Noble”), hereby promises to pay to the order of ARCELOR USA HOLDING, INC., a Delaware corporation, the principal amount of Fifteen Million U.S. Dollars ($15,000,000), together with
interest, on August 31, 2012 (the “Maturity Date”), or sooner if accelerated or required to be prepaid pursuant to the terms hereof, and otherwise on the terms of this subordinated promissory note as it may from time to time be
amended, modified or supplemented (this “Note”). 
 1. Reference. This Note is the “Noble Note” referred to
in that certain Share Purchase Agreement dated as of March 15, 2007, by and between Noble and Arcelor S.A., a Luxembourg corporation (the “Purchase Agreement”). Capitalized terms used herein and not otherwise defined herein
have the meanings specified in the Purchase Agreement. 
 2. Interest. Interest shall accrue from the date hereof at the rate of
(a) six percent (6.00%) per annum prior to the issuance of any Institutional Debt (as defined below), and (b) seven percent (7.00%) per annum from and after the issuance of any Institutional Debt, on the unpaid principal amount
of this Note outstanding from time to time. Subject to Section 5 hereof, interest shall be paid quarterly in arrears on the first day of January, April, July and October of each year, commencing January 1, 2008. Interest shall be computed
on the basis of the actual number of days elapsed and a year of 365 days. 
 If, by the terms of this Note, Noble at any time is required or
obligated to pay interest at a rate in excess of the maximum rate permitted by applicable law, the rate of interest shall be deemed to be immediately reduced to such maximum rate and the portion of all prior interest payments in excess of such
maximum rate shall be applied and shall be deemed to have been payments made in reduction of the principal amount payable under this Note. 
 3. Payments. All payments made pursuant to this Note shall be made by Noble without set-off or counterclaim in lawful money of the United States of America by wire transfer of immediately available funds for the benefit of the holder
to Account No. 8900210311 in the name of Arcelor Treasury SNC with The Bank of New York in New York, New York, Swift Code IRVTUS3N, or otherwise in accordance with written instructions of the holder. Such payments shall be effective only upon
receipt. 
 All payments under this Note shall be applied, first, to unpaid costs or expenses due hereunder; next, to unpaid interest accrued
hereunder; and last to the unpaid principal amount of this Note. 
 If a payment to be made under this Note is due on a Saturday, Sunday or a
day on which banking institutions in New York, New York or Paris, France are authorized or obligated by law or executive order to be closed, such payment may be made on the next succeeding business day, and such extension of time shall be included
in the computation of interest accrued. 

 4. Prepayment. 
 (a) Optional Prepayment. This Note may be prepaid, in whole or in part, at any time without premium or penalty at the election of Noble; provided, that Noble shall pay to the holder, in addition to the
principal amount being repaid, all accrued and unpaid interest then due hereon. 
 (b) Mandatory Prepayment. Subject to Section 5
hereof, upon (i) any increase in the number of shares of the authorized or issued capital stock of Noble or any subsidiary thereof (other than upon exercise or conversion of an outstanding security), or (ii) any issuance or granting of an
option, warrant, call, commitment, subscription, right to purchase or agreement of any character relating to the authorized or issued capital stock of Noble or any subsidiary thereof (other than the pledge of Noble subsidiary stock by Noble or a
Noble subsidiary incident to the incurrence of the Acquisition Debt), or of any securities convertible into shares of such capital stock (an “Equity Issuance”), Noble shall prepay without premium or penalty, the principal amount
then outstanding hereunder to the extent the proceeds received by Noble with respect to such Equity Issuance exceed any and all payment obligations of Noble to the holders of Senior Debt as a result of such Equity Issuance; provided, that the
foregoing mandatory prepayment obligation shall not apply to any Equity Issuance (A) between Noble and any wholly-owned subsidiary of Noble, (B) to directors or employees of Noble in connection with any employee benefit plan approved by
the stockholders of Noble or (C) to the seller as purchase consideration in an acquisition to which the holder or its affiliate has given approval. Noble shall prepay, without premium or penalty, the full principal amount then outstanding
hereunder prior to its redemption or other acquisition of any shares of the capital stock of Noble or any subsidiary thereof (other than from a wholly-owned subsidiary of Noble); provided, that the foregoing mandatory prepayment obligation shall not
apply to any redemption or other acquisition in connection with any employee benefit plan approved by the stockholders of Noble. 
 (c)
Notice of Prepayment. Noble shall give the holder or its affiliate written notice in accordance with Section 17.3 of the Purchase Agreement of Noble’s election to prepay this Note at least 10 days prior to the date of prepayment. On
the date of prepayment specified in such notice, Noble shall pay to the holder, by wire transfer of immediately available funds, the principal amount being prepaid, together with all accrued but unpaid interest on this Note through the date of
prepayment. 
 5. Subordination. 
 (a) As used in this Note, “Existing Debt” shall mean (i) the Amended and Restated Convertible Subordinated Notes of Noble due October 11, 2011, as amended (the “Convertible Notes”),
(ii) present and future indebtedness of Noble under the Sixth Amended and Restated Credit Agreement dated December 11, 2006, by and among Noble, Comerica Bank, as agent (“Agent”) and the various lenders named therein, as
amended, restated or otherwise modified from time to time (“Credit Agreement”) and (iii) institutional debt in an aggregate principal amount not to exceed $250,000,000 (“Institutional Debt”). 
 (b) As used in this Note, “Senior Debt” shall mean (i) the Existing Debt, (ii) all interest (including interest accruing on or
after the filing of any petition in bankruptcy or for reorganization relating to the Borrower or any of its Subsidiaries whether or 

  

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not a claim for post-filing interest is allowed or allowable in such proceeding), commitment fees, reimbursement obligations, obligations in respect of
hedging transactions, collection fees and audit, servicing and other fees and expenses which may from time to time be due to the lenders under the Existing Debt and (iii) any deferrals, renewals, extensions or refundings of the Existing Debt,
and any indebtedness which refinances the Existing Debt, provided, however, that the Senior Debt shall not be deemed to include any principal amounts owing under the Convertible Notes in excess of the outstanding principal amount of
the Convertible Notes on the date hereof; and provided, further, that the Senior Debt shall not be deemed to include any principal amounts owing under the Credit Agreement in excess of $150,000,000. 
 (c) Notwithstanding anything to the contrary in this Note, the obligations of Noble in respect of the indebtedness evidenced by this Note shall be
subordinate and junior in right of payment, to the extent and in the manner hereinafter set forth, to Noble’s Senior Debt. 
 (d) The
holders of the Senior Debt whether now outstanding or hereafter arising, shall be deemed to have acquired the Senior Debt in reliance upon the provisions of this Section 5. By accepting this Note, the holder waives any notice of or proof of
reliance on the provisions of this Section 5 and any demand for payment and/or notice of default. 
 (e) In the event (i) Noble
makes an assignment for the benefit of creditors or admits in writing its inability to pay its debts generally as they become due; or (ii) an order, judgment or decree is entered adjudicating Noble bankrupt or insolvent or any order for relief
with respect to Noble is entered under the United States Bankruptcy Code; or (iii) Noble petitions or applies to any tribunal for the appointment of a custodian, trustee, receiver or liquidator of Noble or of any substantial part of the assets
of Noble, or commences any proceeding or any such petition or application is filed, or any such proceeding is commenced, against Noble (each, an “Insolvency Event”), or upon any distribution of the assets of Noble in connection with
the dissolution of Noble or any Insolvency Event, the holders of the Senior Debt shall be entitled to receive payment in full of all Senior Debt (including interest thereon accruing after the commencement of any such proceedings) before the holder
is entitled to receive any payment on account of principal, interest or other amounts due upon this Note. To that end, the holders of Senior Debt shall be entitled to receive, for application in payment of the Senior Debt, any payment or
distribution of any kind or character, whether in cash or property or securities, which may be payable or deliverable in any such proceedings to the holder in respect of this Note. Subject to Section 5(i), the holder may execute, verify,
deliver and file any proofs of claim in respect of the indebtedness evidenced by this Note and agrees to execute, verify, deliver and file any proofs of claim in respect of the indebtedness evidenced by this Note requested by the holders of the
Senior Debt (or their respective agents, designees or nominees) in connection with any such proceedings and hereby irrevocably authorizes, empowers and appoints the agent (or its agent, designee or nominee) of the holders of the Senior Debt under
the Credit Agreement, and following payment in full in cash of the Senior Debt arising in connection with the Credit Agreement and termination of all commitments to lend thereunder, to the holders of the other Senior Debt (or their agents, designees
or nominees), its agent and attorney in fact to (x) execute, verify, deliver and file such proofs of claim upon the failure of the holder promptly to do so (and in any event prior to thirty (30) days before the expiration of the time to
file any such proof) and (y) vote such proofs of claim in any such proceedings; provided that no holder of Senior Debt shall have any obligation to execute, verify, deliver, file and/or vote any 

  

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such proof of claim. In the event that any holder of Senior Debt (or any agent, designee or nominee thereof) votes any claim in accordance with the authority
granted hereby, the holder shall not be entitled to change or withdraw such vote. 
 (f) Notwithstanding any provision contained in this Note
to the contrary and in addition to any other limitations set forth herein, no payment of principal, interest or any other amount due with respect to this Note shall be made or received until all Senior Debt has been paid in full in cash and all
commitments to lend in respect thereof have been terminated; provided, however, that Noble may make, and the holder may accept and receive (x) regularly scheduled payments of principal and interest in respect of this Note and (y) principal
payments made pursuant to Section 4(b) (the payments under clauses (x) and (y) are referred to herein as the “Permitted Subordinated Note Payments”), provided, that no Permitted Subordinated Note Payment may be made
by Noble or accepted by the holder if, at the time of such payment: 
 (i) a default resulting from the failure of Noble or any other obligor
to pay when due, any principal, interest, fees or other obligations in respect of the Senior Debt, including, without limitation, any default in payment of any Senior Debt after acceleration thereof (“Senior Payment Default”) has
occurred and is continuing, and such Senior Payment Default shall not have been cured or waived; or 
 (ii) (A) Noble and the holder
shall have received a written notice (“Senior Default Notice”) from any holder of Senior Debt stating that a default or event of default (other than a Senior Payment Default) constituting (1) a financial covenant default,
(2) any breach of a negative covenant for which no cure right is expressly provided in the Credit Agreement or (3) a cross default with respect to indebtedness for borrowed money of Noble (x) which has been accelerated or
(y) which has an outstanding principal amount in excess of $1,000,000 and which the holder then has a right to accelerate (each, a “Senior Non-Payment Default”) shall have occurred and be continuing or would be created by the
making of such payment in each case under the documents evidencing the applicable Senior Debt, (B) such Senior Non-Payment Defaults shall not have been cured or waived, and (C) 270 days shall not have elapsed since the date such Senior
Default Notice was received. 
 Notwithstanding anything to the contrary in this Section 5, (i) Permitted Subordinated Note Payments may not be
blocked under Section 5(f)(ii) as a result of any Senior Non-Payment Default which served as the basis for, or was continuing during, a previous block of Permitted Subordinated Note Payments under Section 5(f)(ii) unless such Senior
Non-Payment Default was cured or waived in accordance with the applicable provisions of the Credit Agreement for at least 30 consecutive days and (ii) the maximum number of blocks exercised under Section 5(f)(ii) by the holders of the
Senior Debt hereunder shall not exceed four (4). 
 (g) Noble may resume Permitted Subordinated Note Payments (and may make any Permitted
Subordinated Note Payments missed due to the application of Section 5(f) and default interest thereon) upon (i) in the case of a Senior Payment Default referred to in Section 5(f)(i) above, a cure or waiver thereof; or (ii) in
the case of a Senior Non-Payment Default referred to in Section 5(f)(ii) above, the earlier to occur of (A) the cure or waiver of all applicable Senior Non-Payment Defaults or (B) the expiration of such period of 270 days from the
date such Senior Default Notice shall have been given. 
  

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 (h) The holders of Senior Debt may renew or extend the time of payment of the Senior Debt or exercise
rights under the Senior Debt without notice to or the consent of the holder. No compromise, alteration, amendment, renewal or other change of, or waiver, consent or other action in respect of, any liability or obligation under the Senior Debt (or
any instrument evidencing or creating the same), whether or not in accordance with the provisions of the Senior Debt, shall in any way alter or affect the subordination provisions of this Note. 
 (i) If any payment shall be received by the holder before all the Senior Debt shall have been paid in full and all commitments to lend thereunder have
been terminated in contravention of this Section 5, such payment, distribution or security shall be held in trust for the benefit of, and shall be immediately paid over or delivered to, the holders of the Senior Debt arising in connection with
the Credit Agreement, for application of the payment to such Senior Debt remaining unpaid, and upon the payment in full of the Senior Debt arising in connection with the Credit Agreement and the termination of all commitments to lend thereunder, to
the holders of such other Senior Debt, for application of the payment to such Senior Debt remaining unpaid; provided the holder shall (after all indebtedness owing on the Senior Debt has been paid in full and all commitments to lend in
connection thereunder have been terminated) be subrogated to the rights of the holders of Senior Debt to receive distributions applicable to the Senior Debt to the extent that distributions otherwise payable to the holder have previously been
applied to the payment of Senior Debt. 
 (j) So long as any of the Senior Debt remains outstanding, the holder may not declare, or join in
the declaration of, any of the obligations under this Note to be due and payable prior to the maturity thereof or otherwise accelerate the maturity of the principal of this Note, accrued interest thereon or other amounts due thereunder or with
respect thereto, or take any Enforcement Action, in each case prior to the earliest to occur of: 
 (i) 180 days after the date upon which
the holder shall have given written notice to Noble and the holders of the Senior Debt of the occurrence and continuance of an event of default under this Note (a “Subordinated Default Notice”); provided, that if Permitted
Subordinated Note Payments are blocked under Section 5(f) on the last day of such 180-day period, then such 180-day period shall be extended until such time as Permitted Subordinated Note Payments are again permitted, 
 (ii) the acceleration of any Senior Debt or the institution of any other Enforcement Action by the holders of the Senior Debt with respect thereto,
unless such Enforcement Action is withdrawn, suspended or stayed within 10 days of the institution thereof, and 
 (iii) the occurrence of
an Insolvency Event (such period in clauses (k)(i)-(ii), a “Remedy Standstill Period”). 
 “Enforcement Action” shall mean,
commencing by judicial or non-judicial means the enforcement with respect to such indebtedness, obligation or collateral of any of the default remedies under any of the applicable agreements or documents of the applicable creditor, 

  

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the UCC or other applicable law (other than the mere issuance of a notice of default); repossessing, selling, leasing or otherwise disposing of all or any
part of such collateral, or exercising account debtor or obligor notification or collection rights with respect to all or any portion thereof, or attempting or agreeing to do so; or appropriating, setting off or applying to a creditor’s claim
any part or all of such collateral or other property of Noble or any other obligor in the possession of, or coming into the possession of, such creditor or its agent, trustee or bailee. 
 (k) The holder, to the fullest extent permitted under applicable law, shall not cause Noble to file any petition commencing any bankruptcy, dissolution,
insolvency, reorganization, arrangement or receivership proceeding or make any assignment for the benefit of creditors until all Senior Debt has been indefeasibly paid in full in cash. Notwithstanding the foregoing, upon the occurrence of an Event
of Default under Section 6(a)(iii), the entire unpaid principal amount of this Note together with all accrued and unpaid interest shall immediately become due and payable, and the holder may file proofs of claim against Noble in any proceeding
described in Sections 6(a)(iii) and may make such other demands or file such claims as may be necessary to prevent the waiver or bar of such claims under applicable statutes of limitations or other statutes, court orders or rules of procedure,
provided that the holder may not take any other action or receive any cash payment in connection therewith that is not permitted under this Section 5. 
 (l) The holder shall not, and shall not encourage any other person to, at any time, contest the validity or enforceability of the provisions of Section 5 of this Note, the Senior Debt, or the validity,
perfection, priority, or enforceability of the agreements evidencing the Senior Debt or the security interests or liens granted to the lenders pursuant thereto. Noble will not give, or permit to be given, and the holder will not receive, accept or
demand, (i) any security of any nature whatsoever for any indebtedness evidenced by this Note, whether principal or interest, on any property or assets, whether now existing or hereafter acquired, of Noble or any subsidiary thereof or
(ii) any guarantee, of any nature whatsoever, by Noble or any subsidiary hereof, of any indebtedness evidenced by of this Note, whether principal, interest or otherwise. 
 (m) Any amendment or modification of the terms of this Section 5 of this Note shall not be effective against any holder of Senior Debt. 

(n) No present or future holder of Senior Debt shall be prejudiced in its right to enforce the provisions of Section 5 of this Note by any act or
failure to act on the part of Noble or any other holder of Senior Debt. 
 (o) This Section 5 defines the relative rights of the holders
of Senior Debt, on the one hand, and of the holder, on the other hand. Such relative rights constitute subordination of this Note in right of payment to the prior payment in full when due on October 11, 2011, of the Convertible Notes as in
effect on the date of this Note. Except as expressly set forth in this Section 5, (A) the holder shall not be prevented from exercising remedies otherwise available under this Note or under applicable law upon the occurrence of any Event
of Default, and (B) nothing in this Note shall be deemed to subordinate to any creditor or other Person, any claim or right of the holder against Noble. 
  

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 6. Events of Default. 
 (a) For purposes of this Note, an “Event of Default” shall be deemed to have occurred if: (i) Noble fails to pay when due the
principal of or any interest on this Note; (ii) Noble fails to perform any other obligation under this Note, and such failure continues for a period of 30 days after Noble’s receipt of written notice thereof; or (iii) Noble suffers
any Insolvency Event. 
 (b) Subject to Section 5, upon the happening of any such Event of Default, the holder may declare this Note to
be in default and the balance of the principal sum then due hereunder, together with all accrued and unpaid interest due thereon, shall become immediately due and payable without demand, notice, presentment or protest, all of which are hereby waived
by Noble (“Acceleration”). Subject to Section 5, upon failure of Noble to pay any amount owing on this Note when due, whether upon an Acceleration or otherwise, (i) the holder shall be entitled to exercise any and all
rights and remedies available under applicable law; and (ii) Noble shall be liable to the holder for all costs of collection, including but not limited to attorney’s fees and expenses. 
 7. Amendment and Waiver. This Note may not be modified orally. Any waiver of a default under this Note shall be effective only if in writing and
executed by or on behalf of the holder. No failure on the part of the holder hereof to exercise any right or remedy hereunder with respect to Noble, whether before or after the happening of an Event of Default, shall constitute waiver of any future
Event of Default or of any other Event of Default. No failure to accelerate the debt of Noble evidenced hereby by reason of an Event of Default or indulgence granted from time to time shall be construed to be a waiver of the right to insist upon
prompt payment thereafter; or shall be deemed to be a novation of this Note or a reinstatement of such debt evidenced hereby or a waiver of such right of acceleration or any other right, or be construed so as to preclude the exercise of any right
the holder may have, whether by the laws of the state governing this Note, by agreement or otherwise; and Noble hereby expressly waives the benefit of any statute or rule of law or equity that would produce a result contrary to or in conflict with
the foregoing. 
 8. Cancellation. After all principal and accrued interest at any time owed on this Note has been indefeasibly paid
in full, this Note shall be surrendered to Noble for cancellation and shall not be reissued. 
 9. Waiver of Presentment, Demand and
Dishonor. Except as expressly set forth herein, Noble hereby waives presentment for payment, protest, demand, notice of protest, notice of nonpayment, notice of intention to accelerate, notice of acceleration, and diligence with respect to this
Note, and waives and renounces all rights to the benefits of any statute of limitations or any moratorium, appraisement or exemption. 
 10.
Assignment. The obligations of Noble under this Note may not be assigned, delegated or otherwise transferred except (a) to an Affiliate of the holder or (b) by operation of law. Any attempted transfer in violation of this
Section 10 shall be void and of no effect. 
  

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 11. Governing Law. The validity, construction and interpretation of this Note shall be governed,
construed and enforced in accordance with the laws of the State of New York (without giving effect to principles of conflicts of law). 
 NOBLE (I) IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK (OR, IF THAT COURT SHALL DECLINE JURISDICTION, THEN THE SUPREME COURT OF THE STATE OF NEW YORK, NEW
YORK COUNTY) SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS NOTE, AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED BY THIS NOTE AND (II) HEREBY WAIVES, AND AGREES NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR
PROCEEDING FOR THE INTERPRETATION OR ENFORCEMENT OF THIS NOTE (A) THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURT OR THAT THE VENUE THEREOF IS NOT APPROPRIATE OR (B) THAT THIS NOTE MAY NOT BE
ENFORCED IN OR BY SUCH COURT. NOBLE HERETO IRREVOCABLY AGREES THAT ALL CLAIMS WITH RESPECT TO ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD OR DETERMINED IN SUCH COURT. NOBLE HEREBY CONSENTS TO AND GRANTS SUCH COURT JURISDICTION OVER THE PERSON
OF NOBLE AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREES THAT SERVICE OF PROCESS BY NOTICE IN ACCORDANCE WITH SECTION 17.3 OF THE PURCHASE AGREEMENT OR BY ANY OTHER MEANS PERMITTED BY RULE OR ORDER OF SUCH COURT SHALL BE EFFECTIVE SERVICE FOR
ALL PURPOSES. 
 NOBLE HEREBY IRREVOCABLY WAIVES ANY RIGHT TO A JURY TRIAL IN ANY PROCEEDING TO ENFORCE THIS NOTE OR TO DETERMINE ANY CLAIM
OR CONTROVERSY RELATING TO THIS NOTE. 
 IN WITNESS WHEREOF, Noble has executed and delivered this Subordinated Promissory Note on the date
first written above. 
  

			
	 NOBLE INTERNATIONAL, LTD.

		
	By:	 	 /s/ Thomas L. Saeli

	Name:	 	Thomas L. Saeli
	Title:	 	Chief Executive Officer

  

 8Fourth Amendment to Sixth Amended and Restated Revolving Credit and Term Loan

 EXECUTION COPY 
 EXHIBIT 10.6 
 FOURTH AMENDMENT TO 
 SIXTH AMENDED AND RESTATED 
 REVOLVING CREDIT AND TERM LOAN AGREEMENT AND
CONSENT 
 This Fourth Amendment to Sixth Amended and Restated Revolving Credit and Term Loan Agreement and Consent (“Fourth
Amendment”) is made as of August 24, 2007, by and among Noble International, Ltd. (“Borrower”), the Lenders parties thereto from time to time and Comerica Bank, as Agent for the Lenders (the “Agent”). 
 RECITALS 
 A. Borrower, Agent and the
Lenders entered into that certain Sixth Amended and Restated Revolving Credit and Term Loan Agreement dated as of December 11, 2006, as amended by the First Amendment dated as of March 14, 2007, by the Second Amendment dated as of
March 28, 2007 and by the Third Amendment dated as of May 8, 2007 (as amended or otherwise modified from time to time, the “Credit Agreement”) under which the Lenders extended (or committed to extend) credit to the Borrower, as
set forth therein. 
 B. Borrower has requested that Agent and the Lenders consent to (i) its acquisition of the Equity Interests of
Tailor Steel America, LLC (“TSA”), (ii) its acquisition through its subsidiary, Noble European Holdings B.V. (“Noble BV”) of the Equity Interests of TBA Holding B.V. (“TBA Holding”) from Arcelor S.A.
(“Arcelor”), (iii) certain actions taken in connection with the acquisition of TSA and the acquisition of TBA Holding to facilitate such acquisitions and (iii) make certain other amendments to the Credit Agreement, and Agent and
the Lenders are willing to do so, but only on the terms and conditions set forth in this Fourth Amendment. 
 NOW, THEREFORE,
Borrower, Agent and the Lenders agree: 
  

	1.	The Agent and the requisite Lenders hereby consent to the acquisition of all of the Equity Interests of TSA and the acquisition of all of the Equity Interests of TBA Holding for an
acquisition price and substantially on the terms and conditions set forth in the Share Purchase Agreement dated as of March 15, 2007, by and between Arcelor S.A. and Noble International, Ltd. (the “TSA Acquisition”), subject to the
following conditions: 

  

	 	(a)	both before and after giving effect to the TSA Acquisition, Borrower shall be in compliance with all financial covenants in the Credit Agreement, in each case on a pro forma basis
acceptable to the Agent and the Majority Lenders; 

  

	 	(b)	both before and after giving effect to the TSA Acquisition, Unused Revolving Credit Availability shall not be less than $10,000,000; 

  

	 	(c)	both before and after giving effect to the TSA Acquisition, no Default or Event of Default shall have occurred and be continuing; 

	 	(d)	the board of directors of the seller of the TSA Equity Interests shall not have disapproved such transaction or recommended that such transaction be disapproved; and

  

	 	(e)	Borrower shall have satisfied the requirements set forth in Section 8 of this Fourth Amendment. 

  

	2.	Section 1 of the Credit Agreement is hereby amended as follows: 

  

	 	(a)	The following definitions are hereby added to Section 1 of the Credit Agreement: 

 “Arcelor Acquisition Documents” shall mean the Share Purchase Agreement dated as of March 15, 2007 by and among Arcelor S.A. and Borrower, and any other material related agreements arising from or
entered into pursuant to the terms thereof. 
 “Arcelor Seller Subordinated Debt” shall mean unsecured Debt of Borrower
evidenced by the Arcelor Seller Subordinated Note. 
 “Arcelor Seller Subordinated Note” shall mean that certain Subordinated
Promissory Note issued by Borrower to Arcelor S.A., dated as of August 31, 2007, in form and substance acceptable to the Agent and the Majority Lenders, as the same may be amended or otherwise modified from time to time in compliance with this
Agreement. 
 “Excluded Foreign Subsidiary” shall mean any Subsidiary organized under the laws of any European country, China
or India. 
 “Fourth Amendment” shall mean the Fourth Amendment to Sixth Amended and Restated Revolving Credit and Term Loan
Agreement and Consent dated as of August 24, 2007. 
 “TBA Acquisitions” shall mean the acquisitions contemplated by the
Arcelor Acquisition Documents. 
  

	 	(b)	The following definitions are hereby amended and restated in their entirety: 

 “Change in Control” shall mean any of the following events or circumstances: (a) any Person or “group” (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of
1934, as amended) other than Robert J. Skandalaris (or trusts, limited liability companies or partnerships established for his benefit or the benefit of his family members in which he is the trustee, manager or managing general partner) shall either
(i) acquire beneficial ownership of more than 45% of any outstanding class of common stock of Borrower having ordinary voting power in the election of directors of 

  

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Borrower or (ii) obtain the power (whether or not exercised) to elect a majority of Borrower’s directors, (b) Robert J. Skandalaris shall
cease to exercise substantially the same or greater duties and responsibilities as those he exercises as of the Restatement Date as Chairman of Borrower or (c) any “Change of Control”, as such term or similar concept is defined in any
Subordinated Debt Document. 
 “Seller Debt” shall mean (i) the Arcelor Seller Subordinated Debt and (ii) such
other unsecured, subordinated Debt of Borrower or any Loan Party incurred pursuant to a Permitted Acquisition and having a term extending at least beyond the later of the Revolving Credit Maturity Date and the Term Loan Maturity Date, with no
amortization until such date and with no call option or other provision for mandatory repayment except for acceleration on default, and as to which the terms of the subordination and all of the material terms of which, including, without limitation,
the maturity date, terms of amortization, interest rate, restrictive covenants and defaults, shall be reasonably acceptable to the Majority Lenders. 
 “Seller Notes” shall mean (i) the Arcelor Seller Subordinated Note and (ii) such other unsecured, subordinated notes issued by Borrower or any Loan Party to evidence Seller Debt, in each case in
form and substance acceptable to the Agent and the Majority Lenders. 
  

	3.	The preamble to Section 6 is hereby amended and restated as follows: 

 “Borrower represents and warrants with respect to itself and its Subsidiaries (other than any Excluded Foreign Subsidiary) and, to the extent not prohibited or restricted under applicable law, with respect to
all other Loan Parties, and such representations and warranties shall survive until the expiration of all Letters of Credit and final payment in full of the Indebtedness, the performance by Borrower and the Loan Parties of all other obligations
under this Agreement and the other Loan Documents and the termination of all commitments to extend credit under any Loan Document:” 
  

	4.	Section 7 of the Credit Agreement is hereby amended as follows: 

  

	 	(a)	The preamble to Section 7 is hereby amended and restated as follows: 

 “Borrower covenants and agrees that it will, and, as applicable, it will cause each of its Subsidiaries (other than any Excluded Foreign Subsidiary), until the expiration of all Letters of Credit and final
payment in full of the Indebtedness, 

  

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the performance by Borrower and the other US/Canadian Companies of all other obligations under this Agreement and the other Loan Documents and the
termination of all commitments to extend credit under any Loan Document, to:” 
  

	 	(b)	The words “(other than any Excluded Foreign Subsidiary)” shall be added immediately following the references to “Significant Foreign Subsidiary” in
Section 7.20(b)(ii). 

  

	5.	Section 8 of the Credit Agreement is hereby amended as follows: 

  

	 	(a)	The preamble to Section 8 is hereby amended and restated as follows: 

 “Borrower covenants and agrees that, until the expiration of all Letters of Credit and final payment in full of the Indebtedness, the performance by Borrower and the other US/Canadian Companies of all other
obligations under this Agreement and the other Loan Documents and the termination of all commitments to extend credit under any Loan Document, it will not, and will not permit (i) with respect to Sections 8.1, 8.2 and 8.3, and any of its
Subsidiaries (other than any Excluded Foreign Subsidiary) and (ii) with respect to all of the provisions this Article 8, any of the other US/Canadian Companies to:” 
  

	 	(b)	Clause (h) of Section 8.1 is hereby amended and restated as follows: 

 “(h)(i) the Arcelor Seller Debt and (ii) other Seller Debt not exceeding $10,000,000 in aggregate principal amount at any one time outstanding;” 
  

	 	(c)	Section 8.1 is further amended by adding the word “and” at the end of clause (i); deleting the “; and” at the end of clause (j) and replacing it with a
period (“.”); and deleting clause (k) in its entirety. 

  

	 	(d)	Clause (g) of Section 8.2 is hereby amended and restated as follows: 

 “(g) Reserved; and” 
  

	 	(e)	Clauses (e) and (g) of Section 8.3 are hereby amended and restated as follows: 

 “(e) Reserved;” 
 “(g) Reserved.” 
  

 4 

	 	(f)	Section 8.4 is hereby amended by replacing the period (“.”) at the end of clause (b) with “; and”; and adding the following as new clause (c):

 “(c) the TBA Acquisitions, subject to the conditions set forth in Section 1 of the Fourth Amendment.” 

  

	 	(g)	Subclause (i) of Section 8.7(e) is hereby amended and restated as follows: 

 “(i) intercompany loans or intercompany Investments by any Loan Party to any other Loan Party; provided that any intercompany loan hereunder shall be evidenced by and funded under an Intercompany Note pledged
to the Agent under the appropriate Collateral Documents and provided further that at the time any such loan, advance or investment is made (before and after giving effect thereto) no Default or Event of Default has occurred and is continuing;”

  

	 	(h)	Clause (h) of Section 8.7 is hereby amended and restated as follows: 

 “(h) intercompany loans, advances or Investments made by Borrower or any Domestic Subsidiary to any Non-US/Canadian Company (other than any Excluded Foreign Subsidiary) not to exceed $6,000,000 in the
aggregate outstanding at any time (including the existing advances to Noble Metal Processing Australia, Inc.); provided that any intercompany loan hereunder shall be evidenced by and funded under an Intercompany Note pledged to the Agent under the
appropriate Collateral Documents and provided further that at the time any such loan, advance or investment is made (before and after giving effect thereto) no Default or Event of Default has occurred and is continuing; provided, however, that no
security agreement shall be required if a taxable event shall occur as a result of the execution of such security agreement by any Foreign Subsidiary; and” 
  

	 	(i)	The following is hereby added as new clause (i) to Section 8.7: 

 “(i) the Investment made by Borrower in Noble European Holdings B.V. made in connection with the consummation of the TBA Acquisitions;” 
  

	 	(j)	Section 8.12 is hereby amended to add the words “or to any Arcelor Acquisition Document”, immediately following the words “or to any Acquisition
Document” therein. 

  

	6.	The parties hereto agree that the reference to “Subsidiary” or “Subsidiaries” in clauses (b), (f), (h), (i), (j) and (n) of Section 9 of the
Credit Agreement shall be deemed to be a reference to “Subsidiary (but excluding any European Subsidiary)” or “Subsidiaries (but excluding any European Subsidiary)”, as the case may be. 

  

 5 

	7.	The Lenders hereby agree to extend the due date set forth in the Post-Closing Letter dated December 11, 2006, for the required delivery of leasehold mortgages and related
documentation for certain properties specified on Exhibit A thereto (other than with respect to the Stowe, Ohio property), from August 14, 2007 (as extended by the Third Amendment to the Credit Agreement) to September 30, 2007.

  

	8.	This Fourth Amendment shall become effective (according to the terms hereof) on the date that the following conditions have been fully satisfied by the Borrower (“Fourth
Amendment Effective Date”): 

  

	 	(a)	Agent shall have received counterpart originals of this Fourth Amendment, in each case duly executed and delivered by the Borrower and the requisite Lenders and the Agent in form
satisfactory to Agent and the Lenders. 

  

	 	(b)	Agent shall have received the Acknowledgment of Guarantor executed and delivered by each Guarantor in the form attached to this Fourth Amendment as Attachment 1.

  

	 	(c)	Agent shall have received certified copies of resolutions of the board of directors of the Borrower and the other Loan Parties authorizing the TSA Acquisition, the execution and
delivery of this Fourth Amendment and the other Loan Documents required in connection herewith, and the performance by the Borrower of its obligations under the Credit Agreement, as amended by this Fourth Amendment. 

  

	 	(d)	Agent shall have received an Amendment to Security Agreement, executed and delivered by Borrower and in form and substance satisfactory to Agent, whereby Borrower shall pledge to
Agent 100% of the Equity Interests in Noble TSA, along with the original share certificate (if any) evidencing such Equity Interests and a blank form of assignment separate from certificate executed by Borrower ; 

  

	 	(e)	Agent shall have received each of the following: 

  

	 	(i)	certified copies of the Certificate of Organization and Limited Liability Company Agreement for Noble TSA; 

  

	 	(ii)	a certificate of continued existence for Noble TSA from Delaware and from every state or other jurisdiction where Noble TSA is qualified to do business; 

  

	 	(iii)	certified resolutions of Noble TSA from its managers evidencing approval of the execution and delivery by Noble TSA of each of the Loan Documents to which it is to become a party;
and 

  

	 	(iv)	certificate of incumbency and signature of the managers of Noble TSA executing and authorized to execute any Loan Document. 

  

 6 

	 	(f)	Agent shall have received each of the following: 

  

	 	(i)	certified copies of the Articles of Organization and Operating Agreement for TSA; 

  

	 	(ii)	a certificate of continued existence for TSA from Delaware and from every state or other jurisdiction where TSA from is qualified to do business; 

  

	 	(iii)	certified resolutions of TSA from its managers evidencing approval of the execution and delivery by TSA of each of the Loan Documents to which it is to become a party; and

  

	 	(iv)	certificate of incumbency and signature of the managers of TSA executing and authorized to execute any Loan Document. 

  

	 	(g)	Agent shall have received the following, in each case executed and delivered by Noble TSA and TSA and in form and substance satisfactory to Agent: 

  

	 	(i)	Joinder Agreement (Security Agreement) (and supplemental schedules to the Security Agreement as required therein); and 

  

	 	(ii)	Joinder Agreement (Guaranty). 

  

	 	(h)	Agent shall have received, with respect to Noble TSA and TSA, (i) certified copies of uniform commercial code requests for information, or a similar search report certified by
a party acceptable to the Agent, dated a date reasonably prior to the Fourth Amendment Effective Date, listing all effective financing statements in Delaware, and, if necessary, executed Uniform Commercial Code (Form UCC-3) Termination Statements
necessary to release all Liens in any Collateral (other than Liens permitted by Section 8.2 of the Credit Agreement) and (ii) intellectual property search reports results from the United States Patent and Trademark Office and the United
States Copyright Office dated a date reasonably prior to the Fourth Amendment Effective Date. 

  

	 	(i)	Agent shall have received a fully executed copy of the Arcelor Seller Note, in form and substance satisfactory to Agent and the Majority Lenders. 

  

	 	(j)	Borrower shall have paid to the Agent, for distribution to the Lenders, as applicable, all interest, other fees and other amounts, if any, owed to the Agent and the Lenders and
accrued to the Fourth Amendment Effective Date. 

  

	9.	 Borrower hereby represents and warrants that, after giving effect to the amendments to the Credit Agreement contained herein, (a) execution and delivery of
this Fourth Amendment are within such party’s corporate powers, have been duly authorized, are not in contravention of law or the terms of their respective articles of incorporation or bylaws, and except as have been 

  

 7 

	 	 
previously obtained do not require the consent or approval, material to the amendments contemplated in this Fourth Amendment, of any governmental body,
agency or authority, and this Fourth Amendment and the Credit Agreement will constitute the valid and binding obligations of such undersigned parties enforceable in accordance with its terms, except as enforcement thereof may be limited by
applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (whether enforcement is sought in a proceeding in equity or at law),
(b) the continuing representations and warranties set forth in Sections 6.1 through 6.24 inclusive, of the Credit Agreement are true and correct on and as of the date hereof, and such representations and warranties are and shall remain
continuing representations and warranties during the entire life of the Credit Agreement, and (c) as of the Fourth Amendment Effective Date, no Default or Event of Default shall have occurred and be continuing. 

  

	10.	Borrower and the Lenders each hereby ratify and confirm their respective obligations under the Credit Agreement, as amended by the Fourth Amendment and agree that the Credit
Agreement hereby remains in full force and effect after giving effect to the effectiveness of the Fourth Amendment and that, upon such effectiveness, all references in such Loan Documents to the “Credit Agreement” shall be references to
the Credit Agreement as amended by the Fourth Amendment. 

  

	11.	Except as specifically set forth above, this Fourth Amendment shall not be deemed to amend or alter in any respect the terms and conditions of the Credit Agreement or any of the
Notes issued thereunder, or to constitute a waiver by the Lenders or Agent of any right or remedy under or a consent to any transaction not meeting the terms and conditions of the Credit Agreement, any of the Notes issued thereunder or any of the
other Loan Documents. 

  

	12.	Unless otherwise defined to the contrary herein, all capitalized terms used in this Fourth Amendment shall have the meaning set forth in the Credit Agreement.

  

	13.	This Fourth Amendment may be executed in counterpart in accordance with Section 14.9 of the Credit Agreement. 

  

	14.	This Fourth Amendment shall be construed in accordance with and governed by the laws of the State of Michigan. 

 [signatures follow on succeeding pages] 
  

 8 

 IN WITNESS WHEREOF, Borrower, the Lenders and Agent have each caused this Fourth Amendment to be
executed by their respective duly authorized officers or agents, as applicable, all as of the date first set forth above. 
  

			
	COMERICA BANK,
	as Agent
		
	By:	 	 /s/ James Q. Goudie

	Its:	 	VP and AGM

 Signature Page to Fourth Amendment 

			
	NOBLE INTERNATIONAL, LTD.
		
	By:	 	 /s/ David J. Fallon

	Its:	 	CFO

 Signature Page to Fourth Amendment 

			
	 COMERICA BANK, as Swing Line Lender,
 Issuing Lender and a Lender

		
	By:	 	 /s/ James Q. Goudie

	Its:	 	AGM & VP

 Signature Page to Fourth Amendment 

			
	NATIONAL CITY BANK,
	 as Co-Lead Arranger, Joint Bookrunner,
 Co-Syndication Agent and a Lender

		
	By:	 	 /s/ Horst Sherriff

	Its:	 	Vice President

 Signature Page to Fourth Amendment 

			
	 JPMORGAN CHASE BANK, N.A.,

	as Co-Syndication Agent and a Lender
		
	By:	 	 /s/ Thomas A. Lakocy

	Its:	 	Senior Vice President

 Signature Page to Fourth Amendment 

			
	BMO CAPITAL MARKETS FINANCING, INC.,
	as Documentation Agent and a Lender
		
	By:	 	 /s/ William Thomson

	Its:	 	Vice President

 Signature Page to Fourth Amendment 

			
	CITIZENS BANK,
	 as a Lender

		
	By:	 	 /s/ Troy Stevenson

	Its:	 	Vice President

 Signature Page to Fourth Amendment 

 ATTACHMENT 1 
 ACKNOWLEDGMENT OF GUARANTORS 
 Each of the undersigned, being an authorized officer of the guarantors
listed below (collectively, the “Guarantors”) hereby acknowledge that (a) such Guarantor executed a Second Amended and Restated Guaranty dated as of October 12, 2006 (“Guaranty”) and that certain Reaffirmation of Loan
Documents dated as of December 11, 2006, pursuant to which such Guarantor guaranteed the obligations of the Borrower under that certain Noble International, Ltd. Sixth Amended and Restated Credit Agreement dated as of December 11, 2006 (as
amended or otherwise modified from time to time, the “Credit Agreement”), among Noble International, Ltd. (“Borrower”), the Lenders parties thereto from time to time and Comerica Bank, as Agent for the Lenders (the
“Agent”) and (b) Borrower, the Lenders and the Agent have executed the Fourth Amendment to the Credit Agreement dated as of date hereof (the “Amendment”). Each of the undersigned hereby ratifies and confirms its obligations
under the Credit Agreement and the Guaranty and agrees that the Guaranty remains in full force and effect after giving effect to the effectiveness of the Amendment. Capitalized terms not otherwise defined herein will have the meanings given in the
Credit Agreement. This acknowledgment shall be governed by and construed in accordance with the laws of, and be enforceable in, the State of Michigan. 
 Dated as of the 24th day of August, 2007. 
  

			
	NOBLE COMPONENTS & SYSTEMS, INC.
	NOBLE ADVANCED TECHNOLOGIES, INC.
	NOBLE TUBE TECHNOLOGIES, LLC
	NOBLE LOGISTIC SERVICES, INC.
	NOBLE METAL PROCESSING-OHIO, LLC
	PULLMAN INDUSTRIES, INC.
	PULLMAN INVESTMENTS LLC
	PULLMAN INDUSTRIES OF INDIANA, INC.
	NOBLE MANUFACTURING GROUP, INC.
	NOBLE METAL PROCESSING, INC.
	NOBLE LAND HOLDINGS, INC.
	PROTOTECH LASER WELDING INC.
	NOBLE SWISS HOLDINGS, INC.
	NOBLE METAL PROCESSING-NEW YORK, INC.
		
	By:	 	 /s/ David J. Fallon

	Name:	 	David J. Fallon
	Title:	 	Chief Financial Officer of each of the foregoing entities

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