Document:

ex437to10k06447_12312007.htm

    Exhibit 4.37

     

    
      
        

        

        AMENDMENT NO. 15 TO LOAN AND
SECURITY AGREEMENT

        

        AMENDMENT
NO. 15 TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as
of  February 14, 2008 by and among
Handy & Harman, a New York corporation (“Parent”), OMG, Inc., a Delaware
corporation formerly known as Olympic Manufacturing Group, Inc. (“OMG”),
Continental Industries, Inc., an Oklahoma corporation (“Continental”), Maryland
Specialty Wire, Inc., a Delaware corporation (“Maryland Wire”), Handy &
Harman Tube Company, Inc., a Delaware corporation (“H&H Tube”), Camdel
Metals Corporation, a Delaware corporation (“Camdel”), Canfield Metal Coating
Corporation, a Delaware corporation (“Canfield”), Micro-Tube Fabricators, Inc.,
a Delaware corporation (“Micro-Tube”), Indiana Tube Corporation, a Delaware
corporation (“Indiana Tube”), Lucas-Milhaupt, Inc., a Wisconsin corporation
(“Lucas”), Handy & Harman
Electronic Materials Corporation, a Florida corporation (“H&H Electronic”),
Sumco Inc., an Indiana corporation (“Sumco”), OMG Roofing, Inc., a Delaware
corporation (“OMG Roofing”), OMNI Technologies Corporation of Danville, a New
Hampshire corporation (“OMNI” and together with Parent, OMG, Continental,
Maryland Wire, H&H Tube, Camdel, Canfield, Micro-Tube, Indiana Tube, Lucas,
H&H Electronic, Sumco and OMG Roofing, each individually, a “Borrower” and
collectively, “Borrowers”), Handy & Harman of Canada, Limited, an Ontario
corporation (“H&H Canada”), ele Corporation, a California corporation
(“ele”), Alloy Ring Service Inc., a Delaware corporation (“Alloy”), Daniel
Radiator Corporation, a Texas corporation (“Daniel”), H&H Productions, Inc.,
a Delaware corporation (“H&H Productions”), Handy & Harman
Automotive Group, Inc., a Delaware corporation (“H&H Auto”), Handy &
Harman International, Ltd., a Delaware corporation (“H&H International”),
Handy & Harman Peru, Inc., a Delaware corporation (“H&H Peru”), KJ-VMI
Realty, Inc., a Delaware corporation (“KVR”), Pal-Rath Realty, Inc., a Delaware
corporation (“Pal-Rath”), Platina Laboratories, Inc., a Delaware corporation
(“Platina”), Sheffield Street Corporation, a Connecticut corporation
(“Sheffield”), SWM, Inc., a Delaware corporation (“SWM”), Willing B Wire
Corporation, a Delaware corporation (“Willing” and together with H&H Canada,
ele, Alloy, Daniel, H&H Productions, H&H Auto, H&H International,
H&H Peru, KVR, Pal-Rath, Platina, Sheffield and SWM, each individually, a
“Guarantor” and collectively, “Guarantors”), Steel Partners II, L.P., a Delaware
limited partnership, successor by assignment from Canpartners Investments IV,
LLC, in its capacity as agent pursuant to the Loan Agreement (as hereinafter
defined) acting for the financial institutions party thereto as lenders (in such
capacity, together with its successors and assigns, “Agent”), and the financial
institutions party thereto as lenders (collectively, “Lenders”). Capitalized
terms used herein which are not otherwise defined herein shall have the
respective meanings ascribed thereto in the Loan Agreement.

        

        W I T N E S S E T
H:

        

        WHEREAS,
Agent, Lenders, Borrowers and Guarantors have entered into financing
arrangements pursuant to which Lenders (or Agent on behalf of Lenders) have made
and provided and may hereafter make and provide loans, advances and other
financial accommodations to Borrowers as set forth in the Loan and Security
Agreement, dated March 31, 2004, by and among Agent, Lenders, Borrowers and
Guarantors, as amended by Amendment No. 1 to Loan and Security Agreement, dated
as of October 29, 2004, Amendment No. 2 to Loan and Security Agreement, dated as
of May 20, 2005, Amendment No. 3 and Waiver to Loan and Security Agreement,
dated as of December 29, 2005, Consent and Amendment No. 4 to Loan and Security
Agreement, dated as of January 24, 2006, Consent and Amendment No. 5 to Loan and Security
Agreement, dated as of March 31, 2006, Amendment No. 6 to Loan and Security
Agreement, dated as of July 18, 2006, Amendment No. 7 to Loan and Security
Agreement, dated as of October 30, 2006, Amendment No. 8 and Waiver to Loan and
Security 

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Agreement,
dated as of December 28, 2006, Consent and Amendment No. 9 to Loan and Security
Agreement, dated as of December 28, 2006, Amendment No. 10 and Waiver to Loan
and Security Agreement, dated as of March 29, 2007, Amendment No. 11 to Loan and
Security Agreement, dated as of July 20, 2007, Amendment No. 12 to Loan and
Security Agreement, dated as of September 10, 2007, and Amendment No. 13 to Loan
and Security Agreement, dated as of November 5, 2007, and Amendment No. 14 to
Loan and Security Agreement, dated as of February 14, 2008  (as the
same now exists or may hereafter be further amended, modified, supplemented,
extended,  renewed, restated or replaced, the “Loan Agreement”), and
the other agreements, documents and instruments referred to therein or at any
time executed and/or delivered in connection therewith or related thereto (all
of the foregoing, together with the Loan Agreement, as the same now exist or may
hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced, being collectively referred to herein as the “Financing
Agreements”);

         

        WHEREAS,
Borrowers have requested that Agent and Lenders make certain amendments to
the Loan Agreement and the other Financing Agreements, and Agent and Lenders are
willing to make such amendments, subject to terms and conditions set forth
herein;

         

        WHEREAS,
by this Amendment, Borrowers, Guarantors, Agent and Lenders desire and intend to
evidence such amendments;

         

        NOW
THEREFORE, in consideration of the foregoing, and the respective agreements and
covenants contained herein, the parties hereto agree as follows:

         

        1.      Definitions.

         

        (a)  Additional
Definitions.  As used herein, the following terms shall have
the following meanings given to them below, and the Loan Agreement and the other
Financing Agreements are hereby amended to include, in addition and not in
limitation, the following:

         

        (i)   “Amendment
No. 15” shall mean Amendment No. 15 to Loan and Security Agreement by and among
Borrowers, Guarantors, Agent and Lenders, as the same now exists or may
hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced.

         

        (ii)   “Amendment
No. 15 Effective Date” shall mean the first date on which all of the conditions
precedent to the effectiveness of Amendment No. 15 shall have been satisfied or
shall have been waived by Agent.

         

         

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

         

        (iii)   “Bairnco
Agent” shall mean Ableco Finance LLC, a Delaware limited liability company, in
its capacity as administrative agent acting for and on behalf of the Bairnco
Lenders pursuant to the Bairnco Credit Agreement, and its successors and
assigns.

         

        (iv)   “Bairnco
Companies” shall mean, collectively (together with their respective successors
and assigns, including, without limitation, a receiver, trustee or
debtor-in-possession on behalf of any of such persons or on behalf of any such
successor or assign): (a) Bairnco Corporation, a Delaware corporation, (b)
Arlon, Inc., a Delaware corporation, (c) Arlon Viscor Ltd., a Texas limited
partnership, (d) Arlon Signtech, Ltd., a Texas limited partnership, (e) Kasco
Corporation, a Delaware corporation, and (f) Southern Saw Acquisition
Corporation, a Delaware corporation; each sometimes being referred to herein
individually as a “Bairnco Company”.

         

        (v)   “Bairnco
Credit Agreement” shall mean the Credit Agreement, dated as of July 17, 2007, as
amended by Amendment No. 1 to Credit Agreement, dated as of the Amendment No. 15
Effective Date, by and among Bairnco Agent, Bairnco Lenders, and the Bairnco
Companies, as the same now exists or may hereafter be amended, modified,
supplemented, renewed, restated or replaced.

         

        (vi)   “Bairnco
Debt” shall mean all Indebtedness owing by Borrowers and Guarantors to Bairnco
Agent and Bairnco Lenders arising under or evidenced by the Bairnco Guaranty
Documents (as in effect on the Amendment No. 15 Effective Date).

         

        (vii)   “Bairnco
Guaranty Documents” shall mean, collectively, the following (as the same now
exist or may hereafter be amended, modified, supplemented, extended, renewed,
restated, refinanced or replaced): (a) the Limited Guaranty, dated as of the
Amendment No. 15 Effective Date, by Borrowers and Guarantors in favor of Bairnco
Agent and Bairnco Lenders, (b) the Security Agreement, dated as of the
Amendment No. 15 Effective Date, by Borrowers and Guarantors in favor of Bairnco
Agent and Bairnco Lenders, and (c) all other agreements, documents and
instruments at any time executed and/or delivered by any Borrower or Obligor to,
with or in favor of Bairnco Agent or any Bairnco Lender in connection therewith
or related thereto.

         

        (viii)   “Bairnco
Lenders” shall mean, collectively, Ableco Finance LLC, a Delaware limited
liability company, in its individual capacity, and the other lenders from time
to time party to the Bairnco Credit Agreement, and their respective successors
and assigns; each sometimes being referred to herein individually as a “Bairnco
Lender”.

         

        (ix)   “Bairnco
Loan Documents” shall mean, collectively, the Bairnco Credit Agreement, the
Bairnco Guaranty Documents, and all agreements, documents and instruments at any
time executed and/or delivered by any Bairnco Company, any Borrower or any
Obligor to, with or in favor of Bairnco Agent or any Bairnco Lender in
connection therewith or related thereto, as all of the foregoing now exist or
may hereafter be amended, modified, supplemented, extended, renewed, restated,
refinanced, replaced or restructured.

         

         

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

         

        (b)  Amendments to
Definitions.

         

        (i)   Intercreditor
Agreement.  The definition of “Intercreditor Agreement” in
Section 1.60 of the Loan Agreement is hereby amended by deleting such definition
in its entirety and replacing it with the following:

         

        “1.60
‘Intercreditor Agreement’ shall mean the Intercreditor and Subordination
Agreement, dated as of the Amendment No. 15 Effective Date, by and among Agent,
Bairnco Agent and Working Capital Agent, as acknowledged and agreed by Borrowers
and Guarantors, as the same now exists or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced.”

         

        (c)  Interpretation.  Capitalized
terms used herein which are not otherwise defined herein shall have the
respective meanings ascribed thereto in the Loan Agreement.

         

        2.      Encumbrances.  Section
9.8 of the Loan Agreement is hereby amended by (a) deleting “and” appearing
at the end of subsection (n) of such Section, (b) deleting the period
appearing at the end of subsection (o) of such Section and replacing it with “;
and” and (c) adding the following new subsection (p) at the end of such
Section:

         

        “(p) the security interests in and
liens upon the Collateral in favor of Bairnco Agent to secure the Indebtedness
permitted by Section 9.9(n) hereof, provided, that, such security
interests in and liens are and shall at all times be subject and subordinate to
the security interests and liens therein of Working Capital Agent pursuant to
the terms of the Intercreditor Agreement.”

         

        3.      Indebtedness.  Section
9.9 of the Loan Agreement is hereby amended by (a) deleting the period
appearing at the end of clause (n) of such Section and replacing it with “; and”
and (b) adding the following new clause (o) as the end of such
Section:

         

        “(o)  the
Bairnco Debt, provided, that each of the
following conditions is satisfied as determined by Agent:

         

        (i)  the
aggregate amount of the Bairnco Debt shall not exceed $10,000,000;

         

        (ii)  Agent
shall have received true, correct and complete copies of all of the Bairnco Loan
Documents, as duly authorized, executed and delivered by the parties
thereto;

         

        (iii)  the
Bairnco Debt shall be on terms and conditions acceptable to Agent and shall be
subject and subordinate in right of payment to the rights of Working Capital
Agent and Working Capital Lenders, and Bairnco Agent and Bairnco Lenders to
receive the prior indefeasible payment and satisfaction in full payment of all
of the Obligations pursuant to the terms of the Intercreditor
Agreement;

         

         

        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

         

        (iv)  Borrowers
and Guarantors shall not, directly or indirectly, make, or be required to make,
any payments in respect of the Bairnco Debt, except as permitted by the terms of
the Intercreditor Agreement;

         

        (v)  Borrowers
and Guarantors shall not, directly or indirectly, (A) amend, modify, alter
or change the terms of the Bairnco Debt or any of the Bairnco Guaranty
Documents, except, that, Borrowers and Guarantors may amend, modify, alter or
change the terms thereof in a manner which is not adverse to the interests of
Borrowers, Guarantors, Agent or Lenders in any material respect, or (B) redeem,
retire, defease, purchase or otherwise acquire the Bairnco Debt, or set aside or
otherwise deposit or invest any sums for such purpose; and

         

        (vi)  Borrowers
and Guarantors shall furnish to Agent all notices or demands in connection with
the Bairnco Debt either received by any Borrower or Guarantor or on its behalf
promptly after the receipt thereof, or sent by any Borrower or Guarantor or on
its behalf concurrently with the sending thereof, as the case may
be.”

         

        4.      Limitation of Restrictions
Affecting Subsidiaries.  Clause (ii) of Section 9.16(b) of the
Loan Agreement is hereby amended by deleting such clause in its entirety and
replacing it with the following:

         

        “(ii) this
Agreement, the Working Capital Loan Agreement (as in effect on the Amendment No.
15 Effective Date) or the Bairnco Guaranty Documents (as in effect on the
Amendment No. 15 Effective Date);”.

         

        5.      Intercreditor
Agreement.  Each Lender hereby (a) consents to the terms and
provisions of the Intercreditor Agreement, (b) agrees that it is and will be
bound (as a Lender) by the terms and conditions of the Intercreditor Agreement,
whether or not such Lender executes the Intercreditor Agreement, (c) authorizes
Agent to enter into the Intercreditor Agreement, and (d) will not take any
actions contrary to the provisions of the Intercreditor Agreement.

         

        6.      Conditions
Precedent.  The provisions contained herein shall only be
effective upon the satisfaction of each of the following conditions precedent in
a manner satisfactory to Agent:

         

        (a)  Agent
shall have received this Amendment, duly authorized, executed and delivered by
Borrowers, Guarantors and the Required Lenders;

         

        (b)  Agent
shall have received, in form and substance satisfactory to Agent, the
Intercreditor Agreement, duly authorized, executed and delivered by Bairnco
Agent and Working Capital Agent and acknowledged by Borrowers and Guarantors,
which Bairnco Intercreditor Agreement shall be in full force and
effect;

         

        (c)  Agent
shall have received, in form and substance satisfactory to Agent, Amendment No.
19 to Loan and Security Agreement (the “Working Capital Amendment No. 19”), duly
authorized, executed and delivered by Working Capital Agent, Working Capital
Lenders, Borrowers and Guarantors, which Working Capital Amendment No. 19 shall
be in full force and effect;

         

         

        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

         

        (d)  Agent
shall have received, in form and substance satisfactory to Agent, a true and
correct copy of any consent, waiver or approval to or of this Amendment which
any Borrower or Guarantor is required to obtain from any other Person;
and

         

        (e)  no
Default or Event of Default shall have occurred and be continuing immediately
before and after giving effect hereto.

         

        7.      Representations, Warranties
and Covenants.  Each Borrower and Guarantor hereby represents
and warrants to Agent and Lenders the following (which shall survive the
execution and delivery of this Amendment), the truth and accuracy of
which  representations and warranties are a continuing condition of
the making of Loans and providing other financial accommodations to
Borrowers:

         

        (a)  each
Borrower and Guarantor is a corporation duly organized and in good standing
under the laws of its jurisdiction of incorporation and is duly qualified as a
foreign corporation and in good standing in all states, provinces or other
jurisdictions where the nature and extent of the business transacted by it or
the ownership of assets makes such qualification necessary, except for those
jurisdictions in which the failure to so qualify would not have a Material
Adverse Effect;

         

        (b)  this
Amendment and each other agreement or instrument to be executed and delivered by
Borrowers and Guarantors in connection herewith (collectively, together with
this Amendment, the “Amendment Documents”), have been duly authorized, executed
and delivered by all necessary action on the part of each of the Borrowers and
Guarantors which is a party hereto and thereto and, if necessary, their
respective stockholders and is in full force and effect as of the date hereof,
and the agreements and obligations of each of the Borrowers and Guarantors
contained herein and therein constitute the legal, valid and binding obligations
of each of the Borrowers and Guarantors, enforceable against them in accordance
with their terms, except as enforceability is limited by bankruptcy, insolvency,
moratorium or other similar laws affecting creditors’ rights generally and by
general equitable principles;

         

        (c)  the
execution, delivery and performance of this Amendment and the other Amendment
Documents (a) are all within each Borrower’s and Guarantor’s corporate powers
and (b) are not in contravention of law or the terms of any Borrower’s or
Guarantor’s certificate or articles of incorporation, by laws, or other
organizational documentation, or any indenture, agreement or undertaking
(including, without limitation, the Working Capital Loan Agreement) to which any
Borrower or Guarantor is a party or by which any Borrower or Guarantor or its
property are bound;

         

        (d)  neither
the execution and delivery of this Amendment or the other Amendment Documents,
nor the consummation of the transactions contemplated hereby or thereby, nor
compliance with the provisions hereof or thereof (i) has resulted in or
shall result in the creation or imposition of any Lien upon any of the
Collateral, except in favor of Agent, or as expressly permitted by Section 9.8
of the Loan Agreement, (ii) has resulted in or shall result in the
incurrence, creation or assumption of any Indebtedness of any Borrower or
Guarantor, except as expressly permitted under Section 9.9 of the Loan
Agreement; (iii) has violated or shall violate any applicable laws or
regulations or any order or decree of any court or Governmental Authority in any
respect; (iv) does or shall conflict with or result in the breach of, or
constitute a default in any respect under any material mortgage, deed of trust,
security agreement, agreement or instrument to which any Borrower or Guarantor
is a party or may be bound (including without limitation the Working Capital
Loan Agreement), and (v) violates or shall violate any provision of the
Certificate of Incorporation or By-Laws of any Borrower or
Guarantor;

         

         

        
          
            
            

          

          
            6

            
              

            

          

          
            
            

          

        

         

        (e)  No
action of, or filing with, or consent of any Governmental Authority, and no
consent, waiver or approval of any other third party (including without
limitation the PBGC) is required to authorize, or is otherwise required in
connection with, the execution, delivery and performance of this Amendment or
the other Amendment Documents;

         

        (f)  all
of the representations and warranties set forth in the Loan Agreement and the
other Financing Agreements, each as amended hereby, are true and correct in all
material respects on and as of the date hereof as if made on the date hereof,
except to the extent any such representation or warranty is made as of a
specified date, in which case such representation or warranty shall have been
true and correct in all material respects as of such date;

         

        (g)  the
Working Capital Amendment No. 19 has been executed and delivered by all parties
thereto and is in full force and effect; and

         

        (h)  no
Default or Event of Default exists or has occurred and is continuing on the date
hereof.

         

        8.      General
Release.  Each Borrower and Guarantor may have certain Claims
(as hereinafter defined) against the Released Parties (as hereinafter defined)
regarding or relating to the Loan Agreement or the other Financing
Agreements.  Agent, Lenders, Borrowers and Guarantors desire to
resolve each and every one of such Claims in conjunction with the execution of
this Amendment and thus each Borrower and Guarantor makes the release contained
in this Section.  In consideration of Agent’s and Lenders’ entering
into this Amendment and agreeing to the substantial concessions as set forth
herein, each Borrower and Guarantor hereby fully and unconditionally releases
and forever discharges Agent and each Lender and their respective directors,
officers, employees, subsidiaries, branches, affiliates, attorneys, agents,
representatives, successors and assigns and all persons, firms, corporations and
organizations acting on any of their behalves (collectively, the “Released
Parties”), of and from any and all claims, allegations, causes of action, costs
or demands and liabilities, of whatever kind or nature, from the beginning of
the world to the date on which this Amendment is executed, whether known or
unknown, liquidated or unliquidated, fixed or contingent, asserted or
unasserted, foreseen or unforeseen, matured or unmatured, suspected or
unsuspected, anticipated or unanticipated, which such Borrower or Guarantor has,
had, claims to have had or hereafter claims to have against the Released Parties
by reason of any act or omission on the part of the Released Parties, or any of
them, occurring prior to the date on which this Amendment is executed, including
on account of or in any way affecting, concerning or arising out of or founded
upon this Amendment up to and including the date on which this Amendment is
executed, including all such loss or damage of any kind heretofore sustained or
that may arise as a consequence of the dealings among the parties up to

         

         

        
          
            
            

          

          
            7

            
              

            

          

          
            
            

          

           

        

        and
including the date on which this Amendment is executed, including the
administration or enforcement of the Loans, the Obligations, the Loan Agreement
or any of the other Financing Agreements (collectively, all of the foregoing are
the “Claims”).  Each Borrower and Guarantor represents and warrants
that it has no knowledge of any claim by it against the Released Parties or of
any facts or acts or omissions of the Released Parties which on the date hereof
would be the basis of a claim by such Borrower or Guarantor against the Released
Parties which is not released hereby.  Each Borrower and Guarantor
represents and warrants that the foregoing constitutes a full and complete
release of all Claims.

         

        9.      Effect of this
Agreement.  Except as expressly amended pursuant hereto, no
other changes, waivers or modifications to the Financing Agreements are intended
or implied, and in all other respects the Financing Agreements are hereby
specifically ratified, restated and confirmed by all parties hereto as of the
date hereof.  To the extent that any provision of the Loan Agreement
or any of the other Financing Agreements are inconsistent with the provisions of
this Amendment, the provisions of this Amendment shall control.

         

        10.           Further
Assurances.  Borrowers and Guarantors shall execute and deliver
such additional documents and take such additional action as may be requested by
Agent to effectuate the provisions and purposes hereof.

         

        11.           Governing
Law.  The validity, interpretation and enforcement of this
Amendment and the other Financing Agreements (except as otherwise provided
therein) and any dispute arising out of the relationship between the parties
hereto, whether in contract, tort, equity or otherwise, shall be governed by the
internal laws of the State of New York but excluding any principles of conflicts
of law or other rule of law that would cause the application of the law of any
jurisdiction other than the laws of the State of New York.

         

        12.           Binding
Effect.  This Amendment shall be binding upon and inure to the
benefit of each of the parties hereto and their respective successors and
assigns.

         

        13.           Headings.  The
headings listed herein are for convenience only and do not constitute matters to
be construed in interpreting this Amendment.

         

        14.           Counterparts.  This
Amendment may be executed in any number of counterparts, each of which shall be
an original, but all of which taken together shall constitute one and the same
agreement.  Delivery of an executed counterpart of this Amendment by
telefacsimile or other electronic method of transmission shall have the same
force and effect as the delivery of an original executed counterpart of this
Amendment.  Any party delivering an executed counterpart of this
Amendment by telefacsimile or other electronic method of transmission shall also
deliver an original executed counterpart, but the failure to do so shall not
affect the validity, enforceability or binding effect of this
Amendment.

         

         

        [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

         

         

        
          
            
            

          

          
            8

            
              

            

          

          
            
            

          

        

         

        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
on the day and year first above written.

         

      

      
        

        
          	 
      
	
                  AGENT

                
	 
      
	
                  STEEL
      PARTNERS II, L.P., as Agent

                
	 
      
	
                  By:

                	/s/
      
	 
      	 
      
	
                  Title:

                	 
      
	 
      

        

        

        

        

         

        

        

        

        

        

         [SIGNATURE
PAGES CONTINUE ON NEXT PAGE]

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          [SIGNATURE
PAGES CONTINUED FROM PREVIOUS PAGE]

          

          
            	 
      
	
                    BORROWERS

                  
	 
      
	
                    HANDY
      & HARMAN

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                    Title:
      

                  
	 
      
	 
      
	
                    OMG,
      INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	 
      
	
                    CONTINENTAL
      INDUSTRIES, INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	 
      
	
                    MARYLAND
      SPECIALTY WIRE, INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	 
      
	
                    HANDY
      & HARMAN TUBE COMPANY, INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	 
      
	
                    CAMDEL
      METALS CORPORATION

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	 
      
	
                    CANFIELD
      METAL COATING CORPORATION

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      

          

           

          [SIGNATURE
PAGES CONTINUE ON NEXT PAGE]

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          [SIGNATURE
PAGES CONTINUED FROM PREVIOUS PAGE]

          

          
            	 
      
	
                    MICRO-TUBE
      FABRICATORS, INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	 
      
	
                    INDIANA
      TUBE CORPORATION

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	 
      
	
                    LUCAS-MILHAUPT,
      INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	 
      
	
                    HANDY
      & HARMAN ELECTRONIC MATERIALS CORPORATION

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	 
      
	
                    SUMCO
      INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	 
      
	
                    OMG
      ROOFING, INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	 
      
	
                    OMNI
      TECHNOLOGIES CORPORATION OF DANVILLE

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  

          

          

           

          [SIGNATURE
PAGES CONTINUE ON NEXT PAGE]

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          [SIGNATURE
PAGES CONTINUED FROM PREVIOUS PAGE]

           

          

          
            	
                    GUARANTORS

                  
	 
      
	
                    HANDY
      & HARMAN OF CANADA, LIMITED

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	
                    ELE
      CORPORATION

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	
                    ALLOY
      RING SERVICE INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	
                    DANIEL
      RADIATOR CORPORATION

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	
                    H&H
      PRODUCTIONS, INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	
                    HANDY
      & HARMAN AUTOMOTIVE GROUP, INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	
                    HANDY
      & HARMAN INTERNATIONAL, LTD.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  

          

          

           

          [SIGNATURE
PAGES CONTINUE ON NEXT PAGE]

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          [SIGNATURE
PAGES CONTINUED FROM PREVIOUS PAGE]

           

          

          
            	
                    HANDY
      & HARMAN PERU, INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	
                    KJ-VMI
      REALTY, INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	
                    PAL-RATH
      REALTY, INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	
                    PLATINA
      LABORATORIES, INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	
                    SHEFFIELD
      STREET CORPORATION

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	
                    SWM,
      INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                          
                      Name:
      

                    

                  
	 
      	
                          
                      Title:
      

                    

                  
	 
      
	
                    WILLING
      B WIRE CORPORATION

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  
	 
      	
                    Name:
      

                  
	 
      	
                          
                      Title:ex444to10k06447_12312007.htm

    Exhibit 4.44

     

    
      AMENDMENT
NO. 1 TO CREDIT AGREEMENT

      

      THIS
AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of February 14, 2008 (this “Amendment”), by and
among the lenders identified on the signature pages hereof (such lenders,
together with their respective successors and permitted assigns, are referred to
hereinafter each individually as a “Lender” and collectively as the “Lenders”), WELLS FARGO FOOTHILL,
INC., a
California corporation, as the administrative agent for the Lenders (in such
capacity, together with its successors and assigns in such capacity, “Agent”), BAIRNCO CORPORATION, a
Delaware corporation (“Parent”), each of
Parent’s Subsidiaries identified on the signature pages hereof as a Borrower
(such Subsidiaries, together with Parent, are referred to hereinafter each
individually as a “Borrower”, and
collectively, jointly and severally, as the “Borrowers”) and the
Guarantors signatory hereto.

      

      WHEREAS,
Borrowers, Agent and the Lenders are parties to that certain Credit Agreement,
dated as of July 17, 2007 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”;
unless otherwise defined herein, all capitalized terms used in this Amendment
shall have the meanings ascribed to such terms in the Credit
Agreement);

      

      WHEREAS,
the Borrowers and the Guarantors have requested that Agent and the Lenders
modify the Credit Agreement to provide grants of additional collateral in return
for waivers of certain defaults; and

      

      WHEREAS,
Agent and the Lenders are willing to consent to such requested modification on
and subject to the terms set forth herein;

      

      NOW
THEREFORE, in consideration of the premises and other good and valuable
consideration, the parties hereto hereby agree as follows:

      

      1.           Definitions. Any
capitalized term used herein and not defined shall have the meaning assigned to
it in the Credit Agreement.

       

      2.           Amendments to the Credit
Agreement.

       

      (a)           New
Definitions.  Schedule 1.1 to the
Credit Agreement, Definitions, is
hereby modified and amended by adding the following definitions in the
appropriate alphabetical order:

       

      ““Amendment No. 1”
means Amendment No. 1 to Credit Agreement, dated as of February 14, 2008, by and
among the Loan Parties, Agent and the Required Lenders.

       

      “Amendment No. 1 Effective
Date” means the date Amendment No. 1 becomes effective pursuant to
Section 3 of Amendment No. 1.

       

      “H&H” means Handy
& Harman, a New York corporation.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       “H&H Security
Agreement” means the Pledge and Security Agreement dated as of February
14, 2008, made by H&H and certain of its Subsidiaries in favor of the Second
Lien Agent.

       

      “Release Conditions”
means the date upon which Parent and its Subsidiaries (i) have complied with the
Leverage Ratio covenant in Section 6.16(c) of
the Credit Agreement (as in effect prior to the Amendment No. 1 Effective Date)
for a period of not less than two consecutive fiscal quarters ending after the
Amendment No. 1 Effective Date and (ii) have Availability of at least
$4,000,000, before and after giving effect to any proposed release, distribution
or payment, as the case may be.

       

      “Rights Offering”
means the rights offering by WHX, estimated to be consummated on or before March
31, 2008, pursuant to which WHX is distributing to the holders of its common
stock subscription rights to purchase shares for up to an aggregate purchase
price of $200,000,000.

       

      “Rights Offering
Payment” means a $10,000,000 prepayment of the Term Loan from the
proceeds of the Rights Offering, provided that if less
than $10,000,000 of the Term Loan is outstanding on the date of such prepayment,
the remaining portion of such proceeds not applied to the Term Loan shall be
applied to prepay the Second Lien Indebtedness.

       

      “Steel Partners” means
Steel Partners II, L.P., a Delaware limited partnership.

       

      “Steel Partners Junior
Investment” means a subordinated investment (which may be in the form of
an equity investment or subordinated indebtedness) made after the Amendment No.
1 Effective Date by Steel Partners or WHX, directly or indirectly, in the
Parent, on terms and conditions, to the extent it is Indebtedness, reasonably
equivalent to the Subordinated Indebtedness outstanding on the Amendment No. 1
Effective Date, in an amount equal to (x) $10,000,000 minus (y) any Rights
Offering Payment, the proceeds of which were used to prepay the Term Loan;
provided that if less than $10,000,000 of the Term Loan is outstanding on the
date of such prepayment, the remaining portion of such proceeds not applied to
the Term Loan shall be applied to the Second Lien Indebtedness; provided, further, that such
subordinated investment may replace, all or in part, the Steel Partners Working
Capital Guaranty.

       

      “Steel Partners Working
Capital Guaranty” means a limited guaranty made by Steel Partners in
favor of Agent and the Second Lien Agent, in form as attached hereto as Exhibit
A, pursuant to which Steel Partners will guaranty the payment of the Obligations
and the Second Lien Indebtedness in an amount equal to (i) $10,000,000 minus
(ii) any Rights Offering Payment; provided, that (x)
such guaranty shall be enforceable no earlier than twelve months after the
occurrence of an Event of Default that has not been cured or waived and (y)
payments made by Steel Partners thereunder shall be applied, first, to the Term
Loan until paid in full and, second, to the Second Lien Indebtedness; provided, further, that such
limited guaranty may be replaced, all or in part, with the Steel Partners Junior
Investment.”

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      (b)           Existing Definitions.
Schedule 1.1 to
the Credit Agreement, Definitions, is
hereby modified and amended by deleting the following definitions in their
entirety and inserting in lieu thereof the following:

       

      ““EBITDA” means, with
respect to any fiscal period, Parent’s and its Subsidiaries’ consolidated net
earnings (or loss), minus
extraordinary gains, interest income, plus
interest expense, income taxes, and depreciation and amortization for such
period, plus
or
minus, as the case may be, deferred financing costs that are written off
so long as such costs arise from financings effectuated prior to the Closing
Date, non cash amortization of deferred financing costs related to the
Obligations and the Second Lien Indebtedness, non cash gains or losses arising
from the sale of capital assets, non cash gains or losses arising from the write
up or write down of assets (including the non cash write down associated with
the JD Edwards system), non-cash period pension costs or credit related to any
existing Employee Plan, and any non cash extraordinary gains or losses (in each
case, to the extent included in determining net income) for such period, in each
case, determined on a consolidated basis in accordance with GAAP; provided, that for
the calculations contemplated in Section 6.16 of the
Agreement, EBITDA shall be determined (A) before any Approved Addback Expenses,
(B) before Kasco Non-recurring Expenses, (C) before actual costs and expenses
related to the sale process of Kasco incurred on or prior to December 31, 2008,
(D) before any moving expenses and any related plant closure or asset disposal
expenses of Arlon Signtech, Ltd. incurred on or prior to December 31, 2008 and
(E) before actual costs and expenses related to the transactions contemplated by
this Agreement in an aggregate amount not to exceed $500,000, in each case to
the extent such items impact net income.

       

      “Guarantors” means (a)
Parent, (b) each Subsidiary of Parent (other than Borrowers, or any other
Subsidiary that is a CFC and that is not required to guaranty the Obligations
pursuant to Section 5.16), and (c) solely for purposes of Sections 4.9, 14.1(i),
15.12 and 17.8 of this Agreement, if the Steel Partners Working Capital Guaranty
has been duly executed and delivered to Agent and has not been terminated, Steel
Partners, and “Guarantor” means each
of (a) and (b) above and, solely for purposes of Sections 4.9, 14.1(i), 15.12
and 17.8 of this Agreement, (c) above.”

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      (c)           Inventory Sublimit.
Schedule 1.1 to
the Credit Agreement, Definitions, is
hereby further modified and amended by (i) deleting the word “and” at the end of
clause (d)(iii) of the definition of Borrowing Base and replacing it with the
word “minus” and (ii) deleting clause (d)(iv) of the definition of Borrowing
Base in its entirety.

       

      (d)           Section 6.7(b) of the
Credit Agreement, Prepayment and
Amendments, is hereby amended and restated in its entirety to read as
follows:

       

      “(b)           make
any payment on account of the Steel Partners Junior Investment, the Steel
Partners Working Capital Guaranty, any Rights Offering Payment, or any
Indebtedness that has been contractually subordinated in right of payment if
such payment is not permitted at such time under the subordination terms and
conditions; provided, however, so long as
no Event of Default has occurred and is continuing after giving effect to any
repayment, (i) the Steel Partners Junior Investment may be repaid and the Steel
Partners Working Capital Guaranty may be terminated by the Parent so long as the
Release Conditions have been satisfied, (ii) the Steel Partners Junior
Investment and the Rights Offering Payment may be repaid or the amount of the
Steel Partners Working Capital Guaranty may be reduced by the Parent from the
proceeds of (x) tax refunds received by the Parent and its Subsidiaries, not in
excess of $3,000,000 in the aggregate, (y) the Canadian pension overfunding, not
in excess of $2,000,000 in the aggregate, and (z) other cash contributions made
by WHX or Steel Partners, and (iii) the Steel Partners Working Capital Guaranty
shall be terminated if its amount is reduced to zero; provided, that in the
case of any subordinated debt of the Parent and its Subsidiaries to Steel
Partners, such subordinated debt may be repaid if the following conditions are
met: (x) the Release Conditions have been met, (y) the Rights Offering Payment
has been fully made, the Steel Partners Junior Investment was made or the Steel
Partners Working Capital Guaranty is in effect, and (z) the funds used to repay
such subordinated debt are derived solely from an equity or debt infusion by WHX
or Steel Partners (in addition to their respective commitment under Amendment
No. 1 or this Agreement), on terms no more favorable to Steel Partners than the
terms of the Subordinated Indebtedness outstanding on the Amendment No. 1
Effective Date; or”

       

      (f)           Section 6.10 of the
Credit Agreement, Distributions, is
hereby amended and restated in its entirety to read as follows:

       

      “6.10                          Distributions. Make
any distribution or declare or pay any dividends (in cash or other property,
other than common Stock of the Parent) on, or purchase, acquire, redeem, or
retire any of Parent's Stock, of any class, whether now or hereafter
outstanding, except for distributions permitted under Section 6.7(b) in
connection with the repayment of any Steel Partners Junior Investment and/or
Rights Offering Payment.”

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (g)           Section 6.16(a) of
the Credit Agreement, Minimum TTM EBITDA,
is hereby amended and restated in its entirety to read as follows:

       

      “(a)           Minimum TTM
EBITDA.  Permit TTM EBITDA to be less than the required amount
set forth in the following table for the applicable period set forth opposite
thereto:

       

      
        	
                Applicable
      Amount

                 

              	
                Applicable
      Period

              
	
                $14,000,000

              	
                For
      the 12- month period

                ending
      March 31, 2008

              
	
                $14,500,000

              	
                For
      the 12- month period

                ending
      June 30, 2008

              
	
                $15,000,000

              	
                For
      the 12- month period

                ending
      September 30, 2008

              
	
                $15,500,000

              	
                For
      the 12- month period

                ending
      December 31, 2008

              
	
                $16,000,000

              	
                For
      the 12- month period

                ending
      March 31, 2009

              
	
                $16,500,000

              	
                For
      the 12- month period

                ending
      June 30, 2009

              
	
                $17,000,000

              	
                For
      the 12- month period

                ending
      September 30, 2009

              
	
                $17,500,000

              	
                For
      the 12- month period

                ending
      December 31, 2009

              
	
                $18,000,000

              	
                For
      the 12- month period ending March 31, 2010 

                and
      ending each fiscal quarter
thereafter”

              

      

      

       

      (h)           Section 6.16(b) of
the Credit Agreement, Fixed Charge Coverage
Ratio, is hereby amended and restated in its entirety to read as
follows:

       

      “(b)           Fixed Charge Coverage
Ratio.  Have a Fixed Charge Coverage Ratio, measured on a
quarterly basis, less than the required amount set forth in the following table
for the applicable period set forth opposite thereto:

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      
 

      
        	
                Applicable
      Ratio

                 

              	
                Applicable
      Period

              
	
                0.75:1.0

              	
                For
      the 12- month period

                ending
      March 31, 2008

              
	
                0.75:1.0

              	
                For
      the 12- month period

                ending
      June 30, 2008

              
	
                0.75:1.0

              	
                For
      the 12- month period

                ending
      September 30, 2008

              
	
                0.75:1.0

              	
                For
      the 12- month period

                ending
      December 31, 2008

              
	
                0.80:1.0

              	
                For
      the 12- month period

                ending
      March 31, 2009

              
	
                0.85:1.0

              	
                For
      the 12- month period

                ending
      June 30, 2009

              
	
                0.90:1.0

              	
                For
      the 12- month period

                ending
      September 30, 2009

              
	
                0.95:1.0

              	
                For
      the 12- month period

                ending
      December 31, 2009

              
	
                1.0:1.0

              	
                For
      the 12- month period ending March 31, 2010 

                and
      ending each fiscal quarter
thereafter”

              

      

      

       

      (i)           Section 6.16(c) of
the Credit Agreement, Leverage Ratio, is
hereby amended and restated in its entirety to read as follows:

       

      “(c)           Leverage
Ratio.  Have a Leverage Ratio, measured on a quarterly basis,
more than the applicable ratio set forth in the following table for the
applicable date set forth opposite thereto:

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

       

      
        	
                Applicable
      Ratio

                 

              	
                Applicable
      Date

              
	
                6.74:1.0

              	
                March
      31, 2008

              
	
                6.48:1.0

              	
                June
      30, 2008

              
	
                6.09:1.0

              	
                September
      30, 2008

              
	
                5.68:1.0

              	
                December
      31, 2008

              
	
                5.53:1.0

              	
                March
      31, 2009

              
	
                5.38:1.0

              	
                June
      30, 2009

              
	
                5.23:1.0

              	
                September
      30, 2009

              
	
                5.08:1.0

              	
                December
      31, 2009

              
	
                5.00:1.0

              	
                March
      31, 2010 and the last day of each 

                fiscal
      quarter thereafter

              

      

      

      (j)           Section
7 is hereby amended by adding Section 7.17 to the
Credit Agreement immediately following Section 7.16, to read
as follows:

       

      7.17           The
failure of the Borrowers to deliver to Agent by March 31, 2008 either (i) the
Steel Partners Working Capital Guaranty duly executed by Steel Partners or (ii)
evidence of the Steel Partners Junior Investment, unless prior to such date
Agent received evidence that (A) the Rights Offering was completed and (B) the
Rights Offering Payment of at least $10,000,000 was made.”

       

      3.           Consent to Merger of Pension
Plans.  As of the Amendment No. 1 Effective Date, Agent and the
Lenders hereby consent to the merger of the Parent’s pension plan with and into
the pension plan of WHX.

       

      4.           Conditions to
Effectiveness.  The effectiveness of this Amendment is subject
to the fulfillment, in a manner satisfactory to Agent and the Lenders, of each
of the following conditions precedent (the date such conditions are fulfilled or
waived by Agent and the Lenders is hereinafter referred to as the “Amendment No. 1 Effective
Date”):

       

      (a)           Representations and
Warranties; No Event of Default.  The representations and
warranties herein, in Section 4 of the Credit Agreement and in each other Loan
Document and certificate or other writing delivered to Agent and the Lenders
pursuant hereto on or prior to the Amendment No. 1 Effective Date shall be true
and correct in all material respects (except that such materiality qualifier
shall not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof) after giving effect to
this Amendment on and as of the Amendment No. 1 Effective Date as though made on
and as of such date (except to the extent such representations and warranties
expressly relate to an earlier date), and no Default or Event of Default shall
have occurred and be continuing on the Amendment No. 1 Effective Date or would
result from this Amendment becoming effective in accordance with its
terms.

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      (b)           Payment of Fees,
Etc.  The Borrowers shall have paid all fees, costs, expenses
and taxes payable on the Amendment No. 1 Effective Date by the Borrowers
pursuant to Section 17.10 of the Credit Agreement.

       

      (c)           Delivery of
Documents.  Agent and the Lenders shall have received the
following, each in form and substance satisfactory to Agent and, unless
indicated otherwise, dated the Amendment No. 1 Effective Date:

       

      (i)           counterparts
of this Amendment, duly executed by the Required Lenders, Agent, each Loan
Party;

       

      (ii)          a
certified copy of (A) a limited guaranty duly executed by H&H and its
applicable Subsidiaries in favor of the Second Lien Agent, and (B) the H&H
Security Agreement, duly executed by H&H, each of it’s applicable
Subsidiaries, and the Second Lien Agent;

       

      (iii)         a
certified copy of that certain subordination and intercreditor agreement among
Second Lien Agent, Wachovia Bank, N.A. and Steel Partners, duly executed by the
parties thereto;

       

      (iv)        a
fully executed amendment and consent containing the
corresponding  amendment to those contained herein (where applicable)
under the Second Lien Credit Agreement, which shall be in form and substance
satisfactory to Agent;

       

      (v)         a
certificate of an officer of each Loan Party, certifying that such Loan Party
has not amended or otherwise modified (A) its charter, certificate of formation
or other organizational document or (B) its by-laws, operating agreement or
other similar agreement, in each case since the Closing Date (or, if any such
organizational document has been amended or otherwise modified, attaching a
true, correct and complete copy of such amendment or modification);

       

      (vi)        a
certificate of an officer of each Loan Party, certifying as to the matters set
forth in subsection (a) of this Section 4;

       

      (vii)       such
other agreements, instruments, approvals, opinions and other documents as Agent
may reasonably request.

       

      5.           Representations and
Warranties.  Each of the Borrowers and the Guarantors
represents and warrants as follows:

       

      (a)           The
execution, delivery and performance by the Borrowers or such Guarantor of this
Amendment and the performance by the Borrowers or such Guarantor of the Credit
Agreement, as amended hereby, have been duly authorized by all necessary action,
and the Borrowers has all requisite power, authority and legal right to execute,
deliver and perform this Amendment and to perform the Credit Agreement, as
amended hereby.

       

      (b)           This
Amendment and the Credit Agreement, as amended hereby, is a legal, valid and
binding obligation of the Borrowers or such Guarantor, enforceable against the
Borrowers or such Guarantor in accordance with the terms thereof, except as
enforcement may be limited by equitable principles or by bankruptcy, insolvency,
reorganization, moratorium, or similar laws relating to or limiting creditors’
rights generally.

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      (c)           The
representations and warranties contained in Section 4 of the Credit Agreement
are true and correct in all material respects (except that such materiality
qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof) after
giving effect to this Amendment on and as of the Amendment No. 1 Effective Date
as though made on and as of the Amendment No. 1 Effective Date (except to the
extent such representations and warranties expressly relate to an earlier date),
and no Event of Default or Default has occurred and is continuing on and as of
the Amendment No. 1 Effective Date, or would result from this Amendment becoming
effective in accordance with its terms.

       

      (d)           To
the Borrowers’ knowledge, the merger of the Parent’s pension plan with and into
the pension plan of WHX shall not result in additional cost or liability to
Parent.

       

      6.           Reaffirmations and
Acknowledgments. 

       

      (a)           Reaffirmation of
Guaranty.  Each Guarantor consents to the execution and
delivery by the Borrowers of this Amendment and jointly and severally ratify and
confirm the terms of the Guaranty contained in Article 3 of the Credit Agreement
with respect to the indebtedness now or hereafter outstanding under the Credit
Agreement as amended hereby and all promissory notes issued
thereunder.

       

      (b)           Acknowledgment of Security
Interests. Each Loan Party hereby acknowledges that, as of the date
hereof, the security interests and Liens granted to Agent and the Lenders under
the Credit Agreement and the other Loan Documents are in full force and effect
and are enforceable in accordance with the terms of the Credit Agreement and the
other Loan Documents.

       

      7.           Consent to H&H Security
Documents.  Notwithstanding anything to the contrary contained
in the Credit Agreement or the Intercreditor Agreement,  each of Agent
and the Lenders does hereby consent to the execution and delivery of (A) that
certain limited guaranty duly executed by H&H and its applicable
Subsidiaries in favor of the Second Lien Agent, and (B) the H&H Security
Agreement, duly executed by H&H, each of it’s applicable Subsidiaries, and
the Second Lien Agent; together with such mortgages, title and surveys delivered
pursuant to Amendment No.1 to the Second Lien Credit Agreement, in each case (i)
in the form delivered to Agent in connection herewith or, with respect to any
documents delivered after the date hereof, which include terms and conditions
that provide the Second Lien Agent with no greater rights than the rights
contained in the existing Mortgages (as defined in the Second Lien Credit
Agreement) and (ii) for so long as the Borrower shall have not satisfied the
Release Conditions or Replacement Conditions (as defined in the Second Lien
Credit Agreement).

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      8.           Miscellaneous.

       

      (a)             Continued Effectiveness of
the Credit Agreement.  Except as otherwise expressly provided
herein, the Credit Agreement and the other Loan Documents are, and shall
continue to be, in full force and effect and are hereby ratified and confirmed
in all respects, except that on and after the Amendment No. 1 Effective Date (i)
all references in the Credit Agreement to “this Agreement”, “hereto”, “hereof”,
“hereunder” or words of like import referring to the Credit Agreement shall mean
the Credit Agreement as amended by this Amendment, and (ii) all references in
the other Loan Documents to the “Credit Agreement”, “thereto”, “thereof”,
“thereunder” or words of like import referring to the Credit Agreement shall
mean the Credit Agreement as amended by this Amendment.  To the extent
that the Credit Agreement or any other Loan Document purports to pledge to
Agent, or to grant to Agent, a security interest or lien, such pledge or grant
is hereby ratified and confirmed in all respects.  Except as expressly
provided herein, the execution, delivery and effectiveness of this Amendment
shall not operate as an amendment of any right, power or remedy of Agent and the
Lenders (including the Issuing Lender) under the Credit Agreement or any other
Loan Document, nor constitute an amendment of any provision of the Credit
Agreement or any other Loan Document.

       

      (b)             Counterparts.  This
Amendment may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which shall be deemed to be an
original, but all of which taken together shall constitute one and the same
agreement.  Delivery of an executed counterpart of this Amendment by
telefacsimile or electronic mail shall be equally as effective as delivery of an
original executed counterpart of this Amendment.

       

      (c)             Headings.  Section
headings herein are included for convenience of reference only and shall not
constitute a part of this Amendment for any other purpose.

       

      (d)             Costs and
Expenses.  The Borrowers agree to pay on demand all reasonable
fees, costs and expenses of Agent and the Lenders in connection with the
preparation, execution and delivery of this Amendment.

       

      (e)             Amendment as Loan
Document.  The Borrowers and each Guarantor hereby acknowledge
and agree that this Amendment constitutes a “Loan Document” under the Credit
Agreement.  Accordingly, it shall be an Event of Default under the
Credit Agreement if (i) any representation or warranty made by the Borrowers or
any Guarantor under or in connection with this Amendment shall have been untrue,
false or misleading in any material respect when made, or (ii) the Borrowers or
any Guarantor shall fail to perform or observe any term, covenant or agreement
contained in this Amendment.

       

      (f)             Governing
Law.  This Amendment shall be governed by the laws of the State
of New York.

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      (g)             Waiver of Jury
Trial.  THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AMENDMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
COMMON LAW OR STATUTORY CLAIMS.

       

       

      [Remainder
of this Page Intentionally Left Bank.]

       

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      
        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
and delivered as of the date first above written.

        

        
          	
                  BORROWERS:

                	
                  ARLON, INC.,
      

                  a
      Delaware corporation

                
	 
      	 
      
	 
      	
                  By:

                	/s/
        
	 
      	
                  Title:

                	 
      
	 
      	 
      
	 
      	
                  ARLON
      VISCOR LTD.,

                  a
      Texas limited partnership

                
	 
      	 
      
	 
      	
                  By:

                	
                  Arlon
      Partners, Inc.,

                
	 
      	 
      	
                  Its
      General Partner

                
	 
      	 
      
	 
      	
                  By:

                	/s/  
      
	 
      	
                  Title:

                	 
      
	 
      	 
      
	 
      	
                  ARLON SIGNTECH,
      LTD.,

                  a
      Texas limited partnership

                
	 
      	 
      
	 
      	
                  By:

                	
                  Arlon
      Partners, Inc.,

                
	 
      	 
      	
                  Its
      General Partner

                
	 
      	 
      
	 
      	
                  By:

                	/s/  
      
	 
      	
                  Title:

                	 
      
	 
      	 
      
	 
      	
                  KASCO
      CORPORATION,

                  a
      Delaware corporation

                
	 
      	 
      
	 
      	
                  By:

                	/s/  
      
	 
      	
                  Title:

                	 
      
	 
      	 
      
	 
      	
                  SOUTHERN
      SAW ACQUISITION CORPORATION,

                  a
      Delaware corporation

                
	 
      	 
      
	 
      	
                  By:

                	/s/  
      
	 
      	
                  Title:

                	 
      
	 
      	 
      
	
                  PARENT:

                	
                  BAIRNCO
      CORPORATION,

                  a
      Delaware corporation

                
	 
      	 
      
	 
      	
                  By:

                	/s/  
      
	 
      	
                  Title:

                	 
      

        

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

          
            	
                    SUBSIDIARY
      GUARANTORS:

                  	
                    ARLON PARTNERS, INC., a
      Delaware corporation

                  
	 
      	 
      
	 
      	
                    By:

                  	/s/  
      
	 
      	
                    Title:

                  	 
      
	 
      	 
      
	 
      	
                    ARLON
      MED INTERNATIONAL LLC,

                    a
      Delaware limited liability company

                  
	 
      	 
      
	 
      	
                    By:

                  	/s/  
      
	 
      	
                    Title:

                  	 
      
	 
      	 
      
	 
      	
                    ARLON ADHESIVES & FILMS,
      INC.,

                    a
      Texas corporation

                  
	 
      	 
      
	 
      	
                    By:

                  	/s/  
      
	 
      	
                    Title:

                  	 
      
	 
      	 
      
	 
      	
                    KASCO MEXICO LLC,
      a Delaware limited liability company

                  
	 
      	 
      
	 
      	
                    By:

                  	/s/  
      
	 
      	
                    Title:

                  	 
      
	 
      	 
      

          

          

           

          
 

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          

          
            	
                    AGENT
      AND LENDERS:

                  	
                    WELLS
      FARGO FOOTHILL, INC.,

                    a
      California corporation, as Agent and as a

                     Lender,
      on behalf of itself and its affiliate assigns

                  
	 
      	 
      
	 
      	
                    By:

                  	/s/  
      
	 
      	
                    Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]