Preview | Loan and Security Agreement [Amendment No. 1] | Ridgepak Corporation; Standard Packaging and Printing Corp.; Niemand Industries

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Loan and Security Agreement [Amendment No. 1]

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Title:

Loan and Security Agreement [Amendment No. 1]

Entities:

Gibraltar Packaging Group Inc.; LaSalle Business Credit, Inc.; LaSalle Business Credit, LLC; Ridgepak Corporation; Standard Packaging and Printing Corp.; Niemand Industries

Date:

2003

Size:

Preview shows 3KB of 16KB total

Price:

$43

ID:

#200909

► Loans ► Loan & Security Agreements
► Financial
► Commodities ► Containers & Packaging

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                 FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT



                  THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT ("FIRST

AMENDMENT") made this 1st day of January, 2003 by and between LaSalle Business

Credit, LLC, a Delaware limited liability company (successor by merger to

LaSalle Business Credit, Inc.) ("LENDER"), 135 South LaSalle Street, Chicago,

Illinois 60603-4105, and Gibraltar Packaging Group, Inc., a Delaware

corporation, having its principal place of business at 2000 Summit Avenue,

Hastings, Nebraska 68902-2148 ("GIBRALTAR"), RidgePak Corporation, an Illinois

corporation, having its principal place of business at 1140 Hayden Street, Ft.

Wayne, Indiana 46803 ("RIDGEPAK"), Standard Packaging and Printing Corp., a

North Carolina corporation, having its principal place of business at Highway 73

West, Mt. Gilead, North Carolina 27306 ("STANDARD"), and Niemand Industries,

Inc., a Delaware corporation, having its principal place of business at 2000

Summit Avenue, Hastings, Nebraska 68902-2148 ("NIEMAND"). This First Amendment

is an amendment to that certain Loan and Security Agreement (and that certain

Supplement to Loan and Security Agreement) by and among Lender, Gibraltar,

RidgePak and Standard dated December 20, 2001 (the "LOAN AGREEMENT").

Capitalized terms not otherwise defined herein will have the meaning given to

them in the Loan Agreement.



                  WHEREAS, Borrower (as such term is defined in the Loan and

Security Agreement) has requested this First Amendment in order to permit

increased capital expenditures deemed advisable for the operation of the

Borrower;



                  NOW THEREFORE, for good and valuable consideration, the

Borrower and Lender hereby confirm the accuracy of the foregoing recital and

amend the Loan Agreement as follows:



                  1. Modifications to Loan Agreement. The Loan Agreement is

modified as follows:



                  (a) Paragraph 14(d) of the Loan Agreement is hereby deleted in

its entirety and the following is substituted therefor:



                  "(d) CAPITAL EXPENDITURE LIMITATIONS.



                           Borrower and its Subsidiaries shall not make any

                           Capital Expenditures if, after giving effect to such

                           Capital Expenditure, the aggregate cost of all such

                           fixed assets purchased or otherwise acquired would

                           exceed (i) Four Million Four Hundred Thousand Dollars

                           ($4,400,000.00) during the Fiscal Year ending June

                           30, 2003; and (ii) Two Million Five Hundred Thousand

                           Dollars ($2,500,000.00) in any Fiscal Year

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