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Document Preview Credit Agreement [Amendment No. 2] |
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Title: |
Credit Agreement [Amendment No. 2] |
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Entities: |
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Date: |
2000 |
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Preview shows 7KB of 24KB total |
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Price: |
$38 |
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ID: |
#364657 |
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SECOND AMENDMENT TO CREDIT AGREEMENT
THIS SECOND AMENDMENT TO CREDIT AGREEMENT (the "Second Amendment") dated as
of July 10, 2000, is to that Credit Agreement dated as of August 28, 1998, as
amended by that certain First Amendment to Credit Agreement dated as of December
18, 1998 (as may be further amended and modified from time to time, the "Credit
Agreement"; terms used but not otherwise defined herein shall have the meanings
provided in the Credit Agreement), by and among TUFCO, L.P., a Delaware limited
partnership (the "Borrower"), TUFCO TECHNOLOGIES INC., a Delaware corporation
(the "Parent"), the several banks and other financial institutions identified
therein (the "Banks") and FIRST UNION NATIONAL BANK, as administrative agent for
the Banks thereunder (in such capacity, the "Agent").
WITNESSETH:
WHEREAS, the Banks have established a credit facility for the benefit of
the Borrower pursuant to the terms of the Credit Agreement;
WHEREAS, the Borrower has requested that the Required Banks amend certain
provisions of the Credit Agreement by making certain modifications thereto
including a $3,000,000 increase to the Revolving Commitment; and
WHEREAS, the Required Banks have agreed to the requested amendment on the
terms and conditions hereinafter set forth;
NOW, THEREFORE, IN CONSIDERATION of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
A. The Credit Agreement is amended in the following respects:
1. The definition of "Capital Expenditures" in Section 1.1 of the
Credit Agreement is hereby deleted in its entirety and the
following substituted therefor:
"Capital Expenditures" means, for any period, all expenditures of
Parent and the Subsidiaries which are classified as capital
expenditures in accordance with GAAP including all such
expenditures associated with Capital Lease Obligations but
excluding capital expenditures made in connection with the
expansion of the Borrower's Green Bay, Wisconsin production
facility in an aggregate amount not to exceed $3,000,000.
2. The definition of "Revolving Commitment" in Section 1.1 of the
Credit Agreement is hereby amended by deleting the amount of
"Nine Million Dollars ($9,000,000)" in the last sentence thereof
and replacing it with "Twelve Million Dollars ($12,000,000)".
{PAGE} 2
3. The definition of "Revolving Termination Date" in Section 1.1 of
the Credit Agreement is hereby amended by deleting the reference
to "June 1, 2001" and replacing it with "June 1, 2002".
4. Section 2.2 of the Credit Agreement is hereby deleted in its
entirety and the following substituted therefor:
Section 2.2 Notes. The Revolving Loans made by a Bank shall be
evidenced by one or more promissory notes of the Borrower in
substantially the form of Exhibit "A" hereto, payable to the order of
such Bank in a principal amount equal to, for the aggregate of such
notes payable to such Bank, its Revolving Commitment and otherwise
duly completed.
B. Except as modified hereby, all of the terms and provisions of the Credit
Agreement (and Exhibits) remain in full force and effect.
C. Each of the Borrower and the Guarantors hereby represent and warrant
that (a) the representations and warranties contained in Article III of the
Credit Agreement, as amended hereby are correct in all material respects on and
as of the date hereof as though made on and as of such date and after giving
effect to the amendments contained herein and (b) no Default or Event of Default
exists on and as of the date hereof and after giving effect to the amendments
contained herein.
D. This Second Amendment shall become effective upon the satisfaction of
the following conditions precedent (such date referred to herein as the
"Amendment Effective Date"):
(a) Execution of Second Amendment. The Agent shall have received
counterparts of this Second Amendment, executed by a duly authorized
officer of each party hereto.
(b) Revolving Notes. The Agent shall have received, for the account of
each Bank, fully executed Revolving Notes each in the amount of $1,500,000.
(c) Authority Documents. The Agent shall have received the following:
(i) Articles of Incorporation. A certificate of the secretary of
each of the Borrower and the Guarantor certifying that the articles of
incorporation or other charter documents, as applicable, of each of
the Borrower and the Guarantors previously delivered to the Agent are
true and complete as of the Amendment Effective Date and have not been
amended, modified, rescinded or supplemented since such date.
(ii) Resolutions. Copies of resolutions of the board of directors
of each of the Borrower and the Guarantors approving and adopting the
Second Amendment, the transactions contemplated therein, including the
increase of the Revolving Commitment hereunder, and authorizing
execution and delivery thereof, certified by an officer thereof as of
the Amendment Effective Date to be true and correct and in force and
effect as of such date.
(iii) Bylaws. A certificate of the secretary of each of the
Borrower and the Guarantor certifying that the bylaws of each of the
Borrower and the Guarantors previously delivered to the Agent are true
and correct as of the Amendment Effective Date and have not been
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