Preview | Loan and Security Agreement [Amended and Restated] [Amendment No. 3]

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Loan and Security Agreement [Amended and Restated] [Amendment No. 3]

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Title:

Loan and Security Agreement [Amended and Restated] [Amendment No. 3]

Entities:

Fleet Securities, Inc.; Metals USA Inc.; Weirton Steel Corp.; Mark E. Kaplan

Date:

2003

Size:

Preview shows 2KB of 8KB total

Price:

$38

ID:

#378209

► Loans ► Loan & Security Agreements
► Commodities
► Financial
► Commodities ► Iron & Steel

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                               AMENDMENT NO. 3 TO

                AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT







                                         January 8, 2003







Weirton Steel Corporation

400 Three Springs Drive

Weirton, West Virginia 26062

Attention:  Mark E. Kaplan



Ladies and Gentlemen:



                Reference is made to the Amended and Restated Loan and Security

Agreement dated as of May 3, 2002 by and among Weirton Steel Corporation

("Borrower"), the lenders from time to time party thereto (the "Lenders"), Fleet

Capital Corporation, individually as a Lender, and as agent for the Lenders (the

"Agent"), Foothill Capital Corporation, individually as a Lender, and as

Syndication Agent for the Lenders, The CIT Group/Business Credit, Inc.,

individually as a Lender, and as a Documentation Agent for the Lenders, GMAC

Business Credit, LLC, individually as a Lender, and as a Documentation Agent for

the Lenders and Fleet Securities, Inc., as lead arranger (as amended,

supplemented or otherwise modified, the "Loan Agreement"). Unless otherwise

defined herein, capitalized terms used herein shall have the meanings provided

to such terms in the Loan Agreement.



                Borrower has requested that Majority Lenders agree to amend (i)

subsection 8.1.3(i) of the Loan Agreement to permit Borrower's audited financial

statements for the 2002 Fiscal Year to contain a going concern qualification and

(ii) the definition of the term Restricted Investment contained in Appendix A to

the Loan Agreement in order to permit Borrower to hold certain stock of Metals

USA Inc. to be received by Borrower under Metals USA Inc.'s plan of

reorganization. Majority Lenders have agreed to the foregoing, on the terms and

conditions set forth herein. Therefore, Majority Lenders hereby agree as

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