Exhibit 4
FIFTH AMENDMENT AGREEMENT
This FIFTH AMENDMENT AGREEMENT (this "Amendment") is made as of the 30th
day of September, 2002, by and among PARK-OHIO INDUSTRIES, INC., an Ohio
corporation ("Borrower"), the banking institutions listed on Schedule 1 to the
Credit Agreement, as hereinafter defined (collectively, the "Banks" and,
individually, each a "Bank"), KEYBANK NATIONAL ASSOCIATION, as administrative
agent for the Banks ("Agent"), and THE HUNTINGTON NATIONAL BANK, as co-agent for
the Banks ("Co-Agent").
WHEREAS, Borrower, Agent and the Banks are parties to a certain Credit and
Security Agreement, dated as of December 21, 2000, as amended and as the same
may from time to time be further amended, restated or otherwise modified, that
provides, among other things, for loans and letters of credit aggregating One
Hundred Eighty Million Dollars ($180,000,000), all upon certain terms and
conditions stated therein (the "Credit Agreement");
WHEREAS, Borrower, Agent and the Banks desire to amend the Credit
Agreement to modify certain provisions thereof; and
WHEREAS, each capitalized term used herein and defined in the Credit
Agreement, but not otherwise defined herein, shall have the meaning given such
term in the Credit Agreement;
NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained and for other valuable considerations, Borrower,
Agent and the Banks hereby agree as follows:
1. Amendments to Definitions. Article I of the Credit Agreement is hereby
amended to delete the definitions of "Availability", "Borrowing Base",
"Commitment Period", "Consolidated Fixed Charges", "Eligible Account
Receivable", "Eligible Inventory", "Maximum Revolving Amount", "Revolving Credit
Commitment" and "Total Commitment Amount" therefrom and to insert in place
thereof, respectively, the following:
"Availability" shall mean, at any time, an amount equal to the
difference between the Revolving Credit Commitment and the Revolving
Credit Exposure; provided that, notwithstanding anything in this
Agreement, the Maximum Revolving Amount, for any given month, may not
exceed the amount listed on line item I of Schedule 1 to the Indenture
Certificate for that month.
"Borrowing Base" shall mean, at any date, the sum of:
(a) eighty percent (80%) of the amount due and owing on Eligible
Non-CEG Accounts Receivable; plus
(b) fifty percent (50%) of the aggregate of the cost or market value
(whichever is lower) of Eligible Non-CEG Inventory; plus
(c) the lesser of:
(i) Fifteen Million Dollars ($15,000,000); or
(ii) the sum of:
(A) fifty percent (50%) of the amount due and owing on
Eligible CEG Accounts Receivable; plus
(B) (1) on September 30, 2002 through December 31, 2002,
thirty percent (30%) of the aggregate of the cost or market
value (whichever is lower) of Eligible CEG Inventory, (2) on
January 1, 2003 through January 31, 2003, twenty-five percent
(25%) of the aggregate of the cost or market value (whichever
is lower) of Eligible CEG Inventory, (3) on February 1, 2003
through February 28, 2003, twenty percent (20%) of the
aggregate of the cost or market value (whichever is lower) of
Eligible CEG Inventory, (4) on March 1, 2003 through March 31,
2003, fifteen percent (15%) of the aggregate of the cost or
market value (whichever is lower) of Eligible CEG Inventory,
(5) on April 1, 2003 through April 30, 2003, ten percent (10%)
of the aggregate of the cost or market value (whichever is
lower) of Eligible CEG Inventory, (6) on May 1, 2003 through
May 31, 2003, five percent (5%) of the aggregate of the cost
or market value (whichever is lower) of Eligible CEG
Inventory, and (7) on June 1, 2003 and thereafter, zero
percent (0%) of the aggregate of the cost or market value of
Eligible CEG Inventory; plus
(d) the lesser of (i) Six Million Two Hundred Fifty Thousand Dollars
($6,250,000), or (ii) twenty-five percent (25%) of the aggregate of the
cost or market value (whichever is lower) of Eligible Excess Stock; plus
(e) the Eligible Real Estate Amount; plus
(f) the sum of (i) the Eligible Equipment Amount and (ii) Seven
Million Dollars ($7,000,000);
provided, however, that each of the foregoing advance rates shall at all
times be subject to such reserves and to modification or reduction as may
be determined by Agent and the Required Banks, in their sole but
reasonable discretion.
"Commitment Period" shall mean the period from the Closing Date to
June 30, 2004, or such earlier date on which the Commitment shall have
been terminated pursuant to Article IX hereof.
"Consolidated Fixed Charges" shall mean, for any period, on a
Consolidated basis and in accordance with GAAP, the aggregate of (a)
Consolidated Interest Expense, (b) cash expenditures for income taxes as
reported in Borrower's quarterly or annual financial statements, as the
case may be, delivered pursuant to Sections 5.3(a) and (b)
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hereof, respectively, (c) principal payments on Funded Indebtedness (other
than payments made with respect to (i) the Revolving Credit Notes and (ii)
Indebtedness that is being refinanced simultaneously with the making of
such payment), as reported in Borrower's quarterly or annual financial
statements, as the case may be, delivered pursuant to Sections 5.3(a) and
(b) hereof, respectively, (d) Capital Distributions of Borrower on a
Consolidated basis (and specifically adding the amount of any loans made
by Borrower to Parent for the purpose of making Capital Distributions),
and (e) unfunded Consolidated Capital Expenditures as reported in
Borrower's quarterly or annual financial statements, as the case may be,
delivered pursuant to Sections 5.3(a) and (b) hereof, respectively,
provided that for purposes of this definition, "unfunded Consolidated
Capital Expenditures" shall be determined by excluding (i) capital
expenditures financed by (1) loans secured by purchase money liens on the
assets purchased with the proceeds of such loans, (2) capital leases, and
(3) payment of insurance proceeds for the purchase of replacement capital
assets, except to the extent that any such payments are included (as a
nonrecurring gain), on and after October 1, 2000, in the calculation of
Consolidated Net Earnings, and (ii) cash capital expenditures up to Two
Million Dollars ($2,000,000) and non-cash transfers of fixed assets from
Borrower or any Subsidiary to Southwest Steel Processing LLC in
preparation for the start-up of its business.
"Eligible Account Receivable" shall mean an Account of a Credit
Party that, at all times until it is collected in full, continuously meets
the following requirements: (a) arose in the ordinary course of business
of such Company from the performance (fully completed) of services or bona
fide sale of goods that have been shipped to the Account Debtor, and not
more than ninety days from the due date as specified in the invoice
relating to such account receivable have elapsed with respect to such
account receivable (except as to the Specified Account Debtors, in which
case such time period may exceed ninety days); (b) is not an account
receivable due from any Affiliate, shareholder or employee of such
Company; (c) is not due from any Account Debtor with respect to which such
Company has received any notice or has any knowledge of insolvency,
bankruptcy or financial impairment (excluding accounts receivable from
post-petition bankruptcy estates, so long as each Account Debtor is
approved in writing in advance by Agent, in its sole discretion); (d) is
not subject to any claim for credit, allowance or adjustment by the
Account Debtor or any set-off or counterclaim or is otherwise subject to
dispute or represented by a "V" invoice of such Company; (e) is not a
Foreign Account Receivable other than (i) an LC Foreign Account
Receivable, (ii) an Acceptable Foreign Account Receivable, or (iii)
payable to a Credit Party by an Account Debtor organized in Canada
(excluding the province of Quebec); (f) has not been determined by Agent,
in its sole discretion, to be unsatisfactory in any respect; and (g) is an
Account in which Agent, for the benefit of the Banks, has a valid and
enforceable first security interest.
"Eligible Inventory" shall mean all Inventory of a Credit Party in
which Agent, for the benefit of the Banks, has a valid and enforceable
first security interest, except Inventory that is (a) located outside of
the United States or Canada, (b) in the possession of a bailee or third
party, (c) damaged, defective, or obsolete, (d) held by any Person on
consignment, (e) Non-Moving Stock, (f) Excess Stock, or (g) determined by
Agent, in its
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sole discretion, to be unsatisfactory in any respect; provided that no
Inventory located in Canada shall be Eligible Inventory until Agent shall
have notified Borrower in writing that appropriate security interest
filings have been made in Canada on behalf of Agent, for the benefit of
the Banks.
"Maximum Revolving Amount" shall mean the sum of (a) the Borrowing
Base, plus (b) the Total Overline Amount.
"Revolving Credit Commitment" shall mean the obligation hereunder of
the Banks, during the Commitment Period, to make Revolving Loans and to
participate in the issuance of Letters of Credit, up to an aggregate
principal amount outstanding at any time equal to the lesser of (a) the
Total Commitment Amount or (b) the Maximum Revolving Amount.
"Total Commitment Amount" shall mean the principal amount of One
Hundred Sixty Million Dollars ($160,000,000) (or such lesser amount as
shall be determined pursuant to Section 2.5 hereof).
2. Additions to Definitions. Article I of the Credit Agreement is hereby
amended to add the following new definitions thereto:
"Acceptable Foreign Account Receivable" shall mean a Foreign Account
Receivable (other than an LC Foreign Account Receivable or an Account
payable to a Credit Party by an Account Debtor organized in Canada
(excluding the province of Quebec)) that is payable by an Account Debtor
that is a foreign subsidiary or division of a corporation or other entity
organized under the laws of a state of the United States; provided that,
for purposes of determining the Borrowing Base, the aggregate amount of
all such Acceptable Foreign Accounts Receivables shall be limited to Seven
Million Dollars ($7,000,000).
"Ajax Equipment" shall mean the equipment, listed on Exhibit I
hereto, owned by the Ajax Manufacturing Company.
"Capital Equipment Group Companies" shall mean TOCCO, Inc., The Ajax
Manufacturing Company, PMC Industries Corp. and Ajax Tocco Magnethermic
Corporation.
"Consolidated Adjusted Tangible Net Worth" shall mean, at any date,
(a) the net book value (after deduction of all applicable reserves and
excluding any re-appraisal or write-up of assets) of the assets (other
than patents, goodwill, treasury stock and other intangibles) of Borrower
and its Subsidiaries, minus (b) all Indebtedness owed to Borrower or its
Subsidiaries from their Affiliates, minus (c) Total Liabilities of
Borrower and its Subsidiaries, plus (d) Subordinated Indebtedness of
Borrower so long as such Indebtedness is in fact Subordinated to the Debt;
all of the foregoing as determined on a Consolidated basis and in
accordance with GAAP.
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"Credit Party" shall mean each Borrower or Subsidiary that, in each
case, is party to any Loan Document.
"Eligible CEG Account Receivable" shall mean an Eligible Account
Receivable owing to a Credit Party that is in the Capital Equipment Group.
"Eligible CEG Inventory" shall mean Eligible Inventory of a Credit
Party that is in the Capital Equipment Group.
"Eligible Equipment Amount" shall mean sixty-five percent (65%) of
the appraised value of the equipment of the Credit Parties, based on the
appraisal by Hilco Appraisal Service dated April 25, 2002 (the total
appraised value being hereafter referred to as the "Hilco Appraisal"). For
convenience of reference, the Hilco Appraisal is Twenty-Four Million Five
Hundred Thirty Two Thousand One Hundred Ten Dollars ($24,532,110) and
sixty-five percent (65%) of the Hilco Appraisal is Fifteen Million Nine
Hundred Forty Five Thousand Eight Hundred Seventy One Dollars
($15,945,871).
"Eligible Excess Stock" shall mean all Excess Stock of a Credit
Party (other than a Company that is in the Capital Equipment Group) in
which Agent, for the benefit of the Banks, has a valid and enforceable
first security interest, except Excess Stock that is (a) located outside
of the United States or Canada, (b) in the possession of a bailee or a
third party, (c) damaged, defective, or obsolete, (d) held by any Person
on consignment, (e) Non-Moving Stock, or (f) determined by Agent, in its
sole discretion, to be unsatisfactory in any respect; provided that no
Excess Stock located in Canada shall be Eligible Excess Stock until Agent
shall have notified Borrower in writing that appropriate security interest
filings have been made in Canada on behalf of Agent, for the benefit of
the Banks.
"Eligible Non-CEG Account Receivable" shall mean an Eligible Account
Receivable that is owed to a Credit Party other than a Credit Party that
is in the Capital Equipment Group.
"Eligible Non-CEG Inventory" shall mean Eligible Inventory of a
Credit Party other than a Credit Party that is in the Capital Equipment
Group.
"Eligible Real Estate Amount" shall mean seventy-five percent (75%)
of the appraised value of certain real estate of the Companies based on
the appraisal by Colliers International dated April 28, 1999 (the total
appraised value being hereafter referred to as the "Colliers Appraisal").
For convenience of reference, the Colliers Appraisal is Ten Million Five
Hundred Thousand Dollars ($10,500,000) and seventy-five percent (75%) of
the Colliers Appraisal is Seven Million Eight Hundred Seventy-Five
Thousand Dollars ($7,875,000).
"Excess Stock" shall mean any Inventory (a) with limited historical
movement or sale over the past twelve (12) months, and (b) of which the
Companies have on hand greater than a two year supply, based upon sales
during the previous twelve (12) months.
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"Foreign Account Receivable" shall mean any Account that arises out
of contracts with or orders from an Account Debtor that is not a resident
of the United States.
"LC Foreign Account Receivable" shall mean any Foreign Account
Receivable supported by an irrevocable letter of credit satisfactory to
Agent (as to form, substance and issuer).
"Non-Moving Stock" shall mean Inventory that is a product that has
had no sales for the past twelve (12) months; provided that Non-Moving
Stock shall exclude Inventory purchased in preparation for supplying a
customer within the next six months.
"Overline Period" shall mean a period commencing on a date when the
Revolving Credit Exposure begins to exceed the Borrowing Base and
continues through the day before the next date when the Revolving Credit
Exposure no longer exceeds the Borrowing Base.
"Specified Account Debtors" shall mean Polaris Industries, Inc,
International Truck & Engine Corp., General Electric Company, Xxxx Trucks,
Inc., Xxxxxx, Inc., Thermo King Corporation and Electrolux Home Products
North America, or such other Account Debtors as agreed upon in writing by
Borrower, Agent and the Required Banks.
"Total Liabilities" shall mean the total of all items of
Indebtedness or liability that, in accordance with GAAP, would be included
in determining total liabilities on the liability side of the balance
sheet as of the date of determination.
"Total Overline Amount" shall mean Ten Million Dollars
($10,000,000).
3. Deletion of Definitions. Article I of the Credit Agreement is hereby
amended to delete therefrom the definitions of "Additional Amount" and
"Adjustment Date".
4. Amendment to Mandatory Payment Provisions. Article II of the Credit
Agreement is hereby amended to delete Section 2.7 therefrom and to insert in
place thereof the following:
SECTION 2.7. MANDATORY PAYMENT.
(a) If, at any time, the Revolving Credit Exposure shall exceed
either (i) the amount of the Revolving Credit Commitment or (ii) the
maximum amount of the Revolving Credit Commitment available pursuant to
Section 2.8(b)(i) hereof, Borrower shall, as promptly as practicable, but
in no event later than the next Business Day, prepay an aggregate
principal amount of the Loans sufficient to bring the Revolving Credit
Exposure within the lesser of (A) the amount of the Revolving Credit
Commitment, or (B) the maximum amount of the Revolving Credit Commitment
available pursuant to Section 2.8(b)(i) hereof.
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(b) At the end of each Overline Period (which in no event shall be
longer than one hundred twenty (120) days), Borrower shall pay an
aggregate amount of the Loans sufficient to bring the Revolving Credit
Exposure within the amount of the Borrowing Base.
(c) Any prepayment of a LIBOR Interest Segment pursuant to this
Section 2.7 shall be subject to the prepayment fees set forth in Section
2.4 hereof.
5. Amendment to Fixed Charge Coverage Ratio Condition Provisions. Section
2.8 of the Credit Agreement is hereby amended to delete subsection (c) therefrom
and to insert in place thereof the following:
(c) During the Fixed Charge Condition Period, and notwithstanding
anything in this Agreement to the contrary:
(i) neither Borrower nor any of its Subsidiaries shall make,
or commit to make, any Acquisition without the prior written consent
of Agent and the Required Banks; provided that pursuant to any such
Acquisition, Borrower shall deliver a written certification to
Agent, for the benefit of the Banks, by an officer of Borrower
confirming that any Indebtedness incurred in connection with such
Acquisition is Permitted Indebtedness under the Indenture;
(ii) the use of proceeds of any Loan or Letter of Credit by
Borrower and its Subsidiaries shall be solely for working capital
purposes of Borrower and its Subsidiaries; provided, however, that
the use of proceeds of any Loan by Borrower and its Subsidiaries may
be for capital expenditures of Borrower and its Subsidiaries so long
as:
(A) any such Loan shall constitute Permitted
Indebtedness (as defined in the Indenture) pursuant to subpart
(v) of the definition of Permitted Indebtedness set forth in
the Indenture;
(B) the aggregate principal amount of all such Loans the
proceeds of which are used for capital expenditures in
accordance with this subpart shall not exceed (when combined
with all other loans and capitalized leases used to finance
capital expenditures, so long as such other loans and capital
leases are permitted pursuant to Section 5.8(c) hereof) at any
time outstanding of five percent (5%) of the tangible
Consolidated total assets of Borrower;
(C) without the prior written consent of Agent and the
Required Banks, Borrower and its Subsidiaries shall not make
or commit to make Consolidated Capital Expenditures in excess
of the amount of (1) during the 2001 fiscal year of Borrower,
the lesser of (y) Eighteen Million Five Hundred Thousand
Dollars ($18,500,000), or (z) five percent (5%) of the
tangible Consolidated total assets of Borrower, (2) during the
2002 fiscal
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year of Borrower, Twenty-Six Million Dollars ($26,000,000),
(3) during the 2003 fiscal year of Borrower, the lesser of (y)
Eighteen Million Five Hundred Thousand Dollars ($18,500,000),
or (z) five percent (5%) of the tangible Consolidated total
assets of Borrower, and (4) thereafter such amounts as
Borrower, Agent and the Required Banks may agree to in writing
(provided that such amount shall be zero until such agreement
shall be reached); provided, however, that the aggregate
amount of capital expenditures made by Borrower to replace the
fixed assets lost due to the fire at the Cicero, Illinois
rubber plant shall be excluded from the limitations set forth
in this subpart so long as such capital expenditures shall be
made solely with and directly from the insurance proceeds
received as reimbursement for the loss of fixed assets due to
such fire; and
(D) with respect to the capital asset being purchased
with the proceeds of such Loan, within five (5) Business Days
after the purchase of such asset, the appropriate Company
shall have executed and delivered to Agent, for the benefit of
the Banks, such security agreements, UCC financing statements
and other documents as Agent, in its discretion, shall require
so that Agent shall have, for the benefit of the Banks, a
first priority security interest and Lien on such asset;
(iii) neither Borrower nor any of its Subsidiaries shall make
any loan or advance to any Subsidiary of Borrower unless such
Subsidiary shall be a Wholly-Owned Subsidiary of Borrower and no
Subsidiary of Borrower that shall not be a Wholly Owned Subsidiary
of Borrower shall make a loan or advance to Borrower or any of its
Subsidiaries; provided, however, that, during the Fixed Charge
Condition Period, Borrower may make loans or advances to XX Xxxxxxx
and XX Xxxxxxx may make loans or advances to Borrower so long as (A)
the aggregate amount of all such loans and advances shall not exceed
One Million Dollars ($1,000,000) at any time and (B) each such loan
or advance shall constitute Permitted Indebtedness (as defined in
the Indenture); and
(iv) neither Borrower nor any of its Subsidiaries shall incur
any Indebtedness during the Fixed Charge Condition Period other than
(A) Indebtedness incurred under this Agreement or the Secured Debt,
(B) loans or capital leases made in accordance with subpart (c)(ii)
above and Section 5.8(c) hereof, (C) unsecured Indebtedness incurred
by XX Xxxxxxx under its existing line of credit so long as (1) the
aggregate principal amount of all such Indebtedness incurred during
the Fixed Charge Condition Period shall not exceed One Million
Dollars ($1,000,000), and (2) such Indebtedness shall constitute
Permitted Indebtedness (as defined in the Indenture).
6. Amendment to Add New Provision. Article II of the Credit Agreement is
hereby amended to add the following new Section 2.10 thereto:
Section 2.10. Special Provisions Regarding Use of Overline Amount.
The
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Overline Amount shall be available to Borrower on and after September 30,
2002, subject to all of the following conditions:
(a) Each Overline Period shall be no longer than one hundred twenty
(120) days;
(b) Between any two Overline Periods (no matter what the duration of
each such Overline Period), there shall be a period of sixty (60)
consecutive days when the Revolving Credit Exposure does not exceed the
Borrowing Base at any time;
(c) On the date of the commencement of each Overline Period,
Borrower shall pay to Agent, for the pro rata benefit of the Banks, a
usage fee equal to one-half percent (1/2%) times the Total Overline
Amount; and
(d) At any time that the Revolving Credit Exposure shall exceed the
Borrowing Base, Borrower shall pay to Agent, for the pro rata benefit of
the Banks, additional interest at a rate per annum equal to (i) two
percent (2%) in excess of the Base Rate from time to time in effect times
(ii) the amount by which the Revolving Credit Exposure exceeds the
Borrowing Base. Such interest shall be payable on the same dates that
interest is otherwise payable under this Agreement.
7. Amendments to Financial Covenants. Section 5.7 of the Credit Agreement
is hereby amended to delete subsections (a), (b), (c), (d) and (e) therefrom and
to insert in place thereof, respectively, the following new subsections (a),
(b), (c), (d) and (e):
(a) Interest Coverage Ratio. Borrower shall not suffer or permit, at
any time, for the most recently completed four fiscal quarters of
Borrower, the ratio of (i) Consolidated Pro-Forma EBIT to (ii)
Consolidated Pro-Forma Interest Expense to be less than (A) for any date
prior to June 30, 2002, the ratio as determined in accordance with this
Section 5.7(a) as in effect prior to September 30, 2002, (B) 1.20 to 1.00
on June 30, 2003 through September 29, 2003, and (C) 1.60 to 1.00 on
September 30, 2003 and thereafter.
(b) Senior Debt Coverage Ratio. Borrower shall not suffer or permit,
at any time, for the most recently completed four fiscal quarters of
Borrower, the Senior Debt Coverage Ratio to exceed (i) for any date prior
to June 30, 2002, the ratio as determined in accordance with this Section
5.7(b) as in effect prior to September 30, 2002, (ii) 3.20 to 1.00 on June
30, 2002 through December 30, 2002, (iii) 2.85 to 1.00 on December 31,
2002 through September 29, 2003, and (iv) 2.15 to 1.00 on September 30,
2003 and thereafter.
(c) Leverage Ratio. Borrower shall not suffer or permit, at any
time, for the most recently completed four fiscal quarters of Borrower,
the Leverage Ratio to exceed (i) for any date prior to June 30, 2002, the
ratio as determined in accordance with this Section 5.7(c) as in effect
prior to September 30, 2002, (ii) 6.00 to 1.00 on June 30, 2003 through
September 29, 2003, and (iii) 5.25 to 1.00 on September 30, 2003 and
thereafter.
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(d) Cash-Flow Coverage Ratio. Borrower shall not suffer or permit,
at any time, for the most recently completed four fiscal quarters of
Borrower, the Cash-Flow Coverage Ratio to be less than (i) for any date
prior to June 30, 2002, the ratio as determined in accordance with this
Section 5.7(d) as in effect prior to September 30, 2002, (ii) 1.10 to 1.00
on June 30, 2002 through December 30, 2002, (iii) 1.20 to 1.00 on December
31, 2002 through September 29, 2003, and (iv) 1.40 to 1.00 on September
30, 2003 and thereafter.
(e) Adjusted Tangible Net Worth. Borrower shall not suffer or permit
Consolidated Adjusted Tangible Net Worth, at any time, for the most
recently completed fiscal quarter of Borrower, to be less than the current
minimum amount required, which current minimum amount required shall be
the sum of One Hundred Seventy Eight Million Four Hundred Forty One
Thousand Dollars ($178,441,000) plus the Increase Amount on December 31,
2002 through March 30, 2003, with such current minimum amount required to
be positively increased by an additional Increase Amount on March 31,
2003, and by an additional Increase Amount on the last day of each fiscal
quarter thereafter. As used herein, the term "Increase Amount" shall mean
an amount equal to (i) sixty-five percent (65%) of the positive
Consolidated Net Earnings of Borrower for the fiscal quarter then ended;
plus (ii) one hundred percent (100%) of the proceeds of any equity
offering by Borrower or any of its Subsidiaries or any debt offering by
Borrower or any of its Subsidiaries to the extent converted to equity.
8. Amendment to Add New Covenants. Article V of the Credit Agreement is
hereby amended to add the following new Sections 5.27, 5.28 and 5.29 at the end
thereto:
Section 5.27. Refinancing of Commitment. On or before April 30,
2003, Borrower shall provide to Agent and the Banks written evidence of a
firm commitment of one or more lenders to, on or before June 30, 2003,
replace this Agreement and refinance the Debt. In the event that such
refinancing does not occur on or before June 30, 2003, then Borrower shall
pay, on June 30, 2003, to Agent, for the pro rata benefit of the Banks, a
fee in the amount of Three Hundred Fifty Thousand Dollars ($350,000). Such
fee shall be in addition to the other fees payable under this Agreement
and in addition to any other fees that may be charged by Agent or the
Banks in connection with any extended or new credit facility that may be
provided by Agent or the Banks, in their sole discretion.
Section 5.28. Landlord Waivers. Borrower shall deliver to Agent, for
the benefit of the Banks, within a reasonable time after September 30,
2002, a landlord waiver for every location listed on Exhibit J, provided
that, upon request by Borrower, Agent and the Required Banks may consent
to waive, with respect to certain locations, the requirement of obtaining
a landlord waiver, in their sole discretion.
Section 5.29. Additional Collateral. Promptly after an Event of
Default with respect to the financial covenants set forth in Section 5.7
hereof, Borrower shall deliver to Agent, for the benefit of the Banks,
such Guaranty of Payment, Security Agreement, Organizational Documents and
an opinion of counsel, for each Foreign Subsidiary
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organized in Canada, as may be deemed necessary or advisable by Agent.
9. Amendments to Attachments. The Credit Agreement is hereby amended to:
(a) delete Schedule 1 (Banks and Commitments) therefrom and to
insert in place thereof a new Schedule 1 in the form of Schedule 1
attached hereto;
(b) delete Exhibit G-1 (Indenture Certificate) therefrom and to
insert in place thereof a new Exhibit G-1 in the form of Exhibit G-1
attached hereto;
(c) delete Exhibit H (Formula Borrowing Base Certificate) therefrom
and to insert in place thereof a new Exhibit H in the form of Exhibit H
attached hereto; and
(d) add Exhibit I (Ajax Equipment) and Exhibit J (Landlord Waivers)
thereto in the form of Exhibit I and Exhibit J attached hereto.
10. Notice of New Subsidiaries. Pursuant to Section 5.21 (Subsidiaries
Created, Acquired or Held Subsequent to the Closing Date) of the Credit
Agreement, each new Subsidiary is (subject to the exceptions provided in Section
5.21(b)) required, among other things, to execute and deliver to Agent and the
Banks such Guaranty of Payment, Security Agreement, Organizational Documents and
an opinion of counsel as may be deemed necessary or advisable by Agent. Borrower
has notified Agent and the Banks that it has created two new Subsidiaries,
Southwest Steel Processing LLC, an Ohio limited liability company ("Southwest"),
and Ajax Tocco Magnethermic Corporation, an Ohio corporation ("Ajax
Magnetherm"), both of which shall execute the documents required by Section 5.21
of the Credit Agreement.
11. Consent to Transactions. Borrower has notified Agent and the Banks
that Borrower, through its wholly-owned subsidiary Park-Ohio Forged & Machined
Products LLC, acquired receivables and inventory of the Xxxxx Forge Division of
TIC United Corp. (the "Xxxxx Transaction"). The Xxxxx Transaction occurred
pursuant to a bankruptcy court order effective January 8, 2002. Borrower has
also notified Agent and the Banks that Borrower, through its newly formed and
wholly-owned subsidiary Ajax Magnetherm, acquired receivables, inventory, and
machinery and equipment from Ajax Magnethermic Corporation (together with the
Xxxxx Transaction, the "Transactions"). Borrower has requested that Agent and
the Required Banks consent to the Transactions. Borrower has also requested
that, in connection with the purchase and sale of the Ajax Equipment by
Southwest, in order to permit Southwest to enter into a sale leaseback with
Xxxxxxx County, Arkansas (the "Sale-Leaseback"), Agent, on behalf of the Banks,
release its first priority security interest in the Ajax Equipment. Agent and
the Required Banks hereby consent to the Transactions and the release of such
liens on the conditions that Borrower deliver to Agent, for the benefit of the
Banks, a compliance certificate executed by an officer of Borrower (a)
certifying that each of the Transactions and the Sale-Leaseback were made in
full compliance with the Indenture, and (b) identifying the specific Indenture
provisions that provide for each Transaction and the Sale-Leaseback.
12. Closing Deliveries. Concurrently with the execution of this Amendment,
Borrower shall:
11
(a) cause each Guarantor of Payment to consent and agree to and
acknowledge the terms of this Amendment;
(b) deliver to Agent, for delivery to each Bank, new Revolving
Credit Notes in the form of Exhibit A to the Credit Agreement in the
amounts specified in Schedule 1 to the Credit Agreement;
(c) deliver to Agent, for the benefit of the Banks, a Guaranty of
Payment and a Security Agreement executed by Southwest, with the
appropriate Organizational Documents and authorization documents, in form
and substance satisfactory to Agent;
(d) deliver to Agent, for the benefit of the Banks, a Guaranty of
Payment and a Security Agreement executed by Ajax Magnetherm, with the
appropriate Organizational Documents and authorization documents, in form
and substance satisfactory to Agent;
(e) deliver to Agent, for the benefit of the Banks, updated
Schedules 2, 7.1 and 7.5 to the Credit Agreement, which Agent is
authorized by the Banks to accept on behalf of the Banks;
(f) pay to Agent, for the pro-rata benefit of the Banks, an
amendment fee of One Hundred Fifty Thousand Dollars ($150,000); and
(g) pay all legal fees and expenses of Agent in connection with this
Amendment and the Loan Documents.
13. Representations and Warranties. Borrower hereby represents and
warrants to Agent and the Banks that (a) Borrower has the legal power and
authority to execute and deliver this Amendment, (b) the officers executing this
Amendment have been duly authorized to execute and deliver the same and bind
Borrower with respect to the provisions hereof, (c) the execution and delivery
hereof by Borrower and the performance and observance by Borrower of the
provisions hereof do not violate or conflict with the organizational agreements
of Borrower or any law applicable to Borrower or result in a breach of any
provision of or constitute a default under any other agreement, instrument or
document binding upon or enforceable against Borrower, (d) except as waived in
this Amendment, no Default or Event of Default exists under the Credit
Agreement, nor will any occur immediately after the execution and delivery of
this Amendment or by the performance or observance of any provision hereof, (e)
Borrower is not aware of any claim or offset against, or defense or counterclaim
to, any of Borrower's obligations or liabilities under the Credit Agreement or
any Related Writing, and (f) this Amendment constitutes a valid and binding
obligation of Borrower in every respect, enforceable in accordance with its
terms.
14. Further Representations and Warranties. Borrower hereby represents and
warrants to Agent and the Banks as follows:
(a) Since the date when the Fixed Charge Condition Period commenced, no
12
Indebtedness has been incurred by Borrower or any Subsidiary that has not been
Permitted Indebtedness;
(b) As of September 30, 2002, the amount of Indebtedness incurred and
outstanding under subpart (viii) of the Permitted Indebtedness definition under
the Indenture is Four Million Dollars ($4,000,000);
(c) On the date of this Amendment, five percent (5%) of the tangible
Consolidated total assets of Borrower, as computed in accordance with the terms
of the Indenture is no less than Twenty-Two Million Dollars ($22,000,000); and
(d) On the date of this Amendment, Borrower is in full compliance with the
terms of the Indenture.
15. Waiver. Borrower, by signing below, hereby waives and releases Agent
and each of the Banks and their respective directors, officers, employees,
attorneys, affiliates and subsidiaries from any and all claims, offsets,
defenses and counterclaims of which Borrower is aware, such waiver and release
being with full knowledge and understanding of the circumstances and effect
thereof and after having consulted legal counsel with respect thereto.
16. References to Credit Agreement. Each reference that is made in the
Credit Agreement or any Related Writing to the Credit Agreement shall hereafter
be construed as a reference to the Credit Agreement as amended hereby. Except as
herein otherwise specifically provided, all provisions of the Credit Agreement
shall remain in full force and effect and be unaffected hereby. This Amendment
is a Related Writing as defined in the Credit Agreement.
17. Counterparts. This Amendment may be executed in any number of
counterparts, by different parties hereto in separate counterparts and by
facsimile signature, each of which when so executed and delivered shall be
deemed to be an original and all of which taken together shall constitute but
one and the same agreement.
18. Governing Law. The rights and obligations of all parties hereto shall
be governed by the laws of the State of Ohio, without regard to principles of
conflicts of laws.
[Remainder of page intentionally left blank.]
13
19. JURY TRIAL WAIVER. BORROWER, AGENT AND EACH OF THE BANKS HEREBY WAIVE,
TO THE EXTENT PERMITTED BY LAW, ANY RIGHT TO HAVE A JURY PARTICIPATE IN
RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG
BORROWER, AGENT AND THE BANKS, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION
WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN
CONNECTION WITH THIS AMENDMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR
AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS
RELATED THERETO. THIS WAIVER SHALL NOT IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR
MODIFY AGENT'S OR ANY BANK'S ABILITY TO PURSUE REMEDIES PURSUANT TO ANY
CONFESSION OF JUDGMENT OR COGNOVIT PROVISION CONTAINED IN ANY NOTE OR OTHER
INSTRUMENT, DOCUMENT OR AGREEMENT AMONG BORROWER, AGENT AND THE BANKS, OR ANY
THEREOF.
PARK-OHIO INDUSTRIES, INC.
By: /s/ Xxxxxx X. Xxxxxx
-------------------------------
Xxxxxx X. Xxxxxx, Secretary
KEYBANK NATIONAL ASSOCIATION
as Agent and as a Bank
By: /s/ Xxxxxxx X. Xxxxxxxx
-------------------------------
Xxxxxxx X. Xxxxxxxx,
Senior Vice President
THE HUNTINGTON NATIONAL BANK,
as Co-Agent and as a Bank
By: /s/ Xxxxx X. Xxxxxxxxxx
-------------------------------
Name: Xxxxx X. Xxxxxxxxxx
-----------------------------
Title: Executive Vice President
-----------------------------
THE NORTHERN TRUST COMPANY
By: /s/ Xxxxx Xxxxxxxx
-------------------------------
Name: Xxxxx Xxxxxxxx
------------------------------
Title: Vice President
------------------------------
FIFTH THIRD BANK
By: /s/ Xxx X. Xxxxxxx
-------------------------------
Name: Xxx X. Xxxxxxx
------------------------------
Title: Vice President
------------------------------
14
GUARANTOR ACKNOWLEDGMENT
The undersigned consents and agrees to and acknowledges the terms of the
foregoing Fifth Amendment Agreement. Each of the undersigned further agrees that
the obligations of the undersigned pursuant to the Guaranty of Payment executed
by the undersigned shall remain in full force and effect and be unaffected
hereby.
The undersigned hereby waives and releases Agent and the Banks and their
respective directors, officers, employees, attorneys, affiliates and
subsidiaries from any and all claims, offsets, defenses and counterclaims of
which the undersigned is aware, such waiver and release being with full
knowledge and understanding of the circumstances and effect thereof and after
having consulted legal counsel with respect thereto.
JURY TRIAL WAIVER. BORROWER, AGENT, EACH BANK AND EACH GUARANTOR HEREBY
WAIVE, TO THE EXTENT PERMITTED BY LAW, ANY RIGHT TO HAVE A JURY PARTICIPATE IN
RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG
BORROWER, AGENT, THE BANKS OR THE GUARANTORS, OR ANY THEREOF, ARISING OUT OF, IN
CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG
THEM IN CONNECTION WITH THIS AMENDMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT
OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS
RELATED THERETO. THIS WAIVER SHALL NOT IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR
MODIFY AGENT'S OR ANY BANK'S ABILITY TO PURSUE REMEDIES PURSUANT TO ANY
CONFESSION OF JUDGMENT OR COGNOVIT PROVISION CONTAINED IN ANY NOTE OR OTHER
INSTRUMENT, DOCUMENT OR AGREEMENT AMONG BORROWER, AGENT, THE BANKS AND THE
GUARANTORS, OR ANY THEREOF.
ATBD, INC.
DONEGAL BAY LTD.
GATEWAY INDUSTRIAL SUPPLY LLC
GENERAL ALUMINUM MFG. COMPANY (as
successor by merger to The Metalloy
Corporation)
INTEGRATED HOLDING COMPANY
INTEGRATED LOGISTICS SOLUTIONS, INC.
INTEGRATED LOGISTICS SOLUTIONS LLC (as
successor by merger to Columbia Nut
& Bolt LLC and Industrial Fasteners
LLC)
INTEGRATED LOGISTICS HOLDING
COMPANY
By: /s/ Xxxxxx X. Xxxxxx
-------------------------------
Xxxxxx X. Xxxxxx
Secretary of each of the
foregoing companies
00
XXXX XXXXXX TRAVEL LTD.
PARK-OHIO FORGED & MACHINED
PRODUCTS LLC
PARK-OHIO PRODUCTS, INC.
PHARMACEUTICAL LOGISTICS, INC.
PHARMACY WHOLESALE LOGISTICS, INC.
PMC-COLINET, INC.
PMC INDUSTRIES CORP.
P-O REALTY LLC
PRECISION MACHINING CONNECTION LLC
RB&W MANUFACTURING LLC
SOUTHWEST STEEL PROCESSING LLC
THE AJAX MANUFACTURING COMPANY
THE XXXXXX XXXX COMPANY
TOCCO, INC.
TRICKERATION, INC.
By: /s/ Xxxxxx X. Xxxxxx
-------------------------------
Xxxxxx X. Xxxxxx
Secretary of each of the
foregoing companies
AJAX TOCCO MAGNETHERMIC
CORPORATION
ILS TECHNOLOGY LLC
By: /s/ Xxxxx Xxxx
-------------------------------
Xxxxx Xxxx
Secretary of each of the
foregoing companies
16
SCHEDULE 1
BANKS AND COMMITMENTS
REVOLVING
CREDIT
COMMITMENT COMMITMENT
BANKING INSTITUTIONS PERCENTAGE AMOUNT MAXIMUM AMOUNT
-----------------------------------------------------------------------------------------------------
KeyBank National 41.6670% $ 66,667,200 $ 66,667,200
Association
-----------------------------------------------------------------------------------------------------
Huntington National Bank 41.667% $ 66,667,200 $ 66,667,200
-----------------------------------------------------------------------------------------------------
The Northern Trust Company 8.333% $ 13,322,800 $ 13,322,800
-----------------------------------------------------------------------------------------------------
Fifth Third Bank 8.333% $ 13,322,800 $ 13,322,800
-----------------------------------------------------------------------------------------------------
100% $160,000,000
Total Commitment Amount $160,000,000
-----------------------------------------------------------------------------------------------------
17
EXHIBIT G-1
INDENTURE CERTIFICATE
[Date]_______________________, 20____
KeyBank National Association, as Agent
000 Xxxxxx Xxxxxx
Xxxxxxxxx, Xxxx 00000-0000
Attention: ________________
Ladies and Gentlemen:
The undersigned, a duly elected Financial Officer, as defined in the
Credit Agreement (as hereinafter defined), or otherwise duly authorized employee
of PARK-OHIO INDUSTRIES, INC. ("Borrower"), refers to the Credit and Security
Agreement, dated as of December 21, 2000 (as amended and as the same may from
time to time be further amended, restated or otherwise modified, the "Credit
Agreement", the terms defined therein being used herein as therein defined),
among Borrower, the Banks, KeyBank National Association, as Agent, and The
Huntington National Bank, as Co-Agent.
Concurrently herewith, Borrower has submitted a Notice With Respect to
Loan pursuant to which Borrower has requested a Loan under the Credit Agreement.
Pursuant to Section 2.8(b)(ii) of the Credit Agreement, the undersigned
hereby certifies that on the proposed date of the Loan both prior to and after
giving effect thereto:
(a) the aggregate principal amount of all Loans outstanding on such date
(minus the Certified Acquisition Amount) is less than an amount
equal to the greater of (i) Fifty Million Dollars ($50,000,000), or
(ii) the sum of (A) forty-five percent (45%) of the book value of
accounts receivable of Borrower and its Subsidiaries and (B)
twenty-five percent (25%) of the book value of the inventory of
Borrower and its Subsidiaries;
(b) the book value of accounts receivable and inventory of Borrower and
its Subsidiaries are no less than (i) One Hundred Million Dollars
($100,000,000), with respect to accounts receivable, and (ii) One
Hundred Sixty Million Dollars ($160,000,000), with respect to
inventory; and
(c) set forth on Schedule 1 hereto are calculations confirming the
amounts and values set forth in subparts (a) and (b) above.
(d) the use of the proceeds of the Loan are for (Check One):
_____ working capital purposes only; or
18
_____ are for the purchase of capital assets and the requirements of
Section 2.8(c)(ii) of the Credit Agreement have been met (and
set forth on Schedule 1 hereto are calculations confirming the
amounts and values required to be confirmed pursuant to such
Section 2.8(c)(ii));
(e) under the undersigned's supervision, a review of the terms and
conditions of the Indenture has been made and, based on such review,
as of the date hereof, there is no Default (as defined in the
Indenture) or Event of Default (as defined in the Indenture) that
exists;
(e) the representations and warranties contained in each Loan Document
are correct as of the date hereof;
(f) no event has occurred and is continuing that constitutes a Default
or Event of Default; and
(g) the conditions set forth in Section 2.2, Section 2.8 and Article IV
of the Credit Agreement have been satisfied.
Very truly yours,
PARK-OHIO INDUSTRIES, INC.
By: ___________________________
Name: _________________________
Title:
19
Schedule 1 to
Indenture Certificate
I. FOR ALL LOANS
A. Book Value of Accounts Receivable Greater than (no $__________________(1)
less than $100,000,000)
B. Book Value of Inventory (no less than $160,000,000) $__________________(2)
C. 45% of Book Value of Accounts Receivable
$___________________
D. 25% of Book Value of Inventory
$___________________
E. Total of C + D
$___________________
F. (1) Aggregate amount of Loans outstanding
$_________________
(2) Minus Certified Acquisition Amount
$_________________
Total of (1) minus (2)
$_________________
G. Total of E minus F (availability)
$___________________
H. Amount of requested Loan
$___________________
I. Total of G minus H
$___________________
II. FOR LOANS FOR CAPITAL EXPENDITURES
A. Aggregate amount of capital expenditures for $________________
fiscal year __________(3)
B. Aggregate amount of loans and capital leases $__________________
the proceeds of which have been used for capital
expenditures
C. Amount of requested Loan $__________________
D. Total of B + C4 $__________________
(1) An entry of "No less than $100,000,000" is sufficiently specific for this
Certificate.
(2) An entry of "No less than $160,000,000" is sufficiently specific for this
Certificate.
(3) Must be less than $18,500,000 for 2001, $26,000,000 for 2002 and
$18,500,000 for 2003
(4) Must be less than the lesser of (a) for 2001, (i) five percent (5%) of the
tangible consolidated total assets or (ii) $18,500,000, (b) for 2002,
$26,000,000, and (c) for 2003, (i) five percent (5%) of the tangible
consolidated total assets or (ii) $18,500,000.
20
EXHIBIT H
FORMULA BORROWING BASE CERTIFICATE
Computed as of: ____________________________
(required at each month-end)
I, the undersigned, the Chief Financial Officer of Park-Ohio Industries,
Inc. ("Borrower"), does hereby certify, pursuant to the Credit and Security
Agreement dated as of December 21, 2000, among Borrower, the banks named therein
("Banks") and KeyBank National Association, as agent for the Banks ("Agent"),
that the following computations have been made in accordance with the provisions
of the Credit Agreement and are true and correct:
(A) Eligible Non-CEG Accounts Receivable
(1) Total Non-CEG A/R $_____________
(2) Less: A/R > 90 days Past Due Date
[not from Specified Account Debtors] $_____________
(3) Less: Contra A/R $_____________
(4) Less: Affiliate A/R $_____________
(5) Less: Disputed or Insolvent A/R $_____________
(6) Less: Non-CEG Foreign A/R $_____________
(7) Plus: Non-CEG Acceptable Foreign A/R $_____________
(8) Plus: LC Foreign A/R $_____________
(9) Eligible Non-CEG A/R
[#1 - (#2 through #6) + #7 + #8] $_____________
(10) Advance Rate 80%
(11) QUALIFIED NON-CEG ACCOUNTS RECEIVABLE
[#9 x #10] $______________
(B) Eligible Non-CEG Inventory:
(12) Eligible Non-CEG Inventory $_____________
(13) Advance Rate 50%
(14) QUALIFIED NON-CEG INVENTORY [#12 x #13] $______________
(C) Eligible CEG Account Receivable and Inventory
(15) Total CEG A/R $_____________
(16) Less: A/R > 90 days Past Due Date
[not from Specified Account Debtors] $_____________
(17) Less: Contra A/R $_____________
(18) Less: Affiliate A/R $_____________
(19) Less: Disputed or Insolvent A/R $_____________
(20) Less: CEG Foreign A/R $_____________
(21) Plus: CEG Acceptable Foreign A/R $_____________
21
(22) Eligible CEG A/R
[#15 - (#16 through #20) + #21] $_____________
(23) Advance Rate 50%
(24) CEG A/R [#22 x #23] $_____________
(25) Eligible CEG Inventory* $_____________
(26) Advance Rate [Variable - See Fifth Amendment] [0% to 30%]
(27) CEG Inventory [#25 x #26] $_____________
(28) CEG A/R & Inventory [#24 + #27] $_____________
(29) CEG QUALIFIED ACCOUNTS & INVENTORY
[Lesser of $15,000,000 or #28] $_______________
(D) Excess Stock:
(31) Eligible Excess Stock $_____________
(32) Advance Rate 25%
(33) Excess Stock [#31 x #32] $_____________
(34) QUALIFIED EXCESS STOCK
[The lesser of $6,250,000 or #33] $_______________
(E) Real Estate: (75% of Colliers Appraisal) $ 7,875,000
(F) Equipment: (65% of Hilco Appraisal + $7,000,000) $ 22,945,871
(G) Qualified Amounts
[#10 + #13 + #30 + #34 + E + F] $____________________________________
(H) Total Revolving Credit Facility Outstandings $____________________________________
(I) BORROWING BASE OVER/UNDER [H - G] $____________________________________
PARK-OHIO INDUSTRIES, INC.
By:_____________________________
Name:___________________________
Title:__________________________
*The amount of Excess Stock to be deducted from Eligible Inventory of the
Capital Equipment Group, for the month stated above, is $____________.
22
EXHIBIT I
AJAX EQUIPMENT
(1) One (1) International Crankshaft Company 6,000 Ton Bolster Assembley
(2) One (1) Ajax Manufacturing Company 1,300 Ton Bolster Assembley
(3) One (1) International Crankshaft Company Center Plate Forge Tooling
(4) One (1) International Crankshaft Company Center Plate Trim Tooling
(5) One (1) Interpower Inc. 2,500 kW Induction Heater, Serial No. E1971
(6) One (1) Tocco Inc. 600 kW Induction Hardener
(7) One (1) FECCO Material Handling System
(8) One (1) Xxxx Planer Mill
(9) One (1) Monarch Sydney Vertical Turning Lathe
(10) One (1) Horizontal Mill
(11) One (1) Xxxxxxxx Roto Blast Barrel
(12) One (1) EMH 25 Ton Overhead Crane
(13) One (1) Dry Cooler Tower Cooling Water System
(14) One (1) Ajax Manufacturing 6,000 Ton Design B Mechanical Forging Press
(15) One (1) Ajax Manufacturing Hydraulic Wedge Packing for Tooling Shut-Height
Adjustment
(16) One (1) Ajax Manufacturing 1,300 Ton mechanical Forging Press
23
EXHIBIT J
LANDLORD WAIVERS
(See attached)
24
LANDLORD WAIVER STATUS ILS IN US ONLY
9/30/02
NET
LANDLORD LEASED INVENTORY
NAME & ADDRESS TENANT PREMISES VALUE
---------------------- ---- -------------------------------- ---------
Xxxxx West Investments RB&W 0000 Xxxx Xxxxxxxx Xxxx, Xxxxx 0 1,139,000
0000 Xxxx Xxxxxxxx Xxxx, Xxxxx X Xxxxxxx, XX 00000
Xxxxxxx, XX 00000
Xxxxx Weeks Realty Corp. Arden 000 Xxxxxxx Xxxxx, Xxxxx X 3,684,000
0000 Xxxx Xxxxx Xxxxxxx, XX 00000
Xxxxxxxx, XX 00000
Lenexa Investment Co. RB&W 00000 Xxxx 00xx Xxxxxx 4,000
x/x X.X. Xxxxxxx & Xx. Xxxxxx, XX 00000
0000 Xxxx Xxxxxx, Xxxxx 0000
Xxxxxx Xxxx, XX 00000-0000
Xxxxxx X. Xxxxxxx, Trustee RB&W 0000 Xxxxxxx Xxxx 3,000
Xxxxxx X. Xxxxxxx Living Trust Xxxxxxx, XX 00000
0000 Xxxxxxxxxxx
Xxxxxxx, XX 00000
KF Partnership RB&W 0000 X. 000xx Xxxxxx 1,651,000
x/x Xxxxxxxx Xxxx Xxxxxxxxxxx Xxxxxx 000-000
10180 "L" Street Omaha, NE 68138
Xxxxx, XX 00000
Allegheny Valve Company RB&W 000 Xxxxx Xxxxxx Ext. 253,000
000 Xxxxx Xxxxxx Xxxxxxxxx, XX 00000
Xxxxxx, XX 00000
Xxxxxxx Development Corporation RB&W 00 Xxxxxxx Xxxxx Xxxxx, Xxxxx 0 2,360,000
00 Xxxxxxxx Xxxxxx Xxxxxxxxx, XX 00000
Xxxxxxxxx, XX 00000
Pine Brook Center Limited Partnership RB&W Brookwood Industrial Park 2,614,000
c/o Childress Xxxxx Properties 0000-X Xxxxxxxxxx Xxxxx
0000 Xxx Xxxxx Xxxxx Xxxxxx Xxxxxxxxx, XX 00000
Xxxxxxxxx, XX 00000-0000
All U.S. Incorporated RB&W 000 Xxxxxxxxx Xxxx 2,289,000
Attn: Xxx Xxxxx Xxxxxxxx, XX 00000
0000 Xxxxxxxxx Xxxxxx
Xxxxxxxx, XX 00000
Mid-States Dev. Co. RB&W 0000 Xxxxxxxxxxx Xxxxx 14,731,000
c/o Xxxxxx-Xxxxxxxxx Group Xxxxxx, XX 00000
X.X. Xxx 000
Xxxxxx, XX 00000-0000
Kansas City Life Insurance Company RB&W 00000 Xxxx Xxxx Xxxxxx 3,193,000
X.X. Xxx 000000 Xxxxx, XX 00000
Xxxxxx Xxxx, XX 00000-0000
Westpark Acquisition Company, Inc. RB&W 0000 Xxxxxx Xxxxx, Xxxxx 000 3,656,000
X.X. Xxx 00000 Xxxxxxxxx, XX 00000
Xxxxxxxx, XX 00000-0000
Xxxxxxx-Xxxxx Realty RB&W 0000 Xxxx 00xx Xxxxxx 1,055,000
0000 Xxxxxxxxxx Xxxxxx Xxxx, XX 00000
Xxxx, XX 00000
Xxxx Investco L.P. RB&W 0000 Xxxxxxxxxx Xxxx., Xxxxx 00 1,358,000
x/x Xxxx Xxxxxxxxxxx Xxxxxxx, XX 00000
Attn: Xxxxxx X. Xxxx
000 Xxx Xxxxx Xxxxx, Xxxxx 000
Xxxxxxx, XX 00000
LANDLORD WAIVER STATUS ILS IN US ONLY
9/30/02
NET
LANDLORD LEASED INVENTORY
NAME & ADDRESS TENANT PREMISES VALUE
---------------------- -------------------- -------------------------------- ---------
Xxxxxx X. Xxxxxx RB&W 000 Xxxx Xxxx Xxxxxx 494,000
Xxxxxx Family Partnership Xx Xxxx, XX 00000
000 Xxxxxxxx Xxxxxx
Xx Xxxx, XX 00000
The RREEF Funds RB&W 0000 000xx Xxxxxx, Xxxxx 000 4,020,000
Attn: Xxxxxxxx X. Xxxxxxx Xxxxx Xxxxxxx, XX 00000
0000 Xxxxxx Xxx, Xxxxx 000
Xxxxxxxxx, XX 00000
Xxxxxx Properties, Inc. RB&W 0000 Xxxxx 000xx Xxxxxx, Xxxx. F 1,682,000
Xxx Xxxxx Xxxxxx, Xxxxx 0000 Xxxx, XX 00000
Xxxxxxx, XX 00000
Polo Club Business Campus, LLC Arden 000 Xxxxx Xxxxx Xx. 1,749,000
c/o First American Management, Inc. Xxxxxxxx Xxx., XX 00000
0000X X. Xxxxx Xxxxx
Xxxxxxxxx Xxx., XX 00000
Green & Little Arden 0000 Xxxx Xxxxxx Xxxx. 4,044,000
X.X. Xxx 0000 Xxxxxxxx, XX 00000
Xxxxxxxx, XX 00000-0000
Xxxxxxxx Properties, XX Xxxxx 000 X. 00xx Xxxxxx W 1,825,000
Xxxxx Xxxxxx Xxxxxxxxxx Xxxxxx Xxxxxxxxx, XX 00000
000 X. 00xx Xxxxxx
Xxxxxxxxx, XX 00000 and
River Cities Management, LLC
River Cities Industrial Center
000 X. 00xx Xxxxxx
Xxxxxxxxx, XX 00000
Wellington III Associates Arden 000 X. Xxxxxx Xxxx. 10,586,000
Attn: Xxxxx Xxxxxxx, General Partner Xx. Xxxx, XX 00000
000 Xxxx Xxxxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Xxxxx Xxxxx & Xxxxxx Xxxxx Columbia Nut & Bolt 50 Graphic Place 1,406,000
000 Xxxxxx Xxxxxx Xxxxxxxxx, XX 00000
Xxxxxxxxxx, XX 00000
Xxx Xxxxxxxxx GIS Industries, Inc. 000 Xxxxxxxx Xxxx. 4,245,000
FAX (000) 000-0000 (Charken Corp.) Xxxxxxxx, XX 00000
Xxx Xxxxxxxxx GIS Industries, Inc. 000 Xxxxxxxx Xxxx.
FAX (000) 000-0000 (Charken Corp.) Xxxxxxxx, XX 00000
Hercules Incorporated GIS Industries, Inc. c/o USX Clairton WKS 0
Attn: X.X. Xxxxxx (Charken Corp.) 00 Xxxxx Xxxxxx
X.X. Xxx 000 Xxxxxxxx, XX 00000
Xxxx Xxxxxxxxx, XX 00000
Hercules Incorporated GIS Industries, Inc. x/x XXX Xxxxxxxx XXX 0
Xxxxxxxxx Xxxx Xxxxxx (Charken Corp.) 00 Xxxxx Xxxxxx
0000 Xxxxxx Xxxxxx Xxxxxxxx, XX 00000
Xxxxxxxxxx, XX 00000-0000
Xxxxx X. Xxxxxxxxxx & GIS Industries, Inc. 000 Xxxxxxx Xxxx 647,000
Xxxxxxxx X. Xxxxxxxxxx (Charken Corp.) XxXxxxxxxxxxxx, XX 00000
000 Xxxxxxx Xx.
XxXxxxxxxxxxxx, XX 00000
LANDLORD WAIVER STATUS ILS IN US ONLY
9/30/02
NET
LANDLORD LEASED INVENTORY
NAME & ADDRESS TENANT PREMISES VALUE
---------------------- -------------------- -------------------------------- ---------
Xxxxxxx X. Xxxxxx GIS Industries, Inc. 0000 Xxxxx Xxxxxx Xxx.
0 Xxxxxxxxx Xxxxxx (Xxxxxxx Corp.) Xxxxxxxxx, XX 00000
Xxxxxxxx, XX 00000
Reckson FS Limited Partnership Industrial Fasteners 000 Xxxx Xxxxx 0
Attn: V.P. & Xxxxx Xxxxxxx/Xxxx Xxxxxx Xxxxxxxxx, XX 00000
000 Xxxxxxxxxxx Xxxx
Xxxxx 000 Xxxx
Xxxxxxxx, XX 00000
Xxxxx X. Xxxxxxxxx, Xxxxxx X. Xxxxxxxxx, GIS Industries, Inc. American Fastener 597,000
Xxxxxx X. Xxxxxxxxx and Xxxxx X. (Charken Corp.)
Xxxxxxxxx
X.X. Xxx 00000 0000 Xxxx Xxxxxx
Xxxxxxxxxx, XX 00000 Xxxxxxxxx, XX 00000
Ft. Motte Partners, LLC Arden 000 Xxxxxxxx Xxxxxxx, 3,073,000
X.X. Xxx 000 Xxxx. X
Xxxxxxxxxx, XX 00000 Xxxxxxxxxx, XX 00000
PAR Enterprises RB&W 0000 Xxxx Xxxxxx Xxxxxx, X.X. 624,000
x/x Xxxxx Xxxxx Xxxxxxxxx, XX 00000
0000 Xxx Xxxxxx
Xxxxxxxxx, XX 00000
Mineola Realty Associates Industrial New Hyde Park, NY 0
The Windsor Building Fasteners
00 Xxxxxxx Xxxxxx Old IFC HQ.
Xxxxxxx, XX 00000
Xx. Xxxxxx Xxxxxxxxx RB&W 0000 Xxxxx Xxx 000,000
Xxxxxxxxx Xxxxxxxxxxxx Xxxxxxx, XX 00000
000 X. Xxxxx Xxxx
Xxxxxxxxxxx, XX 00000
Keystone Realty, LTD. RB&W 0000 Xxxxxxxx xxxxx 3,067,000
000 Xxxx Xxxxx Xxxxxx Xxxxxxxx # 0
Xxxxx 000 Xx. Xxxxx, XX 00000
Ft. Xxxxx, XX 00000
Hallwood 95, L.P. RB&W Freegate 0000 Xxxxxx Xxxxxxx 5,133,000
X/X Xxxxxxxx Xxxxxxxxxx Xxxx Xxxxxx Xxxx X
0000 Xxxxxx Parkway Solon, OH 44139
Xxxx X
Xxxxx, XX 00000
Flexalloy Inc. RB&W 000 Xxxxxxxxxxx Xxxx. 3,899,000
000 Xxxxxxx Xxxxxxx Xxxxx 000
Xxxxxxxxxxx, XX 00000 Xxxxxx, XX 00000
*****Subleased*****
RB&W Ontario, CA 917,000
RB&W (Near) Santa Clara, CA 839,000
RB&W 2 Puerto Rico leased customer 1,400,000
facilities
GIS 2 Puerto Rico leased customer 646,000
facilities
IFC Puerto Rico 3rd Party Warehouse 49,000
TOTAL ILS ONLY $89,646,000
===========
LANDLORD WAIVER STATUS ILS IN US ONLY
9/30/02
NET
LANDLORD LEASED INVENTORY
NAME & ADDRESS TENANT PREMISES VALUE
---------------------- -------------------- -------------------------------- ---------
Sept 30, 2002
Xxxxx Industries Geneva Rubber Division 0000 Xxxxxx Xxxx
0000 Xxxx 00xx Xxxxxx Park-Ohio Industries, Inc. Xxxxxx, XX 00000 1,627,983
Xxxxxxxxx, XX 00000
Rock Hill Limited Partnership Park-Ohio 0000 Xxxxx Xxxxxxxx
1806 X. Xxxxxx Forged & Machined Products LLC Xx. Xxxxx, XX 00000 2,491,214
Xx. Xxxxx, XX 00000
The Xxxxxx & Sessions Company RB&W Manufacturing LLC 000 Xxxxxxxx Xxxx
00000 Xxxxxxx Xxxx Xxxxx Xxxx, XX 00000 3,240,033
Xxxxxxxxx, XX 00000
Xxxxxxx Development Ajax Tocco Magnethermic 000 Xxxxxxxx Xxxxxx
000 Xxxxx Xxxxxxx Xxxxxxxxxxx Xxxxxxxxx, XX 00000 25,914
Xxxxxx, XX 00000
Xxxx Enterprises Ajax Tocco Magnethermic 00000 Xxxxxx Xxxxxx
00000 Xxxxxxx Xxxxxx Xxxxxxxxxxx Xxxxxxx Xxxxxxx, XX 00000 20,951
Xxxxxxxx Xxxxxxx, XX 00000
Xxxxxx X. Xxxxxxxx General Aluminum Mfg. Company 0000 Xxxxxxxxxxx Xxxxxxxxx & other parcels
00000 Xxxxxx Xxxxxx Xxxxxxxx, XX 00000 2,687,000
Xxxxxxxxx, XX 00000
Xxxx Xxxxxxxx General Aluminum Mfg. Company 000 Xxxxxxx Xxxxxx
00000 Xxxxxx Xxxxxx Xxxxxxxx, XX 00000 0
Xxxxxxxxx, XX 00000
EFC Properties, Inc. General Aluminum Mfg. Company 0000 Xxxxx Xxxxxx
00000 Xxxxxx Xxxxxx Xxxxxxxxxx, XX 00000 861,000
Xxxxxxxxx, XX 00000
Plainview Terminal Company #200 ILS Technology LLC 9300 Broken Sound Boulevard, No. 150
0000 Xxxxxx Xxxxx Xxxxxxxxx Xxxx Xxxxx, XX 00000 0
Xxxx Xxxxx, XX 00000
Premiere Business Solutions Inc. ILS Technology LLC 10925 Xxxxx Xxxxxx Drive, No. 100
10925 Xxxxx Xxxxxx Xxxxxxxxx #000 Xxxxxxxxx, XX 00000 0
Xxxxxxxxx, XX 00000
Xxxxxxxx Xxxx Company Park-Ohio Products, Inc. 0000 X. Xxxxx Xxxxxx
0000 Xxxx Xxxxxxxxx Xxxx Xxxxx-000 Xxxxxxxx Xxxx, XX 00000 89,094
Xxxxxxxxx, XX 00000
Xxxxxxx X. Xxxxxxxx Park-Ohio Products, Inc. 0000 Xxxxxxx Xxx
00000 Xxxxxx Xxxxxx Xxxxxxxxx, XX 00000 0
Xxxxxxxxx, XX 00000
Arkansas Steel Associates LLC Southwest Steel Processing LLC 0000 Xxx Xxxx Xxxx
0000 Xxx Xxxx Xxxx Xxxxxxx, XX 00000 0
Xxxxxxx, XX 00000
Western Select Properties X.X. XXXXX, Inc. 0000 Xxxxx Xxxxxxxxx Xxxxxx
0000 Xxxxx Xxxxxxxxx Xxxxxx Xxxxxxxxxxxx, XX 00000 128,844
Xxxxxxxxxxxx, XX 00000
First Industrial Financing Partnership X.X. XXXXX, Inc. 00000 Xxxxxxxxxx Xxxxxxx
000 Xxxxx Xxxxxx Xxxxx, #000 Xxxxxxx Xxxxxxx, XX 00000 1,537,454
Xxxxxxx, XX 00000
Van Hook Family Ltd Partnership TOCCO, Inc. 0000 Xxxxxxxx Xxxx Xxxx
0000 Xxx Xxxx Xxxxx Xxxxxxxxx, XX 00000 0
Xxxx, XX 00000
TOTAL NON-ILS ONLY $ 12,709,487
============
PKOH-GRAND TOTAL $102,355,487
============
