FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT
This Fourth Amendment to Loan and Security Agreement ("Amendment")
is dated November 12, 1996 and entered into by and among ▇▇▇▇▇▇
FINANCIAL, INC. ("Lender"), and PERMA-FIX ENVIRONMENTAL SERVICES,
INC. ("Parent") and all those direct and indirect subsidiaries of
Parent whose names are inscribed on the signature pages of the
Agreement as defined below (all said subsidiaries and Parent
collectively referred to herein as "Borrowers").
WHEREAS, Lender and Borrowers have entered into a Loan and
Security Agreement (as amended, the "Agreement") dated January 27,
1995; and
WHEREAS, an Event of Default is in existence under subsection
8.1(C) of the Agreement as a result of Borrowers' breach of the
Fixed Charge Coverage covenant contained in subsection 6.4 for the
nine months ended September 30, 1996 (the "Existing Event of
Default"); and
WHEREAS, Borrowers have requested that Lender waive the
Existing Event of Default and amend the Fixed Charge Coverage
covenant for the ten months ended October 31, 1996, the eleven
months ended November 30, 1996 and the twelve months ended
December 31, 1996; and
WHEREAS, Lender has agreed to waive the Existing Event of
Default and to amend the Fixed Charge Coverage covenant of the
Agreement, subject to the terms and conditions contained herein;
NOW, THEREFORE, in consideration of the mutual conditions
and agreements set forth in the Agreement, and this Amendment, and
other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties, intending to be
legally bound, hereby agree as follows:
ARTICLE I. DEFINTIONS
Section 1.01. Definitions. Capitalized terms used in this
Amendment, to the extent not otherwise defined herein, shall have
the same meanings as in the Agreement, as amended hereby.
ARTICLE II. AMENDMENTS
Section 2.01. Amendment to Subsection 6.4 "Fixed Charge
Coverage". Subsection 6.4 shall be, and the same is hereby deleted
in its entirety for the periods set forth below and the following
substituted therefore:
Applicable Period Ratio
Ten Months Ended 10/31/96 .30:1
Eleven Months Ended 11/30/96 .30:1
Twelve Months Ended 12/31/96 .30:1
Twelve Months Ended 1/31/97 .75:1
Twelve Months Ended 2/28/97 .75:1
Twelve Months Ended 3/31/97 .75:1
Twelve Months Ended 4/30/97 .75:1
Twelve Months Ended 5/31/97 .75:1
Twelve Months Ended 6/30/97 .75:1
Twelve Months Ended 7/31/97 .75:1
Twelve Months Ended 8/31/97 .75:1
Twelve Months Ended 9/30/97 .75:1
Twelve Months Ended 10/31/97 .75:1
Twelve Months Ended 11/30/97 .75:1
Twelve Months Ended 12/31/97 1.00:1
ARTICLE III. WAIVER
Section 3.01. Waiver of Existing Event of Default. Lender
hereby waives the Existing Event of Default.
ARTICLE IV. MISCELLANEOUS
Section 4.01. Conditions. The effectiveness of this Amendment
is subject to the satisfaction of the following conditions precedent
(unless specifically waived in writing by Lender):
(a) there shall have occurred no material adverse change in
the business, operations, financial conditions, profits or
prospects, or in the Collateral of Borrowers;
(b) Borrowers shall have executed and delivered such other
documents and instruments as Lender may require;
(c) Borrowers shall have paid Lender a fee in the amount of
$5,000 for the issuance of this Amendment and a documentation
fee in the amount of $250; and
(d) Borrowers shall have caused Ally Capital to waive any
existing events of default under the Ally Capital Lease and to
amend the Ally Capital Lease such that the financial covenants
set forth therein are not more restrictive than those set
forth in the Agreement; and
(e) all corporate proceedings taken in connection with the
transactions contemplated by this Amendment and all documents,
instruments and other legal matters incident thereto shall be
satisfactory to Lender and its legal counsel.
Section 4.02 Ratification. The terms and provisions set forth
in this Amendment shall modify and supersede all inconsistent terms
and provisions set forth in the Agreement and, except as expressly
modified and supersweded by this Amendment, the terms nad provisions
of the Agreement, are ratified and confirmed and shall continue in
full force and effect.
Section 4.03 Corporate Action. The execution, delivery and
performance of this Amendment have been authorized by all requisite
corporate action on the part of Borrowers and will not violate the
Articles of Incorporation or Bylaws of Borrowers.
Section 4.04 Severability. Any provision of this Amendment
held by a court of competent jurisdiction to be invalid or
unenforceable shall not impair or invalidate the remainder of this
Amendment and the effect thereof shall be confined to the provision
so held to be invalid or unenforceable.
Section 4.05 Successors and Assigns. This Amendment is
binding upon and shall inure to the benefit of Lender and Borrowers
and their respective successors and assigns;
Section 4.06 Counterparts. This Amendment may be executed in
one or more counterparts, each of which when so executed shall be
deemed to be an original, but all of which when taken together shall
constitute one and the same instrument.
[Signatures are on following pages.]
IN WITNESS WHEREOF, the parties hereto have executed this
Amendment on the date first above written.
Lender:
▇▇▇▇▇▇ FINANCIAL, INC., a
Delaware corporation
By
_________________________
Title
______________________
Borrowers:
PERMA-FIX ENVIRONMENTAL
SERVICES, INC., a Delaware
corporation
By /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
_______________________________________
Name: ▇▇. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
________________________________
Title: CEO
_________________________________
Attest: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
___________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
________________________________
Title: Chief Financial Officer
_________________________________
INDUSTRIAL WASTE MANAGEMENT,
INC., a Missouri corporation
By /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
_______________________________________
Name: ▇▇. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
________________________________
Title: CEO
_________________________________
Attest: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
___________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
________________________________
Title: Chief Financial Officer
_________________________________
PERMA-FIX, INC., an Oklahoma
corporation
By /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
_______________________________________
Name: ▇▇. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
________________________________
Title: CEO
_________________________________
Attest: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
___________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
________________________________
Title: Chief Financial Officer
_________________________________
PERMA-FIX OF DAYTON, INC.,
an Ohio corporation
By /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
_______________________________________
Name: ▇▇. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
________________________________
Title: CEO
_________________________________
Attest: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
___________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
________________________________
Title: Chief Financial Officer
_________________________________
PERMA-FIX OF FLORIDA, INC.,
a Florida corporation
By /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
_______________________________________
Name: ▇▇. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
________________________________
Title: CEO
_________________________________
Attest: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
___________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
________________________________
Title: Chief Financial Officer
_________________________________
PERMA-FIX OF FORT LAUDERDALE,
INC., a Florida corporation
By /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
_______________________________________
Name: ▇▇. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
________________________________
Title: CEO
_________________________________
Attest: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
___________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
________________________________
Title: Chief Financial Officer
_________________________________
PERMA-FIX OF MEMPHIS, INC.,
a Tennessee corporation
By /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
_______________________________________
Name: ▇▇. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
________________________________
Title: CEO
_________________________________
Attest: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
___________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
________________________________
Title: Chief Financial Officer
_________________________________
PERMA-FIX OF NEW MEXICO, INC.,
a New Mexico corporation
By /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
_______________________________________
Name: ▇▇. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
________________________________
Title: CEO
_________________________________
Attest: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
___________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
________________________________
Title: Chief Financial Officer
_________________________________
PERMA-FIX TREATMENT SERVICES,
INC., an Oklahoma corporation
By /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
_______________________________________
Name: ▇▇. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
________________________________
Title: CEO
_________________________________
Attest: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
___________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
________________________________
Title: Chief Financial Officer
_________________________________
▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ & ▇▇▇▇▇▇,
INC., a Missouri corporation
By /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
_______________________________________
Name: ▇▇. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
________________________________
Title: CEO
_________________________________
Attest: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
___________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
________________________________
Title: Chief Financial Officer
_________________________________
MINTECH, INC., an Oklahoma
corporation
By /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
_______________________________________
Name: ▇▇. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
________________________________
Title: CEO
_________________________________
Attest: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
___________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
________________________________
Title: Chief Financial Officer
_________________________________
RECLAMATION SYSTEMS, INC., an
Oklahoma corporation
By /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
_______________________________________
Name: ▇▇. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
________________________________
Title: CEO
_________________________________
Attest: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
___________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
________________________________
Title: Chief Financial Officer
_________________________________
BALL:\N-P\PESI\10-Q\996\EXHIBIT4.4
