INSIDER SUBORDINATION AGREEMENTInsider Subordination Agreement • March 15th, 2007 • Miscor Group, Ltd. • Services-miscellaneous repair services • Indiana
THIS AGREEMENT is made and entered into effective this 9th day of March, 2007, by and between MISCOR Group, Ltd., HK Engine Components, LLC. (collectively, the “Borrowers”), MFB Financial (hereinafter referred to as the “Bank”), and John A. Martell (the “Subordinating Party”).
ContractMiscor Group, Ltd. • March 15th, 2007 • Services-miscellaneous repair services
MISCOR GROUP, LTD., HK ENGINE COMPONENTS, LLC, MAGNETECH INDUSTRIAL SERVICES, INC., MAGNETECH POWER SERVICES, LLC, MARTELL ELECTRIC, LLC 1125 S. WALNUT STREET SOUTH BEND, IN 46619 . MFB FINANCIAL 4100 Edison Lakes Parkway, Suite 300 MISHAWAKA, IN 46545
DEBTOR NAME AND ADDRESS SECURED PARTY NAME AND ADDRESSSecurity Agreement • March 15th, 2007 • Miscor Group, Ltd. • Services-miscellaneous repair services
Type:¨ individual ¨ partnership ¨ corporation ¨________________ State of organization/registration (if applicable) IN ¨ If checked, refer to addendum fro additional Debtors and signatures.
GUARANTYMiscor Group, Ltd. • March 15th, 2007 • Services-miscellaneous repair services
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and to induce Lender (with its participants, successors and assigns), at its option, at any time or from time to time to make loans or extend other accommodations to or for the account of HK ENGINE COMPONENTS, LLC (Borrower or to engage in any other transactions with Borrower, the Guarantor hereby absolutely and unconditionally guarantees to the Lender the full and prompt payment when due, whether at maturity or earlier by reason of acceleration or otherwise, of the debts, liabilities and obligations described as follows:
ContractMiscor Group, Ltd. • March 15th, 2007 • Services-miscellaneous repair services
MISCOR GROUP, LTD., HK ENGINE COMPONENTS, LLC, MAGNETECH INDUSTRIAL SERVICES, INC., MAGNETECH POWER SERVICES, LLC, MARTELL ELECTRIC, LLC 1125 S. WALNUT STREET SOUTH BEND, IN 46619 MFB FINANCIAL 4100 Edison Lakes Parkway, Suite 300 MISHAWAKA, IN 46545 ACCOUNT # 600000547 Loan Number 70-0028852 Date: March 9, 2007 Maturity Date ON DEMAND Loan Amount $ 5,000,000.00 Renewal Of
SUBORDINATION AGREEMENTSubordination Agreement • March 15th, 2007 • Miscor Group, Ltd. • Services-miscellaneous repair services • Indiana
THIS AGREEMENT is made and entered into effective this 9th day of March, 2007, by and between MISCOR Group, Ltd. (an Indiana corporation hereinafter referred to as the “Borrower”), MFB Financial (hereinafter referred to as the “Bank”) and the holder(s) of all or any portion of a subordinated secured convertible debenture (the “Debenture”) in an amount of up to $4,025,000.00 (with such holder(s) being referred to herein as the “Subordinating Party”), acting by and through its/their duly authorized agent, Strasbourger Pearson Tulcin Wolff, Inc. (the “Agent”).
