Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - MISCOR GROUP, LTD. | d8k.htm |
Exhibit 10.1
August 31, 2011
MISCOR Group, Ltd.
800 Nave Road
Massillon, OH 44646
Attention: Michael P. Moore
| Re: | Short term extension of credit facilities under Credit and Security Agreement |
Dear Mr. Moore:
Reference is made to that certain Credit and Security Agreement dated as of January 14, 2008, as amended (the “Credit Agreement”) to which each of MISCOR Group, Ltd., an Indiana corporation (“MISCOR”), Magnetech Industrial Services, Inc., an Indiana corporation (“MIS”) and HK Engine Components, LLC, an Indiana limited liability company (“HK” and together with MISCOR and MIS, the “Borrowers” and each a “Borrower”), and Wells Fargo Bank, National Association (the “Lender”), acting through its Wells Fargo Business Credit operating division, are a party. Capitalized terms used herein shall have the meaning assigned to such terms in the Credit Agreement.
As you know, the Maturity Date set forth in the Credit Agreement is currently August 31, 2011 and accordingly both the Revolving Note and the Term Note are scheduled to mature and be payable on such date. The parties have been working through the terms of a possible extension of the credit facilities provided under the Credit Agreement but have not yet reached agreement on those terms. Accordingly, Lender has agreed to extend the term of the credit facilities until September 30, 2011 and the term “Maturity Date” as the same is defined in the Credit Agreement is hereby amended to mean September 30, 2011.
Except as expressly set forth herein, the Credit Agreement and the other Loan Documents related thereto remain in full force and effect in accordance with their terms. The Lender’s agreements herein shall not constitute a “course of dealing” or any agreement of the part of the Lender to further extend the Maturity Date on either a short term or long term basis.
Please acknowledge your agreement to the terms of this letter by executing a copy of the same where indicated below and returning it to the undersigned.
Sincerely,
WELLS FARGO BANK, NATIONAL ASSOCIATION
| /s/ Daniel Manella |
| Daniel Manella Vice President |
Acknowledged and agreed to
MISCOR Group, Ltd.
August 30, 2011
Page 2
this 30th day of August, 2011
| MISCOR GROUP, LTD. | MAGNETECH INDUSTRIAL SERVICES, INC. | |||||||
| By: | /s/ Michael P. Moore |
By: | /s/ Michael P. Moore | |||||
| Michael P. Moore, Chief Executive Officer | Michael P. Moore, Chief Executive Officer | |||||||
| HK ENGINE COMPONENTS, LLC | ||||||||
| By: | /s/ Michael P. Moore |
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| Michael P. Moore, Chief Executive Officer | ||||||||