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Exhibit 10.30
FIRST AMENDMENT OF 1999 TO CREDIT AGREEMENT
AND
OTHER LOAN DOCUMENTS
THIS FIRST AMENDMENT OF 1999 TO CREDIT AGREEMENT AND OTHER LOAN
DOCUMENTS (the "Amendment") is made and dated as of the 31st day of December,
1998 by and between SANWA BANK CALIFORNIA ("Sanwa"), MELLON BANK, N.A. and
BANKBOSTON, N.A. as the current Lenders under the Credit Agreement referred to
below (and as the term "Lender" and capitalized terms not otherwise defined
herein are used in the Credit Agreement), SANWA, as Agent for the Lenders, and
MERCURY AIR GROUP, INC., a New York corporation (the "Company").
RECITALS
A. Pursuant to that certain Credit Agreement dated as of March 14, 1997,
by and among the Agent, the Lenders and the Company (the "Credit Agreement"),
the Lenders agreed to extend credit to the Company on the terms and subject to
the conditions set forth therein.
B. The Company, the Agent and the Lenders have agreed to amend the
Credit Agreement in certain respects as set forth more particularly below.
NOW, THEREFORE, in consideration of the above Recitals and for other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto hereby agree as follows:
AGREEMENT
1. Extension of Revolving Loan Maturity Date. To reflect the agreement
of the parties to extend the maturity date of the convertible revolving credit
facility, effective as of the Effective Date (as such term is defined in
Paragraph 5 below) the definition of the term "Revolving Loan Maturity Date" set
forth in Paragraph 16 of the Credit Agreement is hereby amended to read in its
entirety as follows:
"Revolving Loan Maturity Date" shall mean the earlier of
(a) February 28, 2000, as such date may be extended from time to time in
writing by one hundred percent (100%) of the Lenders, in their sole
discretion, and (b) the date the Lenders terminate their obligation to
make further Loans hereunder pursuant to Paragraph 13 above."
2. Waiver of Defaults. Any Event of Default or Potential Default which
may exist as a result of the Company's failure to be in compliance with
Paragraphs 12(l) and 12(o) of the Credit Agreement during the period from
September 30, 1998 to and including December 31, 1998, are hereby deemed waived
by the Lenders. The waiver set forth in this Paragraph 2 is given on a one time
basis and shall not in any manner or to any extent be deemed to constitute a
waiver, whether past, concurrent or future, of any other provision set forth in
the Credit Agreement.
3. Reaffirmation of Loan Documents. The Company hereby affirms and
agrees that (a) the execution and delivery by the Company of and the performance
of its obligations under this Amendment shall not in any way amend, impair,
invalidate or otherwise affect any of the obligations of the Company or the
rights of the Agent or the Lenders under the Credit Agreement or any other Loan
Document, (b) the term "Obligations" as used in the Loan Documents includes,
without limitation, the Obligations of the Company under the Credit Agreement as
amended hereby and (c) each of the Loan Documents remains in full force and
effect.
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4. Reaffirmation of Guaranties. By executing this Amendment as provided
below, each Guarantor acknowledges the terms and conditions agreed to by the
Company, the Agent and the Lenders under this Amendment, and affirms and agrees
that (a) the execution and delivery by the Company and the performance of its
obligations under this Amendment shall not in any manner or to any extent affect
any of the obligations of such Guarantor or the rights of the Agent or the
Lenders under the Guaranty executed by such Guarantor or any other document or
instrument made or given by such Guarantor in connection therewith, (b) the term
"Obligations" as used in the Guaranties includes, without limitation, the
Obligations of the Company under the Credit Agreement as amended hereby, and (c)
each Guaranty remains in full force and effect.
5. Effective Date. This Amendment shall be effective as of the date (the
"Effective Date") that there has been delivered to the Agent:
(a) A copy of this Amendment, duly executed by each party hereto
and acknowledged by each of the Guarantors; and
(b) Such corporate resolutions, incumbency certificates and other
authorizing documentation as the Agent may request.
6. Representations and Warranties. The Company hereby represents and
warrants to the Agent and the Lenders that at the date hereof and at and as of
the Effective Date:
(a) The Company and each of the Guarantors has the corporate
power and authority and the legal right to execute, deliver and perform this
Amendment and has taken all necessary corporate action to authorize the
execution, delivery and performance of this Amendment. This Amendment has been
duly executed and delivered on behalf of the Company and each of the Guarantors
and constitutes the legal, valid and binding obligation of such Person,
enforceable against such Person in accordance with its terms.
(b) Both prior to and after giving effect hereto: (1) the
representations and warranties of the Company contained in the Credit Agreement
and the other Loan Documents are accurate and complete in all respects, and (2)
there has not occurred an Event of Default or Potential Default which has not
been expressly waived hereby.
7. No Other Amendment. Except as expressly amended hereby, the Loan
Documents shall remain in full force and effect as written and amended to date.
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8. Counterparts. This Amendment may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same
agreement.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the day and year first above written.
MERCURY AIR GROUP, INC.,
a New York corporation
By__________________________________
Name________________________________
Title_______________________________
SANWA BANK CALIFORNIA, as Agent and
as a Lender
By__________________________________
Name________________________________
Title_______________________________
MELLON BANK, N.A., as a Lender
By__________________________________
Name________________________________
Title_______________________________
BANKBOSTON, N.A., as a Lender
By__________________________________
Name________________________________
Title_______________________________
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ACKNOWLEDGED AND AGREED TO
as of this 31st day of December, 1998:
EXCEL CARGO, INC.
By: __________________________
Name: ________________________
Title: _______________________
FLORACOOL, INC.
By: __________________________
Name: ________________________
Title: _______________________
HERMES AVIATION, INC.
By: __________________________
Name: ________________________
Title: _______________________
MAYTAG AIRCRAFT CORPORATION
By: __________________________
Name: ________________________
Title: _______________________
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MERCURY AIR CARGO, INC.
By: __________________________
Name: ________________________
Title: _______________________
VULCAN AVIATION, INC.
By: __________________________
Name: ________________________
Title: _______________________
▇▇▇▇▇▇▇ FLYING SERVICE, INC.
By: __________________________
Name: ________________________
Title: _______________________
▇▇▇▇ ▇▇▇▇▇ & ASSOCIATES, INC.
By: __________________________
Name: ________________________
Title: _______________________
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