EXHIBIT 10.54
AMENDED AND RESTATED REVOLVING NOTE
U.S. $15,000,000 Dallas, Texas December 21, 2001
FOR VALUE RECEIVED, the undersigned (hereinafter, collectively,
"Borrower"), HEREBY JOINTLY AND SEVERALLY PROMISE TO PAY to the order of FLEET
--------
CAPITAL CORPORATION, a Rhode Island corporation ("Lender"), for the account of
------
its lending office specified on the signature pages to the Loan Agreement
referred to below (or, if applicable, on the signature page of the most recent
Lender Addition Agreement executed by such Lender), in lawful money of the
United States of America and in immediately available funds, the lesser of (i)
the principal sum of FIFTEEN MILLION AND NO/100 DOLLARS ($15,000,000), or (ii)
the aggregate unpaid principal amount of all Revolving Credit Loans made by
Lender to Borrower under the Loan Agreement. All capitalized terms used and not
otherwise defined herein shall have the meanings set forth in the Loan
Agreement.
▇▇▇▇▇▇▇▇ promises to pay interest on the unpaid principal amount of each
Revolving Credit Loan from the date of such Revolving Credit Loan until such
principal amount is paid in full, at such interest rates, and payable at such
times, as are specified in the Loan Agreement. The principal amount of this
Amended and Restated Revolving Note (this "Revolving Note") shall be due and
--------------
payable at such times as are specified in the Loan Agreement.
Both principal and interest are payable in lawful money of the United
States of America and in immediately available funds to Fleet Capital
Corporation, a Rhode Island corporation, as Agent, at its account at Fleet
National Bank (Providence, Rhode Island), ABA No.: ▇▇▇▇-▇▇▇▇-▇, Account No.:
936-933-7800-00-101; Name of Account: Fleet Capital Southwest, Re: Petrocon
Engineering, Inc.. The date, amount, type (i.e. Eurodollar Loan or Base Rate
Loan), interest rate and duration of LIBOR Interest Period (if applicable) of
each Revolving Credit Loan made by Lender to Borrower, and each payment made on
account of the principal thereof, shall be recorded by Lender on its books and,
prior to any transfer hereof, endorsed on the grid attached hereto which is part
of this Revolving Note, provided, however, that failure of Lender to make such
-------- -------
notation or any error therein shall not in any manner affect the obligation of
Borrower to repay such Revolving Credit Loans in accordance with the terms of
this Revolving Note.
This Revolving Note is the Revolving Note referred to in, and is subject to
and entitled to the benefits of, that certain Second Amended and Restated Loan
and Security Agreement dated as of the date hereof, by and among Borrower, Fleet
Capital Corporation, as Agent, Lender and the other financial institutions from
time to time a party thereto (as amended from time to time, the "Loan
----
Agreement"). This Revolving Note is secured by the Collateral described in the
---------
Loan Documents. The Loan Agreement, among other things, (i) provides for the
making of Revolving Credit Loans by Lender to Borrower from time to time
pursuant to Section 1.1 of the Loan Agreement in an aggregate outstanding amount
-----------
not to exceed at any time the U.S. dollar amount first above mentioned, the
indebtedness of Borrower resulting from each such Revolving Credit
1
Revolving Note
Loan being evidenced by this Revolving Note, and (ii) contains provisions for
acceleration of the maturity hereof upon the happening of certain stated events
and also for prepayments on account of principal hereof prior to the maturity
hereof upon the terms and conditions therein specified.
Borrower hereby waives presentment, demand, protest, notice of intent to
accelerate, notice of acceleration and any other notice of any kind, except as
provided in the Loan Agreement. No failure to exercise, and no delay in
exercising, any rights hereunder on the part of the holder hereof shall operate
as a waiver of such rights.
This Note is given in amendment, restatement, modification and increase and
not in extinguishment or novation) of that certain Revolving Note, in the stated
principal amount of $15,000,000, dated June 15, 1999, executed by Original
Borrowers and payable to the order of Fleet.
THIS REVOLVING NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF TEXAS (EXCEPT THAT THE PROVISIONS OF CHAPTER 346 OF THE
TEXAS FINANCE CODE, WHICH REGULATES CERTAIN REVOLVING CREDIT LOAN ACCOUNTS,
SHALL NOT APPLY TO THIS REVOLVING NOTE) .
[Remainder of Page Intentionally Left Blank]
2
IN WITNESS WHEREOF, ▇▇▇▇▇▇▇▇ has caused this Note to be duly executed and
delivered in Dallas, Texas, on the date first above written.
IDS ENGINEERING, INC.
By:________________________________________________________
Name:______________________________________________________
Title:_____________________________________________________
THERMAIRE, INC.
By:________________________________________________________
Name:______________________________________________________
Title:_____________________________________________________
CONSTANT POWER MANUFACTURING, INC.
By:________________________________________________________
Name:______________________________________________________
Title:_____________________________________________________
INDUSTRIAL DATA SYSTEMS, INC.
By:________________________________________________________
Name:______________________________________________________
Title:_____________________________________________________
IDS ENGINEERING MANAGEMENT, LC
By:________________________________________________________
Name:______________________________________________________
Title:_____________________________________________________
PETROCON ENGINEERING, INC.
By:________________________________________________________
Name:______________________________________________________
Title:_____________________________________________________
Revolving Note
TRIANGLE ENGINEERS AND CONSTRUCTORS, INC.
By:________________________________________________________
Name:______________________________________________________
Title:_____________________________________________________
PETROCON SYSTEMS, INC.
By:________________________________________________________
Name:______________________________________________________
Title:_____________________________________________________
PETROCON TECHNOLOGIES, INC.
By:________________________________________________________
Name:______________________________________________________
Title:_____________________________________________________
PETROCON ENGINEERING OF LOUISIANA, INC.
By:________________________________________________________
Name:______________________________________________________
Title:_____________________________________________________
R.P.M. ENGINEERING, INC.
By:________________________________________________________
Name:______________________________________________________
Title:_____________________________________________________
ALLIANCE ENGINEERING ASSOCIATES, INC.
By:________________________________________________________
Name:______________________________________________________
Title:_____________________________________________________
Revolving Note
PETROCON CONSTRUCTION RESOURCES, INC.
By:________________________________________________________
Name:______________________________________________________
Title:_____________________________________________________
Revolving Note
LOANS, MATURITIES
AND PAYMENTS OF PRINCIPAL AND INTEREST
=====================================================================================================
Type of
Loan
Date Made, (Eurodollar Duration of Amount Paid,
Continued Principal Loan or LIBOR Prepaid, Unpaid
or Amount of Base Rate Interest Continued or Principal Notation
Converted Loan Loan) Interest Rate Period Converted Amount Made By
=====================================================================================================
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
=====================================================================================================