Exhibit 10.29
March 16, 2009
Q.E.P. Co., Inc.
Roberts Consolidated Industries,
Inc.,
Roberts Holding International, Inc.,
Roberts Company Canada Limited,
Q.E.P. Zocalis Holding L.L.C.,
Boiardi Products Corporation,
Roberts Capitol, Inc.,
QEP-California, Inc.,
Q.E.P. Stone Holdings, Inc.,
1001 Broken Sound Parkway, NW, Suite
A,
Boca Raton, Florida 33487
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Re:
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Forbearance Agreement
Extension
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Ladies and Gentlemen:
Q.E.P. CO., INC.,
a Delaware corporation, ROBERTS
CONSOLIDATED INDUSTRIES, INC., a Delaware corporation,
ROBERTS HOLDING INTERNATIONAL, INC., a Delaware corporation,
ROBERTS COMPANY CANADA LIMITED, a corporation amalgamated
under the laws of the province of Ontario, Canada, Q.E.P.
ZOCALIS HOLDING L.L.C., a Delaware limited liability company,
BOIARDI PRODUCTS CORPORATION, a Florida corporation,
ROBERTS CAPITOL, INC., a Florida corporation,
QEP-CALIFORNIA, INC., a California corporation and Q.E.P.
STONE HOLDINGS, INC., a Florida corporation (collectively
“Borrower” or “you” ) are
obligated to BANK OF AMERICA, N.A., (“BOA”) and
HSBC BANK USA, NATIONAL ASSOCIATION, (“HSBC” and
together with BOA, the “Lenders” ), and BANK
OF AMERICA, N.A., as agent for the Lenders, (hereinafter
referred to as the “Agent” ) pursuant to that
certain third Amended and Restated Loan Agreement dated as of
December 30, 2008 (as amended and in effect from time to time,
the “Loan Agreement” ), whereby Lenders have
extended certain loans and other financial accommodations to
Borrower secured by, among other things, a security interest in all
the business assets of Borrower, and which payment and performance,
now existing or hereafter arising, is guaranteed by Roberts Company
Canada Limited ( “Guarantor” and together with
Borrower, Lenders, and Agent collectively the “
Parties ”). Capitalized terms used herein and not
otherwise defined shall have the meanings given to such terms in
the Loan Agreement unless otherwise specified herein.
The Parties entered into that
certain Forbearance Agreement dated January 22, 2009 (the
“ Forbearance Agreement ”), which terminates on
March 16, 2009. The Parties have agreed that the Forbearance
Period (as defined in the Forbearance Agreement) be extended from
March 16, 2009 through April 16, 2009. The parties hereby
agree that any and all references in the Forbearance Agreement to
“March 16, 2009” are hereby deleted and replaced with a
reference to “April 16, 2009”. The Forbearance
Agreement shall remain unmodified except as set forth herein. This
letter may be executed in any number of counterparts, each of which
shall constitute an original and all of which taken together shall
constitute one instrument.
If the terms of this letter are
acceptable to you and you agree to be bound by them, please so
indicate by signing and returning the enclosed copy of this letter.
This letter shall not become effective unless it is signed by each
of the parties to whom it is addressed and returned to the Agent,
to be received no later than 5:00 p.m., March 16, 2009, TIME
BEING OF THE ESSENCE.
