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EXHIBIT 10.61
FIRST AMENDMENT TO AMENDED AND RESTATED
NOTE AND WARRANT PURCHASE AGREEMENT
THIS FIRST AMENDMENT TO AMENDED AND RESTATED NOTE AND WARRANT
PURCHASE
AGREEMENT is made and entered
into as of February 8, 2005 (this "Amendment"), by
and among Harris Nesbitt
Capital, Inc. (f/k/a BMO Nesbitt Burns Capital (U.S.),
Inc.), a Delaware corporation
("HNC" or, in its capacity as agent, "Agent"), BMO
Nesbitt Burns Employee
Co-Investment Fund I (U.S.) L.P., a Delaware limited
partnership ("U.S. Fund"),
BMO Nesbitt Burns Employee Co-Investment Fund Trust,
an Ontario trust ("Canada
Trust"), JZ Equity Partners PLC, a company formed
under the laws of England and
Wales, ("Jordan"), Prism Mezzanine Fund SBIC,
L.P., a Delaware limited
partnership ("Prism" and, together with HNC, U.S. Fund,
Canada Trust and Jordan, the
"Purchasers"), Morton Industrial Group, Inc., a
Georgia corporation (the
"Company"), and each of the Subsidiaries of the Company
executing a signature page
hereto, as a Guarantor.
WHEREAS, Agent, the Purchasers and certain other parties entered
into
that certain Amended and
Restated Note and Warrant Purchase Agreement dated as
of June 23, 2004 (as amended,
modified or restated from time to time, the
"Purchase
Agreement");
WHEREAS, the Company has requested that the Agent and the
Purchasers
amend certain provisions of
the Purchase Agreement; and
WHEREAS, the parties hereto have agreed to so amend the
Purchase
Agreement in accordance with
the terms of this Amendment.
NOW, THEREFORE, in consideration of the premises set forth above
and
for other good and valuable
consideration, the receipt and sufficiency of which
is hereby acknowledged, the
undersigned parties agree as follows:
1. Incorporation of the Agreement.
All capitalized terms which are not
defined herein shall have the
same meanings as set forth in the Purchase
Agreement. Except as
specifically set forth herein, the Purchase Agreement
shall
remain in full force and
effect and its provisions shall be binding on the
parties hereto. All
references to "this Agreement" and similar terms in the
Purchase Agreement shall mean
the Purchase Agreement as amended by this
Agreement.
2. Amendment of the Agreement. The
Purchase Agreement is hereby amended as
follows:
(a) The definition of
"Borrowing Base" contained in Section 5.1 of the
Purchase Agreement is hereby
amended and restated to read in its entirety as
follows:
"BORROWING BASE" shall have the meaning given such term
in the Senior Credit Agreement as amended on or about
February 8, 2005.
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(b) Section 8.10 of
the Purchase Agreement is hereby amended by
deleting the amount
"$5,280,000" for Fiscal Year 2004 and replacing it with
the
amount
"$5,400,000".
3. Conditions of Effectiveness. Upon
the satisfaction of all of the
following conditions
precedent, this Amendment shall be, and is hereby agreed
to
by the parties hereto to be,
effective from and after December 31, 2004:
(a) the Borrower, the
Agent, the Lenders and the Guarantors shall have
executed and delivered this
Amendment;
(b) the Agent shall
have received copies (executed or certified, as
may be appropriate) of all
legal documents or proceedings taken in connection
with the execution and
delivery of this Amendment to the extent the Agent or
its
counsel may reasonably
request;
(c) legal matters
incident to the execution and delivery of this
Amendment shall be
satisfactory to the Agent and its counsel;
(d) the Agent shall
have received a certified copy of an amendment to
the Senior Credit Agreement
which shall be in form and substance acceptable to
the Agent;
(e) the
representations and warranties of the Company contained
in
Section 4 of this Amendment
shall be true and correct in all material respects
as of the date hereof and as
of the effective date of this Amendment; and
(f) the Company shall
have paid the Agent a fee for its account and
the account of the Purchasers
in the amount of $25,000.
4. Representations, Warranties and
Covenants of the Company. The Company
hereby represents, warrants
and covenants as follows:
(a) this Amendment has
been duly authorized by all necessary corporate
action on the part of the
Company, has been duly executed by the Company and
constitutes the legal, valid
and binding obligation of the Company, and is
enforceable against the
Company in accordance with its terms;
(b) upon the
effectiveness of this Amendment, the Company hereby
reaffirms that all covenants,
representations and warranties made in the
Purchase Agreement and the
other Operative Documents, to the extent that the
same are not amended hereby,
are true and complete in all material respects as
if remade as of the effective
date of this Amendment (except to the extent
stated to relate to a
specific earlier date, in which case such
representations,
warranties and covenants are
true and correct as of such earlier date); and
(c) no Event of
Default exists under the Purchase Agreement.
5. Reference to the Effect on the
Purchase Agreement.
(a) Upon the
effectiveness of this Amendment, on and after the date
of
this Amendment, each
reference in the Purchase Agreement to "this Agreement,"
"hereunder,"
2