Exhibit 10.2
THIRTIETH AMENDMENT TO LOAN
AND SECURITY AGREEMENT
THIS THIRTIETH AMENDMENT TO LOAN
AND SECURITY AGREEMENT (this “Amendment”) is dated as of
August 30, 2008 between BRAD FOOTE GEAR WORKS, INC. f/k/a BFG
Acquisition Corp., an Illinois corporation (“Borrower”)
and LASALLE BANK NATIONAL ASSOCIATION f/k/a LaSalle National Bank
f/k/a LaSalle Bank NI (“Lender”).
WHEREAS, Borrower and Lender have entered in that certain
Loan and Security Agreement dated as of January 17, 1997, as
amended by those certain letter amendments dated February 28,
1997 and July 23, 1997 and those certain Third, Fourth, Fifth,
Sixth, Seventh, Eighth, Ninth, Eleventh, Twelfth, Thirteenth,
Fourteenth, Fifteenth, Sixteenth, Seventeenth, Eighteenth,
Nineteenth, Twentieth, Twenty-First, Twenty-Second, Twenty-Third,
Twenty- Fourth, Twenty-Fifth, Twenty-Sixth, Twenty-Seventh,
Twenty-Eighth and Twenty-Ninth Amendments to Loan and Security
Agreement dated as of March 30, 1998, December 1, 1998,
June 1, 1999, December 19, 2000, May 1, 2001,
July 1, 2001, April 30, 2002, April 29, 2003,
July 3, 2003, April 29, 2004, November 15, 2004,
April 29, 2005, June 15, 2005, February 1, 2006,
April 29, 2006, November 10, 2006, January 8, 2007,
April 29, 2007, June 30, 2007, October 4, 2007,
October 18, 2007, November 1, 2007, January 15,
2008, January 31, 2008, April 11, 2008 and June 30,
2008, respectively, and that certain letter amendment (herein, the
“Tenth Amendment”) dated October 17, 2002 (such
agreement, as so amended, the “Loan Agreement”) with
regard to the following loans made by Lender to Borrower:
(i) a $10,000,000.00 revolving line of credit loan (the
“Revolving Loan”), (ii) a consolidated term loan
in the original principal sum of $7,899,332.98 (the “Term
Loan”), (iii) an $11,000,000.00 non-revolving equipment
line of credit loan with term conversion feature (the
“Equipment Loan”), (iv) a $9,000,000.00
non-revolving equipment line of credit loan with term conversion
feature (the “Equipment Loan No. 2”) and
(v) all other Indebtedness (as defined in the Loan Agreement);
and
WHEREAS, Lender has been asked to extend the maturity
date of the Revolving Loan from August 30, 2008 to
October 31, 2008 and to make certain modifications to the Loan
Agreement; and
WHEREAS, Lender has agreed to the foregoing loan requests
provided, among other conditions, that Borrower executes and
delivers to this Amendment and the note extension agreement
described below;
NOW, THEREFORE,
for valuable consideration, the
receipt of which is hereby acknowledged, and in consideration of
the foregoing premises, the parties hereto agree as
follows:
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