Agreement of Debt Conversion between Bucyrus Holdings, LLC and Bucyrus International, Inc.
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Summary
Bucyrus Holdings, LLC and Bucyrus International, Inc. have agreed that Holdings will convert $2,171,354.80 in unpaid interest owed by the Company on Senior Notes into an equity contribution. Holdings will no longer treat this amount as debt and will not seek repayment. The Company will not issue new shares in exchange for this contribution but will recognize it as additional capital. This agreement was made to satisfy a lender's condition for providing credit to the Company.
EX-10.21 3 0003.txt EXHIBIT 10.21 FORM 10-K YEAR ENDED DECEMBER 31, 2000 AGREEMENT OF DEBT CONVERSION This Agreement is entered into to be effective the 22nd day of March, 2001 by and between Bucyrus Holdings, LLC ("Holdings") and Bucyrus International, Inc. (the "Company"). WHEREAS, Holdings owns certain Senior Notes issued by the Company, and WHEREAS, the Company owes Holdings interest in the amount of two million one hundred seventy one thousand three hundred fifty-four and 80/100 dollars ($2,171,354.80) for interest accrued on the Senior Notes through June 30, 2000 which interest has not been paid (the "Accrued Interest"); and WHEREAS, the Company's lender has, as a condition of making credit available to the Company, requested that Holdings convert the debt owed to it by the Company, in the form of the Accrued Interest, into equity of the Company. NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: Holdings hereby converts the Accrued Interest into equity of the Company. Holdings shall no longer account for the Accrued Interest as a debt owed to it, and shall not seek repayment of the Accrued Interest. Holdings shall for all purposes treat the amount of the Accrued Interest as a further contribution to the capital of the Company. The Company shall not issue additional shares of its capital stock in exchange for Holding's contribution to its capital. The Company accepts such contribution to its capital and shall take such actions, not inconsistent with this Agreement, as Holdings might reasonably request to document or effectuate such contribution. EXECUTED to be effective as of the date first written above. BUCYRUS HOLDINGS, LLC BUCYRUS INTERNATIONAL, INC. By: American Industrial Partners Capital Fund II, L.P., Its Managing-Member By: American Industrial Partners II, L.P., Its General Partner By: American Industrial Partners Corporation, Its General Partner By: /s/T. C. Rogers BY: /s/T. C. Rogers T. C. Rogers T. C. Rogers Director of Bucyrus Holdings, LLC Chief Executive Officer