Letter Agreement, dated as of June 13, 2008, by and among Butler Service Group, Inc., a New Jersey corporation, and Monroe, in its individual capacity and as agent for the Lenders, Garrison Funding-2008-1 LTD., and Mc Funding Ltd

EX-10.2 3 d74415_ex10-2.htm FOREBEARANCE EXTENSION LETTER AGREEMENT

Exhibit 10.2

June 13, 2008

Butler Service Group, Inc.
110 Summit Avenue
Montvale, New Jersey 07645

                    Re:           Butler Third Amendment to Second Lien Credit Agreement

Ladies and Gentlemen:

          Reference is made to the Third Amendment to Second Lien Credit Agreement (the “Third Amendment”) dated as of May 28, 2008. Unless otherwise defined herein, capitalized terms used herein shall have the respective meanings provided in the Third Amendment and if not defined therein shall have the respective meanings provided for in the Credit Agreement (as defined in the Third Amendment).

          This letter modifies the Third Amendment by amending and restating Section 4(a)(iii) to read as follows:

                    (iii)          “ Forbearance Termination Date” means the earlier to occur of (i) 5:00 p.m. (Chicago time) on July 1, 2008, and (ii) the date upon which a Forbearance Default occurs.

[Signature page follows]



          Please indicate your acceptance of and agreement to the foregoing by signing and returning, by facsimile (312 ###-###-####), this Letter to Monroe Capital Management Advisors, LLC, Attention: Mark Bohntinsky.

 

 

 

 

Very truly yours,

 

 

 

MONROE CAPITAL MANAGEMENT ADVISORS LLC

 

 

 

By:

/s/ Mark Bohntinsky

 

 


 

Title:

SVP

 

 

 

GARRISON FUNDING 2008-1 LTD.

 

 

 

By: /s/ Joseph Tansey

 

 


 

Title: President

 

 


 

 

 

MC FUNDING, LTD.

 

By: Monroe Capital Management, LLC,

 

as Collateral Manager

 

 

 

By:

/s/ Mark Bohntinsky

 

 


 

Title:

SVP


 

 

AGREED TO AND ACCEPTED AS OF

THIS ________ DAY OF JUNE, 2008.

 

BUTLER SERVICE GROUP, INC.

 

By:

/s/ Mark Koscinski

 


Title:

SVP, CFO

 


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