Summary of Permitted Indebtedness and Credit Facilities Agreement between Deutsche Bank and IKS Klingelnberg GmbH

Summary

This letter from Deutsche Bank to IKS Klingelnberg GmbH confirms several lines of credit and loans provided to IKS Klingelnberg Group and its affiliates, specifying amounts and purposes such as acquisitions and building financing. The agreement outlines that detailed terms, collateral, and covenants are governed by individual credit agreements. Additionally, Deutsche Bank commits to a further credit line for future expenditures or acquisitions, with terms to be set later. International Knife & Saw Inc. agrees not to demand repayment of an intercompany loan until Deutsche Bank's loans are fully repaid.

EX-10.15 2 0002.txt SUMMARY OF PERMITTED INDEBTEDNESS Translation of Letter Dated September 23, 1997 From: Deutsche Bank, Mr. Muller and Mr. Jakobi Blumenstrasse 13, 42849 Remscheid, Germany To: IKS Klingelnberg GmbH, Mr. Thomas Meyer In der Fleute 18, 42897 Remscheid, Germany Confirmation of Conditions Dear Mr. Meyer: In reference to our recent conversations we confirm to you that we have committed to IKS Klingelnberg Group-Germany the following lines of credit/ bank loans within the framework of our general conditions (AGB). With regard to the duration, conditions, collaterals and covenants we refer to the individual credit agreements. o Operating line of credit in the amount of DEM 7,500,000.00 o KfW bank loan to IKS Klingelnberg GmbH for the acquisition of the company Rolf Meyer; current value of DEM 5,000,000.00 o KfW bank loan to IKS Klingelnberg GmbH for the Joint-Venture China; current value of DEM 2,500,000.00 o KfW bank loan to IKS Klingelnberg GmbH for the financing of the Remscheid building; current value is DEM 3,771,000.00 o KfW bank loan to IKS Klingelnberg Falz- messer GmbH for the acquisition of the company Rolf Meyer; current value of DEM 5,000,000.00 o KfW bank loan to IKS Messerfabrik Gerings- walde GmbH; current value is DEM 731,000.00 o Deutsche Bank expenditure loan to IKS Messerfabrik Geringswalde GmbH; current value of approximately DEM 504,000.00 In addition to these bank loans/lines of credit, we are pleased to be able to commit to IKS Klingelnberg GmbH, Remscheid a line of credit for prospective expenditures/company acquisitions in the amount of DEM 8,500,000.00 with duration of up to 10 years within the framework of our General Conditions (AGB). At a later date, we will agree on the terms and conditions in accordance with the then-current market circumstances. Generally the individual assets acquired with these funds will serve as collateral. In addition, International Knife & Saw Inc. will confirm to us that it will not require repayment of the approximately DEM 9.4 million intercompany loan to IKS Klingelnberg GmbH prior to a complete repayment of the loans we have made to IKS Klingelnberg GmbH. Please sign the enclosed copy of this letter to indicate your agreement and send it back to us. We thank you for your trust in us and look forward to a smooth and trustworthy relationship.