CONSENT OF GUARANTOR
Exhibit 10.5
Amendment No. 7 to Note
This Amendment No. 7 to Note (“Amendment”), made, delivered, and effective as of June 29, 2011, by and between MANITEX LIFTKING, ULC (“Borrower”) and COMERICA BANK (“Bank”).
WHEREAS, Borrower and Bank are parties to that certain Master Revolving Note in the original principal amount of CDN $3,500,000 dated December 29, 2006, as amended (“Note”); and
WHEREAS, Bank and Borrower desire to amend the Note as set forth below;
NOW, THEREFORE, in consideration of the premises and the mutual promises contained in this Amendment, Borrower and Bank agree as follows:
| 1. | The face amount of the Note is now CDN $6,500,000. |
| 2. | The Maturity Date of the Note is now April 1, 2015. |
| 3. | The non-default interest rate applicable to the Note is now the Canadian Prime Rate plus one-half percent (.50%) per annum. |
| 4. | The execution of this Amendment shall not be deemed to be a waiver of any Default or Event of Default. |
| 5. | All the terms used in this Amendment which are defined in the Note shall have the same meaning as used in the Note, unless otherwise defined in this Amendment. |
| 6. | This Amendment is not an agreement to any further or other amendment of the Note. |
| 7. | Borrower expressly acknowledges and agrees that except as expressly amended in this Amendment, the Note, as amended, remains in full force and effect and is ratified, confirmed and restated. |
IN WITNESS WHEREOF, the parties have executed and delivered this Amendment on the date set forth above.
| MANITEX LIFTKING, ULC | COMERICA BANK | |||||||
| By: | s/ David H. Gransee | By: | s/ James Q. Goudie III | |||||
| Its: | VP & CFO | Its: | VP & AGM | |||||
CONSENT OF GUARANTOR
The undersigned consents to the foregoing amendment as of the date thereof and reaffirms and ratifies all of its obligations to the Bank under its Guaranty of the Indebtedness of the Borrower to the Bank.
| MANITEX, LLC | ||
| By: | s/ David H. Gransee | |
| Its: | VP & CFO | |
