Amendment No. 4 to Master Revolving Note between Manitex Liftking, ULC and Comerica Bank

Contract Categories: Business Finance › Note Agreements
Summary

This amendment, effective July 9, 2009, updates the terms of a loan agreement between Manitex Liftking, ULC and Comerica Bank. It extends the loan's maturity date to April 1, 2012, sets the new interest rate at the Canadian Prime Rate plus 3%, and requires the borrower to pay an $18,000 amendment fee. All other terms of the original note remain unchanged and in effect.

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EX-10.3 4 dex103.htm AMENDMENT NO. 4 TO THE MASTER REVOLVING NOTE Amendment No. 4 to the Master Revolving Note

Exhibit 10.3

Amendment No. 4 to Note

 

 

This Amendment to Note (“Amendment”), made, delivered, and effective as of July 9, 2009, 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 $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 Maturity Date of the Note is now April 1, 2012.

 

2. The non-default interest rate applicable to the Note is now the Canadian Prime Rate plus three percent (3%).

 

3. Borrower agrees to pay Bank a non-refundable amendment fee in the amount of Eighteen Thousand Dollars (U.S.) (U.S. $18,000).

 

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

Its:  

Vice President and CFO

     Its:  

Vice President & AGM