Amendment No. 1 to Guaranty Agreement between Banc of America Leasing & Capital, LLC and Penhall International Corp.
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Summary
This amendment updates the financial ratio requirements in a guaranty agreement between Banc of America Leasing & Capital, LLC and Penhall International Corp. The changes specify new minimum interest coverage ratios and maximum leverage ratios for certain dates through December 31, 2006. All other terms of the original guaranty remain unchanged and in effect. The amendment is effective as of September 4, 2002.
EX-10.22 9 a84597exv10w22.txt EXHIBIT 10.22 EXHIBIT 10.22 BANK OF AMERICA BANC OF AMERICA LEASING & CAPITAL, LLC Amendment Number 1 to Guaranty dated July 25, 2002 ================================================================================ This Amendment Number 1 made this 4th day of September, 2002, to Guaranty dated July 25, 2002 ( the "Guaranty"), between Banc of America Leasing & Capital, LLC ("Secured Party") and Penhall International Corp. ("Guarantor"). W I T N E S S E T H : WHEREAS, Secured Party and Guarantor are parties to the Guaranty; and WHEREAS, Secured Party and Guarantor desire to amend certain provisions of the Guaranty; NOW, THEREFORE, in consideration of the premises and the mutual obligations hereinafter contained, and for the other good and valuable consideration, the receipt whereof is hereby acknowledged, the parties hereto agree as follows: 1. Section 10A. (a) of Guaranty. Interest Coverage Ratio is hereby restated as follows: Interest Coverage ratio (minimum)
2. Section 10A (b) of Guaranty. Leverage Ratio is hereby restated as follows: Leverage ratio (maximum)
3. Except as amended hereby, the Guaranty shall remain in full force and effect and is in all respects hereby ratified and affirmed. Capitalized terms not otherwise defined herein shall have the meanings ascribed them in the Guaranty. IN WITNESS WHEREOF, the parties hereunto have caused this instrument to be executed by their duly authorized officers as of the day and year first above written.
