Amendment and Extension to Services Agreement between The Alpine Group, Inc. and Superior TeleCom Inc.
This agreement modifies and extends a prior services agreement between The Alpine Group, Inc. and Superior TeleCom Inc. The amendment reduces the service fee for the period from January 1, 2001, to June 30, 2002, from $5 million to $4 million, and adds a $1 million fee to be paid upon completion of a specified repayment event. The agreement also changes the automatic termination date to June 30, 2002. Both parties confirm and ratify the amended terms by signing this document.
EXHIBIT 10.2
Effective as of:
January 1, 2001
The Alpine Group, Inc.
1790 Broadway, Suite 1500
New York, NY 10019-1412
RE: Services Agreement dated as of October 2, 1996 by and between The Alpine Group, Inc. and Superior TeleCom Inc. as amended and extended to date (as so amended and extended, the "Agreement")
This will confirm our agreement in modification and extension of the captioned Agreement as follows:
- 1.
- Section 3(b) of the Agreement (as previously amended by letter agreements dated May 1, 1997 and May 1, 1999) shall be modified such that the fee for the service period commencing January 1, 2001 through June 30, 2002 shall be reduced from $5 million to $4.0 million; and further amended to provide for an additional fee of $1.0 million to be accrued and paid upon completion of the June 2002 Repayment Event (as defined in Amendment Number Five dated as of June 30, 2001, to the Amended and Restated Credit Agreement dated as of November 27, 1998 by and among Superior Telecommunications Inc., and Essex Group Inc. as Borrowers and the Guarantor parties, and the Lender parties described therein).
- 2.
- Section 9 of the Agreement is amended so that the automatic termination date stated therein shall be June 30, 2002.
As modified hereby, the Agreement is hereby expressly ratified and confirmed.
If the foregoing conforms with your understanding of the Agreement reached between us, kindly execute a copy of this letter so indicating.
Very truly yours, | ||||
SUPERIOR TELECOM INC. | ||||
By: | /s/ STEVEN S. ELBAUM Steven S. Elbaum | |||
Its: | Chief Executive Officer |
Agreed to as of the date first hereinabove set forth | ||||
THE ALPINE GROUP, INC. | ||||
By: | /s/ BRAGI F. SCHUT Bragi F. Schut | |||
Its: | Executive Vice President |