Exhibit 10.1
Amendment No. 2 to Note |
This Amendment to Note (“Amendment”), made, delivered, and effective as of October 18, 2007, 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 (currently $4,500,000) 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 non-default interest rate applicable to the Note is now the Canadian Prime Rate plus one and one-half percent (1-1/2%). |
| 2. | The execution of this Amendment shall not be deemed to be a waiver of any Default or Event of Default. |
| 3. | All capitalized 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. |
| 4. | This Amendment is not an agreement to any further or other amendment of the Note. |
| 5. | 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: | Chief Financial Officer | 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 J. Langevin | |
Its: | Chairman | |