SEVENTH AGREEMENT TO SECURED CREDIT AGREEMENT
Harris Trust and Savings Bank Chicago, Illinois
Mercantile Bank of St. Louis
National Association St. Louis, Missouri
Gentlemen:
The undersigned, Maverick Tube Corporation, a
Delaware corporation (the "Borrower") refers to the Secured Credit Agreement dated as of May 15, 1992, as amended (the "Agreement") and currently in effect between the Company and you (the "Banks") and Harris Trust and Savings Bank, as agent for the Banks (the "Agent"). All capitalized terms used herein without definition shall have the same meanings as they have in the Agreement.
The Borrower hereby applies to the Agent and the Banks for certain modifications to the Agreement and the Borrower's borrowing arrangements with the Agent and the Banks.
1. AMENDMENT.
Upon your acceptance hereof in the space provided for that purpose below, the Agreement shall be and hereby is amended as follows:
(a) Section 7.12 of the Agreement shall be amended in its entirety and as so amended shall read as follows:
"Section 7.12 Capitalized Expenditures. The Borrower will not, and will not permit any Subsidiary to, expend or become obligated for capital expenditures (as defined and classified in accordance with generally accepted accounting principles consistently applied but in any event including the liability of the Borrower and its Subsidiaries in respect of Capitalized Leases) in excess of $9,500,000 during fiscal year 1997 and in excess of $4,250,000 in each fiscal year thereafter."
2. CONDITIONS PRECEDENT.
The effectiveness of this Seventh Amendment is subject to the satisfaction of all the following conditions precedent:
(a) The Borrower and the Banks shall have executed this Seventh Amendment.
(b) The Banks shall h ...