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Term Loan & Rev. CRDT Future Filing of Applied Pow

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Term Loan & Revolving Credit Leasehold
Mortgage, Assignment of Leases and Rents,
Security Agreement and Fixture Filing


Document No. Document Title ================================================================


BY


Applied Power Inc.


Mortgagor,


TO


CREDIT SUISSE FIRST BOSTON,
as Collateral Agent,


Mortgagee


Securing Principal Indebtedness of $430,000,000


Dated as of July 31, 2000


Relating to Premises in


Milwaukee County, Wisconsin
Recording Area
===================================================================
This instrument prepared by and, after recording, please
return to:


Athy A. Mobilia, Esq.
Cahill Gordon & Reindel
80 Pine Street
New York, New York 10005


===================================================================
See Exhibit A
-------------------------------------------------------------------


Parcel Identification Number (PIN) 160-9014 ====================================================================================================================================


TABLE OF CONTENTS


Page
----


PREAMBLE.....................................................................................................1


RECITALS.....................................................................................................1


AGREEMENT....................................................................................................2


ARTICLE I


DEFINITIONS AND INTERPRETATION


SECTION 1.1 Definitions..............................................................................2 SECTION 1.2 Interpretation...........................................................................9 SECTION 1.3 Resolution of Drafting Ambiguities......................................................10


ARTICLE II


GRANTS AND SECURED OBLIGATIONS


SECTION 2.1 Grant of Mortgaged Property.............................................................10 SECTION 2.2 Assignment of Subleases and Rents.......................................................11 SECTION 2.3 Secured Obligations.....................................................................11 SECTION 2.4 Future Advances.........................................................................11 SECTION 2.5 No Release..............................................................................11


ARTICLE III


REPRESENTATIONS AND WARRANTIES OF MORTGAGOR


SECTION 3.1 Authority and Validity..................................................................12 SECTION 3.2 Warranty of Title.......................................................................12 SECTION 3.3 Condition of Mortgaged Property.........................................................13 SECTION 3.4 Subleases...............................................................................14 SECTION 3.5 Insurance...............................................................................15 SECTION 3.6 Charges.................................................................................15 SECTION 3.7 Environmental...........................................................................15 SECTION 3.8 No Conflicts, Consents, etc.............................................................16 SECTION 3.9 Benefit to the Mortgagor................................................................16


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ARTICLE IV


CERTAIN COVENANTS OF MORTGAGOR


SECTION 4.1 Payment.................................................................................17 SECTION 4.2 Preservation of Corporate Existence.....................................................17 SECTION 4.3 Title...................................................................................17 SECTION 4.4 Maintenance and Use of Mortgaged Property; Alterations..................................18 SECTION 4.5 Notices Regarding Certain Defaults......................................................19 SECTION 4.6 Access to Mortgaged Property, Books and Records; Other Information......................19 SECTION 4.7 Limitation on Liens; Transfer Restrictions..............................................19 SECTION 4.8 Environmental...........................................................................19 SECTION 4.9 Estoppel Certificates...................................................................20


ARTICLE V


SUBLEASES


SECTION 5.1 Mortgagor's Affirmative Covenants with Respect to Subleases.............................21 SECTION 5.2 Mortgagor's Negative Covenants with Respect to Subleases................................21 SECTION 5.3 Additional Requirements with Respect to New Subleases...................................22


ARTICLE VI


CONCERNING ASSIGNMENT OF SUBLEASES AND RENTS


SECTION 6.1 License to the Mortgagor................................................................22 SECTION 6.2 Collection of Rents by the Mortgagee....................................................22 SECTION 6.3 No Release..............................................................................23 SECTION 6.4 Irrevocable Interest....................................................................23 SECTION 6.5 Amendment to Subleases..................................................................23


ARTICLE VII


TAXES AND CERTAIN STATUTORY LIENS


SECTION 7.1 Payment of Charges......................................................................23 SECTION 7.2 Escrow of Taxes.........................................................................23 SECTION 7.3 Certain Statutory Liens.................................................................24 SECTION 7.4 Stamp and Other Taxes...................................................................24 SECTION 7.5 Certain Tax Law Changes.................................................................24 SECTION 7.6 Proceeds of Tax Claim...................................................................24


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ARTICLE VIII


INSURANCE


SECTION 8.1 Required Insurance Policies and Coverages...............................................25 SECTION 8.2 Required Form of Insurance Policies.....................................................26 SECTION 8.3 Settlements.............................................................................26 SECTION 8.4 Renewals................................................................................26 SECTION 8.5 Additional Insurance....................................................................27 SECTION 8.6 Blanket Coverage........................................................................27 SECTION 8.7 Delivery After Foreclosure..............................................................27


ARTICLE IX


CONTESTING OF PAYMENTS


SECTION 9.1 Contesting of Taxes and Certain Statutory Liens.........................................27 SECTION 9.2 Contesting of Insurance.................................................................28


ARTICLE X


DESTRUCTION, CONDEMNATION AND RESTORATION


SECTION 10.1 Destruction.............................................................................28 SECTION 10.2 Condemnation............................................................................28 SECTION 10.3 Restoration.............................................................................29 SECTION 10.4 Major Restoration.......................................................................29 SECTION 10.5 Restoration Advances Following Destruction or Taking of Mortgaged
Property..............................................................................30


ARTICLE XI


EVENTS OF DEFAULT AND REMEDIES


SECTION 11.1 Events of Default.......................................................................31 SECTION 11.2 Remedies in Case of an Event of Default.................................................31 SECTION 11.3 Sale of Mortgaged Property if Event of Default Occurs; Proceeds of Sale.................33 SECTION 11.4 Additional Remedies in Case of an Event of Default......................................34 SECTION 11.5 Legal Proceedings After an Event of Default.............................................35 SECTION 11.6 Remedies Not Exclusive..................................................................36


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ARTICLE XII


SECURITY AGREEMENT AND FIXTURE FILING


SECTION 12.1 Security Agreement......................................................................36 SECTION 12.2 Fixture Filing..........................................................................37


ARTICLE XIII


FURTHER ASSURANCES


SECTION 13.1 Recording Documentation To Assure Security..............................................37 SECTION 13.2 Further Acts............................................................................38 SECTION 13.3 Additional Security.....................................................................38


ARTICLE XIV


MISCELLANEOUS


SECTION 14.1 Covenants To Run with the Land..........................................................38 SECTION 14.2 No Merger...............................................................................38 SECTION 14.3 Concerning Mortgagee....................................................................38 SECTION 14.4 Mortgagee May Perform; Mortgagee Appointed Attorney-in-Fact.............................39 SECTION 14.5 Expenses................................................................................40 SECTION 14.6 Indemnity...............................................................................40 SECTION 14.7 Continuing Security Interest; Assignment................................................41 SECTION 14.8 Termination; Release....................................................................41 SECTION 14.9 Modification in Writing.................................................................41 SECTION 14.10 Notices.................................................................................42 SECTION 14.11 GOVERNING LAW; SERVICE OF PROCESS; WAIVER OF JURY TRIAL.................................42 SECTION 14.12 Severability of Provisions..............................................................42 SECTION 14.13 Limitation on Interest Payable..........................................................42 SECTION 14.14 Business Days...........................................................................43 SECTION 14.15 Relationship............................................................................43 SECTION 14.16 Waiver of Stay..........................................................................43 SECTION 14.17 No Credit for Payment of Taxes or Impositions...........................................44 SECTION 14.18 No Claims Against the Mortgagee.........................................................44 SECTION 14.19 Obligations Absolute....................................................................44 SECTION 14.20 Mortgagee's Right To Sever Indebtedness.................................................45 SECTION 14.21 Mortgaged Lease.........................................................................46 SECTION 14.22 Shortened Redemption Election...........................................................48


SIGNATURE


ACKNOWLEDGMENTS
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SCHEDULE A Legal Description SCHEDULE B Prior Liens


EXHIBIT 1 Form of Subordination, Non-Disturbance
and Attornment Agreement


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TERM LOAN AND REVOLVING CREDIT LEASEHOLD
MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY
AGREEMENT AND FIXTURE FILING


TERM LOAN AND REVOLVING CREDIT LEASEHOLD MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING (the "Mortgage"), dated
-------- as of July 31, 2000, made by Applied Power Inc.], a Wisconsin corporation having an office at 6101 North Baker Road, Glendale, WI, as mortgagor, assignor and debtor (in such capacities and together with any successors in such capacities, the "Mortgagor"), in favor of CREDIT SUISSE FIRST BOSTON, a bank organized under
--------- the laws of Switzerland, acting through its New York branch ("CSFB"), having an office at Eleven Madison Avenue, New York, New York 10010, in its capacity as collateral agent for the lending institutions (the "Lenders") from time to time
------- party to the Credit Agreement (as hereinafter defined), as mortgagee, assignee and secured party (CSFB, in such capacities and together with any successors in such capacities, the "Mortgagee").
---------


R E C I T A L S :
- - - - - - - -


A. Pursuant to that certain credit agreement, dated as of July 31, 2000 (as amended, amended and restated, supplemented or otherwise modified from time to time, the "Credit Agreement"), among Applied Power Inc. (doing business
---------------- as Actuant Corporation), a Wisconsin corporation (the "Borrower"), the Lenders,
-------- CSFB, as swingline lender, an issuing bank, administrative agent and Collateral Agent, First Union National Bank, as syndication agent and ING (U.S.) Capital LLC, as documentation agent, the Lenders have agreed to make to or for the account of the Borrower certain Loans (as hereinafter defined) and to issue certain Letters of Credit (as hereinafter defined) for the account of the Borrower.


B. It is contemplated that the Borrower and one or more of the Subsidiary Guarantors may enter into one or more agreements (collectively, the "Interest Rate Protection Agreements") with one or more of the Lenders or their ----------------------------------- respective Affiliates (as hereinafter defined) fixing the interest rates with respect to the Loans under the Credit Agreement.


C. Mortgagor is the owner and holder of the tenant's interest under that certain lease, dated as of April 29, 1991 (as amended from time to time in accordance with the provisions of this Mortgage, the "Mortgaged Lease"), between
--------------- Bernard Garland and Sheldon Garland d/b/a Garland Enterprises, as landlord (together with its successors and assigns, "Lessor") and Mortgagor, as tenant,
------ which affects the property described on Schedule A annexed hereto. A memorandum
---------- of lease relating to the Mortgaged Lease was recorded on May 2, 1991 at Book 2562, Page 718, in the real property records of Milwaukee County.


D. It is a condition to the obligations of the Lenders to make the Loans under the Credit Agreement and a condition to any Lender issuing Letters of Credit under the Credit Agreement or entering into any Interest Rate Protection Agreement that the Mortgagor execute and deliver the applicable Loan Documents (as hereinafter defined), including this Mortgage.


E. This Mortgage is given by the Mortgagor in favor of the Mortgagee for its benefit and the benefit of the Lenders (collectively, the "Secured
------- Parties") to secure the payment and performance of all of the Secured - ------- Obligations (as hereinafter defined).


A G R E E M E N T:
- - - - - - - - -


NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Mortgagor hereby covenants and agrees with the Mortgagee as follows:


ARTICLE I


DEFINITIONS AND INTERPRETATION


SECTION 1.1 Definitions. Capitalized terms used but not otherwise
----------- defined herein shall have the meanings assigned to such terms in the Credit Agreement. The following terms used in this Mortgage shall have the following meanings:


"ACM" shall have the meaning assigned to such term in Section 4.8(ii)
--- --------------- hereof.


"Affiliates" shall have the meaning assigned to such term in the
---------- Credit Agreement.


"Allocated Indebtedness" shall have the meaning assigned to such term
---------------------- in Section 14.20(i) hereof.
----------------


"Allocation Notice" shall have the meaning assigned to such term in
----------------- Section 14.20(i) hereof. - ----------------


"Alteration" shall mean any and all additions, modifications or
---------- changes, structural or nonstructural.


"Architect's Certificate" shall have the meaning assigned to such term
----------------------- in Section 10.4(ii) hereof.
----------------


"Borrower" shall have the meaning assigned to such term in Recital A
-------- --------- hereof.


"Business Day" shall have the meaning assigned to such term in the
------------ Credit Agreement.


"Charges" shall mean any and all real estate, property and other
------- taxes, assessments and special assessments, levies, fees, all water and sewer rents and charges and all other governmental charges imposed upon or assessed against, and all claims (including, without limitation, claims for labor, materials and supplies and other claims arising by operation of law) against, all or any portions of the Mortgaged Property.


"Collateral" shall have the meaning assigned to such term in Section
---------- ------- 14.20(i) hereof. - --------


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"Collateral Account" shall have the meaning assigned to such term in
------------------ the Security Agreement.


"Commitments" shall have the meaning assigned to such term in the
----------- Credit Agreement.


"Contested Liens" shall mean, collectively, any Liens incurred in
--------------- respect of any Charges to the extent that the amounts owing in respect thereof are not yet delinquent or are being contested and otherwise comply with the provisions of Section 9.1 hereof; provided, however, that such Liens shall in
----------- -------- ------- all respects be subject and subordinate in priority to the Lien and security interest created and evidenced by this Mortgage, except if and to the extent that the law or regulation creating, permitting or authorizing such Lien provides that such Lien must be superior to the Lien and security interest created and evidenced hereby.


"Contracts" shall mean, collectively, any and all right, title and
--------- interest of the Mortgagor in and to any and all contracts and other general intangibles relating to the Mortgaged Property and all reserves, deferred payments, deposits, refunds and claims of every kind, nature or character relating thereto.


"Cost of Construction" shall mean the sum, so far as it relates to the
-------------------- reconstructing, renewing, restoring or replacing of the Improvements, of (i) obligations incurred or assumed by the Mortgagor or undertaken by tenants pursuant to the terms of the Subleases for labor, materials and other expenses and to contractors, builders and materialmen, (ii) the cost of contract bonds and of insurance of every kind, nature or character that would be deemed by a Prudent Operator to be necessary or appropriate during the course of construction, (iii) the expenses incurred or assumed by the Mortgagor for test borings, surveys, estimates, any Plans and Specifications and preliminary investigations therefor, and for supervising construction, as well as for the performance of all other duties required by or reasonably necessary for proper construction, (iv) ad valorem property taxes levied upon the Premises during performance of any Restoration and (v) any costs or other charges in connection with obtaining title insurance and counsel opinions that may be required or necessary in connection with a Restoration.


"Credit Agreement" shall have the meaning assigned to such term in
---------------- Recital A hereof. - ---------


"Default Rate" shall mean the rate per annum equal to the highest rate
------------ then payable under the Credit Agreement.


"Destruction" shall mean any and all damage to, or loss or destruction
----------- of, the Premises or any part thereof.


"Environmental Law" shall have the meaning assigned to such term in
----------------- the Credit Agreement.


"Estimate" shall have the meaning assigned to such term in Section
-------- ------- 10.4(ii)(D) hereof. - -----------


"Event of Default" shall have the meaning assigned to such term in the
---------------- Credit Agreement.


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"Fixture" shall mean all machinery, apparatus, equipment, fittings,
------- fixtures, improvements and articles of personal property of every kind, description and nature whatsoever now or hereafter attached or affixed to the Land or any other Improvement or used in connection with the use and enjoyment of the Land or any other Improvement or the maintenance or preservation thereof, which by the nature of their location thereon or attachment thereto are fixtures under the UCC or any other applicable law including, without limitation, all utility systems, fire sprinkler and security systems, drainage facilities, lighting facilities, all water, sanitary and storm sewer, drainage, electricity, steam, gas, telephone and other utility equipment and facilities, pipes, fittings and other items of every kind and description now or hereafter attached to or located on the Land which by the nature of their location thereon or attachment thereto are real property under applicable law, HVAC equipment, boilers, electronic data processing, telecommunications or computer equipment, refrigeration, electronic monitoring, water or lighting systems, power, sanitation, waste removal, elevators, maintenance or other systems or equipment.


"Full Replacement Cost" shall mean the Cost of Construction to replace
--------------------- the Improvements, exclusive of depreciation, excavation, foundation and footings, as determined from time to time (but not less frequently than would be determined by a Prudent Operator or as otherwise requested by the Mortgagee) by a Person selected by the Mortgagor and reasonably acceptable to the Mortgagee.


"GAAP" shall have the meaning assigned to such term in the Credit
---- Agreement.


"Governmental Authority" shall mean any Federal, state, local, foreign
---------------------- or other governmental, quasi-governmental or administrative (including self- regulatory) body, instrumentality, department, agency, authority, board, bureau, commission, office of any nature whatsoever or other subdivision thereof, or any court, tribunal, administrative hearing body, arbitration panel or other similar dispute-resolving body, whether now or hereafter in existence, or any officer or official thereof, having jurisdiction over the Mortgagor or the Mortgaged Property or any portion thereof.


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