DAYTON SUPERIOR CORP
EXHIBIT 10.1
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>a5918449ex101.htm
<DESCRIPTION>EXHIBIT 10.1
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      <b>Exhibit 10.1</b>
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      <u><b>AMENDMENT NO. 1</b></u><br>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      This AMENDMENT NO. 1, dated as of March 16, 2009 (&#8220;<u>Amendment
      No. 1</u>&#8221;), is entered into by and among DAYTON SUPERIOR CORPORATION, a
      Delaware corporation (the &#8220;<u>Borrower</u>&#8221;), the persons
      designated as &#8220;Lenders&#8221; on the signature pages hereto (the &#8220;<u>Lenders</u>&#8221;),
      and GENERAL ELECTRIC CAPITAL CORPORATION (&#8220;<u>GE Capital</u>&#8221;), a
      Delaware corporation, as administrative agent (in such capacity, the &#8220;<u>Administrative
      Agent</u>&#8221;).
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      WHEREAS, the Borrower, the other Loan Parties, the Lenders and GE
      Capital, as administrative agent and collateral agent, are party to the
      Revolving Credit Agreement dated as of March 3, 2008 (the &#8220;<u>Original
      Credit Agreement</u>&#8221;; all capitalized terms defined in the Original
      Credit Agreement and not otherwise defined herein to have the meanings
      assigned thereto in the Original Credit Agreement); and
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      WHEREAS, the Borrower wishes to amend the Original Credit Agreement in
      the manner set forth below; and
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      WHEREAS, the Lenders, subject to the terms and conditions of this
      Amendment No. 1, are willing to amend the Original Credit Agreement as
      provided herein.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      NOW, THEREFORE, in consideration of the premises and the agreements,
      provisions and covenants herein contained, the Borrower and the Lenders
      agree as follows:
    </p>
    <p style="text-align: center; white-space: nowrap">
      <b>SECTION 1.<u><br></u><u>AMENDMENT</u></b><br>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      Subject to the satisfaction of the condition to effectiveness referred
      to in <u>Section&#160;2</u> below, the Original Credit Agreement is
      hereby amended as follows:
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (a)&#160;&#160;<u>Section 1.1</u> of the Original Credit Agreement is
      hereby amended by adding in the appropriate alphabetical places the
      following definitions:
    </p>
    <p style="margin-left: 60.0px; text-align: left">
      &#8220;<u>Amendment No. 2</u>&#8221; means the Amendment No.2 to this
      Agreement dated as of March 16, 2009 among the Borrower, the
      Administrative Agent and the Lenders signatory thereto.&#160;&#160;
    </p>
    <p style="margin-left: 60.0px; text-align: left">
      &#8220;<u>Amendment No. 2 Effective Date</u>&#8221; has the meaning specified
      in Section 2 of Amendment No. 2.
    </p>
    <p style="margin-left: 60.0px; text-align: left">
      &#160;&#8220;<u>PIK Loan</u>&#8221; has the meaning specified in Section <u>2.19</u>.
    </p>
    <p style="margin-left: 60.0px; text-align: justify">
      &#8220;<u>PIK Note</u>&#8221; means a promissory note of the Borrower, in
      substantially the form of <u>Exhibit K</u>, payable to the order of a
      Lender in a principal amount equal to such Lender&#8217;s pro rata share of
      the aggregate amount of interest, fees or other obligations capitalized
      hereunder.
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      (b)&#160;&#160;The definition of the term &#8220;<u>Applicable Margin</u>&#8221;
      appearing in <u>Section 1.1</u> of the Original Credit Agreement is
      hereby amended and restated in its entirety as follows:
    </p>
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    <p style="text-align: justify; margin-left: 60.0px">
      &#8220;&#8216;<u>Applicable Margin</u>&#8217; means (i) in the case of any
      Eurodollar Rate Loan (other than any Eurodollar Rate Loan constituting a
      Special Overadvance), 6.50%, per annum (ii) in the case of any Base Rate
      Loan (other than any Eurodollar Rate Loan constituting a Special
      Overadvance), 5.50% per annum, (iii) in the case of Eurodollar Rate
      Loans constituting a Special Overadvance, 8.00% per annum and (iv) in
      the case of any Base Rate Loan constituting a Special Overadvance, 7.00%
      per annum.&#8221;
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (c)&#160;&#160;The definition of the term &#8220;<u>Loan</u>&#8221; appearing
      in <u>Section 1.1</u> of the Original Credit Agreement is amended by
      adding the following parenthetical immediately prior to the period
      appearing at the end of such definition: &#8220;(including, without
      limitation, Revolving Loans, Swing Loans and PIK Loans)&#8221;.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (d)&#160;&#160;The definition of the term &#8220;<u>Note</u>&#8221; appearing
      in <u>Section 1.1</u> of the Original Credit Agreement is amended and
      restated in its entirety to read as follows:
    </p>
    <p style="text-align: justify; margin-left: 60.0px">
      &#8220;&#8216;<u>Note</u>&#8217; means (i) a promissory note of the Borrower,
      in substantially the form of <u>Exhibit B</u>, payable to the order of a
      Lender in a principal amount equal to the amount of such Lender&#8217;s
      Commitment, or (ii) a PIK Note, as applicable.&#8221;
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (e)&#160;&#160;The definition of the term &#8220;<u>Revolving Loan</u>&#8221;
      appearing in <u>Section 1.1</u> of the Original Credit Agreement is
      amended and restated in its entirety to read as follows:
    </p>
    <p style="text-align: justify; margin-left: 60.0px">
      &#8220;&#8216;<u>Revolving Loan</u>&#8217; (i) means a loan made or to be made
      in accordance with the terms of Section 2.1 (which, in the context of
      the making of such loan shall not include any PIK Loan) and (ii) also
      means, as the context requires, the outstanding principal balance of
      such loan (which in all cases shall include all PIK Loans added to such
      loan pursuant to <u>Section 2.19</u> or evidenced by a PIK Note).&#8221;
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (f)&#160;&#160;The definition of the term &#8220;<u>Scheduled Maturity
      Date</u>&#8221; appearing in <u>Section 1.1</u> of the Original Credit
      Agreement is amended and restated in its entirety as follows:
    </p>
    <p style="text-align: left; margin-left: 60.0px">
      &#8220;&#8216;<u>Scheduled Maturity Date</u>&#8221; means March 23, 2009.&#8221;
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      (g)&#160;&#160;The definition of the term &#8220;<u>Swing Loan</u>&#8221;
      appearing in <u>Section 1.1</u> of the Original Credit Agreement is
      amended and restated in its entirety as follows:
    </p>
    <p style="text-align: justify; margin-left: 60.0px">
      &#8220;&#8216;<u>Swing Loan</u>&#8217; (i) means a loan made or to be made in
      accordance with the terms of <u>Section 2.3</u> (which, in the context
      of the making of such loan shall not include any PIK Loan added to such
      loan pursuant to <u>Section 2.19</u> or evidenced by a PIK Note) and
      (ii) also means, as the context requires, the outstanding principal
      balance of such loan (which in all cases shall include all PIK Loans
      added to such loan pursuant to <u>Section 2.19</u> or evidenced by a PIK
      Note).&#8221;
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (h)&#160;&#160;<u>Section 2.1(a)</u> of the Original Credit Agreement is
      hereby amended by replacing the text &#8220;agrees to make loans in Dollars
      (each a &#8216;<u>Revolving Loan</u>&#8217;)&#8221; appearing therein with the text
      &#8220;agrees to make Revolving Loans in Dollars&#8221;.
    </p>
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    <p style="text-align: justify; text-indent: 30.0px">
      (i)&#160;&#160;<u>Section 2.3(a)</u> of the Original Credit Agreement is
      hereby amended by replacing the text &#8220;make loans in Dollars (each a &#8216;<u>Swing
      Loan</u>&#8217;)&#8221; appearing therein with the text &#8220;agrees to make Swing Loans
      in Dollars&#8221;.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (j)&#160;&#160;<u>Section 2.9(a)</u> of the Original Credit Agreement is
      amended and restated in its entirety to read as follows:
    </p>
    <p style="text-align: justify; margin-left: 60.0px">
      &#8220;(a)&#160;&#160;&#160;&#160;&#160;&#160;<u>Rate</u>.&#160;&#160;The Loans
      and the outstanding amount of all other Obligations (other than pursuant
      to Secured Hedging Agreements) shall bear interest, in the case of the
      Loans (other than PIK Loans), on the unpaid principal amount thereof
      from the Closing Date, in the case of PIK Loans, on the unpaid principal
      amount thereof from the date deemed made, and, in the case of such other
      Obligations, from the date such other Obligations are due and payable
      until, in all cases, paid in full, except as otherwise provided in <u>clause
      (c)</u> below, as follows:&#160;&#160;(i) in the case of Base Rate Loans, at a
      rate per annum equal to the sum of the Base Rate and the Applicable
      Margin, each as in effect from time to time, (ii) in the case of
      Eurodollar Rate Loans, at a rate per annum equal to the sum of the
      Eurodollar Rate and the Applicable Margin, each as in effect for the
      applicable Interest Period, and (iii) in the case of other Obligations,
      at a rate per annum equal to the sum of the Base Rate and the Applicable
      Margin for Revolving Loans that are Base Rate Loans, each as in effect
      from time to time.&#160;&#160;PIK Loans shall initially be Base Rate Loans and may
      be converted to Eurodollar Rate Loans subsequently in accordance with <u>Section
      2.10</u>.&#8221;
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (k)&#160;&#160;<u>Section 2.13(a)</u> of the Original Credit Agreement
      is hereby amended by adding the following language immediately prior to
      the phrase &#8220;by wire transfer to the following account&#8221;:&#160;&#160;&#8220;, except to
      the extent of amounts required, or elected by the Borrower in accordance
      with <u>Section 2.19</u>, to be capitalized as additional principal
      obligations,&#8221;.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      &#160;(l)&#160;&#160;<u>Section 2</u> of the Original Credit Agreement
      is amended by adding the following <u>Section 2.19</u> at the end of
      such <u>Section 2</u> as follows:
    </p>
    <p style="text-align: left; margin-left: 60.0px">
      &#8220;<u>Section 2.19</u>&#160;&#160;<u>PIK Provisions</u>.&#160;&#160;
    </p>
    <p style="text-align: justify; margin-left: 60.0px">
      A portion of the interest accruing on the Loans and the other
      Obligations pursuant to <u>Section 2.9</u> hereof, up to an amount of
      interest representing a per annum rate of 4.00%, may, at the Borrower&#8217;s
      election (which election, and the amount thereof, shall be notified
      irrevocably in writing by the Borrower to the Administrative Agent no
      later than ten Business Days prior to the end of the applicable period
      for which accrued interest is required to be paid, or, in the case of
      interest paid on demand, no later than the date of such payment on
      demand), be paid in kind and capitalized as additional principal
      obligations on and as of the date for payment thereof as provided for in
      this Agreement or any Loan Document (payable to the Lenders pro rata),
      all of which shall constitute Obligations as defined herein (such
      Obligations constituting capitalized amounts, &#8220;<u>PIK Loans</u>&#8221;
      which PIK Loans shall be deemed made on the date of the capitalization
      of such amounts) hereunder and constitute a part of the principal
      outstanding amount of the Loans for all purposes hereof (including the
      accrual of interest thereon at the rates applicable to Loans generally),
      and which may, at the request of any Lender to whom such capitalized
      interest is owing, be evidenced by PIK Notes in the form of Exhibit K
      hereto (and, if so requested by a Lender prior to the date of such
      capitalization, the Borrower shall have delivered a PIK Note evidencing
      such capitalized amounts to such Lender no later than such date of
      capitalization).&#160;&#160;Each Lender is hereby authorized by the Borrower to
      enter on a schedule attached to any of its PIK Notes a record of amounts
      capitalized as principal and evidenced thereby, and amounts repaid or
      prepaid thereon, and such entries shall be conclusive in the absence of
      manifest error; provided, however, that the failure by any Lender to
      request or hold any PIK Note or to make any such entry or any error in
      making such entry shall not limit or otherwise affect the obligation of
      the Borrower and the rights and remedies of any Lender hereunder
      (including in respect of that portion of the Loan constituting
      capitalized interest) or and on or under the PIK Notes.&#8221;
    </p>
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    <p style="text-align: justify; text-indent: 30.0px">
      (m)&#160;&#160;The Original Credit Agreement is amended by attaching as <u>Exhibit
      K</u> thereto the language attached hereto as <u>Exhibit A</u>.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (n)&#160;&#160;<u>Section 8</u>&#160;&#160;of the Original Credit Agreement is
      hereby amended by adding the following <u>Section 8.16</u> at the end of <u>Section
      8</u> to read as follows:
    </p>
    <p style="text-align: left; margin-left: 60.0px">
      &#8220;<u>Section 8.16</u>&#160;&#160;<u>Restrictions on Transactions</u>.
    </p>
    <p style="text-align: justify; margin-left: 60.0px">
      Notwithstanding anything to the contrary contained in this <u>Section 8</u>,
      on and after the Amendment No.2 Effective Date the Borrower shall not,
      and shall not permit any other Group Member to, incur any Indebtedness
      (including through an exchange offer or refinancing), make any
      Investment, incur any Lien, sell, transfer or dispose of any of its
      property, make any Restricted Payment, prepay, redeem, purchase, defease
      or otherwise satisfy any Subordinated Debt or Subordinated Refinancing
      Indebtedness, enter into any transaction described in Section 8.7, or
      enter into any transaction with any Affiliate other than the following:
    </p>
    <p style="text-align: justify; margin-left: 60.0px">
      (i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Indebtedness permitted by <u>Section
      8.1(e)</u> or <u>Section 8.1(l)</u> in each case, in the ordinary course
      of business and necessary for the conduct of the operations of Dayton
      Superior Canada Ltd., <u>Section 8.1(a)</u>, <u>Section 8.1(i)</u>, <u>Section
      8.1(n)</u> or <u>Section 8.1(o)</u>,
    </p>
    <p style="text-align: justify; margin-left: 60.0px">
      (ii)&#160;&#160;&#160;&#160;&#160;&#160;Liens permitted by <u>Section
      8.2(a)</u>, <u>Section 8.2(b)</u> or <u>Section 8.2(g)</u>,
    </p>
    <p style="text-align: justify; margin-left: 60.0px">
      (iii)&#160;&#160;&#160;&#160;&#160;Investments permitted by <u>Section
      8.3(b)</u> or <u>Section 8.3(c)</u>, Investments in Dayton Superior
      Canada Ltd. permitted by <u>Section 8.3(e)(iii)</u> in the ordinary
      course of business and necessary for the conduct of the operations of
      Dayton Superior Canada Ltd., or Investments permitted by <u>Section
      8.3(f)</u>, <u>Section 8.3(g)</u> or <u>Section 8.3(i)</u> in the case
      of sales of property permitted by <u>Section 8.4(a)(i)</u>,
    </p>
    <p style="text-align: justify; margin-left: 60.0px">
      (iv)&#160;&#160;&#160;&#160;&#160;&#160;sales of property permitted by <u>Section
      8.4</u>, other than <u>Section 8.4(e)</u>,
    </p>
    <p style="text-align: justify; margin-left: 60.0px">
      (v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Restricted Payments permitted by <u>Section
      8.5(a)</u>, <u>Section 8.5(b)</u>, <u>Section 8.5(d)(i)</u> or <u>Section
      8.5(f)</u>,
    </p>
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    <p style="text-align: justify; margin-left: 60.0px">
      (vi)&#160;&#160;&#160;&#160;&#160;&#160;prepayments, redemptions, purchases, defeasances and other
      satisfactions prior to maturity of Subordinated Indebtedness&#160;&#160;permitted
      by <u>Section 8.6</u>, other than <u>Section 8.6(b)(ii)(D)</u>, <u>Section
      8.6(d)</u> or <u>Section 8.6(e)</u>, and
    </p>
    <p style="text-align: justify; margin-left: 60.0px">
      (vii)&#160;&#160;&#160;&#160;&#160;transactions with Affiliates permitted by <u>Section
      8.9(a)</u>, <u>Section 8.9(b)</u>, <u>Section 8.9(e)</u> or <u>Section
      8.9(f)</u> or, to the extent that any such Restricted Payment or
      Investment is permitted by this <u>Section 8.16</u>, <u>Section 8.9(c)</u>.&#8221;
    </p>
    <p style="text-align: center; white-space: nowrap">
      <b>SECTION 2.<u><br></u><u>CONDITIONS TO EFFECTIVENESS</u></b><br>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      This Amendment No. 2 shall be effective as of March 16, 2009 (the &#8220;<u>Amendment
      No.2 Effective Date</u>&#8221;) subject to and upon&#160;&#160;satisfaction on or prior
      to such date of the following conditions: (i) receipt by the
      Administrative Agent of one or more counterparts of this Amendment No. 1
      executed and delivered by the Borrower, the Administrative Agent and the
      Lenders, (ii) receipt by the Administrative Agent of evidence
      satisfactory to the Administrative Agent that the Term Loan Credit
      Agreement has been amended (or is concurrently being amended) pursuant
      to an amendment in the form of <u>Annex I</u> hereto (the &#8220;<u>Term
      Loan Facility Amendment</u>&#8221;), (iii) receipt by the Administrative Agent
      in immediately available funds of $100,000 in respect of costs and
      expenses of counsel to the Administrative Agent, and $ 243,750 in
      respect of costs and expenses of the financial advisor to the
      Administrative Agent and (iv) receipt by the Administrative Agent of a
      certificate of a Responsible Officer that no Default or Event of Default
      has occurred or is continuing.
    </p>
    <p style="text-align: center; white-space: nowrap">
      <b>SECTION 3.<u><br></u><u>LIMITATION ON SCOPE</u></b><br>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      Except as expressly amended hereby, all of the representations,
      warranties, terms, covenants and conditions of the Loan Documents shall
      remain in full force and effect in accordance with their respective
      terms.&#160;&#160;The amendment set forth herein shall be limited precisely as
      provided for herein and shall not be deemed to be a waiver of, amendment
      of, consent to or modification of any term or provision of the Loan
      Documents or any other document or instrument referred to therein or of
      any transaction or further or future action on the part of the Borrower
      or any other Loan Party requiring the consent of the Administrative
      Agent or Lenders except to the extent specifically provided for
      herein.&#160;&#160;The Administrative Agent and Lenders have not and shall not be
      deemed to have waived any of their respective rights and remedies
      against the Borrower or any other Loan Party for any existing or future
      Defaults or Event of Default.
    </p>
    <p style="text-align: center; white-space: nowrap">
      <b>SECTION 4.<u><br></u><u>MISCELLANEOUS</u></b><br>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (a)&#160;&#160;The Borrower hereby represents and warrants that (i) this Amendment
      No. 2 has been duly authorized and executed by it, and the Original
      Credit Agreement, as amended by this Amendment No. 2, is its legal,
      valid and binding obligation, enforceable in accordance with its terms,
      except as such enforceability may be limited by applicable bankruptcy,
      moratorium and similar laws affecting the rights of creditors in
      general; and (ii) this Amendment No. 2 is being delivered in the State
      of New York.
    </p>
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    <p style="text-align: justify; text-indent: 30.0px">
      (b)&#160;&#160;The Borrower hereby ratifies and confirms the Original Credit
      Agreement as amended hereby, and agrees that, as amended hereby, the
      Original Credit Agreement remains in full force and effect.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (c)&#160;&#160;The Borrower hereby acknowledges, confirms and agrees that, as of
      the date hereof, the security interests and liens granted to the
      Administrative Agent on behalf of itself and the Secured Parties under
      the Original Credit Agreement and the other Loan Documents securing the
      Obligations are in full force and effect, are properly perfected and are
      enforceable in accordance with the terms of the Credit Agreement and the
      other Loan Documents.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (d)&#160;&#160;The Borrower hereby acknowledges, confirms and agrees that as of
      the open of business on&#160;&#160;March 16, 2009, the Borrower was in the
      aggregate indebted to the Administrative Agent and Lenders for Loans
      under the Loan Documents in the aggregate principal amount of
      $95,345,892.50 plus Letter of Credit Obligations in the aggregate amount
      of $8,924,107.50 and that all such obligations under the Credit
      Agreement owing by the Borrower together with interest accrued and
      accruing thereon, and all fees, costs, expenses and other charges now or
      hereafter payable by the Borrower to the Administrative Agent and each
      Lender pursuant to the terms of the Loan Documents and this Amendment
      No. 1, are unconditionally owing by the Borrower to each Lender, without
      offset, defense or counterclaim of any kind, nature or description
      whatsoever.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (e)&#160;&#160;The Administrative Agent and each Lender party to this Amendment
      No.2 hereby consents to the amendments and modifcations set forth in
      that certain Term Loan Facility Amendment attached hereto as Annex I.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (f)&#160;&#160;The Borrower hereby represents and warrants as of the date hereof
      in favor of the Administrative Agent and each Lender that each and every
      representation and warranty heretofore made by the Borrower in the
      Original Credit Agreement and the other Loan Documents is true and
      correct as if made on the date hereof (except to the extent such
      representations and warranties expressly relate to an earlier date in
      which case such representations and warranties were true and correct in
      all material respects as of such earlier date) and with specific
      reference to this Amendment No. 2 and all other Loan Documents executed
      and/or delivered in connection herewith, provided that the
      representation and warranty contained in this paragraph (f) shall not
      apply to the representation and warranty contained in <u>Section 4.5</u>
      of the Original Credit Agreement or the representation and warranty
      contained in <u>Section 4.6</u> of the Original Credit Agreement, except
      to the extent that the representation and warranty contained in <u>Section
      4.6</u> of the Original Credit Agreement constitutes a representation
      and warranty that the Borrower is Solvent within the meaning of clause
      (c) of the definition of the term &#8216;Solvent&#8217;.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (g)&#160;&#160;The Borrower agrees that all Loan Documents remain in full force
      and effect notwithstanding the execution and delivery of this Amendment
      No. 1.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (h)&#160;&#160;This Amendment No. 1 may be executed by the parties hereto in
      separate counterparts, each of which when so executed and delivered
      shall be deemed an original, but all of which counterparts together
      shall constitute but one and the same instrument.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      (i)&#160;&#160;All references in the Loan Documents to the &#8220;Credit Agreement&#8221; and
      in the Original Credit Agreement as amended hereby to &#8220;this Agreement,&#8221;
      &#8220;hereof,&#8221; &#8220;herein&#8221; or the like shall mean and refer to the Original
      Credit Agreement as amended by this Amendment No. 1 (as well as by all
      subsequent amendments, restatements, modifications and supplements
      thereto).
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: justify; text-indent: 30.0px">
      (j)&#160;&#160;Each of the following provisions of the Original Credit Agreement
      is hereby incorporated herein by this reference with the same effect as
      though set forth in its entirety herein, <i>mutatis mutandis</i>, and as
      if &#8220;this Agreement&#8221; in any such provision read &#8220;this Amendment No. 1&#8221;: <u>Section&#160;11.11</u>
      (Notices), <u>Section 11.13</u> (Governing Law), <u>Section 11.14</u>
      (Jurisdiction), <u>Section 11.15</u> (Waiver of Jury Trial), <u>Section&#160;11.16</u>
      (Severability) and <u>Section 11.18</u> (Entire Agreement).
    </p>
    <p style="text-align: center; white-space: nowrap">
      <b>SECTION 5.<u><br></u><u>RELEASE</u></b><br>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      Borrower hereby releases, acquits, and forever discharges the
      Administrative Agent and each of the Lenders and each past or present
      affiliate, officer, director, agent, servant, employee, representative
      and attorney of the Administrative Agent and the Lenders from any and
      all claims, causes of action, suits, debts, liens, obligations,
      liabilities, demands, losses, costs and expenses (including attorneys&#8217;
      fees) of any kind, character, or nature whatsoever, known or unknown,
      fixed or contingent, which Borrower may have or claim to have now or
      which may hereafter arise out of or connected with any act of commission
      or omission of the Administrative Agent or any Lender existing or
      occurring prior to the date of this Amendment No. 1 or any instrument
      executed prior to the date of this Amendment No. 1 including, without
      limitation, any claims, liabilities or obligations arising with respect
      to the Original Credit Agreement or the other of the Loan
      Documents.&#160;&#160;The provisions of this <u>Section&#160;5</u> shall
      be binding upon Borrower and shall inure to the benefit of the
      Administrative Agent and the Lenders and each past or present affiliate,
      officer, director, agent, servant, employee, representative and attorney
      of the Administrative Agent and the Lenders.
    </p>
    <p style="text-align: center; margin-left: 30.0px">
      [signature pages follow]<br>
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: justify; white-space: nowrap">

    </p>
    <p style="text-align: justify">
      <b>WITNESS </b>the due execution hereof by the respective duly
      authorized officers of the undersigned as of the date first written
      above.
    </p>
    <p style="text-align: justify">

    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; margin-left:auto;margin-right:auto; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 50%">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>BORROWER:</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 46%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>DAYTON SUPERIOR CORPORATION,</b> a
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Delaware corporation
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 3%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>/s/ Edward J. Puisis</i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Name:&#160;&#160;Edward J. Puisis
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Title: Executive Vice President and CFO
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>LENDERS:</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>GENERAL ELECTRIC CAPITAL</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>CORPORATION,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            as Administrative Agent and a Lender
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 3%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>/s/ Michelle Handy</i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Name: Michelle Handy
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Title:&#160;&#160;Its Duly Authorized Signatory
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="margin-left: 300.0px; white-space: nowrap">

    </p>
    <p style="text-align: right">
      <b>Exhibit A</b>
    </p>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT K<br>TO<br>REVOLVING CREDIT AGREEMENT</b><br><br><br><br><b>FORM
      OF PIK NOTE</b><br>
    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; margin-left:auto;margin-right:auto; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 40%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Lender:&#160;&#160;[NAME OF LENDER]
          </p>
        </td>
        <td style="width: 20%">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; width: 40%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            New York, New York
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 40%">

        </td>
        <td style="width: 20%">

        </td>
        <td style="text-align: right; padding-left: 0.0px; width: 40%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ___________, ____
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      FOR VALUE RECEIVED, the undersigned, Dayton Superior Corporation, a
      Delaware corporation (the &#8220;<u>Borrower</u>&#8221;), hereby promises to
      pay to the order of the Lender set forth above (the &#8220;<u>Lender</u>&#8221;)
      a principal sum (the &#8220;<u>Principal Amount</u>&#8221;) equal to such
      Lender&#8217;s share of the aggregate amount of interest, fees and other
      obligations and amounts capitalized from time to time as additional
      principal in accordance with the Credit Agreement, payable at such times
      and in such amounts as are specified in the Credit Agreement for Loans.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      The Borrower promises to pay interest on the unpaid portion of the
      Principal Amount from the date of the applicable capitalization as
      principal until such principal amount is paid in full, payable at such
      times and at such interest rates as are specified in the Credit
      Agreement for Loans.&#160;&#160;Demand, diligence, presentment, protest and notice
      of non-payment and protest are hereby waived by the Borrower.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      Both principal and interest are payable in Dollars to General Electric
      Capital Corporation, as Administrative Agent, at 299 Park Avenue, New
      York, New York 10171, in immediately available funds.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      This Note is a PIK Note and is one of the Notes referred to in, and is
      entitled to the benefits of, the Revolving Credit Agreement, dated as of
      March 3, 2008 (as the same may be amended, restated, supplemented or
      otherwise modified from time to time, the &#8220;<u>Credit Agreement</u>&#8221;),
      among the Borrower, the Lenders party thereto and General Electric
      Capital Corporation, as administrative agent and collateral agent for
      the Lenders.&#160;&#160;Capitalized terms used herein without definition are used
      as defined in the Credit Agreement.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      The Credit Agreement, among other things, (a) provides for the
      capitalization as principal of certain fees and interest from time to
      time, the Lender&#8217;s portion of the aggregate amount of which shall be the
      Principal Amount, and the indebtedness of the Borrower to the Lender
      resulting from such capitalization being evidenced by this Note and (b)
      contains provisions for acceleration of the maturity of the unpaid
      principal amount of this Note upon the happening of certain stated
      events and also for prepayments on account of the principal hereof prior
      to the maturity hereof upon the terms and conditions specified therein.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: justify; text-indent: 30.0px">
      This Note is a Loan Document, is entitled to the benefits of the Loan
      Documents and is subject to certain provisions of the Credit Agreement,
      including <u>Sections&#160;1.5</u> (<u>Interpretation</u>), <u>11.14(a)</u>
      (<u>Submission to Jurisdiction</u>) and <u>11.15</u> (<u>Waiver of Jury
      Trial</u>) thereof.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      This Note is a registered obligation, transferable only upon notation in
      the Register, and no assignment hereof shall be effective until recorded
      therein.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      The Lender is authorized (but not obligated) to endorse on the Schedule
      hereto, or on a continuation thereof, the Principal Amount, each
      addition thereto by reason of a capitalization of any amount as
      principal in accordance with the Credit Agreement, and each payment or
      prepayment with respect thereto, which endorsement shall be conclusive
      in the absence of manifest error.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      This Note shall be governed by, and construed and interpreted in
      accordance with, the law of the State of New York.
    </p>
    <p style="text-align: center">
      [SIGNATURE PAGES FOLLOW]<br>
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      IN WITNESS WHEREOF, the Borrower has caused this Note to be executed and
      delivered by its duly authorized officer as of the day and year and at
      the place set forth above.
    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; margin-left:auto;margin-right:auto; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 56%">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            DAYTON SUPERIOR CORPORATION
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 56%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 23%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 56%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 1%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 20%">
          &#160;
        </td>
        <td style="width: 23%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 56%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Name:
          </p>
        </td>
        <td style="width: 23%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 56%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Title:
          </p>
        </td>
        <td style="width: 23%">

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify; text-indent: 30.0px">

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>SCHEDULE<br>PIK NOTE</b><br>
    </p>
    <p>

    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; margin-left:auto;margin-right:auto; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="border-bottom: solid black 1.0pt; width: 15%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 15%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 15%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 20%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 20%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 15%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; width: 15%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Date</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; width: 15%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Note Amount</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; width: 15%" valign="top">
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