Additional Amendments to Credit Agreement. Subject to the satisfaction of the conditions set forth in Section IV.E hereof, on and as of the Second Amendment Effective Date, the Credit Agreement is hereby amended as follows:
A. Section 1.01 of the Credit Agreement is hereby amended by inserting the following definitions in the proper alphabetical order:
Additional Amendments to Credit Agreement. (i) Section 2.01 of the Credit Agreement is amended by deleting such ------------ Section in its entirety and replacing it with the following:
Additional Amendments to Credit Agreement. Effective on the Amendment Effective Date, the Credit Agreement is hereby further amended as follows:
Additional Amendments to Credit Agreement. Subject to the satisfaction of the condition set forth in Section 5(c) hereof, (i) the Credit Agreement is amended with the stricken text deleted (indicated textually in the same manner as the following example: stricken text) and with the double-underlined text added (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Credit Agreement attached Exhibit A hereto (the “Amended Credit Agreement”), which amendment, for the avoidance of doubt, includes, but is not limited to, the amendments set forth herein and in the First Amendment, and (ii) Exhibits A-1 through A-3 of the Credit Agreement are hereby amended with the stricken text deleted (indicated textually in the same manner as the following example: stricken text) and with the double-underlined text added (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of Exhibits A-1 through A-3 attached hereto as Exhibit B to this Amendment.
Additional Amendments to Credit Agreement. (a) The last paragraph of the definition of “Borrowing Base” in Section 1.01 of the Credit Agreement shall be deleted in its entirety and replaced with the following: “It is understood that until such time as the Lead Borrower has delivered to the Administrative Agent (i) a field examination and inventory appraisal with respect to the assets of Ropak and (ii) a new Borrowing Base Certificate, in each case reasonably satisfactory to the Administrative Agent, the Borrowing Base shall only include Accounts and Inventory of Ropak calculated as an amount equal to the sum of, without duplication:
(a) the net book value of Accounts of Ropak multiplied by the advance rate of 65%, plus
(b) the net book value of Inventory of Ropak multiplied by the advance rate of 50%, minus
(c) any Reserves established from time to time by the Administrative Agent in accordance herewith.”
(b) Clauses (iii) and (iv) of the definition of “Eligible Inventory” in Section 1.01 of the Credit Agreement shall be deleted in their entirety and replaced with the following:
(iii) (A) is stored at a location not owned by a Borrower unless (x) the Administrative Agent has given its prior consent thereto, (y) a reasonably satisfactory Landlord Lien Waiver and Access Agreement has been delivered to the Administrative Agent, or (z) Landlord Lien Reserves reasonably satisfactory to the Administrative Agent have been established with respect thereto, or (B) is stored with a bailee or warehouseman unless either (x) a reasonably satisfactory acknowledged bailee waiver letter has been received by the Administrative Agent, or (y) Landlord Lien Reserves reasonably satisfactory to the Administrative Agent have been established with respect thereto, it being understood that in each case, during the 120-day period immediately following the Closing Date, such location or warehouse need not be subject to a Landlord Lien Waiver and Access Agreement or bailee waiver letter, and the lack thereof shall not otherwise deem the applicable Inventory to be ineligible; provided however that, with respect to Inventory in the possession of Xxxxxxx Xxxxxxxx, the foregoing shall only apply to such Inventory in excess of $8.0 million (when combined with amounts included as Eligible Inventory pursuant to the proviso in clause (iv) below), except during a Liquidity Period, during which time any such Inventory shall be subject to the requirements of this clause (iii);
(iv) (A) is placed on consignment, unless a valid consignmen...
Additional Amendments to Credit Agreement. Effective as of the Refinancing Amendment No. 1 Effective Date, the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text or stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text or double-underlined text) as set forth in the pages of the Amended Credit Agreement attached as Exhibit B hereto (it being understood that such revisions shall also reflect amendments pursuant to Section 2 of this Amendment).
Additional Amendments to Credit Agreement. (i) 8.2(h) of the Credit Agreement is amended by deleting the next to last paragraph of such Section in its entirety and replacing it with the following: “Notwithstanding the foregoing to the contrary, if, but only for so long as either (x) all Indebtedness of the Unconsolidated Entities does not exceed seventy-two percent (72%) of the aggregate dollar amount of the As-Is Values for all Real Estate Assets of such Unconsolidated Entities or (y) Structured Finance Investments do not exceed twelve percent (12%) of Total Assets, then
(i) the Permitted Investments Cap shall increase from twenty-five percent (25%) of Total Assets to (A) during the 1221 Avenue of the Americas Investment Period, thirty-nine percent (39%) of Total Assets, or (B) during all other periods, thirty percent (30%) of Total Assets; and
(ii) the Maximum Percentage of Total Assets in respect of Unconsolidated Entities (as described above) shall increase from twenty percent (20%) to (A) during the 1221 Avenue of the Americas Investment Period, thirty percent (30%), or (B) during all other periods, twenty-five percent (25%).”
(ii) 9.4 of the Credit Agreement is amended by deleting subsection (b) in its entirety and replacing it with the following:
Additional Amendments to Credit Agreement. (a) In the first paragraph of the recitals to the Credit Agreement, (i) “$45,000,000” shall be replaced with “$100,000,000” and (ii) “$10,000,000” shall be replaced with “$25,000,000”.
(b) In clause (b)(i) of the definition of “Borrowing Base” in the Credit Agreement, “70%” shall be replaced with “75%”.
(c) In clause (b)(ii) of the definition of “Borrowing Base” in the Credit Agreement, “45%” shall be replaced with “55%”.
(d) In clause (c)(i) of the definition of “Borrowing Base” in the Credit Agreement, “20,000,000” shall be replaced with “25,000,000”.
(e) In clause (c)(ii) of the definition of “Borrowing Base” in the Credit Agreement, “50%” shall be replaced with “65%”.
(f) In the definition of “Revolving Commitment”, replace the last sentence therein with the following: “The aggregate amount of the Lenders’ Revolving Commitments on the Amendment No. 1 Effective Date is $150,000,000.”
(g) In Section 2.12(a) of the Credit Agreement, “$10,000,000” shall be replaced with “$25,000,000”.
(h) In Section 2.13(b)(A) of the Credit Agreement, “$45,000,000” shall be replaced with “$100,000,000”.
Additional Amendments to Credit Agreement. Subject to the satisfaction of the condition set forth in Section 5(b) hereof, the Credit Agreement is hereby further amended as follows:
(a) The definition of the term “Consolidated Secured Debt Ratio” set forth in Section 1.01 of the Credit Agreement is hereby deleted in its entirety and replaced with the following new defined term:
Additional Amendments to Credit Agreement. On the Section 3 Amendment Effective Date (as defined below), the following amendments shall become effective.
