FIRST AMENDMENT AGREEMENT
Exhibit 10.1
FIRST AMENDMENT AGREEMENT
FIRST AMENDMENT AGREEMENT (this “Agreement”), dated as of September 1, 2005, by and among (1)
Vermont Pure Holdings, Ltd. (“Holdings”), (2) Crystal Rock LLC (“Crystal Rock”, and together with
Holdings, collectively, the “Borrowers”), (3) Bank of America, N.A. (“Bank of America”) and the
other lending institutions party to that certain Credit Agreement (defined below) as lenders
(together with Bank of America, collectively, the “Lenders”), and (4) Bank of America, as
administrative agent (the “Administrative Agent”) for itself and the other Lenders with respect to
a certain Credit Agreement, dated as of April 5, 2005, by and among the Borrowers, the Lenders and
the Administrative Agent (as amended, the “Credit Agreement”).
WITNESSETH:
WHEREAS, the Borrowers have requested that the Lenders amend certain terms and conditions of
the Credit Agreement on the terms and conditions set forth herein; and
WHEREAS, the parties hereto have agreed to amend certain provisions of the Credit Agreement.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:
§1. Definitions. Capitalized terms used herein without definition that are defined in
the Credit Agreement (after giving effect to the amendments thereof set forth herein) shall have
the same meanings herein as therein.
§2. Ratification of Existing Agreements. All of the Borrowers’ obligations and
liabilities to the Lenders as evidenced by or otherwise arising under the Credit Agreement, the
Notes and the other Loan Documents, are, by the Borrowers’ execution of this Agreement, ratified
and confirmed in all respects. In addition, by the Borrowers’ execution of this Agreement, each
Borrower represents and warrants that it does not have any counterclaim, right of set-off or
defense of any kind with respect to such obligations and liabilities.
§3. Representations and Warranties. Each Borrower hereby represents and warrants to
the Lenders that all of the representations and warranties made by the Borrowers in the Credit
Agreement, the Notes and the other Loan Documents are true in all material respects on the date
hereof as if made on and as of the date hereof, except to the extent that such representations and
warranties relate expressly to an earlier date.
§4. Conditions Precedent. The effectiveness of the amendments contemplated hereby
shall be subject to the satisfaction on or before the date hereof of each of the following
conditions precedent:
(a) Representations and Warranties. All of the representations and warranties
made by the Borrowers herein, whether directly or incorporated by reference, shall be true
and correct on the date hereof except as provided in §3 hereof.
(b) Performance; No Event of Default. Each Borrower shall have performed
and complied in all respects with all terms and conditions herein required to be performed
or complied with by it prior to or at the time hereof, and there shall exist no Default or
Event of Default.
(c) Corporate or Limited Liability Company Action. All requisite corporate or
limited liability company, as applicable, action necessary for the valid execution,
delivery and performance by each Borrower of this Agreement and all other instruments and
documents delivered by each Borrower in connection therewith shall have been duly and
effectively taken.
(d) Delivery. The parties hereto shall have executed this Agreement and
delivered this Agreement to the Administrative Agent.
§5. Amendments to the Credit Agreement.
(a) The definition of “Swing Line Sublimit” in Section 1.1 of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:
“Swing Line Sublimit. An amount equal to the lesser of (a) $2,000,000
and (b) the Total Revolving Credit Commitment. The Swing Line Sublimit is part of,
and not in addition to, the Total Revolving Credit Commitment.”
(b) Section 2.2 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:
“2.2. Revolving Credit Commitment Fee. The Borrowers agree to pay to
the Administrative Agent for the accounts of the Lenders in accordance with their
respective Commitment Percentages a commitment fee (the “Revolving Credit
Commitment Fee”) calculated at the rate of one-quarter of one percent (0.25%)
per annum on the average daily amount during each calendar quarter or portion
thereof from the date hereof to the Revolving Credit Loan Maturity Date by which
the Total Revolving Credit Commitment minus the sum of the Maximum Drawing
Amount and all Unpaid Reimbursement Obligations exceeds the outstanding amount of
Revolving Credit Loans (excluding the outstanding amount of Revolving Credit Loans
made under §2.6.2) during such calendar quarter. The Revolving Credit Commitment
Fee shall be payable quarterly in arrears on the first day of each calendar quarter
for the immediately preceding calendar quarter commencing on the first such date
following the date hereof, with a final payment on the Revolving Credit Loan
Maturity Date or any earlier date on which the Commitments in respect of Revolving
Credit Loans shall terminate.”
§6. Miscellaneous Provisions.
(a) Except as otherwise expressly provided by this Agreement, all of the respective terms,
conditions and provisions of the Credit Agreement, the Notes and the other Loan Documents shall
remain the same. The Credit Agreement, as amended hereby, the Notes
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and the other Loan Documents shall continue in full force and effect, and this Agreement and
the Credit Agreement shall be read and construed as one instrument.
(b) This Agreement is intended to take effect under, and shall be construed according to and
governed by, the laws of the State of New York.
(c) This Agreement may be executed in any number of counterparts, but all such counterparts
shall together constitute but one instrument. In making proof of this Agreement it shall not be
necessary to produce or account for more than one counterpart signed by each party hereto by and
against which enforcement hereof is sought. A facsimile of an executed counterpart shall have the
same effect as the original executed counterpart.
[Remainder of page intentionally blank; Signature Pages follow)
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IN WITNESS WHEREOF, each of the parties hereto have caused this Agreement to be executed in
its name and behalf by its duly authorized officer as of the date first written above.
| VERMONT PURE HOLDINGS, LTD. |
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| By: | /s/ Xxxxxxx X. Xxxxxx | |||
| Name: | Xxxxxxx X. Xxxxxx | |||
| Title: | Chief Executive Officer | |||
| CRYSTAL ROCK LLC |
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| By: | /s/ Xxxxxxx X. Xxxxxx | |||
| Name: | Xxxxxxx X. Xxxxxx | |||
| Title: | Manager | |||
[Signature Page to First Amendment Agreement]
| BANK OF AMERICA, N.A., as a Lender |
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| By: | /s/ Xxxxxxx X. Xxxxxx | |||
| Name: | Xxxxxxx X. Xxxxxx | |||
| Title: | Senior Vice President | |||
| BANK OF AMERICA, N.A., as Administrative Agent |
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| By: | /s/ Xxxxxxx X. Xxxxxx | |||
| Name: | Xxxxxxx X. Xxxxxx | |||
| Title: | Senior Vice President | |||
[Signature Page to First Amendment Agreement]
| XXXXXXX BANK, NATIONAL ASSOCIATION |
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| By: | /s/ Xxxxxxx X. X’Xxxxx | |||
| Xxxxxxx X. X’Xxxxx | ||||
| Senior Vice President | ||||
[Signature Page to First Amendment Agreement]
