FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
Exhibit
10.2
FIFTH
AMENDMENT TO AMENDED AND RESTATED CREDIT
AGREEMENT
This
Fifth Amendment to Amended and Restated Credit Agreement (herein, the
"Amendment") is entered into as of June 28, 2007 by and among Learning
Curve Brands, Inc. (formerly known as RC2 Brands, Inc.) ("LCB"), Learning Curve
International, Inc. ("LCI"), The First Years Inc. ("TFY"), Racing Champions
Worldwide Limited ("RCWL"; LCB, LCI, TFY, and RCWL being referred to herein
collectively as the "Borrowers"), Xxxxxx X.X., as Administrative Agent, and
the
Lenders party hereto.
PRELIMINARY
STATEMENTS
A. The
Borrowers, the Lenders and the Administrative Agent entered into an Amended
and
Restated Credit Agreement dated as of September 15, 2004 as heretofore
amended (the "Credit Agreement"). All capitalized terms used herein
without definition shall have the same meanings herein as such terms have in
the
Credit Agreement.
B. The
Borrowers have requested that the Required Lenders (i) amend the Interest
Coverage Ratio definition and (ii) amend the Restricted Payments definition,
and
the Lenders are willing to do so under the terms and conditions set forth
herein.
NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency
of
which is hereby acknowledged, the parties hereto agree as follows:
SECTION
1. AMENDMENTS
Subject
to the satisfaction of the conditions precedent set forth in Section 2 below,
the Credit Agreement shall be and hereby is amended as follows:
1.1. The
definition of "Interest Coverage Ratio" appearing in Section 5.1 of the
Credit Agreement shall be amended and restated in its entirety to read as
follows:
"Interest
Coverage Ratio" means, at any time the same is to be determined, the ratio
of (a) EBITDA of the Company for the four consecutive fiscal quarters of the
Company then ended minus Capital Expenditures during the same four
fiscal quarters then ended to (b) Interest Expense of the Company for the same
four fiscal quarters then ended plus Restricted Payments (other than up
to $75,000,000 for Restricted Payments permitted by Section 8.12(iii) hereof)
made during the same four fiscal quarters then ended."
2.2. Exhibit
E to the Credit Agreement shall be amended and restated as set forth on Exhibit
E attached hereto.
SECTION
2. CONDITIONS
PRECEDENT.
The
effectiveness of this Amendment is subject to the satisfaction of all of the
following conditions precedent:
2.1. The
Borrowers and the Required Lenders shall have executed and delivered this
Amendment.
2.2. Legal
matters incident to the execution and delivery of this Amendment shall be
satisfactory to the Administrative Agent and its counsel.
SECTION
3.
REPRESENTATIONS.
In
order
to induce the Lenders to execute and deliver this Amendment, the Borrowers
hereby represent to the Lenders that, as of the date hereof, the representations
and warranties set forth in Section 6 of the Credit Agreement are and shall
be
and remain true and correct (except that the representations contained in
Section 6.5 shall be deemed to refer to the most recent financial statements
of
the Company delivered to the Lenders) and the Borrowers are in compliance with
the terms and conditions of the Credit Agreement and no Default or Event of
Default has occurred and is continuing under the Credit Agreement or shall
result after giving effect to this Amendment.
SECTION
4. MISCELLANEOUS
4.1. Except
as specifically amended herein, the Credit Agreement shall continue in full
force and effect in accordance with its original terms. Reference to
this specific Amendment need not be made in the Credit Agreement, the Notes,
or
any other instrument or document executed in connection therewith, or in any
certificate, letter or communication issued or made pursuant to or with respect
to the Credit Agreement, any reference in any of such items to the Credit
Agreement being sufficient to refer to the Credit Agreement as amended
hereby.
4.2. This
Amendment may be executed in any number of counterparts, and by the different
parties on different counterpart signature pages, all of which taken together
shall constitute one and the same agreement. Any of the parties
hereto may execute this Amendment by signing any such counterpart and each
of
such counterparts shall for all purposes be deemed to be an
original. This Amendment shall be governed by the internal laws of
the State of Illinois.
[SIGNATURE
PAGES FOLLOW.]
This
Fifth Amendment to Amended and Restated Credit Agreement is entered into as
of
the date and year first above written.
LEARNING
CURVE BRANDS, INC. (f/k/a RC2 Brands, Inc.)
LEARNING
CURVE INTERNATIONAL, INC.
THE
FIRST
YEARS INC., a Massachusetts corporation
RACING
CHAMPIONS WORLDWIDE LIMITED
By
/s/ Xxxxxx X.
Xxxxxxxxx
Name: Xxxxxx X. Xxxxxxxxx
Title: Chief
Executive Officer of LCB and LCI,
President of TFY and
Director of RCWL
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Accepted
and agreed to as of the date and year first above written.
XXXXXX
X.X., in its individual capacity and
as
Administrative Agent
|
By /s/ Xxxxx
Xxxxxxx
|
|
Name: Xxxxx Xxxxxxx
|
Title: Managing Director |
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NATIONAL
CITY BANK
|
By
/s/ Xxxx
Kustelnik
|
|
Its: Vice
President
|
|
U.S.
BANK NATIONAL ASSOCIATION
|
|
By
/s/ Xxxxx X.
Xxxxxx
|
|
Its: Vice
President
|
LASALLE
BANK NATIONAL ASSOCIATION
|
By
/s/ Xxxxxxx X.
Xxxxx
|
|
Its: First
Vice President
|
|
FIFTH
THIRD BANK (CHICAGO), a Michigan Banking
Corporation
|
|
By
/s/ Xxx
Xxxxxxxxxxx
|
Its: Vice President
|
THE
NORTHERN TRUST COMPANY
|
|
By
/s/ Xxxxxx
Xxxxxxx
|
Its: Commercial Banking Officer |
|
ASSOCIATED
BANK, N.A.
|
|
By
/s/ Xxxxxx
Xxxxxxxxx
|
|
Its: Vice
President
|
|
CHARTER
ONE BANK N.A.
|
|
By_________________________
|
|
Its_______________________
|
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