EXHIBIT 4.2(a)
AMENDMENT NO. 1 dated as of November 4, 2003 (this
"Amendment") to the LOAN AND SECURITY Agreement dated as of
July 15, 2003 (as the same may be further amended,
supplemented or otherwise modified, renewed or replaced from
time to time, the "Credit Agreement"), by and among BELROSE
CAPITAL FUND LLC, a Delaware limited liability company (the
"Borrower"), the Lenders referred to therein, Xxxxxxx Xxxxx
Mortgage Capital, Inc., a Delaware corporation, as agent
(the "Agent"), and Xxxxxxx Xxxxx Capital Services, Inc., a
Delaware corporation (the "Swap Provider").
WHEREAS, on July 15, 2003, the Borrower, the Lenders, the Agent and the
Swap Provider entered into the Credit Agreement pursuant to which the Lenders
made available to the Borrower a revolving credit facility in the aggregate
principal amount of $57,000,000;
WHEREAS, the Borrower has requested and the Required Lenders have agreed,
subject to the terms and conditions of this Amendment, to amend certain
provisions of the Credit Agreement, as set forth herein;
NOW, THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, the parties hereto agree as follows:
SECTION 1. AMENDMENTS. Subject to the satisfaction of the conditions
precedent set forth in Section 3 hereof, the Credit Agreement is hereby amended
as of the Effective Date (as defined in Section 3 hereof) as follows:
Article 1 of the Credit Agreement is hereby amended by amending and
restating the following definition in its entirety to read as follows:
"'Term Loan Agreement' shall mean the Loan and Security Agreement
dated as of July 15, 2003 by and between the Term Lender and the Borrower,
as amended from time to time in accordance with the terms thereof."
SECTION 2. REPRESENTATIONS AND WARRANTIES. The Borrower hereby represents
and warrants that:
(A) after giving effect to this Amendment, the representations and
warranties contained in the Credit Agreement are true and correct in all
material respects on and as of the date hereof as if such representations and
warranties had been made on and as of the date hereof (except to the extent that
any such representations and warranties specifically relate to an earlier date);
and
(B) after giving effect to this Amendment, no Event of Default or Default
will have occurred and be continuing on and as of the date hereof.
SECTION 3. CONDITIONS PRECEDENT. The effectiveness of this Amendment is
subject to the satisfaction in full of each of the conditions precedent set
forth in this Section 3 (the date on which all such conditions have been
satisfied being herein called the "Effective Date"):
(A) the Agent shall have received executed counterparts of this Amendment
which, when taken together, bear the signatures of the Required Lenders and the
Borrower;
(B) the Agent shall have received the written opinion of counsel to the
Borrower, dated the date hereof and addressed to the Agent, in form and
substance satisfactory to counsel to the Agent;
(C) the Agent shall have received such other documents as the Agent may
reasonably request; and
(D) all legal matters incident to this Amendment shall be satisfactory to
counsel to the Agent.
SECTION 4. MISCELLANEOUS.
(A) Capitalized terms used herein and not otherwise defined herein shall
have the meanings as defined in the Credit Agreement.
(B) Except as expressly amended hereby, the Credit Agreement shall remain
in full force and effect in accordance with the original terms thereof.
(C) The amendments herein contained are limited specifically to the matters
set forth above and do not constitute directly or by implication an amendment or
waiver of any other provision of the Credit Agreement or any default which may
occur or may have occurred under the Credit Agreement.
(D) This Amendment may be executed in any number of counterparts, each of
which shall constitute an original, but all of which when taken together shall
constitute one and the same instrument.
(E) This Amendment shall constitute a Fundamental Document.
(F) This Amendment shall be governed by, and construed in accordance with,
the laws of the State of New York.
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IN WITNESS WHEREOF, the undersigned have caused this Amendment to be duly
executed as of the date first written above.
Borrower:
BELROSE CAPITAL FUND LLC, as Borrower
By: XXXXX XXXXX MANAGEMENT, as Manager
By: /s/ M. Xxxxxxxxx Xxxxxxx
--------------------------------
Name: M. Xxxxxxxxx Xxxxxxx
Title: Vice President
Address: The Xxxxx Xxxxx Building
000 Xxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
Telephone No.: (000) 000-0000
Telecopier No.: (000) 000 0000
Lenders:
XXXXXXX XXXXX MORTGAGE CAPITAL,
INC., individually and as Agent
By: /s/ Xxxxxx X. Xxxxx
------------------------------
Name: Xxxxxx X. Xxxxx
Title: President
Address: 4 World Financial Xxxxxx
00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telephone No.: (000) 000-0000
Telecopier No.: (000) 000-0000
Swap Provider:
XXXXXXX XXXXX CAPITAL SERVICES,
INC., as Swap Provider
By: /s/ Xxxxxx X. Xxxxx
-----------------------------
Name: Xxxxxx X. Xxxxx
Title: President
Address: 4 World Financial Xxxxxx
00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telephone No.: (000) 000-0000
Telecopier No.: (000) 000-0000
