Exhibit 99.2
FIRST MODIFICATION AGREEMENT
THIS FIRST MODIFICATION AGREEMENT ("Agreement"), dated as of the 15th
day of January, 1999, is made by, between and among METRO INFORMATION SERVICES,
INC., a Virginia corporation ("Borrower"), METRO INFORMATION SERVICES OF
NORTHERN CALIFORNIA, INC., a Virginia corporation ("Metro NC"), METRO
INFORMATION SERVICES OF LOS ANGELES, INC., a Virginia corporation ("Metro LA"),
METRO INFORMATION SERVICES OF ORANGE COUNTY, INC., a Virginia corporation
("Metro OC") (Metro NC, Metro LA and Metro OC are sometimes hereinafter
individually referred to as "Guarantor" and collectively referred to as
"Guarantors"), NATIONSBANK, N.A. ("NationsBank"), CRESTAR BANK ("Crestar"), and
FIRST UNION NATIONAL BANK, successor in interest to Signet Bank ("First Union")
(NationsBank, Crestar and First Union are sometimes hereinafter individually
referred to as "Lender" and collectively referred to as "Lenders").
R E C I T A L S:
A. Borrower and Lenders are parties to a Credit Agreement (the
"Credit Agreement"), dated June 20, 1997, pursuant to which each
Lender has provided Borrower with a line of credit facility in the
amount of $13,300,000.
B. Borrower has requested, and each Lender has agreed, that each
Lender increase the amount of its line of credit facility to
$30,000,000, so that the three lines of credit total $90,000,000,
on the terms and subject to the conditions set forth in this
Agreement and the Credit Agreement.
C. Each Guarantor is a wholly owned subsidiary of Borrower and has
unconditionally guaranteed payment of the Obligations of Borrower
under the Credit Agreement. Guarantors join in this Agreement to
evidence their consent to the modification to the Loan Documents
set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual promises contained in
this Agreement and the Credit Agreement, and for other good and valuable
consideration, the parties stipulate and agree as follows:
1. DEFINITIONS. Unless the context otherwise requires, terms used in
this Agreement will have the same meanings and definitions as set forth in the
Credit Agreement.
2. MODIFICATIONS TO LOAN DOCUMENTS. The Loan Documents are modified and
amended as follows:
2.1. The definition of the terms "Commitment" and "Process
Agent" contained in Section 1.1 of the Credit Agreement are deleted and
the following definitions are substituted in lieu thereof:
"Commitment" means, with respect to each Lender, $30,000,000.
"Process Agent" means X. Xxxxxxx Xxxxxxx, Esquire, whose
address is Xxxxx & Stant, P.C., 000 Xxx Xxxxxxxx Xxxxxx, Xxxxxxxx Xxxxx,
Xxxxxxxx 00000.
2.2. The definition of the term "Signet Term Note" set forth
in Section 1.1 of the Credit Agreement is deleted and all references to
the term "Signet Term Note" are deleted from the Loan Documents. The
form of the Signet Term Note attached to the Credit Agreement as
Exhibit C also is deleted. Section 2.1(b) of the Credit Agreement,
which provides for the Term Loan and the signing and delivery of the
Signet Term Note, is deleted.
2.3. The maximum aggregate principal amount of Advances on
the Loans by all of the Lenders, as referenced in Section 2.1(a) of
the Credit Agreement, is increased from $39,900,000 to $90,000,000.
Each reference in the Loan Documents, and in any exhibits thereto,
to the sum $39,900,000 is modified to refer to the
sum $90,000,000. Each reference in the Loan Documents, and in any exhibits
hereto, to the sum $13,300,000 is modified to refer to the sum $30,000,000.
2.4. Section 2.5(a) of the Credit Agreement is deleted and
the following is substituted in lieu thereof:
(a) OPTIONS. Subject to adjustments in accordance
with Section 2.5(c), the Loans, or portions of the
Loans may accrue interest at any one of, or
combination of, a LIBOR Set Rate or a Base Rate.
Borrower shall select either a LIBOR Set Rate or a
Base Rate and with respect to a LIBOR Set Rate,
the Applicable Spread Component thereof shall be
determined based on the GPM. The GPM is designed to
dictate the Applicable Spread Component to be added
to the LIBOR Set Rate, and is predicated upon the
financial performance of the Borrower. Borrower will
have an option of either a LIBOR Set Rate or a Base
Rate for all or a portion of the Loan. The Applicable
Spread Component initially applicable to the Loans
will be 35 bps.
2.5. All references in the Loan Documents to Signet Bank are
changed to mean and refer to First Union.
2.6. In Section 10.6 of the Credit Agreement, the Signet Bank
address and other contact information is deleted and the following
address and other contact information for First Union is substituted in
lieu thereof:
First Union National Bank
000 Xxxxxxxxx Xxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxx 00000
ATTN: Xxxx X. Xxxxxxxx
Facsimile No. 000-000-0000
2.7. The term "Loan Documents" defined in Section 1.1 of the
Credit Agreement also includes, without limitation, this Agreement and
the Replacement Notes delivered to the Lenders pursuant to Section 3
below.
2.8. Section 6.13(a) of the Credit Agreement is deleted and
the following is substituted in lieu thereof:
(a) MAXIMUM FUNDED DEBT TO CAPITALIZATION RATIO.
Borrower's Funded Debt to Capitalization Ratio shall
be no greater than (i) 65% during the calendar year
1999, (ii) 60% during the calendar year 2000, (iii)
55% during the calendar year 2001 and (iv) 50% at all
times after December 31, 2001. The Quarterly
Statements delivered pursuant to paragraph 6.1(a) as
of such testing dates (as well as Fiscal Year End
Statements when a testing date is at Borrower's
Fiscal Year End) must reflect compliance with this
covenant.
2.9. The first sentence of Section 10.15 of the Credit
Agreement is deleted and the following is substituted in lieu thereof:
The Loan Documents shall be binding on and shall
inure to the benefit of the Borrower, the Lenders,
any existing or future Subsidiary and each of their
respective successors, assigns and legal
representatives; provided, however, that the Borrower
may not, without the prior written consent of the
Lenders, assign any rights, powers, duties or
obligations thereunder.
3. REPLACEMENT NOTES. Borrower will deliver to each Lender a
replacement commercial note (each hereinafter referred to as a "Replacement
Note") which shall (i) be executed by Borrower and dated the date of
this Agreement, (ii) be payable to the order of each respective Lender at its
respective office in the amount of $30,000,000, (iii) bear interest in
accordance with Section 3.6 of the Credit Agreement, and (iv) be in the
form of EXHIBIT A attached to and incorporated in this Agreement with blanks
appropriately completed in conformity with the Credit Agreement and this
Agreement. All references in the Loan Documents to the Notes will be deemed
to refer to the Replacement Notes delivered in accordance with this Agreement.
On delivery to a Lender of its Replacement Note, such Lender will return its
original Note to Borrower.
4. CONDITIONS TO EFFECTIVENESS. This Agreement is limited as specified
and shall not constitute a modification, acceptance or waiver of any other
provision of the Credit Agreement, or any other Loan Documents. This First
Modification Agreement shall become effective on the date (the "Modification
Agreement Effective Date") when each of the following conditions have been
satisfied by Borrower and Guarantors or waived by the Lenders:
4.1. Borrower, Guarantors and each Lender shall have signed a
counterpart of this Agreement (whether the same or different
counterparts);
4.2. The Lenders shall have received from Xxxxx & Stant,
counsel to the Borrower and Guarantors, an opinion addressed to the
Lenders and dated the Modification Agreement Effective Date, in form
and substance reasonably satisfactory to the Lenders and covering such
matters incident to the Loan Documents, this First Modification
Agreement and the transactions contemplated herein as the Lenders may
reasonably request;
4.3. The Lenders shall have received Resolutions of the Board
of Directors of the Borrower and Guarantors, which Resolutions shall be
certified by the Secretary or any Assistant Secretary of such entity
and shall authorize the execution, delivery and performance by each
such party of this First Modification Agreement and any documents
contemplated hereby, and the consummation of the transactions
contemplated hereby;
4.4. The Lenders shall have received from the Borrower duly
executed Replacement Notes;
4.5. The Lenders shall have received a Certificate from the
Borrower in the form prescribed pursuant to Section 4.1(c) of the
Credit Agreement;
4.6. The Lenders shall have received a Certificate of Good
Standing for the Borrower and for each Guarantor issued by the State
Corporation Commission of Virginia dated within 60 days prior to the
date of this Agreement, together with Certificates issued by other
states confirming the Borrower and each Guarantor is qualified to do
business in each jurisdiction in which it does business.
5. FURTHER ASSURANCES. Borrower and Guarantors will execute and
deliver, or cause to be executed and delivered, and do or make, or cause to be
done or made, on the reasonable request of any Lender, any and all instruments,
documents, acts or things, supplemental, confirmatory or otherwise, for the
purpose of effecting the modifications to the Loan Documents described in this
Agreement.
6. CONFLICT BETWEEN DOCUMENTS; RATIFICATION. If there is any conflict
between the terms and conditions of this Agreement or the Replacement Notes
delivered in accordance with this Agreement and any one or more of the terms and
conditions of any other Loan Document, the terms and conditions of this
Agreement or the Replacement Notes, as applicable, will supercede and control.
Except as modified by the provisions of this Agreement, the Borrower and each
Lender hereby ratifies and reaffirms all of the provisions of the Loan
Documents.
7. MULTIPLE COUNTERPARTS. This Agreement may be executed in any number
of counterparts, all of which taken together will constitute one and the same
agreement, and any of the parties hereto may execute this Agreement by signing
any such counterpart.
8. GOVERNING LAW. This Agreement has been prepared, is being executed
and delivered, and is intended to be performed in the Commonwealth of Virginia.
The substantive laws of such state and the applicable federal laws of the United
States of America will govern the validity, construction, enforcement and
interpretation of
this Agreement and all of the other Loan Documents.
9. GUARANTORS' CONSENT. Each Guarantor consents to the modifications
to Loan Documents set forth in this Agreement and to the increase in the
Obligations which they have guaranteed. The Guarantors ratify and affirm all
their obligations under their respective guarantees as modified by this
Agreement. By executing and delivering this Agreement, each Guarantor agrees
that all Obligations (including, without limitation, the additional Loans which
may be incurred pursuant to the maximum Commitments after giving effect to this
Agreement) shall be fully guaranteed pursuant to the Guaranty to which each is a
party in accordance with the terms and provisions thereof, and shall be fully
secured pursuant to each Guarantor's respective Security Agreement.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the day and year first above written.
METRO INFORMATION SERVICES, INC.
By: /s/ Xxxxxx X. Xxxxxxxx
------------------------------------------
Xxxxxx X. Xxxxxxxx,
Vice President and Chief Financial Officer
METRO INFORMATION SERVICES OF LOS ANGELES,
INC.
By: /s/ Xxxxxx X. Xxxxxxxx
------------------------------------------
Xxxxxx X. Xxxxxxxx,
Secretary
METRO INFORMATION SERVICES OF NORTHERN
CALIFORNIA, INC.
By: /s/ Xxxxxx X. Xxxxxxxx
------------------------------------------
Xxxxxx X. Xxxxxxxx,
Secretary
METRO INFORMATION SERVICES OF ORANGE
COUNTY, INC.
By: /s/ Xxxxxx X. Xxxxxxxx
------------------------------------------
Xxxxxx X. Xxxxxxxx,
President
NATIONSBANK, N.A.
By: /s/ Xxxxx X. Xxxxxx
------------------------------------------
Xxxxx X. Xxxxxx,
Executive Vice President
CRESTAR BANK
By: /s/ Xxxx X. Xxxx
------------------------------------------
Xxxx X. Xxxx, Senior Vice President
FIRST UNION NATIONAL BANK
By: /s/ Xxxxxx X. Xxxxx
------------------------------------------
Xxxxxx X. Xxxxx, Vice President
EXHIBIT A
REPLACEMENT COMMERCIAL NOTE
January ___, 1999 $30,000,000.00
Commitment
FOR VALUE RECEIVED, the undersigned (the "Maker"), unconditionally promises to
pay to the order of ___________________ (the "Bank"), without offset, at the
Bank's office in Norfolk, Virginia, or at such other place as the Bank may
designate, all sums advanced hereunder pursuant to the Credit Agreement (as
hereinafter defined), with interest payable on the first day of each month
beginning February 1, 1999, and at maturity, on the unpaid principal balance of
such sums from the date of each advance until repaid in full. If not earlier
paid, the aggregate amount of all sums outstanding, set forth below in the last
entry on the Schedule of Advances and Payments set forth below as "Principal
Amount Outstanding," together with interest shall be paid in full on such date
as is provided for in the Credit Agreement, dated June 20, 1997, by and among
the Maker and NationsBank, N.A., Crestar Bank and First Union National Bank
(successor in interest to Signet Bank), as Lenders, as amended (the "Credit
Agreement"). Capitalized terms used herein and not otherwise defined shall have
the meaning assigned to them in the Credit Agreement.
All payments made on this Note may be applied, at the Bank's option first to
unpaid commitment fees and costs of collection, if any, then to accrued
interest, then to principal and then to other fees.
The Bank may, but shall not be required to, enter all advances and payments on
this Note in the Schedule of Advances and Payments set forth below. In no event
shall the principal sum set forth below in the last entry on the Schedule as
"Principal Amount Outstanding" exceed the Bank's Commitment. The aggregate
Principal Amount Outstanding shown on the Schedule shall be prima facie evidence
of the principal amount owing and unpaid on this Note. The failure to record the
date and amount of any advance on the Schedule shall not, however, limit or
otherwise affect the obligations of the Maker under this Note to repay the
principal amount of the advance together with all interest accruing thereon.
Interest on this Note shall accrue at the rate per annum set forth in the Credit
Agreement.
It is understood and agreed that any officer or authorized employee of the Bank
may make entries on the Schedule and on any additional schedules attached hereto
upon receipt of written or telephonic instructions of anyone reasonably believed
by the Bank to be an authorized officer or agent of the Maker; provided that, in
the case of initial borrowings hereunder and increases in the principal amount
of borrowings, the amount of such borrowings shall have been credited to the
account of the Maker or otherwise delivered to the Maker. Upon written or
telephonic instructions of anyone reasonably believed by the Bank to be an
authorized officer or agent of the Maker, the Bank may charge Maker's account
with the Bank and apply funds therefrom to the payment of interest, principal,
or late charges due under this Note. The Maker shall indemnify and hold the Bank
harmless from and against any and all claims, damages, losses, costs and
expenses (including attorney's fees) which may arise or be created by the
acceptance of instructions for making or paying advances by telephone. This Note
is issued pursuant to the Credit Agreement. The Maker and Bank shall have the
rights and obligations set forth in this Note and the Credit Agreement,
including any amendments thereto and any renewals or substitutions thereof.
This Note is secured by the Collateral.
The happening of any of Event of Default shall constitute an event of default
hereunder.
Upon the happening of any event of default under this Note, the Bank may
exercise its remedies available to it under the Credit Agreement and any other
rights available to it at law or in equity.
If Maker fails to pay any installment of principal and/or interest within seven
(7) days of its due date as set forth in the Credit Agreement, or otherwise
fails to repay this Note within seven (7) days of its due date, the Maker agrees
to pay the Bank on demand a late charge of five percent (5%) of the overdue
payment. The Bank may, at its option,
apply any late payments (either full or partial) in the following manner: first
to interest, then to principal and finally to any late charges.
Maker hereby expressly waives presentment, demand, protest and notice of
dishonor, and agrees that this Note may be renewed one or more times and any
extension or extensions of the time of payment of this Note may be made before,
at, or after maturity for periods in excess of the original term of this Note;
waives any right which it may have to require the Bank to proceed against any
other Person or any property securing this Note; agrees that its liability
hereunder shall not be affected or impaired by any failure, neglect or omission
of Bank to exercise any remedies of set-off or otherwise that it may have or by
any determination that any security interest or lien taken by the Bank to secure
this Note is invalid or unperfected.
The Bank shall have, but shall not be limited to, the following rights, each of
which may be exercised at any time: to pledge or transfer this Note and the
Collateral, and any pledgee or transferee shall have all of the rights of the
Bank and the Bank shall thereafter be relieved from any liability with respect
to any Collateral so pledged or transferred; and after an Event of Default, to
transfer the whole or any part of the Collateral into the name of itself or its
nominee.
Maker agrees to remain liable to the Bank for any deficiency. Any Collateral,
and any surplus after sale, may be returned to Maker, but if after sale of the
Collateral any obligation or liability of Maker or any guarantor to the Bank is
contingent or not due, the Bank may retain such proceeds as additional security
for such obligation or liability. The Bank may continue to hold any Collateral
after payment of this Note if at any time of payment or any discharge hereof
Maker shall be then directly or contingently liable to the Bank pursuant to the
Credit Agreement or any of the Loan Documents whether or not such obligation is
due, and the Bank may thereafter exercise all rights with respect to such
Collateral granted therein even though this Note shall have been surrendered to
Maker. Any proceeds of any of the Collateral received by the Bank may be applied
by the Bank to the payment of expenses incurred in connection with the
Collateral, including attorneys' fees and legal expenses, and any balance of
such proceeds may be applied by the Bank toward the payment of this Note and all
other liabilities, and in such order of application as the Bank may from time to
time elect.
The term "Bank" used herein shall include any future holder of this Note or any
agent acting on behalf of the Bank. This Note shall be governed and construed in
accordance with the laws of the Commonwealth of Virginia. Whenever possible each
provision of this Note shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Note shall be
prohibited by or invalid under such law, such provision shall be ineffective to
the extent of such prohibition or invalidity, without invalidating the remainder
of such provision or the remaining provisions of this Note. This Note shall
apply to and bind Maker's successors and assigns and shall inure to the benefit
of the Bank and its successors and assigns.
SCHEDULE OF ADVANCES AND PAYMENTS OF PRINCIPAL
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MATURITY; RATE OPTIONS; METHOD OF PRINCIPAL APPROVING
DISBURSEMENT; OTHER AMOUNT PERSON'S
DATE ADVANCES PAYMENTS OUTSTANDING INITIALS
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To the extent any of the provisions contained herein are inconsistent with or
conflict with the terms of the Credit Agreement, the Credit Agreement shall
govern.
Witness the following signature of a duly authorized officer of Maker who has
executed this Note on behalf of Maker and who has executed this Note under seal
as of the day and year first written above.
MAKER:
METRO INFORMATION SERVICES, INC.
a Virginia corporation
By: (SEAL)
-------------------------------
Xxxxxx X. Xxxxxxxx, Vice President
and Chief Financial Officer
