FIFTEENTH AMENDMENT AND CONSENT TO CREDIT AGREEMENT
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This FIFTEENTH AMENDMENT AND CONSENT TO CREDIT AGREEMENT (this
"Amendment") is entered into as of this ___ day of March, 2000 by and between
COLORSPAN CORPORATION (f/k/a Laser Master Corporation), a Minnesota corporation
("Borrower"), and GENERAL ELECTRIC CAPITAL CORPORATION, a New York corporation,
as Agent and Lender ("Agent"). Unless otherwise specified herein, capitalized
terms used in this Amendment shall have the meanings ascribed to them by the
Credit Agreement (as hereinafter defined).
RECITALS
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WHEREAS, Borrower and Agent have entered into that certain Credit
Agreement dated as of January 17, 1996, as amended by that certain First
Amendment to Credit Agreement dated as of May 15, 1996, that Second Amendment to
Credit Agreement dated as of January 31, 1997, that Third Amendment to Credit
Agreement dated as of May 14, 1997, that Fourth Amendment to Credit Agreement
dated as of October 14, 1997, that Fifth Amendment to Credit Agreement dated as
of February 17, 1998, that Sixth Amendment and Consent to Credit Agreement dated
as of June 30, 1998, that Seventh Amendment and Consent to Credit Agreement
dated as of July 15, 1998, that Eighth Amendment and Consent to Credit Agreement
dated as of December 30, 1998, that Ninth Amendment and Consent to Credit
Agreement dated as of January 25, 1999, that Tenth Amendment and Consent to
Credit Agreement dated as of March 31, 1999, that Eleventh Amendment and Consent
to Credit Agreement dated as of June 30, 1999, that Twelfth Amendment and
Consent to Credit Agreement dated as of August 31, 1999, that Thirteenth
Amendment and Consent to Credit Agreement dated as of October 15, 1999, and that
Fourteenth Amendment and Consent to Credit Agreement dated as of November 17,
1999 (as further amended, supplemented, restated or otherwise modified from time
to time, the "Credit Agreement"); and
WHEREAS, Borrower and Agent wish to enter into certain amendments to
the Credit Agreement, all as more fully set forth herein;
NOW THEREFORE, in consideration of the mutual covenants herein and
other good and valuable consideration, the parties hereto agree as follows:
Section 1. Amendments to Definitions in Credit Agreement.
Definitions. Schedule A to the Credit Agreement is amended as
follows:
(a) The definition of Commitment Termination Date is amended to
read in its entirety as follows:
"Commitment Termination Date" shall mean the earliest of (i) June
30, 2000, (ii) the date of termination of Lenders' obligations to
advance funds or permit existing advances to remain outstanding
pursuant to Section 8.2, and (iii) the date of indefeasible
prepayment in full by Borrower of the Revolving Credit Loan, and
the permanent reduction of the Revolving Credit Loan Commitment to
zero dollars ($0), in accordance with the provisions of Section 1.2.
(b) The definition of Revolving Loan Commitment is amended to read
in its entirety as follows:
"Revolving Credit Loan Commitment" shall mean (a) as to any Lender,
the aggregate commitment of such Lender to make Revolving Credit Advances as set
forth in the signature page to the Agreement or in the most recent Lender
Addition Agreement executed by such Lender and (b) as to all Lenders, the
aggregate commitment of all Lenders to make Revolving Credit Advances, which
aggregate commitment shall be THREE MILLION THREE HUNDRED THOUSAND DOLLARS
($3,300,000), as such amount may be adjusted, if at all, from time to time in
accordance with the Agreement.
Section 2. Extension Fee.
In consideration of the Amendments contained herein, Borrower shall
pay Agent an extension fee as set forth in the addendum hereto.
Section 3. Representations and Warranties.
Borrower represents and warranties that:
(a) the execution, delivery and performance by Borrower of this
Amendment have been duly authorized by all necessary corporate action and this
Amendment is a legal, valid and binding obligation of Borrower enforceable
against Borrower in accordance with its terms, except as the enforcement thereof
may be subject to (i) the effect of any applicable bankruptcy, insolvency,
reorganization, moratorium or similar law affecting creditors' rights generally
and (ii) general principles of equity (regardless of whether such enforcement is
sought in a proceeding in equity or at law);
(b) each of the representations and warranties contained in the
Credit Agreement is true and correct in all material respects on and as of the
date hereof as if made on the date hereof, except to the extent that such
representations and warranties expressly relate to an earlier date;
(c) neither the execution, delivery and performance of this
Amendment nor the consummation of the transactions contemplated hereby does or
shall contravene, result in a breach of, or violate (i) any provision of
Borrower's certificate or articles of incorporation or bylaws, (ii) any law or
regulation, or any order or decree of any court or government instrumentality or
(iii) indenture, mortgage, deed of trust, lease, agreement or other instrument
to which Borrower or any of its Subsidiaries is a party or by which Borrower or
any of its Subsidiaries or any of their property is bound, except in any such
case to the extent such conflict or breach has been waived by a written waiver
document a copy of which has been delivered to Agent on or before the date
hereof; and
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(d) no Default or Event of Default will exist or result after
giving effect hereto.
Section 4. Conditions to Effectiveness.
This Amendment will be effective upon satisfaction of the following
conditions precedent:
(a) Execution and delivery of this Amendment by each of the parties
hereto.
(b) Borrower has satisfied the condition set forth on Schedule 4
hereto.
Section 5. Reference to and Effect Upon the Credit Agreement.
(a) Except as specifically amended above, the Credit Agreement and
the other Loan Documents shall remain in full force and effect and are hereby
ratified and confirmed.
(b) The execution, delivery and effectiveness of this Amendment
shall not operate as a waiver or any right, power or remedy of Agent or any
Lender under the Credit Agreement or any Loan Document, nor constitute a waiver
of any provision of the Credit Agreement or any Loan Document, except as
specifically set forth herein. Upon the effectiveness of this Amendment, each
reference in the Credit Agreement to "this Agreement", "hereunder", "hereof",
"herein" or words of similar import shall mean and refer to the Credit Agreement
as amended hereby.
Section 6. Waiver and Release.
In consideration of the foregoing, Borrower hereby waives, releases
and covenants not to xxx Agent with respect to, any and all claims it may have
against Agent, whether known or unknown, arising in tort, by contract or
otherwise prior to the date hereof.
Section 7. Costs and Expenses.
As provided in Section 11.3 of the Credit Agreement, Borrower agrees
to reimburse Agent for all fees, costs and expenses, including the fees, costs
and expenses of counsel or other advisors for advice, assistance, or other
representation in connection with this Amendment.
Section 8. GOVERNING LAW.
THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAWS PROVISIONS) OF THE STATE OF
ILLINOIS.
Section 9. Headings.
Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this amendment
for any other purposes.
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Section 10. Counterparts.
This Amendment may be executed in any number of counterparts, each
of which when so executed shall be deemed an original but all such counterparts
shall constitute one and the same instrument.
[signature page follows]
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IN WITNESS WHEREOF, the parties have executed this Amendment as of
the date and year first above written.
COLORSPAN CORPORATION
(f/k/a Laser Master Corporation)
By:
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Title:
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Revolving Credit Loan GENERAL ELECTRIC CAPITAL
Commitment: $3,300,000 CORPORATION, as Agent
By:
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Title:
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