Exhibit 4.01(c)
SECOND AMENDMENT AND CONSENT
----------------------------
SECOND AMENDMENT AND CONSENT (this "Amendment"), dated as of December 29,
1998, among U.S.A. FLORAL PRODUCTS, INC., a Delaware corporation (the "US
Borrower"), U.S.A. FLORAL PRODUCTS GERMANY GMBH & CO. KG, a partnership
organized under the laws of the Federal Republic of Germany (the "German
Borrower"), FLORIMEX WORLDWIDE B.V., a company organized under the laws of the
Netherlands (the "Dutch Borrower" and, together with the German Borrower and the
US Borrower, the "Borrowers", and each a "Borrower"), the lenders party to the
Credit Agreement referred to below (the "Banks"), BAYERISCHE HYPO-UND
VEREINSBANK AG, as Syndication Agent (in such capacity the "Syndication Agent"),
BANKBOSTON, N.A. as Documentation Agent (in such capacity the "Documentation
Agent"), and BANKERS TRUST COMPANY, as Arranger and Administrative Agent (the
"Administrative Agent"). Unless otherwise defined herein, all capitalized terms
used herein and defined in the Credit Agreement are used herein as so defined.
WITNESSETH:
-----------
WHEREAS, the Borrowers, the Banks, the Syndication Agent, the Documentation
Agent and the Administrative Agent are parties to a Credit Agreement, dated as
of October 16, 1997 and amended and restated as of October 2, 1998 (as further
amended, modified or supplemented to, but not including, the date hereof, the
"Credit Agreement");
WHEREAS, the Borrowers, the Banks, the Syndication Agent, the Documentation
and the Administrative Agent wish to modify the Credit Agreement to clarify
certain transactions which occurred thereunder on the Initial Borrowing Date;
WHEREAS, the Borrowers, the Banks, the Syndication Agent, the Documentation
Agent and the Administrative Agent hereby acknowledge that on the Initial
Borrowing Date, the German Borrower had instructed the Administrative Agent to
fund to Holdings GmbH, on behalf of the German Borrower, DM31,859,200 of the DM
Term Loans originally incurred by the German Borrower on such date;
WHEREAS, Florimex USA, Inc., a domestic Wholly-Owned Subsidiary of the US
Borrower, intends to create a new Dutch holding company named BV Van Herk Beheer
II ("New Holdco BV") which will acquire (the "Acquisition") all of the
outstanding capital stock of the Dutch Borrower currently held by Holdings GmbH,
the consideration for which will be the issuance by New Holdco DV to Holdings
GmbH of an intercompany note in a principal amount equal to $29,190,254;
WHEREAS, the Borrowers have requested certain modifications to the Credit
Agreement to permit the aforementioned transactions; and
WHEREAS, subject to the terms and conditions of this Amendment, the parties
hereto agree as follows;
NOW, THEREFORE, it is agreed:
1. Notwithstanding anything to the contrary contained in Section 8.06 of
the Credit Agreement, the Banks hereby agree that the US Borrower may (x)
forgive that certain Intercompany Loan in the principal amount of $14,844,478
made by it to Holdings GmbH on the Initial Borrowing Date and (y) convert same
into a cash equity contribution to Holdings GmbH in a like amount.
2. Notwithstanding anything to the contrary contained in Sections 8.02 and
8.06 of the Credit Agreement, the Banks hereby agree that the US Borrower may
contribute to the capital of Holdings GmbH the receivables owed to the US
Borrower in respect of that certain Intercompany Loan in the principal amount of
$27,852,255 made by it to the German Borrower on the Initial Borrowing Date,
3. Notwithstanding anything to the contrary contained in Sections 8.02 and
8.06 of the Credit Agreement, the Banks hereby agree that New Holdco BV and
Holdings GmbH may consummate the Acquisition on the terms provided herein,
4. The Banks hereby agree that each reference to the number "90" appearing
in Sections 7. 11 (a), (b), (c), (d). (e), (g) and (i) shall be deleted and the
number "150" shall in each case be inserted in lieu thereof
5. This Amendment shall become effective on the date (the "Second Amendment
Effective Date") when each of the following conditions have been met:
a. the Borrowers and the Required Banks shall have signed a
counterpart hereof (whether the same or different counterparts) and shall
have delivered (including by way of facsimile transmission) the same to the
Administrative Agent at the Notice Office;
b. New Holdco BV shall have executed and delivered to the
Administrative Agent a counterpart of the Foreign Guaranty;
c. the Administrative Agent shall have received from Baruma Maris,
counsel to the Credit Parties, an opinion addressed to the Administrative
Agent, the Documentation Agent and each of the Banks, and dated the Second
Amendment Effective Date, in form and substance satisfactory to the
Administrative Agent, and covering such matters incident to this Amendment
and the transactions contemplated herein and as the Administrative Agent
may reasonably request; and
d. The Administrative Agent shall have received for the account of
each Bank which has executed a counterpart hereof and delivered the same to
the Administrative Agent at the Notice Office by 5:00 p.m. (New York time)
on December 29, 1998 an amendment fee equal to 0.05% of the sum of such
Bank's (x) Dollar Revolving Loan Commitment, (y) outstanding DM Term Loans
and (z) Foreign Revolving Loan Commitment, in each case on such date.
6. Notwithstanding anything to the contrary contained in this Amendment or
in the Credit Agreement, the Borrower, the Banks, the Syndication Agent, the
Documentation Agent and the Administrative Agent hereby acknowledge and agree
that upon the effectiveness of this Amendment in accordance with paragraph 5
above and the consummation of the transactions contemplated in this Amendment,
all such transactions shall be deemed to have retroactively occurred on the
Initial Borrowing Date.
7. In order to induce the Banks to enter into this Amendment, each
Borrower hereby represents and warrants that (i) the representations, warranties
and agreements contained in Section 6 of the Credit Agreement are true and
correct in all material respects on and as of the Second Amendment Effective
Date, both before giving effect to this Amendment (without giving effect to the
transactions contemplated hereby) and after giving effect to this Amendment (and
the transactions contemplated hereby) and (ii) there exists no Default or Event
of Default on the Second Amendment Effective Date, both before giving effect to
this Amendment (without giving effect to the transactions contemplated hereby)
and after giving effect to this Amendment (and the transactions contemplated
hereby).
8. This Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document.
9. This Amendment may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which counterparts
when executed and delivered shall be an original, but all of which shall
together constitute one and the same instrument. A complete set of counterparts
shall be lodged with the US Borrower and the Administrative Agent.
10. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF
NEW YORK.
11. From and after the Second Amendment Effective Date, all references in
the Credit Agreement and in the other Credit Documents to the Credit Agreement
shall be deemed to be references to the Credit Agreement as modified hereby,
* * *
IN WITNESS WHEREOF, the parties hereto have caused their duly authorized
officers to execute and deliver this Amendment as of the date first above
written
U.S.A. FLORAL PRODUCTS, INC.
By /s/ W. Xxxxxxx Xxxxxxx
----------------------------------------
Title:
U.S.A. FLORAL PRODUCTS GERMANY GMBH &CO KG
By /s/ Xxxxxx X. Xxxxxxx
----------------------------------------
Title:
FLORIMEX WORLDWIDE B.V,
By /s/ Xxxxxx X. Xxxxxxx
----------------------------------------
Title:
BANKERS TRUST COMPANY,
Individually and as Agent
By
----------------------------------------
Title:
BAYERISCHE HYPO-UND VEREINSBANX AG,
Individually and as Syndication Agent
By
----------------------------------------
Title:
By
----------------------------------------
Title:
XXXXXXXXXX, X,X,, Individually and as
Documentation Agent
By
----------------------------------------
Title:
LA SALLE NATIONAL BANK
By
----------------------------------------
Title:
FLEET NATIONAL BANK
By
----------------------------------------
Title:
NATIONAL BANK OF CANADA
By
----------------------------------------
Title:
By
----------------------------------------
Title:
UNION BANK OF CALIFORNIA, N.A.
By
----------------------------------------
Title:
XXXXXXX BANK
By
----------------------------------------
Title:
