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EXHIBIT 10.5
[XXXX LOGO]
To: Each Holder of 9.45% Series A Senior Notes due
September 15, 2003 and Each Holder of 8.99% Series B
Senior Notes due September 15, 1999 of Xxxx Group, Inc.
Date: September 25, 1995
Reference is hereby made to the several Note Agreements, dated as of
September 15, 1993 (the "Note Agreements"), between Xxxx Group, Inc. (the
"Company") and each of the purchasers listed on the Schedule of Purchasers
attached to said Note Agreements (the "Purchasers"), relating to the issue and
sale by the Company of its 9.45% Series A Senior Notes due September 15, 2003
and its 8.99% Series B Senior Notes due September 15, 1999 (collectively, the
"Notes"). Capitalized terms used herein and not otherwise defined have the
meanings ascribed thereto in the Note Agreements.
I. Amendment
Subject to the conditions set forth herein, the Note Agreements
are hereby amended as follows:
A. Section 10.1 of the Note Agreements is hereby amended and
restated in its entirety to read as follows:
10.1 Fixed Charge Coverage Ratio. The Company will not at
any time on or after December 31, 1993, permit the Fixed
Charge Coverage Ratio for the four consecutive fiscal
quarters most recently ended (i.e., a "rolling" four
quarters) to be less than the ratios indicated below for
the periods indicated:
Minimum Fixed Charge
Periods Coverage Ratio
------------------------------------- --------------
Dec. 31, 1993 - June 30, 1994 1.20 to 1
July 1, 1994 - June 30, 1995 1.30 to 1
July 1, 1995 - June 30, 1996 1.00 to 1
July 1, 1996 - Sept. 30, 1996 1.40 to 1
Oct. 1, 1996 - Dec. 31, 1996 1.50 to 1
Jan. 1, 1997 - June 30, 1997 1.60 to 1
July 1, 1997 - June 30, 2003 1.75 to 1
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B. Section 10.9 of the Note Agreements is hereby amended and
restated in its entirety to read as follows:
10.9 Ratio of Debt to Adjusted Tangible Net Worth. The
Company will not at any time permit the ratio of the
total Debt of the Company to Adjusted Tangible Net Worth
to exceed the following ratios for the indicated
periods:
Periods Maximum Ratio
---------------------------------- -------------
Sept. 15, 1993 - Nov. 30, 1993 1.85 to 1
Dec. 1, 1993 - Feb. 28, 1994 1.95 to 1
Mar. 1, 1994 - Aug. 31, 1994 2.00 to 1
Sept. 1, 1994 - Nov. 30, 1994 1.85 to 1
Dec. 1, 1994 - June 30, 1995 1.95 to 1
July 1, 1995 - Nov. 30, 1995 1.80 to 1
Dec. 1, 1995 - Aug. 31, 1996 1.95 to 1
Sept. 1, 1996 - Dec. 31, 1996 1.70 to 1
Jan. 1, 1997 - June 30, 1997 1.85 to 1
July 1, 1997 - Nov. 30, 1997 1.50 to 1
Dec. 1, 1997 - June 30, 1998 1.80 to 1
during each year thereafter
July 1 - Nov. 30 1.50 to 1
Dec. 1 - June 30 1.80 to 1
II. Miscellaneous
A. Limited Nature of Agreement. The amendments and modifications
to the Note Agreements set forth above do not and shall not,
now or in the future, either implicitly or explicitly (a)
alter, waive or amend, except as expressly provided herein,
any provision of the Note Agreements, or (b) impair any right
or remedy of any purchaser under the Note Agreements with
respect to any violation of any provision of the Note
Agreements. The provisions hereof do not waive, now or in the
future, compliance with any covenant, term or condition to be
performed or complied with nor do they impair any rights or
remedies of any Purchaser under the Note Agreements, as
amended hereby, with respect to any such violation.
B. Note Agreements Remain in Effect. Except as expressly
provided herein, all provisions, terms and conditions of the
Note Agreements shall remain in full force and effect. As
amended hereby, the Note Agreements are ratified and confirmed
in all respects.
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C. Counterparts. This letter may be executed in any number of
counterparts, each of which when executed and delivered shall
be an original, but all of which together shall constitute one
and the same instrument.
D. Governing Law. This letter shall in all respects be governed
by, and construed and enforced in accordance with, the laws of
the State of New York, including all matters of construction,
validity and performance.
In consideration of your execution and delivery of this letter, the
Company agrees to pay to you, upon such execution and delivery by all of the
Purchasers, a fee in aggregate sum of $150,000 allocated in proportion to each
Purchaser's respective principle amount.
If you are in agreement with the foregoing, please sign the
accompanying counterparts of this letter and return one of the same to the
Company, whereupon this letter shall become a binding agreement between you and
the Company.
Very truly yours,
XXXX GROUP, INC.
By: /s/ Xxxxxxxx X. Xxxxxx
------------------------------
Title: Vice President, Treasurer
The foregoing Agreement is hereby agreed to as of the date thereof.
XXXX XXXXXXX MUTUAL LIFE INSURANCE COMPANY
By: /s/ Xxxxxxx X. Xxxxxxx
--------------------------------------
XXXXXXX & CO.
By:
--------------------------------------
NEW YORK LIFE INSURANCE COMPANY
By:
--------------------------------------
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
By:
--------------------------------------
MASSMUTUAL/XXXXXXX CBO, N.V.
By:
--------------------------------------
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C. Counterparts. This letter may be executed in any number of
counterparts, each of which when executed and delivered shall
be an original, but all of which together shall constitute one
and the same instrument.
D. Governing Law. This letter shall in all respects be governed
by, and construed and enforced in accordance with, the laws of
the State of New York, including all matters of construction,
validity and performance.
In consideration of your execution and delivery of this letter, the
Company agrees to pay to you, upon such execution and delivery by all of the
Purchasers, a fee in aggregate sum of $150,000 allocated in proportion to each
Purchaser's respective principle amount.
If you are in agreement with the foregoing, please sign the
accompanying counterparts of this letter and return one of the same to the
Company, whereupon this letter shall become a binding agreement between you and
the Company.
Very truly yours,
XXXX GROUP, INC.
By: /s/ Xxxxxxxx X. Xxxxxx
------------------------------
Title: Vice President, Treasurer
The foregoing Agreement is hereby agreed to as of the date thereof.
XXXX XXXXXXX MUTUAL LIFE INSURANCE COMPANY
By: /s/ Xxxxxxx X. Xxxxxxx
--------------------------------------
XXXXXXX & CO.
By: /s/ Xxxxxxx XxXxxxxxx
--------------------------------------
NEW YORK LIFE INSURANCE COMPANY
By:
--------------------------------------
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
By:
--------------------------------------
MASSMUTUAL/XXXXXXX CBO, N.V.
By:
--------------------------------------
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C. Counterparts. This letter may be executed in any number of
counterparts, each of which when executed and delivered shall
be an original, but all of which together shall constitute one
and the same instrument.
D. Governing Law. This letter shall in all respects be governed
by, and construed and enforced in accordance with, the laws of
the State of New York, including all matters of construction,
validity and performance.
In consideration of your execution and delivery of this letter, the
Company agrees to pay to you, upon such execution and delivery by all of the
Purchasers, a fee in aggregate sum of $150,000 allocated in proportion to each
Purchaser's respective principle amount.
If you are in agreement with the foregoing, please sign the
accompanying counterparts of this letter and return one of the same to the
Company, whereupon this letter shall become a binding agreement between you and
the Company.
Very truly yours,
XXXX GROUP, INC.
By: /s/ Xxxxxxxx X. Xxxxxx
------------------------------
Title: Vice President, Treasurer
The foregoing Agreement is hereby agreed to as of the date thereof.
XXXX XXXXXXX MUTUAL LIFE INSURANCE COMPANY
By:
--------------------------------------
XXXXXXX & CO.
By:
--------------------------------------
NEW YORK LIFE INSURANCE COMPANY
By: /s/ Xxxxxxxxxx Xxxxxxx
--------------------------------------
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
By:
--------------------------------------
MASSMUTUAL/XXXXXXX CBO, N.V.
By:
--------------------------------------
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C. Counterparts. This letter may be executed in any number of
counterparts, each of which when executed and delivered shall
be an original, but all of which together shall constitute one
and the same instrument.
D. Governing Law. This letter shall in all respects be governed
by, and construed and enforced in accordance with, the laws of
the State of New York, including all matters of construction,
validity and performance.
In consideration of your execution and delivery of this letter, the
Company agrees to pay to you, upon such execution and delivery by all of the
Purchasers, a fee in aggregate sum of $150,000 allocated in proportion to each
Purchaser's respective principle amount.
If you are in agreement with the foregoing, please sign the
accompanying counterparts of this letter and return one of the same to the
Company, whereupon this letter shall become a binding agreement between you and
the Company.
Very truly yours,
XXXX GROUP, INC.
By: /s/ Xxxxxxxx X. Xxxxxx
------------------------------
Title: Vice President, Treasurer
The foregoing Agreement is hereby agreed to as of the date thereof.
XXXX XXXXXXX MUTUAL LIFE INSURANCE COMPANY
By:
--------------------------------------
XXXXXXX & CO.
By:
--------------------------------------
NEW YORK LIFE INSURANCE COMPANY
By:
--------------------------------------
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
By: /s/ Xxxxxxx X. Xxxxxxxx
--------------------------------------
MASSMUTUAL/XXXXXXX CBO, N.V.
By: /s/ Xxxxxxx X. Xxxxxxxx
--------------------------------------
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