AMENDMENT NO. 2 Dated as of January 21, 2011 to CREDIT AGREEMENT Dated as of March 15, 2010
Exhibit 10.18
EXECUTION COPY
AMENDMENT NO. 2
Dated as of January 21, 2011
to
Dated as of March 15, 2010
THIS AMENDMENT NO. 2 (this “Amendment”) is made as of January 21, 2011 by and among
Xxxxxx International Inc., an Ohio corporation (the “Borrower”), the financial institutions
listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the
“Administrative Agent’), under that certain Credit Agreement dated as of March 15, 2010 by
and among the Borrower, the Lenders and the Administrative Agent as amended by Amendment No. 1 to
Credit Agreement, dated as of April 27, 2010 (as further amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used
herein and not otherwise defined herein shall have the respective meanings given to them in the
Credit Agreement.
WHEREAS, the Borrower has requested that the requisite Lenders and the Administrative Agent
agree to certain amendments to the Credit Agreement;
Amendments to the Credit Agreement. Effective as of the date of satisfaction of the conditions
precedent set forth in Section 2 below, the parties hereto agree that the Credit Agreement is
hereby amended as follows:
The following definitions are hereby added to Section 1.01 of the Credit Agreement in their
appropriate alphabetical order therein:
“ “2010 Restructuring Charge Add-Back” means restructuring charges incurred by
the Borrower and its Subsidiaries in the second, third and fourth quarters of its
2010 fiscal year in an aggregate amount not to exceed $1,500,000.”
“ “Project I Add-Back” means (i) cash charges incurred by the Borrower and its Subsidiaries
in an aggregate amount not to exceed $6,400,000, and (ii) non-cash charges incurred by the Borrower
and its Subsidiaries in an aggregate amount not to exceed $2,700,000, each incurred in connection
with Project I.”
The definition of “Consolidated EBITDA” set forth in Section 1.01 of the Credit Agreement is
hereby amended to add the following sentence at the end thereof:
“Solely for purposes of calculating the Total Leverage Ratio, the Consolidated Interest
Coverage Ratio and the Senior Secured Leverage Ratio, Consolidated EBITDA shall be
calculated by adding thereto, in each case in the period incurred and only to the extent
(and in the same proportion) deducted in determining Consolidated Net Income for the
relevant period, the 2010 Restructuring Add-Back and the Project I Add-Back.”
Section 6.10(a) of the Credit Agreement is hereby restated in its entirety as follows:
“(a) Maximum Total Leverage Ratio. Permit the Total Leverage Ratio, for (i)
the Test Period ending on March 31, 2010, to exceed 4.25 to 1.00, (ii) for the Test Periods
ending on June 30, 2010 or September 30, 2010, to exceed 4.50 to 1.00, (iii) for the Test
Periods ending on December 31, 2010, March 31, 2011, June 30, 2011 or September 30, 2011, to
exceed 4.65 to 1.00 and (iv) for any Test Period ending on or after December 31, 2011, to
exceed 4.25 to 1.00.”
This Amendment and the Credit Agreement as modified hereby constitute legal, valid and binding
obligations of the Borrower and are enforceable against the Borrower in accordance with their
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of
whether considered in a proceeding in equity or at law.
As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default
shall have occurred and be continuing, and (ii) the representations and warranties of the Borrower
set forth in the Credit Agreement are true and correct, except for representations and warranties
made with reference solely to an earlier date in which case such representations and warranties
shall have been true and correct as of such earlier date.
Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement
or any other Loan Document shall mean and be a reference to the Credit Agreement as amended
hereby.
Each Loan Document and all other documents, instruments and agreements executed and/or
delivered in connection therewith shall remain in full force and effect and are hereby ratified and
confirmed.
Except with respect to the subject matter hereof, the execution, delivery and effectiveness of
this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative
Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan
Documents or any other documents, instruments and agreements executed and/or delivered in
connection therewith.
Governing Law. This Amendment shall be construed in accordance with and governed by the law of
the State of New York.
[Signature Pages Follow]
XXXXXX INTERNATIONAL INC., as the Borrower |
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By: | ||||
Name: | ||||
Title: | ||||
Signature Page to Amendment No. 2 to
Credit Agreement dated as of March 15, 2010
Xxxxxx International Inc.
Credit Agreement dated as of March 15, 2010
Xxxxxx International Inc.
JPMORGAN CHASE BANK, N.A., individually as a Lender, as the Swingline Lender, as the Issuing Bank and as Administrative Agent |
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By: | ||||
Name: | ||||
Title: | ||||
Signature Page to Amendment No. 2 to
Credit Agreement dated as of March 15, 2010
Xxxxxx International Inc.
Credit Agreement dated as of March 15, 2010
Xxxxxx International Inc.
EXHIBIT A
Consent and Reaffirmation
Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 2
to the Credit Agreement (as the same may be amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”) by and among Xxxxxx International Inc., an Ohio
corporation (the “Borrower”), the Lenders and JPMorgan Chase Bank, N.A., as Administrative
Agent (the “Administrative Agent”), which Amendment No. 2 is dated as of January 21, 2011
and is by and among the Borrower, the financial institutions listed on the signature pages thereof
and the Administrative Agent (the “Amendment”). Capitalized terms used in this Consent and
Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement.
Without in any way establishing a course of dealing by the Administrative Agent or any Lender,
each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the
Subsidiary Guaranty and any other Loan Document executed by it and acknowledges and agrees that the
Subsidiary Guaranty and each and every such Loan Document executed by the undersigned in connection
with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and
confirmed. All references to the Credit Agreement contained in the above-referenced documents
shall be a reference to the Credit Agreement as so modified by the Amendment and as the same may
from time to time hereafter be amended, modified or restated.
Dated as of January 21, 2011
[Signature Page Follows]
AAC CONSULTING GROUP, INC. | ACER/EXCEL INC. | |||||
By:
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By: | |||||
Name: | Name: | |||||
Title: | Title: | |||||
XXXXXX AMERICAS HOLDING INC. | XXXXXX AMERICAS INVESTMENT INC. | |||||
By:
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By: | |||||
Name: | Name: | |||||
Title: | Title: | |||||
XXXXXX AMERICAS MANAGEMENT INC. | XXXXXX INTERNATIONAL CPU LLC | |||||
By:
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By: | |||||
Name: | Name: | |||||
Title: | Title: | |||||
XXXXXX DELAWARE LLC | XXXXXX NC LLC | |||||
By:
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By: | |||||
Name: | Name: | |||||
Title: | Title: |