FIRST AMENDMENT TO CREDIT AGREEMENT
EXHIBIT 10.1
FIRST AMENDMENT TO CREDIT AGREEMENT
THIS FIRST AMENDMENT TO CREDIT AGREEMENT dated as of April 8, 2011 (the “Agreement”)
is entered into among Xxxxxxxx.xxx Operations Inc., a Delaware corporation (the
“Borrower”), the Guarantors, the Lenders party hereto and Bank of America, N.A., as
Administrative Agent, Swing Line Lender and L/C Issuer. All capitalized terms used herein and not
otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as
defined below).
RECITALS
WHEREAS, the Borrower, the Guarantors, the Lenders and Bank of America, N.A., as
Administrative Agent, Swing Line Lender and L/C Issuer entered into that certain Credit Agreement
dated as of September 9, 2010 (as amended or modified from time to time, the “Credit
Agreement”); and
WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement as set forth
below.
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. Amendments. The Credit Agreement is hereby amended as follows:
(a) Section 7.01(b) of the Credit Agreement is hereby amended to read as follows:
(a) upon the earlier of the date that is sixty (60) days after the end of each
of the first three (3) fiscal quarters of each fiscal year of Holdings or the date
such information is filed with the SEC, a consolidated and consolidating balance
sheet of Holdings and its Subsidiaries as at the end of such fiscal quarter, and the
related consolidated and consolidating statements of income or operations and
consolidated cash flows for such fiscal quarter and for the portion of Holdings’
fiscal year then ended, setting forth in each case in comparative form the figures
for the corresponding fiscal quarter of the previous fiscal year and the
corresponding portion of the previous fiscal year, all in reasonable detail and
certified by a Responsible Officer of Holdings as fairly presenting in all material
respects the financial condition, results of operations, shareholders’ equity and
cash flows of Holdings and its Subsidiaries in accordance with GAAP, subject only to
normal year-end audit adjustments and the absence of footnotes.
(b) A new clause (e) is hereby added at the end of Section 8.06 of the Credit Agreement
to read as follows:
(e) the Borrower may make distributions to Holdings so long as Holdings shall
in turn contribute such distributions to a newly formed direct Subsidiary permitted
to be formed pursuant to Section 8.17, in an amount not to exceed the amount
necessary for such newly formed direct Subsidiary of Holdings to consummate a
Permitted Acquisition; provided, that, (i) both before and upon
giving effect to the payment of such Restricted Payment, on a Pro Forma Basis (x) no
Default or Event of Default exists or would result therefrom, and (y) the Loan
Parties are in compliance with the financial covenants set forth in Section
8.11 as of the most recent fiscal quarter for which the Borrower was required to
deliver financial statements pursuant to Section 7.01(a) or (b)
and (ii) any such newly formed direct Subsidiary of Holdings shall become a
Guarantor and pledge its assets in accordance with the terms of Sections
7.12 and 7.14. For the avoidance of doubt, it is understood and agreed
that (x) Holdings shall not directly consummate a Permitted Acquisition and (y) any
Acquisition consummated by a direct Subsidiary of Holdings shall be subject to the
terms and conditions of the definition of “Permitted Acquisitions”.
2. Conditions Precedent. This Agreement shall be effective upon the receipt by the
Administrative Agent of counterparts of this Agreement duly executed by the Borrower, the
Guarantors, the Required Lenders and Bank of America, N.A., as Administrative Agent.
3. Miscellaneous.
(a) The Credit Agreement, as modified hereby, and the obligations of the Loan Parties
thereunder and under the other Loan Documents, are hereby ratified and confirmed and shall
remain in full force and effect according to their terms.
(b) Each Guarantor (a) acknowledges and consents to all of the terms and conditions of
this Agreement, (b) affirms all of its obligations under the Loan Documents as modified
hereby and (c) agrees that this Agreement and all documents executed in connection herewith
do not operate to reduce or discharge its obligations under the Credit Agreement or the
other Loan Documents.
(c) The Borrower and the Guarantors hereby represent and warrant as follows:
(i) Each Loan Party has taken all necessary action to authorize the execution,
delivery and performance of this Agreement.
(ii) This Agreement has been duly executed and delivered by the Loan Parties
and constitutes each of the Loan Parties’ legal, valid and binding obligations,
enforceable in accordance with its terms.
(iii) No consent, approval, authorization or order of, or filing, registration
or qualification with, any court or governmental authority or third party is
required in connection with the execution, delivery or performance by any Loan Party
of this Agreement.
(d) The Loan Parties represent and warrant to the Lenders that (i) the representations
and warranties of the Loan Parties set forth in Article VI of the Credit Agreement
and in each other Loan Document are true and correct in all material respects as of the date
hereof with the same effect as if made on and as of the date hereof, except to the extent
such representations and warranties expressly relate solely to an earlier date and (ii) no
event has occurred and is continuing which constitutes a Default or an Event of Default.
(e) This Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be an original, but all of which shall constitute one and the
same instrument. Delivery of an executed counterpart of this Agreement by telecopy shall be
effective as an original and shall constitute a representation that an executed original
shall be delivered.
(f) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.
[Signature pages follow]
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written.
BORROWER: | XXXXXXXX.XXX OPERATIONS INC., a Delaware corporation |
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By: | /s/ Xxxxxx Xxxxxxxxxx | |||
Name: | Xxxxxx Xxxxxxxxxx | |||
Title: | Chief Financial Officer |
HOLDINGS: | XXXXXXXX.XXX INC., a Delaware corporation |
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By: | /s/ Xxxxxx Xxxxxxxxxx | |||
Name: | Xxxxxx Xxxxxxxxxx | |||
Title: | Chief Financial Officer |
GUARANTORS: | TGN SERVICES, LLC, a Delaware limited liability company |
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By: | /s/ Xxxxxx Xxxxxxxxxx | |||
Name: | Xxxxxx Xxxxxxxxxx | |||
Title: | Manager |
IARCHIVES, INC., a Utah corporation |
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By: | /s/ Xxxxxx Xxxxxxxxxx | |||
Name: | Xxxxxx Xxxxxxxxxx | |||
Title: | Chief Financial Officer |
ADMINISTRATIVE AGENT: | BANK OF AMERICA, N.A., as Administrative Agent |
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By: | /s/ Xxxxxx X. Xxxxxx | |||
Name: | Xxxxxx X. Xxxxxx | |||
Title: | Vice President |
LENDERS: | BANK OF AMERICA, N.A., as a Lender, Swing Line Lender and L/C Issuer |
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By: | /s/ Xxxxxxx X. Xxxxxxx | |||
Name: | Xxxxxxx X. Xxxxxxx | |||
Title: | Senior Vice President |
ZIONS FIRST NATIONAL BANK, as a Lender |
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By: | /s/ Xxx X. Xxxxxxxxxxx | |||
Name: | Xxx X. Xxxxxxxxxxx | |||
Title: | Vice President |
XXXXXX XXXXXXX BANK, as a Lender |
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By: | /s/ Xxxxxx Xxxxxx | |||
Name: | Xxxxxx Xxxxxx | |||
Title: | Authorized Signatory |