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EXHIBIT 4.10
AMENDMENT AGREEMENT NO. 1
TO AMENDED AND RESTATED
REVOLVING CREDIT AND REIMBURSEMENT AGREEMENT
THIS AMENDMENT AGREEMENT is made and entered into as of this 12th day
of March, 1998, by and among THE WACKENHUT CORPORATION, a Florida corporation
(herein called the "Borrower"), NATIONSBANK NATIONAL ASSOCIATION (the "Agent"),
as Agent for the lenders (the "Lenders") party to the Amended and Restated
Revolving Credit and Reimbursement Agreement dated December 30, 1997 among such
Lenders, Borrower and the Agent (the "Agreement") and the Lenders whose names
are subscribed hereto.
W I T N E S S E T H:
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WHEREAS, the Borrower, the Agent and the Lenders have entered into the
Agreement pursuant to which the Lenders have agreed to make revolving loans to
the Borrower in the aggregate principal amount of up to $40,000,000 as evidenced
by the Notes (as defined in the Agreement) and to issue Letters of Credit for
the benefit of the Borrower; and
WHEREAS, as a condition to the making of the loans pursuant to the
Agreement the Lenders have required that all wholly-owned Subsidiaries of the
Borrower guarantee payment of all Obligations of the Borrower arising under the
Agreement; and
WHEREAS, the Borrower has requested that the Agreement be amended and
the Agent and the Lenders, subject to the terms and conditions hereof, are
willing to make such amendment, as provided herein;
NOW, THEREFORE, the Borrower, the Agent and the Lenders do hereby agree
as follows:
1. DEFINITIONS. The term "Agreement" as used herein and in the Loan
Documents (as defined in the Agreement) shall mean the Agreement as hereinafter
amended and modified. Unless the context otherwise requires, all terms used
herein without definition shall have the definition provided therefor in the
Agreement.
2. AMENDMENT. Subject to the conditions set forth herein, the Agreement
is hereby amended, effective December 31, 1997, as follows:
(a) The definition of "Consolidated Net Income Available for
Fixed Charge" in SECTION 1.01 is amended by (x) deleting the word "and"
immediately preceding clause (iii), (y) deleting the period at the end
of clause (iii) and adding in lieu thereof a comma and the word "and",
and (z) adding a new clause (iv) reading as follows:
"(iv) the tax adjusted non-recurring charges of up to
$11,250,000 taken by Borrower in the fiscal quarter ending
Dedcember 31, 1997"
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(b) Clause (i) of SECTION 7.06 is amended in its entirety so
that as amended it shall read as follows:
"(i) $129,000,000 at December 31, 1997 and"
3. SUBSIDIARY CONSENTS. Each Subsidiary of the Borrower that has
delivered a Guaranty to the Agent has joined in the execution of this Amendment
Agreement for the purpose of (i) agreeing to the amendment to the Agreement and
(ii) confirming its guarantee of payment of all the Obligations.
4. REPRESENTATIONS AND WARRANTIES. The Borrower hereby represents and
warrants that:
(a) The representations and warranties made by Borrower in
Article V of the Agreement are true on and as of the date hereof;
(b) There has been no material adverse change in the
condition, financial or otherwise, of the Borrower and its Subsidiaries
since the date of the most recent financial reports of the Borrower
received by each Lender under Section 6.1 thereof, other than changes
in the ordinary course of business, none of which has been a material
adverse change;
(c) The business and properties of the Borrower and its
Subsidiaries are not and have not been adversely affected in any
substantial way as the result of any fire, explosion, earthquake,
accident, strike, lockout, combination of workers, flood, embargo,
riot, activities of armed forces, war or acts of God or the public
enemy, or cancellation or loss of any major contracts; and
(d) No event has occurred and no condition exists which, upon
the consummation of the transaction contemplated hereby, constitutes a
Default or an Event of Default on the part of the Borrower under the
Agreement, the Notes or any other Loan Document either immediately or
with the lapse of time or the giving of notice, or both.
5. CONDITIONS. This Amendment Agreement shall become effective upon the
Borrower delivering to the Agent four (4) counterparts of this Amendment
Agreement duly executed by the Borrower and consented to by each of the
Subsidiaries.
6. ENTIRE AGREEMENT. This Amendment Agreement sets forth the entire
understanding and agreement of the parties hereto in relation to the subject
matter hereof and supersedes any prior negotiations and agreements among the
parties relative to such subject matter. No promise, conditions, representation
or warranty, express or implied, not herein set forth shall bind any party
hereto, and no one of them has relied on any such promise, condition,
representation or warranty. Each of the parties hereto acknowledges that, except
as in this Amendment Agreement otherwise expressly stated, no representations,
warranties or commitments, express or implied, have been made by any other party
to the other. None of the terms or conditions of this Amendment Agreement may be
changed, modified, waived or canceled orally or otherwise, except by writing,
signed by all
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the parties hereto, specifying such change, modification, waiver or cancellation
of such terms or conditions, or of any proceeding or succeeding breach thereof.
7. FULL FORCE AND EFFECT OF AGREEMENT. Except as hereby specifically
amended, modified or supplemented, the Agreement and all of the other Loan
Documents are hereby confirmed and ratified in all respects and shall remain in
full force and effect according to their respective terms.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment
Agreement to be duly executed by their duly authorized officers, all as of the
day and year first above written.
BORROWER:
WITNESS: THE WACKENHUT CORPORATION
/s/ XXXXX X. XXXXXX By: /s/ XXXXXX X. XXXXXXX
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Name: Xxxxxx X. Xxxxxxx
/s/ XXXXX X. XXXXXXX Title: SVP/CFO
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By: /s/ XXXXX XXXXXXX
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Name: Xxxxx Xxxxxxx
Title: Treasurer
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GUARANTORS:
AMERICAN GUARD AND ALERT, INCORPORATED
DIVERSIFIED CORRECTIONAL SERVICES,
INCORPORATED
TITANIA ADVERTISING, INCORPORATED
TITANIA INSURANCE COMPANY OF AMERICA
TUHNEKCAW, INC.
WACKENHUT AIRLINE SERVICES, INC.
WACKENHUT EDUCATIONAL SERVICES, INC.
WACKENHUT EDUCATIONAL SERVICES, INC.
WACKENHUT FINANCIAL, INC.
WACKENHUT INTERNATIONAL, INCORPORATED
WACKENHUT OF NEVADA, INC.
WACKENHUT PUERTO RICO, INC.
WACKENHUT SERVICES, INCORPORATED
WACKENHUT SERVICES LIMITED LIABILITY
COMPANY
WACKENHUT SPORTS SECURITY, INC.
WACKENHUT RESOURCES, INCORPORATED
KING STAFFING, INC.
SOUTHEASTERN RESOURCES, INC.
WORKFORCE ALTERNATIVE, INC.
KING TEMPORARY STAFFING, INC.
WRI II, INC.
PROFESSIONAL EMPLOYEE MANAGEMENT, INC.
WITNESS:
/s/ XXXXX X. XXXXXX
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By: /s/ XXXXXX X. XXXXXXX
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/s/ XXXXX X. XXXXXXX Name: Xxxxxx X. Xxxxxxx
------------------------ Title: SVP/CFO
By: /s/ XXXXX XXXXXXX
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Name: Xxxxx Xxxxxxx
Title: Treasurer
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NATIONSBANK, NATIONAL ASSOCIATION,
as Agent for the Lenders
By: /s/ XXXXXX X. XXXXXXXX
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Name: Xxxxxx X. Xxxxxxxx
Title: Senior Vice President
NATIONSBANK, NATIONAL ASSOCIATION,
as Lender
By: /S/ XXXXXX X. XXXXXXXX
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Name: Xxxxxx X. Xxxxxxxx
Title: Senior Vice President
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SCOTIABANC INC.
By: /s/ XXXXXXX X. XXXXXXX
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Name: Xxxxxxx X. Xxxxxxx
Title: Senior Relationship Manager
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XXXXXXXX XXXX, XXXXX XXXXXXX, N.A.
By: /s/ XXXXXXX X. XXXXX
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Name: Xxxxxxx X. Xxxxx
Title: Vice President
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