August 1, 2008 Handleman Company 500 Kirts Blvd. Troy, Michigan 48084 Attn: Chief Executive Officer Handleman Company 500 Kirts Blvd. Troy, Michigan 48084 Attn: Chief Financial Officer Re: Payoff Letter Ladies and Gentlemen:Payoff Letter • August 6th, 2008 • Handleman Co /Mi/ • Wholesale-durable goods, nec • New York
Reference is made to (i) that certain Credit Agreement, dated as of April 30, 2007 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein but not otherwise defined shall have the meanings given to such terms in the Credit Agreement), among Handleman Company, a Michigan corporation (“Holdings”), Handleman Services Company, a Michigan corporation (“Administrative Borrower”), the other Subsidiaries of Holding identified on the signature pages thereto as “Borrowers” (such Subsidiaries, together with Handleman Services, each referred to individually as a “Borrower” and, collectively, as “Borrowers”), the other Credit Parties signatory thereto, General Electric Capital Corporation, for itself, as Lender, and as Agent for Lenders (in such capacity, “Agent”), and the other Lenders signatory thereto from time to time, and (ii) the other Loan Documents (as defined in the Credit Agreement) and all guaranties, security agr
TENTH AMENDMENT TO CREDIT AND GUARANTY AGREEMENTCredit and Guaranty Agreement • August 6th, 2008 • Handleman Co /Mi/ • Wholesale-durable goods, nec • New York
TENTH AMENDMENT TO CREDIT AND GUARANTY AGREEMENT, dated as of August 5, 2008 (this “Amendment”), to the Credit and Guaranty Agreement, dated as of April 30, 2007 (as amended, restated, supplemented or modified from time to time, the “Credit Agreement”), by and among Handleman Company, a Michigan corporation (“Holdings”), Handleman Services Company, a Michigan corporation (“Handleman Services”), certain subsidiaries of Holdings identified on the signature page hereto as “Borrowers” (such Subsidiaries, together with Handleman Services, are referred to individually as a “Borrower” and collectively, jointly and severally, as “Borrowers”), certain subsidiaries of Holdings identified on the signature page hereto as “Guarantors” (such subsidiaries, together with Holdings, are referred to individually as a “Guarantor” and collectively, jointly and severally, as “Guarantors”), the lenders party hereto from time to time (“Lenders”), and Silver Point Finance, LLC (“Silver Point”), as administrati
