Exhibit 10.146b
EXECUTION COPY
▇▇▇▇▇▇▇ & CO.
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AMENDMENT NO. 1
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AMENDMENT NO. 1 (this "Amendment"), dated as of March 18, 2009, to the
Credit Agreement, dated as of July 20, 2005, among ▇▇▇▇▇▇▇ & Co., ▇▇▇▇▇▇▇ and
Company, ▇▇▇▇▇▇▇ & Co. International, the other Borrowers party thereto, the
Lenders party thereto, and The Bank of New York Mellon (formerly The Bank of New
York), as Administrative Agent (as amended and in effect on the date hereof, the
"Credit Agreement"). Capitalized terms used herein which are not otherwise
defined herein shall have the meanings assigned to such terms in the Credit
Agreement.
RECITALS
A. Capitalized terms used herein which are not otherwise defined herein
shall have the meanings assigned to such terms in the Credit
Agreement.
B. The Parent, on behalf of itself and the other Loan Parties, has
requested an amendment to certain provisions of the Credit Agreement,
and the Credit Parties are willing to do so subject to the terms and
conditions contained herein.
Accordingly, in consideration of the recitals and the covenants, conditions
and agreements hereinafter set forth, and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
parties hereto agree as follows:
1. Section 1.1 of the Credit Agreement is hereby amended to amend and
restate in its entirety the definition of "Fixed Charge Coverage Ratio" to read
as follows:
"Fixed Charge Coverage Ratio": as of any date, the ratio of (a) (i) EBIT in
respect of the period comprised of the four consecutive fiscal quarters
ended immediately prior to such date in respect of which financial
statements have been delivered pursuant to Sections 7.7(a), 7.7(c) or
7.7(d), plus (ii) Rent Expense for such period, plus (iii), if such period
includes the fiscal quarter ended January 31, 2009, the 2008 Restructuring
Charges (provided that this clause (iii) shall be applicable solely for
determining compliance with Section 7.12 and shall not be applicable for
any other purpose, including determining the Applicable Margin), to (b) (i)
Rent Expense for such period plus (ii) Interest Expense for such period.
2. Section 1.1 of the Credit Agreement is hereby amended to add the
following new defined term in alphabetical order:
"2008 Restructuring Charges" the following charges recorded by the Parent
for the fiscal quarter ended January 31, 2009 in its financial statements
delivered pursuant to Sections 7.7(a), 7.7(c) or 7.7(d):
(i) Staff restructuring charges of not more than $97,838,611,
(ii) Iridesse product channel closedown charges of not more than
$7,548,519,
(iii) Yellowknife, NWT, Canada closedown charges of not more than
$3,381,900, and
(iv) Target Resources plc loan impairment charges of not more than
$12,373,077.
3. The Credit Agreement is hereby amended to amend and restate in its
entirety Exhibit L in the form attached hereto.
4. This Amendment shall become effective upon satisfaction of the following
conditions:
(a) the Administrative Agent shall have received from Required
Lenders, the Parent and each of the other Loan Parties either (i) a
counterpart of this Amendment signed on behalf of such Person or (ii)
written evidence satisfactory to the Administrative Agent (which may
include electronic or facsimile transmission of a signed signature page of
this Amendment) that such Person has signed a counterpart of this
Amendment, and
(b) receipt by the Administrative Agent of an amendment fee for the
account of each Lender that has executed and delivered this Amendment on or
prior to 12:00 Noon (New York City time), March 18, 2009, in an amount
equal to 0.10% of the sum of the Core Currency Commitment and Individual
Currency Commitments of such Lender.
5. The Parent hereby represents and warrants to the Administrative Agent
and each Lender that no Default or Event of Default shall have occurred and be
continuing.
6. Each of the Parent, and the other Loan Parties (a) reaffirms and admits
the validity and enforceability of each Loan Document to which it is a party and
all of its obligations thereunder and (b) agrees and admits that it has no
defense to or offset against any such obligations.
7. In all other respects, the Loan Documents shall remain in full force and
effect, and no amendment, consent or waiver in respect of any term or condition
of any Loan Document shall be deemed to be an amendment, consent or waiver in
respect of any other term or condition contained in any Loan Document.
8. This Amendment may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original,
but all of which, when taken together, shall constitute but one agreement. It
shall not be necessary in making proof of this Amendment to produce or account
for more than one counterpart signed by the party to be charged.
9. This Amendment shall be governed by, and construed in accordance with,
the laws of the State of New York.
[signature pages follow]
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▇▇▇▇▇▇▇ & CO.
AMENDMENT NO. 1
IN WITNESS WHEREOF, this Amendment has been executed and delivered as of
the day and year first above written.
▇▇▇▇▇▇▇ & CO.,
a Delaware corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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Title: Senior Vice President, Secretary and
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General Counsel
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▇▇▇▇▇▇▇ AND COMPANY,
a New York corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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Title: Senior Vice President, Secretary and
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General Counsel
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▇▇▇▇▇▇▇ & CO. INTERNATIONAL,
a Delaware corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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Title: Vice President
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▇▇▇▇▇▇▇ & CO. JAPAN INC.,
a Delaware corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Title: Treasurer
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▇▇▇▇▇▇▇ & CO.,
a French corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Title: Authorized Signatory
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▇▇▇▇▇▇▇ & CO. ITALIA S.P.A.,
an Italian corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Title: Attorney In Fact
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▇▇▇▇▇▇▇ & CO.
AMENDMENT NO. 1
▇▇▇▇▇▇▇ & CO. PTE. LTD.,
a Singapore corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Title: Authorized Signatory
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▇▇▇▇▇▇▇ & CO.,
a United Kingdom corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Title: Special Representative
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▇▇▇▇▇▇▇ & CO. WATCH CENTER AG,
a Swiss corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Title: Authorized Signatory
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▇▇▇▇▇▇▇ KOREA LTD.,
a Republic of Korea corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Title: Authorized Signatory
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▇▇▇▇▇▇▇ & CO. MEXICO, S.A. de C.V.,
a Mexican corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Title: Attorney In Fact
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▇▇▇▇▇▇▇ & CO. OF NEW YORK LIMITED,
a Hong Kong corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Title: Attorney by Power of Attorney
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▇▇▇▇▇▇▇ & CO.
AMENDMENT NO. 1
DPFH CO., LTD.,
a British Virgin Islands corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Title: Treasurer
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TCO MACAU LIMITED,
a commercial company organized under the laws of
the Macau Special Administrative Region of the
People's Republic of China
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
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Name: ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
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Title: Director
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▇▇▇▇▇▇▇ & CO.
AMENDMENT NO. 1
AGREED:
THE BANK OF NEW YORK MELLON,
as Administrative Agent and as a Lender
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇
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Name: ▇▇▇▇▇ ▇. ▇▇▇▇
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Title: Vice Prsident
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▇▇▇▇▇▇▇ & CO.
AMENDMENT NO. 1
AGREED:
ABN AMRO BANK N.V.
By: /s/ ▇▇▇▇▇▇ ▇. Spurga
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Name: /s/ ▇▇▇▇▇▇ ▇. Spurga
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Title: Vice President
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By: /s/ ▇▇▇▇▇▇ ▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇▇▇▇
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Title: Assistant Vice President
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▇▇▇▇▇▇▇ & CO.
AMENDMENT NO. 1
AGREED:
BANK OF AMERICA, N.A.
By: /s/ ▇▇▇▇▇ ▇. Eng
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Name: ▇▇▇▇▇ ▇. Eng
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Title: Assistant Vice President
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▇▇▇▇▇▇▇ & CO.
AMENDMENT NO. 1
AGREED:
HSBC BANK USA, NATIONAL ASSOCIATION
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
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Title: Senior Relationship Manager
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▇▇▇▇▇▇▇ & CO.
AMENDMENT NO. 1
AGREED:
JPMORGAN CHASE BANK, N.A.
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇
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Name: ▇▇▇▇▇ ▇. ▇▇▇▇
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Title: Vice President
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▇▇▇▇▇▇▇ & CO.
AMENDMENT NO. 1
AGREED:
MIZUHO CORPORATE BANK, LTD.
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇▇▇▇
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Title: Senior Vice President & Team Leader
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▇▇▇▇▇▇▇ & CO.
AMENDMENT NO. 1
AGREED:
U.S. BANK, NATIONAL ASSOCIATION
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Title: Vice President
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U.S. Bank, N.A.
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▇▇▇▇▇▇▇ & CO.
AMENDMENT NO. 1
AGREED:
WACHOVIA BANK, NATIONAL ASSOCIATION
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇
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Name: ▇▇▇▇ ▇. ▇▇▇▇▇▇
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Title: Senior Vice President
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TIFFANY EXHIBIT L
FORM OF COMPLIANCE CERTIFICATE
[Date]
TO THE PARTIES LISTED
ON SCHEDULE A ANNEXED HERETO
Re: Credit Agreement, dated as of July 20, 2005, by and among ▇▇▇▇▇▇▇
& CO., ▇▇▇▇▇▇▇ and Company, ▇▇▇▇▇▇▇ & Co. International, the other
Borrowers party thereto, the Lenders party thereto, and THE BANK OF
NEW YORK MELLON (formerly The Bank of New York), as Administrative
Agent (as the same may from time to time be amended, supplemented or
otherwise modified, the "Agreement")
Capitalized terms used herein which are not otherwise defined herein shall
have the respective meanings ascribed thereto in the Agreement.
With respect to the financial statements delivered herewith, I
hereby certify, on behalf of the Parent and the Borrowers, to the best of my
knowledge, as follows:
(A) all such financial statements are true, complete and correct, and
(B) all such financial statements have been prepared in accordance
with GAAP (but without footnotes and subject to year-end adjustments).
In addition, I hereby certify, on behalf of the Parent and the Borrowers
that, to the best of my knowledge, there exists no violation of any term,
covenant or condition of any Loan Document and that no condition or event has
occurred which would constitute a Default or an Event of Default.
The Leverage Ratio as at the fiscal quarter ended ___________ is
___________, and attached hereto are sheets showing the calculation of such
Leverage Ratio.
For purposes of Section 7.12, the Fixed Charge Coverage Ratio for the four
consecutive fiscal quarters ended ___________ is ___________, and attached
hereto are sheets showing the calculation of such Fixed Charge Coverage Ratio.
For all other purposes (including for purposes of determining the
Applicable Margin), the Fixed Charge Coverage Ratio for the four consecutive
fiscal quarters ended ___________ is ___________, and attached hereto are sheets
showing the calculation of such Fixed Charge Coverage Ratio.
Attached are sheets setting forth:
(A) with respect to each Loan, (i) the outstanding principal balance of
such Loan in the applicable Currency, (ii) if such Loan is an Alternate Currency
Loan, the Dollar Equivalent of such outstanding principal balance, and (iii) if
such Loan is an Individual Currency Loan or a Bid Loan, the applicable Lender,
and
(B) with respect to each Letter of Credit, (i) the undrawn face amount of
such Letter of Credit in the applicable Currency, (ii) the amount of unpaid
reimbursement obligations in respect of such Letter of Credit, and (iii) if such
Letter of Credit is denominated in an Alternate Currency, the Dollar Equivalent
of such undrawn face amount and the Dollar Equivalent of such amount of unpaid
reimbursement obligations.
▇▇▇▇▇▇▇ & CO.
By:
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Name:
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Title:
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SCHEDULE A
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The Bank of New York Mellon, as Administrative Agent
The Lenders (as defined in the Agreement)
