SIXTH AMENDMENT TO CREDIT AGREEMENT
Exhibit-10.1
SIXTH AMENDMENT TO CREDIT AGREEMENT
THIS
SIXTH AMENDMENT TO CREDIT AGREEMENT (this
“Amendment”), dated as of May 30,
2008, is by and among ENTERTAINMENT DISTRIBUTION COMPANY, LLC, a Delaware limited liability company
(the “Borrower”), those Domestic Subsidiaries of the Borrower identified as a “Guarantor”
on the signature pages hereto (individually a “Guarantor” and collectively the
“Guarantors”), the financial institutions party hereto as lenders (the “Lenders”)
and WACHOVIA BANK, NATIONAL ASSOCIATION, as administrative agent under the Credit Agreement
(defined below) (in such capacity, the “Administrative Agent”).
W I T N E S S E T H
WHEREAS, the Borrower, the Guarantors, Glenayre Electronics, Inc., a Colorado corporation, the
Lenders and the Administrative Agent are parties to that certain Credit Agreement dated as of May
31, 2005 (as previously amended, modified or supplemented and as further amended, modified,
supplemented, restated or amended and restated from time to time, the “Credit Agreement”;
capitalized terms used herein shall have the meanings ascribed thereto in the Credit Agreement as
amended hereby); and
WHEREAS, the Borrower and the Lenders have agreed to amend the Credit Agreement on the terms
and conditions set forth herein;
NOW, THEREFORE, in consideration of the 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:
ARTICLE I
AMENDMENT TO CREDIT AGREEMENT
AMENDMENT TO CREDIT AGREEMENT
1.1 Amendment to Section 1.1. Section 1.1 of the Credit Agreement is hereby amended
as follows:
(a) The definition of “Revolving Commitment Termination Date” is hereby deleted in
its entirety and replaced with the following:
“Revolving Commitment Termination Date” shall mean May 29,
2009.
(b) The definition of “Revolving Committed Amount” is hereby deleted in its entirety
and replaced with the following:
“Revolving Committed Amount” shall mean the amount of each
Lender’s Revolving Commitment as specified in its Lender Commitment Letter
or in the Commitment Transfer Supplement pursuant to which such Revolving
Lender became a Lender hereunder, as such amount may be reduced from time to
time in accordance with the provisions hereof. After giving effect to the
Sixth Amendment, the aggregate Revolving Committed Amount shall be
$7,500,000.
(c) The following definitions are hereby added to the Credit Agreement in
appropriate alphabetical order:
“Sixth Amendment” shall mean that certain Sixth Amendment to
Credit Agreement dated as of May 30, 2008 by and among the Borrower, the
Guarantor, the Administrative Agent and the Lenders.
ARTICLE II
CONDITIONS TO EFFECTIVENESS
CONDITIONS TO EFFECTIVENESS
2.1 Closing Conditions.
This Amendment shall become effective as of the date hereof (the “Sixth Amendment
Effective Date”) upon satisfaction of the following conditions (in form and substance
reasonably acceptable to the Administrative Agent):
(a) Executed Amendment. The Administrative Agent shall have received a copy of
this Amendment duly executed by each of the Credit Parties, the Required Lenders and the
Administrative Agent.
(b) Commitment Transfer Supplement. The Administrative Agent shall have
received a copy of a Commitment Transfer Supplement pursuant to which ING Capital LLC
assigns all of its Revolving Committed Amount to Wachovia Bank, National Association, duly
executed by each of the parties thereto.
(c) Renewal Fee. The Borrower shall have paid or caused to be paid a renewal
fee to the Administrative Agent in connection with this Amendment for the account of
Wachovia Bank, National Association in an aggregate amount equal to $11,250.
(d) Other. The Administrative Agent shall have received such other documents,
agreements or information which it may reasonably request relating to the Credit Parties and
the transactions contemplated by this Amendment and any other matters relevant hereto or
thereto, all in form and substance satisfactory to the Administrative Agent in its sole good
faith discretion.
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ARTICLE III
MISCELLANEOUS
MISCELLANEOUS
3.1 Amended Terms. All references to the Credit Agreement in each of the Credit
Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as
specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and
confirmed and shall remain in full force and effect according to its terms.
3.2 Representations and Warranties of Credit Parties. Each of the Credit Parties
represents and warrants as follows as of the date hereof:
(a) It has taken all necessary action to authorize the execution, delivery and
performance of this Amendment.
(b) This Amendment has been duly executed and delivered by such Person and constitutes
such Person’s valid and legally binding obligations, enforceable in accordance with its
terms, except as such enforceability may be subject to (i) bankruptcy, insolvency,
reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting
creditors’ rights generally and (ii) general principles of equity (regardless of whether
such enforceability is considered in a proceeding at law or in equity).
(c) No consent, approval, authorization or order of, or filing, registration or
qualification with, any Governmental Authority or third party is required in connection with
the execution, delivery or performance by such Person of this Amendment.
(d) The representations and warranties set forth in Article III of the Credit Agreement
are true and correct in all material respects as of the date hereof (except for those which
expressly relate to an earlier date).
3.3 Acknowledgment of Guarantors. The Guarantors acknowledge and consent to all of
the terms and conditions of this Amendment and agree that this Amendment and all documents executed
in connection herewith do not operate to reduce or discharge the Guarantors’ obligations under the
Credit Documents.
3.4 Credit Document. This Amendment shall constitute a Credit Document under the
terms of the Credit Agreement.
3.5 Entirety. This Amendment and the other Credit Documents embody the entire
agreement between the parties hereto and supersede all prior agreements and understandings, oral or
written, if any, relating to the subject matter hereof.
3.6 Counterparts; Telecopy. This Amendment 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 to this
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Amendment by telecopy shall be effective as an original and shall constitute a representation that
an original will be delivered.
3.7 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER
THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK.
3.8 Consent to Jurisdiction; Service of Process; Waiver of Jury Trial. The
jurisdiction, services of process and waiver of jury trial provisions set forth in Sections 9.14
and 9.17 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis.
3.9 Fees. The Borrower agrees to pay all fees and expenses of the Administrative
Agent in connection with the preparation, execution and delivery of this Amendment, including,
without limitation, the fees and expenses of Xxxxx & Xxx Xxxxx PLLC.
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IN WITNESS WHEREOF the Borrower, the Guarantors, the Lenders, and the Administrative Agent
have caused this Amendment to be duly executed on the date first above written.
BORROWER: | ENTERTAINMENT DISTRIBUTION COMPANY, LLC, a Delaware limited liability company |
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By: | /s/ Jordan X. Xxxxxxx | |||||
Name: | Jordan X. Xxxxxxx | |||||
Title: | Chief Executive Officer | |||||
GUARANTORS: | ENTERTAINMENT DISTRIBUTION COMPANY (USA), LLC, a Delaware limited liability company |
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By: | /s/ Jordan X. Xxxxxxx | |||||
Name: | Jordan X. Xxxxxxx | |||||
Title: | Chief Executive Officer | |||||
ADMINISTRATIVE AGENT
AND LENDERS:
AND LENDERS:
WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent and as a Lender |
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By: | /s/ Xxxxx X. Xxxxxx | |||||
Name: | Xxxxx X. Xxxxxx | |||||
Title: | Senior Vice President | |||||
ING CAPITAL LLC, as a Lender | ||||||
By: | /s/ Xxxxxxx X. Xxxxx | |||||
Name: | Xxxxxxx X. Xxxxx | |||||
Title: | Managing Director |