Exhibit 10.01

 

SECOND AMENDMENT TO LOAN AGREEMENT

 

This Second Amendment to Loan Agreement (“Second Amendment”), dated as of the
12th day of September, 2005, to be effective the 14th day of September, 2005
(the “Effective Date”), by and among iGate Corporation, a Pennsylvania
corporation (“IGC”), iGate, Inc., a Pennsylvania corporation (“IGI”) (IGC and
IGI are singularly, a “Borrower”, and collectively, the “Borrowers”), and PNC
Bank National Association (the “Bank”).

 

W I T N E S S E T H:

 

WHEREAS, the Borrowers and the Bank entered into that certain Loan Agreement,
dated as of September 16, 2003, as amended by that certain First Amendment to
Loan Agreement, dated as of September 15, 2004, by and among the Borrowers and
the Bank (as amended, the “Loan Agreement”), pursuant to which, among other
things, the Bank agreed to extend credit to the Borrowers pursuant to a
revolving credit facility in an aggregate principal amount not to exceed Twenty
Five Million and 00/100 Dollars ($25,000,000.00); and

 

WHEREAS, the Borrowers desire to amend certain provisions of the Loan Agreement
and the Bank shall permit such amendments pursuant to the terms and conditions
set forth herein.

 

NOW, THEREFORE, in consideration of the premises contained herein and other
valuable consideration, the receipt, adequacy and legal sufficiency of which are
hereby acknowledged, and intending to be legally bound hereby, the parties
hereto agree as follows:

 

1. All capitalized terms used herein which are defined in the Loan Agreement
shall have the same meaning herein as in the Loan Agreement unless the context
clearly indicates otherwise.

 

2. The definition of “Expiration Date” in Section 1.01 of the Loan Agreement is
hereby deleted in its entirety and in its stead is inserted the following:

 

“Expiration Date” shall mean September 13, 2006.

 

3. Section 1.01 of the Loan Agreement is hereby amended to insert the following
definition:

 

“Second Amendment Effective Date” shall mean September 14, 2005.

 

4. Section 6.02(b) of the Loan Agreement is hereby deleted in its entirety and
in its stead is inserted the following:

 

(b) Indebtedness existing on the Second Amendment Effective Date and described
in Schedule 6.02 to this Agreement (including any extensions or renewals thereof
provided there is no increase in the amount thereof or other significant adverse
change in the terms thereof);

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5. Section 6.04(a) of the Loan Agreement is hereby deleted in its entirety and
in its stead is inserted the following:

 

(a) loans and investments existing on the Second Amendment Effective Date and
set forth on Schedule 6.04 attached to this Agreement;

 

6. The provisions of Sections 2 through 5 of this Second Amendment shall not
become effective until the Bank has received the following items, each in form
and substance acceptable to the Bank and its counsel:

 

(a) this Second Amendment, duly executed by the Borrowers;

 

(b) the documents listed in the Closing Agenda set forth on Exhibit A attached
hereto and made a part hereof;

 

(c) an extension fee in the amount of Thirty Thousand and 00/100 Dollars
($30,000.00); and

 

(d) such other documents as may be reasonably requested by the Bank.

 

7. Each Borrower hereby reconfirms and reaffirms all representations and
warranties, agreements and covenants made by it pursuant to the terms and
conditions of the Loan Agreement, except as such representations and warranties,
agreements and covenants may have heretofore been amended, modified or waived in
writing in accordance with the Loan Agreement.

 

8. Each Borrower acknowledges and agrees that each and every document,
instrument or agreement, which at any time has secured the Debt including,
without limitation, the Pledge and Security Agreement and the Account Control
Agreement, hereby continue to secure the Debt.

 

9. Each Borrower hereby represents and warrants to the Bank that (i) such
Borrower has the legal power and authority to execute and deliver this Second
Amendment, (ii) the officers of such Borrower executing this Second Amendment
have been duly authorized to execute and deliver the same and bind such Borrower
with respect to the provisions hereof, (iii) the execution and delivery hereof
by such Borrower and the performance and observance by such Borrower of the
provisions hereof and of the Loan Agreement and all documents executed or to be
executed therewith, do not violate or conflict with the organizational documents
of such Borrower or any Law applicable to such Borrower or result in a breach of
any provision of or constitute a default under any other agreement, instrument
or document binding upon or enforceable against such Borrower, and (iv) this
Second Amendment, the Loan Agreement and the documents executed or to be
executed by such Borrower in connection herewith or therewith constitute or will
constitute valid and binding obligations of such Borrower in every respect,
enforceable in accordance with their respective terms, except as the enforcement
thereof may be subject to bankruptcy, insolvency, reorganization, fraudulent
conveyance or transfer, moratorium or similar laws affecting creditors’ rights
generally and subject to general principles of equity (regardless of whether
enforceability is considered in a proceeding in equity or at law).

 

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10. Each Borrower represents and warrants that (i) no Event of Default exists
under the Loan Agreement, nor will any occur as a result of the execution and
delivery of this Second Amendment or the performance or observance of any
provision hereof, (ii) the Schedules attached to and made a part of the Loan
Agreement are true and correct in all material respects as of the date hereof,
and there are no modifications or supplements thereto, except as set forth on
Exhibit B attached hereto and made a part hereof, and (iii) it presently has no
known claims or actions of any kind at Law or in equity against the Bank arising
out of or in any way relating to the Loan Documents.

 

11. Each reference to the Loan Agreement that is made in the Loan Agreement or
any other document executed or to be executed in connection therewith shall
hereafter be construed as a reference to the Loan Agreement as amended hereby.

 

12. The agreements contained in this Second Amendment are limited to the
specific agreements made herein. Except as amended hereby, all of the terms and
conditions of the Loan Agreement shall remain in full force and effect. This
Second Amendment amends the Loan Agreement and is not a novation thereof.

 

13. This Second Amendment may be executed in any number of counterparts and by
the different parties hereto on separate counterparts each of which, when so
executed, shall be deemed to be an original, but all such counterparts shall
constitute but one and the same instrument.

 

14. This Second Amendment shall be governed by, and shall be construed and
enforced in accordance with, the Laws of the Commonwealth of Pennsylvania
without regard to the principles of the conflicts of law thereof. Each Borrower
hereby consents to the jurisdiction and venue of the Court of Common Pleas of
Allegheny County, Pennsylvania and the United States District Court for the
Western District of Pennsylvania with respect to any suit arising out of or
mentioning this Second Amendment.

 

[INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto have
caused this Second Amendment to Loan Agreement to be duly executed by their duly
authorized officers as of the day and year first above written to be effective
on the Effective Date.

 

Attest:   iGate Corporation By:  

/s/ Michael K. Fox

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  By:  

/s/ Michael J. Zugay

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Name:  

Michael K. Fox

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  Name:  

Michael J. Zugay

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Title:  

Treasurer

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  Title:  

Senior VP & Chief Financial Officer

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Attest:   iGate, Inc. By:  

/s/ Michael K. Fox

  By:  

/s/ Michael J. Zugay

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Name:  

Michael K. Fox

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  Name:  

Michael J. Zugay

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Title:  

Treasurer

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  Title:  

Treasurer

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        PNC Bank National Association         By:  

/s/ Scott Colcombe

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        Name:  

Scott Colcombe

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        Title:  

Vice President

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ACKNOWLEDGMENT

 

COMMONWEALTH OF PENNSYLVANIA   )          )    SS: COUNTY OF ALLEGHENY   )     

 

On this 12th day of September, 2005, before me, a Notary Public, personally
appeared Michael J. Zugay, who acknowledged himself/herself to be the Sr. VP &
CFO of iGate Corporation, a Pennsylvania corporation (the “Corporation”), and
that he as such officer, being authorized to do so, executed the foregoing
instrument for the purposes therein contained by signing his name as Sr. VP &
CFO of and on behalf of the Corporation.

 

IN WITNESS WHEREOF, I hereunto set my hand and affix my seal.

 

/s/ Donna M. Mascia

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            Notary Public

 

My Commission Expires:

 

[SEAL]

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ACKNOWLEDGMENT

 

COMMONWEALTH OF PENNSYLVANIA   )          )    SS: COUNTY OF ALLEGHENY   )     

 

On this 12th day of September, 2005, before me, a Notary Public, personally
appeared Michael J. Zugay, who acknowledged himself/herself to be the Treasurer
of iGate, Inc., a Pennsylvania corporation (the “Corporation”), and that he as
such officer, being authorized to do so, executed the foregoing instrument for
the purposes therein contained by signing his name as Treasurer of and on behalf
of the Corporation.

 

IN WITNESS WHEREOF, I hereunto set my hand and affix my seal.

 

/s/ Donna M. Mascia

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            Notary Public

 

My Commission Expires:

 

[SEAL]

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EXHIBIT A

 

Closing Agenda

 

See Attached

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EXHIBIT B

 

Revised Schedules to Loan Agreement

 

See Attached