Exhibit 10.3

 

EXECUTION COPY

 

LIMITED WAIVER

 

LIMITED WAIVER dated as of March 31, 2005 among MDC Partners Inc., a Canadian
corporation (“MDC Partners”), Maxxcom Inc., an Ontario corporation (“Maxxcom
Canada”), Maxxcom Inc., a Delaware corporation (“Maxxcom U.S.” and together with
MDC Partners and Maxxcom Canada, the “Borrowers”) and the lenders party to the
Credit Agreement referred to below (the “Lenders”).

 

The Borrowers, the Lenders, JPMCB, as the U.S. Administrative Agent, JPMCB, as
Collateral Agent, and JPMCB, Toronto Branch, as Canadian Administrative Agent
are parties to the Credit Agreement dated as of September 22, 2004 (as from time
to time amended, the “Credit Agreement”).  The Borrowers have requested the
Lenders to waive certain requirements with respect to the delivery of financial
statements under the Credit Agreement, and the Lenders are willing to so waive
such requirements, all on the terms and conditions set forth herein. 
Accordingly, the parties hereto hereby agree as follows:

 

Section 1.  Definitions.  Except as otherwise defined in this Limited Waiver,
terms defined in the Credit Agreement are used herein as defined therein.

 

Section 2.  Limited Waiver.  Subject to the U.S. Administrative Agent’s receipt
of this Limited Waiver, duly executed by the Borrowers and the Lenders
constituting the Required Lenders, but effective as of the date hereof, the
Lenders hereby agree to waive any Default that may have occurred and be
continuing on the date hereof or may hereafter arise solely as a result of the
Borrowers’ failure to comply with the requirements of Sections 6.09 (a), (b) and
(c) of the Credit Agreement with respect to delivery of the financial statements
for the fiscal quarter and the fiscal year, respectively, ended December 31,
2004 (and the related compliance certificate required to be delivered under
Section 6.09(a) of the Credit Agreement) (collectively, the “December 31, 2004
Financial Statements”), provided that the Borrowers shall deliver to the
Administrative Agents and the Lenders the December 31, 2004 Financial Statements
not later than April 15, 2005 (it being understood that the Borrowers’ failure
to deliver to the Administrative Agents and the Lenders the December 31, 2004
Financial Statements by April 15, 2005 shall constitute an Event of Default
under the Credit Agreement, and upon such failure the waivers under this
Section 2 shall cease to be in effect).

 

Section 3.  Representations and Warranties.  The Borrowers represent and warrant
to the Lenders that the December 31, 2004 Financial Statements shall not differ
in any material respect from the draft of the December 31, 2004 Financial
Statements provided to the Lenders on March 29, 2005.

 

Section 4.  Miscellaneous.  Except as herein provided, the Credit Agreement
shall remain unchanged and in full force and effect.  This Limited Waiver may be
executed

 

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in any number of counterparts, all of which taken together shall constitute one
and the same instrument and any of the parties hereto may execute this Limited
Waiver by signing any such counterpart.  This Limited Waiver shall be governed
by, and construed in accordance with, the law of the State of New York.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Limited Waiver to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

 

 

 

MDC PARTNERS INC.

 

 

 

 

 

By:

/s/ Ray Forzley

 

 

 

Name: Ray Forzley

 

 

Title: Authorized Signatory

 

 

 

 

 

By:

/s/ Walter Campbell

 

 

 

Name: Walter Campbell

 

 

Title: Authorized Signatory

 

 

 

 

 

MAXXCOM INC., an Ontario corporation

 

 

 

 

 

By:

/s/ Ray Forzley

 

 

 

Name: Ray Forzley

 

 

Title: Authorized Signatory

 

 

 

 

 

By:

/s/ Walter Campbell

 

 

 

Name: Walter Campbell

 

 

Title: Authorized Signatory

 

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MAXXCOM INC., a Delaware corporation

 

 

 

 

 

 

 

By:

/s/ Ray Forzley

 

 

 

Name: Ray Forzley

 

 

Title: Authorized Signatory

 

 

 

 

 

 

 

By:

/s/ Walter Campbell

 

 

 

Name: Walter Campbell

 

 

Title: Authorized Signatory

 

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LENDERS

 

 

 

 

JPMORGAN CHASE BANK, N.A.

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

JPMORGAN CHASE BANK, N.A.,
TORONTO BRANCH

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

BANK OF MONTREAL (CHICAGO
BRANCH)

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

BANK OF MONTREAL

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

THE BANK OF NOVA SCOTIA, by its
Atlanta Agency

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

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THE BANK OF NOVA SCOTIA

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

TORONTO DOMINION (TEXAS) INC.

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

THE TORONTO-DOMINION BANK

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

CIBC INC.

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

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CANADIAN IMPERIAL BANK OF
COMMERCE

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

Title:

 

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