Exhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 2

 

AMENDMENT NO. 2 (this “Amendment”) dated as of June 26, 2015 among NEW MOUNTAIN
FINANCE CORPORATION (the “Borrower”), the Lenders party hereto (including the
Assuming Lender) and GOLDMAN SACHS BANK USA, in its capacity as Administrative
Agent (the “Agent”) and Issuing Bank (the “Issuing Bank”) under the Credit
Agreement referred to below.

 

The Borrower is party to the Senior Secured Revolving Credit Agreement, dated as
of June 4, 2014, among the Borrower, the Lenders party thereto, the Agent, and
Goldman Sachs Bank USA, as Syndication Agent (as amended, amended and restated,
modified or otherwise supplemented prior to the date hereof, the “Credit
Agreement”).

 

The Borrower and the Lenders wish now to amend the Credit Agreement in certain
respects, and accordingly, the parties hereto hereby agree as follows:

 

Section 1.  Definitions.  Except as otherwise defined in this Amendment, terms
defined in the Credit Agreement as amended hereby and together with all amended
exhibits and updated schedules and appendices thereto are used herein as defined
therein.

 

Section 2.  Amendments.  Subject to the satisfaction of the conditions precedent
specified in Section 5 below, and effective as of the Amendment Effective Date,
the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 2.05(c) is amended and restated as
follows:

 

A Letter of Credit shall be issued or amended only if (and upon issuance or
amendment of each Letter of Credit the Borrower shall be deemed to represent and
warrant that), after giving effect to such issuance or amendment (i) the
aggregate LC Exposure of the Issuing Bank (determined for these purposes without
giving effect to the participations therein of the Lenders pursuant to paragraph
(e) of this Section) shall not exceed $40,000,000, (ii) the total Revolving
Dollar Credit Exposures of Dollar Lenders with Dollar Commitments then in effect
shall not exceed the aggregate Dollar Commitments at such time, (iii) the total
Revolving Multicurrency Credit Exposures of Multicurrency Lenders with
Multicurrency Commitments then in effect shall not exceed the aggregate
Multicurrency Commitments at such time and (iv) the total Covered Debt Amount
shall not exceed the Borrowing Base then in effect.  The minimum initial amount
of each Letter of Credit shall be $250,000 and no more than ten (10) Letters of
Credit may be outstanding at any one time.

 

(b)                                 Section 2.08(e)(i)(B) is amended by
replacing “$100,000,000” with “$150,000,000”;

 

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(c)                                  Schedule 1.01(b) to the Credit Agreement is
amended and restated in the form of Annex I attached hereto; and

 

(d)                                 Exhibit A to the Credit Agreement is amended
by replacing “$80,000,000” with “$95,000,000”.

 

Section 3.  Commitment Increase.  Subject to the satisfaction of the conditions
precedent specified in Section 5 below, and pursuant to Section 2.08(e) of the
Credit Agreement, the Assuming Lender set forth on Annex II hereto under the
heading “Assuming Lender” hereby agrees to make a Dollar Commitment in the
amount set forth opposite the name of the Assuming Lender in Annex II hereto,
such Dollar Commitment to be effective on the Amendment Effective Date.

 

Section 4.  Representations and Warranties.  The Borrower represents and
warrants to each Lender (including the Assuming Lender), the Agent and the
Issuing Bank that on the Amendment Effective Date (a) the representations and
warranties of the Borrower set forth in Article III of the Credit Agreement and
in the other Loan Documents are true and correct in all material respects (or,
in the case of any portion of the representations and warranties already subject
to a materiality qualifier, true and correct in all respects) on and as of the
Amendment Effective Date, or as to any such representation or warranty that
refers to a specific date, as of such specific date and (ii) no Default or Event
of Default has occurred and is continuing on the Amendment Effective Date.

 

Section 5.  Conditions Precedent.  The amendments to the Credit Agreement set
forth in Section 2 of this Amendment and the Commitment Increase set forth in
Section 3 of this Amendment shall not become effective until the date (the
“Amendment Effective Date”) on which the conditions below are satisfied, each of
which shall be reasonably satisfactory to the Agent:

 

(a)                                 Execution.  The receipt by the Agent of
counterparts of this Amendment executed by the Borrower, the Agent (in its
capacity as Administrative Agent), the Issuing Bank, the Required Lenders and
the Assuming Lender.

 

(b)                                 Commitment Increase Request.  The receipt by
the Agent of a written request of the Borrower that the Commitments under the
Credit Agreement be increased, which notice shall specify each additional Lender
that shall have agreed to an additional Commitment and the date on which such
increase is to be effective.

 

(c)                                  Officer’s Certificate.  The receipt by the
Agent of a certificate, dated the Amendment Effective Date and signed by a
Financial Officer of the Borrower, confirming that (i) the representations and
warranties of the Borrower set forth in Article III of the Credit Agreement and
in the other Loan Documents shall be true and correct in all material respects
(or, in the case of any portion of the representations and warranties already
subject to a materiality qualifier, true and correct in all respects) on and as
of the Amendment Effective Date, or as to any such representation or warranty
that refers to a specific date, as of such specific date, and (ii) no Default or
Event of Default shall have occurred and be continuing on the Amendment
Effective Date or shall result from the transactions contemplated by this
Amendment.

 

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The effectiveness of this Amendment is also subject to the payment by the
Borrower of such fees as the Borrower shall have agreed to pay to the Assuming
Lender or the Agent in connection herewith and, to the extent invoiced at least
two Business Days prior to the required payment date, the reasonable fees and
expenses of Milbank, Tweed, Hadley & McCloy LLP, special New York counsel to the
Agent, in connection with the negotiation, preparation, execution and delivery
of this Amendment.

 

The Agent shall notify the Borrower and the Lenders of the Amendment Effective
Date promptly upon its occurrence, and such notice shall be conclusive and
binding.

 

Section 6.  Confirmation of Assuming Lender.  The Assuming Lender (i) confirms
that it has received a copy of the Credit Agreement and the other Loan
Documents, together with copies of the financial statements referred to therein
and such other documents and information as it has deemed appropriate to make
its own credit analysis and decision to enter into this Amendment; (ii) agrees
that it will, independently and without reliance upon the Agent or any other
Lender or Agent and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or
not taking action under the Credit Agreement; and (iii) acknowledges and agrees
that, from and after the Amendment Effective Date, it shall have a Commitment
equal to the Commitment amount set forth opposite the name of the Assuming
Lender in Annex I hereto and such Commitment shall be governed for all purposes
by the Credit Agreement and the other Loan Documents.

 

Section 7.  Miscellaneous.  Except as specifically herein provided, the Credit
Agreement and the other Loan Documents are in full force and effect and are
hereby in all respects ratified and confirmed.  This Amendment shall constitute
a “Loan Document” for all purposes of the Credit Agreement and the other Loan
Documents.  This Amendment may be executed in any number of counterparts, all of
which taken together shall constitute one and the same amendatory instrument and
any of the parties hereto may execute this Amendment by signing any such
counterpart.  Delivery of an executed counterpart of a signature page to this
Amendment by electronic transmission shall be effective as delivery of a
manually executed counterpart to this Amendment.  This Amendment 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 Amendment to the Credit
Agreement to be duly executed and delivered as of the day and year first above
written.

 

 

 

NEW MOUNTAIN FINANCE CORPORATION

 

 

 

 

 

By:

/s/ David Cordova

 

 

Name: David Cordova

 

 

Title: Chief Financial Officer

 

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GOLDMAN SACHS BANK USA,

 

as Agent and a Lender

 

 

 

 

 

By:

/s/ Douglas Tansey

 

 

Name: Douglas Tansey

 

 

Title: Authorized Signatory

 

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GOLDMAN SACHS BANK USA,

 

as Issuing Bank

 

 

 

 

 

 

 

By:

/s/ Anna Ashurov

 

 

Name: Anna Ashurov

 

 

Title: Authorized Signatory

 

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MORGAN STANLEY BANK, N.A., as a Lender

 

 

 

 

 

 

 

By:

 

 

 

Name: Michael King

 

 

Title: Authorized Signatory

 

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STIFEL BANK & TRUST, as Assuming Lender

 

 

 

 

 

 

 

By:

/s/ Joseph L. Sooter, Jr.

 

 

Name: Joseph L. Sooter, Jr.

 

 

Title: Senior Vice President

 

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Annex I

 

SCHEDULE 1.01(b)

 

Commitments

 

Lender

 

Multicurrency
Commitment

 

Goldman Sachs Bank USA

 

$

48,000,000

 

Morgan Stanley Bank, N.A.

 

$

32,000,000

 

 

Lender

 

Dollar
Commitment

 

Stifel Bank & Trust

 

$

15,000,000

 

 

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Annex II

 

Assuming Lender

 

Commitment

 

Stifel Bank & Trust

 

$

15,000,000 (Dollar)

 

 

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