EXHIBIT 10.4

 
AMENDMENT NO. 1
TO
CREDIT AGREEMENT
 
THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”) dated as of May 1,
2007, is entered into among GSC INVESTMENT FUNDING LLC, as the Borrower,
DEUTSCHE BANK AG, NEW YORK BRANCH (“Deutsche Bank”), as Committed Lender (the
“Committed Lender”), Deutsche Bank as Managing Agent (in such capacity, the
“Managing Agent”) and Deutsche Bank as Administrative Agent (in such capacity,
the “Administrative Agent”). Capitalized terms used herein without definition
shall have the meanings ascribed thereto in the “Credit Agreement” referred to
below.
 
PRELIMINARY STATEMENTS
 
A. Reference is made to that certain Credit Agreement dated as of April 11, 2007
among the Borrower, GSCP (NJ), L.P., as the Servicer, GSC Investment Corp., as
the Performance Guarantor, the CP Lenders, the Committed Lenders, the Managing
Agents and the Administrative Agent (as amended, modified or supplemented from
time to time, the “Credit Agreement”).
 
B. The parties hereto have agreed to amend certain provisions of the Credit
Agreement upon the terms and conditions set forth herein.
 
SECTION 1.   Amendment. Subject to the satisfaction of the conditions set forth
in Section 3 hereof, the parties hereto hereby agree:
 
(i)  to amend Section 8.1 to delete clauses (f) and (i) in their entirety and
substitute the following therefor:
 
(f) (i) a final non-appealable judgment for the payment of money shall have been
rendered in an amount in excess of (A) $5,000,000 against the Originator or any
of its material subsidiaries (which, for avoidance of doubt, shall include any
special purpose entity subsidiary created to facilitate a structured finance
transaction) or (B) $100,000 against the Borrower by a court of competent
jurisdiction and, if such judgment relates to the Originator or any of its
material subsidiaries, such judgment, decree or order shall continue unsatisfied
and in effect for any period of thirty (30) consecutive days without a stay of
execution, or (ii) the Originator, the Originator’s material subsidiaries or the
Borrower, as the case may be, shall have made payments of amounts in excess of
$5,000,000 or $50,000, respectively, in settlement of any litigation; or
 
(i) the Borrower, the Originator or any of the Originator’s material
subsidiaries (which, for avoidance of doubt, shall include any special purpose
entity subsidiary
 
 

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created to facilitate a structured finance transaction) defaults under any
material agreement for borrowed money to which either is a party and which, in
the case of the Originator and its material subsidiaries only, shall evidence
Indebtedness in excess of $5,000,000, and such default is not cured within the
relevant cure period (other than, in the case of the Originator and its material
subsidiaries, a default occurring under Section 8.1(m) or (n) of that certain
Credit Agreement dated as of May 1, 2007 by and among, inter alia, GSC
Investment Funding II, the commercial paper conduits and financial institutions
from time to time party thereto as lenders, and Deutsche Bank AG, New York
Branch as Administrative Agent), or any such recourse debt or other obligation
shall be declared to be due and payable or required to be prepaid (other than by
scheduled payment) prior to its maturity; or
 
SECTION 2.   Representations and Warranties. The Borrower hereby represents and
warrants to each of the other parties hereto, that:
 
(a)  this Amendment constitutes its legal, valid and binding obligation,
enforceable against it in accordance with its terms; and
 
(b)  on the date hereof, before and after giving effect to this Amendment, other
than as amended or waived pursuant to this Amendment, no Default or Event of
Default has occurred and is continuing.
 
SECTION 3.   Conditions. This Amendment shall become effective on the first
Business Day (the “Effective Date”) on which the Administrative Agent or its
counsel has received counterpart signature pages of this Amendment, executed by
each of the parties hereto.
 
SECTION 4.   Reference to and Effect on the Transaction Documents.
 
(a)  Upon the effectiveness of this Amendment, (i) each reference in the Credit
Agreement to “this Credit Agreement”, “this Agreement”, “hereunder”, “hereof”,
“herein” or words of like import shall mean and be a reference to the Credit
Agreement as amended or otherwise modified hereby, and (ii) each reference to
the Credit Agreement in any other Transaction Document or any other document,
instrument or agreement executed and/or delivered in connection therewith, shall
mean and be a reference to the Credit Agreement as amended or otherwise modified
hereby.
 
(b)  Except as specifically amended, terminated or otherwise modified above, the
terms and conditions of the Credit Agreement, of all other Transaction Documents
and any other documents, instruments and agreements executed and/or delivered in
connection therewith, shall remain in full force and effect and are hereby
ratified and confirmed.
 
 
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(c)  The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of the Administrative Agent,
any Managing Agent or any Lender under the Credit Agreement or any other
Transaction Document or any other document, instrument or agreement executed in
connection therewith, nor constitute a waiver of any provision contained
therein, in each case except as specifically set forth herein.
 
SECTION 5.   Execution in Counterparts. This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed to be an original
and all of which taken together shall constitute but one and the same
instrument. Delivery of an executed counterpart of a signature page to this
Amendment by telecopier shall be effective as delivery of a manually executed
counterpart of this Amendment.
 
SECTION 6.   Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.
 
SECTION 7.   Headings. Section headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.
 
SECTION 8.   Fees and Expenses. Borrower hereby confirms its agreement to pay on
demand all reasonable costs and expenses of the Administrative Agent, Managing
Agents or Lenders in connection with the preparation, execution and delivery of
this Amendment and any of the other instruments, documents and agreements to be
executed and/or delivered in connection herewith, including, without limitation,
the reasonable fees and out-of-pocket expenses of counsel to the Administrative
Agent, Managing Agents or Lenders with respect thereto.
 
[Remainder of Page Deliberately Left Blank]
 

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

  GSC INVESTMENT FUNDING LLC           By: /s/ Thomas V. Inglesby    

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    Name: Thomas V. Inglesby     Title: President

 
Signature Page to Amendment No. 1
 
 

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DEUTSCHE BANK AG, NEW YORK
   BRANCH, as a Committed Lender,
   Managing Agent and Administrative
   Agent
          By: /s/ Daniel Pietrzak    

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    Name: Daniel Pietrzak     Title: Director           By: /s/ Peter Chuang    

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    Name: Peter Chuang     Title: Vice President

 
Signature Page to Amendment No. 1
 
 

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The undersigned acknowledges its receipt of a copy of Amendment No. 1 to Credit
Agreement as of the date hereof. The undersigned (i) reaffirms all of its
obligations under Section 12.14 of the Credit Agreement and (ii) acknowledges
and agrees that the performance undertaking thereunder remains in full force and
effect (including, without limitation, after giving effect to the amendment of
the Credit Agreement as of the date hereof).
 

GSC INVESTMENT CORP.           By: /s/ Thomas V. Inglesby    

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    Name: Thomas V. Inglesby     Title: Chief Executive Officer

 
 
Signature Page to Amendment No. 1
 
 
 

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