EXHIBIT 10.1

 

EXECUTION VERSION

AMENDMENT NO. 4 TO
THE AMENDED AND RESTATED
CREDIT AGREEMENT

 

 

Dated as of July 25, 2007

 

                    AMENDMENT NO. 4 TO THE AMENDED AND RESTATED CREDIT AGREEMENT
among SOTHEBY’S, a Delaware corporation (“Holdings”), SOTHEBY’S, INC., a New
York corporation (the “Company” and, together with Holdings, the “U.S.
Borrowers”), OATSHARE LIMITED, a company registered in England and Wales with
registration number 01737495 (“Oatshare”), SOTHEBY’S, a company registered in
England and Wales with registration number 00874867 (“Sotheby’s” and, together
with Oatshare, the “U.K. Borrowers”, and collectively with the U.S. Borrowers,
the “Borrowers”), each lender from time to time party hereto (collectively, the
“Lenders” and individually, a “Lender”) and BANK OF AMERICA, N.A., as
Administrative Agent, Swing Line Lender, L/C Issuer and Foreign Currency Lead
Lender.

                    PRELIMINARY STATEMENTS:

                    (1) The Borrowers, the Lenders and the Administrative Agent
have entered into the Amended and Restated Credit Agreement dated as of November
14, 2005, as amended by Amendment No. 1 to the Amended and Restated Credit
Agreement dated as of February 3, 2006, Amendment No. 2 to the Amended and
Restated Credit Agreement dated as of May 18, 2006 and Amendment No. 3 to the
Amended and Restated Credit Agreement dated as of January 2, 2007 (as so
amended, the “Credit Agreement”). Capitalized terms not otherwise defined in
this Amendment have the same meanings as specified in the Credit Agreement.

                    (2) The Borrowers and the Lenders have agreed to amend the
Credit Agreement to permit (i) Holdings to increase permitted dividend
declarations and payments and (ii) the Borrowers to increase their capital
expenditures on the purchase and refurbishment of real property located in
England.

                    SECTION 1. Amendment to Credit Agreement. The Credit
Agreement is, effective as of the date hereof and subject to the satisfaction of
the conditions precedent set forth in Section 2, hereby amended as follows:

 

 

 

 

 

(a)

Section 7.06(d) is hereby amended by:

 

 

 

 

 

 

(i)

deleting “40%” after clause (ii) and substituting therefore “50%”;

 

 

 

 

 

 

(ii)

deleting “June 30, 2005” after clause (ii) and substituting therefore “July 1,
2007”; and

 

 

 

 

 

 

(iii)

deleting the “and” at the end of Section 7.06(d).

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(b)

Section 7.06(e) is hereby amended by deleting the “.” at the end of clause (e)
and substituting therefore “; and”.

 

 

 

 

(c)

Section 7.06 is hereby amended by adding at the end of such Section a new clause
(f) to read as follows:

 

 

 

 

 

          “(f) other Restricted Payments not exceeding $130,000,000 in the
aggregate of Holdings, for any Restricted Payments made on or after July 1,
2007.”

 

 

 

 

 

(d)

Section 7.12 is hereby amended by deleting “$10,000,000” in clause (b) of the
proviso and substituting therefore “$50,000,000”.

                    SECTION 2. Conditions of Effectiveness. This Amendment shall
become effective as of the date first above written when, and only when, the
Administrative Agent shall have received (i) counterparts of this Amendment
executed by each Borrower and the Required Lenders or, as to any of the Lenders,
advice satisfactory to the Administrative Agent that such Lender has executed
this Amendment and (ii) the consent attached hereto (the “Consent”) executed by
each of the Guarantors. The effectiveness of this Amendment is conditioned upon
the accuracy of the factual matters described herein. This Amendment is subject
to the provisions of Section 10.01 of the Credit Agreement.

                    SECTION 3. Representations and Warranties of the Borrowers.
Each Borrower hereby represents and warrants that the representations and
warranties contained in each of the Loan Documents (as amended or supplemented
to date, including pursuant to this Amendment) are true and correct on and as of
the date hereof, before and after giving effect to this Amendment, as though
made on and as of such date (except for any such representation and warranty
that, by its terms, refers to an earlier date, in which case as of such earlier
date).

                    SECTION 4. Reference to and Effect on the Loan Documents.
(a) On and after the effectiveness of this Amendment, each reference in the
Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like
import referring to the Credit Agreement, and each reference in the Notes and
each of the other Loan Documents to “the Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement, shall mean
and be a reference to the Credit Agreement, as amended by this Amendment.

                     (b) The Credit Agreement, the Notes, and each of the other
Loan Documents, as specifically amended by this Amendment, are and shall
continue to be in full force and effect and are hereby in all respects ratified
and confirmed.

                     (c) The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided herein, operate as a waiver of
any right, power or remedy of any Lender or the Administrative Agent under any
of the Loan Documents, nor constitute a waiver of any provision of any of the
Loan Documents.

                    SECTION 5. Costs, Expenses, Etc. Each Borrower agrees to pay
on demand all costs and expenses of the Administrative Agent in connection with
the preparation, execution, delivery and administration, modification and
amendment of this Amendment and the other

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instruments and documents to be delivered hereunder (including, without
limitation, the reasonable fees and expenses of counsel for the Administrative
Agent) in accordance with the terms of Section 10.04 of the Credit Agreement.

                    SECTION 6. 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 shall be deemed to be an
original and all of which taken together shall constitute but one and the same
agreement. 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 7. Governing Law. This Amendment shall be governed
by, and construed in accordance with, the laws of the State of New York.

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

 

 

 

 

SOTHEBY’S

 

 

 

 

By:

WILLIAM S. SHERIDEN [c51063001.jpg]

 

 

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Name:

William S. Sheridan

 

 

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Title:

EVP and CFO

 

 

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SOTHEBY’S, INC.

 

 

 

 

By:

WILLIAM S. SHERIDEN [c51063001.jpg]

 

 

--------------------------------------------------------------------------------

 

Name:

William S. Sheridan

 

 

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Title:

EVP and CFO

 

 

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OATSHARE LIMITED

 

 

 

 

By:

WILLIAM S. SHERIDEN [c51063001.jpg]

 

 

--------------------------------------------------------------------------------

 

Name:

William S. Sheridan

 

 

--------------------------------------------------------------------------------

 

Title:

EVP and CFO

 

 

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SOTHEBY’S

 

 

 

 

By:

WILLIAM S. SHERIDEN [c51063001.jpg]

 

 

--------------------------------------------------------------------------------

 

Name:

William S. Sheridan

 

 

--------------------------------------------------------------------------------

 

Title:

EVP and CFO

 

 

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BANK OF AMERICA, N.A., as

 

 

Administrative Agent, L/C Issuer, Swing Line

 

 

Lender, Foreign Currency Lead Lender and Lender

 

By:

JOHN WALKIEWIEZ [c51063002.jpg]

 

 

--------------------------------------------------------------------------------

 

Name:

John Walkiewicz

 

Title:

Vice President

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LASALLE BANK N.A.,

 

as Lender

 

By

(ILLEGIBLE) [c51063003.jpg]

 

 

--------------------------------------------------------------------------------

 

 

Name: (ILLEGIBLE)

 

 

Title: (ILLEGIBLE)

 

 

 

 

HSBC BANK PLC,

 

as Lender

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

THE CIT GROUP/BUSINESS CREDIT, INC.,

 

as Lender

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

CITIBANK, N.A.,

 

as Lender

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

UNITED OVERSEAS BANK LIMITED,

 

NEW YORK AGENCY, as Lender

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

--------------------------------------------------------------------------------

 

 

 

 

LASALLE BANK N.A.,

 

as Lender

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

HSBC BANK PLC,

 

as Lender

 

By

PAUL HUGGER [c51063004.jpg]

 

 

--------------------------------------------------------------------------------

 

 

Name: PAUL [ILLEGIBLE]

 

 

Title: CORPORATE BANKING MANAGER

 

 

 

 

THE CIT GROUP/BUSINESS CREDIT, INC.,

 

as Lender

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

CITIBANK, N.A.,

 

as Lender

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

UNITED OVERSEAS BANK LIMITED,

 

NEW YORK AGENCY, as Lender

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

--------------------------------------------------------------------------------

 

 

 

 

LASALLE BANK N.A.,

 

as Lender

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

HSBC BANK PLC,

 

as Lender

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

THE CIT GROUP/BUSINESS CREDIT, INC.,

 

as Lender

 

 

By

JULIANNE LOW [c51063005.jpg]

 

 

--------------------------------------------------------------------------------

 

 

Name: Julianne Low

 

 

Title: Vice President

 

 

 

 

CITIBANK, N.A.,

 

as Lender

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

UNITED OVERSEAS BANK LIMITED,

 

NEW YORK AGENCY, as Lender

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

--------------------------------------------------------------------------------

 

 

 

 

LASALLE BANK N.A.,

 

as Lender

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

HSBC BANK PLC,

 

as Lender

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

THE CIT GROUP/BUSINESS CREDIT, INC.,

 

as Lender

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

CITIBANK, N.A.,

 

as Lender

 

By

ALAN ACKBARALI [c51063006.jpg]

 

 

--------------------------------------------------------------------------------

 

 

Name: Alan Ackbarali

 

 

Title: Vice President

 

 

 

 

UNITED OVERSEAS BANK LIMITED,

 

NEW YORK AGENCY, as Lender

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

--------------------------------------------------------------------------------

 

 

 

 

COMERICA BANK,

 

as Lender

 

 

 

By

-s- Sarah R. West [c51063007.jpg]

 

 

--------------------------------------------------------------------------------

 

 

Name: Sarah R. West

 

 

Title:   Assistant Vice President

 

 

 

 

ISRAEL DISCOUNT BANK OF NEW YORK,

 

as Lender

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

NORTH FORK BUSINESS CAPITAL

 

CORPORATION, as Lender

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

WEBSTER BUSINESS CREDIT CORPORATION,

 

as Lender

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

--------------------------------------------------------------------------------

 

 

 

 

COMERICA BANK,

 

as Lender

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

ISRAEL DISCOUNT BANK OF NEW YORK,

 

as Lender

 

 

 

By

-s- Andi Ballta [c51063008.jpg]

 

 

--------------------------------------------------------------------------------

 

 

Name: Andi Ballta

 

 

Title:   First Vice President

 

 

 

 

By

-s- Walter T. Duffy III [c51063009.jpg]

 

 

--------------------------------------------------------------------------------

 

 

Name: Walter T. Duffy III

 

 

Title:   First Vice President

 

 

 

 

NORTH FORK BUSINESS CAPITAL

 

CORPORATION, as Lender

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

WEBSTER BUSINESS CREDIT CORPORATION,

 

as Lender

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

--------------------------------------------------------------------------------

 

 

 

 

COMERICA BANK,

 

as Lender

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

ISRAEL DISCOUNT BANK OF NEW YORK,

 

as Lender

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

NORTH FORK BUSINESS CAPITAL

 

CORPORATION, as Lender

 

 

 

By

-s-Ronald D. Walker [c51063010.jpg]

 

 

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Name: Ronald D. Walker

 

 

Title:   Vice President

 

 

 

 

WEBSTER BUSINESS CREDIT CORPORATION,

 

as Lender

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

--------------------------------------------------------------------------------

 

 

 

 

COMERICA BANK,

 

as Lender

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

ISRAEL DISCOUNT BANK OF NEW YORK,

 

as Lender

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

NORTH FORK BUSINESS CAPITAL

 

CORPORATION, as Lender

 

 

 

By

 

 

 

--------------------------------------------------------------------------------

 

 

Name:

 

 

Title:

 

 

 

 

WEBSTER BUSINESS CREDIT CORPORATION,

 

as Lender

 

 

 

By

-s- Daniel C. Dupre [c51063011.jpg]

 

 

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Name: Daniel C. Dupre

 

 

Title:   VP

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CONSENT

Dated as of July 25, 2007

                    Each of the undersigned, as a Guarantor under the Credit
Agreement referred to in the foregoing Amendment, hereby consents to such
Amendment and hereby confirms and agrees that notwithstanding the effectiveness
of such Amendment, the Guaranty contained in the Credit Agreement is and shall
continue to be, in full force and effect and is hereby ratified and confirmed in
all respects, except that, on and after the effectiveness of such Amendment,
each reference in the Loan Documents to “Credit Agreement”, ‘‘thereunder”,
“thereof or words of like import shall mean and be a reference to the Credit
Agreement, as amended by such Amendment.

 

 

 

 

GUARANTORS:

 

 

 

SOTHEBY’S FINE ART HOLDINGS, INC.

 

SOTHEBY’S FINANCIAL SERVICES, INC.

 

SOTHEBY’S FINANCIAL SERVICES

 

CALIFORNIA, INC.

 

OBERON, INC.
THETA, INC.

 

SOTHEBY’S VENTURES, LLC

 

SOTHEBY’S ASIA, INC.

 

YORK WAREHOUSE, INC.

 

SPTC, INC.

 

SOTHEBY’S PARKE BERNET, INC.

 

YORK AVENUE DEVELOPMENT, INC.

 

SOTHEBY’S THAILAND, INC.

 

SOTHEBY’S HOLDINGS INTERNATIONAL, INC.

 

SOTHEBY’S NEVADA, INC.

 

SOTHEBYS.COM AUCTIONS, INC.

 

SIBS, LLC

 

SOTHEBY’S. COM LLC

 

SOTHEBY’S RES, INC.

 

By

-s- William S. Sheridan [c51063001.jpg]

 

 

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Name: William S. Sheridan

 

 

Title:   EVP and CFO

 

 

 

 

SOTHEBY’S

 

 

 

 

By

-s- William S. Sheridan [c51063001.jpg]

 

 

--------------------------------------------------------------------------------

 

 

Name: William S. Sheridan

 

 

Title:   EVP and CFO

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SOTHEBY’S, INC.

 

 

 

By

-s- William S. Sheridan [c51063001.jpg]

 

 

--------------------------------------------------------------------------------

 

 

Name: William S. Sheridan

 

 

Title:   EVP and CFO

 

 

 

 

OATSHARE LIMITED

 

 

 

By

-s- William S. Sheridan [c51063001.jpg]

 

 

--------------------------------------------------------------------------------

 

 

Name: William S. Sheridan

 

 

Title:   EVP and CFO

 

 

 

 

SOTHEBY’S

 

 

 

 

By

-s- William S. Sheridan [c51063001.jpg]

 

 

--------------------------------------------------------------------------------

 

 

Name: William S. Sheridan

 

 

Title:   EVP and CFO

 

 

 

 

SOTHEBY’S FINANCIAL SERVICES LTD

 

 

 

By

-s- William S. Sheridan [c51063001.jpg]

 

 

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Name: William S. Sheridan

 

 

Title:   EVP and CFO

 

 

 

 

CATALOGUE DISTRIBUTION COMPANY LIMITED

 

 

 

By

-s- William S. Sheridan [c51063001.jpg]

 

 

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Name: William S. Sheridan

 

 

Title:   EVP and CFO

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