Exhibit 10.1

 

[Execution Version]

 

FIRST AMENDMENT

TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

This FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is made as of the 27th day of June, 2014 (the “First Amendment
Effective Date”), by and among MAIN STREET CAPITAL CORPORATION, a Maryland
corporation (the “Borrower”), the GUARANTORS party to the Credit Agreement (as
defined below) (the “Guarantors”), BRANCH BANKING AND TRUST COMPANY (the
“Administrative Agent”), and the lenders party hereto (the “Lenders”).

 

R E C I T A L S:

 

The Borrower, the Guarantors, the Administrative Agent and the lenders party to
thereto have entered into that certain Second Amended and Restated Credit
Agreement dated as of September 27, 2013 (the “Credit Agreement”).  Capitalized
terms used in this Amendment that are not otherwise defined in this Amendment
shall have the respective meanings assigned to them in the Credit Agreement.

 

The Borrower and Guarantors have requested that the Administrative Agent and the
Lenders amend the Credit Agreement.

 

The Lenders, the Administrative Agent, the Guarantors and the Borrower desire to
amend the Credit Agreement upon the terms and conditions hereinafter set forth
to (a) increase the Revolver Commitments by $57,500,000, resulting in total
Revolver Commitments, after giving effect to such increase, of $502,500,000 (the
“Commitment Increase”), (b) provide for the joinder of an additional lender,
(c) permit additional increases to the Revolver Commitments, and (c) make other
changes as described herein.

 

NOW, THEREFORE, in consideration of the Recitals and the mutual promises
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrower, the Guarantors, the
Administrative Agent and the Lenders, intending to be legally bound hereby,
agree as follows:

 

SECTION 1.  Recitals.  The Recitals are incorporated herein by reference and
shall be deemed to be a part of this Amendment.

 

SECTION 2.  Amendments to Credit Agreement.  The Credit Agreement is hereby
amended as set forth in this Section 2.

 

SECTION 2.01. Amendment to Section 2.14.  Clause (ii) of Section 2.14(a) is
hereby amended and restated to read in its entirety as follows:

 

(ii) immediately after giving effect to any Commitment Increase, (y) the
aggregate Revolver Commitments shall not exceed $600,000,000 and (z) the

 

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aggregate of all Commitment Increases effected shall not exceed $97,500,000
(plus any additional Commitment Increases available under clause (v)(A) of the
proviso to the first sentence of Section 9.04(c) due to the removal of a Lender
and a reduction in Revolver Commitments pursuant to Section 9.04(c)),

 

SECTION 2.02.  Amendment to Section 9.04.  Clause (v) of Section 9.04(c) is
hereby amended and restated to read in its entirety as follows:

 

(v)                                 in the case of the removal of a Lender and
the reduction of the Revolver Commitments, (A) the amount of such reduction of
the Revolver Commitments shall constitute availability for a future Commitment
Increase under and subject to Section 2.14 (for the avoidance of doubt, in no
event shall the aggregate Revolver Commitments exceed $600,000,000); (B) no such
reduction shall be in an amount greater than the Total Unused Revolver
Commitments on the date of such termination or reduction; and (C) no such
reduction pursuant to this Section 9.04(c) shall result in the aggregate
Revolver Commitments of all of the Lenders being reduced to an amount less than
$30,000,000, unless the Revolver Commitments are terminated in their entirety
pursuant to Section 2.08, in which case all accrued fees (as provided under
Section 2.07) shall be payable on the effective date of such termination.

 

SECTION 3.   Revolver Commitments.  The Borrowers, the Guarantors, the
Administrative Agent and the Lenders acknowledge and agree, as of the effective
date of this Amendment, that the aggregate amount of the Revolver Commitments
shall be increased by an amount equal to $57,500,000, for a total aggregate
amount of Revolver Commitments of all of the Lenders equal to $502,500,000,
which increase results from the joinder of the New Lender (defined below) and
increases to the Revolver Commitments of certain existing Lenders (the
“Increasing Lenders”).  The amended amount of each existing Lender’s total
Revolver Commitment is the amount set forth opposite the name of such Lender on
the signature pages hereof.  The Administrative Agent shall deliver to the
Increasing Lenders replacement Revolver Notes (in the amount of the Increasing
Lenders’ respective Revolver Commitments) (such replacement Revolver Notes are
hereinafter referred to as the “Replacement Notes”), executed by the Borrower,
in exchange for the Revolver Notes of the Increasing Lenders currently
outstanding, as such Increasing Lender may require.  All references contained in
the Credit Agreement and the other Loan Documents to the “Revolver Notes” shall
mean and include the Replacement Notes as supplemented, modified, amended,
renewed or extended from time to time.  To the extent applicable, the
Administrative Agent and the Lenders agree that the requirements of Section 2.14
of the Credit Agreement have been satisfied for the Commitment Increase.

 

SECTION 4.  Joinder of New Lender. Comerica Bank shall be referred to as the
“New Lender”.  The New Lender: (a) represents and warrants that (i) it has full
power and authority, and has taken all action necessary, to execute and deliver
this Amendment and to consummate the transactions contemplated hereby and to
become a Lender under the Credit Agreement, (ii) from and after the First
Amendment Effective Date, it shall be bound by the

 

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provisions of the Credit Agreement as a Lender thereunder and shall have the
obligations of a Lender thereunder, (iii) it has received a copy of the Credit
Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 5.01 thereof, as applicable, and such other
documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Amendment on the basis of which it has
made such analysis and decision independently and without reliance on the
Administrative Agent or any other Lender and (iv) meets all requirement of an
Eligible Assignee under the Credit Agreement; and (b) agrees that (i) it will,
independently and without reliance on the Administrative Agent or any other
Lender, 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 Loan Documents, and (ii) it will perform in accordance with
their terms all of the obligations that by the terms of the Loan Documents are
required to be performed by it as a Lender.  The Administrative Agent shall
deliver to the New Lender a new Revolver Note (in the amount of the New Lender’s
Revolver Commitment) (such new Revolver Note is hereinafter referred to as the
“New Note”), executed by the Borrower, as the New Lender may require.

 

SECTION 5. Conditions to Effectiveness.  The effectiveness of this Amendment and
the obligations of the Lenders hereunder are subject to the following
conditions, unless the Required Lenders waive such conditions:

 

(a)                                 The Borrower shall have delivered to the
Administrative Agent the following in form and substance satisfactory to the
Administrative Agent:

 

(i)                                     duly executed counterparts of this
Amendment signed by the Borrower, the Guarantors, the New Lender, each
Increasing Lender, and the Required Lenders;

 

(ii)                                  duly executed Replacement Notes and the
New Note (collectively, the “Notes”), as each such Lender may require;

 

(iii)                               a certificate of the Secretary or Assistant
Secretary of the Borrower and each Guarantor, certifying to and attaching the
resolutions adopted by the board of directors (or similar governing body) of
such party approving or consenting to this Amendment and the Commitment
Increase;

 

(iv)                              a certificate of the Chief Financial Officer
or other Responsible Officer of the Borrower, certifying that (x) as of the date
of this Amendment, all representations and warranties of the Borrower and the
Guarantors contained in this Amendment, the Credit Agreement and the other Loan
Documents are true and correct (except to the extent any such representation or
warranty is expressly stated to have been made as of a specific date, in which
case such representation or warranty is true and correct as of such date),
(y) immediately after giving effect to this Amendment and the Commitment
Increase (including any Borrowings in connection therewith and the application
of the proceeds thereof), the Borrower is in compliance with the covenants
contained in Article V of the Credit Agreement,

 

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and (z) no Default or Event of Default has occurred and is continuing, both
immediately before and after giving effect to this Amendment and the Commitment
Increase (including any Borrowings in connection therewith and the application
of the proceeds thereof); and

 

(v)                                 such other documents or items that the
Administrative Agent, the Lenders or their counsel may reasonably request.

 

(b)                                 The Borrower shall have paid (i) to the
Administrative Agent for the account of the New Lender and each Increasing
Lender, an upfront fee in an amount separately agreed between the Borrower, the
Administrative Agent, the New Lender and each Increasing Lender and (ii) to the
Administrative Agent an arrangement fee in an amount previously agreed between
the Borrower and the Administrative Agent.

 

(c)                                  The Borrower shall have paid to the
Administrative Agent, upon application with appropriate documentation, all
reasonable costs and expenses of the Administrative Agent, including reasonable
fees, charges and disbursements of counsel for the Administrative Agent,
incurred in connection with this Amendment and the transactions contemplated
herein.

 

SECTION 6.  No Other Amendment.  Except for the amendments set forth above, the
text of the Credit Agreement shall remain unchanged and in full force and
effect.  On and after the First Amendment Effective Date, all references to the
Credit Agreement in each of the Loan Documents shall hereafter mean the Credit
Agreement as amended by this Amendment.  This Amendment is not intended to
effect, nor shall it be construed as, a novation.  The Credit Agreement and this
Amendment shall be construed together as a single agreement.  This Amendment
shall constitute a Loan Document under the terms of the Credit Agreement. 
Nothing herein contained shall waive, annul, vary or affect any provision,
condition, covenant or agreement contained in the Credit Agreement, except as
herein amended, nor affect or impair any rights, powers or remedies under the
Credit Agreement as hereby amended.  The Lenders and the Administrative Agent do
hereby reserve all of their rights and remedies against all parties who may be
or may hereafter become secondarily liable for the repayment of the
Obligations.  The Borrower and Guarantors promise and agree to perform all of
the requirements, conditions, agreements and obligations under the terms of the
Credit Agreement, as heretofore and hereby amended, the Credit Agreement, as
amended, and the other Loan Documents being hereby ratified and affirmed.  The
Borrower and Guarantors hereby expressly agree that the Credit Agreement, as
amended, and the other Loan Documents are in full force and effect.

 

SECTION 7.  Representations and Warranties.  The Borrower and Guarantors hereby
represent and warrant to each of the Lenders as follows:

 

(a)                                 No Default or Event of Default under the
Credit Agreement or any other Loan Document has occurred and is continuing
unwaived by the Lenders on the date hereof, or shall result from this Amendment.

 

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(b)                                 The Borrower and the Guarantors have the
power and authority to enter into this Amendment, issue the Notes and to do all
such acts and things as are required or contemplated hereunder or thereunder to
be done, observed and performed by them.

 

(c)                                  Each of this Amendment and the Notes has
been duly authorized, validly executed and delivered by one or more authorized
officers of the Borrower and the Guarantors and constitutes the legal, valid and
binding obligations of the Borrower and the Guarantors enforceable against them
in accordance with their respective terms.

 

(d)                                 The execution and delivery of each of this
Amendment and the Notes and the performance by the Borrower and the Guarantors
hereunder and thereunder do not and will not require the consent or approval of
any regulatory authority or governmental authority or agency having jurisdiction
over the Borrower, or any Guarantor, nor be in contravention of or in conflict
with the articles of incorporation, bylaws or other organizational documents of
the Borrower, or any Guarantor that is a corporation, the articles of
organization or operating agreement of any Guarantor that is a limited liability
company, or the provision of any statute, or any judgment, order or indenture,
instrument, agreement or undertaking, to which the Borrower, or any Guarantor is
party or by which the assets or properties of the Borrower and the Guarantors
are or may become bound.

 

SECTION 8.  Effect of Agreement.  On the First Amendment Effective Date, this
Amendment shall have the effects set forth in Section 2.14(e) of the Credit
Agreement and the New Lender, the Increasing Lenders and the Administrative
Agent shall make such payments and adjustments among the Lenders as are
contemplated thereby such that each Lender’s Advances remain consistent with its
pro rata percentage of the Revolver Commitments after giving effect to the
Commitment Increase.  The Revolver Commitment of the New Lender and each of the
Increasing Lenders shall be as set forth on the signature pages to this
Amendment, and the Revolver Commitments of all other existing Lenders shall
remain unchanged from those set forth on the signature pages to the Credit
Agreement and restated on the signature pages hereto.

 

SECTION 9.  Counterparts; Governing Law.  This Amendment may be executed in
multiple counterparts, each of which shall be deemed to be an original and all
of which, taken together, shall constitute one and the same agreement.  This
Amendment may be delivered by facsimile transmission or by electronic mail with
a .pdf copy or other replicating image attached, and any printed or copied
version of any copy so delivered shall have the same force and effect as an
originally signed counterpart.  This Amendment shall be construed in accordance
with and governed by the laws of the State of North Carolina.

 

SECTION 10.  Amendment.  This Amendment may not be amended or modified without
the written consent of the Required Lenders.

 

SECTION 11.  Further Assurances.  The Loan Parties agree to promptly take such
action, upon the request of the Administrative Agent, as is necessary to carry
out the intent of this Amendment.

 

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SECTION 12.  Consent by Guarantors.  The Guarantors consent to the foregoing
amendments.  The Guarantors promise and agree to perform all of the
requirements, conditions, agreements and obligations under the terms of the
Credit Agreement as hereby amended, said Credit Agreement, as hereby amended,
being hereby ratified and affirmed.  In furtherance and not in limitation of the
foregoing, the Guarantors acknowledge and agree that the “Guaranteed
Obligations” (as defined in the Credit Agreement) include, without limitation,
the indebtedness, liabilities and obligations evidenced by the Notes and the
Advances made under the Credit Agreement as hereby amended.  The Guarantors
hereby expressly agree that the Credit Agreement, as hereby amended, is in full
force and effect.

 

SECTION 13.  Severability.  Any provision of this Amendment that is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective only to the extent of such prohibition or unenforceability without
invalidating the remainder of such provision or the remaining provisions hereof
or thereof or affecting the validity or enforceability of such provision in any
other jurisdiction.

 

SECTION 14.  Notices.  All notices, requests and other communications to any
party to the Loan Documents, as amended hereby, shall be given in accordance
with the terms of Section 9.01 of the Credit Agreement.

 

[Remainder of this page intentionally left blank]

 

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IN WITNESS WHEREOF, the parties hereto have executed and delivered, or have
caused their respective duly authorized officers and representatives to execute
and deliver, this Amendment as of the day and year first above written.

 

 

 

BORROWER:

 

 

 

MAIN STREET CAPITAL CORPORATION

 

 

 

 

 

By:

/s/ Dwayne L. Hyzak

 

 

Name:

Dwayne L. Hyzak

 

 

Title:

Chief Financial Officer

 

 

 

 

 

 

GUARANTORS:

 

 

 

MAIN STREET CAPITAL PARTNERS, LLC

 

 

 

 

 

 

 

By:

/s/ Dwayne L. Hyzak

 

 

Name:

Dwayne L. Hyzak

 

 

Title:

Senior Managing Director

 

 

 

INITIAL GUARANTOR

 

 

 

MAIN STREET EQUITY INTERESTS, INC.

 

 

 

 

 

 

 

By:

/s/ Dwayne L. Hyzak

 

 

Name:

Dwayne L. Hyzak

 

 

Title:

Vice President

 

 

[Signatures Continue on Next Page]

 

 

[First Amendment Signature Pages]

 

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BRANCH BANKING AND TRUST COMPANY,

 

as Administrative Agent, Swingline Lender and as a Lender

 

 

 

 

 

By:

/s/ William B. Keene

(SEAL)

 

Name:

William B. Keene

 

Title:

Vice President

 

 

Revolver

 

Commitment:

 

$75,000,000

 

 

 

[First Amendment Signature Pages]

 

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LENDERS:

 

 

 

REGIONS BANK

 

 

Revolver

 

Commitment:

 

$75,000,000

 

 

 

 

By:

/s/ Larry Stephens

(SEAL)

 

Name:

Larry Stephens

 

Title:

SVP

 

 

[First Amendment Signature Pages]

 

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FROST BANK

 

 

Revolver

 

Commitment:

 

$50,000,000

 

 

 

 

By:

/s/ Brenda Murphy

(SEAL)

 

Name:

Brenda Murphy

 

Title:

Market President

 

 

[First Amendment Signature Pages]

 

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AMEGY BANK N.A.

 

 

Revolver

 

Commitment:

 

$40,000,000

 

 

 

 

 

 

By:

/s/ Jeremy Newsom

(SEAL)

 

Name:

Jeremy Newsom

 

Title:

Senior Vice President

 

 

 

[First Amendment Signature Pages]

 

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CAPITAL ONE, N.A.

 

 

Revolver

 

Commitment:

 

$37,500,000

 

 

 

 

By:

/s/ Bobby Hamilton

(SEAL)

 

Name:

Bobby Hamilton

 

Title:

Vice President

 

 

[First Amendment Signature Pages]

 

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TEXAS CAPITAL BANK

 

 

Revolver

 

Commitment:

 

$35,000,000

 

 

 

 

By:

/s/ Eric Luttrell

(SEAL)

 

Name:

Eric Luttrell

 

Title:

Senior Vice President — Corporate Banking

 

 

[First Amendment Signature Pages]

 

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CADENCE BANK, N.A.

 

 

Revolver

 

Commitment:

 

$30,000,000

 

 

 

 

By:

/s/ H. Gale Smith, Jr.

(SEAL)

 

Name:

H. Gale Smith, Jr.

 

Title:

Executive Vice President

 

 

[First Amendment Signature Pages]

 

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ROYAL BANK OF CANADA

 

 

Revolver

 

Commitment:

 

$30,000,000

 

 

 

 

By:

/s/ Greg DeRise

(SEAL)

 

Name:

Greg DeRise

 

Title:

Authorized Signatory

 

 

[First Amendment Signature Pages]

 

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GOLDMAN SACHS BANK USA

 

 

Revolver

 

Commitment:

 

$30,000,000

 

 

 

 

By:

 

(SEAL)

 

Name:

 

 

Title:

 

 

 

[First Amendment Signature Pages]

 

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PATRIOT BANK

 

 

Revolver

 

Commitment:

 

$25,000,000

 

 

 

 

By:

/s/ Bill Holburt

(SEAL)

 

Name:

Bill Holburt

 

Title:

Senior Vice President

 

 

[First Amendment Signature Pages]

 

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TRUSTMARK NATIONAL BANK

 

 

Revolver

 

Commitment:

 

$25,000,000

 

 

 

 

By:

/s/ Michael Oakes

(SEAL)

 

Name:

Michael Oakes

 

Title:

SVP

 

 

[First Amendment Signature Pages]

 

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RAYMOND JAMES BANK, N.A.

 

 

Revolver

 

Commitment:

 

$15,000,000

 

 

 

 

By:

/s/ Joseph A. Ciccolini

(SEAL)

 

Name:

Joseph A. Ciccolini

 

Title:

Vice President — Senior Corporate Banker

 

 

[First Amendment Signature Pages]

 

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FIRST FINANCIAL BANK, N.A.

 

 

Revolver

 

Commitment:

 

$10,000,000

 

 

 

 

By:

/s/ Marelyn Shedd

(SEAL)

 

Name:

Marelyn Shedd

 

Title:

President — Abilene Region

 

 

[First Amendment Signature Pages]

 

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NEW LENDER

 

 

 

COMERICA BANK

 

 

Revolver Commitment:

 

$25,000,000

 

 

 

 

By:

/s/ Vishakha S. Deora

 

 

Name:

Vishakha S. Deora

 

Title:

Vice President

 

 

 

Lending Office

 

Comerica Bank

 

US Banking Department

 

2900 North Loop West, 9th Floor

 

Houston TX 77092

 

Attn: Vishakha Deora, Vice President

 

Facsimile number: (713) 507-2889

 

Telephone number: (713) 507-1394

 

 

[First Amendment Signature Pages]

 

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