Exhibit 10.1.2

 

AMENDMENT NO. 2 TO CREDIT AGREEMENT

 

This AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment”), dated as of April
14, 2003 is entered into by and among WEST MARINE FINANCE COMPANY, INC., a
California corporation (“Borrower”), each lender whose name is set forth on the
signature pages hereof or which may hereafter execute and deliver an Assignment
and Acceptance with respect to the Credit Agreement pursuant to Section 11.8 of
the Credit Agreement (collectively, the “Lenders” and individually, a “Lender”),
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Issuing Lender
and an Arranger, with respect to the following:

 

A.    Borrower, Wells Fargo Bank, National Association and Union Bank of
California, N.A. have previously entered into that certain Credit Agreement
dated as of January 14, 2003 (as the same may be amended, restated, supplemented
or otherwise modified from time to time, including, but not limited to, by this
Amendment, the “Credit Agreement”). Capitalized terms are used in this Amendment
as defined in the Credit Agreement, unless otherwise defined herein.

 

B.    Section 5.14 provides for certain post-closing items to be completed and
for certain provisions to take effect to the extent such post-closing items are
not completed.

 

C.    Borrower and the Administrative Agent have determined that it would be in
the best interest of the parties to provide a 60 day extension to allow more
time to work on completing such post-closing matters.

 

D.    In light of the foregoing, Borrower, the Administrative Agent and the
Requisite Lenders wish to amend the Credit Agreement as set forth in this
Amendment.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.    Section 5.14.

 

(a)    Section 5.14 of the Credit Agreement is hereby amended by deleting “90”
wherever it appears and substituting “150” in lieu thereof in each instance.

 

(b)    Section 5.14(a)(ii)(3) of the Credit Agreement is hereby amended by
deleting “180” and substituting “240” in lieu thereof.

 

2.    Representations and Warranties in the Credit Agreement.    Borrower hereby
confirms that the representations and warranties contained in the Credit
Agreement are (before and after giving effect to this Amendment) true and
correct in all material respects and no Default or Event of Default has occurred
and is continuing.

 

3.    Conditions Precedent.    The amendments in Section 1 of this Amendment
shall be effective upon the Administrative Agent’s receipt of (a) counterparts
of this Amendment executed by Borrower, the Administrative Agent and the
Requisite Lenders and executed counterparts of the Guarantors’ consent to this
Amendment, sufficient in number for distribution to the Administrative Agent,
the Lenders and Borrower.

 

4.    Reaffirmation.    Except as amended by the terms herein, the Credit
Agreement and each other Loan Document remains in full force and effect and
Borrower hereby reaffirms and ratifies the Credit Agreement and each other Loan
Document. This Amendment contains the entire agreement of the parties hereto and
supersedes any and all prior agreements or understandings between the parties,
written or oral, respecting the subject matter hereof. If there is any conflict
between the terms and provisions of this Amendment and the terms and provisions
of the Credit Agreement or any other Loan Document, the terms and provisions of
this Amendment shall govern.

 

5.    Counterparts.    This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

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6.    Governing Law.    THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF CALIFORNIA APPLICABLE TO CONTRACTS MADE
AND PERFORMED IN CALIFORNIA.

 

7.    Waiver of Right to Trial by Jury.    EACH PARTY TO THIS AMENDMENT HEREBY
EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION ARISING UNDER THIS AMENDMENT OR IN ANY WAY CONNECTED WITH OR
RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTY HERETO OR ANY OF THEM WITH
RESPECT TO THIS AMENDMENT, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE
WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR
TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT
A JURY, AND THAT ANY PARTY TO THIS AMENDMENT MAY FILE AN ORIGINAL COUNTERPART OR
A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE
SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

8.    Attorneys’ Fees and Other Costs.    Borrower agrees to pay, on demand, all
reasonable attorneys’ fees and costs (and allocated costs of attorneys employed
by the Administrative Agent ) incurred in connection with the negotiation,
documentation and execution of this Amendment.

 

9.    Miscellaneous.    This Amendment is a Loan Document as defined in the
Credit Agreement, and the provisions of the Credit Agreement generally
applicable to Loan Documents are applicable hereto and incorporated herein by
this reference.

 

[This Space Intentionally Left Blank]

 

2

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

 

WEST MARINE FINANCE COMPANY, INC.,

a California corporation

By

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO, VP—Finance

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent

By

 

/S/    PATRICK BISHOP        

   

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Patrick Bishop

Vice President

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender, the Issuing Lender and

the Swing Line Lender

By

 

/S/     PATRICK BISHOP        

   

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Patrick Bishop

Vice President

UNION BANK OF CALIFORNIA, N.A.,

as a Lender

By

 

/S/    WILLIAM E. HINCH        

   

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Name: William E. Hinch

Title: Vice President

FLEET RETAIL FINANCE INC.,

as a Lender

By

 

/S/    ALEXIS GRIFFIN        

   

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Name: Alexis Griffin

Title: Vice President

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LASALLE BANK,

as a Lender

By

 

/S/    MARK MITAL        

   

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Name: Mark Mital

Title: Vice President

GUARANTY BANK,

as a Lender

By

 

/S/    SCOTT L. BREWER        

   

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Name: Scott L. Brewer

Title: Vice President

WASHINGTON MUTUAL BANK,

as a Lender

By

 

/S/    TONY YEE        

   

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Name: Tony Yee

Title: Assistant Vice President

ALLIED IRISH BANKS PLC,

as a Lender

By

 

/S/    JOHN FARRACE        

   

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Name: John Farrace

Title: Senior Vice President

By

 

/S/    RIMA TERRIDISTA        

   

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Name: Rima Terridista

Title: Senior Vice President

U.S. BANK NATIONAL ASSOCIATION,

as a Lender

By

 

/S/    JAMES W. HENKEN        

   

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Name: James W. Henken

Title: Vice President

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WEST COAST BANK,

as a Lender

By

 

/S/    TIM JOHNSON        

   

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Name: Tim Johnson

Title: Vice President

BANK OF THE WEST,

as a Lender

By

 

/S/    GREG TALLERICO        

   

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Name: Greg Tallerico

Title: Vice President

BANK LEUMI USA,

as a Lender

By

 

/S/    BOAZ BLUMOVITZ        

   

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Name: Boaz Blumovitz

Title: Vice President

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Each of the undersigned hereby acknowledges and consents to the foregoing
Amendment and confirms and agrees that the Guaranty Agreement dated as of
January 14, 2003 or Guarantee Agreement dated as of January 14, 2003 (as
applicable) executed by it in favor of the Administrative Agent and the Lenders
remains in full force and effect in accordance with its terms and is hereby
reaffirmed and ratified by each of the undersigned and each of the undersigned
hereby confirms that the representations and warranties contained in the
Guaranty Agreement dated as of January 14, 2003 or Guarantee Agreement dated as
of January 14, 2003 (as applicable) (including any incorporated by reference to
the Credit Agreement) are (before and after giving effect to this Amendment)
true and correct in all material respects.

 

WEST MARINE, INC.,

a Delaware corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

WEST MARINE PRODUCTS, INC.,

a California corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

WEST MARINE PUERTO RICO, INC.,

a California corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

W MARINE MANAGEMENT COMPANY, INC.,

a California corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

WEST MARINE LBC, INC.,

a California corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

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WEST MARINE IHC I, INC.,

a California corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

E&B MARINE INC.,

a Delaware corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

E & B MARINE LBC, INC.,

a California corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

E & B MARINE IHC I, INC.,

a California corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

E & B MARINE SUPPLY, INC.,

a New Jersey corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

E & B MARINE SUPPLY, INC.,

a Maryland corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

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GOLDBERGS’ MARINE DISTRIBUTORS, INC.,

a Delaware corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

JAMES BLISS & CO., INC.,

a Massachusetts corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

SEA RANGER MARINE INC.,

a Delaware corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

KRISTA CORPORATION,

a Delaware corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

CENTRAL MARINE SUPPLY, INC.,

a New Jersey corporation

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance

WEST MARINE CANADA CORP.,

a Nova Scotia unlimited liability company

By:

 

/S/    ERIC NELSON        

   

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Name: Eric Nelson

Title: CAO & Vice President—Finance