Exhibit 10.1


EXECUTION VERSION


 


AMENDMENT NO. 3 TO


REVOLVING CREDIT AGREEMENT


 


AMENDMENT
NO. 3, dated as of August 8, 2014 (this “Amendment”) to the Revolving Credit Agreement dated as of December
22, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among American Media, Inc. (the “Borrower”), JPMorgan Chase Bank, N.A., as administrative agent (in such capacity,
the “Administrative Agent”), and the lenders from time to time party thereto
(the “Lenders”). Capitalized terms used and not otherwise defined herein shall have the meanings assigned
to them in the Credit Agreement.


 


WHEREAS, pursuant to the Credit Agreement,
the Lenders have extended credit to the Borrower on the terms and conditions set forth in the Credit Agreement;


 


WHEREAS, the Borrower has informed the Administrative
Agent and each Lender that the Borrower has failed to furnish to the Administrative Agent (i) the financial statements, reports
and other documents as required under Section 5.01(a) of the Credit Agreement with respect to the fiscal year of the Borrower ended
March 31, 2014 and (ii) the related deliverables required under Sections 5.01(c) and 5.03(b) of the Credit Agreement (collectively,
the “Specified Default”);


 


WHEREAS, the Borrower has informed the Administrative
Agent and each Lender that the Borrower has entered into a non-binding letter of intent (the “Letter of Intent”)
with certain investors of the Borrower (collectively, the “Investors”) with terms as set forth in the Form 8-K
filed with the SEC on July 9, 2014, pursuant to which (i) the Investors will acquire 100% of the issued and outstanding common
stock of the Borrower through a merger (the “Merger”) and (ii) the Loan Parties and the Investors or their affiliates
will enter into other transactions contemplated by the Letter of Intent (together with the Merger, the “Transactions”);


 


WHEREAS, the Borrower has informed the Administrative
Agent and each Lender that certain Loan Parties intend to sell certain assets of such Loan Parties to Gould Paper Corporation for
the aggregate purchase price of approximately $6,500,000 (the “Specified Sale”); and


 


WHEREAS, upon Borrower’s request, the
Required Lenders have, subject to the terms and conditions set forth herein, consented to amend certain provisions of the Credit
Agreement, extend the Waiver Period (as hereinafter defined) relating to the Specified Default and waive any Default or Event of
Default relating to the Specified Sale.


 


NOW, THEREFORE, the parties hereto hereby
agree as follows:


 




    	 



    	 



    

 


Section
1.          Amendments to Credit Agreement.


 


(a)          The
following definitions are hereby added to Section 1.01 of the Credit Agreement in proper alphabetical order:


 


““Amendment No. 3”
means Amendment No. 3 to Revolving Credit Agreement, dated as of August 8, 2014, among the Borrower, the Lenders party thereto
and the Administrative Agent.”


 


““Amendment No. 3 Effective
Date” has the meaning assigned to the term “Amendment Effective Date” under Amendment No. 3.”


 


““Indentures”
means the Senior Secured Notes Indenture, Second Lien Indenture and Second Lien PIK Indenture.”


 


““Letter of Intent”
means that certain non-binding letter of intent, dated July 8, 2014, among the Borrower and certain investors of the Borrower,
with terms as set forth in the Form 8-K filed with the SEC on July 9, 2014.”


 


““Merger”
shall mean the merger of AMI Merger Corporation, a wholly-owned subsidiary of AMI Parent Holdings LLC, into the Borrower, with
the Borrower as the surviving corporation as contemplated by the Letter of Intent.


 


““Merger Transactions”
means all transactions relating to the Merger and the other transactions relating to or contemplated by the Letter of Intent and
any and all definitive documentation relating thereto, including, without limitation, the payment of the merger consideration,
the payment of fees and expenses pursuant to the definitive documentation relating to the Merger, the receipt of all amendments
and consents under the Borrower’s existing debt and equity documents and the issuance of Second Lien PIK Notes.”


 


““Related Person”
with respect to any Permitted Holder means: (1) any controlling stockholder or a majority (or more) owned Subsidiary of such Permitted
Holder or, in the case of an individual, any spouse or immediate family member of such Permitted Holder, any trust created for
the benefit of such individual or such individual’s estate, executor, administrator, committee or beneficiaries; (2) any
fund managed by or under common management with, such Permitted Holder and any management company of such Permitted Holder; or
(3) any trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners, owners or Persons beneficially
holding a majority (or more) controlling interest of which consist of such Permitted Holder and/or such other Persons referred
to in the immediately preceding clauses (1) and (2).”


 




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““Second Lien PIK Indenture”
means the indenture in respect of the Second Lien PIK Notes dated as October 2, 2013, among the Borrower and the Second Lien PIK
Trustee, as amended or supplemented from time to time.”


 


““Second Lien PIK Notes”
means the 10% Second Lien Senior Secured PIK Notes due 2018 issued under the Second Lien PIK Indenture, as the same may be amended,
amended and restated, modified, supplemented and/or extended from time to time in accordance with the terms hereof and thereof.”


 


““Second Lien PIK Trustee”
means Wilmington Trust, National Association, as trustee for the holders of Second Lien PIK Notes.”


 


(b)          The
definition of “Change in Control” is hereby amended by adding the following text at the end of such definition:


 


“Notwithstanding the foregoing:
(A) any holding company whose only significant asset is Equity Interests of the Borrower or any direct or indirect parent of the
Borrower shall not itself be considered a “person” or “group” for purposes of this definition; (B) the
transfer of assets between or among the Restricted Subsidiaries or Borrower shall not itself constitute a Change in Control; (C)
the term “Change in Control” shall not include a merger or consolidation of the Borrower (or any direct or indirect
parent thereof) with, or the sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of
the assets of the Borrower (or direct or indirect parent thereof) to, an Affiliate incorporated or organized solely for the purpose
or reincorporating or reorganizing the Borrower in another jurisdiction and/or for the sole purpose of forming or collapsing a
holding company structure; and (D) a “person” or “group” shall not be deemed to have beneficial ownership
of securities subject to a stock purchase agreement, merger agreement or similar agreement (or voting or option agreement related
thereto) until the consummation of the transactions contemplated by such agreement.”


 


(c)          The
definition of “Permitted Holders” is hereby amended by replacing it in its entirety with the following:


 


““Permitted Holders”
means (i) (x) prior to the consummation of the Merger Transactions, (A) Angelo, Gordon & Co., L.P., (B) Avenue Capital Management
II, L.P., (C) Capital Research and Management Company, Capital Guardian Trust Company and Capital International, Inc., (D) Credit
Suisse Securities (USA) LLC and (E) Regiment Capital Management, LLC and (y) upon the consummation of the Merger Transactions,
(A) Chatham Asset Management, LLC, (B) Leon Cooperman and (C) David J. Pecker, (ii) any group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Exchange Act or any successor provision) of which any of the Permitted Holders specified in clause (i) above
are members, and (iii) the respective Affiliates and Related Persons of each of the foregoing; provided that in the case
of any group specified in clause (ii) above, without giving effect to such group, Permitted Holders specified in clause (i) above
and their respective Related Persons must collectively beneficially own at least 50% of the total voting power of the voting stock
of the Borrower.”


 




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(d)          Section
6.01(vii) of the Credit Agreement is hereby amended by replacing it in its entirety with the following:


 


“(vii)      (w)
the Senior Secured Notes, (x) the Second Lien Notes and (y) the Second Lien PIK Notes in an aggregate principal amount not to exceed
$114.0 million (of which up to $12.5 million issued after the Amendment No. 3 Effective Date shall only be permitted to be incurred
pursuant to this Section 6.01(vii)(y) if incurred in connection with the Merger Transactions) and (z) any Permitted Refinancing
Indebtedness incurred to refinance any Indebtedness permitted under this clause (vii);”


 


(e)          Section
6.02(ix) of the Credit Agreement is hereby amended by replacing it in its entirety with the following:


 


“(ix)        Liens
on Collateral securing (w) the Senior Secured Notes, (x) the Second Lien Notes, (y) the Second Lien PIK Notes permitted under Section
6.01(vii)(y) and the accrual of interest and the payment of interest in the form of additional Second Lien PIK Notes or (z) Permitted
Refinancing Indebtedness in respect thereof incurred pursuant to this Agreement so long as such Liens are subject to the First
Lien Intercreditor Agreement and the Second Lien Intercreditor Agreement, as applicable, or other intercreditor agreements in form
and substance reasonably satisfactory to the Administrative Agent.


 


(f)    
      Section 6.08(a)(vii) of the Credit Agreement is hereby amended by replacing it in its
entirety with the following:


 


“(vii) the Borrower may make
Restricted Payments of fees and expenses required to be paid by the Loan Parties in connection with the Merger Transactions,”


 


(g)          Section
6.08(b) of the Credit Agreement is hereby amended by adding the following text at the end of such Section:


 




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“Notwithstanding anything herein
to the contrary, the Borrower will not, nor will it permit any Restricted Subsidiary to, make or agree to pay or make, directly
or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of the Senior
Secured Notes on or prior to June 15, 2015 or any payment or other distribution (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of the Senior Secured Notes on or prior to June 15, 2015, except (x) payment of regularly scheduled interest and any
mandatory prepayments and mandatory offers to purchase (including any premiums required under the documents governing such Indebtedness),
in each case as and when due (or thereafter) in respect of the Senior Secured Notes (including, without limitation, any regularly
scheduled interest payments which the Borrower or such Restricted Subsidiary may elect to pay in cash or by the issuance of additional
Indebtedness), (y) refinancings of the Senior Secured Notes to the extent that the Indebtedness incurred to refinance such other
Indebtedness is permitted under Section 6.01 and (z) refinancings of the Senior Secured Notes with the Net Proceeds of any issuance
of Equity Interests by the Borrower to any Person other than the Borrower or any Restricted Subsidiary.”


 


(h)          Section
6.12 of the Credit Agreement is hereby amended by replacing it in its entirety with the following:


 


“SECTION 6.12         First
Lien Leverage Ratio. The Borrower will not permit the First Lien Leverage
Ratio as of the last day of any fiscal quarter ending on any date during any period set forth below to exceed the ratio set forth
below opposite such period:


 


	Period	 	Ratio
	 	 	 
	Effective Date to and including June 30, 2013	 	4.75 to 1.00
	 	 	 
	July 1, 2013 to and including March 31, 2014	 	4.50 to 1.00
	 	 	 
	April 1, 2014 to and including June 30, 2015	 	5.25 to 1.00
	 	 	 
	July 1, 2015 and thereafter	 	4.50 to 1.00



 


Section
2.          Waivers and Consents.


 


(a)          As
of the Waiver Effective Date (as hereinafter defined), the Required Lenders hereby waive the Specified Default until the expiration
of the Waiver Period. As used herein, the term “Waiver Period” shall mean the period commencing on the Waiver
Effective Date and expiring on the earlier of (i) August 15, 2014 and (ii) immediately prior to the consummation of the Merger.


 


(b)          Upon
the expiration of the Waiver Period, the agreement of the Required Lenders hereunder to waive the Specified Default shall immediately
terminate without the requirement of any demand, presentment, protest, or notice of any kind, all of which the Borrower and each
other Loan Party hereby waives.


 




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(c)          Notwithstanding
anything set forth in the Credit Agreement to the contrary, the Required Lenders hereby consent to the Specified Sale and permanently
waive any Default or Event of Default that may arise due to the consummation of the Specified Sale.


 


Section 3.          Conditions.


 


The
waivers contained in Section 2 of this Amendment shall become effective on the date (the “Waiver
Effective Date”) on which this Amendment has been signed by the Borrower and the Required Lenders. The amendments contained
in Section 1 of this Amendment shall become effective on the date (the “Amendment Effective Date”) on which:


 


(a)          This
Amendment has been signed by the Borrower and the Required Lenders.


 


(b)          The
Borrower shall have paid a consent fee for the account of each Lender that has executed a counterpart to this Amendment on or before
5:00 p.m. (New York City time) on August 11, 2014, in an amount equal to 0.50% of the outstanding principal amount of such Lender’s
Revolving Commitments in effect immediately prior to the Amendment Effective Date.


 


(c)          Substantially
concurrently with the Amendment Effective Date, the Administrative Agent shall have received an executed copy of the Note Purchase
Agreement, among the Borrower and certain funds and accounts managed by Chatham Asset Management, LLC and Omega Charitable Partnership,
L.P. providing for the issuance of Second Lien PIK Notes in an aggregate principal amount plus the accrued interest thereon of
no less than $12,500,000.


 


Section
4.          Counterparts.


 


This Amendment may be executed in counterparts
(and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by
telecopy or electronic transmission (including in .pdf or similar format) shall be effective as delivery of a manually executed
counterpart of this Amendment.


 


Section
5.          Applicable Law.


 


THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK.


 




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Section
6.          Headings.


 


Section headings herein and in the Loan Documents
are included for convenience of reference only and shall not affect the interpretation of this Amendment or any Loan Document.


 


Section
7.          Effect of Amendment.


 


On and after the Amendment Effective Date,
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 each of the 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. The Credit Agreement and each of the other Loan Documents, as supplemented
by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.
Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of
or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other
Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or
agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document, all of
which are ratified and affirmed in all respects and shall continue in full force and effect.


 




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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.


 


	 	AMERICAN MEDIA, INC., as Borrower
	 	 	 
	 	By:	/s/ Christopher Polimeni
	 	Name:	Christopher Polimeni
	 	Title:	Executive Vice President, Chief Financial Officer and Treasurer


 


[American Media Credit Agreement Amendment
No. 3]


 




    	 



    	 



    

 


 


	 	SIGNATURE PAGE TO AMENDMENT NO. 3 DATED AS OF August 8, 2014, AMONG AMERICAN MEDIA, INC. AND THE LENDERS PARTY HERETO
	 	 
	 	Lender Name:
	 	 
	 	JPMorgan Chase Bank, N.A.
	 	 	 	 
	 	By:	/s/ Charles Holmes
	 	 	Name:	Charles Holmes
	 	 	Title:	Executive Director


 


[American Media Credit Agreement Amendment
No. 3]


 




    	 



    	 



    

 


 


	 	SIGNATURE PAGE TO AMENDMENT NO. 3 DATED AS OF August 8, 2014, AMONG AMERICAN MEDIA, INC. AND THE LENDERS PARTY HERETO
	 	 	 	 
	 	Lender Name:
	 	 
	 	BDIF LLC
	 	 
	 	By: Guggenheim Partners Investment Management, LLC as Investment Manager
	 	 	 	 
	 	By:	/s/ Kaitlin Trinh
	 	 	Name:	Kaitlin Trinh
	 	 	Title:	Managing Director


 


[American Media Credit Agreement Amendment
No. 3]


 




    	 



    	 



    

 


 


	 	SIGNATURE PAGE TO AMENDMENT NO. 3 DATED AS OF August 8, 2014, AMONG AMERICAN MEDIA, INC. AND THE LENDERS PARTY HERETO
	 	 	 	 
	 	Lender Name:
	 	 
	 	IN-FP1 LLC
	 	 
	 	By: Guggenheim Partners Investment Management, LLC as Investment Manager
	 	 	 	 
	 	By:	/s/ Kaitlin Trinh
	 	 	Name:	Kaitlin Trinh
	 	 	Title:	Managing Director


 


[American Media Credit Agreement Amendment
No. 3]


 




    	 



    	 



    

 


 


	 	SIGNATURE PAGE TO AMENDMENT NO. 3 DATED AS OF August 8, 2014, AMONG AMERICAN MEDIA, INC. AND THE LENDERS PARTY HERETO
	 	 
	 	Lender Name:
	 	 
	 	IN-FP2 LLC
	 	 
	 	By: Guggenheim Partners Investment Management, LLC as Investment Manager
	 	 	 	 
	 	By:	/s/ Kaitlin Trinh
	 	 	Name:	Kaitlin Trinh
	 	 	Title:	Managing Director


 


[American Media Credit Agreement Amendment
No. 3]


 




    	 



    	 



    

 


 


	 	SIGNATURE PAGE TO AMENDMENT NO. 3 DATED AS OF August 8, 2014, AMONG AMERICAN MEDIA, INC. AND THE LENDERS PARTY HERETO
	 	 
	 	Lender Name:
	 	 
	 	IN-FP3 LLC
	 	 
	 	By: Guggenheim Partners Investment Management, LLC as Investment Manager
	 	 	 	 
	 	By:	/s/ Kaitlin Trinh
	 	 	Name:	Kaitlin Trinh
	 	 	Title:	Managing Director


 


[American Media Credit Agreement Amendment
No. 3]


 




    	 



    	 



    

 


 


	 	SIGNATURE PAGE TO AMENDMENT NO. 3 DATED AS OF August 8, 2014, AMONG AMERICAN MEDIA, INC. AND THE LENDERS PARTY HERETO
	 	 
	 	Lender Name:
	 	 
	 	WELLWATER LLC
	 	 
	 	By: Guggenheim Partners Investment Management, LLC as Investment Manager
	 	 	 	 
	 	By:	/s/ Kaitlin Trinh
	 	 	Name:	Kaitlin Trinh
	 	 	Title:	Managing Director


 


[American Media Credit Agreement Amendment
No. 3]


 




    	 



    	 



    

 


 


	 	SIGNATURE PAGE TO AMENDMENT NO. 3 DATED AS OF August 8, 2014, AMONG AMERICAN MEDIA, INC. AND THE LENDERS PARTY HERETO
	 	 
	 	Lender Name:
	 	 
	 	Deutsche Bank Trust Company Americas
	 	 	 	 
	 	By:	/s/ Michael Winters
	 	 	Name:	Michael Winters
	 	 	Title:	Vice President
	 	 	 	 
	 	By:	/s/ Peter Cucchiara
	 	 	Name:	Peter Cucchiara
	 	 	Title:	Vice President


 


[American Media Credit Agreement Amendment
No. 3]


 




    	 



    	 



    

 


 


	 	SIGNATURE PAGE TO AMENDMENT NO. 3 DATED AS OF August 8, 2014, AMONG AMERICAN MEDIA, INC. AND THE LENDERS PARTY HERETO
	 	 
	 	Lender Name:
	 	 
	 	Credit Suisse AG Cayman Islands Branch
	 	 	 	 
	 	By:	/s/ Judith Smith
	 	 	Name:	Judith Smith
	 	 	Title:	Authorized Signatory
	 	 	 	 
	 	By:	/s/ Stanley Tran
	 	 	Name:	Stanley Tran
	 	 	Title:	Authorized Signatory


 


[American Media Credit Agreement Amendment
No. 3]