Document:

exv10w1

Exhibit 10.1

THIRD AMENDMENT TO CREDIT AGREEMENT

     THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of the
5th day of April, 2007 by and among the lenders listed on the signature pages hereof (the
“Lenders”), PENSON WORLDWIDE, INC., a Delaware corporation (“Borrower”), GUARANTY
BANK, as Administrative Agent, Swing Line Lender, Arranger and Letter of Credit Issuer for the
Lenders (the “Administrative Agent”), and Wachovia Bank, National Association, as
Documentation Agent (the “Documentation Agent”), each to the extent and in the manner
provided for in the Credit Agreement (defined below and herein so called).

BACKGROUND

     A. The Lenders, the Borrower, the Documentation Agent and the Administrative Agent are parties
to that certain Credit Agreement dated as of May 26, 2006, (as it may be amended, extended,
renewed, or restated from time to time, the “Credit Agreement”). Capitalized terms defined
in the Credit Agreement and not otherwise defined herein shall be used herein as defined in the
Credit Agreement.

     B. The Borrower has requested an amendment to the certain provisions of the Credit Agreement
regarding permitted Investments, and the Administrative Agent and the Lenders have agreed to such
amendment in order to provide clarification, subject to the terms and conditions contained herein.

     NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereafter set
forth, and for other good and valuable consideration, the receipt and adequacy of which are all
hereby acknowledged, the parties hereto covenant and agree as follows:

     1. AMENDMENTS TO THE CREDIT AGREEMENT. The Credit Agreement is hereby amended as
follows:

     (a) Section 1.01 of the Credit Agreement is hereby amended by adding the
definition of “Greenline Acquisition” to read as follows:

     “Greenline Acquisition” means the acquisition of up to a $3,000,000
non-controlling interest in Greenline Financial Technologies, which acquisition shall
include an initial investment of up to $2,000,000 with the ability to invest up to an
additional $1,000,000 on or before March 31, 2008.

     (b) Section 7.02(f) and (g) of the Credit Agreement are hereby deleted in their
entirety and are replaced with the following:

(f) Investments existing on the date hereof and as set forth on
Schedule 7.02;

(g) Investments constituting acquisitions of the Equity Interests of
a Person or acquisitions of property which do not constitute a
controlling interest in such existing business, to the extent that

THIRD AMENDMENT TO CREDIT AGREEMENT — Page 1

 

 

such Investments do not exceed $5,000,000 for any single acquisition
or $20,000,000 in the aggregate during any fiscal year (not
including, for purposes of calculations under this Section 7.02(g),
the Greenline Acquisition);

(h) the Greenline Acquisition; and

(i) Investments otherwise permitted in this Agreement.

     2. CONDITIONS OF EFFECTIVENESS. This Amendment shall not be effective until each of
the following conditions precedent shall have been met to the satisfaction of the Administrative
Agent:

     (a) Since the date of the most recent financial statements provided to the Lenders,
there shall have been no event or circumstance, either individually or in the aggregate,
that has had or would reasonably be expected to have a Material Adverse Effect;

     (b) No Default shall exist after giving effect to this Amendment;

     (c) The Administrative Agent shall have received confirmation that the Borrower has
paid all expenses and fees arising in connection with all matters undertaken or performed at
the request of the Administrative Agent; and

     (d) The Administrative Agent shall have received, in form and substance satisfactory to
the Administrative Agent, a duly executed copy of this Amendment and the other applicable
Loan Documents, together with such additional documents, instruments and certificates as the
Administrative Agent shall require in connection therewith, all in form and substance
satisfactory to the Administrative Agent.

     3. REPRESENTATIONS AND WARRANTIES. The representations and warranties contained
herein and in all other Loan Documents, as amended hereby, shall be true and correct as of the date
hereof as if made on the date hereof.

     4. REFERENCE TO CREDIT AGREEMENT. Upon the effectiveness of this Amendment, each
reference in the Credit Agreement to “this Agreement,” “hereunder,” or words of like import shall
mean and be a reference to the Credit Agreement, as affected and amended by this Amendment.

     5. COUNTERPARTS; EXECUTION VIA FACSIMILE OR ELECTRONIC TRANSMITTAL. 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. This Amendment may be validly
executed and delivered by facsimile or other electronic transmission.

     6. GOVERNING LAW: BINDING EFFECT. This Amendment shall be governed by and construed
in accordance with the laws of the State of Texas and shall be binding upon the

THIRD AMENDMENT TO CREDIT AGREEMENT — Page 2

 

 

Borrower, the Administrative Agent, the Documentation Agent, each Lender and their respective
successors and assigns.

     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.

     8. LOAN DOCUMENT. This Amendment is a Loan Document and is subject to all provisions
of the Credit Agreement applicable to Loan Documents, all of which are incorporated in this
Amendment by reference the same as if set forth in this Amendment verbatim.

     9. SEVERABILITY. Any provisions of this Amendment held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this
Amendment and the effect thereof shall be confined to the provisions so held to be invalid or
unenforceable.

     10. RATIFICATIONS. Except as expressly modified and superseded by this Amendment, the
terms and provisions of the Credit Agreement and the other Loan Documents are ratified and
confirmed and shall continue in full force and effect. The representations and warranties
contained herein and in all other Loan Documents, as amended hereby, shall be true and correct as
of, and as if made on, the date hereof. The Credit Agreement as amended hereby shall continue to
be legal, valid, binding and enforceable in accordance with its respective terms.

     11. NO ORAL AGREEMENTS. THIS WRITTEN AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT
THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES.

[Remainder of page left intentionally blank. Signature pages follow.]

THIRD AMENDMENT TO CREDIT AGREEMENT — Page 3

 

 

     IN WITNESS WHEREOF, the Borrowers, the Lenders, the Documentation Agent and the Administrative
Agent have executed this Amendment as of the date first above written.

	 	 	 	 	 
	 	BORROWER:

PENSON WORLDWIDE, INC.

 	 
	 	By:  	/s/ Roger J. Engemoen, Jr.
 	 
	 	 	Name:  	Roger J. Engemoen, Jr. 	 
	 	 	Title:  	Chairman 	 
	 

SIGNATURE PAGE TO THIRD AMENDMENT TO CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	GUARANTY BANK,

as Administrative Agent, a Lender, Letter of Credit

Issuer and Swing Line Lender

 	 
	 	By:  	/s/ Amanda Cone
 	 
	 	 	Name:  	Amanda Cone 	 
	 	 	Title:  	Vice President 	 
	 

SIGNATURE PAGE TO THIRD AMENDMENT TO CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL

ASSOCIATION, as Documentation Agent

and a Lender
 	 
	 	By:  	/s/ Gideon Oosthuizen
 	 
	 	 	Name:  	Gideon Oosthuizen 	 
	 	 	Title:  	Senior Vice President 	 
	 

SIGNATURE PAGE TO THIRD AMENDMENT TO CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.

 	 
	 	By:  	/s/ Kristen M. Murphy
 	 
	 	 	Name:  	Kristen M. Murphy 	 
	 	 	Title:  	Assistant Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	REGIONS BANK

 	 
	 	By:  	/s/ Robin Ingari
 	 
	 	 	Name:  	Robin Ingari 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	SOVEREIGN BANK

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:exv10w1

EXHIBIT 10.1

EZCORP ANNOUNCES NEW AGREEMENT TO ACQUIRE VALUE FINANCIAL SERVICES

AUSTIN, Texas (September 16, 2008) 3⁄4 EZCORP, Inc. (Nasdaq: EZPW) announced today that it has
entered into a new merger agreement to acquire 100% of the equity ownership of Value Financial
Services, Inc (“Value”). The agreement is a successor to negotiations between the companies that
were terminated on August 8, 2008, and then recommenced in late August.

In the merger agreement, EZCORP agrees to exchange three-quarters of a share of EZCORP’s Class A
Non-voting Common Stock (“EZPW”) for each of the approximate 6,646,000 shares of Value’s common
stock. EZCORP also agrees to pay cash consideration of $11.00 per share in lieu of EZPW shares for
up to 20% of the outstanding Value shares.

Assuming today’s EZPW closing price of $16.35 and that 20% of the Value shares are acquired with
cash, the purchase price will be approximately $115.9 million plus potential contingent payments.
This purchase price is comprised of $79.8 million paid to Value shareholders, assumption of
estimated debt of $35.3 million and estimated transaction costs of $0.8 million.

Assuming 20% of Value shares are acquired for cash, the consideration paid to Value Financial
Services shareholders will be comprised of $14.6 million cash and the issuance of approximately
3,988,000 shares of EZPW. The final purchase price will depend on the closing market price of EZPW
on the day prior to closing plus any subsequent contingent payments as described in the Merger
Agreement.

The transaction is expected to close by December 31, 2008. The agreement provides for a $5 million
break up fee payable to EZCORP, should the transaction fail to close due to certain conditions
including the failure of Value’s shareholders to approve the deal. Value currently operates 67
pawnshops: 60 in Florida, four in Tennessee and three in Georgia.

EZCORP’s President and Chief Executive Officer, Joe Rotunda, stated, “I am delighted that we have
agreed to terms on this acquisition that are a win for both shareholder groups. The structure of
the transaction allows us to move forward with a conservative capital structure and the flexibility
to take advantage of future opportunities.”

“After closing this transaction, we will become the largest operator of pawnshops in the state of
Florida. This compliments last year’s acquisition of the second largest operator in Colorado,
solidifying our number one position in that state; and our recently announced agreement to acquire
the second largest Nevada pawn operator, Pawn Plus.”

Rotunda concluded, “In addition to acquiring strong stores in an excellent market, we are getting a
great management team. John Thedford, the CEO of Value, will be leading our pawn organization in
the U.S. and Mexico as the President of EZPAWN Worldwide.”

EZCORP is primarily a lender or provider of credit services to individuals who do not have cash
resources or access to credit to meet their short-term cash needs. In 294 U.S. EZPAWN and 30
Mexico Empeño Fácil locations open on June 30, 2008, the Company offers non-recourse loans
collateralized by tangible personal property, commonly known as pawn loans. At these locations,
the Company also sells merchandise, primarily collateral forfeited from its pawn lending
operations, to consumers looking for good value. In 461 EZMONEY locations and 71 EZPAWN locations
open on June 30, 2008, the Company offers short-term non-collateralized loans, often referred to as
payday loans, or fee based credit services to customers seeking loans.

This announcement contains certain forward-looking statements regarding the Company’s expected
performance for future periods including, but not limited to, the completion and anticipated
benefits of an acquisition and expected future earnings. Actual results for these periods may
materially differ from these statements. Such forward-looking

 

 

statements involve risks and uncertainties such as changing market conditions in the overall
economy and the industry, consumer demand for the Company’s services and merchandise, changes in
the regulatory environment, and other factors periodically discussed in the Company’s annual,
quarterly and other reports filed with the Securities and Exchange Commission.

For additional information, contact Dan Tonissen at (512) 314-2289.

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