Document:

Exhibit 10.1

 

EXECUTION COPY

 

 

 

FIRST AMENDMENT TO 364-DAY CREDIT AGREEMENT

 

Dated as of August 14, 2015

 

among

 

PLAINS ALL AMERICAN PIPELINE, L.P.,

 

as Borrower,

 

BANK OF AMERICA, N.A.,

 

as Administrative Agent,

 

and

 

CITIBANK, N.A., JPMORGAN CHASE BANK, N.A.

and WELLS FARGO BANK, NATIONAL ASSOCIATION,
  as Co-Syndication Agents,

 

DNB BANK ASA, NEW YORK BRANCH and MIZUHO BANK, LTD.,
  as Co-Documentation Agents,

 

and

 

The Other Lenders Party Hereto

 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

and

CITIGROUP GLOBAL MARKETS INC., DNB MARKETS, INC.,

J.P. MORGAN SECURITIES LLC, MIZUHO BANK, LTD. and

WELLS FARGO SECURITIES, LLC,

as

Joint Lead Arrangers and Joint Bookrunners

 

Senior Unsecured 364- Day Revolving Credit Facility

 

 

 

 

FIRST AMENDMENT TO 364-DAY CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO 364-DAY CREDIT AGREEMENT (this “Amendment”) dated as of the 14th day of August, 2015, is by and among PLAINS ALL AMERICAN PIPELINE, L.P. (the “Borrower”), BANK OF AMERICA, N.A., as Administrative Agent, and the Lenders party hereto.

 

W I T N E S S E T H:

 

WHEREAS, Borrower, Administrative Agent and Lenders entered into that certain 364-Day Credit Agreement dated as of January 16, 2015 (the “Original Agreement”) for the purposes and consideration therein expressed; and

 

WHEREAS, Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Lead Arranger”), has, at the Borrower’s request, syndicated and arranged for an extension of the maturity date set forth in the Original Agreement, and pursuant thereto, the Borrowers, Administrative Agent and the Lenders party hereto desire to amend the Original Agreement for the purposes described herein;

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the Original Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

 

ARTICLE I. — Definitions and References

 

§ 1.1.                  Terms Defined in the Original Agreement.  Unless the context otherwise requires or unless otherwise expressly defined herein, the terms defined in the Original Agreement shall have the same meanings whenever used in this Amendment.

 

§ 1.2.                  Other Defined Terms.  Unless the context otherwise requires, the following terms when used in this Amendment shall have the meanings assigned to them in this § 1.2.

 

“Amendment Effective Date” has the meaning specified in § 3.1 of this Amendment.

 

“Credit Agreement” means the Original Agreement as amended hereby.

 

ARTICLE II. — Amendments

 

§ 2.1.                  Definitions.

 

(a)                                 Maturity Date.  The definition of “Maturity Date” set forth in Section 1.01 of the Original Agreement is hereby amended in its entirety to read as follows:

 

“Maturity Date” means August 12, 2016.

 

1

 

ARTICLE III. — Conditions of Effectiveness

 

§ 3.1.                  Amendment Effective Date.  This Amendment shall become effective as of the date first written above (the “Amendment Effective Date”), upon the satisfaction of the following conditions precedent:

 

(a)                                 The Administrative Agent’s receipt of the following, each of which shall be originals, telecopies or other electronic copies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the Borrower, if applicable, each dated the Amendment Effective Date (or, in the case of certificates of governmental officials, a recent date before the Amendment Effective Date and in the case of financial statements, the date or period of such financial statements) and each in form and substance reasonably satisfactory to the Administrative Agent:

 

(i)                                     executed counterparts of this Amendment, sufficient in number for distribution to the Administrative Agent, each Lender and Borrower;

 

(ii)                                  such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment and the other Loan Documents to which Borrower is a party delivered pursuant to this §3.1;

 

(iii)                               such documents and certifications as the Administrative Agent may reasonably require to evidence that Borrower, General Partner and GP LLC are duly organized or formed, and that Borrower is validly existing and in good standing in its jurisdiction of organization, issued by the appropriate authorities of such jurisdiction;

 

(iv)                              favorable opinions of (A) Richard McGee, Esq., General Counsel for Borrower and (B) Norton Rose Fulbright US LLP, special Texas and New York counsel to the Borrower, addressed to the Administrative Agent and each Lender;

 

(v)                                 a certificate signed by a Responsible Officer of Borrower certifying (A) that the conditions specified in Section 4.02(a) and (b) of the Credit Agreement have been satisfied and (B) that there has been no event or circumstance since December 31, 2014 that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect; and

 

(vi)                              such other assurances, certificates, documents, consents or opinions as the Administrative Agent may reasonably require.

 

(b)                                 All consents, licenses and approvals required in connection with the execution, delivery and performance by Borrower and the validity against Borrower of this Amendment and each of the other Loan Documents to which it is a party shall have been obtained and shall be in full force and effect.

 

(c)                                  There shall not have occurred during the period from December 31, 2014 through and including the Amendment Effective Date any event or condition that has had or could

 

2

 

reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect, and there shall be no actions, suits, investigations, proceedings, claims or disputes pending or, to the knowledge of Borrower, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Subsidiaries or against any of their properties or revenues that either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

(d)                                 Any fees due the Lead Arranger, Administrative Agent or any Lender, including any arrangement fees, agency fees and upfront fees, and any expenses incurred by the Lead Arranger and Administrative Agent, in each case, as agreed in writing by the Borrower, required to be paid on or before the Amendment Effective Date shall have been paid.

 

(e)                                  Borrower shall have paid all reasonable fees, charges and disbursements of counsel to the Administrative Agent to the extent invoiced prior to the Amendment Effective Date.

 

For purposes of determining compliance with the conditions specified in this §3.1, each Lender that has signed this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Amendment Effective Date specifying its objection thereto and the Administrative Agent hereby agrees to promptly provide Borrower with a copy of any such notice received by the Administrative Agent.

 

ARTICLE IV. — Representations and Warranties

 

§ 4.1.                  Representations and Warranties of Borrower.  In order to induce Administrative Agent and Lenders to enter into this Amendment, Borrower represents and warrants to Administrative Agent and each Lender that:

 

(a)                                 The representations and warranties of Borrower contained in Article V of the Credit Agreement and in any other Loan Document are true and correct in all material respects on and as of the Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except that the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement.

 

(b)                                 No Default has occurred and is continuing as of the Amendment Effective Date.

 

ARTICLE V. — Miscellaneous

 

§ 5.1.                  Ratification of Agreements.  The Original Agreement, as hereby amended, is hereby ratified and confirmed in all respects.  The Loan Documents, as they may be amended or affected by this Amendment, are hereby ratified and confirmed in all respects by Borrower.  Any reference to the Original Agreement in any Loan Document shall be deemed to refer to the Credit Agreement.  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 

 

3

 

Administrative  Agent or any Lender under the Credit Agreement or any other Loan Document nor constitute a waiver of any provision of the Credit Agreement or any other Loan Document.

 

§ 5.2.                  Loan Documents.  This Amendment is a Loan Document, and all provisions in the Credit Agreement pertaining to Loan Documents apply hereto.

 

§ 5.3.                  GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

§ 5.4.                  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 other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Amendment.

 

§ 5.5.                  ENTIRE AGREEMENT.  THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG 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 AMONG THE PARTIES.

 

[Remainder of page intentionally left blank]

 

4

 

IN WITNESS WHEREOF, this Amendment is executed as of the date first above written.

 

	
 
    	
PLAINS   ALL AMERICAN PIPELINE, L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
PAA   GP LLC, its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
PLAINS   AAP, L.P., its sole member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
PLAINS   ALL AMERICAN GP LLC,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sharon S. Spurlin
    
	
 
    	
 
    	
Name:   Sharon S. Spurlin
    
	
 
    	
 
    	
Title:   Vice President and Treasurer
    

 

PAA 364-Day 1st Amendment

 

S-1

 

	
 
    	
BANK OF AMERICA, N.A.,
    
	
 
    	
as Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Rosanne Parsill
    
	
 
    	
Name:
    	
Rosanne Parsill
    
	
 
    	
Title:
    	
Vice President
    

 

PAA 364-Day 1st Amendment

 

S-2

 

	
 
    	
BANK OF AMERICA, N.A.,   as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Adam H. Fey
    
	
 
    	
Name:
    	
Adam H. Fey
    
	
 
    	
Title:
    	
Director
    

 

PAA 364-Day 1st Amendment

 

S-3

 

	
 
    	
JPMORGAN CHASE BANK, N.A.,
    
	
 
    	
as Co-Syndication Agent   and a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Stephanie Balette
    
	
 
    	
Name:
    	
Stephanie Balette
    
	
 
    	
Title:
    	
Authorized signer
    

 

PAA 364-Day 1st Amendment

 

S-4

 

	
 
    	
DNB BANK ASA, NEW YORK BRANCH,
    
	
 
    	
as Co-Documentation   Agent
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Caroline Adams
    
	
 
    	
Name:
    	
Caroline Adams
    
	
 
    	
Title:
    	
First Vice President
    

 

 

	
 
    	
By: 
    	
/s/ Colleen Durkin
    
	
 
    	
Name:
    	
Colleen Durkin
    
	
 
    	
Title:
    	
Senior Vice President
    

 

 

	
 
    	
DNB CAPITAL LLC,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Caroline Adams
    
	
 
    	
Name:
    	
Caroline Adams
    
	
 
    	
Title:
    	
First Vice President
    

 

 

	
 
    	
By: 
    	
/s/ Colleen Durkin
    
	
 
    	
Name:
    	
Colleen Durkin
    
	
 
    	
Title:
    	
Senior Vice President
    

 

PAA 364-Day 1st Amendment

 

S-5

 

	
 
    	
WELLS FARGO BANK, NATIONAL   ASSOCIATION,
    
	
 
    	
as Co-Syndication Agent   and a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Michael A. Tribolet
    
	
 
    	
Name:
    	
Michael A. Tribolet
    
	
 
    	
Title:
    	
Managing Director
    

 

PAA 364-Day 1st Amendment

 

S-6

 

	
 
    	
CITIBANK, N.A.,
    
	
 
    	
as Co-Syndication Agent   and a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Maureen P. Maroney
    
	
 
    	
Name:
    	
Maureen P. Maroney
    
	
 
    	
Title:
    	
Vice President
    

 

PAA 364-Day 1st Amendment

 

S-7

 

	
 
    	
MIZUHO BANK, LTD.,
    
	
 
    	
as Co-Documentation   Agent and a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Raymond Ventura
    
	
 
    	
Name:
    	
Raymond Ventura
    
	
 
    	
Title:
    	
Deputy General Manager
    

 

PAA 364-Day 1st Amendment

 

S-8

 

	
 
    	
BRANCH BANKING AND TRUST   COMPANY,
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jamie Grunsky
    
	
 
    	
Name:
    	
Jamie Grunsky
    
	
 
    	
Title:
    	
Banking Officer
    

 

PAA 364-Day 1st Amendment

 

S-9

 

	
 
    	
DEUTSCHE BANK AG NEW YORK   BRANCH,
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Virgina Cosenza
    
	
 
    	
Name:
    	
Virginia Cosenza
    
	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Yvonne Tilden
    
	
 
    	
Name:
    	
Yvonne Tilden
    
	
 
    	
Title:
    	
Director
    

 

 PAA 364-Day 1st Amendment

 

S-10

 

	
 
    	
MORGAN STANLEY BANK, N.A.,
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael King
    
	
 
    	
Name:
    	
Michael King
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

 PAA 364-Day 1st Amendment

 

S-11

 

	
 
    	
BARCLAYS BANK PLC,
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Vanessa Kurbatskiy
    
	
 
    	
Name:
    	
Vanessa Kurbatskiy
    
	
 
    	
Title:
    	
Vice President
    

 

 PAA 364-Day 1st Amendment

 

S-12

 

	
 
    	
COMPASS BANK,
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Les Werme
    
	
 
    	
Name:
    	
Les Werme
    
	
 
    	
Title:
    	
Director
    

 

 PAA 364-Day 1st Amendment

 

S-13

 

	
 
    	
BNP PARIBAS,
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark Renaud
    
	
 
    	
Name:
    	
Mark Renaud
    
	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Reginald Crichlow
    
	
 
    	
Name:
    	
Reginald Crichlow
    
	
 
    	
Title:
    	
Vice President
    

 

 PAA 364-Day 1st Amendment

 

S-14

 

	
 
    	
CANADIAN IMPERIAL BANK OF   COMMERCE, NEW YORK BRANCH,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Richard Antl
    
	
 
    	
Name: 
    	
Richard Antl
    
	
 
    	
Title: 
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ William M. Reid
    
	
 
    	
Name: 
    	
William M. Reid
    
	
 
    	
Title: 
    	
Authorized Signatory
    

 

PAA 364-Day 1st Amendment

 

S-15

 

	
 
    	
ROYAL BANK OF CANADA,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Caleb Allen
    
	
 
    	
Name: 
    	
Caleb Allen
    
	
 
    	
Title: 
    	
Authorized Signatory
    

 

PAA 364-Day 1st Amendment

 

S-16

 

	
 
    	
SUMITOMO MITSUI BANKING   CORPORATION,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ James D. Weinstein
    
	
 
    	
Name: 
    	
James D. Weinstein
    
	
 
    	
Title: 
    	
Managing Director
    

 

PAA 364-Day 1st Amendment

 

S-17

 

	
 
    	
SUNTRUST BANK,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Chulley Bogle
    
	
 
    	
Name: 
    	
Chulley Bogle
    
	
 
    	
Title: 
    	
Vice President
    

 

PAA 364-Day 1st Amendment

 

S-18

 

	
 
    	
THE BANK OF NOVA SCOTIA,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Mark Sparrow
    
	
 
    	
Name: 
    	
Mark Sparrow
    
	
 
    	
Title: 
    	
Director
    

 

PAA 364-Day 1st Amendment

 

S-19

 

	
 
    	
THE BANK OF TOKYO-MITSUBISHI   UFJ, LTD.,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Mark Oberreuter
    
	
 
    	
Name: 
    	
Mark Oberreuter
    
	
 
    	
Title: 
    	
Vice President
    

 

PAA 364-Day 1st Amendment

 

S-20

 

	
 
    	
UBS AG, STAMFORD BRANCH,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ James Morgan
    
	
 
    	
Name: 
    	
James Morgan
    
	
 
    	
Title: 
    	
Executive Director
    
	
 
    	
 
    	
Regional Functional   Head
    
	
 
    	
 
    	
Banking Product   Services US
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Darlene Arias
    
	
 
    	
Name: 
    	
Darlene Arias
    
	
 
    	
Title: 
    	
Director
    

 

PAA 364-Day 1st Amendment

 

S-21

 

	
 
    	
BMO HARRIS BANK N.A.,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Gumaro Tijerina
    
	
 
    	
Name: 
    	
Gumaro Tijerina
    
	
 
    	
Title: 
    	
Managing Director
    

 

PAA 364-Day 1st Amendment

 

S-22

 

	
 
    	
ING CAPITAL LLC,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Subha Pasumarti
    
	
 
    	
Name: 
    	
Subha Pasumarti
    
	
 
    	
Title: 
    	
Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Hans Beekmans
    
	
 
    	
Name: 
    	
Hans Beekmans
    
	
 
    	
Title: 
    	
Director
    

 

PAA 364-Day 1st Amendment

 

S-23

 

	
 
    	
REGIONS BANK,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ David Valentine
    
	
 
    	
Name: 
    	
David Valentine
    
	
 
    	
Title: 
    	
Senior Vice President
    

 

PAA 364-Day 1st Amendment

 

S-24

 

	
 
    	
SOCIÉTÉ GÉNÉRALE,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Michiel van der   Voort
    
	
 
    	
Name: 
    	
Michiel van der Voort
    
	
 
    	
Title: 
    	
Managing Director
    

 

PAA 364-Day 1st Amendment

 

S-25

 

	
 
    	
U.S. BANK NATIONAL ASSOCIATION,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Patrick Jeffrey
    
	
 
    	
Name: 
    	
Patrick Jeffrey
    
	
 
    	
Title: 
    	
Vice President
    

 

PAA 364-Day 1st Amendment

 

S-26

 

	
 
    	
PNC BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Denise He
    
	
 
    	
Name: 
    	
Denise He
    
	
 
    	
Title: 
    	
Assistant Vice   President
    

 

PAA 364-Day 1st Amendment

 

S-27pn-ex101_454.htm

 

Exhibit 10.1

FIRST AMENDMENT TO CREDIT AGREEMENT

This First Amendment (this “Amendment”) to the Credit Agreement dated January 22, 2015 among Patriot National, Inc., a Delaware corporation (“Borrower”), the Lenders (as defined therein) and BMO Harris Bank N.A., as administrative agent (the “Credit Agreement”) is dated as of June 15, 2015.

1.Definitions.   Capitalized terms used and not defined in this Amendment have the respective meanings assigned to them in the Credit Agreement.

2.Amendments to the Credit Agreement.   As of the Amendment Effective Date (defined below), the Credit Agreement is hereby amended or modified as follows:

(a)In Section 1.1, clause (f) of the definition of “Permitted Investments” is amended in its entirety to read as follows:

(f)securities, other than those securities identified in clauses (a) through (e) above, that are listed on any national securities exchange and that do not have a fair market value on the date of purchase of more than (i) $300,000 for any one such security or (ii) $6,000,000 for all such securities.

(b)In Section 1.1, the following new defined terms shall be inserted in proper alphabetical order:

“BMO Equipment Financing” means any master lease agreement or other financing documents entered into from time to time between BMO Harris Equipment Finance Company and the Borrower or any of its Subsidiaries in connection with the acquisition or capital lease of equipment.

“Earn-out Payment” means, in connection with a Permitted Acquisition, delayed payments to the seller that are based upon the future performance of the acquired business.

“First Amendment” means the First Amendment to Credit Agreement dated as of June 15, 2015 among the Borrower, the other Loan Parties, the Lenders party thereto and the Administrative Agent.

“Small Permitted Acquisition” shall mean a Permitted Acquisition in which the Total Consideration is $10,000,000 or less.

“Large Permitted Acquisition” shall mean a Permitted Acquisition in which the Total Consideration is greater than $10,000,000.

“Seller Debt” means Debt owed by the Borrower or any of its Subsidiaries to the seller in connection with any Permitted Acquisition.

 

 

 

 

“Total Consideration” means, with respect to an Acquisition, the sum (but without duplication) of (a) cash paid in connection with such Acquisition, (b) Seller Debt, (c) the present value of payments for covenants not to compete entered into in connection with such Acquisition or other future payments which are required to be made over a period of time and are not contingent upon the Borrower or a Subsidiary meeting financial performance objectives, but only to the extent not included in clause (a) or (b) above, (d) the present value of any Earn-out Payment, and (e) the amount of Debt assumed in connection with such Acquisition.

(c)Section 11.15(e) is amended in its entirety to read as follows:

(e)  (i)  for each Large Permitted Acquisition, the Borrower shall have delivered to the Administrative Agent, at least five Business Days prior to such Acquisition, or such shorter period as the Required Lenders may consent to, (x) a certificate of a Responsible Financial Officer of the Borrower demonstrating, to the satisfaction of the Administrative Agent, (A) pro forma compliance with Section 11.17, both before (looking back four complete fiscal quarters) and after giving effect to such Acquisition, and (B) that after giving effect to such Acquisition, the Total Leverage Ratio is at least 0.20 less than the maximum Total Leverage Ratio, permitted as of the last day of the current Computation Period pursuant to Section 11.17.1, (y) if the total revenues of the target of the Acquisition equal 15% or more of the revenues of the Borrower and its Subsidiaries, either (A) audited financial statements for the most recently completed fiscal year of the Person to be acquired, prepared by a nationally recognized accounting firm, or (B) the results of an audit or a due diligence review of the Person or assets to be acquired, prepared by an accounting firm acceptable to the Administrative Agent and (z) an updated operating budget that meets the requirements set forth in Section 10.1(f); and (ii) for each Small Permitted Acquisition, prior to closing of such Small Permitted Acquisition, the Borrower shall have delivered to the Administrative Agent a certificate of a Responsible Financial Officer of the Borrower certifying that after giving effect to such Small Permitted Acquisition (x) the Borrower is in compliance with Section 11.15 and (y) the aggregate Total Consideration of all Small Permitted Acquisitions made within such Fiscal Year (or, with respect to Fiscal Year 2015, since the date of the First Amendment) provided, however, at such time as the aggregate Total Consideration of all Small Permitted Acquisitions within a Fiscal Year exceeds or, after giving effect to any Acquisition, would exceed $25,000,000 (with respect to Fiscal Year 2015, after the date of the First Amendment), the Borrower shall provide the deliveries required under this Section 11.15(e)(i) (other than clause (z) of Section 11.15(e)(i)) for all Permitted Acquisitions; and

(d)Section 11.1(j) of the Credit Agreement is amended in its entirety to read as follows:

(j)Debt pursuant to the WCE Capital Lease or the BMO Equipment Financing. 

(e)Section 11.2(h) of the Credit Agreement is amended in its entirety to read as follows:

2

 

(h)Liens securing the Debt pursuant to the WCE Capital Lease or the BMO Equipment Financing; provided, that such Liens encumber only the property financed by such Debt and the proceeds and products thereof; and

(f)Exhibit G to the Credit Agreement is hereby replaced with Exhibit G attached hereto.

3.Representations and Warranties. Each Loan Party represents and warrants to the Administrative Agent and the Lenders that:

3.1Authorization; No Conflict.  The execution, delivery and performance by such Loan Party of this Amendment, and the consummation of the transactions contemplated hereby, (a) are within such Loan Party’s limited liability company, limited partnership or corporate powers, as applicable, (b) have been duly authorized by all necessary limited liability company, limited partnership or corporate action, as applicable, (c) do not contravene (i) such Loan Party’s organizational documents or (ii) any law, regulation or contractual restriction binding on or affecting such Loan Party and (d) will not result in or require the creation or imposition of any Lien upon or with respect to any of the properties of such Loan Party or any of its Subsidiaries. 

3.2Governmental Approvals.  No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or any other third party is required for the due execution, delivery and performance by such Loan Party of this Amendment.

3.3Enforceability.  This Amendment has been duly executed and delivered by such Loan Party and is the legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as affected by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other similar laws relating to or affecting the enforcement of creditors’ rights generally and/or (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding at law or in equity).

3.4Representations and Warranties.  On the date hereof, each representation and warranty set forth in Section 9 of the Credit Agreement, as amended by this Amendment, is true and correct in all material respects on and as of the date hereof with the same effect as if made on and as of the date hereof (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 was true and correct as of such date).

3.5No Default.  No Event of Default or Unmatured Event of Default exists or will exist after giving effect to the Amendment.

4.Effectiveness. This Amendment shall become effective on the date (the “Amendment Effective Date”) when the Administrative Agent has received each of the following, in form and substance satisfactory to the Administrative Agent:

(a)counterparts of this Amendment signed by each Loan Party, the Administrative Agent and the Required Lenders; and

(b)a certificate signed by each Loan Party certifying that the representations and warranties set forth in Sections 3.1 through 3.5 are true and correct;

5.Continuing Effectiveness, etc. (a) Except to the extent expressly set forth herein, all of the terms and conditions of the Credit Agreement and the other Loan Documents remain unchanged and in full 

3

 

force and effect.  Each Loan Party affirms that after giving effect to this Amendment, the Credit Agreement, as modified hereby, and each other Loan Document to which any Loan Party is a party will remain in full force and effect and will continue to constitute a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms except insofar as such enforcement may be limited by Debtor Relief Laws.

(b)Upon the effectiveness hereof, all references to the Credit Agreement set forth in any other agreement or instrument shall, unless otherwise specifically provided, be references to the Credit Agreement as amended hereby.   

6.Miscellaneous. (b) The provisions of Sections 1.2, 15.6(a), 15.7, 15.9, 15.10, 15.11, 15.12, 15.16 and 15.17 of the Credit Agreement are incorporated herein by reference, mutatis mutandis.  

[Signature Page Follows]

 

 

 

4

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the Effective Date set forth above.

 

	
PATRIOT NATIONAL, INC.

	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

	
PATRIOT SERVICES, INC.

	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

	
CONTEGO SERVICES GROUP, LLC

	
 

	
By:
	
/s/ Christopher L. Pizzo

	
Name:
	
Christopher L. Pizzo

	
Title:
	
VP, Secretary

 

	
CONTEGO RECOVERY, LLC

	
 

	
By:
	
/s/ Christopher L. Pizzo

	
Name:
	
Christopher L. Pizzo

	
Title:
	
VP, Secretary

 

	
CONTEGO INVESTIGATIVE SERVICES, INC.

	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

	
PATRIOT RECOVERY SERVICES, INC.

	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

	
PATRIOT TECHNOLOGY SOLUTIONS, INC.

	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

 

	
PATRIOT CAPTIVE MANAGEMENT, INC.

	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

	
PATRIOT RISK SERVICES, INC.

	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

	
PATRIOT CLAIM SERVICES, INC.

	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

	
PATRIOT CARE, INC.

	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

	
PATRIOT CARE HOLDINGS, INC.

	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

	
PATRIOT CARE SERVICES, INC.

	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

	
PATRIOT CARE MANAGEMENT, INC.

	
 

	
By:
	
/s/ Christopher L. Pizzo

	
Name:
	
Christopher L. Pizzo

	
Title:
	
Executive Vice-President, Secretary

 

	
FORZA LIEN, INC.

	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

 

	
PATRIOT UNDERWRITERS, INC.

	
 
	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

	
VIKARAN TECHNOLOGY SOLUTIONS, INC.

	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

	
TRIGEN INSURANCE SOLUTIONS, INC.

	
 

	
By:
	
/s/ Christopher L. Pizzo

	
Name:
	
Christopher L. Pizzo

	
Title:
	
VP, Secretary

 

	
PATRIOT LEGAL SERVICES, INC.

	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

	
DECISION UR, LLC

	
 

	
By:
	
/s/ Steven M. Mariano

	
Name:
	
Steven M. Mariano

	
Title:
	
CEO

 

	
BMO HARRIS BANK N.A., as Administrative Agent and a Lender

	
 

	
By:
	
/s/ BMO Harris Bank N.A.

	
Name:
	
 

	
Title:
	
 

 

	
FIFTH THIRD BANK

	
 

	
By:
	
/s/ Fifth Third Bank

	
Name:
	
 

	
Title:
	
 

 

	
SUNTRUST BANK

	
 

	
By:
	
/s/ Suntrust Bank

	
Name:
	
 

	
Title:
	
 

 

 

	
CITY NATIONAL BANK OF FLORIDA

	
 
	
 

	
By:
	
/s/ City National Bank of Florida

	
Name:
	
 

	
Title:
	
 

 

* All exhibits to this Exhibit 10.1 have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The schedules include a list of subsidiaries. The exhibits include the form of compliance certificate. A copy of any omitted schedule and/or exhibit will be furnished to the Securities and Exchange Commission upon request.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}]]