Document:

EX-4.1

 Exhibit 4.1 

Execution Version 

SUPPLEMENTAL INDENTURE 

This Supplemental Indenture is entered into as of February 14, 2020 (this “Supplemental Indenture”), by and among SESI,
L.L.C., a Delaware limited liability company (the “Issuer”), Superior Energy Services, Inc., a Delaware corporation (“Superior Energy”), the subsidiary guarantors party to the Indenture referred to below (together
with Superior Energy, the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., a national banking association (the “Trustee”), as Trustee, registrar, authentication agent and paying agent under the
Indenture referred to below. 
 W I T N E S S E T H: 

WHEREAS, Superior Energy, the Issuer and the Trustee have heretofore executed and delivered an Indenture dated as of December 6, 2011 (as
supplemented, waived or otherwise modified, including by the Supplemental Indenture, dated February 29, 2012, the Supplemental Indenture dated May 7, 2012, the Supplemental Indenture dated August 29, 2014, the Supplemental Indenture
dated August 3, 2015, the Supplemental Indenture dated August 17, 2017, and the Supplemental Indenture, dated as of October 20, 2017, the “Indenture”), providing for the issuance of an aggregate principal amount of
$800.0 million of 7.125% Senior Notes due 2021 of the Issuer (the “Notes”); 
 WHEREAS, Section 9.02 of the
Indenture provides, among other things, that the Issuer and the Trustee may amend certain terms of the Indenture with the consent of the Holders of a majority of the aggregate principal amount of the Notes then outstanding, and has filed with the
Trustee evidence of such consents, all as certified by a certificate of the exchange agent (the “Exchange Agent Certificate”) with respect to the Statement, as the duly appointed agent, attorney-in-fact and proxy of such Holders, which Exchange Agent Certificate has been delivered to the Issuer, the Issuer has delivered to the Trustee simultaneously with the execution and delivery of this
Supplemental Indenture the Exchange Agent Certificate, resolutions of its Board of Directors authorizing the execution and delivery of this Supplemental Indenture, an Officers’ Certificate and an Opinion of Counsel relating to this Supplemental
Indenture, as contemplated by Sections 9.02 and 9.06, 12.04 and 12.05 of the Indenture, and the Issuer has satisfied all other conditions required under the Indenture to enable the Issuer, the Guarantors and the Trustee to enter into this
Supplemental Indenture, and has requested that the Trustee enter into this Supplemental Indenture with it and the other Guarantors; and 

WHEREAS, the Issuer has solicited consents to certain amendments to the Indenture (collectively, the “Proposed Amendment”)
pursuant to the Offering Memorandum and Consent Solicitation Statement dated as of January 6, 2020 (as amended by the press releases dated January 16, 2020 and January 22, 2020 and Supplement No. 1 to the Offering Memorandum and
Consent Solicitation Statement, dated as of January 31, 2020, and as may be further amended or supplemented from time to time, the “Statement”); 

WHEREAS, the Issuer has obtained the consent to the Proposed Amendment from the Holders of a majority of the aggregate principal amount of the
Notes then outstanding; and 

 WHEREAS, pursuant to Section 9.02 of the Indenture, the Trustee is authorized to
execute and deliver this Supplemental Indenture. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the benefit of the other parties and for the equal and ratable benefit of the Holders as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or
recital hereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not
to any particular section hereof. 
 ARTICLE II 

AMENDMENTS 

Section 2.01 Amendments. 

(a) The definition of “Investment Grade Rating Event Permitted Liens” in the Indenture shall be amended by adding the following as
new clauses (15) and (16): 
 “(15) Liens securing Indebtedness Incurred under Debt Facilities; provided, however, that after
giving effect to such Incurrence, the aggregate principal amount of all Indebtedness incurred under this clause (15) (with letters of credit and bankers’ acceptances, if any, being deemed to have a principal amount equal to the maximum
potential liability thereunder) and then outstanding does not exceed the greater of (A) $400.0 million and (B) the amount equal to 17.5% of Consolidated Tangible Assets as of the end of the most recent fiscal quarter for which consolidated
financial statements of Superior Energy and its Subsidiaries have been provided to the Holders pursuant to the Indenture immediately preceding the date of such Incurrence; and 

(16) Liens securing Indebtedness in an aggregate principal amount outstanding at any one time not to exceed $50.0 million.” 

(b) Section 4.20 of the Indenture shall be amended by deleting the following clause: 

“unless, in the case of clause (a), the aggregate amount of all Secured Indebtedness and the Attributable Debt of all Sale/Leaseback
Transactions and, in the case of clause (b), Indebtedness so Incurred or Guaranteed by a Non-Guarantor Subsidiary would not exceed, in the aggregate, 12.5% of Consolidated Tangible Assets (such calculation to
exclude from the numerator any Indebtedness secured by Investment Grade Rating Event Permitted Liens).” 

 ARTICLE III 

MISCELLANEOUS 

Section 3.01 Effective Time. This Supplemental Indenture shall become effective upon execution hereof by the Trustee, the Issuer
and the Guarantors. Notwithstanding the foregoing sentence, Section 2.01 of this Supplemental Indenture shall become operative only upon both (i) the payment of the Total Consent Payment (as defined in the Statement) due to each consenting
Holder, on a pro rata basis, and (ii) the occurrence of the Combination on the Combination Exchange Date (each as defined in the Statement), with the result that the amendments to the Indenture effected by Article 2 of this Supplemental
Indenture shall not become operative if the Total Consent Payment has not been made or if the Combination has not occurred. The Issuer shall give prompt written notice that payment of the Total Consent Payment has been made, that the Combination has
occurred on the Combination Exchange Date, and that the Proposed Amendment has become operative, or if for any reason payment of the Total Consent Payment will not be made or the Combination will not occur, the Issuer shall give prompt written
notice that the Proposed Amendment shall not become operative. 
 Section 3.02 Parties. Nothing expressed or mentioned herein is
intended or shall be construed to give any Person, firm or corporation, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein
or therein contained. 
 Section 3.03 Governing Law. This Supplemental Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York. 
 Section 3.04 Severability Clause. In case any provision in this
Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent
of such invalidity, illegality or unenforceability. 
 Section 3.05 Ratification of Indenture; Supplemental Indentures Part of
Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of
the Indenture for all purposes, and every Holder heretofore or hereafter authenticated and delivered shall be bound hereby. 

Section 3.06 Counterparts. The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts, all of
which together shall constitute one and the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental
Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 Section 3.07 Headings. The headings of the Articles and the sections in this Supplemental Indenture are for convenience of
reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 

 Section 3.08 Concerning the Trustee. The Trustee makes no representation or
warranty as to the validity or sufficiency of this Supplemental Indenture or with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto. The Trustee makes no representations as to and shall not
be responsible in any manner whatsoever for or in respect of the Statement or with respect to the consents of Holders, all of which recitals are made solely by the Issuer and the Guarantors, and the Trustee assumes no responsibility for the same.
All of the provisions contained in the Indenture in respect of the rights, powers, privileges, and immunities of the Trustee shall be applicable in respect of this Supplemental Indenture as fully and with like force and effect as though set forth in
full herein. The Issuer and Superior Energy hereby confirms to the Trustee that this Supplemental Indenture has not resulted in a material modification of the Notes for Foreign Accounting Tax Compliance Act (“FATCA”) purposes. The
Issuer and Superior Energy shall give the Trustee prompt written notice of any material modification of the Notes deemed to occur for FATCA purposes. The Trustee shall assume that no material modification for FATCA purposes has occurred regarding
the Notes, unless the Trustee receives written notice of such modification from the Issuer or Superior Energy. 
 [Signature pages
follow.] 

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

			
	SESI, L.L.C.
		
	By:	 	 /s/ Westervelt T. Ballard, Jr.

	Name:	 	Westervelt T. Ballard, Jr.
	Title:	 	Executive Vice President, Treasurer and Chief Financial Officer
	
	SUPERIOR ENERGY SERVICES, INC.
		
	By:	 	 /s/ Westervelt T. Ballard, Jr.

	Name:	 	Westervelt T. Ballard, Jr.
	Title:	 	Executive Vice President, Treasurer and Chief Financial Officer
	
	 COMPLETE ENERGY SERVICES, INC.

PUMPCO ENERGY SERVICES, INC.
 SUPERIOR ENERGY SERVICES –
NORTH AMERICA SERVICES, INC.
 WARRIOR ENERGY SERVICES CORPORATION

1105 PETERS ROAD, L.L.C.
 CONNECTION TECHNOLOGY, L.L.C.

H.B. RENTALS, L.C.
 INTERNATIONAL SNUBBING SERVICES, L.L.C.

STABIL DRILL SPECIALTIES, L.L.C.
 SUPERIOR ENERGY SERVICES,
L.L.C.
 SUPERIOR INSPECTION SERVICES, L.L.C.
 WORKSTRINGS
INTERNATIONAL, L.L.C.
 CSI TECHNOLOGIES, L.L.C.
 SPN WELL
SERVICES, INC.
 WILD WELL CONTROL, INC.

		
	By:	 	 /s/ Westervelt T. Ballard, Jr.

	Name:	 	Westervelt T. Ballard, Jr.
	Title:	 	Authorized Representative

 [Signature page to 7.125% Senior Notes due 2021 Supplemental Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Mitchell L. Brumwell

	Name:	 	Mitchell L. Brumwell
	Title:	 	Vice President

 [Signature page to 7.125% Senior Notes due 2021 Supplemental Indenture]aljj-ex101_6.htm

 

EXHIBIT 10.1

SEVENTH AMENDMENT 
TO FINANCING AGREEMENT

SEVENTH AMENDMENT, dated as of February 13, 2020 (this "Amendment"), to the Financing Agreement, dated as of August 14, 2015, as amended, restated, supplemented or otherwise modified from time to time (as so amended, the "Financing Agreement"), by and among ALJ Regional Holdings, Inc., a Delaware corporation (the "Parent"), Faneuil, Inc., a Delaware corporation ("Faneuil"), Floors-N-More, LLC, a Nevada limited liability company ("FNM"), Phoenix Color Corp., a Delaware corporation ("PCC", and together with the Parent, Faneuil, FNM and each other Person that executes a joinder agreement and becomes a "Borrower" thereunder, each a "Borrower" and collectively, the "Borrowers"), each subsidiary of the Parent listed as a "Guarantor" on the signature pages thereto (together with each other Person that executes a joinder agreement and becomes a "Guarantor" thereunder or otherwise guaranties all or any part of the Obligations (as hereinafter defined), each a "Guarantor" and collectively, the "Guarantors"), the lenders from time to time party thereto (each a "Lender" and collectively, the "Lenders"), Cerberus Business Finance, LLC, a Delaware limited liability company ("CBF"), as collateral agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the "Collateral Agent"), and PNC Bank, National Association ("PNC"), as administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the "Administrative Agent" and together with the Collateral Agent, each an "Agent" and collectively, the "Agents").

WHEREAS, the Borrowers, the Guarantors, the Agents and the Lenders wish to amend certain terms and provisions of the Financing Agreement as hereafter set forth.

NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the parties hereto hereby agree as follows:

1.   Definitions.  All terms used herein that are defined in the Financing Agreement and not otherwise defined herein shall have the meanings assigned to them in the Financing Agreement.

2.   Amendments.

(a)   Recitals. The first sentence of the Recitals of the Financing Agreement is hereby amended and restated in its entirety to read as follows:

“The Borrowers have asked the Lenders to extend credit to the Borrowers consisting of (a) a term loan in the aggregate original principal amount of $127,500,000 and (b) a revolving credit facility in an aggregate principal amount not to exceed (x) 25,000,000 at any time outstanding during the Regular Period (as defined herein), (y) $32,500,000 at any time outstanding during the Seasonal Increase Period (as defined herein) and (z) $30,000,000 at any time outstanding during the Seasonal Increase Stepdown Period (as defined herein), which will, in each case, include a subfacility for the issuance of letters of credit in an aggregate amount not to exceed $15,000,000.”

 

 

 

(b)   New Definitions.  Section 1.01 of the Financing Agreement is hereby amended by adding the following definitions, in appropriate alphabetical order:

""Seasonal Increase Stepdown Period" means the period commencing on March 16, 2020 and ending on March 31, 2020.”

""Seventh Amendment" means the Seventh Amendment to Financing Agreement, dated as of February 13, 2020, among the Borrowers, the Guarantors and the Agents."

""Seventh Amendment Effective Date" has the meaning specified therefor in Section 4 of the Seventh Amendment."

(c)   Existing Definitions.  Section 1.01 of the Financing Agreement is hereby amended by amending and restating the following definitions in their entirety to read as follows:

""Individual Advance Amount" means with respect to (a) Faneuil, $25,000,000, (b) FNM, $25,000,000, (c) PCC, $25,000,000, and (d) the Parent, $0; provided, that, after the Fifth Amendment Effective Date and during the Seasonal Increase Period, with respect to (a) Faneuil, $32,500,000, (b) FNM, $32,500,000, (c) PCC, $32,500,000, and (d) the Parent, $0; provided, further, that after the Seventh Amendment Effective Date and during the Seasonal Increase Stepdown Period, with respect to (a) Faneuil, $30,000,000, (b) FNM, $30,000,000, (c) PCC, $30,000,000, and (d) the Parent, $0.

""Regular Period" means (a) prior to the Seventh Amendment Effective Date, the Regular Period as defined in the Fifth Amendment and (b) from and after the Seventh Amendment Effective Date, (i) the period commencing on April 1, 2020 and ending on July 31, 2020 and (ii) thereafter the fifteenth (15th) day of February of each fiscal year and ending on the thirty-first (31st) day of July of such fiscal year."

""Seasonal Increase Period" means (a) prior to the Seventh Amendment Effective Date, the Seasonal Increase Period as defined in the Fifth Amendment and (b) from and after the Seventh Amendment Effective Date, (i) the period commencing on the Seventh Amendment Effective Date and ending on March 15, 2020 and (b) thereafter the first (1st) day of August of each fiscal year and ending on the fourteenth (14th) day of February of the following fiscal year."

""Total Revolving Credit Commitment" means the sum of the amounts of the Lenders' Revolving Credit Commitments, which amount is as of the Seventh Amendment Effective Date (i) $25,000,000 during the Regular Period, (ii) $32,500,000 during the Seasonal Increase Period and (iii) $30,000,000 during the Seasonal Increase Stepdown Period."

(d)   Schedules to Financing Agreement. Schedule 1.01(A) to the Financing Agreement is hereby amended and restated and replaced in its entirety with the Schedule attached as Annex I hereto.

 

3.   Representations and Warranties.  Each Loan Party hereby represents and warrants to the Agents and the Lenders as follows:

2

 

(a)   Organization, Good Standing, Etc.  Each Loan Party (i) is a corporation, limited liability company or limited partnership duly organized, validly existing and in good standing under the laws of the state or jurisdiction of its organization or formation, (ii) has all requisite power and authority to conduct its business as now conducted and as presently contemplated and, in the case of the Borrowers, to make the borrowings hereunder, and to execute and deliver this Amendment, and to consummate the transactions contemplated hereby and by the Financing Agreement, as amended hereby, and (iii) is duly qualified to do business and is in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes such qualification necessary, except (solely for the purposes of this subclause (iii)) where the failure to be so qualified and in good standing would not reasonably be expected to have a Material Adverse Effect.

(b)   Authorization, Etc.  The execution and delivery by each Loan Party of this Amendment, and the performance by each Loan Party of this Amendment and the Financing Agreement, as amended hereby (i) have been duly authorized by all necessary action, (ii) do not and will not contravene (A) any of such Loan Party's Governing Documents, (B) any applicable material Requirement of Law or (C) any material Contractual Obligation binding on or otherwise affecting such Loan Party or any of its properties, (iii) do not and will not result in or require the creation of any Lien (other than pursuant to any Loan Document) upon or with respect to any of its properties, and (iv) do not and will not result in any default, noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal of any permit, license, authorization or approval applicable such Loan Party operations or any of its properties, except, in the case of clause (iv), to the extent where such contravention, default, noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal could not reasonably be expected to have a Material Adverse Effect.

(c)   Governmental Approvals.  No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required in connection with the due execution and delivery of this Amendment by any Loan Party, and the performance by any Loan Party of this Amendment and the Financing Agreement, as amended hereby.

(d)   Enforceability of Amendment.  This Amendment is, and each other Loan Document to which any Loan Party is or will be a party is (or, if applicable, when delivered pursuant hereto, and as amended hereby, will be) a legal, valid and binding obligation of such Person, enforceable against such Person in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally and by general principles of equity.

4.   Conditions to Effectiveness.  This Amendment shall become effective only upon satisfaction in full (or waiver by the Agents), in a manner satisfactory to the Agents, of the following conditions precedent (the first date upon which all such conditions shall have been satisfied being herein called the "Seventh Amendment Effective Date"):

(a)   The Agents shall have received this Amendment, duly executed by the Loan Parties, each Agent and each Lender.

(b)   The representations and warranties contained in this Amendment, in the Financing Agreement and in each other Loan Document, certificate or other writing delivered to any Agent or any Lender pursuant hereto or thereto on or prior to the date hereof are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any 

3

 

representations or warranties that already are qualified or modified as to materiality or "Material Adverse Effect" in the text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification) on and as of the Seventh Amendment Effective Date as though made on and as of the Seventh Amendment Effective Date, except to the extent that any such representation or warranty expressly relates solely to an earlier date (in which case such representation or warranty shall be true and correct in all material respect on and as of such earlier date (except that such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to materiality or "Material Adverse Effect" in the text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification)).

(c)   No Default or Event of Default shall have occurred and be continuing on the Seventh Amendment Effective Date or would result from this Amendment becoming effective in accordance with its terms.

(d)   The Collateral Agent shall have determined, in its reasonable discretion, that no event or development shall have occurred since September 30, 2019 which could reasonably be expected to have a Material Adverse Effect.

(e)   The Borrowers shall have paid on or before the Seventh Amendment Effective Date all fees, costs, expenses and taxes then payable pursuant to Section 2.06 of the Financing Agreement and Section 12.04 of the Financing Agreement.

(f)   The Administrative Agent shall have received an amendment fee equal to $75,000, which the Borrowers acknowledge was fully earned and payable upon execution of this Amendment.

5.   Continued Effectiveness of the Financing Agreement and Other Loan Documents.  Each Loan Party hereby (i) acknowledges and consents to this Amendment, (ii) confirms and agrees that the Financing Agreement and each other Loan Document to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects except that on and after the Seventh Amendment Effective Date all references in any such Loan Document to "the Financing Agreement", the "Agreement", "thereto", "thereof", "thereunder" or words of like import referring to the Financing Agreement shall mean the Financing Agreement as amended by this Amendment, and (iii) confirms and agrees that to the extent that any such Loan Document purports to assign or pledge to the Collateral Agent for the benefit of the Secured Parties, or to grant to the Collateral Agent for the benefit of the Secured Parties a security interest in or Lien on, any Collateral as security for the Obligations of the Loan Parties from time to time existing in respect of the Financing Agreement (as amended hereby) and the other Loan Documents, such pledge, assignment and/or grant of the security interest or Lien is hereby ratified and confirmed in all respects.  This Agreement does not and shall not affect any of the obligations of the Loan Parties, other than as expressly provided herein, including, without limitation, the Loan Parties' obligations to repay the Loans in accordance with the terms of Financing Agreement, or the obligations of the Loan Parties under any Loan Document to which they are a party, all of which obligations shall remain in full force and effect.  Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agents, any Issuing Lender or any Lender under the Financing Agreement or any other Loan Document, nor constitute a waiver of any provision of the Financing Agreement or any other Loan Document.  The amendment of the Financing Agreement 

4

 

pursuant to this Amendment and all other Loan Documents amended and/or executed and delivered in connection with this Amendment do not constitute a novation of the Financing Agreement and the other Loan Documents as in effect prior to the Seventh Amendment Effective Date.

6.   Release.  Each Loan Party hereby acknowledges and agrees that:  (a) neither it nor any of its Affiliates has any claim or cause of action against any Agent or any Lender (or any of their respective Affiliates, officers, directors, employees, attorneys, consultants or agents) and (b) each Agent and each Lender has heretofore properly performed and satisfied in a timely manner all of its obligations to such Loan Party and its Affiliates under the Financing Agreement and the other Loan Documents.  Notwithstanding the foregoing and the Lenders wish (and each Loan Party agrees) to eliminate any possibility that any past conditions, acts, omissions, events or circumstances would impair or otherwise adversely affect any of the Agents' and the Lenders' rights, interests, security and/or remedies under the Financing Agreement and the other Loan Documents.  Accordingly, for and in consideration of the agreements contained in this Amendment and other good and valuable consideration, each Loan Party (for itself and its Affiliates and the successors, assigns, heirs and representatives of each of the foregoing) (collectively, the "Releasors") does hereby fully, finally, unconditionally and irrevocably release and forever discharge each Agent, each Lender and each of their respective Affiliates, officers, directors, employees, attorneys, consultants and agents (collectively, the "Released Parties") from any and all debts, claims, obligations, damages, costs, attorneys' fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether known or unknown, contingent or fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity, under contract, tort, statute or otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may have against any Released Party by reason of any act, omission or thing whatsoever done or omitted to be done on or prior to the Seventh Amendment Effective Date arising out of, connected with or related in any way to this Amendment, the Financing Agreement or any other Loan Document, or any act, event or transaction related or attendant thereto, or the agreements of any Agent or any Lender contained therein, or the possession, use, operation or control of any of the assets of each Loan Party, or the making of any Loans or other advances, or the management of such Loans or advances or the Collateral on or prior to the Seventh Amendment Effective Date.

7.   Miscellaneous.

(a)   This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of this Amendment by facsimile or electronic mail shall be equally effective as delivery of an original executed counterpart of this Amendment.  

(b)   Section and paragraph headings herein are included for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

(c)   This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK.

5

 

(d)   Each Loan Party hereby acknowledges and agrees that this Amendment constitutes a "Loan Document" under the Financing Agreement.  Accordingly, it shall be an Event of Default under the Financing Agreement if (i) any representation or warranty made by a Loan Party under or in connection with this Amendment shall have been untrue, false or misleading in any material respect when made, or (ii) any Loan Party shall fail to perform or observe any term, covenant or agreement contained in this Amendment.

(e)   Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.

(f)   The Borrowers will pay on demand all reasonable and documented out-of-pocket fees, costs and expenses of the Agents and the Lenders in connection with the preparation, execution and delivery of this Amendment or otherwise payable under the Financing Agreement, including, without limitation, reasonable fees, disbursements and other charges of counsel to the Agents and the Lenders. 

[remainder of page intentionally left blank]

 

6

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

			
	
 
	
BORROWERS:

	
 
	
 

	
 
	
ALJ REGIONAL HOLDINGS, INC.

 

 

	
 
	
By:
	
/s/ Jess Ravich

	
 
	
 
	
Name: Jess Ravich

	
 
	
 
	
Title: Chief Executive Officer

	
 
	
 

	
 
	
 

FANEUIL, INC.

 

 
By:/s/ Anna Van BurenName: Anna Van BurenTitle: President and CEO
 

 

FLOORS-N-MORE, LLC

 

 
By:/s/ Steve ChesinName: Steve ChesinTitle: Chief Executive Officer
 

 

PHOENIX COLOR CORP.

 

 
By:/s/ Marc ReischName: Marc ReischTitle: Chairman
 

	
 
	
 

	
 
	
 

7

 

			
			
	
 
	
GUARANTORS:

	
 
	
 

FANEUIL TOLL OPERATIONS LLC

 

	
 
	
 

	
 
	
By:
	
/s/ Anna Van Buren

	
 
	
 
	
Name: Anna Van Buren

	
 
	
 
	
Title: President and CEO

	
 
	
 
	
 

	
 
	
 

PHOENIX (MD.) REALTY, LLC

 

	
 
	
 

	
 
	
By:
	
/s/Marc Reisch

	
 
	
 
	
Name: Marc Reisch

	
 
	
 
	
Title: Chairman

	
 
	
 
	
 

 

			
	
 
	
 

REALTIME DIGITAL INNOVATIONS, INC.

 

	
 
	
 

	
 
	
By:
	
/s/ Anna Van Buren

	
 
	
 
	
Name: Anna Van Buren

	
 
	
 
	
Title: President and CEO

	
 
	
 
	
 

 

8

 

			
			
	
 
	
COLLATERAL AGENT:

 

CERBERUS BUSINESS FINANCE, LLC

	
 
	
 

	
 
	
 

	
 
	
By:
	
/s/ Joseph Naccarato

	
 
	
 
	
Name: Joseph Naccarato

	
 
	
 
	
Title: Chief Operating Officer and

	
 
	
                     Chief Credit Officer

	
 
	
 

9

 

			
			
	
 
	
ADMINISTRATIVE AGENT:

	
 
	
 

	
 
	
PNC BANK, NATIONAL ASSOCIATION

 

	
 
	
 

	
 
	
By:
	
/s/ Jacqualine MacKenzie

	
 
	
 
	
Name: Jacqualine MacKenzie

	
 
	
 
	
Title: SVP

	
 
	
 
	
 

	
 
	
 
	
 

 

10

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