Document:

Exhibit
10.1

 

EXECUTION
COPY

 

AMENDMENT NO. 4

TO

SECURED REVOLVING CREDIT AGREEMENT

 

Dated
as of May 7, 2004

 

THIS AMENDMENT NO. 4
(this “Amendment”) to the SECURED REVOLVING CREDIT AGREEMENT among MONSTER WORLDWIDE, INC., a Delaware
corporation (“Monster Worldwide”), TMP WORLDWIDE LIMITED (“TMPWL”),
an indirect wholly owned subsidiary of Monster Worldwide organized under the
laws of the United Kingdom, BARTLETT SCOTT EDGAR LIMITED (“BSEL”,
together with TMPWL, the “UK Borrowers”), an indirect wholly owned subsidiary
of Monster Worldwide organized under the laws of the United Kingdom, the other
“Subsidiary Borrowers” party from time to time thereto (each a “Borrower,”
collectively the “Borrowers”), the several banks and other financial
institutions or entities from time to time parties thereto (the “Lenders”),
FLEET NATIONAL BANK, as sole lead arranger and as administrative agent (in such
capacity, the “Administrative Agent”), THE ROYAL BANK OF SCOTLAND PLC,
as syndication agent, and LASALLE BANK NATIONAL ASSOCIATION, as documentation
agent.

 

PRELIMINARY STATEMENT:

 

The Borrowers, the Lenders and the Agents have entered into a Secured
Revolving Credit Agreement dated as of April 7, 2003 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”).  Capitalized terms not otherwise defined in
this Amendment have the same meanings as specified in the Credit
Agreement.  The parties hereto
agree as follows:

 

SECTION 1.                                AMENDMENTS
TO CREDIT AGREEMENT

 

1.1                                 Amendment
to Section 8.1(a).  Section 8.1(a)
of the Credit Agreement is hereby amended by deleting such Section in its
entirety and substituting the following therefor:

 

(a)                                  Ratio
of Consolidated Total Debt to Consolidated EBITDA. Permit the ratio of
Consolidated Total Debt to Consolidated EBITDA for the twelve month period
ending on the last day of the most recent fiscal quarter of Monster Worldwide
to exceed 2.00 to 1.00 at any time; provided that for the purposes of
this Section 8.1(a), Consolidated EBITDA for the twelve month period ending
on the last day of the fiscal quarters of Monster Worldwide ended on
June 30, 2003, September 30, 2003 and December 31, 2003 shall be
calculated as follows:  (i) for the
fiscal quarter ending on June 30, 2003, Consolidated EBITDA shall be equal
to four times Consolidated EBITDA for the three month period ending on the last
day of such fiscal quarter, (ii) for the fiscal quarter ending on
September 30, 2003, Consolidated EBITDA shall be equal to two times
Consolidated EBITDA for the six month period ending on the last day of such
fiscal quarter and (iii) for the fiscal quarter ending on December 31,
2003, Consolidated EBITDA shall be equal to 1.3333 times Consolidated EBITDA
for the nine month period

 

 

ending on the last
day of such fiscal quarter, and provided further that, the historic
EBITDA for the period of calculation for any
Person acquired by the Borrowers or any of their Subsidiaries that constitutes
a Permitted Acquisition shall be included in the definition of Consolidated
EBITDA for purposes of this Section 8.1(a).

 

1.2                                 Amendment to Section 8.1(b). 
Section 8.1(b) of the Credit Agreement is hereby amended by
deleting such Section in its entirety and substituting the following
therefor:

 

(b) Fixed Charge Coverage Ratio. Permit the Fixed
Charge Coverage Ratio at the end of any fiscal quarter of Monster Worldwide,
commencing with the fiscal quarter ending on March 31, 2004, to be less
than 2.00 to 1.00 for the twelve-month period ending on the last day of such
fiscal quarter.

 

1.3                                 Amendment to Section 8.2(j). 
Section 8.2(j) of the Credit Agreement is hereby amended by
deleting such Section in its entirety and substituting the following
therefor:

 

(j) Indebtedness constituting part of consideration of a
Permitted Acquisition, provided that such Indebtedness is subordinated
to the Obligations on terms and conditions reasonably satisfactory to the
Required Lenders and no Default or Event of Default would result from the
incurrance of such Indebtedness; provided  however, the following
shall not be required to be subordinated to the Obligations: (i) the proposed
earnouts in connection with the proposed Permitted Acquisition of Project Dell
substantially as described in Exhibit A attached to this Amendment No. 4
to the Credit Agreement, (ii) the earnouts in connection with the Permitted
Acquisition of QuickHire, Inc. (including the related acquisition of InterNet
Technologies, Inc.), more particularly described in Exhibit B attached
to this Amendment No. 4 to the Credit Agreement, (iii) the deferred cash
consideration to be paid by Monster Worldwide in connection with the proposed
Permitted Acquisition of Webneuron Services Limited (which conducts business under the name
JobsAhead), substantially as described in Exhibit C attached to this
Amendment No. 4 to the Credit Agreement, and (iv) the deferred cash
consideration to be paid by Monster Worldwide in connection with the Permitted
Acquisition of Military Advantage, Inc. more particularly described in Exhibit
D attached to this Amendment No. 4 to the Credit Agreement.

 

1.4                                 Amendment to Section 8.8(h). 
Section 8.8(h) of the Credit Agreement is hereby amended by
deleting such Section in its entirety and substituting the following
therefor:

 

(h) subject to Section 8.8(j), Investments consisting of acquisitions
of Capital Stock or assets pursuant to a Permitted Acquisition, provided
that, the aggregate amount of cash consideration (including any debt that is
assumed by the Borrowers in a Permitted Acquisition that is due and payable
immediately upon the consummation of such Permitted Acquisition, less any cash
acquired in such transaction) paid for all such acquisitions shall not exceed
(i) during the fiscal year ending on December 31, 2003, $50,000,000, (ii)
during the fiscal year ending on December 31, 2004, $130,000,000 and (iii)
during the fiscal year ending on

 

2

 

December 31,
2005 and for each subsequent fiscal year thereafter (A) $50,000,000 for such
fiscal year or (B) $75,000,000 for such fiscal year if the Borrowers have a
Pro-Forma Net Cash Balance of no less than $75,000,000 immediately after giving
effect to such an acquisition, plus, in the case of (A) and (B), 75% of
the amount of net cash proceeds generated by Monster Worldwide from the
issuance and sale of its common stock to the public (“Cash Proceeds Basket”);
provided that to the extent that the cash consideration paid for
Investments permitted in this Section 8.8(h), does not fully utilize the
Cash Proceeds Basket in any fiscal year, such unutilized portion of the Cash
Proceeds Basket may be carried forward and utilized in any succeeding fiscal
year;

 

SECTION 2.                                CONDITIONS
TO EFFECTIVENESS

 

2.1                                 Resolutions;
Execution and Delivery.  This
Amendment shall become effective (the “Amendment Effective Date”) as of
the date first above written when, and only when, the Administrative Agent has
received (i) evidence that all corporate and other proceedings taken or to be
taken in connection with this Amendment shall be reasonably satisfactory in
form and substance to the Administrative Agent and its respective counsel and
such counsel shall have received all such counterpart originals or certified
copies of such documents as such the Administrative Agent may request., (ii)
counterparts of this Amendment executed by each Borrower, each Loan Party, each
Issuing Lender and the Required Lenders, and (iii) each Lender that executes
and delivers this Amendment shall have received a fee equal to 0.05% of such
Lender’s Commitment (“the Amendment Fee”), on or before the Amendment
Effective Date.

 

SECTION 3.                                REPRESENTATIONS
AND WARRANTIES OF THE LOAN PARTIES

 

Each Loan Party
represents and warrants as follows:

 

3.1                                 Representations
and Warranties in Credit Agreement. 
Each of the representations and warranties made by any Loan Party in or
pursuant to the Loan Documents are true and correct in all material respects on
and as of the date of this Amendment and after giving effect to this Amendment,
no Default or Event of Default has occurred and is continuing.

 

3.2                                 Corporate
Power and Authority.  Each Loan Party
is duly authorized and empowered to enter into, execute, deliver and perform
this Amendment.  The execution, delivery
and performance of this Amendment has been duly authorized by all necessary
corporate action and do not and will not (i) require any consent or approval of
the shareholders of such Loan Party or any consent or the authorization of,
filing with, notice to or other act by or in respect of, any Governmental
Authority or any other Person (except as specifically contemplated by the Loan
Documents); (ii) contravene any Loan Parties’ charter, articles or certificate
of incorporation or by-laws; (iii) violate, or cause such Loan Party to be in
default under, any provision of any law, rule, regulation, order, writ,
judgment, injunction, decree, determination or award in effect having
applicability to such Loan Party; (iv) result in a breach of or constitute a
default under any indenture or loan or credit agreement, or any other
agreement, lease or instrument to which such Loan Party is a party or by which
it or its Properties may be bound or affected that could reasonably be expected
to have a Material Adverse Effect; or (v) result in, or require, the creation
or imposition of any Lien upon or with respect to any of the Properties now

 

3

 

owned or hereafter
acquired by such Loan Party (except as specifically contemplated by the Loan
Documents).

 

3.3                                 Legally
Enforceable Agreement.  This
Amendment is a legal, valid and binding obligation of each Loan Party
enforceable against it in accordance with its respective terms, except as the
enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally, by general equitable principles (whether
enforcement is sought by proceedings in equity or at law) and an implied
covenant of good faith and fair dealing.

 

3.4                                 No
Liens on Foreign Subsidiary Capital Stock. 
Except as disclosed on Schedule 5.12(a), there are no Liens,
encumbrances or claims by any Person in any of the Capital Stock of any Foreign
Subsidiary, except in favor of the Administrative Agent.

 

SECTION 4.                                COVENANTS

 

4.1                                 Payment
on Demand of Fees, Costs and Expenses.                    Each
Borrower covenants to pay on demand all reasonable costs and expenses of the
Administrative Agent in connection with the preparation, execution, delivery
and administration, modification and amendment of this Amendment and the other
instruments and documents to be delivered hereunder (including, without
limitation, the Amendment Fee and the reasonable fees, expenses and other
charges of counsel for the Administrative Agent) in accordance with the terms
of Section 11.5 of the Credit Agreement.

 

SECTION 5.                                REFERENCE
TO AND EFFECT TO THE CREDIT AGREEMENT

 

5.1                                 References.                                  On
and after the effectiveness of this Amendment, 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 the Notes 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.

 

5.2                                 Full
Force and Effect.                               The
Credit Agreement, as specifically amended by this Amendment, is and shall
continue to be in full force and effect and are hereby in all respects ratified
and confirmed.

 

5.3                                 No
Waiver.  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 any Lender or the Agents
under the Credit Agreement, nor constitute a waiver of any provision of the
Credit Agreement.

 

SECTION 6.                                MISCELLANEOUS

 

6.1                                 Execution
in Counterparts.  This Amendment may
be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute but

 

4

 

one and the same
agreement.  Delivery of an executed
counterpart of a signature page to this Amendment by telecopier shall be
effective as delivery of a manually executed counterpart of this Amendment.

 

6.2                                 GOVERNING 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.

 

SECTION 7.                                REAFFIRMATION

 

7.1                                 Subsidiary
Guarantor Reaffirmations.  Each
Subsidiary Guarantor party hereto hereby consents to this Amendment and
acknowledges and reaffirms all of its obligations and undertakings under the
Guarantee and Collateral Agreement to which it is a party.

 

[Remainder of Page Intentionally
Left Blank]

 

5

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their proper and duly authorized officers as of the
day and year first above written.

 

	
   

  	
  MONSTER
  WORLDWIDE, INC., as Borrower

  
	
   

  	
   

  	
   

  
	
   

  	
  By:  

  	
    /s/
  David Trapani

  
	
   

  	
   

  	
  Name:

  	
  David
  Trapani

  
	
    

  	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  TMP WORLDWIDE LIMITED, as Borrower

  and UK Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Andrew Wilkinson

  
	
   

  	
   

  	
  Name:  

  	
  Andrew
  Wilkinson

  
	
   

  	
   

  	
  Title:

  	
  Chief
  Executive U.K.

  
	
   

  	
   

  	
   

  
	
   

  	
  BARTLETT SCOTT EDGAR LIMITED, as

  Borrower and UK Borrower

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  David Stewart Moffatt

  
	
   

  	
   

  	
  Name:  

  	
  David
  Stewart Moffatt

  
	
   

  	
   

  	
  Title:

  	
  Director

  

 

 

[Signature Page to Amendment No.4]

 

 

	
   

  	
  AGREED AND ACCEPTED BY:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CAREERBAY.COM
  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Name:
   Andrew J. McKelvey

  
	
   

  	
   

  	
  Title:
   Chairman and CEO of Monster

  Worldwide, Inc., Managing Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FINAID
  PAGE, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Name:
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Title: President, FastWeb,
  Inc., Managing

  Member

  

 

 

[Signature Page to Amendment No.4]

 

 

	
   

  	
  FASTWEB,
  LLC.

  
	
   

  	
  FINAID
  PAGE, INC.

  
	
   

  	
  FLIPDOG
  INC.

  
	
   

  	
  GENERAL
  DIRECTORY ADVERTISING

  SERVICES, INC.

  
	
   

  	
  TMP
  ADVERTISING CORP.

  
	
   

  	
  HUNT
  MARKETING, INC.

  
	
   

  	
  IN2,
  INC.

  
	
   

  	
  INTERFACE
  INSURANCE AGENCY, INC.

  
	
   

  	
  INTERFACE
  REALTY, INC.

  
	
   

  	
  INTERNET
  TECHNOLOGIES, INC.

  
	
   

  	
  M.S.I.
  - MARKET SUPPORT

  INTERNATIONAL, INC.

  
	
   

  	
  MILITARY
  ADVANTAGE, INC.

  
	
   

  	
  MONSTER
  (CALIFORNIA), INC.

  
	
   

  	
  MONSTER,
  INC.

  
	
   

  	
  MONSTER
  GOVERNMENT SOLUTIONS,

  LLC.

  
	
   

  	
  MONSTER
  WORLDWIDE TECHNOLOGIES,

  LLC.

  
	
   

  	
  MONSTER.COM
  INC.

  
	
   

  	
  MONSTERMOVING.COM,
  INC.

  
	
   

  	
  MONSTERTRAK
  CORPORATION

  
	
   

  	
  OCC.COM
  INC.

  
	
   

  	
  O’CONNOR
  AGENCY

  
	
   

  	
  PROVIDENCE
  DIRECTORY SOLUTIONS,

  INC.

  
	
   

  	
  QUICKHIRE,
  LLC.

  
	
   

  	
  TELEPHONE
  DIRECTORY ADVERTISING,

  INC.

  
	
   

  	
  TMP
  DIRECTIONAL MARKETING INC.

  
	
   

  	
  TMP
  FOX ACQUISITION CORP.

  
	
   

  	
  TMP
  WORLDWIDE INC.

  
	
   

  	
  TMP.COM
  INC.

  
	
   

  	
  US
  MOTIVATION, INC.

  
	
   

  	
  USMOTIVATION
  PROMOTIONAL

  SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Name:
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Title:
  President

  

 

 

[Signature Page to Amendment No.4]

 

 

	
   

  	
  TMP
  ADVERTISING SERVICES, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Name:
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Title:
  President, TMP Advertising

  Corporation, General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TMP
  INTERACTIVE OF NY, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Name:
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Title:
  Chairman and CEO of Monster

  Worldwide, Inc., Managing Member

  

 

 

[Signature Page to Amendment No.4]

 

 

BY THEIR SIGNATURE BELOW, EACH PARTY HEREBY AGREES
TO THE TERMS OF THIS LETTER:

 

	
  FLEET
  NATIONAL BANK, as Administrative Agent and as a Lender

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/
  Thomas J. Levy

  	
   

  
	
   

  	
  Name:  Thomas J. Levy

  	
   

  
	
   

  	
  Title:  Senior Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
  THE
  ROYAL BANK OF SCOTLAND plc, as Syndication Agent and as a Lender

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/
  Julian Daxin

  	
   

  
	
   

  	
  Name:

  	
  Julian
  Daxin

  	
   

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
  LASALLE
  BANK NATIONAL ASSOCIATION, as Documentation Agent and as a Lender

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/
  Anthony M. Buehler

  	
   

  
	
   

  	
  Name:  Anthony M. Buehler

  	
   

  
	
   

  	
  Title: Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
  BARCLAYS
  BANK PLC, as Lender

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/
  Vincent Muldoon

  	
   

  
	
   

  	
  Name:  Vincent Muldoon

  	
   

  
	
   

  	
  Title:
  Relationship Director

  	
   

  
	
   

  	
   

  	
   

  
	
  FIFTH
  THIRD BANK, as Lender

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/
  John Chapman

  	
   

  
	
   

  	
  Name:

  	
  John
  Chapman

  	
   

  
	
   

  	
  Title:

  	
  Assistant
  Vice President

  	
   

  

 

 

[Signature Page to Amendment No.4]Exhibit
10.2

 

June 16, 2004

 

Michael Sileck

 

 

Dear Mike:

 

The letter agreement between you and Monster
Worldwide, Inc. dated September 11, 2002, (the “Letter Agreement”), is hereby
amended as follows:

 

1.  The references to “TMP Worldwide Inc.” in
the Letter Agreement are each hereby amended to read “Monster Worldwide, Inc.”

 

2.  The last sentence in Section 3 of the Letter
Agreement is hereby deleted.

 

3.  The Letter Agreement, as amended by this
agreement, is hereby ratified and confirmed and remains in full force and
effect.

 

Please sign below to indicate your agreement with the
foregoing.

 

 

	
   

  	
  MONSTER WORLDWIDE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Andrew J. McKelvey

  	
   

  
	
   

  	
  Name:

  	
  Andrew J. McKelvey

  
	
   

  	
  Title:

  	
  CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Accepted and Agreed:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    /s/ Michael
  Sileck

  	
   

  	
   

  	
   

  	
   

  
	
  Michael Sileck

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