Document:

Exhibit 10.13

 

Execution Version

 

 

 

SECURITIES PURCHASE AGREEMENT

 

by and among

 

EDGEN ACQUISITION CORPORATION

 

and

 

THE MANAGEMENT INVESTORS NAMED HEREIN

 

Dated as of February 1, 2005

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I
  PURCHASE OF SECURITIES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  1.1. Sale and Purchase of
  Common Stock and Preferred Stock

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  1.2. Closing

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  1.3. Conditions to the
  Management Investor’s Obligations

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  1.4. Conditions to the
  Company’s Obligations

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II
  REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  2.1. Representations,
  Warranties and Covenants of the Company

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III
  REPRESENTATIONS, WARRANTIES AND COVENANTS OF MANAGEMENT INVESTORS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  3.1. Representations,
  Warranties and Covenants of Each Management Investor

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV
  MISCELLANEOUS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  4.1. Legend

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  4.2. Amendment and
  Modification

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  4.3. Survival of
  Representations and Warranties

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  4.4. Successors and Assigns

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  4.5. Separability

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  4.6. Notices

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  4.7. Governing Law

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  4.8. Headings

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  4.9. Counterparts

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  4.10. Further Assurances

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  4.11. Entire Agreement

  	
   

  	
   

  

 

i

 

EXHIBITS

 

	
  Exhibit A

  	
   

  	
  Form of
  Securities Holders Agreement

  
	
  Exhibit B

  	
   

  	
  Form of
  Registration Rights Agreement

  
	
  Exhibit C

  	
   

  	
  Amended and
  Restated Certificate of Incorporation of the Company

  
	
  Exhibit D

  	
   

  	
  Bylaws of the Company

  

 

SCHEDULES

 

	
  Schedule I

  	
   

  	
  Management
  Investors and Securities Purchased

  

 

1

 

DEFINED TERMS

 

	
  accredited investor

  	
   

  	
  6

  
	
  Agreement

  	
   

  	
  1

  
	
  Closing

  	
   

  	
  2

  
	
  Closing Date

  	
   

  	
  3

  
	
  Common Stock

  	
   

  	
  1

  
	
  Company

  	
   

  	
  1

  
	
  Edgen

  	
   

  	
  1

  
	
  Institutional Investors

  	
   

  	
  1

  
	
  Management Investors

  	
   

  	
  1

  
	
  person

  	
   

  	
  5

  
	
  Preferred Stock

  	
   

  	
  1

  
	
  Registration Rights Agreement

  	
   

  	
  1

  
	
  Securities

  	
   

  	
  2

  
	
  Securities Act

  	
   

  	
  1

  
	
  Securities Holders Agreement

  	
   

  	
  1

  
	
  Series A Preferred Stock

  	
   

  	
  5

  
	
  Stock Purchase Agreement

  	
   

  	
  1

  

 

2

 

SECURITIES PURCHASE AGREEMENT

 

THIS IS A SECURITIES PURCHASE AGREEMENT, dated as of February 1,
2005 (the “Agreement”), by and among Edgen Acquisition Corporation, a Nevada
corporation (the “Company”), and the individuals designated as
Management Investors on the signature pages hereto (such individuals, the “Management
Investors”).

 

Background

 

A.                                   This
Agreement is being entered into in connection with the consummation of the
transactions contemplated by the Stock Purchase Agreement, dated as of December 31,
2004 (the “Stock Purchase Agreement”), by and among Edgen Corporation, a
Nevada corporation (“Edgen”), the Company and the other parties thereto,
pursuant to which the Company will acquire all of the outstanding capital stock
of Edgen.  Immediately after the
acquisition, the Company will merge with Edgen with Edgen remaining as the
surviving entity.

 

B.                                     The
Management Investors are employed by Edgen or its direct or indirect
subsidiaries.  In order to assist the
Company in attracting and retaining valued employees, the Company wishes to offer
such employees the opportunity to acquire shares of the Company’s capital
stock.  This Agreement is intended to be
a written compensatory contract as defined under Rule 701 of the
Securities Act of 1933, as amended (the “Securities Act”).

 

C.                                     Pursuant
to the terms hereof, in connection with the consummation of the transactions
contemplated by the Stock Purchase Agreement, the Company desires to sell, and
the Management Investors, desire to purchase for cash, (i) the number of
shares of the Company’s Preferred Stock, par value $.01 per share (“Preferred
Stock”), and (ii) the number of shares of Common Stock of the Company,
par value $.01 per share (“Common Stock”), in each case as set forth
opposite such Investor’s name on Schedule I hereto.

 

D.                                    Also
in connection with the transactions contemplated by the Stock Purchase
Agreement, pursuant to a separate Securities Purchase Agreement dated as of the
date hereof (the “Securities Purchase Agreement”), the Company intends
to sell for cash additional shares of Preferred Stock and Common Stock to the
investors who are parties thereto (the “Institutional Investors”).

 

E.                                      Immediately
following the purchase and sale of securities referred to above, the Company
will use such cash proceeds in part to acquire, pursuant to the Stock Purchase
Agreement, the outstanding capital stock of Edgen.

 

F.                                      In
connection with the execution and delivery of this Agreement, the Management
Investors, the Institutional Investors and the Company are also entering into a
Securities Holders Agreement (the “Securities Holders Agreement”) and a
Registration Rights Agreement (the “Registration Rights Agreement”)
substantially in the forms of Exhibit A and

 

 

Exhibit B
hereto, respectively, in order to set forth more fully certain agreements regarding
their future relationships and their rights and obligations with respect to
Securities of the Company.

 

G.                                     As
used herein, the term “Securities” shall mean Common Stock, Preferred
Stock, and any other shares of capital stock of the Company, and any securities
convertible into or exchangeable for such capital stock, and any options
(including any options now or hereafter issued to Management Investors),
warrants or other rights to acquire such capital stock or securities, now or
hereafter held by any party hereto, including all other securities of the
Company (or a successor to the Company) received on account of ownership of
Common Stock or Preferred Stock, including all securities issued in connection
with any merger, consolidation, stock dividend, stock distribution, stock
split, reverse stock split, stock combination, recapitalization,
reclassification, subdivision, conversion or similar transaction in respect
thereof.

 

Terms

 

In consideration of the mutual covenants contained
herein, and intending to be legally bound hereby, the parties hereto agree as
follows:

 

ARTICLE I

PURCHASE AND EXCHANGE OF SECURITIES

 

1.1.                              Sale and Purchase of Common Stock and Preferred
Stock.  (a)  Subject to the terms and conditions
set forth herein, at the Closing (as defined in Section 1.2), the Company
will issue and sell to the Management Investors, and the Management Investors
will purchase, the number of shares of Preferred Stock and Common Stock set
forth opposite the name of such Management Investor on Schedule I hereto.

 

(b)                                 The per share purchase price for the Preferred
Stock and Common Stock to be purchased under this Section 1.1 shall be
$1,000 per share and $1 per share, respectively.  The aggregate purchase price to be paid by
each Management Investor purchasing Preferred Stock and Common Stock pursuant
to this Section 1.1, is set forth opposite such Management Investor’s name
on Schedule I hereto.  The Management
Investors shall pay the purchase price for the shares of Preferred Stock and
Common Stock purchased by him or her hereunder by wire transfer of immediately
available funds (or such other means as the parties might agree) to an account
designated by the Company.

 

(c)                                  The obligations of the Management Investors
purchasing Securities under this Section 1.2 are several in nature, and no
Management Investor shall have any obligation to purchase any Securities
subscribed for hereunder by any other Management Investor.

 

1.2.                              Closing.  (a)  The closing (the “Closing”)
of the purchase and sale of the Securities referred to in Section 1.1 will
take place concurrently with the Closing of the Stock

 

2

 

Purchase Agreement or at such other time or on
such other date as may be agreed by the parties hereto.  The date such Closing occurs is referred to
herein as the “Closing Date.”

 

(b)                                 At the Closing, the Company will deliver to each
Management Investor certificates evidencing the number of shares of Preferred
Stock and Common Stock to be purchased by such Management Investor as set forth
opposite such Management Investor’s name on Schedule I hereto,
registered in such Management Investor’s name, against payment of the purchase
price therefor in cash, by wire transfer of immediately available funds (or
such other means as the parties might agree), with confirmed receipt.

 

1.3.                              Conditions to the Management Investor’s
Obligations.  The obligation of each Management Investor to
purchase such Management Investor’s Securities at the Closing is subject to the
satisfaction on or prior to the date hereof of the following conditions:

 

(a)                                  The representations and warranties of the Company
set forth in Article II hereof shall be true and correct in all material
respects on and as of the Closing Date as though then made, and all covenants
of the Company set forth in Article I required to be performed on or prior
to the Closing shall have been performed in all material respects.

 

(b)                                 No
preliminary or permanent injunction or order, decree or ruling of any nature
issued by any court or governmental agency of competent jurisdiction, nor any
statute, rule, regulation or executive order promulgated or enacted by any
United States federal, state or local governmental authority, shall be in
effect, that would prevent the consummation of the transactions contemplated by
this Agreement or the Stock Purchase Agreement.

 

(c)                                  All
of the conditions to effecting the transactions contemplated by the Stock
Purchase Agreement shall have been fulfilled or waived in accordance with the
terms of the Stock Purchase Agreement.

 

(d)                                 The
Company shall have executed and delivered the Securities Holders Agreement and
the Registration Rights Agreement.

 

(e)                                  The Company’s Amended and Restated Articles of
Incorporation and Bylaws shall be substantially in the forms of Exhibit C
and Exhibit D hereto, respectively.

 

(f)                                    All corporate and other proceedings, if any,
taken or to be taken by the Company in connection with the transactions
contemplated hereby shall have been taken.

 

1.4.                              Conditions to the Company’s Obligations.  The
obligations of the Company to issue and sell the Securities to each Management
Investor as set forth herein at the Closing are subject to the satisfaction on
or prior to the Closing of the following conditions:

 

(a)                                  The representations and warranties of each
Management Investor set forth in Article III hereof shall be true and
correct in all material respects at and as of the Closing Date

 

3

 

as though then made, and all covenants of each
Management Investor required to be performed at or prior to the Closing shall
have been performed in all material respects.

 

(b)                                 No
preliminary or permanent injunction or order, decree or ruling of any nature
issued by any court or governmental agency of competent jurisdiction, nor any
statute, rule, regulation or executive order promulgated or enacted by any
United States federal, state or local governmental authority, shall be in
effect, that would prevent the consummation of the transactions contemplated by
this Agreement or the Stock Purchase Agreement.

 

(c)                                  All
of the conditions to effecting the transactions contemplated by the Stock
Purchase Agreement shall have been fulfilled or waived in accordance with the
terms of the Stock Purchase Agreement.

 

(d)                                 Such Management
Investor shall have executed and delivered each of the Securities Holders
Agreement and the Registration Rights Agreement.

 

ARTICLE II

REPRESENTATIONS, WARRANTIES AND

COVENANTS OF THE COMPANY

 

2.1.                              Representations, Warranties and Covenants of the
Company.  The Company represents and warrants to, and
covenants and agrees with, each of the Management Investors as follows:

 

(a)                                  The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Nevada.

 

(b)                                 The Company has all requisite corporate power and
corporate authority to execute, deliver and perform this Agreement and to
consummate the transactions provided for herein.

 

(c)                                  The execution, delivery and performance by the
Company of this Agreement and the consummation by the Company of the
transactions contemplated hereby, including, but not limited to, the issuance
and sale of the Securities to be issued by it hereunder, have been duly
authorized, and this Agreement constitutes the valid and binding obligation of
the Company, enforceable against it in accordance with the terms hereof.

 

(d)                                 The Securities issued to the Management Investors
under Article I hereof, when issued in compliance with the provisions of
this Agreement, will be validly issued, fully paid and non-assessable.

 

(e)                                  As of the date hereof and after giving effect to
the transactions contemplated by this Agreement and the Securities Purchase
Agreement with the Institutional Investors, but excluding the restricted Common
Stock issued under the Edgen Corporation

 

4

 

Incentive Plan, (i) the authorized capital
stock of the Company consists of five million one hundred thousand
(5,100,000) shares, divided into two (2) classes consisting of five million
(5,000,000) shares of Common Stock, 2,400,000 shares of which are issued and
outstanding; and one hundred thousand (100,000) shares of Preferred Stock, of
which forty thousand (40,000) are designated as Series A 81⁄2% Cumulative
Compounding Preferred Stock (“Series A Preferred Stock”)  and 21,600 shares of which Series A
Preferred Stock are issued and outstanding;
and (ii) the shares of Common Stock and Series A Preferred Stock held
by the Investors, together with the shares of Common Stock and Series A Preferred
Stock issued under the Securities Purchase Agreement with the Institutional Investors,
constitute all of the issued and outstanding shares of the Company’s capital
stock.

 

(f)                                    The
Securities offered to the Management Investors under Article I hereof are
offered to those Management Investors in their capacity as employees, officers
or directors of the Company.

 

ARTICLE III

REPRESENTATIONS, WARRANTIES AND

COVENANTS OF MANAGEMENT INVESTORS

 

3.1.                              Representations, Warranties and Covenants of Each
Management Investor.  Each of the Management Investors severally
and as to itself represents and warrants to, and covenants and agrees with, the
Company that:

 

(a)                                  Such Management Investor has the requisite legal
right, power and authority (including, if applicable, the due authorization by
all necessary corporate action) to enter into this Agreement and to perform
such Management Investor’s obligations hereunder and to consummate the
transactions provided for herein; this Agreement has been duly authorized, executed
and delivered by such Management Investor; and this Agreement constitutes the
valid and binding obligation of such Management Investor, enforceable against
such Management Investor in accordance with the terms hereof.  As used herein, the term “person”
means an individual or a corporation, partnership, limited liability company,
joint venture, trust, regulatory or governmental agency or authority or other
organization or entity of any kind.

 

(b)                                 No
consent, approval or authorization of, or registration, qualification or filing
with, any governmental agency or authority is required for the execution and
delivery of this Agreement by such Management Investor or for the consummation
by such Management Investor of the transactions contemplated hereby, except
where the failure to obtain any such consent, approval or authorization or to
so register, qualify or file would not reasonably be expected to materially and
adversely affect such Management Investor’s ability to consummate the
transactions contemplated hereby.

 

(c)                                  No
action, suit, proceeding or investigation is pending or, to such Management
Investor’s knowledge, threatened, against such Management Investor with respect

 

5

 

to his or her execution and delivery of this Agreement or the
consummation by such Management Investor of the transactions contemplated
hereby.

 

(d)                                 The Securities are being purchased by such
Management Investor hereunder for investment, and not with a view to any
distribution thereof that would violate the Securities Act or the applicable
state securities laws of any state.  Such
Management Investor will not distribute the Securities in violation of the
Securities Act or the applicable securities laws of any state.

 

(e)                                  Such Management Investor understands that the
Securities have not been registered under the Securities Act or the securities
laws of any state and must be held indefinitely unless subsequently registered
under the Securities Act and any applicable state securities laws or unless an
exemption from such registration becomes or is available.

 

(f)                                    In formulating a decision to enter into this
Agreement, such Management Investor has relied solely upon (i) the
provisions of this Agreement, (ii) an independent investigation of the Company’s
business, and (iii) consultations with, his or her legal and financial
advisors with respect to this Agreement and the nature of his or her
investment; and that in entering into this Agreement no reliance was placed by
the Management Investor upon any representations or warranties other than those
contained in this Agreement.

 

(g)                                 Such Management Investor is financially able to
hold the Securities for long-term investment, believes that the nature and
amount of the Securities being purchased are consistent with his or her overall
investment program and financial position, and recognizes that there are
substantial risks involved in the purchase of the Securities.

 

(h)                                 Such Management Investor confirms that (i) he
or she or she is familiar with the business of the Company, (ii) he or she
or she has had the opportunity to ask questions of the officers and directors
of the Company and to obtain (and that such Management Investor has received to
his or her satisfaction) such information about the business and financial
condition of the Company as he or she has reasonably requested, and (iii) such
Management Investor, either alone or with a representative (as defined in Rule 501(h) promulgated
under the Securities Act), has such knowledge and experience in financial and
business matters that such Management Investor is capable of evaluating the
merits and risks of the prospective investment in the Securities.

 

(i)                                     Such
Management Investor confirms and acknowledges that (i) he or she
understands that the opportunity to purchase the Securities offered to such
Management Investor under this contract are offered in his or her capacity as
an employee, officer or director of the Company and (ii) he or she has
received a copy of this contract in accordance with Rule 701 under the
Securities Act.

 

(j)                                     Such
Management Investor confirms that he or she qualifies as an “accredited
investor” within the meaning of Rule 501(a) of Regulation D under the
Securities Act under which the Management Investor (i) has a net worth of
at least one million dollars

 

6

 

($1,000,000), (ii) has had an annual income of at least two
hundred thousand dollars ($200,000), individually or joint income with spouse
of three hundred thousand dollars ($300,000) for each of the last two years or (iii) or
is a director, executive officer, or general partner of the issuer of the
securities being offered or sold.

 

(k)                                  Such
Management Investor’s residence address is as set forth below his or her
signature to this Agreement.

 

ARTICLE IV

MISCELLANEOUS

 

4.1.                              Legend.  (a) All certificates
representing the Securities shall bear the following legend in addition to any
other legend required under applicable law:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR
OTHERWISE DISPOSED OF WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS OR THE DELIVERY TO THE COMPANY OF AN OPINION
OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS
NOT REQUIRED.

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO
SUBJECT TO THE TERMS AND CONDITIONS OF A SECURITIES HOLDERS AGREEMENT BY AND
AMONG THE COMPANY AND THE HOLDERS SPECIFIED THEREIN, AS AMENDED FROM TIME TO
TIME (THE “SECURITIES HOLDERS AGREEMENT”), A COPY OF WHICH AGREEMENT IS ON FILE
AT THE PRINCIPAL OFFICE OF THE COMPANY. 
THE SALE, TRANSFER, ASSIGNMENT OR OTHER DISPOSITION OF THE SECURITIES IS
SUBJECT TO THE TERMS OF SUCH AGREEMENT AND THE SECURITIES ARE TRANSFERABLE OR
OTHERWISE DISPOSABLE ONLY UPON PROOF OF COMPLIANCE THEREWITH.

 

4.2.                              Amendment and Modification.  This
Agreement may be amended or modified, or any provision hereof may be waived,
provided that such amendment, modification or waiver is set forth in a writing
executed by (i) the Company, and (ii) the holders of the majority of
the shares of Common Stock then held by the Management Investors; provided,
however, that any amendment of this Agreement which materially adversely
affects any Management Investor in a manner materially different from other
Management Investors (other than due to any difference in the number of shares
owned by and such Management Investor) requires the consent of such Management
Investor.  No course of dealing between
or among any persons having any interest

 

7

 

in this Agreement will be deemed effective to
modify, amend or discharge any part of this Agreement or any rights or
obligations of any person under or by reason of this Agreement.

 

4.3.                              Survival of Representations and Warranties.  The
representations, warranties, covenants and agreements set forth in this
Agreement shall survive the Closing.

 

4.4.                              Successors and Assigns.  This
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the successors and permitted assigns and executors, administrators and heirs
of each party hereto.  This Agreement,
and any rights or obligations existing hereunder, may not be assigned or
otherwise transferred by any party without the prior written consent of the
other parties hereto.

 

4.5.                              Separability.  In the event that any provision
of this Agreement or the application of any provision hereof is declared to be
illegal, invalid or otherwise unenforceable by a court of competent
jurisdiction, the remaining provisions shall remain in full force and effect
unless deletion of such provision causes this Agreement to become materially
adverse to any party, in which event the parties shall use reasonable efforts
to arrive at an accommodation which best preserves for the parties the benefits
and obligations of the offending provision.

 

4.6.                              Notices.  All notices provided for or
permitted hereunder shall be made in writing by hand-delivery, registered or
certified first-class mail, fax or reputable courier guaranteeing overnight
delivery to the other party at the following addresses (or at such other
address as shall be given in writing by any party to the others):

 

	
  If to the
  Company:

  	
   

  
	
   

  	
   

  	
   

  
	
  Edgen
  Acquisition Corporation

  	
   

  
	
  c/o Jefferies Capital Partners

  	
   

  
	
  520 Madison Avenue

  	
   

  
	
  12th Floor

  	
   

  
	
  New York, NY 10022

  	
   

  
	
  Attention: 

  	
  James Luikart and Nicholas Daraviras

  	
   

  
	
  Telephone: 

  	
  (212) 284-1700

  	
   

  
	
  Fax:

  	
  (212) 284-1717

  	
   

  
	
   

  	
   

  	
   

  
	
  with a required copy to:

  	
   

  
	
   

  	
   

  	
   

  
	
  Dechert LLP

  	
   

  
	
  4000 Bell Atlantic Tower

  	
   

  
	
  1717 Arch Street

  	
   

  
	
  Philadelphia, PA 19103

  	
   

  
	
  Attention: 

  	
  Carmen J. Romano, Esq.

  	
   

  
	
  Telephone:

  	
  (215) 994-4000

  	
   

  
	
  Fax: 

  	
  (215) 994-2222

  	
   

  
					

 

8

 

If to any of the Management Investors, to such
Management Investor’s address as set forth on the signature pages hereto.

 

All such notices shall be deemed to have been duly
given: when delivered by hand, if personally delivered; four business days
after being deposited in the mail, postage prepaid, if mailed; when
confirmation of transmission is received, if faxed during normal business hours
(or, if not faxed during normal business hours, the next business day after confirmation
of transmission); and on the next business day, if timely delivered to a
reputable courier guaranteeing overnight delivery.

 

4.7.                              Governing Law.  This Agreement shall be governed
by and construed in accordance with the internal laws of the State of New York,
without giving effect to principles of conflicts of law.

 

4.8.                              Headings.  The headings preceding the text
of the sections and subsections of this Agreement are for convenience of
reference only and shall not constitute a part of this Agreement, nor shall
they affect its meaning, construction or effect.

 

4.9.                              Counterparts.  This Agreement may be executed
in two or more counterparts and by the 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 one and the same instrument.

 

4.10.                        Further Assurances.  Each party shall cooperate and take such
action as may be reasonably requested by another party in order to carry out
the provisions and purposes of this Agreement and the transactions contemplated
hereby.

 

4.11.                        Entire Agreement.  This Agreement sets forth the entire
agreement and understanding among the parties and supersedes all prior
agreements and understandings, written or oral, relating to the subject matter
of this Agreement, it being understood the Management Investors are
contemporaneously entering into other agreements and instruments in connection
with the consummation of the transactions contemplated by the Stock Purchase
Agreement, including the Securities Holders Agreement and the Registration
Rights Agreement.

 

9

 

IN WITNESS WHEREOF, the parties hereto have executed
this Securities Purchase Agreement the day and year first above written.

 

 

	
   

  	
  EDGEN ACQUISITION
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  NICHOLAS DARAVIRAS 

  	
   

  
	
   

  	
   

  	
  Name: Nicholas
  Daraviras 

  
	
   

  	
   

  	
  Title:President

  

 

 

	
   

  	
  MANAGEMENT INVESTORS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
      /s/ JEFFREY L. BIKSHORN

  	
   

  
	
   

  	
  Jeffrey
  L. Bikshorn

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  Telephone No.:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
      /s/ DOUGLAS J. DALY JR.

  	
   

  
	
   

  	
  Douglas
  J. Daly Jr.

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  Telephone No.:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
      /s/ ROBERT L. GILLELAND

  	
   

  
	
   

  	
  Robert
  L. Gilleland

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  Telephone No.:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
      /s/ RANDALL C. HARLESS

  	
   

  
	
   

  	
  Randall
  C. Harless

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  Telephone No.:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
      /s/
  DANIEL D. KEATON

  	
   

  
	
   

  	
  Daniel
  D. Keaton

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  Telephone No.:

  
				

 

 

	
   

  	
      /s/ CRAIG STEPHEN KIEFER

  	
   

  
	
   

  	
  Craig
  Stephen Kiefer

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  Telephone No.:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
      /s/ DAVID L. LAXTON, III

  	
   

  
	
   

  	
  David
  L. Laxton, III

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  Telephone No.:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
      /s/ ROY J. MEREDITH

  	
   

  
	
   

  	
  Roy
  J. Meredith

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  Telephone No.:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
      /s/
  DANIEL J. O’LEARY

  	
   

  
	
   

  	
  Daniel
  J. O’Leary

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  Telephone No.:

  

 

 

Schedule I

 

Management Investors and Securities Purchased

 

	
  Management Investor

  	
   

  	
  Cash Investment

  	
   

  	
  Common Stock Purchase Price

  ($1 per share)

  	
   

  	
  Preferred Stock Purchase Price
  ($1000 per

  share)

  	
   

  	
  Number of

  Shares of

  Common Stock Received

  	
   

  	
  Number of

  Shares of

  Preferred Stock Received

  	
   

  	
  Aggregate

  Purchase Price

  	
   

  
	
  O’Leary Daniel J.

  	
   

  	
  $

  	
  750,000

  	
   

  	
  $

  	
  75,000

  	
   

  	
  $

  	
  675,000

  	
   

  	
  75,000

  	
   

  	
  675

  	
   

  	
  $

  	
  750,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Laxton III, David L.

  	
   

  	
  $

  	
  350,000

  	
   

  	
  $

  	
  35,000

  	
   

  	
  $

  	
  315,000

  	
   

  	
  35,000

  	
   

  	
  315

  	
   

  	
  $

  	
  350,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Gilleland, Robert L.

  	
   

  	
  $

  	
  300,000

  	
   

  	
  $

  	
  30,000

  	
   

  	
  $

  	
  270,000

  	
   

  	
  30,000

  	
   

  	
  270

  	
   

  	
  $

  	
  300,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Kiefer, Craig Stephen

  	
   

  	
  $

  	
  300,000

  	
   

  	
  $

  	
  30,000

  	
   

  	
  $

  	
  270,000

  	
   

  	
  30,000

  	
   

  	
  270

  	
   

  	
  $

  	
  300,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Meredith, Roy J.

  	
   

  	
  $

  	
  200,000

  	
   

  	
  $

  	
  20,000

  	
   

  	
  $

  	
  180,000

  	
   

  	
  20,000

  	
   

  	
  180

  	
   

  	
  $

  	
  200,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Daly, Jr., Douglas J.

  	
   

  	
  $

  	
  300,000

  	
   

  	
  $

  	
  30,000

  	
   

  	
  $

  	
  270,000

  	
   

  	
  30,000

  	
   

  	
  270

  	
   

  	
  $

  	
  300,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bikshorn, Jeffrey L.

  	
   

  	
  $

  	
  50,000

  	
   

  	
  $

  	
  5,000

  	
   

  	
  $

  	
  45,000

  	
   

  	
  5,000

  	
   

  	
  45

  	
   

  	
  $

  	
  50,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Harless, Randall C.

  	
   

  	
  $

  	
  100,000

  	
   

  	
  $

  	
  10,000

  	
   

  	
  $

  	
  90,000

  	
   

  	
  10,000

  	
   

  	
  90

  	
   

  	
  $

  	
  100,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Keaton, Daniel D.

  	
   

  	
  $

  	
  40,000

  	
   

  	
  $

  	
  4,000

  	
   

  	
  $

  	
  36,000

  	
   

  	
  4,000

  	
   

  	
  36

  	
   

  	
  $

  	
  40,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  2,390,000

  	
   

  	
  $

  	
  239,000

  	
   

  	
  $

  	
  2,151,000

  	
   

  	
  239,000

  	
   

  	
  2,151

  	
   

  	
  $

  	
  2,390,000QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4.5    
    

CONFORMED COPY  

DATED 6 AUGUST 2004  

GENESYS CONFERENCING, INC.
  (formerly, VIALOG CORPORATION)

as Term A1, Term B and Revolver 1 Borrower 

GENESYS S.A.
  as Term A2 and Revolver 2 Borrower 

BNP PARIBAS
  as Agent 

and 

BNP PARIBAS
  as Security Agent 

and

OTHERS

AMENDMENT No4

RELATING TO THE

FACILITIES AGREEMENT

DATED 20 APRIL 2001  

THIS AGREEMENT is made on 6 August 2004 

BETWEEN  

	(1)	 	GENESYS CONFERENCING, INC. (formerly, Vialog Corporation) in its capacity as borrower under the Term A1 Facility, Term B Facility and the Revolving 1 Facility ("GCI");
	

(2)	
 	
GENESYS S.A. in its capacity as borrower under the Term A2 Facility and the Revolving 2 Facility ("Genesys S.A." and together with GCI the
"Borrowers");
	

(3)	
 	
BNP PARIBAS as agent for and on behalf of the Lenders (the "Agent");
	

(4)	
 	
BNP PARIBAS as security agent for and on behalf of the Lenders (the "Security Agent"); and
	

(5)	
 	
THE LENDERS (as defined in the Original Facilities Agreement).
	

 	
 	
RECITALS
	

(A)	
 	

Vialog Corporation ("Vialog") and Genesys S.A. entered into the Original Facilities Agreement (as such term is defined below), pursuant to which the Lenders have agreed to make the Facilities available
to Vialog and Genesys S.A.
	

(B)	
 	

GCI is a successor in interest to Vialog pursuant to the change of name by Vialog to "Genesys Conferencing of Massachusetts, Inc." ("GCM"), and the subsequent merger of GCM into GCI in
January 2002:
	

(C)	
 	

On 30 April 2003, the Borrowers, the Agent, the Security Agent and the Lenders entered into an Amendment No. 3 to the Original Facilities Agreement on the basis of information provided by the Borrowers and, inter
alia, a review by PricewaterhouseCoopers ("PwC") of such information together with the business plan and cash flow projections of the Borrowers prepared by Genesys
S.A.
	

(D)	
 	

As a result of unfavourable market conditions, the business plan and cash flow projections of the Borrowers has had to be revised. This revised business plan and cash flow projections have been the subject of an additional review by PwC. The
Borrowers, the Agent, the Security Agent and the Lenders have agreed, inter alia, on the basis of the updated PwC's report dated 3 August 2004 to amend the Original Facilities Agreements in
accordance with the terms hereof.
	
IT IS AGREED as follows.
	

1.	
 	
DEFINITIONS AND INTERPRETATION
	

1.1	
 	
Definitions
	

 	
 	

In this Agreement, unless otherwise defined herein, capitalised terms shall have the meaning given to them in the Original Facilities Agreement, and in addition:
	

 	
 	

"Amended Agreement" means the Original Facilities Agreement, as amended by this Agreement.
	

 	
 	

"Effective Date" means the date of execution of this Agreement.
	

 	
 	

"Original Facilities Agreement" means the term and revolving facilities agreement dated 20 April 2001 between the Borrowers, the Agent, the Security Agent, BNP Paribas, CIBC World Markets plc and
Fortis Bank N.V./S.A. as Arrangers and the Lenders, as amended by the Amendment Agreement, dated 27 November 2001, between the same, the Second Amendment Agreement, dated 11 June 2002, between the same, and the Third Amendment Agreement,
dated 30 April 2003.
	

 	
 	

"PwC Tax Report" means a transfer pricing analysis prepared by PwC and designed to help the company optimize its consolidated tax obligations.
	

 	
 	

"Strategic Transaction" means a transaction of the kind described in Clause 21.5.1 of the Amended Agreement.
	

1.2	
 	
Interpretation
	

 	
 	

The rules of interpretation set out in Clause 1.2 (Interpretation) of the Original Facilities Agreement shall apply to this Agreement, mutatis mutandis.
	 	 	 	 	 

	

2.	
 	
AMENDMENT OF THE ORIGINAL FACILITIES AGREEMENT
	

 	
 	

With effect from the Effective Date, the Original Facilities Agreement shall be amended and restated as set out below:
	

2.1	
 	

The Original Facilities Agreement shall be amended by adding the following new definitions in Clause 1.1 (Definitions) in the appropriate alphabetical order:
	

 	
 	

"Postponed Term A1 Outstandings" means any Term A1 Outstandings which are due for repayment after 30 April 2007."
	

 	
 	

"Postponed Term A2 Outstandings" means any Term A2 Outstandings which are due for repayment after 30 April 2007."
	

 	
 	

"Reassessment Period" means the eight month period following the end of any Relevant Period in respect of which a Reassessment Circumstance has occurred.
	

 	
 	

"Reassessment Circumstance" shall mean the occurrence of any one of the following events:
	

 	
 	

(a)	
 	

the Cash Cover (as defined in Clause 21.1.1) for any Relevant Period specified in column 1 below shall be less than the ratio set out in column 2 below opposite such Relevant Period:

	
 
	

Column 1

Relevant Period ending
 
	
 	

Column 2

Ratio

	 	31 December 2004	 	0.87
	 	31 March 2005	 	0.82
	 	30 June 2005	 	1.02
	 	30 September 2005	 	1.02
	 	31 December 2005	 	1.13
	 	31 March 2006	 	1.08
	 	30 June 2006	 	0.92
	 	30 September 2006	 	0.92
	 	31 December 2006	 	0.90
	 	31 March 2007	 	0.89
	 	30 June 2007	 	1.14
	 	30 September 2007	 	1.11
	 	31 December 2007	 	0.93
	 	31 March 2008	 	0.94
	 	30 June 2008	 	0.83
	 	30 September 2008	 	0.83

	

 	
 	

(b)	
 	

the Interest Cover (as defined in Clause 21.1.2) for any Relevant Period specified in Column 1 below shall be less than the ratio set out in Column 2 below opposite each Relevant Period:

	
 
	

Column 1

Relevant Period ending
 
	
 	

Column 2

Ratio

	 	31 December 2004	 	4.03
	 	31 March 2005	 	4.76
	 	30 June 2005	 	5.46
	 	30 September 2005	 	5.69
	 	31 December 2005	 	5.48
	 	31 March 2006	 	5.42
	 	30 June 2006	 	5.65
	 	30 September 2006	 	5.99
	 	31 December 2006	 	6.86
	 	31 March 2007	 	7.11
	 	30 June 2007	 	7.42
	 	30 September 2007	 	7.79
	 	31 December 2007	 	8.31
	 	31 March 2008	 	9.91
	 	30 June 2008	 	11.75
	 	30 September 2008	 	13.77

	

 	
 	

(c)	
 	

the ratio of outstanding Consolidated Net Indebtedness to Consolidated EBITDA for any Relevant Period specified in column 1 below shall exceed the ratio set out in column 2 below opposite such Relevant Period:

	
 
	

Column 1

Relevant Period ending
 
	
 	

Column 2

Ratio

	 	31 December 2004	 	4.03
	 	31 March 2005	 	3.21
	 	30 June 2005	 	2.81
	 	30 September 2005	 	2.49
	 	31 December 2005	 	2.54
	 	31 March 2006	 	2.45
	 	30 June 2006	 	2.33
	 	30 September 2006	 	2.08
	 	31 December 2006	 	1.77
	 	31 March 2007	 	1.60
	 	30 June 2007	 	1.42
	 	30 September 2007	 	1.27
	 	31 December 2007	 	1.03
	 	31 March 2008	 	0.87
	 	30 June 2008	 	0.72
	 	30 September 2008	 	0.60

	

 	
 	

(d)	
 	

for each Relevant Period starting with the Relevant Period which ends on 31 December 2004 up to and including the Relevant Period which ends on 30 September 2005, the Consolidated EBITDA for such Relevant Period shall be less than the
amount set out in column 2 below in respect of such Relevant Period, and for each Relevant Period which ends after 30 September 2005, the aggregate Consolidated EBITDA for such Relevant Period and the immediately prior Relevant Period shall be
less than the amount set out in column 2 below in respect of such Relevant Periods:

	
 
	

Column 1

Relevant Period ending
 
	
 	

Column 2

(€ Million)

	 	Quarterly
	 	31 December 2004	 	6.76
	 	31 March 2005	 	7.38
	 	30 June 2005	 	6.41
	 	30 September 2005	 	5.62
	

 	
Semi-annual
	 	31 December 2005	 	11.37
	 	31 March 2006	 	12.52
	 	30 June 2006	 	13.76
	 	30 September 2006	 	13.68
	 	31 December 2006	 	15.63
	 	31 March 2007	 	16.67
	 	30 June 2007	 	15.72
	 	30 September 2007	 	15.63
	 	31 December 2007	 	17.85
	 	31 March 2008	 	19.25
	 	30 June 2008	 	18.36
	 	30 September 2008	 	18.25

	

2.2	
 	

The definition of "A1 Margin" shall be amended and restated as follows:
	

 	
 	

"A1 Margin" means in relation to the Term A1 Outstandings, and subject to Clause 5.3 (Term Margin Ratchet), 2.65% per annum; provided that with respect
to the Postponed Term A1 Outstandings, the A1 Margin shall be increased by an additional 0.5% per annum."
	

2.3	
 	

The definition of "A2 Margin" shall be amended and restated as follows:
	

 	
 	

"A2 Margin" means in relation to the Term A2 Outstandings, and subject to Clause 5.3 (Term Margin Ratchet), 2.65% per annum; provided that with respect
to the Postponed Term A2 Outstandings, the A2 Margin shall be increased by an additional 0.5% per annum."
	

2.4	
 	

The definition of "Final Maturity Date" shall be amended and restated as follows:
	

 	
 	

"Final Maturity Date" means, in relation to the Term A1 Facility and the Term A2 Facility, 31 October 2008 and in relation to the Term B Facility "Final Maturity
Date" means 31 October 2008."
	

2.5	
 	

Clause 10.1 (Term A1 Advances and Terms A2 Advances Repayment Instalments) of the Original Facilities Agreement shall be amended and restated as follows:
	

 	
 	

"10.1	
 	
Term A1 Advances and Terms A2 Advances Repayment Instalments
	

 	
 	

10.1.1	
 	

Each Borrower which has drawn a Term A1 Advance or a Term A2 Advance shall repay the Term A1 Outstandings or the Term A2 Outstandings, as the case may be, in instalments by repaying on each Term Repayment Date the principal amount set out opposite
each Term Repayment Date below:
	

 	
 	

10.1.2	
 	

 

	 
	 
	 	Repayment Instalment

(USD Million)

	
 
	

Term Repayment Date
 
	
 	

Term A1 Facility
	
 	

Term A2 Facility

	 	31 October 2004	 	5.25	 	3.0
	 	30 April 2005	 	3.82	 	2.18
	 	31 October 2005	 	3.82	 	2.18
	 	30 April 2006	 	5.33	 	2.67
	 	31 October 2006	 	5.33	 	2.67
	 	30 April 2007	 	3.235	 	2.575
	 	31 October 2007	 	0	 	0
	 	30 April 2008	 	0	 	0
	 	31 October 2008	 	17.45	 	9.30

	

2.6	
 	

Clause 12.3.2 of the Original Facilities Agreements shall be amended and restated as follows:
	

 	
 	

12.3.2	
 	

The Borrowers shall procure that within 14 days of delivery of the annual consolidated accounts of the Group with respect to the fiscal year 2004 and subsequent years under Clause 19.1 (Annual
Statements), the Outstandings shall be prepaid in an aggregate amount equal to 75% of the Excess Cash Flow of the Group above USD 5,000,000.
	

2.7	
 	

Clause 12.7 (Application of Prepayments) of the Original Facilities Agreements shall be amended and restated as follows:
	

 	
 	

"12.7	
 	
Application of Prepayments
	

 	
 	

 	
 	

12.7.1	
 	

Any prepayment made under Clause 12.2 (Mandatory Prepayment of Amounts), Clause 12.3 (Mandatory Prepayment from Excess Cash Flow),
Clause 12.4 (Mandatory Prepayment from bonds), Clause 12.5 (Mandatory Prepayment from capital increase) or Clause 12.8 (Mandatory Prepayment from subordinated debt) shall be applied in repayment:
	

 	
 	

 	
 	

 	
 	

(a)	
 	

first, pro rata between the Term B Outstandings, the Term A1 Outstandings and the Term A2 Outstandings in inverse chronological order of maturity; and

	 	 	 	 	 	 	(b)	 	second, when the Term Outstandings have been repaid in full, in repayment of the Revolving Outstandings (and any amounts so repaid may not be reborrowed and the Revolving Commitments of the Lenders will be reduced
pro rata).
	

 	
 	

 	
 	

 	
 	

Any prepayment of Term Outstandings in respect of a Term Facility shall be applied against Term Advances then outstanding under that Facility pro rata.
	

 	
 	

 	
 	

12.7.2	
 	

Any prepayment of Term Outstandings shall satisfy the remaining obligations under Clause 10 (Repayment of the Term Facilities)."
	

2.8	
 	

A new Clause 12.8 shall be added to the Original Facilities Agreement as follows:
	

 	
 	

"12.8	
 	
Mandatory Prepayment from subordinated debt
	

 	
 	

 	
 	

The Borrowers shall procure that upon the receipt by the Borrowers of the proceeds of any new Financial Indebtedness entered into in accordance with Clause 21.5 (Reassessment Circumstance), the
Outstandings shall be repaid in an aggregate amount equal to such proceeds. Any such prepayment shall be applied in accordance with Clause 12.7 (Application of Prepayments)."
	

2.9	
 	

Clause 21.1 (Financial Condition) of the Original Facilities Agreements shall be amended and restated as follows:
	

 	
 	

"21.1	
 	
Financial Condition
	

 	
 	

Genesys S.A. shall ensure that the financial condition of the Group shall be such that:
	

 	
 	

21.1.1  Cash Cover: Cash Cover for each Relevant Period specified in column 1 below shall not be less than the ratio set out in column 2 below opposite such Relevant Period.

	
 
	

Column 1

Relevant Period ending
 
	
 	

Column 2

Ratio

	 	30 June 2004	 	0.85
	 	30 September 2004	 	0.95
	 	31 December 2004	 	0.78
	 	31 March 2005	 	0.73
	 	30 June 2005	 	0.91
	 	30 September 2005	 	0.91
	 	31 December 2005	 	1.01
	 	31 March 2006	 	0.97
	 	30 June 2006	 	0.82
	 	30 September 2006	 	0.82
	 	31 December 2006	 	0.81
	 	31 March 2007	 	0.80
	 	30 June 2007	 	1.02
	 	30 September 2007	 	0.99
	 	31 December 2007	 	0.83
	 	31 March 2008	 	0.84
	 	30 June 2008	 	0.74
	 	30 September 2008	 	0.74

	

 	
 	

 	
 	

"Cash Cover" means, in relation to any Relevant Period, the ratio of Consolidated Cash Flow to Consolidated Debt Service for such Relevant Period, but excluding from the calculation (i) any proceeds
of the Rights Offering placed in escrow for the purpose of repaying all or part of the Convertible Bonds, and (ii) the Convertible Bond Indebtedness to the extent of the funds described in (i) above.

	

 	
 	

21.1.2  Interest Cover: Interest Cover for each Relevant Period specified in Column 1 below shall not be less than the ratio set out in Column 2 below opposite each Relevant Period.

	
 
	

Column 1

Relevant Period ending
 
	
 	

Column 2

Ratio

	 	30 June 2004	 	3.20
	 	30 September 2004	 	3.11
	 	31 December 2004	 	3.61
	 	31 March 2005	 	4.26
	 	30 June 2005	 	4.88
	 	30 September 2005	 	5.09
	 	31 December 2005	 	4.90
	 	31 March 2006	 	4.85
	 	30 June 2006	 	5.06
	 	30 September 2006	 	5.36
	 	31 December 2006	 	6.14
	 	31 March 2007	 	6.36
	 	30 June 2007	 	6.64
	 	30 September 2007	 	6.97
	 	31 December 2007	 	7.44
	 	31 March 2008	 	8.87
	 	30 June 2008	 	10.52
	 	30 September 2008	 	12.32

	

 	
 	

 	
 	

"Interest Cover" means, in relation to any Relevant Period, the ratio of Consolidated EBITDA to Consolidated Net Interest Expense for such Relevant Period.
	

 	
 	

21.1.3  Leverage: The ratio of outstanding Consolidated Net Indebtedness to Consolidated EBITDA for each Relevant Period specified in column 1 below shall not exceed the ratio set out in column
2 below opposite such Relevant Period.

	
 
	

Column 1

Relevant Period ending
 
	
 	

Column 2

Ratio

	 	30 June 2004	 	4.60
	 	30 September 2004	 	5.04
	 	31 December 2004	 	4.42
	 	31 March 2005	 	3.52
	 	30 June 2005	 	3.07
	 	30 September 2005	 	2.72
	 	31 December 2005	 	2.79
	 	31 March 2006	 	2.68
	 	30 June 2006	 	2.55
	 	30 September 2006	 	2.27
	 	31 December 2006	 	1.94
	 	31 March 2007	 	1.75
	 	30 June 2007	 	1.56
	 	30 September 2007	 	1.39
	 	31 December 2007	 	1.12
	 	31 March 2008	 	0.96
	 	30 June 2008	 	0.79
	 	30 September 2008	 	0.66

	

 	
 	

21.1.4  Consolidated EBITDA: The Consolidated EBITDA for any Relevant Period specified in column 1 below shall not be less than the amount set out in column 2 below opposite such Relevant
Period.

	
 
	

Column 1

Relevant Period ending
 
	
 	

Column 2

(€ Million)

	 	Quarterly amounts
	 	30 June 2004	 	3.65
	 	30 September 2004	 	3.68
	 	31 December 2004	 	6.05
	 	31 March 2005	 	6.60
	 	30 June 2005	 	5.73
	 	30 September 2005	 	5.03
	

 	
Semi-annual amounts
	 	31 December 2005	 	10.17
	 	31 March 2006	 	11.20
	 	30 June 2006	 	12.31
	 	30 September 2006	 	12.24
	 	31 December 2006	 	13.98
	 	31 March 2007	 	14.92
	 	30 June 2007	 	14.07
	 	30 September 2007	 	13.98
	 	31 December 2007	 	15.97
	 	31 March 2008	 	17.22
	 	30 June 2008	 	16.43
	 	30 September 2008	 	16.33

	

 	
 	

21.1.5  Capital Expenditures: The Group shall not in any financial year incur Capital Expenditures in excess of the amounts set out below:

	
 
	

Column 1 Relevant Period (at year end)
 
	
 	

Column 2

(€ Million)

	 	2004	 	3.9
	 	2005	 	6.9
	 	2006	 	9.2
	 	2007	 	11.5

	

 	
 	

 	
 	
provided that, to the extent that in any financial year the amount spent in making Capital Expenditures on assets is less than the maximum expenditure limit agreed for such period, 50% of such
shortfall (the "Shortfall") may be carried forward for the following financial year only and added to the maximum expenditure limits specified above in respect of such following financial year but
provided further that if such Shortfall is not spent within such following financial year it shall cease to be available.
	

 	
 	

 	
 	

For the purposes of determining whether the Shortfall has been spent in such following financial year, it will be presumed that such Shortfall is spent after all of the other Capital Expenditures permitted to be spent in such following financial year
have been spent.
	

 	
 	

 	
 	

For the purposes of determining the thresholds set out above, the amount spent in Capital Expenditures shall not include any Reinvested Amount (as defined in Clause 12.1 under the definition of Net Disposal Amount)."
	 	 	 	 	 	 	 	 	 

	

2.10	
 	

A new Clause 21.5 shall be added to the Original Facilities Agreement as follows:
	

 	
 	

"21.5	
 	
Reassessment Circumstances
	

 	
 	

 	
 	

21.5.1	
 	

Subject to Clause 21.5.2 below, in the event that (i) a Reassessment Circumstance has occurred and (ii) prior to the end of the Reassessment Period, there has not been:
	

 	
 	

 	
 	

 	
 	

(a)	
 	

the approval at a general assembly of the shareholders of the Genesys S.A. of a capital increase or rights offering of Genesys S.A. in an amount of not less than EUR 20,000,000;
	

 	
 	

 	
 	

 	
 	

(b)	
 	

the execution for the benefit of any of the Borrowers of an underwritten offer for new Financial Indebtedness which will have a maturity date later than the date of the repayment in full of the Outstandings, which will be unsecured and subordinated
to the Facilities, and the proceeds of which will be sufficient to prepay the Outstandings which would otherwise be payable on 30 April 2008 and 31 October 2008;
	

 	
 	

 	
 	

 	
 	

(c)	
 	

the execution for the benefit of any of the Borrowers of an underwritten offer for new Financial Indebtedness, the proceeds of which will be sufficient to prepay in full all the Outstandings owed by the Borrowers;
	

 	
 	

 	
 	

 	
 	

(d)	
 	

the subscription of a bond issuance (or any other debt or hybrid securities, including equity-linked securities), the proceeds of which will be sufficient to prepay in full all the Outstandings owed by the Borrowers;
	

 	
 	

 	
 	

 	
 	

(e)	
 	

(i) the execution of a merger agreement or a sale and purchase agreement by Genesys S.A. which has been approved by the Board of Directors of Genesys S.A., or (ii) the launching of a tender offer with committed financing for a majority of
the shares of Genesys S.A. which has been accepted by the Board of Directors of Genesys S.A., which in each case has been approved as necessary by the participants to the transaction and accepted by the Majority Lenders, notably in relation to
Clause 12.6 (Mandatory Prepayment on Change of Control) and Clause 22.18 (Mergers), and is completed within 4 months of the end of the
Reassessment Period; or
	

 	
 	

 	
 	

 	
 	

(f)	
 	

such other proposals submitted by Genesys S.A., ratified by the Board of Directors and accepted by the Majority Lenders,
	

 	
 	

 	
 	

 	
 	

then the Lenders shall have the right, without prejudice to any other provision of the Agreement, following a consultation period among themselves of 15 days and utilizing the procedures set out in Clause 40.1 (Amendments), to declare an Event of Default and exercise all or any of the rights set out in Clause 23.22 (Acceleration and Cancellation), or to take such other
actions as may be appropriate in accordance with the terms of the Agreement or in consultation with the Obligors.
	

 	
 	

 	
 	

21.5.2	
 	

For each Relevant Period starting with the Relevant Period which ends on 31 December 2004 up to and including the Relevant Period which ends on 30 September 2005, no Reassessment Circumstance shall be deemed to have occurred and the
provisions of Clause 21.5.1 shall not apply, if the relevant Reassessment Circumstance was a result of the Consolidated EBITDA for a Relevant Period being less than the relevant amount for such Relevant Period (such shortfall, the "Shortfall Amount") and in the immediately following Relevant Period, the Consolidated EBITDA for such Relevant Period exceeds the relevant amount for such Relevant Period by an amount greater than or equal to the
Shortfall Amount.
	

 	
 	

 	
 	

21.5.3	
 	

During any Reassessment Period, Genesys S.A. shall inform the Agent from time to time as appropriate (and in any event no less frequently than once every three months) of the steps which are being taken, and such other developments as may be relevant,
 in respect of the completion of a transaction of the type described in Clause 21.5.1.
	

 	
 	

 	
 	

21.5.4	
 	

It is expressly understood that all investment banking, consulting and legal fees, costs or expenses incurred by the Borrowers in exploring or carrying-out a Strategic Transaction set forth in paragraphs (a) to (f) of Clause 21.5.1
above, shall be excluded from the calculation of the ratios set forth in the "Reassessment Circumstance" definition and that of the ratios set forth in Clause 21.1 above."
	 	 	 	 	 	 	 	 	 

	

3.	
 	
CONDITIONS SUBSEQUENT
 
	

3.1	
 	
Condition Subsequent to the Amendments
	

 	
 	

The amendments to the Original Facilities Agreement set out in Clause 2 (Amendment of the Original Facilities Agreement) are subject to the ratification of the execution of this Agreement by the
Boards of Directors of each of the Borrowers.

	

3.2	
 	
Failure of Condition Subsequent to the Amendments
	

 	
 	

In the event that the condition set out in Clause 3.1 (Condition Subsequent to the Amendments) fails to be satisfied, the amendments to the Original Facilities Agreements set out in Clause 2
(Amendment of the Original Facilities Agreement) shall become null and void and the Original Facilities Agreement shall continue in full force and effect as if such amendments had not been
made.
	

4.	
 	
REPRESENTATIONS
	

 	
 	

The Borrowers make the Repeated Representations as if each reference therein to "the Finance Documents" includes a reference to (a) this Agreement and (b) the Amended Agreement.
	

5.	
 	
ADDITIONAL COVENANTS
	

5.1	
 	

PwC Tax Report
	

 	
 	

Genesys S.A. hereby covenants that it shall provide to the Agent, with sufficient copies for each of the Lenders, the PwC Tax Report within 30 days of its completion, and in any event no later than 31 December 2004.
	

5.2	
 	

Factoring
	

 	
 	

5.2.1	
 	

Genesys S.A. hereby covenants that it shall enter into factoring arrangements upon commercially reasonable terms with one or more financial institutions with respect to its operations and the ones of its subsidiaries and affiliates in the European
Union no later than 31 December 2004 for the purpose of improving their working capital structure as compared to their working capital structure as of the date of this Agreement.
	

 	
 	

5.2.2	
 	

GCI hereby covenants that no later than 31 December 2004 it shall inform the Agent of the intent of GCI to enter into factoring arrangements with respect to its operations and the ones of its subsidiaries and affiliates in North America with the
view to improving their working capital structure as compared to their capital working capital structure as of the date of this Agreement.
	

5.3	
 	

Preliminary Internal Measures
	

 	
 	

Genesys S.A. hereby covenants that it shall, within three months of the date hereof, initiate such internal preliminary measures as may be necessary to permit it to implement a Strategic Transaction, if and when required and as contemplated by
Clause 21.5.1, and will inform the Lenders of the status of such preliminary measures no later than 31 October 2004.
	

6.	
 	
CONTINUITY AND FURTHER ASSURANCE
	

6.1	
 	

Continuing Obligations
	

 	
 	

The provisions of the Original Facilities Agreement shall, save as amended hereby, continue in full force and effect.
	

6.2	
 	

Further Assurance
	

 	
 	

Each of the Borrowers shall, at the request of the Agent and at its own expense, do all such acts and things necessary or desirable to give effect to the amendments effected or to be effected pursuant to this Agreement.
	 	 	 	 	 	 	 	 	 

	

6.3	
 	

Finance Document
	

 	
 	

This Agreement shall be considered a Finance Document for all purposes under the Amended Agreement.
	

7.	
 	
INCORPORATION OF TERMS
	

 	
 	

The provisions of clause 25.2 (Preservation and Enforcement of Rights), clause 25.3 (Stamp Taxes), clause 25.4 (Amendment Costs), clause 37 (Remedies and Waiver, Partial Invalidity), clause 41 (Governing Law), clause 42
(Jurisdiction) and clause 38 (Notices) of the Original Facilities Agreements shall be incorporated into this Agreement as if set out in full herein and
as if references therein to "this Agreement" and "the Finance Documents" are references to this Agreement.
	

8.	
 	
COUNTERPARTS
	

 	
 	

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

 
 

SIGNATURES    
    

The Borrowers  

GENESYS S.A. 

By:  FRANCOIS LEGROS

GENESYS
CONFERENCING, INC. 

By:
FRANCOIS LEGROS

The Agent

BNP
PARIBAS 

By:  SERGIO COLLAVINI  

      THIERRY BOMMEL

The Security Agent

BNP
PARIBAS 

By:
SERGIO COLLAVINI

      THIERRY BOMMEL

The Lenders

BNP
PARIBAS 

By:  FRANCOIS XAVIER GUILLET as attorney in fact 

CIBC
WORLD MARKETS PLC 

By:
FRANCOIS XAVIER GUILLET as attorney in fact 

FORTIS
BANQUE FRANCE S.A. 

By:  FRANCOIS XAVIER GUILLET as attorney in fact 

IBM
FRANCE FINANCEMENT 

By:  FRANCOIS XAVIER GUILLET as attorney in fact 

ENTENIAL

By:
FRANCOIS XAVIER GUILLET as attorney in fact 

COMMERZBANK
A.G. 

By:  FRANCOIS XAVIER GUILLET as attorney in fact 

QuickLinks

Exhibit 4.5

SIGNATURES

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]