Document:

exv10w1

Exhibit 10.1

AGREEMENT AND AMENDMENT NO. 1

     THIS AGREEMENT AND AMENDMENT NO. 1 (this “Amendment”) is made as of February 10, 2009
by and among TIMEPAYMENT CORP, a Delaware corporation (the “Borrower”), SOVEREIGN BANK, as
a Lender and as agent, and the other Lenders party hereto.

     WHEREAS, the parties hereto are parties to a certain Amended and Restated Credit Agreement,
dated as of July 9, 2008 (as amended, supplemented, or restated from time to time, the “Credit
Agreement”; terms defined in the Credit Agreement are used herein with the same meanings);

     WHEREAS, simultaneously with the execution of this Amendment, Wells Fargo Bank, National
Association, acting through its Wells Fargo Business Credit operating division (“Wells
Fargo”), is becoming a Lender under the Credit Agreement with a Commitment of $22,500,000
pursuant to an Additional Lender Supplement dated as of the date hereof and Commerce Bank & Trust
Company is increasing its Commitment by $2,500,000 pursuant to a Commitment Increase Supplement
dated as of the date hereof; and

     WHEREAS, the Borrower and the Lenders wish to agree to the amendments to the Credit Agreement
and other matters contained herein;

     NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree
as follows:

	 	1.	 	Amendments to the Credit Agreement.

          (a) Section 2.5(a) of the Credit Agreement is hereby amended and restated in its entirety to read
as follows:

“(a) Each Loan which is a Base Rate Loan shall bear interest on the
outstanding principal amount thereof at a rate per annum equal to the
greater of (i) the Base Rate plus one and three quarters percent (1.75%) per
annum, which rate shall change contemporaneously with any change in the Base
Rate, as provided below, and (ii) five percent (5%) per annum. Such
interest shall be payable monthly in arrears on the first Business Day of
each month.”

          (b) Section 2.5(b) of the Credit Agreement is hereby amended and restated in its entirety to read
as follows:

“(b) Each Loan which is a LIBOR Loan shall bear interest on the outstanding
principal amount thereof, for each Interest Period applicable thereto, at a
rate per annum equal to the greater of (i) the LIBOR Rate plus three and
three quarters percent (3.75%) per annum, and (ii) five percent (5%) per
annum. Such interest shall be payable monthly in arrears on the first
Business Day of each month.

 

 

     2. Agreement to Assign Commitment. Wells Fargo hereby agrees to assign, within thirty (30)
days after the date hereof, up to $2,500,000 of its Commitment to each of Sovereign Bank, TD Bank,
N.A. and Danversbank if any or all of such Lenders so elect within such thirty (30) day period, or
such other portions as Wells Fargo and the Lenders purchasing a portion of Wells Fargo’s Commitment
may mutually agree. The assignments to be
made under this Section 2 shall be made pursuant to an Assignment Agreement substantially in the
form attached hereto as Exhibit A.

     3. Effective Date. This Amendment shall become effective as of the date first set forth above
immediately after all of the following shall have occurred:

          (a) the execution and delivery of this Amendment by the Lenders and the Borrower;

          (b) the execution and delivery of the Additional Lender Supplement by Wells Fargo and the
Borrower; and

          (c) the execution and delivery of the Commitment Increase Supplement by Commerce Bank & Trust
Company and the Borrower.

     4. Representations. The Borrower represents and warrants to the Lenders as follows:

          (a) the representations and warranties contained in Section IV of the Credit Agreement are
true and correct in all material respects on and as of the date hereof except to the extent that
such representations and warranties expressly relate to an earlier date;

          (b) immediately following the effectiveness of this Amendment, no Default will have occurred
and be continuing;

          (c) the resolutions referred to in Section 3.1(a)(viii) of the Credit Agreement remain in full
force and effect; and

          (d) after giving effect to the increase to the Total Commitment as of the date hereof as
contemplated hereby (assuming the Total Commitment, as so increased, is fully utilized by the
Borrower), no Default will have occurred and be continuing and the Borrower will be in compliance
on a pro forma basis with all covenants under Section VI of the Credit Agreement.

     5. General. The amendments to the Credit Agreement contained herein are limited as provided
herein and do not extend to any other provisions of the Credit Agreement not specified herein or to
any other matter. The Credit Agreement is ratified and confirmed and shall continue in full force
and effect as amended hereby. This Amendment may be executed in any number of counterparts with
the same effect as if the signatures hereto and thereto were upon the same instrument.

2

 

IN WITNESS WHEREOF, this Agreement and Amendment No. 1 has been executed as a sealed instrument as
of the date first set forth above.

	 	 	 	 	 	 	 	 	 	 	 
	TIMEPAYMENT CORP.	 	SOVEREIGN BANK, Individually and as Agent
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 

Name: Richard F. Latour
	 	 
	 	 	 	 

Name: Jeffrey G. Millman
	 	 
	 

	 	Title: President
	 	 	 	 	 	Title: Senior Vice President	 	 

	 	 	 	 	 
	 	TD BANK, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	C. Lee Willingham 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	COMMERCE BANK & TRUST COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	David J. Costello 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	DANVERSBANK

 	 
	 	By:  	 	 
	 	 	Name:  	Mary E. McLemore 	 
	 	 	Title:  	Vice President 	 
	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Agreement and Amendment No.1]exv10w2

Exhibit 10.2

ADDITIONAL LENDER SUPPLEMENT

ADDITIONAL LENDER SUPPLEMENT, dated February 10, 2009 (this “Supplement”), to the Amended
and Restated Credit Agreement dated as of July 9, 2008, as amended (as further amended, restated or
supplemented from time to time, the “Credit Agreement”), among the Borrower, the Agent and
the undersigned Lender (as defined in the Credit Agreement; terms defined in the Credit Agreement
are used herein with the same meanings)

        .

WITNESSETH:

     WHEREAS, the Credit Agreement provides in Section 2.1(f)(i) thereof that any financial
institution, although not originally a party thereto, may become a party to the Credit Agreement
following consultation by the Agent with the Borrower and approval by the Agent, by executing and
delivering to the Borrower and the Agent a supplement to the Credit Agreement in substantially the
form of this Supplement; and

     WHEREAS, the undersigned Additional Lender was not an original party to the Credit Agreement
but now desires to become a party thereto;

     NOW, THEREFORE, each of the parties hereto hereby agrees as follows:

     1. The undersigned Additional Lender agrees to be bound by the provisions of the Credit
Agreement and agrees that it shall, on the date this Supplement is accepted by the Borrower and
acknowledged by the Agent, become a Lender for all purposes of the Credit Agreement to the same
extent as if originally a party thereto, with a Commitment of $22,500,000.

     2. The undersigned Additional Lender (a) represents and warrants that it is legally authorized
to enter into this Supplement; (b) confirms that it has received a copy of the Credit Agreement,
together with copies of the most recent financial statements delivered pursuant to Section 4.6 or
5.1 thereof, as applicable, and has reviewed such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Supplement; (c) agrees
that it will, independently and without reliance upon the Agent or any other Lender and based on
such documents and information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under the Credit Agreement or any other instrument
or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Agent to take
such action as agent on its behalf and to exercise such powers and discretion under the Credit
Agreement or any other instrument or document furnished pursuant hereto or thereto as are delegated
to the Agent by the terms thereof, together with such powers as are incidental thereto; and (e)
agrees that it will be bound by the provisions of the Credit Agreement and will perform in
accordance with its terms all the obligations which by the terms of the Credit Agreement are
required to be performed by it as a Lender.

 

 

     3. The undersigned’s address for notices for the purposes of the Credit Agreement is as
follows:

Wells Fargo Bank, National Association

300 Commercial Street

Boston, MA 02109

     4. The Borrower represents and warrants that no Event of Default has occurred and is
continuing on and as of the date hereof, and giving effect hereto.

     5. This Supplement shall be governed by, and construed in accordance with, the laws of the
Commonwealth of Massachusetts, without regard to conflicts of law rules.

     This Supplement 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 one and the same document.

[Signature Page Follows]

- 2 -

 

     IN WITNESS WHEREOF, each of the undersigned has caused this Additional Lender Supplement to be
executed and delivered under seal by a duly authorized officer on the date first above written.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION (acting through its Wells Fargo 

Business Credit operating division)
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 	 	Title:	 	 
	Agreed and accepted
this
                     day of

February, 2009.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TIMEPAYMENT CORP.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	Name: Richard F. Latour	 	 	 	 	 	 	 	 
	 

	 	Title: President	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	SOVEREIGN BANK, Individually and as Agent	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	Name: Jeffrey G. Millman	 	 	 	 	 	 	 	 
	 

	 	Title: Senior Vice President	 	 	 	 	 	 	 	 

[Signature Page to Additional Lender Supplement]

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