Document:

Exhibit 10.15.4

 

FIFTH AMENDMENT TO LEASE

 

THIS FIFTH  AMENDMENT TO LEASE (this “Amendment”) is entered into as of this 18th day of October, 2011 (the “Execution Date”), by and between BMR-ROGERS STREET LLC, a Delaware limited liability company (“Landlord,” as successor-in-interest to Rogers Street, LLC (“Original Landlord”)), and IRONWOOD PHARMACEUTICALS, INC., a Delaware corporation (formerly known as Microbia, Inc.) (“Tenant”).

 

RECITALS

 

A.            WHEREAS, Original Landlord and Tenant entered into that certain Lease dated as of January 12, 2007, as amended by that certain First Amendment to Lease dated as of April 9, 2009, that certain Second Amendment to Lease dated as of February 9, 2010, that certain Third Amendment to Lease dated as of July 1, 2010 and that certain Fourth Amendment to Lease dated as of February 3, 2011 (the “Fourth Amendment” and, collectively, as the same may have been otherwise amended, supplemented or modified from time to time,  the “Lease”), whereby Tenant leases certain premises (the “Original Premises”) from Landlord at 301 Binney Street in Cambridge, Massachusetts (the “Building”);

 

B.            WHEREAS, Landlord and Tenant desire to memorialize the size of the Additional Premises Third Phase, an appropriate adjustment to Tenant’s Pro Rata Share and the Additional Premises Third Phase Finish Work Allowance, as required pursuant to Section 8 of the Fourth Amendment;

 

C.            WHEREAS, Tenant desires to lease additional premises from Landlord; and

 

D.            WHEREAS, Landlord and Tenant desire to modify and amend the Lease only in the respects and on the conditions hereinafter stated.

 

AGREEMENT

 

NOW, THEREFORE, Landlord and Tenant, in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows:

 

1.             Definitions.  For purposes of this Amendment, capitalized terms shall have the meanings ascribed to them in the Lease unless otherwise defined herein.

 

2.             Additional Premises Third Phase.  The Additional Premises Third Phase consists of seventeen thousand eight hundred sixty-three (17,863) rentable square feet on the third floor of the Building, as depicted on Exhibit A attached hereto, and includes shaft and/or mechanical space on the first, third, fourth, fifth and penthouse levels of the Building.  The Additional Premises Third Phase consists of fifteen thousand three hundred seventy-three (15,373) useable square feet of space.  The Additional Premises Third Phase Rent Commencement Date shall be determined in accordance with the Fourth Amendment.  Once the Additional Premises Third Phase Rent Commencement Date 

 

 

is determined, Landlord and Tenant shall execute a notice, as a confirmation only, setting forth the Additional Premises Third Phase Rent Commencement Date.

 

3.             Tenant’s Pro Rata Share.  Effective as of the Additional Premises Third Phase Rent Commencement Date, Tenant’s Pro Rata Share shall be 47.56%.

 

4.             Additional Premises Third Phase Finish Work Allowance.  The amount of the Additional Premises Third Phase Finish Work Allowance shall be Seven Hundred Fourteen Thousand Five Hundred Twenty and 00/100 Dollars ($714,520.00).

 

5.             Rights of Building Tenants in Additional Premises Fourth Phase.  As of the Execution Date, Landlord represents and warrants that no other person or entity has any enforceable rights with respect to the leasing or occupancy of the Additional Premises Fourth Phase (as defined below) as a tenant.

 

6.             Additional Premises Fourth Phase.  As of the Execution Date, Landlord hereby leases to Tenant approximately twenty one thousand seven hundred seventeen (21,717) contiguous rentable square feet of additional premises located on the third floor of the Building, as depicted on Exhibit B attached hereto (the “Additional Premises Fourth Phase”).  The actual rentable square footage and actual useable square footage of the Additional Premises Fourth Phase will be adjusted and mutually agreed to between Landlord and Tenant based upon the actual constructed rentable square footage and actual constructed usable square footage determined in accordance with the Measurement Standard.

 

7.             Term Commencement Date.  The term with respect to the Additional Premises Fourth Phase shall commence upon the Execution Date and shall terminate, subject to any extension options granted pursuant to the Lease, simultaneous with the expiration of the Term.  From and after the Execution Date, the term “Premises,” as used in the Lease, shall mean the Original Premises plus the Additional Premises Fourth Phase and, except as otherwise provided herein, all provisions of the Lease, including (without limitation) the option to extend the Term as set forth in Section 3.03 of the Lease, shall apply to such Premises.

 

8.             Additional Premises Fourth Phase Rent Commencement Date.  Rent with respect to the Additional Premises Fourth Phase shall commence upon the earlier of (a) June 1, 2012 and (b) substantial completion of the Finish Work with respect to the Additional Premises Fourth Phase and Tenant’s occupancy thereof for the conduct of its business (the “Additional Premises Fourth Phase Rent Commencement Date”).  Following the Additional Premises Fourth Phase Rent Commencement Date, Landlord and Tenant shall enter into an amendment to the Lease, as amended hereby, memorializing the actual useable square footage and the actual rentable square footage of the Additional Premises Fourth Phase, the Additional Premises Fourth Phase Rent Commencement Date, an appropriate adjustment to Tenant’s Pro Rata Share and the Additional Premises Fourth Phase Finish Work Allowance (as defined below) with respect thereto.

 

9.             Tenant’s Pro Rata Share.  Tenant’s Pro Rata Share shall be increased on the Additional Premises Fourth Phase Rent Commencement Date to include the actual rentable square footage of the Additional Premises Fourth Phase in the calculation of Tenant’s Pro Rata Share.

 

 

10.           Base Rent/Annual Adjustments:  The initial Base Rent for the Additional Premises Fourth Phase shall be $42.50 per rentable square foot per year commencing on the Additional Premises Fourth Phase Rent Commencement Date.  Base Rent for the Additional Premises Fourth Phase shall be increased during the initial Term on each annual anniversary of the Additional Premises Initial Phase Rent Commencement Date beginning with the first such annual anniversary after the Additional Premises Fourth Phase Rent Commencement Date by fifty cents ($0.50) per rentable square foot per year.  Base Rent for the Additional Premises Fourth Phase shall not be increased on the Interim Date as provided in Section 1.16 of the Lease.  Base Rent for the Additional Premises Fourth Phase for any Extension Term or Terms shall be determined in accordance with Section 1.16 of the Lease.  Commencing on the Additional Premises Fourth Phase Rent Commencement Date, the Base Rent for the Additional Premises Fourth Phase shall be paid in equal monthly installments in advance on the first day of each and every calendar month during the Term as set forth in Section 4.01 of the Lease.  To the extent the Additional Premises Fourth Phase Rent Commencement Date occurs before the actual rentable square footage of such phase is determined in accordance with Section 6 of this Amendment, the parties hereto agree to true up all payments of Rent for such phase made prior to the date such actual square footage is determined within thirty (30) days of the date such actual rentable square footage is determined.  The parties will also make any appropriate adjustments and true ups for payments of the Additional Premises Fourth Phase Finish Work Allowance for such phase within thirty (30) days of the date such actual rentable square footage is determined.

 

11.           Finish Work Allowance.  Landlord shall provide to Tenant an additional Finish Work Allowance of Forty Dollars ($40.00) per rentable square foot of Additional Premises Fourth Phase (the “Additional Premises Fourth Phase Finish Work Allowance”) in order to fund, pursuant to the terms and procedures set forth in Sections 10.04(c) and 10.05 of the Lease (including, without limitation, Tenant’s rights under the last paragraph of Section 10.04(c)-2 of Exhibit 10.04(c)), the design and construction by Tenant of the Finish Work with respect to the Additional Premises Fourth Phase; provided that, notwithstanding anything in Sections 10.04(c) or 10.05 of the Lease to the contrary, (i) Tenant shall have no obligation to pay or reimburse Landlord for any costs or expenses to review or supervise the construction of the Finish Work with respect to the Additional Premises Fourth Phase, to review the Construction Documents related thereto or to assist with government filings and (ii) Landlord’s approval of the Construction Documents related to the Finish Work with respect to the Additional Premises Fourth Phase shall not be unreasonably withheld, conditioned or delayed.  The Additional Premises Fourth Phase Finish Work Allowance shall be determined based on the actual constructed rentable square footage of the Additional Premises Fourth Phase.  The Additional Premises Fourth Phase Finish Work Allowance must be utilized for Finish Work constructed within the Additional Premises Fourth Phase.  Tenant will not be required to remove the Finish Work constructed within the Additional Premises Fourth Phase at the end of the Term.

 

12.           Condition of Premises.   Tenant acknowledges that, other than as set forth below or in the Lease, neither Landlord nor any agent of Landlord has made any representation or warranty with respect to the condition of the Additional Premises Fourth Phase, the Building or the Property, or with respect to the suitability of the Additional Premises Fourth Phase, the Building or the Property for the conduct of Tenant’s business.  Tenant acknowledges that (a) it is fully familiar with the condition of the Additional Premises Fourth Phase and agrees to take the same in its condition “as is” as of the Execution Date  and (b) Landlord shall have no obligation to alter, repair or otherwise 

 

 

prepare the Additional Premises Fourth Phase for Tenant’s occupancy or to pay for or construct any improvements to the Additional Premises Fourth Phase, except that Landlord shall provide the Additional Premises Fourth Phase Finish Work Allowance as described in Section 11 above.  Landlord hereby represents and warrants that, as of the Execution Date, (a) the common area of the Building and the Additional Premises Fourth Phase are in compliance with all Legal Requirements and (b) the air handling units in the Additional Premises Fourth Phase are fully commissioned and functional.

 

13.           Parking.  In addition to any existing Tenant rights to parking spaces under the Lease, commencing on the date requested by Tenant, but in any event, no later than the Additional Premises Fourth Phase Rent Commencement Date, Landlord shall provide Tenant with 1.0 parking spaces per 1,000 useable square feet (exclusive of any mechanical space) of Additional Premises Fourth Phase at Landlord’s then-current prevailing monthly rate for parking spaces.  Tenant’s use of the parking spaces provided hereunder and Tenant’s rights with respect thereto (including (without limitation) limitations on increases in the prevailing monthly rate for parking spaces) shall otherwise be in accordance with the terms of Section 2.01(d) of the Lease.

 

14.           Broker. Tenant represents and warrants that it has had no dealings with any real estate broker or agent in connection with the negotiation of this Amendment other than CB Richard Ellis, Inc. (“Broker”), and that it knows of no other real estate broker or agent that is or might be entitled to a commission in connection with the representation of Tenant in connection with this Amendment.  Landlord shall compensate Broker in relation to this Amendment pursuant to a separate agreement between Landlord and Broker.

 

14.1         Tenant represents and warrants that no broker or agent has made any representation or warranty relied upon by Tenant in Tenant’s decision to enter into this Amendment, other than as contained in this Amendment.

 

14.2         Tenant acknowledges and agrees that the employment of brokers by Landlord is for the purpose of solicitation of offers of leases from prospective tenants and that no authority is granted to any broker to furnish any representation (written or oral) or warranty from Landlord unless expressly contained within this Amendment.  Landlord is executing this Amendment in reliance upon Tenant’s representations, warranties and agreements contained within Section 14, Section 14.1 and this Section 14.2.

 

14.3         Tenant agrees to indemnify, save, defend and hold Landlord harmless from any and all cost or liability for compensation claimed by any other broker or agent, other than Broker, employed or engaged by Tenant or claiming to have been employed or engaged by Tenant.

 

14.4         Landlord shall pay any commission, fee or other compensation due to any Landlord broker(s) in connection with this Amendment.  Landlord agrees to indemnify, save, defend and hold Tenant harmless from any and all cost or liability for compensation claimed by any broker or agent employed or engaged by Landlord or claiming to have been employed or engaged by Landlord.

 

 

15.           Effect of Amendment.  Except as modified by this Amendment, the Lease and all the covenants, agreements, terms, provisions and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed. The covenants, agreements, terms, provisions and conditions contained in this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and, except as otherwise provided in the Lease, as amended hereby, their respective assigns.  In the event of any conflict between the terms contained in this Amendment and the Lease, the terms herein contained shall supersede and control the obligations and liabilities of the parties.  From and after the Execution Date, the term “Lease” as used in the Lease shall mean the Lease, as modified by this Amendment.

 

16.           Miscellaneous.  This Amendment becomes effective only upon execution and delivery hereof by Landlord and Tenant. The captions of the paragraphs and subparagraphs in this Amendment are inserted and included solely for convenience and shall not be considered or given any effect in construing the provisions hereof.  All exhibits hereto are incorporated herein by reference.

 

17.           Counterparts.  This Amendment may be executed in one or more counterparts that, when taken together, shall constitute one original.

 

18.           Authority.  Landlord and Tenant have all necessary and proper authority, without the need for the consent of any other person or entity, other than any consents that have been obtained, to enter into and perform under this Amendment.

 

 

IN WITNESS WHEREOF, Landlord and Tenant have hereunto set their hands as of the date and year first above written, and acknowledge that they possess the requisite authority to enter into this transaction and to execute this Amendment.

 

	
LANDLORD:
    	
 
    
	
 
    	
 
    
	
BMR-ROGERS   STREET LLC,
    	
 
    
	
a   Delaware limited liability company
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Kevin M. Simonsen
    	
 
    
	
Name:
    	
Kevin   M. Simonsen
    	
 
    
	
Title:
    	
VP,   Real Estate Counsel
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
TENANT:
    	
 
    
	
 
    	
 
    
	
IRONWOOD PHARMACEUTICALS, INC.,
    	
 
    
	
a   Delaware corporation
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   James DeTore
    	
 
    
	
Name:
    	
James   DeTore
    	
 
    
	
Title:
    	
VP,   Finance and AdministrationExhibit 10.9

 

SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is made as of the 9th day of November, 2011, by and among SUMMER INFANT, INC., a Delaware corporation (“SI Holdings”), and SUMMER INFANT (USA), INC., a Rhode Island corporation (“SI USA”, and collectively with SI Holdings, the “Borrowers” and each individually a “Borrower”), certain Lenders identified on the signature pages hereto (collectively, the “Lenders” and each individually, a “Lender”), BANK OF AMERICA, N.A., a national banking association, as Swing Line Lender (in such capacity, the “Swing Line Lender”) and as L/C Issuer (in such capacity, the “L/C Issuer”), BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), and RBS CITIZENS, NATIONAL ASSOCIATION, as Collateral Agent (in such capacity, the “Collateral Agent”).

 

RECITALS:

 

WHEREAS, the Lenders, the Swing Line Lender, the L/C Issuer, the Administrative Agent, the Collateral Agent and the Borrowers are parties to a certain Amended and Restated Credit Agreement dated as of August 2, 2010, as amended by a certain First Amendment to Amended and Restated Credit Agreement dated as of March 24, 2011 (as amended, the “Credit Agreement”), which Credit Agreement is incorporated herein by reference and made a part hereof; and

 

WHEREAS, the Borrowers have acknowledged that, due to their error in interpretation of certain provisions of the Credit Agreement, certain Events of Default may exist under the Credit Agreement on the date hereof as described on Exhibit A attached hereto and made a part hereof (the “Existing Events of Default”); and

 

WHEREAS, the Borrowers have applied to the Lenders, the Swing Line Lender, the L/C Issuer, the Administrative Agent and the Collateral Agent (collectively, the “Lender Parties”) to waive the Existing Events of Default and to make certain amendments to the Credit Agreement; and

 

WHEREAS, the Lender Parties are willing to grant such waiver and to effect such amendments subject to the execution and delivery of this Amendment; and

 

WHEREAS, the Lender Parties and the Borrowers desire to amend the Credit Agreement in the manner set forth below.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree, effective as of the Second Amendment Closing Date (as hereinafter defined), as follows:

 

1.             Definitions.  (a)  Capitalized terms used herein that are not otherwise defined herein shall have the identical meanings given to such terms in the Credit Agreement.

 

(b)           The terms “Consolidated EBITDA” and “Consolidated Leverage Ratio” appearing in Section 1.01 of the Credit Agreement are hereby amended to read in their entirety, respectively, as follows:

 

 

““Consolidated EBITDA” means, for any period, for Borrowers and their Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period plus (a) the following (without duplication) to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges for such period, (ii) provision for Federal, state, local and foreign income taxes payable by the Borrowers and their Subsidiaries for such period, (iii) depreciation and amortization expense, (iv) Permitted Add-backs, if any, for such period, (v) non-cash stock option expense, and (vi) other non-recurring expenses of Borrowers and their Subsidiaries reducing such Consolidated Net Income in such period, which have been approved and consented to in writing by the Administrative Agent as constituting permissible addback adjustments in the calculation of Consolidated EBITDA, and minus (b) the following to the extent included in calculating such Consolidated Net Income: (i) Federal, state, local and foreign income tax credits of Borrowers and their Subsidiaries for such period and (ii) all non-cash items increasing Consolidated Net Income for such period.”

 

““Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA for the period of four (4) fiscal quarters ending on such date of determination, plus the Permitted Born Free Credit Amounts (if any) as of the date of determination.”

 

(c)           The following new definitions are hereby added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order:

 

““Permitted Add-backs” means the permitted add-backs to Consolidated EBITDA set forth in Schedule 1.01A hereto.”

 

““Second Amendment” means that certain Second Amendment to Amended and Restated Credit Agreement dated as of November 9, 2011, by and among the Borrowers, the Lenders, the Swing Line Lender, the L/C Issuer, the Administrative Agent and the Collateral Agent.”

 

““Second Amendment Closing Date” means November 9, 2011.”

 

(d)           The definition of “Permitted Born Free Acquisition Addbacks” is hereby deleted from Section 1.01 of the Agreement, and all references in the Credit Agreement to “Permitted Born Free Acquisition Addbacks” are hereby deleted from the Credit Agreement.

 

2.            Amendments to Article VI.

 

Effective the Second Amendment Closing Date, Section 6.12(a) of the Credit Agreement is hereby amended to read in its entirety as follows:

 

“(a)         Consolidated EBITDA.  Maintain and earn on a consolidated basis as of the last day of each fiscal quarter, Consolidated EBITDA for the twelve-month period ending on each such date equal to or greater than the following:

 

	
For Each Fiscal Quarter
   Ending on:
    	
 
    	
Consolidated EBITDA to be
   not less than:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
September 30, 2011
    	
 
    	
$
    	
19,000,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
December 31, 2011
    	
 
    	
$
    	
20,000,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
March 31, 2012
    	
 
    	
$
    	
21,000,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Each of June 30, 2012, and September 30,   2012
    	
 
    	
$
    	
22,000,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
December 31, 2012, and the last day of each   fiscal quarter thereafter
    	
 
    	
$
    	
23,000,000
    	
”
    

 

3.             Amendments of Certain Schedules and Exhibits.

 

(a)           Schedule 1.01A is hereby added to the Credit Agreement in the form of Exhibit B attached hereto

 

2

 

and made a part hereof.

 

(b)           Exhibit D to the Credit Agreement is hereby amended to read in its entirety in the form of Exhibit C attached hereto and made a part hereof.

 

4.             Waiver of Existing Events of Default.  In consideration of the Borrowers’ execution and delivery of this Amendment and the Borrowers’ agreements herein, the Lenders and the Agent hereby waive the Existing Events of Defaults through and as of the dates of such Existing Events of Default indicated on Exhibit A.  The waiver set forth herein is strictly limited to the Existing Events of Defaults as of such dates and is not intended to constitute a waiver of any Event of Default which may exist or arise after the respective dates set forth in Exhibit A, including without limitation, any Events of Default of a similar nature which may occur or arise after the dates set forth in Exhibit A.  Nothing contained in the foregoing waiver is intended to constitute or evidence a course of dealing at variance with the specific terms of the Loan Documents.  For the avoidance of doubt, the Existing Events of Defaults shall be deemed waived as of the Second Amendment Effective Date, and the Borrowers shall not be deemed to be in breach, default or violation of or under the Loan Agreement as of such date by reason of such Existing Events of Defaults.

 

5.             Conditions to Amendment.  The effectiveness of this Amendment shall be subject to the satisfaction of the following conditions precedent on or before the Second Amendment Closing Date:

 

(a)           No Default.  Except for the Existing Events of Default, no Default or Event of Default shall have occurred and be continuing.

 

(b)           Closing Requirements.  The Borrowers shall have delivered to the Administrative Agent (i) a fully executed counterpart of this Amendment as executed by the Borrowers and Required Lenders, and (ii) evidence satisfactory to the Administrative Agent that the Borrowers have satisfied all requirements and conditions precedent set forth herein on the Second Amendment Closing Date.

 

(c)           Fees.  The Borrowers shall have paid all fees and expenses required to be paid pursuant to Section 6 of this Amendment.

 

6.             Fees and Expenses.  (a)  The Borrowers shall on the Second Amendment Closing Date pay to the Administrative Agent for the ratable benefit (based upon Commitments) of each Lender which is a party to this Amendment, an Amendment/Work Fee in the amount of $50,000.

 

(b)           The Borrowers shall pay all reasonable expenses incurred by the Administrative Agent in the drafting, negotiation and closing of the documents and transactions contemplated hereby, including the reasonable fees and disbursements of the Administrative Agent’s counsel.

 

7.             References in Loan Documents.  All references to the Credit Agreement in the Notes and the Collateral Documents shall be deemed to refer to the Credit Agreement, as amended by this Amendment and any other amendments which may be executed.  This Amendment shall constitute a “Loan Document” as defined in the Credit Agreement.

 

8.             No Further Amendments.  Except for the amendments and waiver set forth herein and in any other agreement executed by the parties on the date hereof, the text of the Credit Agreement, Security Agreement and all other Loan Documents shall remain unchanged and in full force and effect, including, without limitation, the provisions of Section 10.15 thereof concerning the parties’ waiver of jury trial.  No consent or waiver by any of the Lender Parties under the Loan Agreement, Security Agreement or any other Loan Document is granted or intended except as expressly set forth herein or therein (and such consent or waiver is limited to the specific matters described herein as of the date hereof), and the Lender Parties expressly reserve the right to require strict compliance with the terms of each of the Loan Agreement and Security Agreement, as amended hereby, and the other Loan Documents in all respects.  The consents and amendments agreed to herein shall not constitute a modification of, or a course of dealing at variance with, the Loan Agreement or Security Agreement such as to require further notice by the Lender Parties to require strict compliance with the terms of the Loan Agreement, Security Agreement and the other Loan Documents in the future.

 

9.             Borrowers’ Further Agreements.  (a)  In consideration of the agreements of the Administrative Agent and the Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the Borrowers on behalf of itself and its successors, assigns, and other legal representatives hereby absolutely, unconditionally and irrevocably release, remise and forever discharge the Administrative Agent, each Lender, all Lender Parties, the Collateral Agent, the Lead Arranger and their respective successors and assigns, and their respective Affiliates, subsidiaries, predecessors, directors, officers, attorneys, employees, agents and other representatives (the

 

3

 

Administrative Agent, each Lender and all such other Persons described above being hereinafter referred to collectively as the “Releasees”, and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a “Claim”, and collectively, “Claims”) of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which such Borrower, or any of its respective administrators, successors, assigns, and other legal representatives, may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Amendment for or on account of, or in relation to, or in any way in connection with any of the Credit Agreement, the other Loan Documents or this Amendment or transactions thereunder or hereunder related thereto or hereto.

 

(b)           Each of the Borrowers understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.

 

(c)           Each of the Borrowers agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above.

 

10.          Applicable Law.  THIS AMENDMENT SHALL BE DEEMED TO BE MADE PURSUANT TO THE LAWS OF THE STATE OF RHODE ISLAND WITH RESPECT TO AGREEMENTS MADE AND TO BE PERFORMED WHOLLY IN THE STATE OF RHODE ISLAND AND SHALL BE CONSTRUED, INTERPRETED, PERFORMED AND ENFORCED IN ACCORDANCE THEREWITH.

 

11.          Captions.  The captions in this Amendment are for convenience of reference only and shall not define or limit the provisions hereof.

 

12.          Counterparts.  This Amendment may be executed in several counterparts, each of which when executed and delivered is an original, but all of which together shall constitute one instrument.  In making proof of this Amendment, it shall not be necessary to produce or account for more than one such counterpart executed by the party against whom enforcement of this Amendment is sought.  Delivery of an executed signature page of this Amendment by facsimile transmission shall be deemed to be effective as an in-hand delivery of an original executed counterpart hereof.

 

13.          Reaffirmation.  Except as modified and amended hereby, the Credit Agreement shall remain in full force and effect and is in all other respects hereby ratified and confirmed by the Borrowers, the Lenders and the Administrative Agent.

 

(The next page is the first signature page.)

 

4

 

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

 

	
 
    	
ADMINISTRATIVE AGENT:
    
	
 
    	
 
    
	
 
    	
BANK OF AMERICA, N.A.,   as Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Brenda H. Little
    
	
 
    	
Name:
    	
Brenda   H. Little
    
	
 
    	
Title:
    	
Vice   President
    
					

 

[Summer Infant/Second Amendment to A&R Credit Agreement]

 

(Signatures continued on next page.)

 

 

	
 
    	
LENDER:
    
	
 
    	
 
    
	
 
    	
BANK OF AMERICA, N.A.,   as a Lender, L/C Issuer and Swing Line Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Donald C. McQueen
    
	
 
    	
Name:
    	
Donald   C. McQueen
    
	
 
    	
Title:
    	
Senior   Vice President
    
					

 

[Summer Infant/Second Amendment to A&R Credit Agreement]

 

(Signatures continued on next page.)

 

 

	
 
    	
LENDER AND COLLATERAL AGENT:
    
	
 
    	
 
    
	
 
    	
RBS CITIZENS, NATIONAL ASSOCIATION, as a Lender and   Collateral Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/ Robert R. Kent
    
	
 
    	
Name:
    	
Robert   R. Kent
    
	
 
    	
Title:
    	
Senior   Vice President
    
					

 

[Summer Infant/Second Amendment to A&R Credit Agreement]

 

(Signatures continued on next page.)

 

 

	
 
    	
LENDER:
    
	
 
    	
 
    
	
 
    	
BANK   RHODE ISLAND, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/William   C. Tsonos
    
	
 
    	
Name:
    	
William   C. Tsonos
    
	
 
    	
Title:
    	
Senior   Vice President
    
					

 

[Summer Infant/Second Amendment to A&R Credit Agreement]

 

(Signatures continued on next page.)

 

 

	
 
    	
LENDER:
    
	
 
    	
 
    
	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Daniel M. Grondin
    
	
 
    	
Name:
    	
Daniel   M. Grondin
    
	
 
    	
Title:
    	
Senior   Vice President
    
					

 

[Summer Infant/Second Amendment to A&R Credit Agreement]

 

(Signatures continued on next page.)

 

 

	
 
    	
BORROWERS:
    
	
 
    	
 
    
	
 
    	
SUMMER   INFANT (USA), INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph Driscoll
    
	
 
    	
Name:
    	
Joseph   Driscoll,
    
	
 
    	
Title:
    	
Chief   Financial Officer
    
	
 
    	
 
    
	
 
    	
SUMMER   INFANT, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph Driscoll
    
	
 
    	
Name:
    	
Joseph   Driscoll
    
	
 
    	
Title:
    	
Chief   Financial Officer
    
						

 

[Summer Infant/Second Amendment to A&R Credit Agreement]

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