Document:

ex_157081.htm

Exhibit 10.1

 

 

AMENDMENT AGREEMENT NO. 3

 

This AMENDMENT AGREEMENT NO. 3 (this “Agreement”), dated as of August 30, 2019 (the “Effective Date”), is made by and among AP Gaming Holdings, LLC, a Delaware limited liability company (“Holdings”), AP Gaming I, LLC, a Delaware limited liability company (the “Borrower”), Jefferies Finance LLC, as Administrative Agent under the Existing Credit Agreement (as defined below) (the “Administrative Agent”), and each of the Revolving Facility Lenders party hereto.

 

PRELIMINARY STATEMENTS:

 

(1)     Holdings, the Borrower, the Lenders party thereto from time to time and the Administrative Agent are party to that certain First Lien Credit Agreement, dated as of June 6, 2017 (as amended on December 6, 2017, as amended and restated on February 7, 2018, as amended and restated on October 5, 2018 and as further amended, restated, supplemented, waived or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”).

 

(2)     The Borrower and the Revolving Facility Lenders have agreed to amend the definition of “Applicable Margin” that is applicable to the Initial Revolving Loans in the Existing Credit Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows:

 

section 1.     Defined Terms. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Existing Credit Agreement as amended by this Agreement (the “Amended Credit Agreement”).

 

section 2.     Amendment to Existing Credit Agreement. Effective as of the Effective Date,

 

(a) the definition of “Adjusted LIBO Rate” in the Existing Credit Agreement shall be amended and restated in its entirety to read as follows:

 

“Adjusted LIBO Rate” shall mean, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum equal to the greater of (x) (a) the LIBO Rate in effect for such Interest Period divided by (b) one minus the Statutory Reserves applicable to such Eurocurrency Borrowing, if any; provided that if the Adjusted LIBO Rate shall be less than zero pursuant to this clause (x), such interest rate shall be deemed to be zero and (y) in the case of Eurocurrency Borrowings composed of Eurocurrency Term Loans or Eurocurrency Revolving Loans, 1.00%.

 

(b) clause (ii) of the definition of “Applicable Margin” in the Existing Credit Agreement shall be amended and restated in its entirety to read as follows:

 

“(ii) with respect to any Initial Revolving Loan, 3.50% per annum in the case of any Eurocurrency Loan and 2.50% per annum in the case of any ABR Loan; provided that if the Borrower receives a corporate credit rating of at least B1 from Moody’s at any time after the Effective Date, the Applicable Margin with respect to any Initial Revolving Loan shall be 3.25% per annum in the case of any Eurocurrency Loan and 2.25% per annum in the case of any ABR Loan, in each case, at all times thereafter regardless of any future rating and”

 

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section 3.     Reference to and Effect on the Loan Documents. (a) On and after the Effective Date, each reference in the Amended Credit Agreement to “hereunder”, “hereof”, “Agreement”, “this Agreement” or words of like import and each reference in the other Loan Documents to “Credit Agreement”, “First Lien Credit Agreement”, “thereunder”, “thereof” or words of like import shall, unless the context otherwise requires, mean and be a reference to the Amended Credit Agreement. From and after the Effective Date, this Agreement shall be a Loan Document under the Amended Credit Agreement.

 

(b)     The Security Documents and each other Loan Document, as specifically amended by this Agreement, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed, and the respective guarantees, pledges, grants of security interests and other agreements, as applicable, under each of the Security Documents, notwithstanding the consummation of the transactions contemplated hereby, shall continue to be in full force and effect and shall accrue to the benefit of the Secured Parties under the Existing Credit Agreement and the Amended Credit Agreement. Without limiting the generality of the foregoing, the Security Documents and all of the Collateral described therein do and shall continue to secure the payment of all Obligations of the Loan Parties under the Loan Documents, in each case, as amended by this Agreement.

 

(c)     The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

 

section 4.     Binding Effect; Execution in Counterparts. This Agreement shall become effective when it shall have been executed by Holdings, the Borrower the Administrative Agent and the Revolving Facility Lenders, and thereafter shall be binding upon and inure to the benefit of Holdings, the Borrower, the Administrative Agent, each Issuing Bank and each Lender and their respective permitted successors and assigns. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by .pdf or other electronic form shall be effective as delivery of a manually executed original counterpart of this Agreement.

 

section 5.     Amendments; Headings; Severability. This Agreement may not be amended nor may any provision hereof be waived except pursuant to a writing signed by Holdings, the Borrower, the Administrative Agent and the Revolving Facility Lenders party hereto. The Section headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting this Agreement. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof, and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

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section 6.     Governing Law; Etc. 

 

(a)     THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY PRINCIPLE OF CONFLICTS OF LAW THAT COULD REQUIRE THE APPLICATION OF ANY OTHER LAW.

 

(b)      EACH PARTY HERETO HEREBY AGREES AS SET FORTH IN SECTIONS 9.11 AND 9.15 OF THE EXISTING CREDIT AGREEMENT AS IF SUCH SECTIONS WERE SET FORTH IN FULL HEREIN.

 

section 7.     No Novation. This Agreement shall not extinguish the obligations for the payment of money outstanding under the Existing Credit Agreement or discharge or release the Lien or priority of any Security Document or any other security therefor. Nothing herein contained shall be construed as a substitution or novation of the obligations outstanding under the Existing Credit Agreement or instruments securing the same, which shall remain in full force and effect, except to any extent modified hereby or by instruments executed concurrently herewith and except to the extent repaid as provided herein. This Agreement shall not constitute a novation of the Credit Agreement or any other Loan Document. Nothing implied in this Agreement or in any other document contemplated hereby shall be construed as a release or other discharge of any of the Loan Parties under any Loan Document from any of its obligations and liabilities as a borrower, guarantor or pledgor under any of the Loan Documents.

 

section 8.     Notices. All notices hereunder shall be given in accordance with the provisions of Section 9.01 of the Amended Credit Agreement.

 

[Signature Pages Follow]

 

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

 

	 	
			HOLDINGS:

			 

			AP GAMING HOLDINGS, LLC, a Delaware limited

			liability company

			 

			By:  /s/ Kimo Akiona

			_____________________________

			Name: Kimo Akiona

			Title: CFO

			
	 	 
	 	
			BORROWER:

			 

			AP GAMING I, LLC, a Delaware limited liability

			company

			 

			By:  /s/ Kimo Akiona

			______________________________

			Name: Kimo Akiona

			Title: CFO

			

 

 

[Amendment Agreement No. 3]

 

 

 

	 	
			JEFFERIES FINANCE LLC, as Administrative Agent

			and Revolving Facility Lender

			 

			 

			By:  /s/ Paul McDonnell

			______________________________

			Name: Paul McDonnell

			Title:   Managing Director

			

 

 

[Amendment Agreement No. 3]

 

 

 

	 	
			MACQUARIE CAPITAL FUNDING LLC, as a

			Revolving Facility Lender

			 

			 

			By:  /s/ Mimi Shah

			_____________________________

			Name: Mimi Shah

			Title: Authorized Signatory

			
	 	 
	 	 
	 	
			By:  /s/ Lisa Grushkin

			______________________________

			Name: Lisa Grushkin

			Title: Authorized Signatory

			

 

 

[Amendment Agreement No. 3]Exhibit

Exhibit 10.1

EXECUTION VERSION
AMENDMENT NO. 1 TO 
RECEIVABLES PURCHASE AGREEMENT

AMENDMENT NO. 1 TO RECEIVABLES PURCHASE AGREEMENT, dated as of July 23, 2019 (the “Amendment”), among PDC FUNDING COMPANY III, LLC, a Minnesota limited liability company (the “Seller”), PATTERSON DENTAL SUPPLY, INC., a Minnesota corporation, as initial Servicer (the “Servicer”) and MUFG BANK, LTD. (“MUFG”), as a Financial Institution, as a Purchaser Agent and as Agent (the “Agent”).
W I T N E S S E T H :
WHEREAS, the Servicer, the Seller and MUFG have heretofore entered into that certain Receivables Purchase Agreement, dated as of July 24, 2018 (as amended, restated, supplemented, assigned or otherwise modified from time to time, the “Agreement”); and
WHEREAS, the Servicer, the Seller, the Financial Institutions, the Purchaser Agents and the Agent seek to modify the Agreement upon the terms hereof.
NOW, THEREFORE, in exchange for good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged and confirmed), the Servicer, the Seller, the Financial Institutions, the Purchaser Agents and the Agent agree as follows:
A G R E E M E N T:
1.Definitions. Unless otherwise defined or provided herein, capitalized terms used herein have the meanings attributed thereto in (or by reference in) Exhibit I of the Agreement.
2.    Amendment to the Agreement. The definition of “Scheduled Termination Date” set forth in Exhibit I to the Agreement is hereby amended by deleting the date “July 23, 2019” where it appears therein and substituting the date “August 22, 2019”.
3.    Conditions to Effectiveness. This Amendment shall be effective as of the date hereof and upon satisfaction of the following conditions precedent:
(a)    Execution of the Amendment. The Agent shall have received executed counterparts of this Amendment, duly executed by each of the parties hereto.
(b)    Representations and Warranties. As of the date hereof, both before and after giving effect to this Amendment and the transactions contemplated hereby, all of the representations and warranties contained in the Agreement and in each other Transaction Document shall be true and correct as though made on and as of the date hereof.
(c)    No Amortization Event. As of the date hereof, both before and after giving effect to this Amendment and the transactions contemplated hereby, no Amortization Event or Potential Amortization Event shall have occurred and be continuing.
4.    Certain Representations and Warranties. Each of the Servicer and the Seller represents and warrants to each other, the Financial Institutions, the Purchaser Agents and the Agent as follows:
(a)    Representations and Warranties. Both before and after giving effect to  this Amendment and the transactions contemplated hereby, all of its respective representations and warranties contained in the Agreement and each other Transaction Document to which it is a party are true and correct as though made on and as of the date hereof.
(b)    Due Authorization, Validity, etc. The execution and delivery by it of this Amendment, and the performance of its obligations under this Amendment, the Agreement (as amended hereby) and the other Transaction Documents to which it is a party are within its corporate powers and have been duly authorized by 

Exhibit 10.1

all necessary corporate action on its part, and this Amendment, the Agreement (as amended hereby) and the other Transaction Documents to which it is a party are its valid and legally binding obligations, enforceable in accordance with its terms, subject to the effect of bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally.
(c)    No Amortization Event. No Amortization Event or Potential Amortization Event has occurred and is continuing, or would occur as a result of this Amendment or the transactions contemplated hereby.
5.    Reference to and Effect on the Agreement and the Transaction Documents.
(a)    From and after the effectiveness of this Amendment, each reference in the Agreement to “this Agreement”, “hereof”, “herein”, “hereunder” or words of like import, and each reference in each of the other Transaction Documents to the “Receivables Purchase Agreement”, “thereunder”, “thereof” or words of like import, in each case referring to the Agreement, shall mean and be, a reference to the Agreement, as amended hereby.
(b)    The Agreement (except as specifically amended herein) and the other Transaction Documents are hereby ratified and confirmed in all respects by each of the parties hereto and shall remain in full force and effect in accordance with its respective terms.
(c)    The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of or amendment to, any right, power or remedy of the Agent, any Conduit, any Financial Institution or any Purchaser Agent under, nor constitute a waiver of or amendment to, any other provision or condition under, the Agreement or any other Transaction Document.
6.    Costs and Expenses. The Seller shall reimburse the Agent, each Purchaser Agent and each Purchaser on demand for all costs and out-of-pocket expenses in connection with the preparation, negotiation, arrangement, execution, delivery, enforcement and administration of this Amendment, the transactions contemplated hereby and the other documents to be delivered hereunder or in connection herewith, including reasonable fees and out-of-pocket expenses of legal counsel for any Purchaser, any Purchaser Agent and/or Agent with respect thereto.
7.    Governing Law. THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5‐1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF.
8.    Transaction Documents. This Amendment is a Transaction Document executed pursuant to the Agreement and shall be construed, administered and applied in accordance with the terms and provisions thereof.
9.    Integration. This Amendment, together with the Agreement, contains the final  and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings.
10.    Severability. If any one or more of the agreements, provisions or terms of this Amendment shall for any reason whatsoever be held invalid or unenforceable, then such agreements, provisions or terms shall be deemed severable from the remaining agreements, provisions and terms of this Amendment and shall in no way affect the validity or enforceability of the provisions of this Amendment.
11.    Counterparts. This Amendment may be executed in any number of counterparts, and by the different parties hereto on separate counterparts, each of which shall constitute an original, but all together shall constitute one and the same agreement. Delivery of an executed counterpart hereof by facsimile, email or other electronic means shall be deemed to be an original.
12.    Headings. The captions and headings of this Amendment are included herein for convenience of reference only and shall not affect the interpretation of this Amendment.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

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Exhibit 10.1

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

By:  /s/ Les B. Korsh    
Name:  Les B. Korsh
Title:  Secretary

PDC FUNDING COMPANY III, LLC

By:  /s/ Les B. Korsh    
Name:  Les B. Korsh
Title:  Secretary

S-1    Amendment No. 1 to RPA

Exhibit 10.1

MUFG BANK, LTD., as a Financial Institution

By:  /s/ Eric Williams    
Name:  Eric Williams
Title:  Managing Director

MUFG BANK, LTD., as a Purchaser Agent

By:  /s/ Eric Williams    
Name:  Eric Williams
Title:  Managing Director

MUFG BANK, LTD., as Agent

By:  /s/ Eric Williams    
Name:  Eric Williams
Title:  Managing Director

S-2    Amendment No. 1 to RPA

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