Document:

ex10-6.htm

                                                                    Exhibit 10.6

                                 LEASE AGREEMENT

THIS INDENTURE OF LEASE is executed at Jaipur on this 1st day of July 2013.

                                     BETWEEN

Mrs. Pushpa Kumari--W/o Shri Mahaveer Singh Rathore. Residing at 301 Koral Kunj,
Scheme No: 8, Mahadev Nagar, Gandhi Path, Vaishali Nagar, Jaipur. 302021-
Rajasthan (hereinafter called the Lessor, which expression shall unless
repugnant to the context or meaning thereof be deemed to include their legal
heirs, executors, administrators, successors and assigns) of the FIRST PART.

                                       AND

M/s. Pure Guar India Private Limited, a company incorporated under the Companies
Act, having its registered office at C-1/16, Darya Ganj, New Deli, through its
Authorized Signatory Ganish Prajapat S/o Shri Tekchand (hereinafter called the
Lessee, which expression shall unless repugnant to the context of meaning
thereof be deemed to include their legal heirs, executors, administrators,
successors and assigns) of the SECOND PART.

"LESSOR" AND "LESSEE" ARE HEREINAFTER COLLECTIVELY REFERRED TO AS THE "PARTIES"
AND INDIVIDUALLY AS THE "PARTY".

WHEREAS the Lessor has represented to the Lessee that the Lessor is the absolute
owner and is seized and possessed of or otherwise well and sufficiently entitled
to the Commercial Premises located at Fourth Floor, Gordhan Sky, Khatipura Road,
Jhotwara, Jaipur, and more specifically Office Unit No. 402 (on Fourth Floor at
Gordhan Sky, Khatipura Road, Jhotwara, Jaipur), having carpet area of 800 sq.
ft. (hereinafter referred to as the "Demised Premises"), along with all the
easement rights and other appurtenants thereto and is fully authorized and
entitled to give on lease for commercial use, the Premises.

AND WHEREAS the Lessee has expressed to take the Demised Premises on Lease, and
the Lessor has agreed to grant the Demised Premises with all built in fittings,
electrical and sanitary fixtures, as well as enjoyment of all common facilities
and benefits including but not limited to parking (open and covered),
fire-fighting system, 24 hours security, escalators (2 nos.), lifts (2 nos.),
lighting (outdoor and internal common areas), electrical, plumbing, internet and
TV cabling etc., to the Lessee based upon the representations and assurances of
the Lessor, prior to the execution of these presents (in the Letter of Intent)
as well as those contained herein and on the terms and conditions mutually
agreed between the Parties herein and appearing hereinafter.

AND FURTHER WHEREAS the Lessor and Lessee are executing this Lease Deed to
reduce the terms and conditions agreed in respect of the Demised Premises in
writing.

                                      -1-
<PAGE>
NOW THIS DEED  WITNESSETH  and it is hereby  agreed by and  between  the Parties
hereto as follows:

1. PURPOSE

1.1 The Lessor do hereby grant unto the Lessee by way of Lease the Demised
Premises to hold the same unto the Lessee for the purpose of use and occupation
as his office for the Term (as hereinafter defined) at the Rent hereinafter
reserved and on the terms and conditions hereinafter contained. The Lessor
hereby represents and warrants to the Lessee that the Lessor shall have no
objection to the said activities being carried out by the Lessee at the Demised
Premises.

2. COMENCEMENT AND TERM OF LEASE

2.1 This Lease granted hereinabove shall be for a period of Three (3) years
commencing with effect from July 1, 2013 (hereinafter called "Effective Date")
and ending on June 30, 2016, subject to the earlier determination as expressly
hereinafter provided (hereinbefore and hereinafter the "Term"). Further, the
initial period of Twelve (12) Months commencing from July 1, 2013 up till June
30, 2014, shall be deemed to be lock-in period for the parties, subject to the
conditions stipulated in Clause 13 and Clause 14 hereinafter contained.

2.2 The Lessor has handed over possession of the Demised Premises to the Lessee
on the execution of this Lease. Upon completion of the term of this Lease, the
same may be renewed by the parties as per mutual agreement, by executing and
registering a fresh Lease Deed, on such terms as may be mutually agreed between
them.

3. RENT AND MAINTENANCE

3.1 The Lessee agrees and undertakes to pay the Lessor a total monthly rent of
Rs. 18,000/- (Rupees Eighteen Thousand Only) (hereinafter referred to as "Lease
Rentals"), for the use and occupation of the Demised Premises, on or before the
10th day of each English calendar month, for the term of this lease. Upon
completion of first Twelve (12) Months period, the Lease Rentals shall be
enhanced, by 5%, to Rs.18,900/- (Rupees Eighteen Thousand Nine Hundred Only) per
month. Thus, the Lease Rentals shall be Rs. 18,900/- p.m. w.e.f. July 1, 2014 up
till June 30, 2015. Upon completion of second Twelve (12) Months period, the
Lease Rentals shall be enhanced, by 5%, to Rs. 19,845/- (Rupees Nineteen
Thousand Eight Hundred Forty Five Only) per month. Thus, the Lease Rentals shall
be Rs. 19,845/- p.m. w.e.f. July 1, 2015 up till June 30, 2016

                                      -2-
<PAGE>
3.2  In  addition  to the  aforementioned,  the  Lessee  further  agrees  to pay
maintenance charges @ Rs. 2/- per month, per sq.ft., to the building authority.

4. SECURITY DEPOSIT

4.1 The Lessee shall, within Seven (7) Days such termination, pay to the Lessor
all dues (if any) payable by the Lessee towards unpaid Lease Rentals due and
payable as per the terms of this Lease Deed, for the period immediately
preceding the expiration or earlier termination of this Deed. The Parties hereby
agree that the Lessor shall have the right to deduct such outstanding amounts
from the Security Deposit viz. unpaid Lease Rentals, unpaid
electricity/water/maintenance charges, physical damage caused to the Demised
Premises etc., as deemed fit by the Lessor.

4.2 At the end of the Term or upon expiry of the notice period in the event of
earlier termination to the Lease, the Lessee shall hand over free and vacant
possession of the Demised Premises, against simultaneous refund of the Security
Deposit in full, subject to the terms contained hereinabove.

5. PROPERTY TAXES

5.1 The Lessor shall pay all past, rate of ground rent, assessment, levies,
fees, penalties, duties, cess lease and other charges, property taxes, municipal
and other taxes and all outgoings imposed by or payable to the (local) Municipal
Council or Government or any local authority in respect of the Demised Premises,
and shall at all times keep the Lessee fully indemnified from such liabilities.

6. SERVICE TAX

6.1 The Lessee undertakes to bear and pay Service Tax, as may be
applicable/payable upon the amount of lease rental to the Lessor.

7. ELECTRICITY, WATER AND SEWERAGE

7.1 The Lessor shall provide, at its own cost, electricity connection with 5KV
Load at the Demised Premises, along with separate meter for the same. Lessee
shall pay electricity charges directly to the electricity department against the
bills issued in respect of the premises from time to time. The Lessor at its own
costs shall provide approved/authorized 24 Hours water supply to the Lessee at
the Demised Premises, and also for the common facilities, for entire duration of
this lease. The Lessor at its own costs shall provide approved/authorized 24
Hours sewerage connection to the Lessee at the Demised Premises, and also for
the common facilities, for entire duration of this lease.

                                      -3-
<PAGE>
8. SANCTIONED LOAD

8.1 The Lessor has provided/shall provide electricity connection of 5KV
sanctioned electric load to the Lessee at the Premises, along with a separate
meter, at its own cost.

9. SIGNAGE AND PARKING

9.1 The Lessor with the intent that the obligations may continue throughout the
lease period hereby covenants with the Lessee to permit the Lessee at any time
and from time to time, during the subsistence of the Lease, without any
obligation on the Lessor whatsoever, to install name boards, signage and logo of
the Lessee on such places as may bepermitted by the building authority. No
additional rent shall be payable by the Lessee to the Lessor for the said
signage. The Lessee shall also be entitled to put signage at the regular place
od directory of names of occupants of the building, if provided in the building
by the building authority, without additional rent.

9.2 The Lessor has provided common parking areas, both in open and in the
basements (2 nos.), which can be utilized by the Lessee, its employees, agents,
customers, visitors, invitees etc., without any additional charges, which shall
always be deemed/understood to be as inclusive of the benefits & facilities made
available appurtenant to enjoyment of the Demised Premises.

9.3 Lessor shall assist Lessee in obtaining all permissions/approvals in this
regard, if any, from the appropriate authority(ies).

10. COVENANTS, REPRESENTATIONS AND WARRANTIES OF LESSEE

10.1 The Lessee undertakes to the Lessor, as under:

a) To keep the Demised Premises in good and proper condition at its own cost,
and take all reasonable care of all and singular portions of the Demised
Premises, and shall take proper - care of the same as he would take care in case
of his own property and belongings, and shall always keep the Demised Premises
in a clean, habitable and decent condition, free from waste and rubbish.

b) Not to do or cause to be done anything in or upon the Demised Premises, which
is or may be a source of nuisance or annoyance to the Lessor or the other
occupants of the Building, and for this purpose the shall have the right to
enter and inspect the Demised Premises at any time.

c) Not to bring in or store upon the Demised Premises or any part thereof, any
hazardous goods of combustible or inflammable nature, save in small quantities
for normal office use as permitted by law.

                                      -4-
<PAGE>
d) The Lessee shall not without the previous consent, in writing, of the Lessor,
alter or affect any of the load bearing walls or effect any structural additions
or alterations of permanent nature to the Demised Premises. The Lessee shall
however be at liberty, without any such consent as aforesaid, to erect internal
partitions/additions and install and fix normal fixtures, fittings, furniture,
counters, cabins, air-conditioners, gas and electric appliances, all office
equipment and any other articles at the Demised Premises. The Lessee shall be at
liberty at the end of the Term to remove or take away such partitions/additions,
normal fixtures, fittings, furniture, counters, cabins, air-conditioners, gas
and electric appliances, office equipment and any other articles installed by
the Lessee, leaving the premises in the same condition as it was at the time of
execution of this Lease, subject to any changes made with the consent of the
Lessor, and subject further to normal wear and tear and damage by any event of
Force Majeure or otherwise.

e) The Lessee shall not assign, sub-let or part with the possession of the
Demised Premises or any part thereof, to any third party without the written
approval/permission of the Lessor.

f) The Lessee shall grant access to the Lessor and his authorized
representatives to the Demised Premises at all reasonable times to determine
whether the premises are in good condition and the whether the Lessee is
complying with his obligations under this Deed, and to perform any maintenance
or repair to the Demised Premises that may be necessary to preserve or protect
the Demised Premises.

g) The Lessee shall hand over the peaceful and vacant possession of the Demised
Premises to the Lessor at the end of the Term subject to simultaneous refund of
the Security Deposit due and payable under this Lease to the Lessee.

h) The Lessee shall make all payments due and/or payable to the Lessor on
account of Rent by account payee cheque/demand draft/bank transfer in favour of
the Lessor hereinbefore provided.

i) The Lessee, in addition to the monthly Lease Rentals, shall pay directly to
the promoters/builders and/or maintenance agency, as the case may be, the
maintenance charges, during the period of Lease.

j) The Lessee shall use the Demised Premises for commercial purposes only and
for purposes incidental thereto in connection with his business, trade or
profession and for no other purpose whatsoever. The Lessee shall not carry any
illegal activity nor shall store any prohibited articles or commodities in the
Demised Premises, and shall strictly adhere to the rules, regulations and/or
by-laws of the building authority, Municipal Corporation, Police Department or
any other statutory authority.

                                      -5-
<PAGE>
11. COVENANTS, REPRESENTATIONS AND WARRANTIES OF LESSOR:

11.1 The Lessor hereby covenants that, subject to payment of Rent herein
reserved, the Lessee shall peacefully hold and enjoy the Demised Premises, as
well as enjoyment of all common facilities and benefits including but not
limited to parking (open and covered), fire-fighting system, 24 hours security,
escalators (2 nos.), lifts (2 nos.), lighting (outdoor and internal common
areas), electrical, plumbing, internet and TV cabling etc. throughout the Term
without any interruption, eviction, claim demand by the Lessor or by any person
claiming through, under or in trust for the Lessor.

11.2 The Lessor hereby declares, covenants, warrants and represents to Lessee as
under:

a) That the Lessor has obtained all the completion certificates, fire safety
certificates and all the other permissions, approvals, certificates and, no
objection certificates from the appropriate authorities for the commercial use
of the Demised Premises by the Lessee prior to the execution of this Lease and
keep them validated for the entire term of the Lease and to provide reasonable
assistance to the Lessee in obtaining approvals, consents, permissions and
authorizations of municipal and local bodies, as may be required in terms hereof
and in that behalf the Lessor shall sign such applications/documents, and
provide such documents as the Lessee may require.

b) That the Lessor is the absolute owner of the Demised Premises and is
otherwise seized and possessed of the Demised Premises and has obtained all the
permissions, approvals and no-objection certificates required under law in
connection with the occupation and commercial use of the Demised Premises by the
Lessee and is duly authorized and entitled to enter into the execute this Lease
Deed.

c) That the Demised Premises is free of all encumbrances, mortgages, liens or
any other charges of any nature whatsoever and there are (lo restrictive
covenants operating upon the Lessor and/or Demised Premises, in leasing out the
Demised Premises to the Lessee on the terms and conditions herein contained.

d) That there are no proceedings legal or otherwise pending in connection with
the ownership of the Lessor or otherwise of the Demised Premises and the Lessor
has not received any notice of acquisition/requisition nor it has entered in to
any Agreement for Sale/Lease/Tenancy in respect of the Premises in favour of any
third party.

e) That in case the Lessee is desirous of obtaining the sanction for the
electricity and/or power load over and above the load provided by the Lessor in
the Demised Premises anytime during the Term of the Lease, the Lessor shall upon

                                      -6-
<PAGE>
Lessee's request, apply for the same or grant such authority/no objection
certificate to the Lessee to apply for the same and provide all assistance to
the Lessee in obtaining sanction from any Authority/Government for the same. If
any deposit is paid to the Authorities by the Lessee, the Lessor shall refund
such deposit fully without any deductions whatsoever, at the time of
expiry/termination of the lease to the Lessee in full.

f) That the Demised Premises has adequate supply of water.

g) That the Lessor has not, and shall not, mortgage, sell, assign, convey or
transfer in any manner the Demised Premises during the Term. However if the
Lessor intends to mortgage/sell/dispose of/transfer the said premises to any
person or third party, in that even the Lessor shall promptly inform the
transferee(s) about the terms and conditions of this Lease Deed and shall obtain
appropriate written documents from such transferee(s) unconditionally agreeing
to the terms and conditions of this Lease Deed, more particularly assigning the
tenancy to the transferee(s). Additionally, the Lessor shall cause a letter to
be issued by the prospective new landlord in favour of the Lessee confirming
that the terms herein agreed to shall be binding on the new Landlord(s) and he
will also acknowledge all outstanding amounts including the security deposit
paid by the Lessee to the Lessor. The same shall also apply in case of any
subsequent sale or transfer of the freehold ownership rights of the Demised
Premises.

h) The Lessee shall have the right to use and enjoy the common entrances,
staircase, landings, corridors, escalators, lifts, parking, common services,
road and passage in and outside the Demised Premises and the right to ingress to
and egress from the Property so far as the same are necessary for the enjoyment
of the Demised Premises by the Lessee, the occupants of the Demised Premises,
their servants, agents, customers, visitors and invitees.

12. INDEMNITY

12.1 Lessor has given the Demised Premises on Lease to the Lessee for a period
of Three (3) years commencing from July 1, 2013, and each party hereby indemnify
the other and agrees to keep indemnified at all times in future during the Term
of this Lease, to the fullest extent against all losses, damages, costs, fees
(including attorney's fee), penalties suffered/incurred by the such party on
account of any representations, declarations, warranties and covenants of the
other party in respect of any matter in connection herewith being untrue or
false or for any other act of commission or omission by the offending party
resulting in any loss or damage to the aggrieved party.

12.2 The remedies available to the parties under this Lease shall be cumulative
and not in the alternative.

                                      -7-
<PAGE>
13. FORCE MAJEURE, LEGAL PROCEEDINGS ETC.

13.1 Upon the occurrence of any event beyond the control of the parties
including fire, accident, riots, flood, earthquake, storm, or any other natural
calamity, terrorist activities, war, insurgency activities, any governmental or
municipal action, prohibition or restriction, which in any way adversely affects
the right of the Lessee to peacefully enjoy the Demised Premises (hereinbefore
and hereinafter "Force Majeure") the payment of Rent from the Lessee to the
Lessor shall stand suspended during the subsistence of such Force Majeure. The
Lessee as the party affected by the Force Majeure, may notify the Lessor in
writing, upon which the Force Majeure suspension would be deemed to have
commenced. If such Force Majeure continues to operate for a period exceeding 60
(sixty) days, the Lease may be continued or terminated with immediate effect at
the sole option of the Lessee.

14. TERMINATION

14.1 The Lease Deed is for a period of Three (3) Years Lessee commencing from
July 1, 2013.

14.2 In the event any party contravenes any of the covenants of the Lease Deed,
the aggrieved party shall be entitled to serve a Fifteen (15) Days rectification
notice in writing to the offending party. If the offending party still continues
to contravene any of the terms of the Lease Deed, the aggrieved party shall be
entitled to terminate the Lease Deed upon expiry of period of the said
rectification notice. In such an event, the Lessee shall not be obligated to pay
the Lease Rent amount for the remaining period of the Lease.

14.3 In case either of the party decides to terminate the Lease earlier than its
term stipulated hereinabove then the desiring party shall give One (1) Month's
notice in writing to the other party of such intention or pay One (1) Month's
Monthly Rental in lieu thereof, and accordingly the present Agreement shall
remain terminated on expiry of the notice period.

14.4 Upon termination, the Lessee shall hand over peaceful vacant possession of
the Demised Premises to the Lessor.

14.5 Upon expiry of the Term of the Lease and/or its earlier termination by the
Lessor in the manner detailed in 14.2 and 14.3, the Lessee shall immediately
hand over peaceful vacant possession of the Demised Premises, simultaneous with
refund of interest free security deposit by the Lessor.

15. JURISDICTION

15.1 That the courts at Jaipur alone shall have jurisdiction to entertain and

                                      -8-
<PAGE>
try any dispute and/or difference arising out of or in connection with the terms
of this Lease.

16. STAMP DUTY AND REGISTRATION CHARGES

16.1 The cost of stamp duty and registration charges and other incidental
expenses in connection with execution and registration of the Lease Deed shall
be shared eequally by both parties 50/50. The original Lease shall remain in the
possession of the Lessee and a certified copy thereof shall be retained by the
Lessor.

17. NOTICES:

7.1 All notices required to be served by either of the Parties hereto upon the
other shall be deemed to have been duly and effectually served if delivered by
hand or addressed by Registered AD post at the following addresses and such
service shall be deemed to have been effected in the case of delivery by hand,
on the date on which it is so delivered and in the case of delivery by
Registered AD Post on the date the Registered AD notice is received by the
addressee.

i) In the case of the Lessor:

   Mrs. Pushpa Kumari
   W/o Shri Mahaveer Singh Rathore
   Residing at 301 Koral Kunj,
   Scheme No: 8, Mahadev Nagar,
   Gandhi Path, Vaishali Nagar,
   Jaipur. 302021

ii) In the case of the Lessee:

   M/s. Pure Guar India Private Limited,
   C-1/16, Darya Ganj, New Delhi

17.2 Either party may notify the other in writing of any change in such address
for services of notice upon it.

18. MISCELLANEOUS

i) If any one or more provisions of this Lease Deed shall be invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not in any way be affected or
impaired.

ii) In these presents, save as otherwise expressly provided, a reference to the
masculine gender shall include the feminine and vice versa and reference to the
singular shall include the plural and vice versa.

                                      -9-
<PAGE>
iii) This Lease Deed shall constitute a valid and binding contract between the
parties. This Lease Deed sets forth the complete understanding between the
parties hereto and supersedes all previous memoranda, understandings, letters of
intent and documents exchanged between the parties hereto regarding the subject
matter hereof. The terms of this Lease Deed shal not be altered or added to nor
shall anything be omitted therefrom except by means of a supplementary deed in
writing duly signed by the Parties hereto.

WITNESS WHEREOF the parties hereto have set their respective hands on the
original and one duplicate copy of this Lease Deed hereof on the day and year
first hereinabove written.

Signed and Delivered

                               LESSOR

                               /s/ Pushpa Kumari W/o Shri Mahaveer Singh Rathore
                               -------------------------------------------------

Signed and Delivered

                               LESSEE

                               M/s. Pure Guar India Private Limited

                               By: /s/ Ganesh Prajapat S/o Shri Tekchand
                                  ----------------------------------------------
                               Its:  Authorized Signatory

                                      -10-exh_101.htm

Exhibit 10.1

 

 

WAIVER AND SIXTH AMENDMENT TO FIRST LIEN CREDIT AGREEMENT

 

THIS WAIVER AND SIXTH AMENDMENT TO FIRST LIEN CREDIT AGREEMENT (this “Amendment”) is entered into as of July 30, 2013 by and among GSE ENVIRONMENTAL, INC., a Delaware corporation f/k/a Gundle/SLT Environmental, Inc. (the “Borrower”), the other Persons party hereto that are designated as a “Credit Party” on the signature pages hereof, GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation (in its individual capacity, “GE”), as Agent and as a Lender, and the other LENDERS signatory hereto.

 

W I T N E S S E T H:

 

WHEREAS, Borrower, the other Credit Parties, GE, as Agent and as a Lender, and the other Lenders from time to time party thereto are parties to that certain First Lien Credit Agreement dated as of May 27, 2011 (as the same has been and may hereafter be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, the Designated Default (as defined below) has occurred and is continuing;

 

WHEREAS, Borrower has requested that Agent and Lenders (i) waive the Designated Default and (ii) amend certain provisions of the Credit Agreement; and

 

WHEREAS, subject to the satisfaction (or waiver by the Lenders) of the conditions set forth herein, Agent and the Lenders signatory hereto constituting the Required Lenders and Required Revolving Lenders are willing to waive the Designated Default and to amend the Credit Agreement in certain respects, in each case, on the terms set forth herein.

 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties agree as follows:

 

1. Defined Terms.  Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Credit Agreement.

 

2. Limited Waiver.  Pursuant to subsection 7.1(c) of the Credit Agreement, an Event of Default has occurred and is continuing as a result of the Credit Parties’ failure to comply with the maximum Total Leverage Ratio covenant set forth in Section 6.2 of the Credit Agreement as of June 30, 2013 (such Event of Default, together with any Event of Default arising from the Borrower’s failure to provide notice of such Event of Default to the Agent, collectively, the “Designated Default”). Effective as of the date hereof, subject to the satisfaction of the conditions set forth in Section 4 hereof,  Agent and the Lenders signatory hereto, constituting Required Lenders and Required Revolving Lenders, hereby waive the Designated Default.

 

The  waiver contained in this Section 2 is a limited waiver and (i) shall only be relied upon and used for the specific purposes expressly set forth herein, (ii) shall not constitute nor be deemed to constitute a waiver, except as otherwise expressly set forth herein, of (a) any Default or Event of Default (other than the Designated Default) or (b) any term or condition of the Credit Agreement and the other Loan Documents, (iii) shall not constitute nor be deemed to constitute a consent by the Agent or any Lender to anything other than the specific purpose set forth herein and (iv) shall not constitute a custom or course of dealing among the parties hereto.

 

  

 

  

3. Amendments to Credit Agreement.  Upon satisfaction (or waiver by the Lenders) of the conditions set forth in Section 4 hereof, the Credit Agreement is hereby amended as follows:

 

(a) Subsection 1.1(b) of the Credit Agreement is hereby amended by deleting such subsection in its entirety and substituting the following therefor:

 

“(b) The Revolving Credit.  Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein, each Revolving Lender severally and not jointly agrees to make Loans to the Borrower (each such Loan, a “Revolving Loan”) from time to time on any Business Day during the period from the Closing Date through the Final Availability Date, in an aggregate amount not to exceed at any time outstanding the amount set forth opposite such Lender’s name in Schedule 1.1(b) under the heading “Revolving Loan Commitments” (such amount, as the same may be reduced or increased from time to time in accordance with this Agreement (including pursuant to Section 1.12), being referred to herein as such Revolving Lender’s “Revolving Loan Commitment”); provided, however, that, after giving effect to any Borrowing of Revolving Loans, the aggregate principal amount of all outstanding Revolving Loans shall not exceed the Maximum Revolving Loan Balance.  Subject to the other terms and conditions hereof, amounts borrowed under this subsection 1.1(b) may be repaid (without premium or penalty except as, and to the extent, set forth in Section 10.4) and reborrowed from time to time.  The “Maximum Revolving Loan Balance” from time to time will equal (i) the Aggregate Revolving Loan Commitment then in effect less (ii) the sum of (I) the aggregate amount of Letter of Credit Obligations plus (II) the aggregate principal amount of outstanding Swing Loans plus (III) the Interest Reserve (after giving effect to any reduction thereof to the extent a requested Revolving Loan shall be utilized to pay interest for which the Interest Reserve has been established).  If at any time the then outstanding principal balance of Revolving Loans exceeds the Maximum Revolving Loan Balance, then the Borrower shall immediately prepay outstanding Revolving Loans in an amount sufficient to eliminate such excess.

As of the Sixth Amendment Effective Date, the aggregate outstanding principal amount of Revolving Loans (such outstanding Revolving Loans, the “Sixth Amendment Revolving Loans”) is $19,111,569.48 (the “Revolving Loan Cap”) and the aggregate face value of all Letters of Credit (such outstanding Letters of Credit, the “Sixth Amendment LCs”) Issued and outstanding under this Agreement is $2,431,391.00 (the “LC Facility Cap”; the LC Facility Cap together with the Revolving Loan Cap are sometimes referred to herein collectively as the “Revolving Facility Cap”), in each case, as set forth on Schedule 1.1(b).  Notwithstanding anything to the contrary set forth in this Section 1.1(b) or anywhere else in the Credit Agreement or any other Loan Document, from and after the Sixth Amendment Effective Date (a) prior to the repayment in full of all revolving loans and other obligations under, and the termination of, the First Lien Revolving Facility, no further Revolving Loans shall be made or funded or Letters of Credit Issued hereunder (provided, Revolving Loans may be funded solely to pay any L/C Reimbursement Obligations that may arise in respect of Sixth Amendment LCs, whereupon the Revolving Loan Cap shall be deemed to have increased, and the LC Facility Cap reduced, by such amount) and (b) until the Required Leverage Date shall occur, no (i) Letters of Credit shall be Issued if, after giving effect to such Issuance, the aggregate face amount of all Issued and outstanding Letters of Credit shall exceed the LC Facility Cap (provided, the LC Facility Cap shall be increased on the date the First Lien Revolving Facility terminates in accordance with Section 4.19 by an amount equal to the aggregate face amount of all “Letters of Credit” (as defined in the First Lien Revolving Facility), which such aggregate amount shall not in any event exceed $600,000, issued and outstanding as of such date of termination, whereupon all such “Letters of Credit” thereunder shall automatically become and be deemed to constitute Letters of Credit hereunder for all purposes of this Agreement and the other Loan Documents), (ii) Revolving Loans shall be made or funded if, after giving effect to such making or funding, the aggregate outstanding principal amount of Revolving Loans shall exceed the Revolving Loan Cap (except in respect of Revolving Loans funded solely to pay L/C Reimbursement Obligation arising in respect of a Letter of Credit Issued in accordance herewith, whereupon the Revolving Loan Cap shall be deemed to have increased, and the LC Facility Cap reduced, by such amount) and (iii) Revolving Loans shall be made or funded and no Letters of Credit shall be Issued if, after giving effect to such making, funding or Issuance, the sum of (y) aggregate outstanding principal amount of Revolving Loans and (z) all Issued and outstanding Letters of Credit, shall exceed the Revolving Facility Cap.

  

2

  

Upon the effectiveness of the First Lien Revolving Facility, each Revolving Lender’s Revolving Loan Commitment hereunder shall be deemed automatically reduced on a dollar for dollar basis by an amount equal to the aggregate principal amount of such Revolving Lender’s commitment in respect of the First Lien Revolving Facility; provided, the aggregate principal amount of the reductions to the Revolving Loan Commitments shall not exceed $8,000,000.  The outstanding principal amount of the Sixth Amendment Revolving Loans and the Sixth Amendment LCs shall not be reduced or otherwise modified solely as a result of the reduction of the Revolving Loan Commitments described above.  The Sixth Amendment Revolving Loans and Letter of Credit Obligations in respect of Sixth Amendment LCs held by a Revolving Lender are referred to herein collectively as such Revolving Lender’s “Pre-Amendment Revolving Share” and all such Pre-Amendment Revolving Shares are referred to herein collectively as the “Aggregate Pre-Amendment Revolving Amount”, in each case, as such amounts are set forth on Schedule 1.1(b).  As a result of the foregoing, until the Commitment Reinstatement Date (as defined below) (i) interest and fees in respect of the Sixth Amendment Revolving Loans and the Sixth Amendment LCs shall accrue for the benefit of each Revolving Lender based on each such Revolving Lender’s Pre-Amendment Revolving Share, (ii) all payments of principal and interest in respect of Sixth Amendment Revolving Loans and Sixth Amendment LCs, shall be paid, allocated and applied to the Aggregate Pre-Amendment Revolving Amount on a pro rata basis based on each Revolving Lender’s Pre-Amendment Revolving Share and (iii) the Unused Commitment Fee accruing and payable to each Revolving Lender shall be calculated based upon such Revolving Lender’s Revolving Loan Commitment after giving effect to the Sixth Amendment and such Revolving Lender’s Pre-Amendment Revolving Share.

  

3

  

Upon the repayment in full of all revolving loans and other obligations outstanding under, and the termination of, the First Lien Revolving Facility, each Revolving Lender’s Revolving Loan Commitment hereunder shall be deemed automatically increased on a dollar for dollar basis by an amount equal to the aggregate principal amount of such Revolving Lender’s commitment in respect of the First Lien Revolving Facility so as to reinstate the Revolving Loan Commitments of the Revolving Lenders at the respective amounts thereof as in effect immediately prior to the effectiveness of the Sixth Amendment (i.e., the Aggregate Revolving Loan Commitment shall be $35,000,000 and the Revolving Loan Commitments of the Revolving Lenders shall be in the respective amounts therefor set forth in Schedule 1.1(b) maintained by Agent immediately prior to the effectiveness of the Sixth Amendment) (such date, the “Commitment Reinstatement Date”); provided such reinstatement shall be subject to, and shall preserve the effectiveness of, any prior reduction in the Aggregate Revolving Loan Commitment otherwise required pursuant to this Agreement.”

(b) Section 2.2 of the Credit Agreement is hereby amended by (i) deleting “and” appearing at the end of clause (c) thereof, (ii) deleting “.” appearing at the end of clause (d) thereof and substituting “; and” therefor and (iii) adding the following language as new clause (e) thereto in appropriate alphabetical order:

 

“(e)           after giving effect to any Loan and the contemporaneous uses of the proceeds thereof, the Credit Parties’ cash and Cash Equivalents shall not exceed $3,000,000.”

(c) Subsection 4.2(b) of the Credit Agreement is hereby amended by deleting such subsection in its entirety and substituting the following therefor:

 

“(b)           concurrently  with  the  delivery  of  the  financial  statements  referred  to  in subsections 4.1(a), 4.1(b) and, solely to the extent necessary to calculate the Total Leverage Ratio as and to the extent required by Section 6.2, 4.1(c), a fully and properly completed Compliance Certificate in the form of Exhibit 4.2(b), certified on behalf of the Borrower by a Responsible Officer of the Borrower;”

(d) Section 4.2 of the Credit Agreement is hereby further amended by (i) deleting “and” appearing at the end of clause (f) thereof, (ii) deleting “.” appearing at the end of clause (g) thereof and substituting “; and” therefor and (iii) adding the following language as new clause (h) thereto in appropriate alphabetical order:

 

“(h)           on a weekly basis, commencing with the first Monday following the Sixth Amendment Effective Date and continuing on each Monday thereafter until the Required Leverage Date, a thirteen (13) week cash flow forecast for the thirteen (13) week period comprised of the most recent week ended prior to such Monday and the immediately succeeding twelve (12) weeks thereafter.”

 

  

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(e) Article IV of the Credit Agreement is hereby amended by adding the following new Section 4.19 thereto in appropriate numerical order:

 

“Section 4.19 Junior Capital Raise; First Lien Revolving Facility. The Borrower shall comply, and each of the other Credit Parties shall cause the Borrower to comply, with each of the following covenants:

 

(a)           no later than October 31, 2013 (the “Junior Capital Outside Date”), the Borrower shall have obtained additional junior capital in the form of unsecured mezzanine Indebtedness or preferred equity, in either case, on terms and conditions (including subordination terms) reasonably acceptable to Agent or in the form of common equity, in any case, with aggregate Net Issuance Proceeds in an amount not less than $20,000,000 (such Indebtedness or equity, as applicable, the “Junior Capital”);

 

(b)           upon receipt of the Net Issuance Proceeds of the Junior Capital and notwithstanding anything to the contrary set forth in Section 1.8 or elsewhere in this Agreement, the Borrower shall immediately apply such Net Issuance Proceeds as follows:

 

(i) in the event such Net Issuance Proceeds are received on or prior to September 30, 2013

 

(w) the first $10,000,000 shall be applied first, to the lesser of (A) the aggregate outstanding principal amount of the revolving loans under the First Lien Revolving Facility and (B) $900,000, whereupon the aggregate commitments of the lenders under the First Lien Revolving Facility shall be permanently and automatically reduced by such amount and second, to the outstanding Initial Term Loans (which such prepayment amount as to the Initial Term Loans shall be applied to the scheduled principal payments of thereof in the inverse order of maturity);

 

(x) after giving effect to clause (i)(w), the next $10,000,000 shall be applied first, to the aggregate outstanding principal amount of the revolving loans under the First Lien Revolving Facility without a permanent reduction of the revolving loan commitment thereunder and second, to the outstanding Revolving Loans without a permanent reduction of the Revolving Loan Commitments of the Lenders; provided the Borrower shall be permitted to retain as cash on the balance sheet such portion of such $10,000,000 remaining after the outstanding principal balance of each of the revolving loans under the First Lien Revolving Facility and the Revolving Loans shall have been reduced to zero ($0);

 

(y) the aggregate principal amount of Net Issuance Proceeds received by the Borrower in respect of such Junior Capital in excess of $20,000,000 but less than or equal to $40,000,000 (such amount, the “First Surplus Amount”) shall be applied as follows:  (A) fifty percent (50%) of the First Surplus Amount shall be applied to the outstanding Revolving Loans without a permanent reduction of the Revolving Loan Commitments of the Lenders; provided the Borrower shall be permitted to retain as cash on the balance sheet such portion of the First Surplus Amount remaining after the outstanding principal balance of the Revolving Loans shall have been reduced to zero ($0) and (B) fifty percent (50%) of the First Surplus Amount shall be applied to the outstanding Initial Term Loans (which such prepayment amount as to the Initial Term Loans shall be applied to the scheduled principal payments thereof in the inverse order of maturity); and

 

  

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(z) the aggregate principal amount of the Net Issuance Proceeds received by the Borrower in respect of such Junior Capital in excess of $40,000,000 shall be applied to the Initial Term Loans (which such prepayment amount as to the Initial Term Loans shall be applied to the scheduled principal payments thereof in the inverse order of maturity); and

 

(ii) in the event such Net Issuance Proceeds are received after September 30, 2013

 

(w) the first $10,000,000 shall be applied first to the aggregate outstanding principal amount of the revolving loans and the other obligations under the First Lien Revolving Facility, whereupon the aggregate commitments of the lenders under the First Lien Revolving Facility shall be permanently and automatically reduced to zero ($0) and the First Lien Revolving Facility shall terminate in full, and second to the outstanding Initial Term Loans (which such prepayment amount as to the Initial Term Loans shall be applied to the scheduled principal payments of thereof in the inverse order of maturity);

 

(x) after giving effect to clause (ii)(w), the remaining $10,000,000 shall be applied to the outstanding Revolving Loans without a permanent reduction of the Revolving Loan Commitments of the Lenders; provided the Borrower shall be permitted to retain as cash on the balance sheet such portion of such $10,000,000 remaining after the outstanding principal balance of the Revolving Loans shall have been reduced to zero ($0);

 

(y) the First Surplus Amount shall be applied as follows:  (A) fifty percent (50%) of the First Surplus Amount shall be applied to the outstanding Revolving Loans without a permanent reduction of the Revolving Loan Commitments of the Lenders; provided the Borrower shall be permitted to retain as cash on the balance sheet such portion of the First Surplus Amount remaining after the outstanding principal balance of the Revolving Loans shall have been reduced to zero ($0) and (B) fifty percent (50%) of the First Surplus Amount shall be applied to the outstanding Initial Term Loans (which such prepayment amount as to the Initial Term Loans shall be applied to the scheduled principal payments thereof in the inverse order of maturity); and

 

  

6

  

(z) the aggregate principal amount of the Net Issuance Proceeds received by the Borrower in respect of such Junior Capital in excess of $40,000,000 shall be applied to the Initial Term Loans (which such prepayment amount as to the Initial Term Loans shall be applied to the scheduled principal payments thereof in the inverse order of maturity);

 

(c)           on September 30, 2013, the Borrower shall make a prepayment of all outstanding revolving loans existing under the First Lien Revolving Facility in excess of $900,000 and the aggregate commitments of the lenders under the First Lien Revolving Facility shall be permanently and automatically reduced to $900,000; and

 

(d)           to the extent not otherwise previously paid in full and terminated, no later than October 31, 2013, the Borrower shall make a prepayment of all outstanding revolving loans and other obligations then due and owing under the First Lien Revolving Facility and the aggregate commitments of the lenders under the First Lien Revolving Facility shall be permanently and automatically reduced to zero ($0) and terminated.”

 

(f) Section 5.1 of the Credit Agreement is hereby amended by (i) deleting “and” appearing at the end of clause (z) thereof, (ii) deleting “.” appearing at the end of clause (aa) thereof and substituting “; and” therefor and (iii) adding the following language as new clause (bb) thereto in appropriate alphabetical order:

 

“(bb)           Liens securing the First Lien Revolving Facility to the extent such facility is permitted pursuant to Section 5.5(r) and otherwise in accordance with the First Lien Revolving Facility Intercreditor Agreement.”

 

(g) Section 5.4(b) of the Credit Agreement is hereby amended by deleting the reference to “$10,000,000” therein and substituting “$6,200,000” therefor.

 

(h) Section 5.4(c) of the Credit Agreement is hereby amended by deleting the reference to “$750,000” therein and substituting “$250,000” therefor.

 

(i) Section 5.4(s) of the Credit Agreement is hereby amended by deleting the reference to “$5,000,000” therein and substituting “$1,000,000” therefor.

 

(j) Section 5.5(d) of the Credit Agreement is hereby amended by deleting such section in its entirety and substituting the following therefor:

 

“(d)           Indebtedness not to exceed $6,000,000 in the aggregate at any time outstanding consisting of Capital Lease Obligations or secured by Liens permitted by subsection 5.1(h) and Permitted Refinancings thereof; provided the maximum amount of Indebtedness permitted to exist under this subsection 5.5(d) shall be increased upon the consummation of a Permitted Acquisition by the amount of the Target’s Capital Lease Obligations and Indebtedness secured by Liens of the type described in subsection 5.1(h), in each case as existing and outstanding at the time of such Permitted Acquisition and not incurred in connection with, or in anticipation of, such Permitted Acquisition; provided, further, in no event shall Borrower and its Domestic Subsidiaries incur any Indebtedness of the type described in the foregoing provisions of this clause (d) in an aggregate amount in excess of $3,000,000;”

 

  

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(k) Section 5.5 of the Credit Agreement is hereby amended by (i) deleting “and” appearing at the end of clause (o) thereof, (ii) deleting clause (p) thereof in its entirety and (iii) adding the following language as new clauses (p), (q) and (r) thereto in appropriate alphabetical order:

 

“(p)           unsecured Indebtedness of the Foreign Subsidiaries of Holdings not exceeding $20,000,000 in the aggregate at any time outstanding;

 

(q)           to the extent constituting Indebtedness, the Junior Capital incurred in accordance with Section 4.19; and

 

(r)           secured Indebtedness under the First Lien Revolving Facility in an aggregate principal amount not to exceed $8,000,000 (as the same shall be reduced pursuant to the requirements of Section 4.19).”

 

(l) Section 6.2 of the Credit Agreement is hereby amended by deleting such section in its entirety and substituting the following therefor:

 

“6.2           Total  Leverage  Ratio.    The  Credit  Parties  shall  not  permit  the  Total Leverage Ratio as of any date set forth below to be greater than the maximum ratio set forth in the table below opposite such date:

	
Date

	 	
Maximum Total Leverage Ratio

	
September 30, 2013

	 	
6.50:1.00

	
December 31, 2013

	 	
6.25:1.00

	
March 31, 2014

	 	
5.17:1.00

	
June 30, 2014

	 	
4.75:1.00

	
September 30, 2014

	 	
4.50:1.00

	
December 31, 2014

	 	
4.50:1.00

	
March 31, 2015

	 	
4.50:1.00

	
June 30, 2015

	 	
4.25:1.00

	
 
September 30, 2015 and the last day

of Fiscal Quarter thereafter

	 	
4.00:1.00

In addition to the foregoing and notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document, commencing with the measurement period ending as of October 31, 2013 and continuing until the Required Leverage Date, the Credit Parties shall not permit the Total Leverage Ratio as of the last day of any fiscal month that is the first or second fiscal month of a Fiscal Quarter to be greater than the Maximum Total Leverage Ratio set forth above for the most recently completed Fiscal Quarter (e.g., the Maximum Total Leverage Ratio as of October 31, 2013 and November 30, 2013 shall not exceed, in either case, 6.50:1.00).”

  

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(m) Section 6.3 of the Credit Agreement is hereby amended by deleting the Minimum Interest Coverage Ratio level set forth therein for the measurement periods ending as of (i) September 30, 2013 and December 31, 2013 and substituting therefor, in each case, “2.00:1.00” and (ii) March 31, 2014 and substituting therefor “2.20:1.00”.

 

(n) Section 7.1 of the Credit Agreement is hereby amended by deleting subsection (c) thereof in its entirety and substituting the following therefor:

 

“(c)Specific Defaults. Any Credit Party fails to (i) perform or observe any term, covenant or agreement contained in any of subsection 4.3(a), subsection 4.4(a) (in respect of Holdings or the Borrower), Section 4.10, Section 4.17, subsection 4.19(c) or 4.19(d), Article V or Article VI or (ii) deliver any of the financial statements, certificates and other information required to be delivered pursuant to Section 4.1 or subsection 4.2(a), 4.2(b) or 4.2(h) within five (5) Business Days following the stated delivery date therefor; or”

(o) Section 7.1 of the Credit Agreement is hereby amended by deleting subsection (e) thereof in its entirety and substituting the following therefor:

 

“(e)           Cross-Default. Any Credit Party or any Subsidiary of any Credit Party (i) fails to make any payment in respect of (y) any Indebtedness (other than the Obligations) or Contingent Obligation (other than the Obligations) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of $2,500,000 or more or (z) the First Lien Revolving Facility, in either case, when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) and such failure continues after the applicable grace or notice period, if any, specified in the document relating thereto on the date of such failure; or (ii) fails to perform or observe any other condition or covenant (after all applicable grace periods), or any other event shall occur or condition exist (after all applicable grace periods), under any agreement or instrument relating to any such Indebtedness or Contingent Obligation, if the effect of such failure, event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, after giving effect to any cure or waiver of such failure, event or condition actually made or obtained, such Indebtedness to be declared to be due and payable prior to its stated maturity (without regard to any subordination terms with respect thereto), or such Contingent Obligation to become payable or cash collateral in respect thereof to be demanded; or”

(p) Section 7.1 of the Credit Agreement is hereby further amended by adding the following language to the end thereof:

 

  

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“Notwithstanding the foregoing or anything else to the contrary set forth herein or in any other Loan Document, the Borrower’s failure to obtain the Junior Capital pursuant to Section 4.19 by October 31, 2013 or any time thereafter shall not constitute a Default or Event of Default hereunder or under any other Loan Document and sole effect of any such failure shall be the implementation of one or more Pricing Increases as set forth in the definition of Applicable Margin.”

 

(q) Section 8.10 of the Credit Agreement is hereby amended by deleting subsection (b) thereof in its entirety and substituting the following therefor:

 

“(b)           any Lien held by Agent for the benefit of the Secured Parties against (i) any Collateral that is sold, transferred, conveyed or otherwise disposed of by a Credit Party in a transaction permitted by the Loan Documents (including pursuant to a valid waiver or consent), to the extent all Liens required to be granted in such Collateral pursuant to Section 4.12 after giving effect to such transaction have been granted, (ii) any property subject to a Lien permitted hereunder in reliance upon any of subsection 5.1(h), 5.1(i) or 5.1(bb) (in accordance with the First Lien Revolving Facility Intercreditor Agreement) and (iii) all of the Collateral and all Credit Parties, upon (A) termination of the Revolving Loan Commitments, (B) payment and satisfaction in full of all Loans, all L/C Reimbursement Obligations and all other Obligations (other than unasserted contingent indemnification obligations) under the Loan Documents and all Obligations arising under Secured Rate Contracts, that Agent has theretofore been notified in writing by the holder of such Obligation are then due and payable, (C) deposit of cash collateral with respect to all contingent Obligations (or, as an alternative to cash collateral, in the case of any Letter of Credit Obligation, receipt by Agent of a back-up letter of credit) in amounts and on terms and conditions and with parties satisfactory to Agent and each Indemnitee that is, or may be, owed such Obligations (excluding unasserted contingent indemnification obligations (other than L/C Reimbursement Obligations)) and (D) to the extent requested by Agent, receipt by Agent and the Secured Parties of liability releases from the Credit Parties each in form and substance reasonably acceptable to Agent.”

 

(r) Section 9.25 of the Credit Agreement is hereby amended by deleting subsection (II) thereof in its entirety and substituting the following therefor:

 

“(II)           EACH SECURED PARTY (I) UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT LIENS SHALL BE CREATED ON THE COLLATERAL PURSUANT TO THE FIRST LIEN REVOLVING FACILITY, WHICH LIENS SHALL BE PRIOR TO AND SENIOR TO THE LIENS CREATED PURSUANT TO THE LOAN DOCUMENTS IN ACCORDANCE WITH THE FIRST LIEN REVOLVING FACILITY INTERCREDITOR AGREEMENT, (II) AUTHORIZES AND INSTRUCTS AGENT TO ENTER INTO THE FIRST LIEN REVOLVING FACILITY INTERCREDITOR AGREEMENT ON BEHALF OF THE SECURED PARTIES, AND TO TAKE ALL ACTIONS (AND EXECUTE ALL DOCUMENTS) REQUIRED (OR DEEMED ADVISABLE) BY IT IN ACCORDANCE WITH THE TERMS OF THE FIRST LIEN REVOLVING FACILITY INTERCREDITOR AGREEMENT, AND (III) AGREES TO BE BOUND BY THE TERMS OF THE FIRST LIEN REVOLVING FACILITY INTERCREDITOR AGREEMENT.”

 

  

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(s) Section 11.1 of the Credit Agreement is hereby amended by adding the following language to the end of the definition of “Test Period” set forth therein:

 

“Notwithstanding the foregoing or anything else to the contrary set forth in this Agreement or any other Loan Document, with respect to the determination of the Credit Parties’ compliance with the Total Leverage Ratio covenant set forth in Section 6.2 as of the last day of each of the first and second fiscal month of each Fiscal Quarter, the applicable “Test Period” shall be deemed to be the trailing twelve month period ending as of such date.”

 

(t) Section 11.1 of the Credit Agreement is hereby amended by deleting the definition of each of “Applicable Margin” and “Consolidated EBITDA” set forth therein in its entirety and substituting the following language therefor:

 

“Applicable Margin” means:

 

(a)           with respect to Revolving Loans and Swing Loans:  (x) if a Base Rate Loan, six and one-half percent (6.50%) per annum and (y) if a LIBOR Rate Loan, seven and one-half percent (7.50%) per annum (as such percentages may be increased as, and to the extent, necessary to comply with Section 1.12);

 

(b)           with respect to Initial Term Loans:  (x) if a Base Rate Loan, six and one-half percent (6.50%) per annum and (y) if a LIBOR Rate Loan, seven and one-half percent (7.50%) per annum (as such percentages may be increased as, and to the extent, necessary to comply with Section 1.12);

 

(c)           with respect to Incremental Term Loans of any Tranche, that percentage per annum for Base Rate Loans and LIBOR Loans of such Tranche as specified pursuant to Section 1.12; and

 

(d)           with respect to any Tranche of Extended Term Loans or Extended Revolving Loans, that percentage per annum for Base Rate Loans and LIBOR Loans for such Tranche as set forth in the relevant Extension Offer.

 

Notwithstanding anything to the contrary set forth above or elsewhere in this Agreement, each of the interest rate margins set forth in clauses (a) and (b) above shall, without any further action of, consent by or notice to Agent, any Lender, any Credit Party or any other Person, automatically increase by (i) 50 basis points in the event the Borrower shall not have obtained the Junior Capital pursuant to and in accordance with Section 4.19 on or before the Junior Capital Outside Date, such increase being effective as of November 1, 2013 and (ii) an additional 50 basis points for each subsequent period of three consecutive months following the Junior Capital Outside Date during which the Borrower shall not have obtained the Junior Capital pursuant to and in accordance with Section 4.19, such increase being effective as of the first day immediately succeeding the last day of each such three month period (the increases to the Applicable Margin described in foregoing clauses (i) and (ii) being referred to herein as the “Pricing Increases”).  By way of example, if the Borrower shall obtain the Junior Capital on February 25, 2014, the interest rate margins set forth in clauses (a) and (b) shall each have increased 50 basis points on November 1, 2014 as a result of the Borrower not obtaining the Junior Capital by the Junior Capital Outside Date and an additional 50 basis points on February 1, 2014 as a result of the Borrower’s failure to obtain the Junior Capital during the period from November 1, 2013 to January 31, 2014.  All Pricing Increases implemented in accordance with this paragraph shall terminate and be of no further force or effect (and the Applicable Margins shall equal the interest rate margins expressly set forth in clauses (a) and (b) above, as applicable) from and after the first day immediately succeeding the date upon which the Borrower shall have obtained the Junior Capital pursuant to and in accordance with Section 4.19; provided, nothing herein shall affect, rescind or otherwise vitiate any interest accrued or paid in respect of any Pricing Increase prior to the date such Pricing Increase is so terminated.

 

  

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“Consolidated EBITDA” means, for any period, Consolidated Net Income for such period, adjusted by (A) adding thereto (in each case to the extent deducted in determining Consolidated Net Income for such period), without duplication, the amount of (i) total interest expense (inclusive of amortization of deferred financing fees and other original issue discount and banking fees, charges and commissions (e.g., letter of credit fees and commitment fees)) of Holdings and its Subsidiaries determined on a consolidated basis for such period, (ii) provision for taxes based on income and foreign withholding taxes for Holdings and its Subsidiaries determined on a consolidated basis for such period, (iii) all depreciation and amortization expense of Holdings and its Subsidiaries determined on a consolidated basis for such period, (iv) the amount of all Transaction Expenses for such period that are approved by the Arrangers, (v) the amount of all non-cash deferred compensation expense of Holdings and its Subsidiaries determined on a consolidated basis for such period resulting from the issuance of Stock or Stock Equivalents to former or current directors, officers or employees of Holdings or any Subsidiary of Holdings, or the exercise of such Stock Equivalents, (vi) the amount of all non-cash charges relating to the impairment or write-down of fixed assets, intangible assets (other than Accounts) or goodwill for such period, (vii) the amount of all other non-cash charges of Holdings and its Subsidiaries determined on a consolidated basis for such period, excluding any non-cash charge relating to a write-down, write off or reserve with respect to Accounts and inventory, (viii) reserved, (ix) any losses from sales of assets for such period other than inventory sold in the Ordinary Course of Business, (x) any extraordinary cash losses for such period, (xi) currency translation non-cash losses for such period related to currency remeasurements (including any loss resulting from Rate Contracts for currency exchange risk), (xii) any unrealized non-cash losses for such period in connection with any hedging agreements, (xiii) all fees and expenses incurred for such period in connection with Permitted Acquisitions and approved by Agent, (xiv) reserved, (xv) any fees and expenses incurred for such period in connection with the initial public offering of voting common Stock of Holdings (including fees and expenses incurred in connection with an unconsummated initial public offering of such Stock), including, without limitation, fees and expenses incurred in connection with the Second Amendment and the termination fee with respect to the Management Agreement paid in accordance with the Second Amendment, (xvi) costs and expenses actually incurred and paid in cash by Holdings or any Subsidiary of Holdings in connection with the restructuring efforts of Holdings and its Subsidiaries commenced during Fiscal Year 2013, together with severance expenses, in an aggregate amount for all such costs and expenses described in this clause (xvi) not to exceed (y) $4,500,000 during Fiscal Year 2013 and (z) $500,000 during Fiscal Year 2014, and (xvii) fees and expenses paid to Agent and/or the Lenders and legal expenses paid by the Borrower, in each case, pursuant to or in connection with the Sixth Amendment and, to the extent paid by the Borrower, the consulting fees and related expenses pursuant to the Consulting Agreement (as defined in the Sixth Amendment), and (B) subtracting therefrom (to the extent not otherwise deducted in determining Consolidated Net Income for such period) the amount of (i) all cash payments and cash charges made during such period relating to any non-cash charges taken in a previous period pursuant to preceding clause (A)(vii), (ii) any gains from sales of assets for such period other than inventory sold in the Ordinary Course of Business, (iii) any extraordinary cash gains for such period, (iv) any non-cash income or gains for such period (including any non-cash from the cancellation of Indebtedness), (v) currency translation gains for such period related to currency remeasurements (including any net gain resulting from Rate Contracts for currency exchange risk), (vi) any unrealized gains for such period in connection with any hedging agreements and (vii) solely for purposes of calculating the Interest Coverage Ratio for such period, all cash interest income for such period. For the avoidance of doubt, it is understood and agreed that, to the extent any amounts are excluded from Consolidated Net Income by virtue of the proviso to the definition thereof contained herein, add backs to Consolidated Net Income in determining Consolidated EBITDA as provided above shall be limited (or denied) in a fashion consistent with the proviso to the definition of Consolidated Net Income contained herein. Notwithstanding anything to the contrary contained above, for purposes of determining Consolidated EBITDA for any Test Period which ends prior to the first anniversary of the Closing Date, Consolidated EBITDA for all portions of such period occurring prior to the Closing Date shall be calculated in accordance with the definition of Test Period contained herein.

 

  

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(u) Section 11.1 of the Credit Agreement is hereby further amended by adding the following new definitions thereto in appropriate alphabetical order:

 

“First Lien Revolving Agent” means General Electric Capital Corporation, in its capacity as “Agent” under the First Lien Revolving Facility, together with its successors and assigns.

 

“First Lien Revolving Facility” means the revolving credit facility evidenced by that certain First Lien Revolving Credit Facility to be dated no later than August 16, 2013 by and among the Borrower, the other Credit Parties party thereto, First Lien Revolving Agent and the financial institutions from time to time party thereto as lenders or letter of credit issuers thereunder.

 

“First Lien Revolving Facility Intercreditor Agreement” means that certain Intercreditor Agreement to be dated no later than August 16, 2013 by and among First Lien Revolving Agent and Agent and acknowledged by the Credit Parties.

 

  

13

  

“Interest Reserve” means a reserve against the Aggregate Revolving Loan Commitment established by the Agent on the first day of each month in an amount equal to the aggregate amount of interest in respect of the Loans accrued, or to be accrued, in respect of such month, but, in any event, not to exceed $1,300,000, as such reserve may be reduced during any such month by the amount of Revolving Loans, if any, funded specifically for the purpose of paying the interest for which such reserve was established.

 

“Required Leverage Date” means the date upon which the Borrower shall deliver to the Agent the financial statements and Compliance Certificate required pursuant to subsection 4.1(b) demonstrating (y) the Credit Parties’ Total Leverage Ratio as of the end of the Fiscal Quarter for which such financial statements and Compliance Certificate were delivered, is less than 5.00:1.00 and (z) the Credit Parties are in compliance with the covenants set forth in Article VI as of the last day of such Fiscal Quarter.

 

“Sixth Amendment” means that certain Waiver and Sixth Amendment to First Lien Credit Agreement dated as of the Sixth Amendment Effective Date by and among Borrower, the other Credit Parties, Agent and the Lenders party thereto.

 

“Sixth Amendment Effective Date” means July 30, 2013.

 

(v) The Credit Agreement is hereby amended by adding to Schedule 1.1(b) (Revolving Loan Commitments) the supplemental information set forth in Exhibit A.

 

(w) The Credit Agreement is hereby amended by deleting Exhibit 4.2(b) (Form of Compliance Certificate) attached thereto in its entirety and substituting the new form of Compliance Certificate attached hereto as Exhibit B therefor.

 

4. Conditions.  The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent or concurrent:

 

(a) the execution and delivery to Agent of this Amendment by each Credit Party, Agent, Required Lenders and Required Revolving Lenders;

 

(b) the payment by Borrower to Agent of a fully-earned, non-refundable amendment fee for the ratable benefit of each applicable Lender that has delivered and released to Agent its executed signature page to this letter agreement by no later than 3:00 p.m. CST on July 29, 2013 (each such Lender, a “Consenting Lender”), equal to 0.50% of the sum of (y) the aggregate Revolving Loan Commitments of all Consenting Lenders and (z) the outstanding principal amount of the Initial Term Loan held by Consenting Lenders, in each case, as of the date hereof;

 

(c) after giving effect to this Amendment and the waiver contained herein, the truth and accuracy in all material respects of the representations and warranties contained in Section 6 hereof; and

 

  

14

  

(d) no Default or Event of Default (other than the Designated Default) shall have occurred and be continuing or arise as a direct result of the effectiveness of this Amendment.

 

5. First Lien Revolving Facility.  The Borrower hereby covenants and agrees to enter into and obtain the benefits of the First Lien Revolving Facility in an aggregate principal amount of up to $8,000,000 and otherwise in accordance with the Credit Agreement, as amended hereby, no later than August 16, 2013.

 

6. Representations and Warranties.   Each Credit Party hereby represents and warrants to Agent and each Lender as follows:

 

(a) the representations and warranties made by such Credit Party contained in the Loan Documents are true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of the date hereof, except to the extent such representation or warranty expressly relates to an earlier date (in which event such representations and warranties were true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such earlier date;

 

(b) such Credit Party is a corporation or limited liability company, duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation, as applicable;

 

(c) such Credit Party has the power and authority to execute, deliver and perform its obligations under this Amendment and the Credit Agreement, as amended hereby;

 

(d) the execution, delivery and performance by such Credit Party of this Amendment and the Credit Agreement, as amended hereby, have been duly authorized by all necessary action;

 

(e) this Amendment and the Credit Agreement, as amended hereby, constitutes the legal, valid and binding obligation of such Credit Party, enforceable against such Person in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditor’s rights generally or by equitable principles relating to enforceability;

 

(f) the execution, delivery and performance by each of the Credit Parties of this Amendment have been duly authorized by all necessary action, and do not and will not: (a) contravene the terms of any of that Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or result in the creation of any Lien under, any document evidencing any material Contractual Obligation to which such Person is a party or any material order, injunction, writ or decree of any Governmental Authority to which such Person or its Property is subject; or (c) violate any material Requirement of Law in any material respect; and

 

(g) no Default or Event of Default (other than the Designated Default) exists or shall arise as a direct result of the effectiveness of this Amendment.

 

  

15

  

7. No Modification.  Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Credit Agreement or any of the other Loan Documents or constitute a course of conduct or dealing among the parties.  Except as expressly stated herein, the Agent and Lenders reserve all rights, privileges and remedies under the Loan Documents.  Except as amended, waived or consented to hereby, the Credit Agreement and other Loan Documents remain unmodified and in full force and effect.  All references in the Loan Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as amended and waived hereby.

 

8. Counterparts.  This Amendment may be executed in any number of counterparts and by different parties 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 agreement.  Signature pages may be detached from multiple separate counterparts and attached to a single counterpart.  Delivery of an executed signature page of this Amendment by facsimile transmission or Electronic Transmission shall be as effective as delivery of a manually executed counterpart hereof.

 

9. Successors and Assigns.  The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that none of the Credit Parties may assign or transfer any of its rights or obligations under this Amendment without the prior written consent of the Agent.

 

10. Further Assurance.  Borrower hereby agrees from time to time, as and when requested by the Agent or Lender, to execute and deliver or cause to be executed and delivered, all such documents, instruments and agreements and to take or cause to be taken such further or other action as the Agent or Lender may reasonably deem necessary or desirable in order to carry out the intent and purposes of this Amendment, the Credit Agreement and the Loan Documents.

 

11. Governing Law and Jurisdiction.

 

(a) Governing Law.  The laws of the State of New York shall govern all matters arising out of, in connection with or relating to this Amendment, including, without limitation, its validity, interpretation, construction, performance and enforcement (including, without limitation, any claims sounding in contract or tort law arising out of the subject matter hereof and any determinations with respect to post-judgment interest) (without regard to conflicts of law principles (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law)).

 

(b) Submission to Jurisdiction.  Any legal action or proceeding with respect to this Amendment shall be brought exclusively in the courts of the State of New York located in the City of New York, Borough of Manhattan, or of the United States of America sitting in the Southern District of New York and, by execution and delivery of this Amendment, each Credit Party hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts.  The parties hereto hereby irrevocably waive any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, that any of them may now or hereafter have to the bringing of any such action or proceeding in such jurisdictions.

 

  

16

  

(c) Service of Process.  Each Credit Party hereby irrevocably waives personal service of any and all legal process, summons, notices and other documents and other service of process of any kind and consents to such service in any suit, action or proceeding brought in the United States of America with respect to or otherwise arising out of or in connection with this Agreement by any means permitted by applicable Requirements of Law, including by the mailing thereof (by registered or certified mail, postage prepaid) to the address of such Person specified in the Credit Agreement (and shall be effective when such mailing shall be effective, as provided therein).  Each Credit Party agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

(d) Non-Exclusive Jurisdiction.  Nothing contained in this Section 11 shall affect the right of Agent to serve process in any other manner permitted by applicable Requirements of Law or commence legal proceedings or otherwise proceed against any Credit Party in any other jurisdiction.

 

(e) Waiver of Jury Trial.  THE PARTIES HERETO, TO THE EXTENT PERMITTED BY LAW, WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO, THIS

 

(f) AMENDMENT, THE OTHER LOAN DOCUMENTS AND ANY OTHER TRANSACTION CONTEMPLATED HEREBY AND THEREBY. THIS WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE.

 

12. Severability.  The illegality or unenforceability of any provision of this Amendment or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement required hereunder.

 

 

13. Reaffirmation. Each of the Credit Parties as debtor, grantor, pledgor, guarantor, assignor, or in other any other similar capacity in which such Credit Party grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party (after giving effect hereto) and (ii) to the extent such Credit Party granted liens on or security interests in any of its property pursuant to any such Loan Document as security for or otherwise guaranteed the Borrower’s Obligations under or with respect to the Loan Documents, ratifies and reaffirms such guarantee and grant of security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations as amended hereby.  Each of the Credit Parties hereby consents to this Amendment and acknowledges that each of the Loan Documents remains in full force and effect and is hereby ratified and reaffirmed.  Except as expressly set forth herein, the execution of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or Lenders, constitute a waiver of any provision of any of the Loan Documents or serve to effect a novation of the Obligations.  In addition, the Credit Parties hereby acknowledge and agree that (x) pursuant to that certain Consulting Services Agreement dated as of July 2, 2013 (the “Consulting Agreement”) by and among, inter alia, Agent and Richter Consulting, Inc. (“Consultant”), as a result of the Designated Default, Agent has engaged Consultant to assist Agent and the Lenders in evaluating, among other things, the current and projected financial performance of the Credit Parties, (y) the Credit Parties shall continue to cooperate in good faith with Consultant and provide Consultant access to senior management of the Credit Parties, in each case, pursuant to the engagement set forth in the Consulting Agreement and (z) all expenses incurred by Agent pursuant to such Consulting Agreement shall constitute Obligations and shall be paid by the Credit Parties (or the Credit Parties shall reimburse Agent therefor) pursuant to Section 9.5 of the Credit Agreement (and notwithstanding the waiver set forth in Section 2 hereof).

 

  

17

  

14. Release of Claims. In consideration of the Lenders’ and the Agent’s agreements contained in this Amendment, each Credit Party hereby irrevocably releases and forever discharge the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors, officers, employees, agents, consultants and attorneys (each, a “Released Person”) of and from any and all claims, suits, actions, investigations, proceedings or demands, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown, which such Credit Party ever had or now has against Agent, any Lender or any other Released Person which relates, directly or indirectly, to any acts or omissions of Agent, any Lender or any other Released Person relating to the Credit Agreement or any other Loan Document on or prior to the date hereof.

 

 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

 

  

18

  

IN WITNESS WHEREOF, each of the undersigned has executed this Amendment as of the date set forth above.

 

BORROWER:

GSE ENVIRONMENTAL, INC.

By:           /s/ Mark A. Whitney

Name:      Mark A. Whitney

Title:        Vice President

CREDIT PARTIES:

GSE HOLDING, INC.

By:           /s/ Mark A. Whitney

Name:      Mark A. Whitney

Title:        Vice President

GSE ENVIRONMENTAL, LLC

 

By:           /s/ Mark A. Whitney

Name:      Mark A. Whitney

Title:        Vice President

SYNTEC LLC

By: GSE Environmental, LLC

Its:  Sole Member

By:           /s/ Mark A. Whitney

Name:      Mark A. Whitney

Title:        Vice President

 

  

  

  

IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set forth above.

 

 

AGENT AND LENDERS:

 

GENERAL ELECTRIC CAPITAL

CORPORATION, as Agent and as a Lender

 

By: /s/ Richard B. Davidson

Name: Richard B. Davidson

Title:   Duly Authorized Signatory

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

MGEC Funding 1 Ltd, as a Lender

By: General Electric Capital Corporation, as

Servicer

 

By:   /s/ Richard B. Davidson

Name: Richard B. Davidson

Title:   Duly Authorized Signatory

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

MGEC Funding 2 Ltd, as a Lender

By: General Electric Capital Corporation, as

Servicer

 

By:  /s/ Richard B. Davidson

Name: Richard B. Davidson

Title:   Duly Authorized Signatory

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

GE CAPITAL BANK (fka GE CAPITAL FINANCIAL)., as a Lender

 

By: :  /s/ Woodrow Boraders

Name: Woodrow Broaders

Title:   Duly Authorized Signatory

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

Harleysville Life Insurance Company,

as a Lender

 

By: :  /s/ Ronald R. Serpico

Name: Ronald R. Serpico

Title:   Authorized Signatory

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

Wells Fargo Principal Lending, LLC,

as a Lender

 

By: :  /s/ Jeff Nikora

Name: Jeff Nikora

Title:   EVP

 

 

 

 

 

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

Nationwide Mutual Fire Insurance Company,

as a Lender

 

By::  /s/ Ronald R. Serpico

Name: Ronald R. Serpico

Title:   Authorized Signatory

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

Nationwide Mutual Insurance Company,

as a Lender

 

By: :  /s/ Ronald R. Serpico

Name: Ronald R. Serpico

Title:   Authorized Signatory

 

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

PennantPark Floating Rate Capital, Ltd., as a

Lender

 

By: :  /s/ Arthur Penn

Name: Arthur Penn

Title:   CEO

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

JEFFERIES LEVERAGED CREDIT PRODUCTS,

LLC, as a Lender

 

By: :  /s/ William P. McLaughlin

Name: William P. McLaughlin

Title:   Senior Vice President

 

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

JFIN CLO 2013 LTD, as a Lender

 

By: :  /s/ E. Joseph Hess

Name: E. Joseph Hess

Title:   Managing Director

 

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

JFIN CLO 2012 LTD, as a Lender

 

By: :  /s/ E. Joseph Hess

Name: E. Joseph Hess

Title:   Managing Director

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

JFIN CLO 2012 LTD, as a Lender

 

By: :  /s/ E. Joseph Hess

Name: E. Joseph Hess

Title:   Managing Director

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

ING CAPITAL LLC, as a Lender

 

By: :  /s/ Marilyn Densel Fulton

Name: Marilyn Densel Fulton

Title:   Managing Director

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

SUNS SPV LLC, as a Lender

 

By: :  /s/ Bruce Spohler

Name: Bruce Spohler

Title:   Chief Operating Officer

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

Whippoorwill Distressed Opportunity Fund, L.P.,

as a Lender

 

By: Whippoorwill Associates, Inc.,

its agent and authorized signatory

 

By: :  /s/ Steven K. Gendal

Name: Steven K. Gendal

Title:   Principal

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

WellPoint, Inc., as a Lender

 

By: Whippoorwill Associates, Inc.,

its agent and authorized signatory

 

By:  /s/ Steven K. Gendal

Name: Steven K. Gendal

Title:   Principal

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

Whippoorwill Offshore Distressed Opportunity Fund, Ltd., as a Lender

 

By: Whippoorwill Associates, Inc.,

its agent and authorized signatory

 

By: :  /s/ Steven K. Gendal

Name: Steven K. Gendal

Title:   Principal

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

Whippoorwill Associates, Inc. Profit Sharing Plan, as a

Lender

 

By: Whippoorwill Associates, Inc., its agent and authorized signatory

 

By: :  /s/ Steven K. Gendal

Name: Steven K. Gendal

Title:   Principal

 

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

Black Diamond CLO 2005-1 Ltd., as a

Lender

 

By: Black Diamond CLO 2005-1 Adviser, L.L.C.

As its Collateral Manager

 

 

By:  /s/ Stephen H. Deckoff

Name: Stephen H. Deckoff

Title:   Managing Principal

 

 

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

Black Diamond CLO 2005-2 Ltd., as a

Lender

 

By: Black Diamond CLO 2005-2 Adviser, L.L.C.

As its Collateral Manager

 

 

By: :  /s/ Stephen H. Deckoff

Name: Stephen H. Deckoff

Title:   Managing Principal

 

 

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

Black Diamond CLO 2006-1  (Cayman)

LTD., as a Lender

 

By: Black Diamond CLO 2006-1 Adviser, L.L.C.

As its Collateral Manager

 

 

By: :  /s/ Stephen H. Deckoff

Name: Stephen H. Deckoff

Title:   Managing Principal

 

 

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

GSC Capital Corp. Loan Funding

2005-1, as a Lender

 

By: GSC Acquisition Holdings, L.L.C., as its Collateral Manager

By: GSC MANAGER, LLC, in its capacity as Manager

By: BLACK DIAMOND CAPITAL MANAGEMENT, L.L.C., in its capacity as Member

 

 

By: :  /s/ Stephen H. Deckoff

Name: Stephen H. Deckoff

Title:   Managing Principal

 

 

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

GSC GROUP CDO FUND VIII, Limited,

as a Lender

 

By: GSC Acquisition Holdings, L.L.C., as its Collateral Manager

By: GSC MANAGER, LLC, in its capacity as Manager

By: BLACK DIAMOND CAPITAL MANAGEMENT, L.L.C., in its capacity as Member

 

 

By: :  /s/ Stephen H. Deckoff

Name: Stephen H. Deckoff

Title:   Managing Principal

 

 

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

GSC Partners CDO Fund VII, Limited,

 as a Lender

 

By: GSC Acquisition Holdings, L.L.C., as its Collateral Manager

By: GSC MANAGER, LLC, in its capacity as Manager

By: BLACK DIAMOND CAPITAL MANAGEMENT, L.L.C., in its capacity as Member

 

 

By: :  /s/ Stephen H. Deckoff

Name: Stephen H. Deckoff

Title:   Managing Principal

 

 

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

FIFTH STREET FUNDING II, LLC

 

By:   /s/ Ivelin M. Dimitrov

Name: Ivelin M. Dimitrov

Title:   Chief Investment Officer

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

TELOS CLO 2006-1., as a Lender

Managed by Telos Asset Management LLC

 

By:   /s/ Ro Toyoshima

Name: Ro Toyoshima

Title:   Managing Director

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date set forth above.

 

 

TELOS CLO 2007-2, Ltd., as a Lender

Management by Telos Asset Management LLC

 

By:   /s/ Ro Toyoshima

Name: Ro Toyoshima

Title:   Managing Director

 

 

  

  

  

EXHIBIT A

 

Supplement to Schedule 1.1(b) Revolving Loan Commitments

 

 

	
Lender

	
Sixth Amendment Revolving Loans

	
Sixth Amendment LCs

	
Pre-Amendment Revolving Share

	  	
$

	
$

	
$

	  	
$

	
$

	
$

	  	
$

	
$

	
$

	  	
$

	
$

	
$

	  	
$

	
$

	
$

	
Total:

	
$19,111,569.48

	
$2,431,391.00

	  
	
Aggregate Pre-Amendment Revolving Amount

	  	  	
$21,542,960.48

 

 

  

  

  

EXHIBIT B

 

Updated Exhibit 4.2(b) (Form of Compliance Certificate)

 

 

See attached.

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