Document:

Exhibit 10.3

CONSENT AND SECOND AMENDMENT TO 

LOAN AND SECURITY AGREEMENT 

THIS CONSENT AND SECOND AMENDMENT to Loan and Security Agreement (this “Consent and Amendment”) is entered into as of February 3, 2014, by and among OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314 (“Oxford”), as collateral agent (in such capacity, “Collateral Agent”), the Lenders listed on Schedule 1.1 of the Loan Agreement (as defined below) or otherwise a party thereto from time to time including Oxford in its capacity as a Lender and SILICON VALLEY BANK, a California corporation with an office located at 3003 Tasman Drive, Santa Clara, CA 95054 (“Bank” or “SVB”) (each a “Lender” and collectively, the “Lenders”), SORRENTO THERAPEUTICS, INC., a Delaware corporation (“Parent”), IGDRASOL, INC., a Delaware corporation (“IgDraSol”), SHERRINGTON PHARMACEUTICALS, INC., a Delaware corporation (“Sherrington”), each with offices located at 6042 Cornerstone Court, Suite B, San Diego, CA 92130, and CONCORTIS BIOSYSTEMS, CORP., a Delaware corporation (“Concortis”), with offices located at 11760 Sorrento Valley Road, Suite N, San Diego, CA 92121 (individually and collectively, jointly and severally, “Borrower”). 

Recitals

A.       Collateral Agent, Lenders, Parent, IgDraSol and Sherrington have entered into that certain Loan and Security Agreement dated as of September 27, 2013 (as amended, restated, supplemented or otherwise modified from time to time, including by that certain Consent and First Amendment to Loan and Security Agreement dated as of October 25, 2013, the “Loan Agreement”). 

B.       Lenders have extended credit to Borrower for the purposes permitted in the Loan Agreement. 

C.       Borrower has entered into an Agreement of Merger (the “Merger Agreement”), attached hereto as Exhibit A, and other documents, instruments, certificates and/or agreements necessary or related to, and/or executed in connection with, the Merger Agreement (collectively, the “Merger Documents”), pursuant to which a wholly owned merger Subsidiary (the “Merger Subsidiary”) of Parent acquired one hundred (100%) percent of the outstanding stock of Concortis Biosystems, Corp., a Delaware corporation, with Concortis Biosystems, Corp. surviving as a wholly owned Subsidiary of Parent, and the Merger Subsidiary ceasing to exist (the “Merger”). 

D.       Borrower has requested that Collateral Agent and Lenders (i) consent to the Merger and (ii) add Concortis as an additional Borrower under the Loan Documents. 

E.       Collateral Agent and Lenders have agreed to so consent to the Merger and add Concortis as a Borrower under the Loan Documents, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

Agreement

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1.       Definitions. Capitalized terms used but not defined in this Consent and Amendment shall have the meanings given to them in the Loan Agreement. 

2.      Consent. Subject to the terms of Section 7 below, Collateral Agent and Lenders hereby consent to the Merger and agree that the Merger shall not, in and of itself, constitute an Event of Default under Section 7.3 of the Loan Agreement, provided that no other Event of Default existed on or immediately prior to the Merger or immediately after giving effect to the Merger. 

3.      Joinder. 

3.1       Additional Borrower. Concortis hereby is added as a “Borrower” under the Loan Agreement. All references in the Loan Agreement to “Borrower” shall hereafter mean Parent, IgDraSol, Sherrington and Concortis, individually and collectively, jointly and severally; and Concortis shall hereafter have all rights, duties and obligations of “Borrower” thereunder. 

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3.2       Joinder to Loan Agreement. Concortis hereby joins the Loan Agreement and each of the Loan Documents, and agrees to comply with and be bound by all of the terms, conditions and covenants of the Loan Agreement and Loan Documents, as if it were originally named a “Borrower” therein (but only effective as of the date of this Consent and Amendment). Without limiting the generality of the preceding sentence, Concortis agrees that it will be jointly and severally liable, together with Borrower, for the payment and performance of all obligations and liabilities of Borrower under the Loan Agreement, including, without limitation, the Obligations. Any Borrower may, acting singly, request Credit Extensions pursuant to the Loan Agreement. Each Borrower hereby appoints each other as agent for the other for all purposes hereunder, including with respect to requesting Credit Extensions pursuant to the Loan Agreement. Each Borrower hereunder shall be obligated to repay all Credit Extensions made pursuant to the Loan Agreement, regardless of which Borrower actually receives said Credit Extension, as if each Borrower hereunder directly received all Credit Extensions. 

3.3       Subrogation and Similar Rights. Each Borrower waives (a) any suretyship defenses available to it under the Code or any other applicable law and (b) any right to require Collateral Agent or any Lender to: (i) proceed against any Borrower or any other person; (ii) proceed against or exhaust any security; or (iii) pursue any other remedy. Collateral Agent and any Lender may each exercise or not exercise any right or remedy it has against any Borrower or any security it holds (including the right to foreclose by judicial or non-judicial sale) without affecting any Borrower’s liability. Notwithstanding any other provision of this Consent and Amendment, the Loan Agreement, the Loan Documents or any related documents, until the Obligations have been indefeasibly paid in full and at such time as each Lender’s obligation to make Credit Extensions has terminated, each Borrower irrevocably waives all rights that it may have at law or in equity (including, without limitation, any law subrogating Borrower to the rights of Collateral Agent and/or Lenders under this Consent and Amendment and the Loan Agreement) to seek contribution, indemnification or any other form of reimbursement from any other Borrower, or any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by Borrower with respect to the Obligations in connection with this Consent and Amendment, the Loan Agreement or otherwise and all rights that it might have to benefit from, or to participate in, any security for the Obligations as a result of any payment made by Borrower with respect to the Obligations in connection with this Consent and Amendment, the Loan Agreement or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under this section shall be null and void. If any payment is made to a Borrower in contravention of this section, such Borrower shall hold such payment in trust for Collateral Agent, for the ratable benefit of Lenders, and such payment shall be promptly delivered to Collateral Agent, for the ratable benefit of Lenders, for application to the Obligations, whether matured or unmatured. 

3.4       Grant of Security Interest. To secure the prompt payment and performance of all of the Obligations, Concortis hereby grants to Collateral Agent, for the ratable benefit of Lenders, a continuing lien upon and security interest in all of Concortis’ now existing or hereafter arising rights and interest in the Collateral, whether now owned or existing or hereafter created, acquired, or arising, and wherever located. Concortis further covenants and agrees that by its execution hereof it shall provide all such information, complete all such forms, and take all such actions, and enter into all such agreements, in form and substance reasonably satisfactory to Collateral Agent and each Lender that are reasonably deemed necessary by Collateral Agent or any Lender in order to grant a valid, perfected first priority security interest to Collateral Agent, for the ratable benefit of Lenders, in the Collateral. Concortis hereby authorizes Collateral Agent to file financing statements, without notice to Borrower, with all appropriate jurisdictions in order to perfect or protect Collateral Agent’s and/or any Lender’s interest or rights hereunder, including a notice that any disposition of the Collateral in contravention of the terms of the Loan Agreement, by either Borrower or any other Person, shall be deemed to violate the rights of Collateral Agent and each Lender under the Code. 

3.5       Representations and Warranties. Concortis hereby represents and warrants to Collateral Agent and each Lender that all representations and warranties in the Loan Documents made on the part of Borrower are true and correct on the date hereof with respect to each Borrower, with the same force and effect as if Concortis were named as “Borrower” in the Loan Documents in addition to Borrower. 

4.      Limitation of Consent and Amendment. 

4.1       The consent set forth in Section 2, and the joinder set forth in Section 3 above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Collateral Agent or any Lender may now have or may have in the future under or in connection with any Loan Document. 

4.2       This Consent and Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date) and shall remain in full force and effect. 

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5.      Representations and Warranties. To induce Collateral Agent and Lenders to enter into this Consent and Amendment, Borrower hereby represents and warrants to Collateral Agent and Lenders as follows: 

5.1       Immediately after giving effect to this Consent and Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

5.2       Borrower has the power and authority to execute and deliver this Consent and Amendment and to perform its obligations under the Loan Agreement, as amended by this Consent and Amendment; 

5.3       The organizational documents of Borrower delivered to Collateral Agent and Lenders on the Effective Date, or subsequent thereto, remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

5.4       The execution and delivery by Borrower of this Consent and Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Consent and Amendment, have been duly authorized; 

5.5       The execution and delivery by Borrower of this Consent and Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Consent and Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

5.6       The execution and delivery by Borrower of this Consent and Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Consent and Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained; and 

5.7       This Consent and Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

6.       Counterparts. This Consent and Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

7.       Effectiveness. This Consent and Amendment shall be deemed effective upon: 

(a)       the due execution and delivery to Collateral Agent and Lenders of each of the following: 

(i)       this Consent and Amendment by each party hereto; 

(ii)     a Corporate Borrowing Certificate, duly executed by Concortis; 

(iii)    duly executed original Amended and Restated Secured Promissory Notes in favor of each Lender according to its Term Loan Commitment Percentage; 

(iv)    the Operating Documents and good standing certificates of Concortis, certified by the Secretary of State (or equivalent agency) of Concortis’ jurisdiction of organization or formation and each jurisdiction in which Concortis is qualified to conduct business, each as of a date no earlier than thirty (30) days prior to the date hereof; 

(v)     a completed Perfection Certificate for Concortis; 

(vi)    certified copies, dated as of a date no earlier than thirty (30) days prior to the date hereof, of financing statement searches with respect to Concortis, as Collateral Agent shall request, accompanied by written 

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evidence (including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or will be terminated or released; 

(vii)   evidence satisfactory to Collateral Agent and the Lenders that the insurance policies required by Section 6.5 of the Loan Agreement are in full force and effect, together with appropriate evidence showing loss payable and/or additional insured clauses or endorsements in favor of Collateral Agent, for the ratable benefit of the Lenders; 

(viii)  evidence that (i) the Liens in favor of LSQ Funding Group, L.C. are terminated and (ii) the documents and/or filings evidencing the perfection of such Liens, including without limitation any financing statements and/or control agreements, have been terminated; 

(ix)    evidence, in form and substance satisfactory to Collateral Agent and the Lenders, of closure of account numbers XX-XXXXX-40787 and XX-XXXXX-68991 maintained by Concortis at Bank of America; 

(x)     fully executed copies of the Merger Documents, together with evidence reasonably satisfactory to Collateral Agent and the Lenders that the transactions contemplated by the Merger Documents have been consummated; 

(xi)    a landlord’s consent executed in favor of Collateral Agent in respect of 11760 Sorrento Valley Road, Suite N, San Diego, CA 92121; and 

(xii)   that certain Post Closing Letter to Consent and Second Amendment to Loan and Security Agreement; 

(b)       the filing of a UCC-1 financing statement; and 

(c)       Borrower’s payment of all Lenders’ Expenses incurred through the date of this Consent and Amendment. 

[Balance of Page Intentionally Left Blank] 

 

 

 

4

 

In Witness Whereof, the parties hereto have caused this Consent and Amendment to be duly executed and delivered as of the date first written above. 

 

	
BORROWER:
	
 
	
COLLATERAL AGENT AND LENDER:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
SORRENTO THERAPEUTICS, INC.
	
 
	
OXFORD FINANCE LLC

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
By:
	
 
	
/s/ Richard Vincent
	
 
	
 
	
By
	
 
	
/s/ Mark Davis
	
 

	
Name:
	
 
	
       Richard Vincent
	
 
	
 
	
Name:
	
 
	
       Mark Davis
	
 

	
Title:
	
 
	
CFO
	
 
	
 
	
Title:
	
 
	
VP Finance, Secretary & Treasurer
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 

	
IGDRASOL, INC.
	
 
	
LENDER:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
OXFORD FINANCE FUNDING VI, LLC

	
By
	
 
	
/s/ Richard Vincent
	
 
	
 
	
By:
	
 
	
Oxford Finance LLC, as servicer

	
Name:
	
 
	
       Richard Vincent
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Title:
	
 
	
CFO
	
 
	
 
	
By
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
Name:
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
Title:
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
SHERRINGTON PHARMACEUTICALS, INC.
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
SILICON VALLEY BANK

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
By
	
 
	
/s/ Richard Vincent
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Name:
	
 
	
       Richard Vincent
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Title:
	
 
	
CFO
	
 
	
 
	
By
	
 
	
/s/ D. Michael White
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
Name:
	
 
	
        D. Michael White
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
Title:
	
 
	
Managing Director
	
 

	
CONCORTIS BIOSYSTEMS, CORP.
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
By
	
 
	
/s/ Richard Vincent
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Name:
	
 
	
       Richard Vincent
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Title:
	
 
	
CFO
	
 
	
 
	
 
	
 
	
 
	
 
	
 

[Signature Page to Consent and Second Amendment to Loan and Security Agreement]

 

 

 

 

 

EXHIBIT A 

AGREEMENT OF MERGER 

[see attached] 

 

 

 

 

 

CORPORATE BORROWING CERTIFICATE

 

	
Borrower:
	
 
	
CONCORTIS BIOSYSTEMS, CORP.
	
 
	
Date:
	
          
	
 
	
       
	
,
	
 
	
2014

	
Lenders:
	
 
	
OXFORD FINANCE LLC, as Collateral Agent and Lender

	
 
	
 
	
OXFORD FINANCE FUNDING VI, LLC, as Lender

SILICON VALLEY BANK, as Lender

I hereby certify as follows, as of the date set forth above: 

1.      I am the Secretary, Assistant Secretary or other officer of Borrower. My title is as set forth below. 

2.      Borrower’s exact legal name is set forth above. Borrower is a corporation existing under the laws of the State of Delaware. 

3.      Attached hereto as Exhibit A and Exhibit B, respectively, are true, correct and complete copies of (i) Borrower’s Certificate of Incorporation (including amendments), as filed with the Secretary of State of the state in which Borrower is incorporated as set forth in paragraph 2 above; and (ii) Borrower’s Bylaws. Neither such Certificate of Incorporation nor such Bylaws have been amended, annulled, rescinded, revoked or supplemented, and such Certificate of Incorporation and such Bylaws remain in full force and effect as of the date hereof. 

4.      The following resolutions were duly and validly adopted by Borrower’s Board of Directors at a duly held meeting of such directors (or pursuant to a unanimous written consent or other authorized corporate action). Such resolutions are in full force and effect as of the date hereof and have not been in any way modified, repealed, rescinded, amended or revoked, and Collateral Agent and Lenders may rely on them until Collateral Agent and each Lender receives written notice of revocation from Borrower. 

[Balance of Page Intentionally Left Blank]

 

 

 

 

 

Resolved, that any one of the following officers or employees of Borrower, whose names, titles and signatures are below, may act on behalf of Borrower: 

 

	
 
	
Name
	
 
	
 
	
 
	
Title
	
 
	
 
	
 
	
Signature
	
 
	
 
	
 
	
Authorized to Add or Remove Signatories
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 ̈

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 ̈

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 ̈

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 ̈

Resolved Further, that any one of the persons designated above with a checked box beside his or her name may, from time to time, add or remove any individuals to and from the above list of persons authorized to act on behalf of Borrower. 

Resolved Further, that such individuals may, on behalf of Borrower: 

Borrow Money. Borrow money from Lenders. 

Execute Loan Documents. Execute any loan documents Collateral Agent or any Lender requires. 

Grant Security. Grant Collateral Agent and Lenders a security interest in any of Borrower’s assets. 

Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory notes, or other indebtedness in which Borrower has an interest and receive cash or otherwise use the proceeds. 

Further Acts. Designate other individuals to request advances, pay fees and costs and execute other documents or agreements (including documents or agreement that waive Borrower’s right to a jury trial) they believe to be necessary to effectuate such resolutions. 

Resolved Further, that all acts authorized by the above resolutions and any prior acts relating thereto are ratified. 

5.      The persons listed above are Borrower’s officers or employees with their titles and signatures shown next to their names. 

 

				
	
By:
	
 

	
Name:
	
 

	
Title:
	
 

*** If the Secretary, Assistant Secretary or other certifying officer executing above is designated by the resolutions set forth in paragraph 4 as one of the authorized signing officers, this Certificate must also be signed by a second authorized officer or director of Borrower. 

I, the                                      of Borrower, hereby certify as to paragraphs 1 through 5 above, as                                                    
                                                                                                                                                                                     [print title] 

of the date set forth above. 

 

				
	
By:
	
 

	
Name:
	
 

	
Title:a50975262ex101.htm

Exhibit 10.1

 

FIRST AMENDMENT TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT

 

First Amendment to First Amended and Restated Credit Agreement, dated October 31, 2014, by and among Papa John's International, Inc., a Delaware corporation (the "Borrower"), each of the Guarantors (as listed on the signature pages hereto), the Banks (as hereinafter defined) and PNC Bank, National Association, in its capacity as administrative agent for the Banks (in such capacity, the "Administrative Agent") (the "First Amendment").

 

W I T N E S S E T H:

 

WHEREAS, the Borrower, the Guarantors, RSC Insurance Services Ltd., a Bermuda company, the Banks and the Administrative Agent have entered into that certain First Amended and Restated Credit Agreement, dated April 30, 2013 (as further amended, restated, modified or supplemented from time to time, the "Credit Agreement"); and

 

WHEREAS, the Borrower and the Guarantors desire to amend certain provisions of the Credit Agreement, and the Administrative Agent and each of the Banks desire to permit such amendments pursuant to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1. All capitalized terms used herein that are defined in the Credit Agreement shall have the same meaning herein as in the Credit Agreement unless the context clearly indicates otherwise.

 

2. The cover page of the Credit Agreement is hereby amended to delete the reference to "$300,000,000.00" set forth therein and in its stead insert a reference to "$400,000,000.00".

 

3. The first "WHEREAS" clause of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted the following:

 

WHEREAS, the Borrower has requested the Banks to provide a revolving credit facility (including a letter of credit subfacility) to the Borrower in an aggregate principal amount, subject to Section 2.10 [Reduction of Revolving Credit Commitments] and Section 2.11 [Increase of Revolving Credit Commitments], not to exceed Four Hundred Million and 00/100 Dollars ($400,000,000.00); and

 

4. Section 1.1 of the Credit Agreement is hereby amended by inserting the following new definitions therein in the appropriate alphabetical order:

 

First Amendment Closing Date shall mean October 31, 2014.

 

 

 

 

 

Increasing Bank shall have the meaning specified in Section 2.11.1 [Increasing Banks and New Banks].

 

New Bank shall have the meaning specified in Section 2.11.1 [Increasing Banks and New Banks].

 

5. Section 1.1 of the Credit Agreement is hereby amended by deleting the following definitions in their entirety and in their stead inserting the following:

 

Consolidated EBITDA shall mean, for any period of determination, without duplication (i) the sum of consolidated net income, depreciation, amortization, other non-cash charges to net income (excluding non-cash charges that are expected to become cash charges in a future period or that are reserves for future cash charges), Consolidated Interest Expense and income tax expense, for such period, minus (ii) non-cash credits to net income (excluding non-cash credits that represent an accrual or reserve for a future or potential future cash payment), in each case determined and consolidated for the Borrower and its Subsidiaries (excluding the Excluded VIE's) in accordance with GAAP.  For purposes of calculating Consolidated EBITDA, (a) with respect to a business acquired by the Loan Parties pursuant to a Permitted Acquisition, Consolidated EBITDA shall be calculated on a pro forma basis, using historical numbers, in accordance with GAAP as if the Permitted Acquisition had been consummated at the beginning of such period, and (b) with respect to a business liquidated, sold or disposed of by the Loan Parties pursuant to Section 7.2.6 [Liquidations, Mergers, Consolidations, Acquisitions] or Section 7.2.7(v) [Dispositions of Assets or Subsidiaries], Consolidated EBITDA shall be calculated on a pro forma basis, using historical numbers, in accordance with GAAP as if such liquidation, sale or disposition had been consummated at the beginning of such period.

 

Expiration Date shall mean, with respect to the Revolving Credit Commitments, October 31, 2019.

 

Revolving Credit Commitment shall mean, as to any Bank at any time, the amount set forth opposite its name on Schedule 1.1(B) in the column labeled "Amount of Commitment for Revolving Credit Loans," as such Commitment is thereafter assigned, modified, reduced or increased pursuant to the terms of this Agreement, and Revolving Credit Commitments shall mean the aggregate Revolving Credit Commitments of all of the Banks.

 

 

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6. The definition of Euro-Rate set forth in Section 1.1 of the Credit Agreement is hereby amended to delete each reference therein to "which has been approved by the British Bankers Association".

 

7. Section 2.11 of the Credit Agreement is hereby deleted in its entirety and in its stead is inserting the following:

 

2.11           Increase of Revolving Credit Commitments.

 

2.11.1           Increasing Banks and New Banks.

 

The Borrower may, at any time and from time to time after the First Amendment Closing Date, request that (1) the current Banks increase their Revolving Credit Commitments (any current Bank which elects to increase its Revolving Credit Commitment shall be referred to as an "Increasing Bank") or (2) one or more new lenders (each, a "New Bank") join this Agreement and provide a Revolving Credit Commitment hereunder, subject to the following terms and conditions with respect to any such requested increase:

 

(i)           No Obligation to Increase.  No current Bank shall be obligated to increase its Revolving Credit Commitment and any increase in the Revolving Credit Commitment by any current Bank shall be in the sole discretion of such current Bank.

 

(ii)           Defaults.  There shall exist no Events of Default or Potential Defaults on the effective date of such increase after giving effect to such increase.

 

(iii)           Aggregate Revolving Credit Commitments.  After giving effect to such increase, the total Revolving Credit Commitments shall not exceed Five Hundred Million and 00/100 Dollars ($500,000,000.00).

 

(iv)           Minimum Increase to Revolving Credit Commitments.  Such increase shall be in an amount equal to or greater than Twenty-Five Million and 00/100 Dollars ($25,000,000.00).

 

(v)           Resolutions; Opinion.  The Loan Parties shall deliver to the Administrative Agent on or before the effective date of such increase the following documents in a form reasonably acceptable to the Administrative Agent: (1) certifications of their corporate secretaries (or other authorized officer) with attached resolutions certifying that the increase in the Revolving Credit Commitment has been approved by such Loan Parties, and (2) an opinion of counsel addressed to the Administrative Agent and the Banks addressing the authorization and execution of the Loan Documents by, and enforceability of the Loan Documents against, the Loan Parties.

 

 

- 3 -

 

 

(vi)           Notes and Other Documents.  The Borrower and/or the Guarantors, as applicable, shall execute and deliver (1) to each Increasing Bank a replacement revolving credit Note reflecting the new amount of such Increasing Bank's Revolving Credit Commitment after giving effect to the increase (and the prior Note issued to such Increasing Bank shall be deemed to be terminated), (2) to each New Bank a revolving credit Note reflecting the amount of such New Bank's Revolving Credit Commitment and (3) an amendment or modification to this Agreement providing for such increased or additional Revolving Credit Commitments, to be executed by the Loan Parties, the Administrative Agent and any Banks (including any New Bank) agreeing to increase their existing Revolving Credit Commitment or extend a new Revolving Credit Commitment, as the case may be, along with such additional Loan Documents as shall be required by the Administrative Agent in its reasonable discretion.

 

(vii)           Approval of New Banks.  Any New Bank shall be subject to the approval of the Administrative Agent, which approval shall not be unreasonably withheld.

 

(viii)           Increasing Banks.  Each Increasing Bank shall confirm its agreement to increase its Revolving Credit Commitment pursuant to an acknowledgement in a form acceptable to the Administrative Agent, signed by such Increasing Bank and the Borrower and delivered to the Administrative Agent at least five (5) days before the effective date of such increase.

 

(ix)           New Banks; Joinder.  Each New Bank shall execute a lender joinder in form and substance satisfactory to the Administrative Agent pursuant to which such New Bank shall join and become a party to this Agreement and the other Loan Documents with a Revolving Credit Commitment in the amount set forth in such lender joinder.

 

2.11.2           Treatment of Outstanding Loans.

 

2.11.2.1  Repayment of Outstanding Loans; Borrowing of New Loans.  On the effective date of such increase, the Borrower shall repay all Loans then outstanding, subject to the Borrower's indemnity obligations under Section 4.6.2 [Indemnity]; provided that it may borrow new Loans with a Borrowing Date on such date.  Each of the Banks shall participate in any new Loans made on or after such date in accordance with their respective Ratable Shares after giving effect to the increase in Revolving Credit Commitments contemplated by this Section 2.11 [Increase in Revolving Credit Commitments].

 

 

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2.11.2.2 Outstanding Letters of Credit; Repayment of Outstanding Loans; Borrowing of New Loans.  On the effective date of such increase, each Increasing Bank and each New Bank (i) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the participation of each other Bank in such Letter of Credit shall be adjusted accordingly and (ii) will acquire (and will pay to the Administrative Agent, for the account of each Bank, in immediately available funds, an amount equal to) its Ratable Share of all outstanding Participation Advances.

 

8. Section 5.1.7 of the Credit Agreement is hereby amended to delete the reference therein to "There are no actions" and in its stead insert a reference to "Except as set forth on Schedule 5.1.7, there are no actions".

 

9. Section 7.2.7(v) of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted the following:

 

(v)               (1) any sale, transfer or lease of properties or assets, other than those specifically excepted pursuant to clauses (i) through (iv) above, provided that:

 

(a)  there shall not exist any Event of Default or Potential Default immediately prior to and after giving effect to such sale; and

 

(b)  the aggregate value of such assets sold, transferred or leased by the Loan Parties and their Subsidiaries during the term of this Agreement shall not exceed Sixty Five Million and 00/100 Dollars ($65,000,000.00); or

 

(2)  any sale, transfer or lease of properties or assets, other than those specifically excepted pursuant to clauses (i) through (iv) above which is approved by the Required Banks.

 

10. Section 7.3.5 of the Credit Agreement is hereby amended to delete the reference therein to "which involve a claim or series of claims in excess of Ten Million and 00/100 Dollars ($10,000,000.00) or".

 

11. Section 10.1 of the Credit Agreement is hereby amended to delete the reference to "With the written consent of the Required Banks" set forth therein and in its stead insert a reference to "With the written consent of the Required Banks (or as expressly contemplated by Section 2.11 [Increase in Revolving Credit Commitments])".

 

 

- 5 -

 

 

12. Part 1 of Schedule 1.1(B) of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted Part 1 of Schedule 1.1(B) of the Credit Agreement set forth on Exhibit A attached hereto and made a part hereof.

 

13. Schedule 5.1.7 attached hereto is hereby incorporated into the Credit Agreement as Schedule 5.1.7 thereto.

 

14. The provisions of Sections 2 through 13 of this First Amendment shall not become effective until the Administrative Agent has received the following, each in form and substance acceptable to the Administrative Agent and its counsel:

 

(a)             this First Amendment, duly executed by the Borrower, the Guarantors, the Banks and the Administrative Agent;

 

(b)             the documents listed in the Preliminary Closing Agenda set forth on Exhibit B attached hereto and made a part hereof;

 

(c)             payment of all fees and expenses owed to the Administrative Agent and its counsel and the Banks in connection with this First Amendment; and

 

(d)             such other documents as may be reasonably requested by the Administrative Agent.

 

15. The Loan Parties hereby reconfirm and reaffirm all representations and warranties, agreements and covenants made by them pursuant to the terms and conditions of the Credit Agreement, except as such representations and warranties, agreements and covenants may have heretofore been amended, modified or waived in writing in accordance with the Credit Agreement.

 

16. The Loan Parties hereby represent and warrant to the Administrative Agent and each of the Banks that (i) the Loan Parties have the legal power and authority to execute and deliver this First Amendment; (ii) the officers of the Loan Parties executing this First Amendment have been duly authorized to execute and deliver the same and bind such Loan Parties with respect to the provisions hereof; (iii) the execution and delivery hereof by the Loan Parties and the performance and observance by the Loan Parties of the provisions hereof, of the Credit Agreement and of all documents executed or to be executed therewith, do not violate or conflict with the organizational documents of the Loan Parties or any Law applicable to the Loan Parties or result in a breach of any provision of or constitute a default under any other agreement, instrument or document binding upon or enforceable against the Loan Parties; and (iv) this First Amendment, the Credit Agreement and the documents executed or to be executed by the Loan Parties in connection herewith or therewith constitute valid and binding obligations of the Loan Parties in every respect, enforceable in accordance with their respective terms.

 

17. The Loan Parties represent and warrant to the Administrative Agent and each of the Banks that (i) no Event of Default or Potential Default exists under the Credit Agreement, nor will any occur as a result of the execution and delivery of this First Amendment or the performance or observance of any provision hereof, (ii) the Schedules attached to and made a part of the Credit Agreement, as amended by this First Amendment, are true and correct as of the date hereof and there are no modifications or supplements thereto, and (iii) they presently have no claims or actions of any kind at law or in equity against the Banks or the Administrative Agent arising out of or in any way relating to the Credit Agreement or the other Loan Documents.

 

 

- 6 -

 

 

18. Each reference to the Credit Agreement that is made herein, in the Credit Agreement or in any other document executed or to be executed in connection herewith or with the Credit Agreement shall hereafter be construed as a reference to the Credit Agreement as amended hereby.

 

19. The agreements contained in this First Amendment are limited to the specific agreements made herein.  Except as amended hereby, all of the terms and conditions of the Credit Agreement shall remain in full force and effect.  This First Amendment amends the Credit Agreement and is not a novation thereof.

 

20. This First Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts each of which, when so executed, shall be deemed to be an original, but all such counterparts shall constitute but one and the same instrument.

 

21. This First Amendment shall be governed by, and shall be construed and enforced in accordance with, the Laws of the State of New York without regard to the principles of the conflicts of law thereof.  The Loan Parties, the Banks and the Administrative Agent hereby consent to the jurisdiction and venue of the Supreme Court of New York County and the United States District Court for the Southern District of New York with respect to any suit arising out of or mentioning this First Amendment.

 

[INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

- 7 -

 

 

IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto, have caused this First Amendment to be duly executed by their duly authorized officers on the date first written above.

 

	 	 	BORROWER:	 
	 	 	PAPA JOHN'S INTERNATIONAL, INC.	 
	WITNESS: 	 	 	 	 
	/s/ Kenneth M. Cox	
 

	By:	
/s/ Lance F. Tucker

	 (Seal)
	 	
 

	Name: Lance F. Tucker	 
	 	
 

	Title: Senior Vice President, Chief	 
	 	
 

	Financial Officer, Chief Administrative	 
	 	
 

	Officer and Treasurer	 
	 	  	 	 	 
	 	  	 	 	 
	 	
 

	GUARANTORS:	 
	 	
                                                                           

	PAPA JOHN'S USA, INC.	 
	WITNESS: 	  	 	 	 
	/s/ Kenneth M. Cox	
                                                                

	By:	/s/ Lance F. Tucker	 
	 	 	Name: Lance F. Tucker	 
	 	
 

	Title: Senior Vice President, Chief	 
	 	 	Financial Officer, Chief Administrative	 
	 	 	Officer and Treasurer	 
	 	  	 	 	 
	 	  	 	 	 
	 	
 

	PREFERRED MARKETING SOLUTIONS, INC.	 
	
WITNESS:

	 	 	 	 
	/s/ Kenneth M. Cox	
                                                                

	By:	/s/ Lance F. Tucker	 
	 	
 

	Name:  Lance F. Tucker	 
	 	
 

	Title: Treasurer	 
	 	  	 	 	 
	 	  	 	 	 
	 	
 

	CAPITAL DELIVERY, LTD.	 
	
WITNESS:

	
 

	 	 	 
	/s/ Kenneth M. Cox	 	By:	
 /s/ Lance F. Tucker

	 
	 	 	Name: Lance F. Tucker	 
	 	
 

	Title:  President and Treasurer	 

 

 

 

 

 

	 	 	RISK SERVICES CORP.
	
WITNESS:

	 	 	
 

	/s/ Kenneth M. Cox	 	By:	
/s/ Lance F. Tucker

	 	 	Name: Lance F. Tucker
	 	 	Title:  President and Treasurer
	 	 	 	  
	 	 	 	  
	 	 	PJ FOOD SERVICE, INC.
	
WITNESS:

	 	 	
 

	/s/ Kenneth M. Cox	 	By:	
/s/ Lance F. Tucker

	 	 	Name: Lance F. Tucker
	 	 	Title:  Treasurer
	 	 	 	  
	 	 	 	  
	 	 	TRANS PAPA LOGISTICS, INC.
	
WITNESS:

	 	 	
 

	/s/ Kenneth M. Cox	 	By: 	
/s/ Lance F. Tucker

	 	 	Name: Lance F. Tucker
	 	 	Title:  Treasurer

 

 

 

 

	 	 	PNC BANK, NATIONAL ASSOCIATION,
	 	 	as a Bank and as Administrative Agent
	 	 	 
	 	 	By:	
/s/ Deroy Scott

	 	 	Name:  Deroy Scott
	 	 	Title:  Senior Vice President

 

 

 

 

 

	 	 	JPMORGAN CHASE BANK, N.A., as a
	 	 	Bank and as Co-Syndication Agent
	 	 	 
	 	 	By:	
/s/ Matthew W. Multerer

	 	 	Name: Matthew W. Multerer
	 	 	Title: Vice President

 

 

 

 

 

	 	 	BANK OF AMERICA, N.A., as a Bank and
	 	 	as Documentation Agent
	 	 	 
	 	 	By:	
/s/ Thomas C. Kilcrease, Jr.

	 	 	Name: Thomas C. Kilcrease, Jr.             
	 	 	Title: Senior Vice President

 

 

 

 

 

	 	 	
U.S. BANK NATIONAL ASSOCIATION,

	 	 	
as a Bank and as a Co-Syndication Agent

	 	 	 
	 	 	By:	
/s/ Johnny L. Perry

	 	 	Name: Johnny L. Perry           
	 	 	Title:Vice President

 

 

 

 

 

	 	 	BRANCH BANKING AND TRUST
	 	 	COMPANY, as a Bank
	 	 	 
	 	 	By:	
/s/ Greg R. Branstetter

	 	 	Name: Greg R. Branstetter
	 	 	Title:SVP

 

 

 

 

 

 

EXHIBIT A

 

Part 1 of Schedule 1.1(B)

 

Part 1 - Commitments of Banks and Addresses for Notices to Banks; Lending Offices

 

	
 

 

 

Bank

	
Amount of

Commitment for

Revolving Credit

Loans

	
 

 

 

Ratable Share

	 	 	 
	
PNC Bank, National Association

101 South Fifth Street

Louisville, Kentucky 40202

Attn:  Deroy Scott

Telephone: (502) 581-7821

Telecopy: (502) 581-7904

	
$104,666,667.00

	
­­26.170000000%

	  	  	  
	
JPMorgan Chase Bank, N.A.

416 W. Jefferson

Louisville, KY  40202

Attn:  Matt Multerer

Telephone: (502) 566-8431

Telecopy: (502) 566-2367

	
$104,666,667.00

	
­­26.170000000%

	  	  	  
	
U.S. Bank National Association

One Financial Square

Louisville, KY 40202

Attn:  Johnny L. Perry

Telephone: (502) 562-6248

Telecopy: (502) 562-6460

	
$84,000,000.00

	
­­21.000000000%

	  	  	  
	
Bank of America, N.A.

414 Union Street

TN1-100-04-04

Nashville, TN  37219

Attn:  Thomas Kilcrease

Telephone: (615) 749-3926

Telecopy: (615) 749-4762

	
$73,333,333.00

	
­­18.330000000%

	  	  	  
	
Branch Banking and Trust Company

2600 East Point Parkway, Suite 103

Louisville, KY  40223-5151

Attn:  Greg Branstetter

Telephone: (502) 614-4246

Telecopy: (502) 253-2809

	
$33,333,333.00

	
­­8.330000000%

	  	  	  
	
Total

	
$400,000,000.00

	
100.000000000%

 

 

 

 

 

EXHIBIT B

 

PRELIMINARY CLOSING AGENDA

 

This Preliminary Closing Agenda contains the documents to be delivered in connection with a first amendment to an amended and restated credit facility provided to Papa John's International, Inc., a Delaware corporation (the "Borrower"), by PNC Bank, National Association ("PNC Bank") and various other financial institutions from time to time (PNC Bank and such other financial institutions are each, a "Bank" and collectively, the "Banks"), with PNC Bank, as administrative agent for the Banks (in such capacity, the "Agent") and PNC Capital Markets LLC, a Pennsylvania limited liability company, as joint lead arranger and joint bookrunner.

	
No.

	
LOAN DOCUMENTS

	 	 
	
1.

	
First Amendment to First Amended and Restated Credit Agreement (the "Credit Agreement"), by and among the Borrower, Papa John's USA, Inc., a Kentucky corporation ("Papa John's USA"), Preferred Marketing Solutions, Inc., a Kentucky corporation (f/k/a Papa John's Support Services, Inc.) ("Preferred Marketing"), Capital Delivery, Ltd., a Kentucky corporation ("Capital Delivery"), Risk Services Corp., a Kentucky corporation ("Risk Services"), PJ Food Service, Inc., a Kentucky corporation ("PJ Food"), Trans Papa Logistics, Inc., a Kentucky corporation ("Trans Papa") (Papa John's USA, Preferred Marketing, Capital Delivery, Risk Services, PJ Food and Trans Papa are each, a "Guarantor" and collectively, the "Guarantors") (the Borrower and the Guarantors are collectively, the "Loan Parties"), the Banks and the Agent (the "First Amendment").

	 	 
	
2.

	
Second Amended and Restated Revolving Credit Note, made by the Borrower to PNC Bank in the principal amount not to exceed One Hundred Four Million Six Hundred Sixty-Six Thousand Six Hundred Sixty-Seven and 00/100 Dollars ($104,666,667.00).

	 	 
	
3.

	
Second Amended and Restated Revolving Credit Note, made by the Borrower to JPMorgan Chase Bank, N.A. in the principal amount not to exceed One Hundred Four Million Six Hundred Sixty-Six Thousand Six Hundred Sixty-Seven and 00/100 Dollars ($104,666,667.00).

	 	 
	
4.

	
Second Amended and Restated Revolving Credit Note, made by the Borrower to U.S. Bank, National Association in the principal amount not to exceed Eighty-Four Million and 00/100 Dollars ($84,000,000.00).

 

 

 

 

 

	
5.

	
Second Amended and Restated Revolving Credit Note, made by the Borrower to Bank of America, N.A.  in the principal amount not to exceed Seventy-Three Million Three Hundred Thirty-Three Thousand Three Hundred Thirty-Three and 00/100 Dollars ($73,333,333.00).

	 	 
	
6. 

	
Second Amended and Restated Revolving Credit Note, made by the Borrower to Branch Banking and Trust Company in the principal amount not to exceed Thirty-Three Million Three Hundred Thirty-Three Thousand Three Hundred Thirty-Three and 00/100 Dollars ($33,333,333.00).

	 	 
	  	
ORGANIZATIONAL DOCUMENTS

	 	 
	  	
Borrower

	 	 
	
7.

	
Good Standing Certificates of the Borrower from the Secretary of State of the Commonwealth of Kentucky and the States of Arizona, Colorado, Delaware and Minnesota.

	 	 
	
8.

	
Certificate of Secretary of the Borrower as to (i) resolutions of its Board of Directors authorizing the Borrower to enter into the First Amendment and all related documents, (ii) incumbency, and (iii) no amendments to its Certificate of Incorporation or Bylaws.

	 	 
	  	
Papa John's USA

	 	 
	
9.

	
Good Standing Certificates of Papa John's USA from the Secretary of State of the Commonwealth of Kentucky and the States of Florida, Georgia, Illinois, Indiana, Kansas, Maryland, Missouri, North Carolina, South Carolina, Tennessee, Texas and Virginia.

	 	 
	
10. 

	
Certificate of the Corporate Assistant Secretary of Papa John's USA as to (i) resolutions of its Board of Directors authorizing it to enter into the First Amendment and all related documents, (ii) incumbency, and (iii) no amendments to its Certificate of Incorporation or Bylaws.

	 	 
	  	
Preferred Marketing

	 	 
	
11.

	
Good Standing Certificates of Preferred Marketing from the Secretary of State of the Commonwealth of Kentucky.

	 	 
	
12.

	
Certificate of the Corporate Assistant Secretary of Preferred Marketing as to (i) resolutions of its Board of Directors authorizing it to enter into the First Amendment and all related documents, (ii) incumbency, and (iii) no amendments to its Certificate of Incorporation or Bylaws.

 

 

 

 

 

	  	
Capital Delivery

	 	 
	
13.

	
Good Standing Certificates of Capital Delivery from the Secretary of State of the Commonwealth of Kentucky.

	 	 
	
14.

	
Certificate of the Corporate Assistant Secretary of Capital Delivery as to (i) resolutions of its Board of Directors authorizing it to enter into the First Amendment and all related documents, (ii) incumbency, and (iii) no amendments to its Certificate of Incorporation or Bylaws

	 	 
	  	
Risk Services

	 	 
	
15. 

	
Good Standing Certificates of Risk Services from the Secretary of State of the Commonwealth of Kentucky.

	 	 
	
16. 

	
Certificate of the Corporate Assistant Secretary of Risk Services as to (i) resolutions of its Board of Directors authorizing it to enter into the First Amendment and all related documents, (ii) incumbency, and (iii) no amendments to its Certificate of Incorporation or Bylaws.

	 	 
	  	
PJ Food

	 	 
	
17. 

	
Good Standing Certificates of PJ Food from the Secretary of State of the Commonwealths of Kentucky and Pennsylvania and the States of Arizona Colorado, Florida, Iowa, New Jersey, North Carolina, Oregon and Texas.

	 	 
	
18. 

	
Certificate of the Corporate Assistant Secretary of PJ Food as to (i) resolutions of its Board of Directors authorizing it to enter into the First Amendment and all related documents, (ii) incumbency, and (iii) no amendments to its Certificate of Incorporation or Bylaws.

	 	 
	  	
Trans Papa

	 	 
	
19. 

	
Good Standing Certificates of Trans Papa from the Secretary of State of the Commonwealth of Kentucky and the State of New Jersey.

	 	 
	
20. 

	
Certificate of the Corporate Assistant Secretary of Trans Papa as to (i) resolutions of its Board of Directors authorizing it to enter into the First Amendment and all related documents, (ii) incumbency, and (iii) no amendments to its Certificate of Incorporation or Bylaws.

	 	 
	  	
RELATED DOCUMENTS

	 	 
	21. 	
UCC-11 Lien Searches or equivalent searches (including UCC's and taxes (to the extent tax liens are filed at the state level)) at the state level with respect to the following Loan Parties in the following material locations:

 

 

 

 

 

1. Borrower:

a. Kentucky

b. Arizona

c. Colorado

d. Delaware

e. Minnesota

 

2. Papa John's USA:

a. Kentucky

b. Florida

c. Georgia

d. Illinois

e. Indiana

f. Kansas

g. Maryland

h. Missouri

i. North Carolina 

j. South Carolina

k. Tennessee

l. Texas

m. Virginia

3. Preferred Marketing:

a. Kentucky

4. Capital Delivery:

a. Kentucky

5. Risk Services:

a. Kentucky

 

6. PJ Food:

a. Kentucky

b. Pennsylvania

c. Arizona

d. Colorado

e. Iowa

f. New Jersey

g. North Carolina

h. Oregon

i. New Jersey

j. Texas

 

7. Trans Papa:

a. Kentucky

b. New Jersey

(collectively, the "Lien Searches").

 

 

 

 

 

	
22.

	
Fully-executed copy of all UCC-3 Termination Statements and any other releases that may be necessary to satisfy any and all existing liens on the assets of the Loan Parties or disclosed by the Lien Searches which are not permitted pursuant to the terms of the Credit Agreement, if any (including, payoff letters, if applicable), all in form and substance satisfactory to the Agent.

	 	 
	
23.

	
Projections of the Borrower and its subsidiaries for the period from fiscal year 2014 through fiscal year 2018.

	 	 
	
24.

	
Opinion of Counsel to the Loan Parties, in form and substance satisfactory to the Agent and the Banks.

	 	 
	
25.

	
Officer's Certificate of each Loan Party, as of the closing date, regarding no material adverse change, the accuracy of representations and warranties, compliance with covenants, no defaults, etc.

 

 

 

 

SCHEDULE 5.1.7

 

Litigation

 

The matter described in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ending June 29, 2014 under the captions “PART II.  OTHER INFORMATION” and "Item 1. Legal Proceedings."

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