Document:

EX-10.1 SIXTH AMENDMENT TO CREDIT AGREEMENT

 

EXHIBIT 10.1

SIXTH AMENDMENT TO CREDIT AGREEMENT

     SIXTH AMENDMENT, dated as of September 28, 2006 (this “Amendment”), to the Credit
Agreement, dated as of May 19, 2005 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among CARMIKE CINEMAS, INC., a Delaware corporation (the
“Borrower”), the several banks and other financial institutions from time to time parties
thereto (the “Lenders”), WELLS FARGO FOOTHILL, INC., as Documentation Agent (in such
capacity, the “Documentation Agent”), and BEAR STEARNS CORPORATE LENDING INC., as
administrative agent (in such capacity, the “Administrative Agent”).

W I T N E S S E T H:

     WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make certain extensions
of credit to the Borrower; and

     WHEREAS, the Borrower, the Lenders and the Administrative Agent desire to amend the Credit
Agreement on the terms and subject to the conditions set forth herein;

     NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the
Borrower, the Lenders and the Administrative Agent hereby agree as follows:

     SECTION 1.1.   Defined Terms. Unless otherwise defined herein, terms defined in the
Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

     SECTION 1.2.   Amendments to Section 1.1 of the Credit Agreement.

     (a) The definition of “Capital Expenditures” in Section 1.1 of the Credit Agreement is hereby
amended by inserting the following after the word “Borrower” in the fourth line thereof: “,
less any portion of such expenditures made with the proceeds of long term financing
obligations incurred by the Borrower in respect of such expenditures, to the extent the
expenditures reflected in such items are so financed.”

     (b) The definition of “Consolidated EBITDA” in Section 1.1 of the Credit Agreement is hereby
amended by (a) deleting the word “and” the first time it appears in the twenty-fourth line thereof
and (b) inserting the following in the twenty-seventh line thereof immediately prior to the word
“minus”: “, (j) up to $7,700,000 of legal, accounting and consulting expenses incurred
between December 31, 2005 and December 31, 2006 and expensed on the Borrower’s consolidated income
statement in accordance with GAAP during such period in connection with the accounting restatements
referred to in the Borrower’s Annual Report on Form 10-K for the year ended December 31, 2005, and
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2006 and June 30, 2006, in each
case as filed with the SEC, and the transaction fees and expenses incurred in connection with the
Second Amendment to this Agreement dated as of March 28, 2006, Third Amendment to this Agreement
dated as of May 9, 2006, the Fourth Amendment, and the Fifth Amendment and the transactions
described therein and (k) up to $2,300,000 of other unusual and nonrecurring expenses incurred and
expensed on

 

 

the Borrower’s consolidated income statement in accordance with GAAP prior to March 31, 2007,
provided, that such expenses are related to the accounting restatements referred to in the
Borrower’s Annual Report on Form 10-K for the year ended December 31, 2005, and Quarterly Reports
on Form 10-Q for the quarters ended March 31, 2006 and June 30, 2006, in each case as filed with
the SEC, and are reasonably acceptable to the Administrative Agent”.

     SECTION 1.3.   Amendments to Section 8.1(a) to the Credit Agreement. Section 8.1(a)
of the Credit Agreement is hereby amended by replacing the first table therein with the following:

	 	 	 
	“December 31, 2005 through March 31, 2006

	 	4.35 to 1.00
	 
	 	 
	June 30, 2006

	 	5.00 to 1.00
	 
	 	 
	September 30, 2006 through December 31, 2007

	 	4.75 to 1.00
	 
	 	 
	March 31, 2008 and thereafter

	 	4.50 to 1.00”

     SECTION 1.4.   Amendments to Section 8.1(b) of the Credit Agreement. Section 8.1(b)
of the Credit Agreement is hereby amended by deleting the reference to “2.00 to 1.00” in the third
and fourth lines and substituting in lieu thereof the following: “(i) in the case of any such four
fiscal quarter period ending prior to September 30, 2006, 2.00 to 1.00, (ii) in the case of any
such four fiscal quarter period ending during the period beginning on September 30, 2006 and ending
December 31, 2007, 1.75 to 1.00, and (iii) thereafter 2.0 to 1.0”.

     SECTION 1.5.   Amendments to Section 8.7 of the Credit Agreement. Section 8.7 of the
Credit Agreement is hereby amended by deleting such section in its entirety and substituting in
lieu thereof the following new Section 8.7:

     “8.7. Capital Expenditures. Make or commit to make any Capital Expenditure if
(i) any Default or Event of Default has occurred and is continuing or would result
therefrom, or would have occurred as a result of a breach of Section 8.1 if such Capital
Expenditure were deemed to have been made and any Indebtedness incurred to finance such
Capital Expenditure was incurred on the last day of the fiscal quarter most recently ended)
or (ii) such Capital Expenditure would result in the aggregate amount of Capital
Expenditures being made by the Borrower and its Subsidiaries for any consecutive
twelve-fiscal month period ending during the period beginning on and including September 30,
2006 and ending on and including December 31, 2007 to exceed $30,000,000.”

     SECTION 1.6.   Conditions to Effectiveness. This Amendment shall become effective as
of the date hereof on the date (the “Sixth Amendment Effective Date”) on which the
Borrower, the Administrative Agent and the Required Lenders shall have executed and delivered to
the Administrative Agent this Amendment.

     SECTION 1.7.   Representation and Warranties. To induce the Administrative Agent to
enter into this Amendment, the Borrower hereby represents and warrants to the Administrative Agent
and all of the Lenders as of the Sixth Amendment Effective Date that:

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     (a) Corporate Power; Authorization; Enforceable Obligations.

     (i) The Borrower has the corporate power and authority, and the legal right, to
make and deliver this Amendment and to perform its obligations under the Loan
Documents, as amended by this Amendment, and has taken all necessary corporate
action to authorize the execution, delivery and performance of this Amendment and
the performance of the Loan Documents, as so amended.

     (ii) No consent or authorization of, approval by, notice to, filing with or
other act by or in respect of, any Governmental Authority or any other Person is
required in connection with the execution and delivery of this Amendment or with the
performance, validity or enforceability of the Loan Documents, as amended by this
Amendment, except as otherwise provided in Section 5.4 of the Credit Agreement.

     (iii) This Amendment has been duly executed and delivered on behalf of the
Borrower.

     (iv) This Amendment and each Loan Document, as amended by this Amendment,
constitutes a legal, valid and binding obligation of the Borrower enforceable
against the Borrower in accordance with its terms, except as affected by bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws
relating to or affecting the enforcement of creditors’ rights generally, general
equitable principles (whether considered in a proceeding in equity or at law) and an
implied covenant of good faith and fair dealing.

     (b) Representations and Warranties. The representations and warranties made by the
Borrower in and pursuant to the Loan Documents are true and correct in all material respects on and
as of the Sixth Amendment Effective Date, after giving effect to the effectiveness of this
Amendment, as if made on and as of the Sixth Amendment Effective Date.

     SECTION 1.8.   Payment of Fees and Expenses.

     (a) Amendment Fee. In the event that the Required Lenders and the Borrower execute
and deliver this Amendment, the Borrower shall pay to the Administrative Agent, for the ratable
benefit of the Lenders consenting to this Amendment, an amendment fee in the amount of 0.075% on
the principal amount of each such Lender’s outstanding Initial Term Loans, Delayed-Draw Term Loans
and Revolving Commitment immediately prior to the Sixth Amendment Effective Date, payable on the
Sixth Amendment Effective Date.

     (b) Expenses. The Borrower agrees to pay or reimburse the Administrative Agent for
all of its reasonable out-of-pocket costs and expenses incurred in connection with this Amendment,
any other documents prepared in connection herewith and the transactions contemplated hereby,
including, without limitation, the reasonable fees and disbursements of counsel to each Agent.

3

 

     SECTION 1.9.   No Other Amendments; Confirmation. Except as expressly amended,
modified and supplemented hereby, the provisions of the Credit Agreement and the other Loan
Documents are and shall remain in full force and effect.

     SECTION 1.10.   Governing Law; Counterparts. (a) This Amendment and the rights and
obligations of the parties hereto shall be governed by, and construed and interpreted in accordance
with, the laws of the State of New York.

     (b) This Amendment may be executed by one or more of the parties to this Amendment on any
number of separate counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective proper and duly authorized officers as of the day and year first
above written.

	 	 	 	 	 
	 	CARMIKE CINEMAS, INC.

 	 
	 	By:  	/s/ Richard B. Hare
 	 
	 	 	Name:  	Richard B. Hare 	 
	 	 	Title:  	Senior Vice President - Finance

Treasurer & Chief Financial Officer 	 

5

 

	 	 	 	 	 

	 	 	 	 	 
	 	BEAR STEARNS CORPORATE LENDING INC.,

as Administrative Agent and as a Lender

 	 
	 	By:  	/s/ Richard Bram Smith
 	 
	 	 	Name:  	Richard Bram Smith 	 
	 	 	Title:  	Vice President 	 

6

 

	 	 	 	 	 

	 	 	 	 	 
	 	WELLS FARGO FOOTHILL, N.A.,

as Issuing Lender, Documentation Agent and a

Lender

 	 
	 	By:  	/s/ Ilene Silberman
 	 
	 	 	Name:  	Ilene Silberman 	 
	 	 	Title:  	Vice President 	 
	 

7Ex-10.1

 

Exhibit 10.1

Second Amendment to Amended and Restated Revolving Credit Agreement

     This Second Amendment to Amended and Restated Revolving Credit Agreement (herein, the
“Amendment”) is entered into as of October 2, 2006, by and among World Acceptance Corporation, a
South Carolina corporation (the “Borrower”), the Banks party hereto, and Harris N.A. as Agent for
the Banks (the “Agent”).

Preliminary Statements

     A.       The Borrower, the Banks, JPMorgan Chase Bank as Co-Agent, and the Agent are parties to a
certain Amended and Restated Revolving Credit Agreement, dated as of July 20, 2005, as amended (the
“Credit Agreement”). All capitalized terms used herein without definition shall have the same
meanings herein as such terms have in the Credit Agreement.

     B.       The Borrower has requested that the Required Banks consent to the Borrowers incurring up to
$110,000,000 in additional Subordinated Debt, and make certain other amendments to the Credit
Agreement, and the Required Banks are willing to do so under the terms and conditions set forth in
this Amendment.

     Now, Therefore, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows:

Section 1.       Consent to Issuance of Senior Subordinated Convertible Notes as Subordinated Debt.

     The Borrower has advised the Banks that the Borrower intends to issue five year unsecured
senior subordinated convertible notes in an aggregate principal amount of up to $110,000,000 (the
“Senior Subordinated Convertible Notes”) on terms described in that certain Offering Memorandum
dated October 3, 2006, a true and complete copy of which has heretofore been delivered by the
Borrower to the Banks (the “Senior Subordinated Convertible Notes Offering Memorandum”), the
proceeds of which will be used to buy back capital stock of the Borrower, enter into the
convertible bond hedge and warrant transactions described in the Senior Subordinated Convertible
Notes Offering Memorandum, prepay certain indebtedness outstanding under the Credit Agreement, and
for other general corporate purposes. In order to qualify as “Subordinated Debt” under the Credit
Agreement, the Senior Subordinated Convertible Notes must, among other things, be subject to
subordination provisions approved in writing by the Required Banks. The Senior Subordinated
Convertible Notes Offering Memorandum section titled “Description of Notes—Subordination of the
Notes” contains the subordination provisions relevant to the Senior Subordinated Convertible Notes.
The Borrower hereby requests that the Required Banks consent to the issuance of the Senior
Subordinated Convertible Notes, approve the subordination provisions related thereto as set forth
in the “Description of Notes—Subordination of the Notes” section of the Senior Subordinated
Convertible Notes Offering Memorandum, and approve the Senior Subordinated Convertible

 

 

Notes as Subordinated Debt. Subject to the satisfaction of the conditions precedent to this
Amendment set forth in Section 3 below, the Required Banks hereby consent to the issuance of the
Senior Subordinated Convertible Notes, approve the subordination provisions related thereto as set
forth in the “Description of Notes—Subordination of the Notes” section of the Senior Subordinated
Convertible Notes Offering Memorandum, agree that the Senior Subordinated Convertible Notes shall
constitute Subordinated Debt for purposes of the Credit Agreement, and acknowledge that the Senior
Subordinated Convertible Notes and the Senior Subordinated Convertible Notes Indenture (as
described in the Senior Subordinated Convertible Notes Offering Memorandum to be issued or
otherwise entered into in connection with the initial closing thereof, but specifically not giving
effect to any amendments or modifications permitted to be made therein after the initial closing)
do not violate, and shall be deemed permitted by, the second sentence of Section 8.16 of the Credit
Agreement.

Section 2.       Amendments.

     Subject to the satisfaction of the conditions precedent set forth in Section 3 below, the
Credit Agreement shall be and hereby is amended as follows:

     2.1.       Section 5.1 of the Credit Agreement (Definitions) shall be amended by (a) amending and
restating the definition of “Subordinated Debt” and (b) adding new definitions of “Senior
Subordinated Convertible Notes,” “Senior Subordinated Convertible Notes Indenture,” and “Senior
Subordinated Convertible Notes Offering Memorandum” in appropriate alphabetical order to read as
follows:

“Senior Subordinated Convertible Notes” means those certain
unsecured Senior Subordinated Convertible Notes in the aggregate
principal amount of up to $110,000,000 maturing October 1, 2011,
issued pursuant to the Senior Subordinated Convertible Notes
Indenture.

“Senior Subordinated Convertible Notes Indenture” means the
Indenture to be entered into by the Borrower pursuant to, and on
terms and conditions substantially the same as are described in, the
Senior Subordinated Convertible Notes Offering Memorandum, as the
same may be amended or modified in accordance with the terms thereof
and of this Agreement.

“Senior Subordinated Convertible Notes Offering Memorandum” means
the Offering Memorandum of the Borrower dated October 3, 2006,
relating to the issuance of the Senior Subordinated Convertible
Notes and delivered to the Banks pursuant to the terms of the Second
Amendment to Amended and Restated Credit Agreement dated as of
October 2, 2006, by and among the Borrower, the Lenders, and the
Agent.

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“Subordinated Debt” means (a) the Senior Subordinated
Convertible Notes or any Indebtedness issued to refinance or
otherwise replace the Senior Subordinated Convertible Notes with a
maturity no earlier than the final scheduled maturity of the Senior
Subordinated Convertible Notes and issued on terms and conditions
(including subordination terms) no more favorable to the holders
thereof than the terms and conditions applicable to the holders of
the Senior Subordinated Convertible Notes (except that the interest
rate relating to any such replacement or refinancing Indebtedness
may be at the then market rate at the time of issuance) and (b) all
other unsecured Indebtedness for Borrowed Money of the Borrower
which (i) pursuant to its term matures on a date later than the
Termination Date and (ii) contains or has applicable thereto
subordination provisions substantially in the form set forth in
Exhibit B hereto or such other provisions as are approved in writing
by the Required Banks.

     2.2.       Section 8.7 of the Credit Agreement (Consolidated Net Worth) shall be amended and
restated in its entirety to read as follows:

     Section 8.7.       Consolidated Net Worth. The Borrower will at all
times keep and maintain Consolidated Net Worth at an amount not less
than the Minimum Net Worth. For purposes of this Section, “Minimum
Net Worth” (a) for the fiscal quarter of the Borrower ending March
31, 2006, shall be $135,000,000 and (b) for each fiscal quarter
thereafter shall be the sum of the Minimum Net Worth for the
immediately preceding fiscal quarter plus 50% of Consolidated Net
Income for such fiscal quarter (but without deduction in the case of
any deficit in Consolidated Net Income for such fiscal quarter).

     2.3.       Section 8.8(a) of the Credit Agreement (Fixed Charge Coverage Ratio) shall be amended and
restated in its entirety to read as follows:

     (a)       Fixed Charge Coverage Ratio. The Borrower will at the end
of each fiscal quarter have a ratio of Net Income Available for
Fixed Charges to Fixed Charges for each period of four consecutive
fiscal quarters then ending at not less than 2.0 to 1.0.

     2.4.       Section 8.10 of the Credit Agreement (Limitations on Indebtedness) shall be amended and
restated in its entirety to read as follows:

     Section 8.10. Limitations on Indebtedness. The Borrower will
not at any time permit:

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     (a)       The aggregate unpaid principal amount of Senior Debt, on a
consolidated basis, to exceed 375% of the sum of (i) Consolidated
Adjusted Net Worth and (ii) the aggregate unpaid principal amount of
Subordinated Debt;

     (b)       The aggregate unpaid principal amount of Subordinated Debt
to exceed 150% of Consolidated Adjusted Net Worth.

     2.5.       Section 8.12 of the Credit Agreement (Dividends, Stock Purchases) shall be amended and
restated in its entirety to read as follows:

     Section 8.12. Subordinated Debt. (a) The Obligations shall at
all times constitute “Senior Debt” or “Senior Indebtedness” (or
words of like import) under any indenture, instrument, or agreement
relating to any Subordinated Debt (including, without limitation,
the Senior Subordinated Convertible Notes). In addition, the
Obligations shall at all times constitute “Designated Senior
Indebtedness” (or words of like import) under the Senior
Subordinated Convertible Notes Indenture (or any indenture,
agreement, or instrument entered into in connection with any
permitted refinancing or replacement thereof), and the Agent shall
be designated in the Senior Subordinated Convertible Notes Indenture
(or any indenture, agreement, or instrument entered into in
connection with any permitted refinancing or replacement thereof) as
being permitted to give payment blockage notice(s) thereunder on
behalf of the Banks.

     (b) Except as otherwise specified below, the Borrower shall not
(i) amend or modify any of the terms or conditions relating to
Subordinated Debt, (ii) make any voluntary prepayment of
Subordinated Debt or effect any voluntary redemption thereof, (iii)
make any cash payments in connection with any conversion of any such
Subordinated Debt, or (iv) make any payment on account of
Subordinated Debt which is prohibited under the terms of any
instrument or agreement subordinating the same to the Obligations.
Notwithstanding the foregoing, (x) with prior written notice to the
Agent and the Banks, the Borrower may agree to a decrease in the
interest rate applicable thereto or to a deferral of repayment of
any of the principal of or interest on the Subordinated Debt beyond
the current due dates _herefore or to any other amendment or
modifications of any Subordinated Debt not adverse to the Banks
(other than amendments or modifications of the relevant
subordination provisions thereof which requires the affirmative
consent of the Required Banks), and (y) with ten (10) days prior
written notice to the Agent and the Banks delivered together with a

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duly executed compliance certificate (in the form required
pursuant to Section 8.20(f) hereof) completed on a pro forma basis
evidencing compliance with the financial covenants referred to
therein on a pro forma basis based on the most recent financial
information delivered to the Agent, the Borrower may voluntarily
prepay, redeem, or repurchase all or any part of outstanding
Subordinated Debt if at the time of any such payment and after
giving effect thereto no Default or Event of Default exists. In the
event any “fundamental change” (as defined in the Senior
Subordinated Convertible Notes Indenture or any indenture,
instrument, or agreement entered into in connection with any
Subordinated Debt that constitutes a permitted refinancing or
replacement thereof) occurs or any other event occurs or condition
exists which requires the Borrower to prepay, redeem, or repurchase
all or any part of outstanding Subordinated Debt prior to its
originally scheduled maturity and/or pay cash in connection with any
conversion of any Senior Subordinated Convertible Notes (or any
Subordinated Debt that constitutes a permitted refinancing or
replacement thereof), the Borrower shall provided written notice of
such “fundamental change,” event, or condition to the Agent and the
Banks at the time it gives (or is required to give) notice thereof
to the holders of the relevant Subordinated Debt (or in the case of
a conversion, promptly after receipt of a notice of conversion) and,
so long as no Default or Event of Default exists at the time of any
such payment or would arise after giving effect thereto, the
Borrower shall also be permitted hereby to make such payment (it
being understood and agreed that if prior to making any such payment
or after giving effect thereto a Default or Event of Default exists
or would arise, then the “fundamental change,” event, or condition
giving rise to such required payment shall constitute an Event of
Default for all purposes of this Agreement).

     2.6.       Section 8.18(f) of the Credit Agreement (Investments) shall be amended and restated in
its entirety and a new subsection (g) shall be added immediately thereafter, to read as follows:

     (f)       Investments by the Borrower in option agreements or other
convertible bond hedging arrangements entered into substantially
concurrently with the issuance of the Senior Subordinated
Convertible Notes (and on terms previously disclosed in writing by
the Borrower to the Banks) and maintained solely for purposes of
hedging the Borrower’s obligation to issue common stock to the
holders of the Senior Subordinated Convertible Notes in connection
with any exercise of their conversion rights pursuant to the terms
of the Senior Subordinated Convertible Note Indenture; or

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     (g)       other Investments (in addition to those permitted in
clauses (a) through (f) above), including for purposes hereof
Investments in all Unrestricted Subsidiaries, provided that (i) the
aggregate amount of Investments in all Unrestricted Subsidiaries
organized outside of the United States of America shall not at any
time exceed 3% of Consolidated Adjusted Net Worth and (ii) the
aggregate amount of all such other Investments (including
Investments in Unrestricted Subsidiaries) shall not at any time
exceed 10% of Consolidated Adjusted Net Worth.

     2.7.       Section 9.1(h) of the Credit Agreement (Events of Default) shall be amended and restated
in its entirety to read as follows:

     (h)       Default by the Borrower or any Subsidiary of any of its
obligations under any interest rate, currency, commodity, or equity
option or hedging agreement (including any option or convertible
bond hedging agreement entered into in connection with the issuance
of the Senior Subordinated Convertible Notes); or

Section 3.       Conditions Precedent.

     The effectiveness of this Amendment is subject to the satisfaction of all of the following
conditions precedent:

     3.1.       The Borrower and the Required Banks shall have executed and delivered this Amendment.

     3.2.       The Restricted Subsidiaries parties to the Subsidiary Guaranty Agreement shall have
executed and delivered to the Agent their consent to this Amendment in the form set forth below.

     3.3.       The Borrower shall have delivered to the Agent and the Banks a true and correct copy of
the Senior Subordinated Convertible Note Offering Memorandum.

     3.4.       The Borrower shall have delivered to the Agent and the Banks a copy of the favorable
written opinion of the Borrower’s special tax counsel or certified public accountants as to the
ability of the Borrower to account for the convertible bond hedging arrangement described in
Section 8.18(f) of the Credit Agreement, as amended hereby, on a tax-adjusted basis.

     3.5.       Legal matters incident to the execution and delivery of this Amendment shall be
satisfactory to the Agent and its counsel.

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Section 4.       Representations.

     In order to induce the Banks to execute and deliver this Amendment, the Borrower hereby
represents to the Agent and the Banks that as of the date hereof, after giving effect to the
amendments set forth in Section 2 above, (a) the representations and warranties set forth in
Section 6 of the Credit Agreement are and shall be and remain true and correct (except that the
representations contained in Section 6.6 shall be deemed to refer to the most recent financial
statements of the Borrower delivered to the Agent) and (b) the Borrower is in compliance with the
terms and conditions of the Credit Agreement and no Default or Event of Default exists under the
Credit Agreement or shall result after giving effect to this Amendment.

Section 5.       Miscellaneous.

     5.1.       Except as specifically amended herein, the Credit Agreement shall continue in full force
and effect in accordance with its original terms. Reference to this specific Amendment need not be
made in the Credit Agreement, the Notes, or any other instrument or document executed in connection
therewith, or in any certificate, letter or communication issued or made pursuant to or with
respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being
sufficient to refer to the Credit Agreement as amended hereby.

     5.2.       The Borrower heretofore executed and delivered, among other things, the Company Security
Agreement and hereby acknowledges and agrees that the security interests and liens created and
provided for therein continue to secure the payment and performance of the Obligations of the
Borrower under the Credit Agreement as amended hereby entitled to all of the benefits and
privileges set forth therein.

     5.3.       The Borrower agrees to pay on demand all costs and expenses of or incurred by the Agent
in connection with the negotiation, preparation, execution and delivery of this Amendment and the
other instruments and documents to be executed and delivered in connection herewith, including the
fees and expenses of counsel for the Agent.

     5.4.       This Amendment may be executed in any number of counterparts, and by the different
parties on different counterpart signature pages, all of which taken together shall constitute one
and the same agreement. Any of the parties hereto may execute this Amendment by signing any such
counterpart and each of such counterparts shall for all purposes be deemed to be an original.
Delivery of executed counterparts of this Amendment by telecopy shall be effective as an original.
This Amendment shall be governed by the internal laws of the State of Illinois (without regard to
principles of conflicts of laws).

[Signature Page to Follow]

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     This Second Amendment to Amended and Restated Revolving Credit Agreement is entered into as of
the date and year first above written.

	 	 	 	 	 
	 	World Acceptance Corporation

 	 
	 	By:  	/s/ A. A. McLean, III
 	 
	 	 	Name:  	A. Alexander McLean, III 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

     Accepted and agreed to.

	 	 	 	 	 
	 	Harris N.A.

 	 
	 	By  	/s/ Michael S. Cameli
 	 
	 	 	Name  	Michael S. Cameli 	 
	 	 	Title  	Director 	 
	 

	 	 	 	 	 
	 	JPMorgan Chase Bank, N.A.

 	 
	 	By  	/s/ Michael Tolentino
 	 
	 	 	Name  	Michael M. Tolentino 	 
	 	 	Title  	Vice President 	 
	 

	 	 	 	 	 
	 	LaSalle Bank National Association

 	 
	 	By  	/s/ David H. Sherer
 	 
	 	 	Name  	David H. Sherer 	 
	 	 	Title  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	Capital One, N.A.

 	 
	 	By  	/s/ George Robins
 	 
	 	 	Name  	George Robins 	 
	 	 	Title  	Vice President 	 

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	 	Wells Fargo Financial Preferred Capital, Inc.

 	 
	 	By  	/s/ William M. Laird
 	 
	 	 	Name  	William M. Laird 	 
	 	 	Title  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	Carolina First Bank

 	 
	 	By  	/s/ Kevin M. Short
 	 
	 	 	Name  	Kevin M. Short 	 
	 	 	Title  	Senior Vice President 	 
	 

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Acknowledgement and Consent

     Each of the undersigned is a Restricted Subsidiary of World Acceptance Corporation who has
executed and delivered to the Agent and the Banks the Subsidiary Guaranty and the Subsidiary
Security Agreement. Each of the undersigned hereby acknowledges and consents to the Second
Amendment to Amended and Restated Revolving Credit Agreement set forth above and confirms that the
Loan Documents executed by it, and all of its obligations thereunder, remain in full force and
effect, and that the security interests and liens created and provided for therein continue to
secure the payment and performance of the Obligations of the Borrower under the Credit Agreement
after giving effect to the Amendment. Each of the undersigned acknowledges that the Agent and the
Banks are relying on the foregoing in entering into the Amendment.

     Dated as of October 2, 2006.

World Acceptance Corporation of Alabama

World Acceptance Corporation of Missouri

World Finance Corporation of Georgia

World Finance Corporation of Louisiana

World Acceptance Corporation of Oklahoma, Inc.

World Finance Corporation of South Carolina

World Finance Corporation of Tennessee

WFC of South Carolina, Inc.

World Finance Corporation of Illinois

World Finance Corporation of New Mexico

World Finance Corporation of Kentucky

WFC Services, Inc., a South Carolina corporation

World Finance Corporation of Colorado

	 	 	 	 	 
	 	 	 
	 	By  	/s/ A.A. McLean, III
 	 
	 	 	A. Alexander McLean, III 	 
	 	 	Its Chief Executive Officer 	 

 

 

	 	 	 	 	 
	 	WFC Limited Partnership

 	 
	 	By  	WFC of South Carolina, Inc., as sole 
general partner	 
	 

	 	 	 	 	 
	 	 	 
	 	By  	                                                       /s/ A.A. McLean, III
 	 
	 	 	A. Alexander McLean, III 	 
	 	 	Its Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	World Finance Corporation of Texas

 	 
	 	By  	/s/ C. F. Gardner, Jr.
 	 
	 	 	Charles F. Gardner, Jr. 	 
	 	 	Its President 	 
	 

2

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