Document:

a6732461ex4_2.htm

EXHIBIT 4.2

 

Reaffirmation Agreement

 

This Reaffirmation Agreement, dated as of May 19, 2011 (this “Reaffirmation Agreement”), is made by each Person listed on the signature pages hereto as a Reaffirming Party (each a “Reaffirming Party” and collectively the “Reaffirming Parties”) and acknowledged by the Collateral Agent (as defined below) on behalf of the Secured Parties (as defined in the Term Loan Agreement referred to below).

 

W i t n e s s e t h:

 

Whereas, the Company, the lenders party thereto, Citicorp, as administrative agent and collateral agent, are parties to the Second Amended and Restated Term Loan Agreement, dated as of March 11, 2010 (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Existing Term Loan Agreement”);

 

WHEREAS, each Guarantor is party to the Amended and Restated Term Loan Guaranty, dated as of March 11, 2010 (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Term Loan Guaranty”), pursuant to which each Guarantor has guaranteed the Payment Obligations (as defined in the Existing Term Loan Agreement);

 

Whereas, the Company, as a grantor, and the Guarantors are parties to that certain Third Amended and Restated Pledge and Security Agreement, dated as of March 11, 2010 (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Security Agreement”), to grant a security interest in favor of the Collateral Agent (for the benefit of the Secured Parties) in certain of their assets to secure the Secured Obligations under and as defined in the Existing Term Loan Agreement (the Security Agreement and the Term Loan Guaranty, collectively, the “Reaffirmed Documents” and each a “Reaffirmed Document”);

 

Whereas, concurrently with the execution and delivery of this Agreement, the Existing Term Loan Agreement will be amended and restated in its entirety pursuant to the Third Amended and Restated Term Loan Agreement (as such agreement may be amended, restated, supplemented, renamed or otherwise modified from time to time, together with any other agreements pursuant to which any such Indebtedness or any commitments, obligations, costs, expenses, fees, reimbursements, indemnities or other obligations payable or owing thereunder may be refinanced, restructured, renamed, extended, increased, refunded or replaced, the “Term Loan Agreement”), among the Company, the lenders party thereto (the “Lenders”), Citicorp, as administrative agent for the Lenders and as collateral agent for the Secured Parties (in such capacity, together with any successor in such capacity, the “Collateral Agent”); and

 

Whereas, a condition precedent to the lenders party thereto to enter into the Term Loan Agreement is that the Company and the Guarantors shall have ratified and confirmed (i) their respective obligations under the Reaffirmed Documents in respect of the Secured Obligations under and as defined in the Term Loan Agreement, (ii) the Liens granted in favor of the Collateral Agent (for the benefit of the Secured Parties) in respect of such Secured Obligations and (iii) the guaranties made in favor of the Collateral Agent (for the benefit of the Secured Parties) in respect of the Payment Obligations under and as defined in the Term Loan Agreement.

 

Now, Therefore, in consideration of the above premises, the Reaffirming Parties agree as follows:

 

  

  

  

 

Section 1.              Definitions

 

Terms used herein and not defined herein shall have the meanings ascribed to them in the Term Loan Agreement.

 

Section 2.              Reaffirmation of Loan Documents

 

Each Reaffirming Party hereby consents to the execution, delivery and performance of this Reaffirmation Agreement, the Term Loan Agreement and all of the other Loan Documents (if any) to be executed in connection therewith.  Each Reaffirming Party hereby agrees that each reference to the “Term Loan Agreement” in the Reaffirmed Documents shall be deemed to be a reference to the Term Loan Agreement, as defined herein.

 

Section 3.              Reaffirmation of Obligations and Liabilities

 

Each Reaffirming Party hereby acknowledges and agrees that, after giving effect to the Term Loan Agreement on the Effective Date, all of its respective obligations under the Reaffirmed Documents and the other Loan Documents to which it is a party are reaffirmed, and remain in full force and effect on a continuous basis.  Each Reaffirming Party acknowledges that the obligations and liabilities of the Company under the Term Loan Agreement (as an amendment and restatement of the Existing Term Loan Agreement) continue in full force and effect on a continuous basis, unpaid and undischarged, except as expressly provided in the Term Loan Agreement.

 

Section 4.              Reaffirmation of Liens and Guaranties

 

As of the Effective Date, each Reaffirming Party reaffirms each Lien it granted to each Secured Party, and any Liens that were otherwise created or arose under each of the Reaffirmed Documents to which such Reaffirming Party is party and reaffirms the guaranties made in favor of each Secured Party under each of the Reaffirmed Documents to which such Reaffirming Party is party, which Liens and guaranties shall continue in full force and effect during the term of the Term Loan Agreement and any amendments, amendments and restatements, supplements or other modifications thereof and shall continue to secure the Secured Obligations of the Company and the Guarantors, and secure the obligations of the other Reaffirming Parties under any Reaffirmed Document or other Loan Document, in each case, on and subject to the terms and conditions set forth in the Term Loan Agreement and the Reaffirmed Documents.

 

Section 5.              Reaffirmation of the Schedules

 

The Schedules (other than Schedule 5A) to the Security Agreement are hereby amended and restated in their entirety in the form attached hereto as Exhibit A; provided, Schedule 5A will continue to be supplemented as required by Section 10.14 the Term Loan Agreement.

 

Section 6.              Representations and Warranties

 

This Reaffirmation Agreement has been duly authorized, executed and delivered by each Reaffirming Party and each Reaffirmed Document constitutes a valid and binding agreement of each Reaffirmed Party, enforceable against such Reaffirmed Party in accordance with its terms, except (i) as may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally, (ii) as rights of acceleration and the availability of equitable remedies may be limited by equitable principles of general applicability, and (iii) as limited by legal or equitable principles of reasonableness, good faith and fair dealing.

 

  

  

  

 

Section 7.              Miscellaneous

 

7.1           This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Agreement by facsimile transmission or by posting on the Approved Electronic Platform shall be as effective as delivery of a manually executed counterpart hereof.  A set of the copies of this Agreement signed by all the parties shall be lodged with the Company and the Administrative Agent.

 

7.2           This Reaffirmation Agreement and all amendments herein shall be limited as written and shall not constitute a consent to any other amendment or waiver, whether or not similar and, except as expressly provided herein or in any other Reaffirmed Document, all terms and conditions of the Reaffirmed Documents remain in full force and effect unless otherwise specifically amended in this Reaffirmation Agreement or any other Reaffirmed Document.

 

7.3           This Agreement shall be governed by, and construed and interpreted in accordance with, the law of the State of New York.

 

Section 8.              IN NO EVENT SHALL ANY AGENT AFFILIATE HAVE ANY LIABILITY TO ANY LOAN PARTY, LENDER OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT OR CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY OR ANY AGENT AFFILIATE’S TRANSMISSION OF APPROVED ELECTRONIC COMMUNICATIONS THROUGH THE INTERNET OR ANY USE OF THE APPROVED ELECTRONIC PLATFORM, EXCEPT TO THE EXTENT SUCH LIABILITY OF ANY AGENT AFFILIATE IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FORM SUCH AGENT AFFILIATE’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

 

[Signature Pages Follow]

 

 

 

  

  

  

 

In Witness Whereof, this Reaffirmation Agreement has been duly executed as of the date first written above.

 

	 	Revlon Consumer Products Corporation,
	 	as the Company and a Reaffirming Party
	 	 	 
	 	By:	/s/ Michael T. Sheehan
	 	Name:	Michael T. Sheehan
	 	Title:	Senior Vice President, Deputy General
	 	 	Counsel & Secretary
	 	 	 
	 	 	 
	 	Revlon, inc.,
	 	

as a Guarantor and a Reaffirming Party

	 	 	 
	 	By:	/s/ Michael T. Sheehan
	 	Name:	Michael T. Sheehan 
	 	Title:	Senior Vice President, Deputy General
	 	 	Counsel & Secretary
	 	 	 
	 	 	 
	 	

North America Revsale Inc.,

	 	

as a Guarantor and a Reaffirming Party

	 	 	 
	 	By:	/s/ Michael T. Sheehan
	 	Name:	Michael T. Sheehan
	 	Title:	Vice President & Secretary
	 	 	 
	 	 	 
	 	Almay, Inc.
	 	Charles Revson Inc.
	 	Cosmetics & More Inc.
	 	OPP Products, Inc.
	 	

PPI Two Corporation

	 	Revlon Consumer Corp.
	 	Revlon Development Corp.
	 	Revlon Government Sales, Inc.
	 	Revlon International Corporation
	 	
Revlon Real Estate Corporation

	 	RIROS Corporation
	 	RIROS Group Inc.
	 	Sinful Colors, Inc.,
	 	as Guarantors and Reaffirming Parties

 

  

  

  

 

	 	By:	/s/ Michael T. Sheehan
	 	Name:	Michael T. Sheehan
	 	Title:	Vice President & Secretary

 

 

 

 

 

  

  

  

 

ACKNOWLEDGED as of the date first written above:

 

Citicorp USA, Inc.,

as Collateral Agent, on behalf of the Secured Parties

 

	By:	/s/ David Leland
	 	Name:	David Leland
	 	Title:	Vice President

 

 

  

  

  

 

EXHIBIT A

See Attacheda6732461ex4_3.htm

EXHIBIT 4.3

 

Master Assignment and Acceptance

Assignment and Acceptance dated as of May 19, 2011 (this “Master Assignment and Acceptance”) among each Lender who does not execute and deliver a Lender Consent (as defined in the Third Amended and Restated Term Loan Agreement (as defined below)) (collectively, the “Assignors” and each individually, an “Assignor”), and Citibank, N.A., as Assignee(the “Assignee”).

Reference is made to (i) that certain Second Amended and Restated Term Loan Agreement, dated as of March 11, 2010 (as the same may be amended, restated, supplemented or otherwise modified from time to time prior to May 19, 2011, the “Term Loan Agreement”), among Revlon Consumer Products Corporation (the “Company”), the Lenders party thereto, Citicorp USA, Inc. (“Citicorp”), as administrative agent for the Lenders under the Term Loan Agreement (the “Administrative Agent”), and Citicorp, as collateral agent for the Secured Parties and (ii) that certain Third Amended and Restated Term Loan Agreement, dated as of May 19, 2011 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Third Amended and Restated Term Loan Agreement”), among the Company, the Lenders party thereto, Citicorp, as administrative agent for such Lenders, and Citicorp, as collateral agent for the Secured Parties.  Capitalized terms used herein and not otherwise defined herein are used herein as defined in the Term Loan Agreement.

Each Assignor and the Assignee hereby agree as follows:

	
1.  

	
Pursuant to Section 14.1(c) of the Term Loan Agreement, upon the request of the Company, as of the Effective Date (as defined in the Third Amended and Restated Term Loan Agreement), each Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from each Assignor, an interest in such Assignor’s rights and obligations under the Term Loan Agreement specified in Schedule I hereto (each an “Assigned Interest”; and, collectively, the “Assigned Interests”).

	
2.  

	
Each Assignor (a) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is free and clear of any adverse claim, (b) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Term Loan Agreement or any other Loan Document or any other instrument or document furnished pursuant thereto or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Term Loan Agreement or any other Loan Document or any other instrument or document furnished pursuant thereto, (c) makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Company or any other Loan Party or the performance or observance by the Company and any other Loan Party of any of its and their obligations under the Term Loan Agreement or any other Loan Document or any other instrument or document furnished pursuant thereto and (d) attaches the Note(s), if any, held by such Assignor and requests that the Administrative Agent exchange such Note(s) for new Note(s) in accordance with Section 14.6 (Assignments and Participations) of the Term Loan Agreement.

 

  

  

  

 

	
3.  

	
The Assignee (a) agrees that it will, independently and without reliance upon the Administrative Agent, each Assignor or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Term Loan Agreement, (b) appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under the Term Loan Agreement and the other Loan Documents as are delegated to the Administrative Agent and the Collateral Agent, as applicable, by the terms thereof, together with such powers as are reasonably incidental thereto, (c) agrees that it will perform in accordance with their terms all of the obligations that, by the terms of the Term Loan Agreement, are required to be performed by it as a Lender, (d) represents and warrants that it is an Eligible Assignee, (e) confirms it has received such documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Master Assignment and Acceptance, (f) specifies as its domestic lending office (and address for notices) and Eurodollar lending office the offices set forth beneath its name on the signature pages hereof and (g) if applicable, hereby makes the representations set forth in Section 7.12(c) of the Term Loan Agreement and has attached, if Assignee is (a) not a bank and (b) not a “United States person” under and as defined in Section 7701(a)(30) of the Code, a properly completed U.S. Tax Compliance Certificate in the form attached as Exhibit Q to the Term Loan Agreement, and if Assignee is not a “United States person” under and as defined in Section 7701(a)(30) of the Code, two properly completed forms W-8BEN, W-8ECI or successor or other applicable form, prescribed by the Internal Revenue Service of the United States certifying that such Assignee is entitled to receive all payments under the Term Loan Agreement and the Notes payable to it, without deduction or withholding of any United States federal income taxes.

 

	
4.  

	
Following the execution of this Master Assignment and Acceptance by the Assignee, the Administrative Agent and the Company, it will be delivered to the Administrative Agent for acceptance and recording.  Pursuant to Section 14.6(b), no assignment fee shall be payable by the Assignee to the Administrative Agent in connection with any assignment effected pursuant hereto.  The effective date of this Master Assignment and Acceptance shall occur on the Effective Date upon receipt by each Assignor of the principal amount set forth opposite such Assignor’s name on Schedule I hereto along with all accrued and unpaid interest and fees with respect thereto though the date hereof, which effectiveness, shall, in any event, be deemed to have occurred immediately prior to the effectiveness of the Third Amended and Restated Term Loan Agreement.  Upon each Assignor’s receipt and acceptance of such amount, such Assignor shall be deemed to have assigned its Assigned Interest to the Assignee pursuant to the terms of this Master Assignment and Acceptance and Section 14.1(c) of the Term Loan Agreement.

	
5.  

	
Upon such acceptance and recording by the Administrative Agent, then, as of the Effective Date, (a) the Assignee shall be a party to the Term Loan Agreement and, to the extent provided in this Master Assignment and Acceptance, have the rights and obligations under the Term Loan Agreement of a Lender and (b) each Assignor shall, to the extent provided in this Master Assignment and Acceptance, relinquish its rights (except those surviving the payment in full of the Payment Obligations) and be released from its obligations under the Loan Documents other than those relating to events or circumstances occurring prior to the Effective Date.

	
6.  

	
Upon such acceptance and recording by the Administrative Agent, from and after the Effective Date, the Administrative Agent shall make all payments under the Loan Documents in respect of the interest assigned hereby (a) to the Assignee, in the case of amounts accrued with respect to any period on or after the Effective Date, and (b) to such Assignor, in the case of amounts accrued with respect to any period prior to the Effective Date.

	
7.  

	
Certain Assignors have notified the Administrative Agent and the Assignee of their intention to promptly purchase a portion of the outstanding Term Loans (as defined in the Third Amended and Restated Term Loan Agreement) following the Effective Date (each such Assignor, a “Repurchasing Assignor”).  The Company hereby consents to such purchase by any Repurchasing Assignor (or any of its Affiliates or Related Funds) and to such Repurchasing Assignor (or any of its Affiliates or Related Funds) becoming a Lender under the Third Amended and Restated Term Loan Agreement.

 

  

  

  

 

	
8.  

	
This Master Assignment and Acceptance shall be governed by, and be construed and interpreted in accordance with, the law of the State of New York.

	
9.  

	
This Master Assignment and Acceptance may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart of this Master Assignment and Acceptance by telecopier shall be effective as delivery of a manually executed counterpart of this Master Assignment and Acceptance.  Delivery of an executed counterpart hereof by telecopy shall be effective as delivery of a manually executed counterpart.

[Signature Pages Follow]

 

 

 

  

  

  

 

In witness whereof, the parties hereto have caused this Master Assignment and Acceptance to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

 

	 	
Citibank, N.A.,

	 	as Assignee
	 	 	 
	 	By:	/s/ David Leland
	 	 	Name:	David Leland
	 	 	Title:	Vice President

 

 

  

  

  

 

Accepted and Agreed:

 

Citicorp USA, Inc.,

as Administrative Agent

 

	By:	/s/ David Leland
	 	Name:	David Leland
	 	Title:	Vice President

 

 

 

  

  

  

Revlon Consumer Products Corporation

 

	By:	/s/ Michael T. Sheehan
	 	Name:	Michael T. Sheehan
	 	Title:	Senior Vice President, Deputy General
	 	 	Counsel & Secretary

 

 

 

  

  

  

 

Schedule I

to

Master Assignment and Acceptance

 

(See Attached)

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