Document:

EX-10.14

 Exhibit 10.14 

EXECUTION VERSION 

FIRST AMENDMENT TO THE SUPERPRIORITY SENIOR SECURED DEBTOR-IN-POSSESSION AND EXIT TERM LOAN CREDIT AGREEMENT 

This FIRST AMENDMENT (“First Amendment”), dated as of June 11, 2012 is entered into by and among
HMH HOLDINGS (DELAWARE), INC., a company organized under the laws of the State of Delaware (“HMH Holdings” or “Holdings”), HOUGHTON MIFFLIN HARCOURT PUBLISHERS INC., a corporation organized
under the laws of the State of Delaware (“HMHP”), HMH PUBLISHERS LLC, a limited liability company organized under the laws of the State of Delaware (“Publishers”), HOUGHTON MIFFLIN HARCOURT
PUBLISHING COMPANY, a corporation organized under the laws of the Commonwealth of Massachusetts (“HMCo”, and together with HMHP and Publishers, collectively, the “Borrowers” and each a
“Borrower”), each of the Subsidiary Guarantors listed on Schedule 1 hereto, each of the Lenders listed on the signature pages hereto, CITIBANK, N.A., as administrative agent (in such capacity, the “Administrative
Agent”) for the Lenders and CITIBANK, N.A., as collateral agent (in such capacity, the “Collateral Agent”) for the Lenders. Capitalized terms used herein and not otherwise defined shall have the meaning assigned
to such term in the Credit Agreement (defined below). 
 RECITALS: 

WHEREAS, each of the Borrowers, Holdings, the Subsidiary Guarantors, the Administrative Agent, the Collateral Agent and the other
parties listed on the signature pages thereto are parties to that certain Superpriority Senior Secured Debtor-in-Possession and Exit Term Loan Credit Agreement dated as of May 22, 2012 (the “Credit Agreement”). 

WHEREAS, the Borrowing Agent has notified the Administrative Agent that it desires to amend the Credit Agreement as set forth herein.

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

	SECTION 1.	AMENDMENTS TO CREDIT AGREEMENT 

 Section 1.01 of the Credit Agreement (Defined Terms) is hereby
amended as follows: 
 1. The definition of “Adjusted LIBO Rate” is hereby amended by deleting “1.50%” appearing in
clause (b) thereof and inserting in lieu thereof “1.25%”. 
 2. The definition of “Applicable Percentage” is hereby
amended and restated in its entirety to read as follows: 
 ““Applicable Percentage” shall mean, (a) in the
case of ABR Loans, 5.00% per annum and (b) in the case of Eurocurrency Loans, 6.00% per annum.” 
  

	SECTION 2.	CONDITIONS PRECEDENT TO EFFECTIVENESS 

 The provisions set forth in Section 1 hereof
shall be effective as of the date first above written (the “First Amendment Effective Date”) when each of the following conditions shall have been satisfied (or waived in accordance with Section 9.08 of the Credit
Agreement): 
 1. Consents. The Administrative Agent shall have received executed signature pages hereto from each Lender and each
Loan Party. 

 2. Expenses. All fees and out-of-pocket costs and expenses owing to the Administrative
Agent and its Affiliates (including the reasonable fees and out-of-pocket costs and expenses of legal counsel to the Administrative Agent) incurred in connection with the transactions contemplated under this First Amendment that are required to be
paid pursuant to Section 9.05(a) of the Credit Agreement shall have been paid. 
 3. Representations and Warranties. The
representations and warranties set forth in Section 3 shall be true and correct on and as of the First Amendment Effective Date. 
 4.
No Default or Event of Default. On and as of the First Amendment Effective Date and after giving effect to the amendments contemplated herein, no Default or Event of Default shall have occurred and be continuing. 

 

	SECTION 3.	REPRESENTATIONS AND WARRANTIES 

 1. Corporate Power and Authority. Each of Loan
Parties has all requisite corporate or limited liability company power and authority, as applicable, to enter into this First Amendment. 

2. Authorization of Agreements. The execution and delivery of this First Amendment and the performance of its obligations under this
First Amendment have been duly authorized by all necessary corporate or limited liability company action, as applicable, on the part of each of the Loan Parties. 

3. Binding Obligation. This First Amendment has been duly executed and delivered by each of the Loan Parties and is the legally valid
and binding obligation of each of the Loan Parties enforceable against such party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws relating to or
limiting creditors’ rights generally or equitable principles relating to enforceability. 
 4. Credit Agreement Representations and
Warranties. The representations and warranties set forth in Article III of the Credit Agreement and each of the other Loan Documents are true and correct (or true and correct in all material respects, in the case of any such representation or
warranty that is not qualified as to materiality) on and as of the First Amendment Effective Date (except to the extent that such representation or warranty expressly relates to an earlier date, in which case such representations and warranties
shall be true and correct (or true and correct in all material respects, in the case of any representation or warranty that is not qualified by materiality) as of such earlier date). 

 

	SECTION 4.	MISCELLANEOUS 

 1. Binding Effect. This First Amendment shall be binding upon the
parties hereto and their respective successors and assigns and shall inure to the benefit of the parties hereto and the successors and assigns of the Administrative Agent, each of the Lenders and each of the Loan Parties. None of the Loan
Parties’ rights or obligations hereunder or any interest therein may be assigned or delegated by any of the Loan Parties without the prior written consent of all Lenders. 

  
 2 

 2. Severability. In case any provision in or obligation hereunder shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 3. Reference to Credit Agreement. On and after the First Amendment Effective Date, each reference in the Credit Agreement to
“this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this First Amendment. 

4. Effect on Credit Agreement. Except as specifically amended in Section 1 of this First Amendment, the Credit Agreement and the
other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. This First Amendment shall constitute a “Loan Document” under and as defined in the Credit Agreement. 

5. Execution. The execution, delivery and performance of this First Amendment shall not, except as expressly provided herein,
constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any Agent or Lender under, the Credit Agreement or any of the other Loan Documents. 

6. Headings. Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for
any other purpose or be given any substantive effect. 
 7. APPLICABLE LAW. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 8.
Counterparts. This First Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.

 9. Affirmation and Consent of Guarantors. Each Guarantor hereby consents to the amendments to the Credit Agreement effected
hereby, and hereby confirms, acknowledges and agrees that, (a) notwithstanding the effectiveness of this First Amendment, the obligations of such Guarantor contained in any of the Loan Documents to which it is a party are, and shall remain, in
full force and effect and are hereby ratified and confirmed in all respects, except that, on and after the effectiveness of this First Amendment, each reference in the Loan Documents to “the Credit Agreement”, “thereunder”,
“thereof” or words of like import shall mean and be a reference to the Credit Agreement, as amended by this First Amendment, (b) the pledge and security interest in the Collateral granted by it pursuant to the Security Documents to
which it is a party shall continue in full force and effect and (c) such pledge and security interest in the Collateral granted by it pursuant to such Security Documents shall continue to secure the Obligations purported to be secured thereby,
as amended or otherwise affected hereby. 
 [The remainder of this page is intentionally left blank.]
 

  
 3 

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

							
	HMH HOLDINGS (DELAWARE), INC.
		
	By:	 	 /s/ William F. Bayers

		 	Name:	 	William F. Bayers
		 	Title:	 	 Executive Vice President,
 Secretary
and General Counsel

	
	HOUGHTON MIFFLIN HARCOURT PUBLISHERS INC., as a Borrower
		
	By:	 	 /s/ William F. Bayers

		 	Name:	 	William F. Bayers
		 	Title:	 	 Executive Vice President,
 Secretary
and General Counsel

	
	HOUGHTON MIFFLIN HARCOURT PUBLISHING COMPANY, as a Borrower
		
	By:	 	 /s/ William F. Bayers

		 	Name:	 	William F. Bayers
		 	Title:	 	 Executive Vice President,
 Secretary
and General Counsel

 
							
	
	HMH PUBLISHERS LLC, as a Borrower
		
	By:	 	 Houghton Mifflin Harcourt Publishers Inc.,

its sole member

			
		 	By:	 	 /s/ William F. Bayers

		 		 	Name:	 	William F. Bayers
		 		 	Title:	 	 Executive Vice President,
 Secretary and General
Counsel

 
							
	
	EACH OF THE SUBSIDIARY GUARANTORS LISTED ON SCHEDULE 1 HERETO
		
	By:	 	 /s/ William F. Bayers

		 	Name:	 	William F. Bayers
		 	Title:	 	 Executive Vice President
 Secretary
and General Counsel

  
 [Signature Page to First
Amendment] 

 
					
	 CITIBANK, N.A.,
 as Administrative
Agent, Collateral Agent and a Lender

		
	By:	 	 /s/ Thomas M. Halsch

		 	Name:	 	Thomas M. Halsch
		 	Title:	 	Vice President

  
 [Signature Page to First
Amendment] 

 SCHEDULE 1 
  

	
	Riverdeep Inc., A Limited Liability Company
	RVDP, Inc.
	Broderbund LLC
	Houghton Mifflin Holding Company, Inc.
	Houghton Mifflin, LLC
	Houghton Mifflin Finance, Inc.
	Houghton Mifflin Holdings, Inc.
	HM Publishing Corp.
	HRW Distributors, Inc.
	Greenwood Publishing Group, Inc.
	Classroom Connect, Inc.
	ACHIEVE! Data Solutions, LLC
	Steck-Vaughn Publishing LLC
	HMH Supplemental Publishers Inc.
	Sentry Realty Corporation
	Houghton Mifflin Company International, Inc.
	The Riverside Publishing Company
	Classwell Learning Group Inc.
	Cognitive Concepts, Inc.
	Edusoft
	Advanced Learning Centers, Inc.

  
 [Signature Page to First
Amendment] 

 
			
	[LENDER], as a Lender:
		
	By:	 	  

		 	Name:
		 	Title:
	
	[If a second signature is required]
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to First
Amendment]EX-10.15

 Exhibit 10.15 

EXECUTION VERSION 
 LETTER WAIVER
AND AMENDMENT NO. 2 
 TO THE CREDIT AGREEMENT 

Dated as of June 20, 2012 

To Citibank, N.A., 
 as administrative agent (the
“Administrative Agent”) 
 for the Lenders under the Credit Agreement referred to below 

Ladies and Gentlemen: 
 We refer to the
Superpriority Senior Secured Debtor-In-Possession and Exit Term Loan Credit Agreement dated as of May 22, 2012 (as amended, restated, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”), among
the undersigned and you. Capitalized terms not otherwise defined in this Letter Waiver shall have the same meanings as specified in the Credit Agreement. 

The Borrowing Agent has requested that the Lenders (a) waive the ten Business Day notice requirement set forth in Section 4.04(a) of
the Credit Agreement in exchange for the delivery of the written notice attached as Exhibit A hereto to permit the Borrowers to exercise the Exit Facility Option on the Exit Facility Conversion Date (the “Conversion Notice”) and
(b) amend Section 4.04(c) of the Credit Agreement as set forth below. 
 The Lenders hereby (a) waive the 10 Business Day
notice but only to the extent that the Exit Facility Conversion is consummated no later than June 28, 2012 (the “Extension Date”), as set forth on the attached Conversion Notice; provided that in the event the hearing pursuant
to which the Confirmation Order will be entered is scheduled on a date occurring after the Extension Date, the Extension Date shall be automatically extended to such date so as to allow for the consummation of the Exit Facility Conversion promptly
following the entry of the Confirmation Order provided further that in no event shall the Extension Date be extended to a date later than July 31, 2012 and (b) amend Section 4.04(c) of the Credit Agreement by deleting the
phrase “a final non-appealable order” appearing therein and inserting in lieu thereof the phrase “an order”. 
 This
Letter Waiver shall become effective as of the first date (the “Effective Date”) on which the Administrative Agent shall have received counterparts of this Letter Waiver executed by us and the Administrative Agent. This Letter
Waiver is subject to the provisions of Section 9.08 of the Credit Agreement. 
 On and after the effectiveness of this Letter Waiver,
each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement and each of the other Loan Documents to “the Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as modified by this Letter Waiver. 

 The Credit Agreement and each of the other Loan Documents, except to the extent of the waiver
specifically provided above, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Security Documents and all of the Collateral described
therein do and shall continue to secure the payment of all Obligations of the Loan Parties under the Loan Documents. The execution, delivery and effectiveness of this Letter Waiver shall not, except as expressly provided herein, operate as a waiver
of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 

If you agree to the terms and provisions of this Letter Waiver, please evidence such agreement by executing and delivering one counterpart by
fax or by electronic transmission of this Letter Waiver to Shearman & Sterling LLP, 599 Lexington Avenue, New York, NY 10022, Attention: Judson Oswald, Telephone (212) 848-5029, Fax (646) 848-5029 by no later than 5:00 P.M. (NYC
Time) on the date first above written, and six original counterparts by courier promptly thereafter. 
 This Letter Waiver may be executed
in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this Letter Waiver by telecopier or electronic transmission shall be effective as delivery of an original executed counterpart of this Letter Waiver. 

[Remainder of page intentionally left blank.] 

  
 2 

 This Letter Waiver shall be governed by, and construed in accordance with, the laws of the State
of New York. 
  

					
	 Very truly yours,

	
	HMH HOLDINGS (DELAWARE), INC.
		
	By:	 	 /s/ William F. Bayers

		 	Name:	 	William F. Bayers
		 	Title:	 	Executive Vice President, Secretary and General Counsel
	
	HOUGHTON MIFFLIN HARCOURT PUBLISHERS INC.
		
	By:	 	 /s/ William F. Bayers

		 	Name:	 	William F. Bayers
		 	Title:	 	Executive Vice President, Secretary and General Counsel
	
	HOUGHTON MIFFLIN HARCOURT PUBLISHING COMPANY
		
	By:	 	 /s/ William F. Bayers

		 	Name:	 	William F. Bayers
		 	Title:	 	Executive Vice President, Secretary and General Counsel

  

							
	HMH PUBLISHERS LLC
		
	By:	 	 Houghton Mifflin Harcourt Publishers Inc.,

its sole member

			
		 	By:	 	 /s/ William F. Bayers

		 		 	Name:	 	William F. Bayers
		 		 	Title:	 	Executive Vice President, Secretary and General Counsel

  

					
	EACH OF THE SUBSIDIARY GUARANTORS LISTED ON SCHEDULE 1 HERETO
		
	By:	 	 /s/ William F. Bayers

		 	Name:	 	William F. Bayers
		 	Title:	 	Executive Vice President Secretary and General Counsel

  
 Signature Page to Letter
Waiver 

 Agreed as of the date first above written: 

 

					
	CITIBANK, N.A., as a Lender
		
	By:	 	 /s/ THOMAS M. HALSCH

		 	Name:	 	THOMAS M. HALSCH
		 	Title:	 	VICE PRESIDENT

  
 Signature Page to Letter
Waiver 

 SCHEDULE 1 

Riverdeep Inc., A Limited Liability Company 
 RVDP, Inc. 

Broderbund LLC 
 Houghton Mifflin Holding Company, Inc. 

Houghton Mifflin, LLC 
 Houghton Mifflin Finance, Inc. 

Houghton Mifflin Holdings, Inc. 
 HM Publishing Corp. 

HRW Distributors, Inc. 
 Greenwood Publishing Group, Inc. 

Classroom Connect, Inc. 
 ACHIEVE! Data Solutions, LLC 

Steck-Vaughn Publishing LLC 
 HMH Supplemental Publishers Inc.

 Sentry Realty Corporation 
 Houghton Mifflin Company
International, Inc. 
 The Riverside Publishing Company 

Classwell Learning Group Inc. 
 Cognitive Concepts, Inc. 

Edusoft 
 Advanced Learning Centers, Inc.

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