Document:

Exhibit 10.7

 

CHANDLER TRUST NO. 1

CHANDLER TRUST NO. 2

Tribune Company

Fortification Holdings Corporation

Wick Holdings Corporation

Eagle New Media Investments, LLC

Eagle Publishing Investments, LLC

435 North Michigan Avenue

Chicago, Illinois  60611

Date:  September 21, 2006

Ladies and Gentlemen:

Reference is made to that certain Second Amended and
Restated Limited Liability Company Agreement of TMCT II, LLC (the “Company”),
of even date herewith, by and among Tribune Company, a Delaware corporation (“Tribune”),
Fortification Holdings Corporation, a Delaware corporation (“Sub 1”),
Wick Holdings Corporation, a Delaware corporation (“Sub 2”), Eagle New
Media Investments, LLC, a Delaware limited liability company (“Eagle 1”),
Eagle Publishing Investments, LLC, a Delaware limited liability company (“Eagle
2” and collectively with Tribune, Sub 1, Sub 2 and Eagle 1, the “Tribune
Members”), Chandler Trust No. 1 (“Trust 1”) and Chandler Trust No. 2
(“Trust 2” and collectively with Trust 1, the “Trust Members”),
as Members of the Company (the “Operating Agreement”).  Unless otherwise defined, capitalized terms
herein shall have the meaning ascribed to them in the Operating Agreement.

Each of the Tribune Members and Trust Members hereby
agree as follows:

1.             Put/Call Rights.

1.1           Put Right.  Trust 2 hereby grants to the Tribune Members
the unconditional and irrevocable right (such right being hereinafter called
the “Put”) to sell to Trust 2, and to require Trust 2 to purchase from
the Tribune Members, all the Interests held by the Tribune Members for the Fair
Market Value (as defined below) of such Interests (the “Put Purchase Price”).  The Put shall be exercisable by the Tribune
Members in their sole discretion by giving written notice (the “Put Notice”)
to Trust 2 at any time during the period beginning on September 21, 2007 and
ending on October 21, 2007 (the “Put Period”).

1.2           Call Right.  The Tribune Members hereby grant to Trust 2
the unconditional and irrevocable right (such right being hereinafter called
the “Call”) to purchase from the Tribune Members, and to require the
Tribune Members to sell to Trust 2, all the Interests held by the Tribune
Members for the Fair Market Value of such Interests (the “Call Purchase
Price”).  The Call shall be
exercisable by Trust 2 in its sole discretion by giving written notice (the “Call
Notice”) to the Tribune Members at any time during the period beginning on
October 22, 2007 and ending on November 22, 2007.

1.3           Fair Market Value.  For the purposes of this letter agreement, “Fair
Market Value” shall mean the fair market value of the Interests to be sold
pursuant to this letter agreement, as

 

 

determined as
of the date of the Put Notice or the Call Notice, as applicable, and as agreed
by the Tribune Members, on the one hand, and the Trust Members, on the other
hand.  Such Fair Market Value shall be
determined by the parties by multiplying the aggregate net asset value of the
underlying assets of the Company as of such date of the Put Notice or the Call
Notice, as applicable, by the percentage represented by the Interests to be
sold.  In the event that the Tribune
Members and the Trust Members shall fail to agree on the Fair Market Value of
the Interests within ten business days after the date on which the Put Notice
or the Call Notice, as applicable, is delivered, then such dispute shall be
submitted for resolution to Valuation Research Corporation or any other
independent investment banking firm of recognized standing mutually acceptable
to the Trust Members and the Tribune Members (the “Appraiser”).  The Tribune Members and the Trust Members
shall each furnish the Appraiser with their respective determination of the
Fair Market Value of the Interests as of the date of the Put Notice or the Call
Notice, as applicable.  The Appraiser shall
notify the parties of its selection of one of the two original determinations
of the Fair Market Value of the Interests as of the date of the Put Notice or
the Call Notice, as applicable, based on its determination that it more closely
reflects the actual Fair Market Value than the other original
determination.  The Appraiser’s
determination as to such Fair Market Value shall be final and binding on all
parties hereto.  The Tribune Members, on
the one hand, and the Trust Members, on the other, shall bear the costs and
expenses of the Appraiser equally.

1.4           Closing.  The closing of the sale of Interests pursuant
to this letter agreement (the “Closing”) shall occur on the later of (a)
15 business days after the date on which the Put Notice or Call Notice, as
applicable, is delivered and (b) two business days after the date of the final
determination of Fair Market Value as provided in Section 1.3 above.  At the Closing, (i) the Tribune Members
shall deliver to Trust 2 a written assignment, in a form satisfactory to Trust
2 (the “Assignment”), evidencing the assignment of the Interests free
and clear of all encumbrances, and (ii) Trust 2 shall pay to the Tribune
Members the Put Purchase Price or Call Purchase Price, as applicable, in any
combination of (A) cash by wire transfer of immediately available funds to an
account or accounts designated by the Tribune Members and/or (B) certificates
representing shares of Tribune common stock (valued at the average of the
closing prices for Tribune’s common stock on the New York Stock Exchange for
the last thirty trading days immediately preceding the Closing), and shall
execute and deliver the Assignment.  The
parties shall cooperate with each other in doing all things reasonably
necessary to effect the Closing on the terms of this letter agreement.

1.5           Assignability of
Put/Call Rights.  Notwithstanding
anything herein to the contrary, Trust 2 may, in its sole discretion, assign
all or any portion of its rights and obligations hereunder to Trust 1 without
the prior consent of the Tribune Members.

2.             Tag Along Right. 
If the Trust Members shall, after complying with Section 5.4 of the
Operating Agreement, decide to sell (a “Third Party Sale”) all or a
portion of their Interests to any third party offeror who is not an affiliate
of the Trust Members (“Third Party Offeror”), the Trust Members shall
promptly notify (the “Tag Notice”) the Tribune Members in writing of the
existence of, and the terms and conditions of, such Third Party Sale.  The Tribune Members shall have fifteen (15)
days from the receipt of the Tag Notice (the “Demand Period”) to deliver
a notice to the Trust Members requesting to participate in such Third Party
Sale.  If the Tribune Members elect to
participate in such Third Party Sale, each of the Trust Members and the Tribune
Members shall be entitled to sell in such Third Party Sale, at the same price
and upon the same terms and conditions, its pro rata portion of the Interests
being sold pursuant to the Third Party Sale. 
The Trust Members shall use their reasonable efforts to obtain the
agreement of the Third Party Offeror to the participation of the Tribune
Members, and shall not, in any event, transfer any Interests to the Third Party
Offeror if such Third Party Offeror 

 2
 

 

 

declines to allow the participation of the Tribune
Members on the terms specified herein. 
If the Demand Period shall expire and the Tribune Members shall not have
indicated an interest in participating in the Third Party Sale, the Trust
Members may complete the Third Party Sale, within ninety (90) days of the
expiration of the Demand Period, upon the terms and subject to the conditions
set forth in the Tag Notice.  Each Member
selling its Interests pursuant to this Section 2 shall pay its pro rata share
of the expenses incurred by the selling Members in connection with such
transfer and shall be obligated to join on a pro rata basis in the
indemnification or other obligations that that selling Members agree to provide
in connection with such transfer (other than any such obligations that relate
specifically to a particular Member, such as indemnification with respect to
representations and warranties given by a Member regarding such Member’s title
to and ownership of the Interests).  The
rights of the Tribune Members granted under this Section 2 shall expire at
the end of the Put Period.

3.             Miscellaneous. 
This letter agreement may be executed by facsimile in one or more
counterparts, each of which shall be deemed to be an original but all of which
shall constitute one and the same agreement. 
This letter agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without giving effect to its conflicts
or choice of law principles.  Any notice
or communication hereunder must be in writing and will be deemed to have been
duly given when (a) delivered by hand (with written confirmation of receipt),
(b) sent by telecopier (with written confirmation of receipt), provided that a
copy is mailed by registered mail, return receipt requested, or (c) received by
the addressee, if sent by United States mail or by a nationally recognized
overnight delivery service (receipt requested), in each case to the appropriate
addresses and telecopier numbers set forth in Section 15.2 of the Operating
Agreement.  The rights and obligations
expressed herein may be transferred by a party hereto solely in connection with
a Permitted Disposition of any Interests in compliance with the Operating
Agreement.  Except as expressly set forth
herein, the Operating Agreement shall remain in full force and effect and this
letter agreement shall not be deemed to be an amendment to any other terms or
conditions thereof.  The parties
acknowledge and agree that any breach of the terms of this letter agreement
would give rise to irreparable harm for which money damages would not be an
adequate remedy and, accordingly, the parties agree that, in addition to any
other remedies, each will be entitled to enforce the terms of this letter
agreement by a decree of specific performance without the necessity of proving
the inadequacy of money damages as a remedy and without the necessity of
posting a bond.  This letter agreement
may be amended, modified, superseded, cancelled or extended, and the terms and
conditions of this letter agreement may be waived, only by a written instrument
signed by the parties or, in the case of a waiver, by the party waiving
compliance.

 3

 

 

If the foregoing accurately summarizes our
understanding, we request that you approve this letter and evidence such
approval by causing the enclosed copy of this letter agreement to be executed
and returned to us.

	
   

  	
  Your
  truly,

  
	
   

  	
   

  	
   

  
	
   

  	
  CHANDLER TRUST NO. 1

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Susan Babcock 

  	
   

  
	
   

  	
   

  	
  Susan Babcock, as Trustee of Chandler Trust

  
	
   

  	
   

  	
  No. 1 under Trust Agreement dated June 26,
  1935

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey Chandler 

  	
   

  
	
   

  	
   

  	
  Jeffrey Chandler, as Trustee of Chandler Trust

  
	
   

  	
   

  	
  No. 1 under Trust Agreement dated June 26,
  1935

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Camilla Chandler Frost 

  	
   

  
	
   

  	
   

  	
  Camilla Chandler Frost, as Trustee of Chandler Trust

  
	
   

  	
   

  	
  No. 1 under Trust Agreement dated June 26,

  
	
   

  	
   

  	
  1935

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Roger Goodan 

  	
   

  
	
   

  	
   

  	
  Roger Goodan, as Trustee of Chandler Trust No. 1

  
	
   

  	
   

  	
  under Trust Agreement dated June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William Stinehart, Jr. 

  	
   

  
	
   

  	
   

  	
  William Stinehart, Jr., as Trustee of Chandler

  
	
   

  	
   

  	
  Trust No. 1 under Trust Agreement dated
  June 26, 

  
	
   

  	
   

  	
  1935

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Judy C. Webb 

  	
   

  
	
   

  	
   

  	
  Judy C. Webb, as Trustee of Chandler Trust
  No. 1

  
	
   

  	
   

  	
  under Trust Agreement dated June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren B. Williamson 

  	
   

  
	
   

  	
   

  	
  Warren B. Williamson, as Trustee of Chandler

  
	
   

  	
   

  	
  Trust No. 1 under Trust Agreement dated
  June 26, 

  
	
   

  	
   

  	
  1935

  
					

 

 

 

	
  

  	
  CHANDLER TRUST NO. 2

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Susan Babcock 

  	
   

  
	
   

  	
   

  	
  Susan Babcock, as Trustee of Chandler Trust 

  
	
   

  	
   

  	
  No. 2 under Trust Agreement dated June 26,
  1935

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey Chandler 

  	
   

  
	
   

  	
   

  	
  Jeffrey Chandler, as Trustee of Chandler Trust 

  
	
   

  	
   

  	
  No. 2 under Trust Agreement dated June 26,
  1935

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Camilla Chandler Frost 

  	
   

  
	
   

  	
   

  	
  Camilla Chandler Frost, as Trustee of Chandler 

  
	
   

  	
   

  	
  Trust No. 2 under Trust Agreement dated
  June 26, 

  
	
   

  	
   

  	
  1935

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Roger Goodan 

  	
   

  
	
   

  	
   

  	
  Roger Goodan, as Trustee of Chandler Trust
  No. 2 

  
	
   

  	
   

  	
  under Trust Agreement dated June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William Stinehart, Jr. 

  	
   

  
	
   

  	
   

  	
  William Stinehart, Jr., as Trustee of Chandler Trust
  

  
	
   

  	
   

  	
  No. 2 under Trust Agreement dated June 26,

  
	
   

  	
   

  	
  1935

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Judy C. Webb 

  	
   

  
	
   

  	
   

  	
  Judy C. Webb, as Trustee of Chandler Trust
  No. 2 

  
	
   

  	
   

  	
  under Trust Agreement dated June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren B. Williamson

  	
   

  
	
   

  	
   

  	
  Warren B. Williamson, as Trustee of Chandler 

  
	
   

  	
   

  	
  Trust No. 2 under Trust Agreement dated
  June 26, 

  
	
   

  	
   

  	
  1935

  
							

 

 

 

ACCEPTED AND AGREED TO THIS

21st DAY OF SEPTEMBER 2006

	
   

  	
  TRIBUNE COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
   

  	
  Name: Chandler Bigelow

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FORTIFICATION HOLDINGS CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
   

  	
  Name: Chandler Bigelow

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WICK HOLDINGS CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
   

  	
  Name: Chandler Bigelow

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EAGLE NEW MEDIA INVESTMENTS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
   

  	
  Name: Chandler Bigelow

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EAGLE PUBLISHING INVESTMENTS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
   

  	
  Name: Chandler Bigelow

  
	
   

  	
   

  	
  Title: Vice PresidentExhibit 10.1

EXECUTION COPY

AMENDMENT NO. 1 

TO

AMENDED AND RESTATED CREDIT AGREEMENT

THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”)
dated as of September 22, 2006, is entered into among GLADSTONE BUSINESS LOAN,
LLC, as the Borrower, DEUTSCHE BANK AG, NEW YORK BRANCH (“Deutsche Bank”)
and KEYBANK, NATIONAL ASSOCIATION (“KeyBank”), as Committed Lenders
(collectively, the “Committed Lenders”), Deutsche Bank and KeyBank as
Managing Agents (in such capacity, collectively the “Managing Agents”)
and Deutsche Bank as Administrative Agent (in such capacity, the “Administrative
Agent”). Capitalized terms used herein without definition shall have the
meanings ascribed thereto in the “Credit Agreement” referred to below.

PRELIMINARY STATEMENTS

A.            Reference is made to
that certain Amended and Restated Credit Agreement dated as of May 26, 2006
among the Borrower, Gladstone Management Corporation, as Servicer, the CP
Lenders, the Committed Lenders, the Managing Agents and the Administrative
Agent (as amended, modified or supplemented from time to time, the “Credit
Agreement”).

B.            The parties hereto
have agreed to amend certain provisions of the Credit Agreement upon the terms
and conditions set forth herein.

SECTION 1. Amendment.
Subject to the satisfaction of the conditions set forth in Section 3
hereof, the parties hereto hereby agree:

(i)            to
add the following definition of “Collateral Quality Test” to Section 1.1:

Collateral
Quality Test
means as of any date, (i) the weighted average life of the Transferred Loans
shall not be greater than 66 months, (ii) the weighted average excess spread in
respect of Transferred Loans shall not be less than 3.00% (for the purpose of
this definition, the excess spread on (A) Transferred Loans which accrue
interest at a floating rate shall be the amount by which the interest rate on
such Transferred Loans exceeds the LIBO Rate and (B) Transferred Loans which
accrue interest at a fixed rate shall be amount by which the interest rate on
such Transferred Loans exceeds the cap rate under the related Hedge
Transactions) and (iii) the weighted average risk rating of the portfolio shall
not be less than 4 (or the equivalent of B-/B3 by S&P and Moody’s
respectively), as determined by the Servicer’s risk rating model.

(ii)           to
delete clause (a) in the definition of “Commitment” in Section 1.1 and
substitute the following therefor:

 

(a) For each
Committed Lender, the commitment of such Committed Lender to fund any Advance
to the Borrower in an amount not to exceed $75,000,000, as such amount may be
modified in accordance with the terms hereof;

(iii)          to
delete the definition of “Facility Amount” in Section 1.1 and substitute
the following therefor:

Facility Amount: At any time, $150,000,000; provided, however,
that on or after the Termination Date, the Facility Amount shall be equal to
the amount of Advances outstanding.

(iv)          to
add the following provision as new Section 6.3(b) (existing subsections (b) and
(c) to become new subsections (c) and (d), respectively):

(b) Upon any request for
a release of certain Loans in connection with a proposed Securitization, if,
upon application of the proceeds of such transaction in accordance with Section
2.8, either (x) all Advances Outstanding have been reduced to zero or (y) (i)
the Required Equity Investment shall be maintained, (ii) the Borrowing Base
Test shall be met, (iii) the Collateral Quality Test shall be met and (iv) no
Early Termination Event or Unmatured Termination Event shall result therefrom
or shall have occurred and be continuing, the Administrative Agent as agent for
the Secured Parties will, to the extent requested by the Borrower or the
Servicer on behalf of the Borrower, release its interest in such Loan and any
Supplemental Interests related thereto. In connection with any such release on
or after the occurrence of the above, the Administrative Agent, as agent for
the Secured Parties, will execute and deliver to the Borrower or the Servicer
on behalf of the Borrower any termination statements and any other releases and
instruments as the Borrower or the Servicer on behalf of the Borrower may
reasonably request in order to effect the release of such Loan and Supplemental
Interest; provided, that, the Administrative Agent as agent for the Secured
Parties will make no representation or warranty, express or implied, with
respect to any such Loan or Supplemental Interest in connection with such sale
or transfer and assignment.

(v)           to
delete Section 7.7 and substitute the following therefore:

(a) The Servicer may, at
any time, notify the Borrower and the Administrative Agent that it (or its
assignee) is

 2
 

 

requesting to purchase
any Transferred Loan with respect to which the Borrower or any Affiliate of the
Borrower has received notice of the related Obligor’s intention to prepay such
Transferred Loan in full within a period of not more than sixty (60) days from
the date of such notification.

(b) Either of the
Originator or the Servicer (or its assignee) may, at its sole option, with
respect to any Transferred Loan that it determines, in the exercise of its
reasonable discretion, will likely become a Defaulted Loan or a Charged-Off
Loan, or that has become a Defaulted Loan or a Charged-Off Loan, notify the
Borrower and the Administrative Agent that it is requesting to purchase each
such Transferred Loan; provided, however, that no more than six
Transferred Loans may be purchased pursuant to this paragraph (b) during
the term of this Agreement.

(c) The Servicer (or its
assignee) may request purchase of a Transferred Loan pursuant to paragraph
(a) or (b) above, and the Originator may request purchase of a
Transferred Loan pursuant to paragraph (b) above, by providing five (5)
Business Days’ prior written notice to Borrower and the Administrative Agent. The
Borrower may agree to such purchase with the consent of the Administrative
Agent (which consent shall not be unreasonably withheld). With respect to any
such purchase of a Transferred Loan, the party providing the required written
notice shall, on the date of purchase, remit to the Borrower in immediately
available funds an amount equal to the Repurchase Price therefor. Upon each
purchase of a Transferred Loan pursuant to this Section 7.7, the
Borrower shall automatically and without further action be deemed to transfer,
assign and set-over to the purchaser thereof all the right, title and interest
of the Borrower in, to and under such Transferred Loan and all monies due or to
become due with respect thereto, all proceeds thereof and all rights to
security for any such Transferred Loan, and all proceeds and products of the
foregoing, free and clear of any Lien created pursuant to this Agreement, all
of the Borrower’s right, title and interest in such Transferred Loan, including
any related Supplemental Interests. Each Lender shall receive five (5) Business
Days’ notice of any repurchase that results in a prepayment of all or a portion
of any Advance.

(d) The Borrower shall,
at the sole expense of the party purchasing any Transferred Loan, execute such
documents

 3
 

 

and instruments of transfer
as may be prepared by such party and take such other actions as shall
reasonably be requested by such party to effect the transfer of the related
Transferred Loan pursuant to this Section 7.7.

SECTION
2. Representations and Warranties. The Borrower hereby represents and
warrants to each of the other parties hereto, that:

(a)           this
Amendment constitutes its legal, valid and binding obligation, enforceable
against it in accordance with its terms; and

(b)           on
the date hereof, before and after giving effect to this Amendment, other than
as amended or waived pursuant to this Amendment, no Early Termination Event or
Unmatured Termination Event has occurred and is continuing.

SECTION
3. Conditions.

(a)           This
Amendment shall become effective on the first Business Day (the “Effective
Date”) on which the Administrative Agent or its counsel has received
counterpart signature pages of this Amendment, executed by each of the parties
hereto.

(b)           The
parties hereto hereby agree that the amendments set forth in Section 1(v)
hereto shall cease to be effective and Section 7.7 of the Credit Agreement
shall revert to its original language if the Borrower does not cause its
counsel to deliver an updated “true sale” opinion (which may be in the form of
a “date down” letter confirming that nothing in this Amendment shall change the
conclusions set forth in the original “true sale” opinion delivered on the
Closing Date) to the Administrative Agent within thirty (30) days of the
Effective Date.

SECTION 4. Reference to
and Effect on the Transaction Documents.

(a)           Upon
the effectiveness of this Amendment, (i) each reference in the Credit Agreement
to “this Credit Agreement”, “this Agreement”, “hereunder”, “hereof”, “herein”
or words of like import shall mean and be a reference to the Credit Agreement
as amended or otherwise modified hereby, and (ii) each reference to the Credit
Agreement in any other Transaction Document or any other document, instrument
or agreement executed and/or delivered in connection therewith, shall mean and
be a reference to the Credit Agreement as amended or otherwise modified hereby.

(b)           Except
as specifically amended, terminated or otherwise modified above, the terms and
conditions of the Credit Agreement, of all other Transaction Documents and any
other documents, instruments and agreements executed and/or delivered in
connection therewith, shall remain in full force and effect and are hereby
ratified and confirmed.

(c)           The
execution, delivery and effectiveness of this Amendment shall not operate as a
waiver of any right, power or remedy of the Administrative Agent, any Managing
Agent or any Lender under the Credit Agreement or any other Transaction

 4
 

 

Document or any other document, instrument or
agreement executed in connection therewith, nor constitute a waiver of any
provision contained therein, in each case except as specifically set forth
herein.

SECTION
5. Execution in Counterparts. This Amendment may be executed in any
number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to
be an original and all of which taken together shall constitute but one and the
same instrument. Delivery of an executed counterpart of a signature page to
this Amendment by telecopier shall be effective as delivery of a manually
executed counterpart of this Amendment.

SECTION
6. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

SECTION
7. Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

SECTION
8. Fees and Expenses. Borrower hereby confirms its agreement to pay: (a)
each Committed Lender an “Amendment Work Fee” in the amount of $18,750,
such Amendment Work Fees due and payable upon execution of this Amendment; and
(b) on demand all reasonable costs and expenses of the Administrative Agent,
Managing Agents or Lenders in connection with the preparation, execution and
delivery of this Amendment and any of the other instruments, documents and
agreements to be executed and/or delivered in connection herewith, including,
without limitation, the reasonable fees and out-of-pocket expenses of counsel
to the Administrative Agent, Managing Agents or Lenders with respect thereto.

[Remainder of Page Deliberately Left Blank]

 5

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

	
   

  	
  GLADSTONE BUSINESS LOAN, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Signature Page to Amendment No. 1

 

 

	
  

  	
  DEUTSCHE BANK AG, NEW YORK 

  
	
   

  	
   

  	
  BRANCH, as a Committed Lender,

  Managing Agent and Administrative

  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

Signature Page to
Amendment No. 1

 

 

	
  

  	
  KEYBANK, NATIONAL ASSOCIATION, 

  
	
   

  	
   

  	
  as a Committed Lender and Managing

  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

Signature Page to Amendment
No. 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]