Document:

exh10_1.htm

    
      

       

      SIXTH
        AMENDMENT TO CREDIT AGREEMENT

       

      This
        Sixth Amendment to Credit Agreement (the “Amendment”) is made as of June
        20, 2009, by and between TORTOISE CAPITAL RESOURCES CORPORATION, a Maryland
        corporation (the “Borrower”); and U.S. BANK NATIONAL ASSOCIATION, a
        national banking association (the “Bank”); and as the lender for
        Swingline Loans (in such capacity, the “Swingline Lender”), as agent for
        the Banks hereunder (in such capacity, the “Agent”), and as lead arranger
        hereunder (in such capacity, the “Lead Arranger”).  Capitalized
        terms used and not defined in this Amendment have the meanings given to them
        in
        the Credit Agreement referred to below.

       

      Preliminary
        Statements

       

      (a)           The
        Bank and the Borrower are parties to a Credit Agreement dated as of April
        25,
        2007, as amended by the First Amendment to Credit Agreement dated as of July
        18,
        2007, as further amended by the Second Amendment to Credit Agreement dated
        as of
        September 28, 2007, as further amended by the Third Amendment to Credit
        Agreement dated as of March 21, 2008, as further amended by the Fourth Amendment
        to Credit Agreement dated as of March 28, 2008, and as further amended by
        the
        Fifth Amendment to Credit Agreement dated as of March 20, 2009 (as so amended,
        and as the same may be further amended, renewed, restated, replaced,
        consolidated or otherwise modified from time to time, the “Credit
        Agreement”).

       

      (b)           The
        Borrower has requested to renew and extend the term of the Credit Agreement
        for
        60 days.

       

      (c)           The
        Bank is willing to agree to the foregoing request, subject, however, to the
        terms, conditions, and agreements set for the below.

       

      NOW,
        THEREFORE, for good and valuable consideration, the receipt and sufficiency
        of
        which are hereby acknowledged, the Bank and the Borrower agree as
        follows:

       

      1.  Modification
        to Section 1.1 Definitions.  The definition of “Termination
        Date” as set forth in Section 1.1 of the Credit Agreement is hereby deleted in
        its entirety and is hereby replaced with the following:

       

      “Termination
        Date” means August 20, 2009; provided, however, if such day is not
        a Business Day, the Termination Date shall be the immediately preceding Business
        Day.

       

      2.  Decrease
        in Revolving Credit Facility.  The reference to “$25,000,000”
in Section 2.1 of the Credit Agreement is hereby deleted and is
        hereby replaced
        with “$11,700,000”.

       

      3.  Modification
        to Exhibit A.  Exhibit A as attached to the Credit Agreement
        is deleted and is hereby replaced with Exhibit A, attached to this
        Amendment.

       

      4.  New
        Note.  Contemporaneously with the execution and delivery of
        this Amendment, the Borrower, as maker, shall execute and deliver a new
        revolving credit note, in the stated principal amount of $11,700,000, in
        favor
        of U.S. Bank National Association, as payee (the “New Note”), which New
        Note shall amend, restate and replace the Note dated as of March 20, 2009,
        from
        the Borrower, as maker, to U.S. Bank National Association, as payee, in the
        stated principal amount of $18,000,000 (the “Old Note”), and which New
        Note, as the same may be amended, renewed, restated, replaced or consolidated
        from time to time, shall be a “Revolving Credit Note” referred to in the Credit
        Agreement.

       

      5.  Reaffirmation
        of Credit Documents.  The Borrower reaffirms its obligations
        under the Credit Agreement, as amended hereby, and the other Credit Documents
        to
        which it is a party or by which it is bound, and represents, warrants and
        covenants to the Bank, as a material inducement to the Bank to enter into
        this
        Amendment, that (a) the Borrower has no and in any event waives any, defense,
        claim or right of setoff with respect to its obligations under, or in any
        other
        way relating to, the Credit Agreement, as amended hereby, or any of the other
        Credit Documents to which it is a party, or the Bank’s actions or inactions in
        respect of any of the foregoing, and (b) all representations and warranties
        made
        by or on behalf of the Borrower in the Credit Agreement and the other Credit
        Documents are true and complete on the date hereof as if made on the date
        hereof.

       

      6.  Conditions
        Precedent to Amendment.  Except to the extent waived in a
        writing signed by the Bank and delivered to the Borrower, the Bank shall
        have no
        duties under this Amendment until the Bank shall have received fully executed
        originals of each of the following, each in form and substance satisfactory
        to
        the Bank:

       

      (a)  Amendment.  This
        Amendment;

       

      (b)  New
        Note.  The New Note;

       

          (c)  Form
        U-1.  A Form U-1 for the Borrower whereby, among other
        things, (i) the maximum principal amount of Revolving Credit Loans that may
        be
        outstanding from time to time under the Credit Agreement is noted as being
        $11,700,000, and (ii) the Borrower concurs (and the Borrower does hereby
        concur)
        with the assessment of the market value of the margin stock or other investment
        property described in the attachment to such Form U-1 as of the date provided
        in
        such attachment;

       

          (d)  Secretary’s
        Certificate.  A certificate from the Secretary or
        Assistant Secretary of the Borrower certifying to the Bank that, among other
        things, (i) attached thereto as an exhibit is a true and correct copy of
        the
        resolutions of the board of directors of the Borrower authorizing the Borrower
        to enter into the transactions described in this Amendment and the execution,
        delivery and performance by the Borrower of such Credit Documents, (ii) the
        articles of incorporation and by-laws of the Borrower as delivered to the
        Agent
        pursuant to the Secretary’s Certificate dated April 25, 2007 from the
        Borrower’s secretary remain in full force and effect and have not been amended
        or otherwise modified or revoked, and (iii) attached thereto as exhibits
        are
        certificates of good standing, each of recent date, from the Secretary of
        State
        of Maryland and the Secretary of State of Kansas, certifying the good standing
        and authority of the Borrower in such states as of such dates; and

       

          (e)  Other
        Documents.  Such other documents as the Bank may
        reasonably request to further implement the provisions of this Amendment
        or the
        transactions contemplated hereby.

       

      7.  No
        Other Amendments; No Waiver of Default.  Except as amended
        hereby, the Credit Agreement and the other Credit Documents shall remain
        in full
        force and effect and be binding on the parties in accordance with their
        respective terms.  By entering into this Amendment, the Bank is not
        waiving any Default or Event of Default which may exist on the date
        hereof.

       

      8.  Expenses.  The
        Borrower agrees to pay and reimburse the Bank for all out-of-pocket costs
        and
        expenses incurred in connection with the negotiation, preparation, execution,
        delivery, operation, enforcement and administration of this Amendment, including
        the reasonable fees and expenses of counsel to the Bank.

       

      9.  Affirmation
        of Security Interest.  The Borrower hereby confirms and
        agrees that any and all liens, security interests and other security or
        Collateral now or hereafter held by the Bank as security for payment and
        performance of the Notes and the Obligations are renewed hereby and carried
        forth to secure payment and performance of the Notes and the
        Obligations.  The Credit Documents are and remain legal, valid and
        binding obligations of the parties thereto, enforceable in accordance with
        their
        respective terms.

       

      10.  Counterparts;
        Fax Signatures.  This Amendment and any documents
        contemplated hereby may be executed in one or more counterparts and by different
        parties thereto, all of which counterparts, when taken together, shall
        constitute but one agreement.  This Amendment and any documents
        contemplated hereby may be executed and delivered by facsimile or other
        electronic transmission and any such execution or delivery shall be fully
        effective as if executed and delivered in person.

       

      11.  Governing
        Law.  This Amendment shall be governed by the same law that
        governs the Credit Agreement.

       

      [Remainder
        of Page Intentionally Left Blank]

       

      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

      

      K.S.A.
        §16-118 Required Notice.  This statement is provided pursuant to
        K.S.A. §16-118:  “THIS AMENDMENT TO CREDIT AGREEMENT IS A FINAL
        EXPRESSION OF THE AMENDMENT TO CREDIT AGREEMENT BETWEEN THE BANK (AS CREDITOR)
        AND THE BORROWER (AS DEBTOR) AND SUCH WRITTEN AMENDMENT TO CREDIT AGREEMENT
        MAY
        NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR ORAL AMENDMENT TO CREDIT AGREEMENT
        OR OF A CONTEMPORANEOUS ORAL AMENDMENT TO CREDIT AGREEMENT BETWEEN THE BANK
        AND
        THE BORROWER.”  THE FOLLOWING SPACE CONTAINS ANY NON-STANDARD TERMS,
        INCLUDING THE REDUCTION TO WRITING OF ANY PREVIOUS ORAL AMENDMENT TO CREDIT
        AGREEMENT:

       

      

       

      NONE.

       

      The
        creditor and debtor, by their respective initials or signatures below, confirm
        that no unwritten amendment to credit agreement exists between the
        parties:

       

      Creditor:   
        CSH    

       

      Debtor:       
        TM    

       

      [signature
        page to follow]

      

       

      

      
        
          
                  

                      Sixth
                Amendment to Credit Agreement
– Initial Page      
      

                      
      
      

                      
      
    

             

          

          
             

            
              

            

          

          
             

          

        

      

      

      IN
        WITNESS WHEREOF, the parties have entered into this Amendment as of the date
        first above written.

       

      

      
        	
                 

              	
                TORTOISE
                  CAPITAL RESOURCES CORPORATION,

              

      

      
        	
                 

              	
                the
                  Borrower

              

      

      

      

      By:/s/
        Terry
        Matlack

             Name:
        Terry Matlack

             Title:
        Chief Financial Officer

      

      

      U.S.
        BANK
        NATIONAL ASSOCIATION,

      as
        Agent
        and as the Bank

      

      

      By:
/s/
        Colleen S.
        Hayes

            Name:
        Colleen S. Hayes

            Title:
        Vice President

    

     

     

     

     

     

     

     

     

     

     

    Sixth
      Amendment to Credit Agreement – Signature
      Page       

    
      

      
        
          
                  

                      
      

                      
      
      

                      
      
    

             

          

          
             

            
              

            

          

          
             

          

        

      

      

      EXHIBIT
        A

       

      (Banks
        and Commitments)

       

      

       

      
        	
                 

                Bank

              	
                Revolving
                  Credit Loan 

                Commitment
                  Amount

              	
                Swingline
                  Loan Commitment Amount*

              	
                Bank’s
                  Total Commitment Amount

              	
                Bank’s
                  Pro-Rata Percentage**

              
	
                U.S.
                  Bank

                National
                  Association

              	
                $11,700,000

              	
                $3,000,000

              	
                $11,700,000

              	
                1.000000000000

              
	 	 	 	 	 
	
                        TOTALS:

              	
                $11,700,000

              	
                $3,000,000

              	
                $11,700,000

              	
                1.000000000000

              

      

      

      
        	
                 

              	
                *

              	
                As
                  more particularly described in the Agreement, the Swingline Loan
                  Commitment is a subcommitment under the Revolving Credit Loan
                  Commitments.  Accordingly, extensions of credit under the
                  Swingline Loan Commitment act to reduce, on a dollar-for-dollar
                  basis, the
                  amount of credit otherwise available under the Revolving Credit
                  Loan
                  Commitments.

              

      

       

      

      Sixth
        Amendment to Credit Agreement – Exhibit
        Aex10-1.htm

     

    EXHIBIT 10.1

    
 

    FIRST
AMENDMENT TO ASSET PURCHASE AGREEMENT

    

    THIS
FIRST AMENDMENT TO ASSET PURCHASE AGREEMENT (this “Amendment”) is executed
effective as of June 19, 2009, by and among INX Inc., a Delaware corporation
(“Buyer”),
NetTeks Technology Consultants, Inc., a Massachusetts corporation (“Seller”), and Ethan
F. Simmons, Matthew J. Field and Michael P. DiCenzo, each individuals (together,
the “Shareholders” and
each, individually, a “Shareholder”).

    

    W I T N E S S E T
H

    

    Reference
is made to that certain Asset Purchase Agreement, dated November 14, 2008, among
the Buyer, the Seller and the Shareholders, together with all exhibits,
schedules and annexes thereto (the “Asset Purchase
Agreement”);

    

    The Seller has sold to the Buyer the
Purchased Assets previously owned by the Seller and the Buyer has paid the
Seller the Cash Consideration and the Stock Consideration;

    

    The
Buyer, the Seller and the Shareholders seek to amend Section 1.7 of the Asset
Purchase Agreement effective as of June 12, 2009, in order to modify the terms
upon which Seller shall be entitled to Additional Purchase
Consideration.

    

    AGREEMENT

    

    NOW, THEREFORE, for and in
consideration of the mutual covenants and agreements herein contained and other
good and valuable consideration, the Buyer, the Seller and the Shareholders do
hereby agree that the Asset Purchase Agreement is modified and amended as
follows:

    

    
      	
               
      

            	
              1.

            	
              SECTION
      1.7. Section 1.7 of the Asset Purchase Agreement is hereby amended
      by deleting Section 1.7 in its entirety and replacing it with the
      following new Section 1.7.

            

    

    

    “1.7
Additional
Purchase Consideration  As additional consideration for the
Purchase, the Buyer will pay additional purchase consideration to the Seller
following the Closing Date based on and contingent upon certain post-Closing
financial performance beginning on the first day of the first full calendar year
after the Closing (the “Additional Purchase
Consideration”) as set forth in this section 1.7.

    

    
      	
               
      

            	
              (a)

            	
              Seller NetTeks
      Business Operations Performance.  Buyer will pay Seller a
      variable contingent payment based on and contingent upon the financial
      performance of the Buyer’s business unit that is comprised, after the
      Closing Date, solely of the Buyer’s business activities performed by its
      employees out of its current locations in Massachusetts and Connecticut
      (the “NetTeks
      Business Operations”) which operations shall include the Buyer’s
      business operations located in the greater Boston-metro area immediately
      prior to the Closing Date.  As used in this Agreement, this
      component of the Additional Purchase Consideration shall be referred to as
      the “NetTeks
      Business Operations Earn out”.  For purposes of this
      Agreement, the term “NetTeks Business
      Operations Operating Income Contribution” means the Operating
      Income (as defined by GAAP as applied by Buyer in operating its business)
      contribution attributable to the NetTeks Business Operations before any
      allocation of the Buyer’s corporate-level operations and administrative
      expenses, all as determined by the Buyer using its normal accounting
      methodologies and processes, and in accordance with Generally Accepted
      Accounting Principles (“GAAP”);
      provided, however, that certain costs are excluded from the earn out
      calculation as detailed below. During the period from the date of this
      amendment through August 31, 2009, any severance payments resulting from
      employee terminations in the NetTeks Business Operations during such
      periods. The remaining rent expense related to the downtown Boston office
      once the space is vacated will be excluded for purposes of calculating
      Business Operations Operating Income Contribution for the remaining earn
      out period. Amortization of intangible assets related to the NetTeks
      acquisition will also be excluded from the earn out calculation. The
      NetTeks Business Operations Earn out will be calculated and paid in two
      components, the first based on the third and fourth calendar quarters in
      2009 (the “First
      Measurement Period”) and the second based on the entire calendar
      year 2010 (the “Second Measurement
      Period”), as set forth
below.

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (i)

            	
              First Measurement
      Period.  This component will be based on achievement of
      NetTeks Business Operations Operating Income Contribution during the First
      Measurement Period and will be equal to seven hundred fifty thousand
      dollars ($750,000) times the Attainment Percentage (defined
      below).  As used in this Section 1.7(a)(i), the term “Performance
      Ratio” shall mean the percentage resulting from dividing actual
      Operating Income Contribution from NetTeks Business Operations during the
      First Measurement Period by eight hundred and eighty one thousand and
      fifty two dollars ($881,052). After establishing the Performance Ratio,
      the percentage used to calculate this component of the Additional Purchase
      Consideration shall be calculated (as used in this Section 1.7(a)(i), the
      “Attainment
      Percentage”) as follows:  (A) The Attainment Percentage
      shall be equal to one hundred and fifty percent (150%) if the Performance
      Ratio is equal to 100%; (B) if the Performance Ratio is less than 100%,
      the Attainment Percentage shall be one hundred and fifty percent (150%)
      less 1% for each 1% that the Performance Ratio is less than 100% but in no
      event shall the Attainment Percentage be reduced to an amount lower than
      one hundred percent (100%); and (C) if the Performance Ratio is more than
      100%, the Attainment Percentage shall be one hundred and fifty percent
      (150%) plus 1% for each 1% that the Performance Ratio exceeds 100% but in
      no event shall the Attainment Percentage be increased to an amount greater
      than two hundred percent (200%).

            

    

    

    
      	
               
      

            	
              (ii)

            	
              Second Measurement
      Period.  This component will be based on achievement of
      NetTeks Business Operations Operating Income Contribution during the
      Second Measurement Period and will be equal to eight hundred and fifty
      thousand dollars ($850,000) times the Attainment Percentage (defined
      below).  As used in this Section 1.7(a)(ii), the term “Performance
      Ratio” shall mean the percentage resulting from dividing actual
      Operating Income Contribution from NetTeks Business Operations during the
      Second Measurement Period by two million one hundred and thirty thousand
      and twenty eight dollars ($2,130,028). After establishing the Performance
      Ratio, the percentage used to calculate this component of the Additional
      Purchase Consideration shall be calculated (as used in this Section
      1.7(a)(ii), the “Attainment
      Percentage”) as follows:  The Attainment Percentage shall
      be equal to the Performance Ratio if the Performance Ratio is 100%,
      however, if the Performance Ratio is less than 100%, the Attainment
      Percentage shall be reduced by 1% for each 1% that the Performance Ratio
      is less than 100%, and if the Performance Ratio is more than 100%, the
      Attainment Percentage shall be increased by 1% for each 1% that the
      Performance Ratio exceeds 100% up to 150% and shall increase by 0.5% for
      each 1% between 150%  and up to 200%; provided, however, if the
      above calculation results in an Attainment Percentage that is less than
      50%, then the Attainment Percentage shall be zero, and if such calculation
      results in an Attainment Percentage that is greater than 200%, the
      Attainment Percentage shall be
200%.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Each
      payment of Additional Purchase Consideration shall be calculated and paid
      by Buyer to Seller within ninety (90) days of the end of the measurement
      period for which such payment relates. In addition, 50% of all Additional
      Purchase Consideration shall be paid in cash and the remainder shall be
      paid to the Seller, at the Buyers option, by either cash or the issuance
      to Seller of such number of shares of Buyer Common Stock determined by
      dividing fifty percent (50%) of the Additional Purchase Consideration
      payable for such payment by the price of Buyer’s Common Stock using the
      average closing price per share for the Common Stock as reported by the
      NASDAQ for the five (5) consecutive trading days ending prior to the
      second day before the date of funding of such payment of Additional
      Purchase Consideration.”

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              2.

            	
              All
      capitalized terms used in this Amendment without being defined herein
      shall have the meaning ascribed to such terms in the Asset Purchase
      Agreement.

            

    

    

    
      	
               
      

            	
              3.

            	
              Any
      and all terms and provisions of the Asset Purchase Agreement are hereby
      modified and amended wherever necessary, and even though not specifically
      addressed herein, so as to conform to the amendments set forth in the
      preceding paragraphs hereof.

            

    

    

    
      	
               
      

            	
              4.

            	
              Any
      and all of the terms and provisions of the Asset Purchase Agreement shall,
      except as expressly modified and amended hereby, remain in full force and
      effect.

            

    

    

    
      	
               
      

            	
              5.

            	
              This
      Amendment may be executed in any number of counterparts, any one of which
      shall constitute an original and all counterparts being but one
      instrument.

            

    

    

     

    [SIGNATURE
PAGE FOLLOWS]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties have executed this Asset Purchase Agreement as of
the day and year first written above.

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  BUYER:

                                	
                                  SELLER:

                                
	 
      	 
      
	
                                  INX
      INC.

                                	
                                  NETTEKS
      TECHNOLOGY CONSULTANTS, INC.

                                
	 
      	 
      
	 
      	 
      
	
                                  /s/ Brian
      Fontana

                                	
                                  /s/ Ethan F. Simmons

                                
	
                                  Brian
      Fontana,

                                	
                                  Ethan
      F. Simmons

                                
	
                                  Vice
      President & Chief Financial Officer

                                	
                                  President

                                
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                                  SHAREHOLDERS:

                                	 
      
	 
      	 
      
	 
      	 
      
	
                                  /s/ Ethan F. Simmons

                                	
                                  /s/ Michael P. DiCenzo

                                
	
                                  Ethan
      F. Simmons, individually

                                	
                                  Michael
      P. DiCenzo, individually

                                
	 
      	 
      
	 
      	 
      
	
                                  /s/ Matthew J. Field

                                	 
      
	
                                  Matthew
      J. Field, individually

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