Document:

birner10qqtr33108x101_572008.htm

     

    
      

      

    

     

    Exhibit 10.1

    
 

    SIXTH AMENDMENT
TO

    SECOND AMENDED AND RESTATED
CREDIT AGREEMENT

    

    

    THIS
SIXTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this "Sixth Amendment"),
executed this 22nd day of April, 2008, is by and between BIRNER DENTAL MANAGEMENT SERVICES,
INC., a Colorado corporation ("Borrower"), and KEYBANK NATIONAL ASSOCIATION,
a national banking association ("Lender").

     

    R E C I T A L
S

     

    A. Borrower
and Lender are parties to a Second Amended and Restated Credit Agreement, dated
as of August 7, 2003 (the "Credit Agreement"),
pursuant to which Lender has agreed to make loans up to $7,000,000 to Borrower
on the terms and subject to the conditions set forth therein.  The
Credit Agreement was amended by the terms of that certain First Amendment to
Second Amended and Restated Credit Agreement dated May 6, 2004 (the "First Amendment"),
that certain Second Amendment to Second Amended and Restated Credit Agreement
dated April 29, 2005 (the "Second Amendment"),
that certain Third Amendment to Second Amended and Restated Credit Agreement
dated April 25, 2006 (the "Third Amendment"),
that certain Fourth Amendment to Second Amended and Restated Credit Agreement
dated August 31, 2006 (the "Fourth Amendment"),
and that certain Fifth Amendment to Second Amended and Restated Credit Agreement
dated April 30, 2007 (the "Fifth
Amendment").

     

    B. Borrower
desires to further modify certain terms and conditions of the Credit Agreement,
and Lender is willing to agree to the modifications contained in this Sixth
Amendment, on the terms and conditions set forth herein.

     

    C. Capitalized
terms used in this Sixth Amendment and not defined herein shall have the
meanings assigned to those terms in the Credit Agreement.

     

    NOW,
THEREFORE, in consideration of the foregoing premises and other good and
valuable consideration, the receipt, adequacy and sufficiency of which are
hereby acknowledged, the parties hereto covenant and agree as
follows:

     

    1. AMENDMENTS TO CREDIT
AGREEMENT.  The Credit Agreement is hereby amended as
follows:

     

    (i)           Extension of Maturity
Date.  The definition of "Revolving Credit Maturity Date"
contained in Section 1.1 of the Credit Agreement is hereby amended and restated
to read in its entirety as follows:

     

    "Revolving Credit Maturity
Date" shall mean May 31, 2010.

     

    2.           LOAN DOCUMENT
AMENDMENTS.  Each of the other Loan Documents is hereby amended
to conform to the amendments to the Credit Agreement as set forth in Paragraph
1.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    3. DOCUMENT
RATIFICATION.  Subject to the amendments set forth in Paragraph
1 above, all of the terms and conditions contained in the Credit Agreement and
the other Loan Documents shall remain unmodified and in full force and
effect.

     

    4. RELEASE.  The
execution of this Sixth Amendment by Lender does not and shall not constitute a
waiver of any rights or remedies to which Lender is entitled pursuant to the
Credit Agreement or the other Loan Documents, nor shall the same constitute a
waiver of any default now existing or which may occur in the future with respect
to the Credit Agreement or the other Loan Documents.  Borrower hereby
agrees that Lender has fully performed its obligations pursuant to the Credit
Agreement and the other Loan Documents through the date hereof and hereby
waives, releases and relinquishes any and all claims whatsoever, known or
unknown, that it may have against Lender with respect to the Credit Agreement or
the other Loan Documents through the date hereof.

     

    5. PAYMENT OF COSTS AND
FEES.  Borrower shall pay all out-of-pocket expenses incurred
by Lender in connection with the preparation of this Sixth Amendment, including,
without limitation, reasonable attorneys' fees.

     

    6. REPRESENTATIONS, WARRANTIES
AND COVENANTS OF BORROWER.  Borrower represents, warrants and
covenants to Lender:

     

    (a) No
default or event of default under any of the Loan Documents as modified herein,
nor any event, that, with the giving of notice or the passage of time or both,
would be a default or an event of default under the Loan Documents as modified
herein has occurred and is continuing.

     

    (b) There has
been no material adverse change in the financial condition of Borrower or any
other person whose financial statement has been delivered to Lender in
connection with the Loan from the most recent financial statement received by
Lender.

     

    (c) Each and
all representations and warranties of Borrower in the Loan Documents are
accurate on the date hereof.

     

    (d) Borrower
has no claims, counterclaims, defenses, or set-offs with respect to the Loan or
the Loan Documents as modified herein.

     

    (e) The Loan
Documents as modified herein are the legal, valid, and binding obligation of
Borrower, enforceable against Borrower in accordance with their
terms.

     

    (f) Borrower
shall execute, deliver, and provide to Lender such additional agreements,
documents, and instruments as reasonably required by Lender to effectuate the
intent of this Sixth Amendment.

     

    7. CONTROLLING
LAW.  The terms and provisions of this Sixth Amendment shall be
construed in accordance with and governed by the laws of the State of
Colorado.

     

    8. BINDING
EFFECT.  This Sixth Amendment shall be binding upon and inure
to the benefit of the parties hereto, their successors and assigns.

     

    
      
        
        

      

      
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    9. CAPTIONS.  The
paragraph captions utilized herein are in no way intended to interpret or limit
the terms and conditions hereof, rather, they are intended for purposes of
convenience only.

     

    10. COUNTERPARTS.  This
Sixth Amendment may be executed in any number of counterparts, each of which
shall be effective only upon delivery and thereafter shall be deemed an
original, and all of which shall be taken to be one and the same instrument, for
the same effect as if all parties hereto had signed the same signature
page.  Any signature page of this Sixth Amendment may be detached from
any counterpart of this Sixth Amendment without impairing the legal effect of
any signatures thereon and may be attached to another counterpart of this Sixth
Amendment identical in form hereto but having attached to it one or more
additional signature pages.

     

    [Signatures
appear on following page]

     

    
       

    

    
      
         

      

      
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    [SIGNATURE
PAGE TO SIXTH AMENDMENT TO

    SECOND
AMENDED AND RESTATED CREDIT AGREEMENT]

    

     

    IN
WITNESS WHEREOF, the parties hereto have executed this Sixth Amendment as of the
day and year first above written.

     

    

    BORROWER:

    

    BIRNER
DENTAL MANAGEMENT SERVICES, INC., a Colorado corporation

    

    

    By:       /s/  Dennis
Genty   

    Dennis Genty, Chief Financial
Officer

    

    

    LENDER:

    

    KEYBANK  NATIONAL
ASSOCIATION,a national banking association

    

    

    By:       /s/ Joseph
Nimmons    

    Joseph Nimmons, Vice
President

     

    - 4 -Exhibit 10.1

 

 

FIRST AMENDMENT TO LEASE AGREEMENT

 

THIS FIRST AMENDMENT TO LEASE AGREEMENT is entered into as of May 12,
2008, by and among HPT TA PROPERTIES TRUST,
a Maryland real estate investment trust, and
HPT TA PROPERTIES LLC, a Maryland limited liability company
(collectively, “Landlord”), and TA LEASING LLC,
a Delaware limited liability company (“Tenant”).

 

W  I  T  N  E  S
S  E  T  H:

 

WHEREAS, Landlord and Tenant are parties to that certain
Lease Agreement, dated as of January 31, 2007 (the “Lease”); and

 

WHEREAS, Landlord and Tenant desire to amend the
Lease to modify the provisions relating to the funding of the Allowance (as
defined therein);

 

NOW, THEREFORE, in consideration of the mutual covenants
herein contained and other good and valuable consideration, the mutual receipt
and legal sufficiency of which are hereby acknowledged, Landlord and Tenant
hereby agree as follows:

 

1.             Notwithstanding the provisions of Section 5.1.1(c) to
the contrary, and subject to the terms hereof, Tenant may at any time and from
time to time accelerate payment of all or any part of the remaining Allowance,
and therefore, request more than $25 million of the Allowance during any of the
remaining first five Lease Years.  In
calculating the amount(s) that may be drawn down by Tenant on an
accelerated disbursement, the amount of the Allowance requested shall be
discounted to its present value on the date the amount is paid to Tenant from
the date that the amount requested would have first been available to draw down
under the original Section 5.1.1(c), using a rate of interest equal to the
Disbursement Rate, and the remaining Allowance shall be reduced by the
undiscounted amount requested.  The
remaining Allowance shall be drawn down in the order originally available;
therefore the shortest discount period shall be used to determine the
discounted amount.  By way of example and
assuming that Tenant has already drawn down against the Allowance $25 million,
for each of Lease Years 2007 and 2008, if Tenant on June 1, 2008, requests
an accelerated draw down of $25 million, Tenant will be entitled to the
discounted value of $25 million on June 1, 2008 (assuming the payment is
made on the same day as the request), from January 1, 2009 (the date the
next $25 million tranche of the Allowance would have been available under the
original Section 5.1.1(c)), using a rate of interest equal to the
Disbursement Rate, and the remaining Allowance will be reduced by $25
million.  By way of further example, if
Tenant on September 1, 2008, requests an additional accelerated draw down
of $25 million, Tenant will be entitled to the discounted value of $25 million
on September 1, 2008 (assuming the payment is made on the same day as the
request), from January 1, 2010 (the date the next $25 million tranche of
the Allowance would have been available under the original Section 5.1.1(c)),
using a rate of interest equal to the Disbursement Rate, and the remaining
Allowance will be reduced by $25 million. 
The parties agree that, as of the date hereof, the remaining balance of
the Allowance is $75 million.

 

2.             As
amended hereby, the Lease is hereby ratified and confirmed.

 

 

 

 

IN WITNESS WHEREOF, Landlord and Tenant have
caused this First Amendment to Lease to be duly executed, as a sealed
instrument, as of the date first set forth above.

 

	
   

  	
  LANDLORD:

  
	
   

  	
   

  
	
   

  	
  HPT
  TA PROPERTIES TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John G. Murray

  	 

	
   

  	
   

  	
  John G. Murray

  	 

	
   

  	
   

  	
  President

  	 

	
   

  	
   

  
	
   

  	
  HPT
  TA PROPERTIES LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John G. Murray

  	 

	
   

  	
   

  	
  John G. Murray

  	 

	
   

  	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
  TENANT:

  
	
   

  	
   

  
	
   

  	
  TA
  LEASING LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas M. O’Brien

  	 

	
   

  	
   

  	
  Thomas M. O’Brien

  	 

	
   

  	
   

  	
  President

  	 

	
   

  	
   

  

 

 

2

 

 

Reference
is made to the Guaranty of Tenant’s obligations under the Lease dated January 31,
2007 given by TRAVELCENTERS OF AMERICA LLC,
TRAVELCENTERS OF AMERICA HOLDING COMPANY LLC and TA OPERATING LLC,
each a Delaware limited liability company (the “Guarantors”) to
Landlord. The undersigned Guarantors hereby confirm that all references in such
Guaranty to the word “Lease” shall mean the Lease, as defined therein,
as amended by this First Amendment to Lease, and said Guarantors hereby
reaffirm the Guaranty.

 

	
   

  	
  TRAVELCENTERS OF AMERICA LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas M. O’Brien

  
	
   

  	
   

  	
  Thomas M. O’Brien

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
  TRAVELCENTERS OF AMERICA HOLDING

  COMPANY LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas M. O’Brien

  
	
   

  	
   

  	
  Thomas M. O’Brien

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
  TA OPERATING LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas M. O’Brien

  
	
   

  	
   

  	
  Thomas M. O’Brien

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  
				

 

 

3

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