Document:

exv4w6

 

Exhibit 4.6

RENT-A-CENTER, INC.,

as Issuer,

the GUARANTORS named herein,

as Guarantors,

and

THE BANK OF NEW YORK

as Trustee

FIRST SUPPLEMENTAL INDENTURE

Dated as of December 4, 2003

to

INDENTURE

Dated as of May 6, 2003

between

RENT-A-CENTER, INC., as Issuer,

the GUARANTORS named therein, as Guarantors,

and

THE BANK OF NEW YORK, as Trustee

$300,000,000

Series B

7 1/2% Senior Subordinated Notes due 2010

 

 

     This FIRST SUPPLEMENTAL INDENTURE, dated as of December 4, 2003, is
entered into by and among Rent-A-Center, Inc., a Delaware corporation (the
“Company”), Rent-A-Center East, Inc., a Delaware corporation (“RAC East”),
ColorTyme, Inc., a Texas corporation (“ColorTyme”), Rent-A-Center West, Inc., a
Delaware corporation (“RAC West”), Get It Now, LLC, a Delaware limited
liability company (“Get It Now”), Rent-A-Center Texas, L.P., a Texas limited
partnership (“RAC Texas, LP”), Rent-A-Center Texas, L.L.C., a Nevada limited
liability company (“RAC Texas, LLC”), Rent-A-Center International, Inc., a
Delaware corporation (“RAC International”), Rent-A-Center Addison, L.L.C., a
Delaware limited liability company (“RAC Addison”), and The Bank of New York, a
New York banking corporation, as Trustee (the “Trustee”).

     WHEREAS, the Company has heretofore executed and delivered to the Trustee
an Indenture, dated as of May 6, 2003, by and among the Company, RAC East,
ColorTyme, RAC West, Get It Now, RAC Texas, LP, RAC Texas, LLC and the Trustee
(the “Indenture”), providing for the issuance
of its 71⁄2% Series B Senior
Subordinated Notes due 2010 (the “Notes”); and

     WHEREAS, RAC East, ColorTyme, RAC West, Get It Now, RAC Texas, LP and RAC
Texas, LLC are currently Guarantors under the Indenture; and

     WHEREAS, RAC East has formed RAC International as a wholly-owned
subsidiary of RAC East; and

     WHEREAS, in connection with the formation of RAC International, the Board
of Directors of the Company has designated RAC International as a Restricted
Subsidiary under the Indenture; and

     WHEREAS, RAC International has agreed to become a Guarantor by
guaranteeing the obligations of the Company under the Indenture in accordance
with the terms thereof; and

     WHEREAS, pursuant to Section 1020 of the Indenture, the addition of RAC
International as a Guarantor is required under the Indenture; and

     WHEREAS, RAC International has been duly authorized to enter into, execute
and deliver this First Supplemental Indenture; and

     WHEREAS, RAC Texas, LP has formed RAC Addison as a wholly-owned subsidiary
of RAC Texas, LP; and

     WHEREAS, from time to time, RAC Texas, LP intends to transfer certain
assets of RAC Texas, LP to RAC Addison (the “Asset Transfer”); and

     WHEREAS, in connection with the formation of RAC Addison and the resulting
Asset Transfer, the Board of Directors of the Company has designated RAC
Addison as a Restricted Subsidiary under the Indenture; and

     WHEREAS, pursuant to Sections 1009, 1012 and 1017 of the Indenture, the
Asset Transfer is permitted under the Indenture; and

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     WHEREAS, in partial consideration for the Asset Transfer, RAC Addison has
agreed to become a Guarantor by guaranteeing the obligations of the Company
under the Indenture in accordance with the terms thereof; and

     WHEREAS, pursuant to Section 1020 of the Indenture, the addition of RAC
Addison as a Guarantor is required under the Indenture; and

     WHEREAS, RAC Addison has been duly authorized to enter into, execute and
deliver this First Supplemental Indenture.

     NOW, THEREFORE, for and in consideration of the premises and covenants and
agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company, RAC
East, ColorTyme, RAC West, Get It Now, RAC Texas, LP, RAC Texas, LLC, RAC
International, RAC Addison and the Trustee agree as follows:

SECTION 1. Capitalized terms used herein but not defined herein shall have the
meaning provided in the Indenture.

SECTION 2. The Trustee hereby consents to the addition of RAC International and
RAC Addison as additional Guarantors under the Indenture. As of the date
hereof (the “Effective Time”), RAC International and RAC Addison shall become,
and each of RAC East, ColorTyme, RAC West, Get It Now, RAC Texas, LP and RAC
Texas, LLC shall continue to be, a “Guarantor” under and as defined in the
Indenture, and at the Effective Time, RAC International and RAC Addison shall
assume all the obligations of a Guarantor under the Notes and the Indenture as
described in the Indenture. RAC International and RAC Addison hereby, jointly
and severally, unconditionally guarantee the full and prompt payment of the
principal of, premium, if any, and interest on the Notes and all other
obligations of the Issuer and the Guarantors under the Indenture in accordance
with the terms of the Notes and the Indenture.

SECTION 3. Except as expressly supplemented by this First Supplemental
Indenture, the Indenture and the Notes issued thereunder are in all respects
ratified and confirmed and all of the rights, remedies, terms, conditions,
covenants and agreements of the Indenture and Notes issued thereunder shall
remain in full force and effect.

SECTION 4. This First Supplemental Indenture is executed and shall constitute
an indenture supplemental to the Indenture and shall be construed in connection
with and as part of the Indenture. This First Supplemental Indenture shall be
governed by and construed in accordance with the laws of the jurisdiction that
governs the Indenture and its construction.

SECTION 5. This First Supplemental Indenture may be executed in any number of
counterparts, each of which shall be deemed to be an original for all purposes;
but such counterparts shall together be deemed to constitute but one and the
same instrument.

SECTION 6. Any and all notices, requests, certificates and other instruments
executed and delivered after the execution and delivery of this First
Supplemental Indenture may refer to the Indenture without making specific
reference to this First Supplemental Indenture, but

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nevertheless all such references shall include this First Supplemental
Indenture unless the context otherwise requires.

SECTION 7. This First Supplemental Indenture shall be deemed to have become
effective upon the date first above written.

SECTION 8. In the event of a conflict between the terms of this First
Supplemental Indenture and the Indenture, this First Supplemental Indenture
shall control.

SECTION 9. The Trustee shall not be responsible in any manner whatsoever for
or in respect of the validity or sufficiency of this First Supplemental
Indenture or for or in respect of the recitals contained herein, all of which
recitals are made solely by the Company, RAC East, ColorTyme, RAC West, Get It
Now, RAC Texas, LP, RAC Texas, LLC, RAC International and RAC Addison.

[Remainder of Page Intentionally Left Blank]

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     IN WITNESS WHEREOF, the parties have caused this First Supplemental
Indenture to be duly executed as of the day and year first above written.

THE BANK OF NEW YORK,

as Trustee

By:     /s/ Van U. Brown

Name:   Van U. Brown

Title:     Vice President

	 	 	 	 	 
	 	 	RENT-A-CENTER, INC.
	 
	 	 	 	 
	

	 	By:	 	/s/ Mitchell E. Fadel
	

	 	 	 	
 
	

	 	 	 	Mitchell E. Fadel
	

	 	 	 	President and Chief Operating Officer
	 
	 	 	 	 
	 	 	RENT-A-CENTER EAST, INC.
	 
	 	 	 	 
	

	 	By:	 	/s/ Mitchell E. Fadel
	

	 	 	 	
 
	

	 	 	 	Mitchell E. Fadel
	

	 	 	 	Vice President
	 
	 	 	 	 
	 	 	COLORTYME, INC.
	 
	 	 	 	 
	

	 	By:	 	/s/ Mitchell E. Fadel
	

	 	 	 	
 
	

	 	 	 	Mitchell E. Fadel
	

	 	 	 	Vice President
	 
	 	 	 	 
	 	 	RENT-A-CENTER WEST, INC.
	 
	 	 	 	 
	

	 	By:	 	/s/ Mitchell E. Fadel
	

	 	 	 	
 
	

	 	 	 	Mitchell E. Fadel
	

	 	 	 	Vice President

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	 	 	GET IT NOW, LLC
	

	 	By:	 	/s/ Mitchell E. Fadel
	 	 	 	 	
 
	 	 	 	 	Mitchell E. Fadel
	 	 	 	 	Vice President
	 
	 	 	 	 	 	 
	 	 	RENT-A-CENTER TEXAS, L.P.
	 
	 	 	 	 	 	 
	 	 	By:	 	Rent-A-Center East, Inc,
	 	 	 	 	its general partner
	 
	 	 	 	 	 	 
	

	 	 	 	By:	 	/s/ Mitchell E. Fadel
	

	 	 	 	 	 	
 
	

	 	 	 	 	 	Mitchell E. Fadel
	

	 	 	 	 	 	Vice President
	 
	 	 	 	 	 	 
	 	 	RENT-A-CENTER TEXAS, L.L.C.
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/ James Ashworth	 	 
	 	 	 	 	
 
	 	 	 	 	James Ashworth
	 	 	 	 	President and Secretary
	 
	 	 	 	 	 	 
	 	 	RENT-A-CENTER INTERNATIONAL, INC.
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/ Mitchell E. Fadel
	

	 	 	 	
 

	 	 	 	 	Mitchell E. Fadel
	 	 	 	 	Vice President
	 
	 	 	 	 	 	 
	 	 	RENT-A-CENTER ADDISON, L.L.C.
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/ Mitchell E. Fadel
	 	 	 	 	
 
	 	 	 	 	Mitchell E. Fadel
	 	 	 	 	Vice President

-6-exv10w7

 

Exhibit 10.7

FIRST AMENDMENT TO CREDIT AGREEMENT

AND

GUARANTEE AND COLLATERAL AGREEMENT

THIS FIRST AMENDMENT (this “Amendment”) is made as of May 28, 2003 among
RENT-A-CENTER, INC. (the “Borrower”), RENT-A-CENTER EAST, INC. (“RAC East”),
COLORTYME, INC. (“Colortyme”), RENT-A-CENTER WEST, INC. (“RAC West”), REMCO
AMERICA, INC. (“Remco”), GET IT NOW, LLC (“Get It Now”), RENT-A-CENTER TEXAS,
L.P. (“RAC Texas LP”), RENT-A-CENTER TEXAS, L.L.C. (“RAC Texas LLC”, and
together with the Borrower, RAC East, Colortyme, RAC West, Remco, Get It Now
and RAC Texas LP, the “Grantors”) and LEHMAN COMMERCIAL PAPER, INC., as
administrative agent (the “Administrative Agent”).

WHEREAS

     A. The Borrower, the several banks and other financial institutions or
entities from time to time party thereto (the “Lenders”), the Administrative
Agent, Morgan Stanley Senior Funding Inc., as documentation agent, JPMorgan
Chase Bank and Bear Stearns & Co. Inc., as syndication agents and Wachovia
Bank, National Association, UBS Warburg LLC, United Overseas Bank and Credit
Lyonnais, as managing agents, are party to a Credit Agreement dated as of May
28, 2003 (the “Credit Agreement”). Unless otherwise defined herein, all
capitalized terms used in this Amendment that are defined in the Credit
Agreement shall have the respective meanings assigned to them in the Credit
Agreement.

     B. The Grantors and the Administrative Agent are party to a Guarantee and
Collateral Agreement dated as of May 28, 2003 (the “Guarantee and Collateral
Agreement”).

     C. The Grantors and Administrative Agent, which has received the consent
of the Required Lenders, desire to enter into this Amendment in order to modify
the Credit Agreement and the Guarantee and Collateral Agreement as set forth
herein.

NOW THEREFORE

     In consideration of the foregoing and the mutual promises contained
herein, the parties hereby agree as follows:

     1. Amendments to the Credit Agreement.

          a. The definition of “Asset Sale” in Section 1.1 of the Credit Agreement
shall be amended by deleting the word “or” after “(i)” in the second line
thereof and inserting a comma in lieu thereof, and by inserting “or (k)” after
"(j)” in the second line thereof.

 

 

          b. Section 1.1 of the Credit Agreement shall be amended by inserting
therein the following defined term and in its correct alphabetical order:

	 	 	“Margin Capital Stock”: Capital Stock issued by the Borrower that
(i) constitutes “margin stock” within the meaning of such term
under Regulation U as now or from time to time hereafter in effect
and (ii) would, taking into account all other “margin stock”
(within the meaning of such term under Regulation U as now or from
time to time hereafter in effect) held by the Borrower or any of
its Subsidiaries, cause the value of all such “margin stock” to
exceed 25% of the value of all assets of the Borrower and its
Subsidiaries that directly or indirectly secure (within the meaning
of Regulation U) the Obligations.

          c. Section 4.11 of the Credit Agreement shall be amended by deleting the
phrase “or for any purpose that violates” that appears after the words “from
time to time hereafter in effect”, and by inserting in lieu thereof the phrase
“except in compliance with” such that Section 4.11 of the Credit Agreement
shall read in its entirety as follows:

	 	 	No part of the proceeds of any Loans will be used for “buying” or
“carrying” any “margin stock” within the respective meanings of
each of the quoted terms under Regulation U as now and from time to
time hereafter in effect except in compliance with the provisions
of the Regulations of the Board. If requested by any Lender or the
Administrative Agent, the Borrower will furnish to the
Administrative Agent and each Lender a statement to the foregoing
effect in conformity with the requirements of FR Form G-3 or FR
Form U-1, as applicable, referred to in Regulation U.

          d. Section 6.9(a) of the Credit Agreement shall be amended by adding the
phrase “(v) all capital stock issued by the Borrower,” after the phrase “other
than” in the second line of Section 6.9(a).

          e. Clause (i) of Section 6.11 of the Credit Agreement shall be amended by
adding the phrase “(as amended or supplemented with the consent of the
Administrative Agent)” after the phrase “April 28, 2003”.

          f. Section 6 of the Credit Agreement shall be amended by adding the
following new Section 6.13 at the end of such Section:

	 	 	
“Section 6.13. Equity Sales. Ensure that any sale or other
Disposition by the Borrower or any of its Subsidiaries (other than
by or to Legacy Trust and the Insurance Subsidiary or as otherwise
permitted by Sections 7.5(c), 7.5(d), 7.8(e) and 7.8(g)) of Capital
Stock for cash proceeds shall be a new issuance of such Capital
Stock at any time when the Consolidated Leverage Ratio (determined
as at the end of the most recent period of four consecutive fiscal
quarters ended prior to the required date of prepayment set forth
in Section 2.11(a) for which the relevant financial information is
available on a pro forma basis as if such issuance had occurred on
the first day of such period) is greater than or equal to 1.5 to
1.0.”

 

 

          g. Section 7.3 of the Credit Agreement shall be amended by deleting the
word “and” from the end of Section 7.3(k), redesignating Section 7.3(l) as
Section 7.3(m) and inserting the following new Section 7.3(l) after Section
7.3(k):

	 	 	"(l) Liens on Margin Capital Stock that is held by the Borrower as
treasury stock or that is held by any of its Subsidiaries;” and

          h. Section 7.5 of the Credit Agreement shall be amended by deleting the
word “and” at the end of Section 7.5(i), deleting the period in Section 7.5(j)
and inserting a semicolon in its place, adding the word “and” after the
semicolon in Section 7.5(j) and inserting the following new Section 7.5(k)
after Section 7.5(j):

	 	 	"(k) Dispositions of Margin Capital Stock that is held as treasury
stock by the Borrower or that is held by any of its Subsidiaries.”

          i. Section 7.13 of the Credit Agreement shall be amended by adding the
phrase “(other than Margin Capital Stock that is held by the Borrower as
treasury stock or that is held by any of its Subsidiaries)” after the phrase
“suffer to exist any Lien upon any of its property” in the third and fourth
lines of Section 7.13.

     2. Amendment to the Guarantee and Collateral Agreement. The definition of
the term “Excluded Assets” in Section 1.1(b) of the Guarantee and Collateral
Agreement shall be amended by inserting “(i)” between the colon and the word
“any” at the beginning of the definition, and by inserting the phrase “and (ii)
all capital stock issued by the Borrower held by any Grantor” between the word
“above” and the period at the end of the definition.

     3. Representations and Warranties. Each Grantor represents and warrants
that upon execution of this Amendment by each Grantor and upon the
effectiveness hereof (a) all representations and warranties contained in the
Credit Agreement and the Guarantee and Collateral Agreement are true and
correct, (b) no Default or Event of Default has occurred and is continuing, (c)
all consents, approvals and authorizations for each Grantor’s execution,
delivery and performance of this Amendment have been obtained or made and (d)
this Amendment has been duly executed and delivered by each Grantor and
constitutes a legal, valid and binding obligation of each Grantor, enforceable
against such Grantor in accordance with its terms.

     4. Limited Purpose. This Amendment is limited as specified and shall not
constitute a modification, acceptance or waiver of any other provision of the
Credit Agreement, the Guarantee and Collateral Agreement or any other Loan
Document, each of which shall otherwise remain unmodified and in full force and
effect.

     5. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto on separate counterparts, each of
which counterparts when executed and delivered shall be an original, but all of
which together shall constitute one and the

 

 

same instrument, and any telecopy or other facsimile transmission of any
signature shall be deemed an original signature and shall bind such party.

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

 

 

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

	 	 	 	 	 
	 	 	RENT-A-CENTER, INC.
	 
	 	 	 	 
	

	 	By:	 	/s/ Mark E. Speese
	

	 	 	 	
 
	

	 	 	 	Name: Mark E. Speese
	

	 	 	 	Title: Chairman of the Board and Chief
	

	 	 	 	          Executive Officer
	 
	 	 	 	 
	 	 	RENT-A-CENTER EAST, INC.
	 
	 	 	 	 
	

	 	By:	 	/s/ Mark E. Speese
	

	 	 	 	
 
	

	 	 	 	Name: Mark E. Speese
	

	 	 	 	Title: Chairman of the Board and Chief
	

	 	 	 	          Executive Officer
	 
	 	 	 	 
	 	 	COLORTYME, INC.
	 
	 	 	 	 
	

	 	By:	 	/s/ Mitchell E. Fadel
	

	 	 	 	
 
	

	 	 	 	Name: Mitchell E. Fadel
	

	 	 	 	Title: Vice President
	 
	 	 	 	 
	 	 	RENT-A-CENTER WEST, INC.
	 
	 	 	 	 
	

	 	By:	 	/s/ Mitchell E. Fadel
	

	 	 	 	
 
	

	 	 	 	Name: Mitchell E. Fadel
	

	 	 	 	Title: Vice President
	 
	 	 	 	 
	 	 	REMCO AMERICA, INC.
	 
	 	 	 	 
	

	 	By:	 	/s/ Mitchell E. Fadel
	

	 	 	 	
 
	

	 	 	 	Name: Mitchell E. Fadel
	

	 	 	 	Title: Vice President
	 
	 	 	 	 
	 	 	GET IT NOW, LLC
	 
	 	 	 	 
	

	 	By:	 	/s/ Mitchell E. Fadel
	

	 	 	 	
 
	

	 	 	 	Name: Mitchell E. Fadel
	

	 	 	 	Title: Vice President

 

 

	 	 	 	 	 
	 	 	RENT-A-CENTER TEXAS, L.P.
	 
	 	 	 	 
	

	 	By:	 	/s/ Mitchell E. Fadel
	

	 	 	 	
 
	

	 	 	 	Name: Mitchell E. Fadel
	

	 	 	 	Title: President and Chief Operating Officer
	 
	 	 	 	 
	 	 	RENT-A-CENTER TEXAS, L.L.C.
	 
	 	 	 	 
	

	 	By:	 	/s/ James Ashworth
	

	 	 	 	
 
	

	 	 	 	Name: James Ashworth
	

	 	 	 	Title: President

[Signatures continued on the next page]

 

 

	 	 	 	 	 
	 	 	LEHMAN COMMERCIAL PAPER
INC.,

as Administrative Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Francis Chang
	

	 	 	 	
 
	

	 	 	 	Name: Francis Chang
	

	 	 	 	Title: Vice President

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