Document:

Exhibit 10.56

 

FIFTH AMENDMENT AGREEMENT

 

FIFTH
AMENDMENT AGREEMENT (this “Agreement”) dated as of May 28, 2008, by and
among United Natural Foods, Inc.,
United Natural Foods West, Inc., United Natural Trading Co., Distribution Holdings, Inc., Springfield
Development, LLC, and Millbrook Distribution Services Inc. (collectively,
the “Borrowers”), Bank of America, N.A. (“Bank of America”) and the
other lenders currently party to the Loan Agreement (the “Lenders”), and
Bank of America, as administrative agent for the Lenders (in such capacity, the
“Administrative Agent”).

 

W I T N E S S E T H:

 

WHEREAS,
the Borrowers, the Lenders, the Administrative Agent, and the Documentation
Agent, Syndication Agent and Arranger identified therein entered into a certain
Amended and Restated Loan and Security Agreement dated April 30, 2004, as
amended by a First Amendment dated as of December 30, 2004, a Second
Amendment dated as of January 31, 2006, a Third Amendment dated as of November 2,
2007 and a Fourth Amendment dated as of November 27, 2007 (as amended, the
“Loan Agreement”); and

 

WHEREAS,
the Borrowers have requested that the Lenders waive a certain Event of Default
which exists under the Loan Agreement and amend certain provisions of the Loan
Agreement; and

 

WHEREAS,
the Lenders are willing to waive such Event of Default and agree to the
amendments set forth herein, all on the terms and conditions set forth herein.

 

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

 

§1.          Definitions.  Capitalized terms used herein
without definition that are defined in the Loan Agreement shall have the
meanings given to such terms in the Loan Agreement, as amended hereby.

 

§2.          Representations and Warranties; Acknowledgment.  The Borrowers
hereby represent and warrant to the Lenders as follows:

 

(a)           Each
of the Borrowers has adequate power to execute and deliver this Agreement and
each other document to which it is a party in connection herewith and to
perform its obligations hereunder or thereunder.  This Agreement and each other document
executed in connection herewith have been duly executed and delivered by each
of the Borrowers and do not contravene any law, rule or regulation
applicable to any Borrower or any of the terms of any other indenture,
agreement or undertaking to which any Borrower is a party.  The obligations contained in this Agreement
and each other document executed in connection herewith to which any of the
Borrowers is a party, taken together with the obligations under the Loan
Documents, constitute the legal, valid

 

 

and binding obligations enforceable against any such Borrower in
accordance with their respective terms.

 

(b)           After
giving effect to the transactions contemplated by this Agreement, all the
representations and warranties made by the Borrowers in the Loan Documents are
true and correct on the date hereof as if made on and as of the date hereof and
are so repeated herein as if expressly set forth herein or therein, except to
the extent that any of such representations and warranties expressly relate by
their terms to a prior date.

 

(c)           After
giving effect to the transactions contemplated by this Agreement, no Event of
Default under and as defined in any of the Loan Documents has occurred and is
continuing on the date hereof.

 

§3.          Amendments to Loan Agreement. The Loan Agreement is hereby amended as
follows:

 

3.1.         Amendments to Appendix A.

 

(a)           The following
definition in Appendix A of the Loan Agreement is hereby amended and restated
in its entirety to read as follows:

 

EBITDA
- with respect to any fiscal period of Borrowers, the sum of Borrowers’
Consolidated net earnings (or loss) before interest expense, taxes,
depreciation and amortization for said period as determined in accordance with GAAP, plus, for purposes of calculating the Fixed Charge Coverage Ratio only,
to the extent deducted in calculating Consolidated net earnings, non-cash share
based compensation expense for such period.

 

(b)           The definition of Applicable Base
Rate Margin; Applicable LIBOR Margin in Appendix A of the Loan Agreement is
hereby amended by adding the following to the end of such definition:

 

provided that from June 1,
2008 to the date on which the Administrative Agent receives the audited
financial statements of the Borrowers and their Subsidiaries for the fiscal
year ended July 31, 2008 together with a Compliance Certificate pursuant
to Section 9.1.3 for such period
evidencing compliance with the financial covenants set forth in Section 9.3, the Applicable LIBOR Margin shall be one
percent (1.00%) and the Applicable Base Rate Margin shall be one quarter of one
percent (0.25%).

 

3.2.         Amendment to Section 3.3.1.

 

Section 3.3.1 of the Loan Agreement is hereby amended by
deleting “Sale,” from the title of such Section.

 

§4.          Ratification, etc.  All
of the obligations and liabilities to the Lenders and the Administrative Agent
as evidenced by or otherwise arising under the Loan Agreement, the Notes and
the other Loan Documents, are, by the Borrowers’ execution of this Agreement,
ratified and confirmed in all respects. 
In addition, by each Borrower’s execution of this Agreement, such 

 

2

 

Borrower represents and warrants that neither
it nor any of its Subsidiaries has any counterclaim, right of set-off or
defense of any kind with respect to such obligations and liabilities.  This Agreement and the Loan Agreement shall
hereafter be read and construed together as a single document, and all references
in the Loan Agreement or any related agreement or instrument to the Loan Agreement
shall hereafter refer to the Loan Agreement as amended by this Agreement.

 

§5.          Waiver.  Subject to the
satisfaction of the conditions set forth herein, the Lenders waive the Event of
Default that has occurred under the Loan Agreement as a result of the Borrowers’
failure on or before the date hereof to comply with that section of the Loan
Agreement set forth on Schedule 1 attached hereto.  The waiver set forth in this Section 5
shall be effective only for the Event of Default contained in the Loan
Agreement as specified in Schedule 1 which occurred on or
before the date hereof and such waiver shall not entitle the Borrowers to any
future waiver in similar or other circumstances.  Without limiting the foregoing, upon the
occurrence and during the continuation of an Event of Default not set forth in Schedule 1,
subject to the provisions of the Loan Agreement, the Lenders shall be free in
their sole and absolute discretion to accelerate the payment in full of the
Obligations, and may, if the Lenders so elect, proceed to enforce any or all of
their rights under or in respect of the Loan Agreement and the other Loan
Documents and applicable law. Except as otherwise expressly provided for
herein, nothing in this Agreement shall extend to or affect in any way the
Borrowers’ obligations or the Lenders’ rights and remedies arising under the
Loan Agreement or the other Loan Documents, and no Lender shall be deemed to
have waived any or all of its remedies with respect to any Event of Default
(other than the Event of Default described on Schedule 1 attached
hereto, and then only to the extent set forth therein) or event or condition
which, with notice or the lapse of time, or both would become an Event of
Default and which upon the Borrowers’ execution and delivery of this Agreement
might otherwise exist or which might hereafter occur.

 

§6.          Conditions to Effectiveness.  The
effectiveness of the amendments set forth in Section 3 of this Agreement and
the waiver set forth in Section 5 of this Agreement are subject to the
prior satisfaction, on or before May 28, 2008, of the following conditions
precedent (the date of such satisfaction herein referred to as the “Fifth Amendment
Effective Date”):

 

(a)           Representations
and Warranties.  The representations
and warranties of the Borrowers contained herein shall be true and correct.

 

(b)           No
Event of Default.  After giving
effect to the transactions contemplated by this Agreement, there shall exist no
Event of Default or event or circumstance which, with the giving of notice
and/or the lapse of time would result in an Event of Default.

 

(c)           Corporate
or Limited Liability Company Action. 
The Administrative Agent shall have received evidence reasonably
satisfactory to the Administrative Agent that all requisite corporate or
limited liability company, as applicable, action necessary for the valid
execution, delivery and performance by the Borrowers of this Agreement and all
other instruments and documents delivered by the Borrowers in connection
herewith has been taken.

 

(d)           Delivery
of this Agreement.  The Borrowers,
the Administrative Agent and the Required Lenders shall have executed and
delivered this Agreement and each 

 

3

 

Guarantor shall have acknowledged its acceptance of or agreement to this
Agreement and its ratification of the continuing effectiveness of its Guaranty.

 

(e)           Guarantor
Reaffirmation.  Each of the
Guarantors shall have reaffirmed their respective obligations under their respective
Guaranty Agreements pursuant to reaffirmation agreements each in form and
substance satisfactory to the Agent.

 

(f)            Payment
of Expenses.  The Borrowers shall
have paid to the Administrative Agent all amounts payable to the Administrative
Agent under Section 7 hereof.

 

(g)           Amendment
of Term Loan Agreement.  The Term
Loan Agreement shall have been amended by an amendment in form and substance
satisfactory to the Lenders.

 

§7.          Expenses, Etc.  Without limitation of the amounts payable by
the Borrowers under the Loan Agreement and other Loan Documents, the Borrowers
shall pay to the Administrative Agent and its counsel upon demand an amount
equal to any and all out-of-pocket costs or expenses (including reasonable
legal fees and disbursements and appraisal expenses) incurred by the
Administrative Agent in connection with the preparation, negotiation and
execution of this Agreement and the matters related thereto.

 

§8.          Time is of the Essence; No Waivers by Lenders.  TIME
IS OF THE ESSENCE WITH RESPECT TO ALL COVENANTS, CONDITIONS, AGREEMENTS OR
OTHER PROVISIONS HEREIN.  Except as
otherwise expressly provided for herein, nothing in this Agreement shall extend
to or affect in any way the Borrowers’ obligations or the Lenders’ and
Administrative Agent’s rights and remedies arising under the Loan Agreement or
the other Loan Documents.

 

§9.          Governing Law.  This Agreement shall for all purposes be
construed according to and governed by the laws of the State of Connecticut (excluding
the laws thereof applicable to conflicts of law and choice of law).

 

§10.        Effective Date.  The
amendments set forth in Section 3 hereof shall become effective among the
parties hereto as of the Fifth Amendment Effective Date.  Until the Fifth Amendment Effective Date, the
terms of the Loan Agreement prior to its amendment hereby shall remain in full
force and effect.  This Agreement is
effective as to all provisions other than the amendments set forth in Section 3
hereof at the time that the Borrowers, the Administrative Agent and the Lenders
have executed and delivered this Agreement.

 

§11.        Entire Agreement; Counterparts.  This
Agreement sets forth the entire understanding and agreement of the parties with
respect to the matters set forth herein, including the amendments set forth
herein, and this Agreement supersedes any prior or contemporaneous
understanding or agreement of the parties as to any such amendment of the
provisions of the Loan Agreement or any Loan Document, except for any such contemporaneous
agreement that has been set forth in writing and executed by the Borrowers, the
Administrative Agent and the Required Lenders. 
This Agreement may be executed in any number of counterparts and by
different parties hereto on separate counterparts, each of which when so
executed and delivered shall be an original, but all of which counterparts
taken together shall be deemed to constitute 

 

4

 

one and the same instrument.  A
facsimile or other electronic transmission of an executed counterpart shall
have the same effect as the original executed counterpart.

 

5

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
duly authorized officers, as of the day and year first above written.

 

	
   

  	
  BORROWERS:

  
	
   

  	
   

  
	
   

  	
  UNITED NATURAL FOODS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Mark E. Shamber

  
	
   

  	
  Name:

  	
  Mark E. Shamber

  
	
   

  	
  Title:

  	
  Vice
  President, CFO and Treasurer 

  
	
   

  	
   

  	
   

  
	
   

  	
  UNITED NATURAL FOODS WEST, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Mark E. Shamber

  
	
   

  	
  Name:

  	
  Mark E. Shamber

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
  UNITED NATURAL TRADING CO.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Mark E. Shamber

  
	
   

  	
  Name:

  	
  Mark E. Shamber

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
  DISTRIBUTION HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Mark E. Shamber

  
	
   

  	
  Name:

  	
  Mark E. Shamber

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
  SPRINGFIELD
  DEVELOPMENT, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Mark E. Shamber

  
	
   

  	
  Name:

  	
  Mark E. Shamber

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

6

 

	
   

  	
  MILLBROOK DISTRIBUTION SERVICES

  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Mark E. Shamber

  
	
   

  	
  Name:

  	
  Mark E. Shamber

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

7

 

	
   

  	
  ADMINISTRATIVE AGENT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Edgar Ezerins

  
	
   

  	
  Name:

  	
  Edgar Ezerins

  
	
   

  	
  Title:

  	
  SVP,
  Sr. Client Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  LENDERS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Edgar Ezerins

  
	
   

  	
  Name:

  	
  Edgar Ezerins

  
	
   

  	
  Title:

  	
  SVP,
  Sr. Client Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  RBS CITIZENS, NATIONAL ASSOCIATION

  
	
   

  	
  (as successor by merger with Citizens Bank of

  
	
   

  	
  Massachusetts), individually and as Co-

  
	
   

  	
  Syndication Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  John D. Bobbin

  
	
   

  	
  Name:

  	
  John D. Bobbin

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL ASSOCIATION,

  
	
   

  	
  individually and as Co-Syndication Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Mark A. Reinert

  
	
   

  	
  Name:

  	
  Mark A. Reinert

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
  PNC BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Brian Conway

  
	
   

  	
  Name:

  	
  Brian Conway

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

8

 

	
   

  	
  FIRST PIONEER FARM CREDIT, ACA

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Thomas W. Cosgrove

  
	
   

  	
  Name:

  	
  Thomas W. Cosgrove

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
  WEBSTER BANK, NATIONAL ASSOCIATION

  
	
   

  	
  (f/k/a Webster Bank)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  John H. Frost

  
	
   

  	
  Name:

  	
  John H. Frost

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
  ISRAEL DISCOUNT BANK OF NEW YORK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Michael M. Diamond

  
	
   

  	
  Name:

  	
  Michael M. Diamond

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  George J. Ahlmeyer

  
	
   

  	
  Name:

  	
  George J. Ahlmeyer

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  
	
   

  	
   

  
	
   

  	
  ROYAL BANK OF CANADA, individually and

  
	
   

  	
  as Co-Documentation Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Gardon MacArthur

  
	
   

  	
  Name:

  	
  Gardon MacArthur

  
	
   

  	
  Title:

  	
  Authorized
  Signatory

  
	
   

  	
   

  
	
   

  	
  BMO CAPITAL MARKETS FINANCING,

  
	
   

  	
  INC., individually and as Co-Documentation

  
	
   

  	
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  C. Scott Place

  
	
   

  	
  Name:

  	
  C. Scott Place

  
	
   

  	
  Title:

  	
  Director

  

 

9

 

	
   

  	
  COOPERATIEVE CENTRALE
  RAIFFEISEN-

  
	
   

  	
  BOERENLEENBANK B.A.,

  
	
   

  	
  “RABOBANK NEDERLAND”, NEW YORK

  
	
   

  	
  BRANCH

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Theodore W. Cox

  
	
   

  	
  Name:

  	
  Theodore W. Cox

  
	
   

  	
  Title:

  	
  Executive
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Andrew Sherman

  
	
   

  	
  Name:

  	
  Andrew Sherman

  
	
   

  	
  Title:

  	
  Executive
  Director

  
	
   

  	
   

  
	
   

  	
  JPMORGAN
  CHASE BANK, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Donna M. Diforio 

  
	
   

  	
  Name:

  	
  Donna M. Diforio

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
  CREDIT
  SUISSE, CAYMAN ISLANDS

  
	
   

  	
  BRANCH

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Doreen Barr

  
	
   

  	
  Name:

  	
  Doreen Barr

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Morenikeji Ajayi

  
	
   

  	
  Name:

  	
  Morenikeji Ajayi

  
	
   

  	
  Title:

  	
  Associate

  

 

10

 

	
  Each
  of the undersigned Guarantors

  	
   

  
	
  acknowledges
  and agrees to the foregoing,

  	
   

  
	
  and
  ratifies and confirms in all respects

  	
   

  
	
  such
  Guarantor’s obligations under the

  	
   

  
	
  Guaranty
  Agreements:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  NATURAL
  RETAIL GROUP, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/

  	
  Mark
  E. Shamber

  	
   

  
	
  Name:

  	
  Mark
  E. Shamber

  	
   

  
	
  Title:

  	
  Vice
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  ALBERT’S
  ORGANICS, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/

  	
  Mark
  E. Shamber

  	
   

  
	
  Name:

  	
  Mark
  E. Shamber

  	
   

  
	
  Title:

  	
  Vice
  President

  	
   

  

 

 

Schedule 1

 

Event of Default

 

The Event of Default that occurred under Section 11.1.5 of the
Loan Agreement as a result of the Borrowers’ failure to comply with Section 9.3.1
of the Loan Agreement in respect of the Fixed Charge Coverage Ratio for the
fiscal quarter ended April 30, 2008.Exhibit 10.57

 

EIGHTH AMENDMENT AGREEMENT

 

EIGHTH
AMENDMENT AGREEMENT (this “Agreement”) dated as of May 28, 2008, by
and among United Natural Foods, Inc.
and Albert’s Organics, Inc. (collectively, the “Borrowers”),
and Bank of America, N.A., as successor to Fleet Capital Corporation (the “Lender”),
with respect to the Term Loan Agreement dated as of April 28, 2003, as
amended by an Amendment to Term Loan Agreement dated August 26, 2003, a
Second Amendment to Term Loan Agreement dated December 18, 2003, a Third
Amendment to Term Loan Agreement dated April 30, 2004, a Fourth Amendment
to Term Loan Agreement dated June 15, 2005, a Fifth Amendment to Term Loan
Agreement dated July 28, 2005, a Sixth Amendment to Term Loan Agreement
dated November 2, 2007, and a Seventh Amendment to Term Loan Agreement
dated November 27, 2007 (as amended, the “Term Loan Agreement”).

 

W I T N E S S E T H:

 

WHEREAS,
the Borrowers have requested that the Lender waive a certain Event of Default
which exists under the Term Loan Agreement and amend certain other provisions
of the Term Loan Agreement, and the Lender is willing to waive such Event of
Default and amend the Term Loan Agreement, on the terms and conditions set
forth herein.

 

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

 

§1.          Definitions.  Capitalized terms used herein
without definition that are defined in the Term Loan Agreement shall have the
meanings given to such terms in the Term Loan Agreement, as amended hereby.

 

§2.          Representations and Warranties; Acknowledgment.  The
Borrowers hereby represent and warrant to the Lender as follows:

 

(a)           Each
of the Borrowers has adequate power to execute and deliver this Agreement and
each other document to which it is a party in connection herewith and to
perform its obligations hereunder or thereunder.  This Agreement and each other document
executed in connection herewith have been duly executed and delivered by each
of the Borrowers and do not contravene any law, rule or regulation
applicable to any Borrower or any of the terms of any other indenture,
agreement or undertaking to which any Borrower is a party.  The obligations contained in this Agreement
and each other document executed in connection herewith to which any of the
Borrowers is a party, taken together with the obligations under the Loan
Documents, constitute the legal, valid and binding obligations enforceable
against any such Borrower in accordance with their respective terms.

 

(b)           After
giving effect to the transactions contemplated by this Agreement, all the
representations and warranties made by the Borrowers in the Loan Documents are
true and correct on the date hereof as if made on and as of the date hereof and
are so repeated herein as if expressly set forth herein or therein, except to
the extent that any of such representations and warranties expressly relate by
their terms to a prior date.

 

 

(c)           After
giving effect to the transactions contemplated by this Agreement, no Event of
Default under and as defined in any of the Loan Documents has occurred and is
continuing on the date hereof.

 

§3.          Amendments to Term Loan Agreement. The Term Loan Agreement is hereby amended as
follows:

 

3.1.         Amendment to Appendix A.

 

                The following definition set
forth in Appendix A of the Term Loan Agreement is hereby amended and restated
in its entirety to read as follows:

 

EBITDA
- with respect to any fiscal period of Borrowers, the sum of Borrowers’
Consolidated net earnings (or loss) before interest expense, taxes,
depreciation and amortization for said period as determined in accordance with GAAP, plus, for purposes of calculating the Fixed Charge Coverage Ratio only,
to the extent deducted in calculating Consolidated net earnings, non-cash share
based compensation expense for such period.

 

3.2.         Amendment to Section 1.

 

The first paragraph of Section 1 is hereby amended by replacing
$30,000,000.00 with $75,000,000.00.

 

3.3.         Amendment to Section 2.1.1.

 

Section 2.1.1 of the
Term Loan Agreement is hereby amended by adding the following after the third
sentence of such Section:

 

Notwithstanding the
foregoing, from June 1, 2008 to the date on which the Lender receives the
audited financial statements of the Borrowers and their Subsidiaries for the
fiscal year ended July 31, 2008 together with a Compliance Certificate
pursuant to Section 6.1.3 for such period
evidencing compliance with the financial covenants set forth in Section 6.3, (i) interest shall accrue on the
principal amount of the Base Rate Advances outstanding at the end of each day
at a fluctuating rate per annum equal to the Base Rate plus one quarter of one
percent (0.25%) and (ii) interest shall accrue on the principal amount of
each of the Libor Advances outstanding at the end of each day at a fixed rate
equal to LIBOR for the applicable Interest Period plus the sum of (x) the
Applicable LIBOR Margin plus (y) one quarter of one percent (0.25%).

 

§4.          Ratification, etc.  All
of the obligations and liabilities to the Lender as evidenced by or otherwise
arising under the Term Loan Agreement and the other Loan Documents, are, by the
Borrowers’ execution of this Agreement, ratified and confirmed in all
respects.  In addition, by each Borrower’s
execution of this Agreement, such Borrower represents and warrants that neither
it nor any of its Subsidiaries has any counterclaim, right of set-off or
defense of any kind with respect to such obligations and liabilities.  This Agreement and the Term Loan Agreement
shall hereafter be read and construed together as a single document, and all
references in the 

 

2

 

Term Loan Agreement or any related agreement or instrument to the Term
Loan Agreement shall hereafter refer to the Term Loan Agreement as amended by
this Agreement.

 

§5.          Waiver.  Subject to the
satisfaction of the conditions set forth herein, the Lender waives the Event of
Default that has occurred under the Term Loan Agreement as a result of the
Borrowers’ failure on or before the date hereof to comply with that section of
the Term Loan Agreement set forth on Schedule 1 attached
hereto.  The waiver set forth in this Section 5
shall be effective only for the Event of Default contained in the Term Loan
Agreement as specified in Schedule 1 which occurred on or
before the date hereof and such waiver shall not entitle the Borrowers to any
future waiver in similar or other circumstances.  Without limiting the foregoing, upon the
occurrence and during the continuation of an Event of Default not set forth in Schedule 1,
subject to the provisions of the Term Loan Agreement, the Lender shall be free
in its sole and absolute discretion to accelerate the payment in full of the
Obligations, and may, if the Lender so elects, proceed to enforce any or all of
its rights under or in respect of the Term Loan Agreement and the other Loan
Documents and applicable law.  Except as
otherwise expressly provided for herein, nothing in this Agreement shall extend
to or affect in any way the Borrowers’ obligations or the Lender’s rights and
remedies arising under the Term Loan Agreement or the other Loan Documents, and
Lender shall not be deemed to have waived any or all of its remedies with
respect to any Event of Default (other than the Event of Default described on Schedule 1
attached hereto, and then only to the extent set forth therein) or event or
condition which, with notice or the lapse of time, or both would become an
Event of Default and which upon the Borrowers’ execution and delivery of this
Agreement might otherwise exist or which might hereafter occur.

 

§6.          Conditions to Effectiveness.  The
effectiveness of the amendments set forth in Section 3 of this Agreement
and the waiver set forth in Section 5 of this Agreement are subject to the
prior satisfaction, on or before May 28, 2008, of the following conditions
precedent (the date of such satisfaction herein referred to as the “Eighth
Amendment Effective Date”):

 

(a)           Representations
and Warranties.  The representations
and warranties of the Borrowers contained herein shall be true and correct.

 

(b)           No
Event of Default.  After giving
effect to the transactions contemplated by this Agreement, there shall exist no
Default or Event of Default.

 

(c)           Corporate
or Limited Liability Company Action. 
The Lender shall have received evidence reasonably satisfactory to the
Lender that all requisite corporate or limited liability company, as
applicable, action necessary for the valid execution, delivery and performance
by the Borrowers of this Agreement and all other instruments and documents
delivered by the Borrowers in connection herewith has been taken.

 

(d)           Delivery
of this Agreement.  The Borrowers and
the Lender shall have executed and delivered this Agreement and each Guarantor
shall have acknowledged its acceptance of or agreement to this Agreement and
its ratification of the continuing effectiveness of its Guaranty.

 

3

 

(e)           Guarantor Reaffirmation.  Each of the Guarantors shall have reaffirmed
their respective obligations under their respective Guaranty Agreements
pursuant to reaffirmation agreements each in form and substance satisfactory to
the Lender.

 

(f)            Payment
of Expenses.  The Borrowers shall
have paid to the Lender  all amounts
payable to the Lender under §7 hereof.

 

(h)           Amendment of Working Capital
Facility.  The Working Capital
Facility shall have been amended by an amendment in form and substance
satisfactory to the Lender.

 

(j)            Participant Consents.  The Lender shall have received the written
consent of each participant in the Term Loan to the provisions of this
Agreement.

 

(k)           Other Documents.  The Borrowers shall have executed and
delivered such other documents, and taken such other action, as may be
reasonably requested by the Lender in connection with this Agreement.

 

§7.          Expenses, Etc.  Without limitation of the amounts payable by
the Borrowers under the Term Loan Agreement and other Loan Documents, the
Borrowers shall pay to the Lender and its counsel upon demand an amount equal
to any and all out-of-pocket costs or expenses (including reasonable legal fees
and disbursements and appraisal expenses) incurred by the Lender in connection
with the preparation, negotiation and execution of this Agreement and the
matters related thereto.

 

§8.          Time is of the Essence; No Waivers by Lender.  TIME
IS OF THE ESSENCE WITH RESPECT TO ALL COVENANTS, CONDITIONS, AGREEMENTS OR
OTHER PROVISIONS HEREIN.  Except as
otherwise expressly provided for herein, nothing in this Agreement shall extend
to or affect in any way the Borrowers’ obligations or the Lender’s rights and
remedies arising under the Term Loan Agreement or the other Loan Documents.

 

§9.          Governing Law.  This Agreement shall for all purposes be
construed according to and governed by the laws of the State of Connecticut
(excluding the laws thereof applicable to conflicts of law and choice of law).

 

§10.        Effective Date.  The
amendments set forth in Section 3 hereof shall become effective among the
parties hereto as of the Eighth Amendment Effective Date.  Until the Eighth Amendment Effective Date,
the terms of the Term Loan Agreement prior to its amendment hereby shall remain
in full force and effect.  This Agreement
is effective as to all provisions other than the amendments set forth in Section 3
hereof at the time that the Borrowers and the Lender have executed and
delivered this Agreement.

 

§11.        Entire Agreement; Counterparts.  This
Agreement sets forth the entire understanding and agreement of the parties with
respect to the matters set forth herein, including the amendments set forth
herein, and this Agreement supersedes any prior or contemporaneous
understanding or agreement of the parties as to any such amendment of the
provisions of the Term Loan Agreement or any Loan Document, except for any such
contemporaneous agreement that has been set forth in writing and executed by
the Borrowers and the Lender.  This 

 

4

 

Agreement may be executed in any number of counterparts and by
different parties hereto on separate counterparts, each of which when so
executed and delivered shall be an original, but all of which counterparts
taken together shall be deemed to constitute one and the same instrument.  A facsimile or other electronic transmission
of an executed counterpart shall have the same effect as the original executed
counterpart.

 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

 

5

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
duly authorized officers, as of the day and year first above written.

 

	
   

  	
  BORROWERS:

  
	
   

  	
   

  
	
   

  	
  UNITED NATURAL FOODS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Mark E. Shamber

  
	
   

  	
  Name:

  	
  Mark E. Shamber

  
	
   

  	
  Title:

  	
  Vice President, CFO and
  Treasurer

  
	
   

  	
   

  
	
   

  	
  ALBERT’S ORGANICS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Mark E. Shamber

  
	
   

  	
  Name:

  	
  Mark E. Shamber

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/

  	
  Edgar Ezerins

  	 

	
   

  	
  Name:

  	
  Edgar Ezerins

  
	
   

  	
  Title:

  	
  SVP, Sr. Client Manager

  

 

 

	
  Each
  of the undersigned Guarantors

  	
   

  	 

	
  acknowledges
  and agrees to the foregoing,

  	
   

  	 

	
  and
  ratifies and confirms in all respects

  	
   

  	 

	
  such
  Guarantor’s obligations under the

  	
   

  	 

	
  Guaranty
  Agreements:

  	
   

  	 

	
   

  	
   

  	 

	
  NATURAL
  RETAIL GROUP, INC.

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
  By:

  	
   /s/

  	
  Mark
  E. Shamber

  	
   

  
	
  Name:

  	
  Mark
  E. Shamber

  	
   

  	 

	
  Title:

  	
  Vice
  President

  	
   

  	 

	
   

  	
   

  	 

	
  SPRINGFIELD
  DEVELOPMENT, LLC

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
  By:

  	
   /s/

  	
  Mark
  E. Shamber

  	
   

  	 

	
  Name:

  	
  Mark
  E. Shamber

  	
   

  	 

	
  Title:

  	
  Vice
  President

  	
   

  	 

	
   

  	
   

  	 

	
  UNITED
  NATURAL FOODS WEST, INC.

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
  By:

  	
   /s/

  	
  Mark
  E. Shamber

  	
   

  	 

	
  Name:

  	
  Mark
  E. Shamber

  	
   

  	 

	
  Title:

  	
  Vice
  President

  	
   

  	 

	
   

  	
   

  	 

	
  UNITED
  NATURAL TRADING CO.

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
  By:

  	
   /s/

  	
  Mark
  E. Shamber

  	
   

  	 

	
  Name:

  	
  Mark
  E. Shamber

  	
   

  	 

	
  Title:

  	
  Vice
  President

  	
   

  	 

	
   

  	
   

  	 

	
  DISTRIBUTION
  HOLDINGS, INC.

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
  By:

  	
   /s/

  	
  Mark
  E. Shamber

  	
   

  	 

	
  Name:

  	
  Mark
  E. Shamber

  	
   

  	 

	
  Title:

  	
  Vice
  President

  	
   

  	 

	
   

  	
   

  	 

	
  MILLBROOK
  DISTRIBUTIOIN SERVICES INC.

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
  By:

  	
   /s/

  	
  Mark
  E. Shamber

  	
   

  	 

	
  Name:

  	
  Mark
  E. Shamber

  	
   

  	 

	
  Title:

  	
  Vice
  President

  	
   

  	 

 

 

SCHEDULE  1

 

Event of Default

 

The Event of Default that occurred under Section 8.1.5 of the Term
Loan Agreement as a result of the Borrowers’ failure to comply with Section 6.3.1
of the Term Loan Agreement in respect of the Fixed Charge Coverage Ratio for
the fiscal quarter ended April 30, 2008.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]