Document:

Exhibit 10.1

 

Execution Copy

 

Standstill Agreement

 

AGREEMENT

 

This Agreement, dated as of March 26, 2012, is by and among Information Services Group, Inc., a Delaware corporation (the “Company”), and Double Black Diamond Offshore Ltd., a limited partnership formed under the laws of the Cayman Islands, Black Diamond Offshore Ltd., a limited partnership formed under the laws of the Cayman Islands, Carlson Capital, L.P., a Delaware limited partnership, Asgard Investment Corp. II, a Delaware corporation, Asgard Investment Corp., a Delaware corporation, and Clint D. Carlson (collectively, the “Shareholder Group”).

 

WHEREAS, the Company and the Shareholder Group have determined that the interests of the Company and its shareholders would be best served by adding Mr. Guillermo G. Marmol (“Marmol”) to the Board of Directors of the Company (the “Board”) on the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the foregoing premises and the respective representations, warranties, covenants, agreements and conditions hereinafter set forth, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

1.             Definitions. For purposes of this Agreement:

 

(a)   The terms “Affiliate” and “Associate” have the respective meanings set forth in Rule 12b-2 promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), provided that neither “Affiliate” nor “Associate” shall include (i) any person that is a publicly held concern and is otherwise an Affiliate or Associate by reason of the fact that a principal of any member of the Shareholder Group serves as a member of the board of directors or similar governing body of such concern, (ii) such principal in its capacity as a member of the board of directors or other similar governing body of such concern or (iii) any entity which is an Associate solely by reason of clause (1) of the definition of Associate in Rule 12b-2; the terms “beneficial owner” and “beneficial ownership” shall have the respective meanings as set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act; and the terms “person” or “persons” shall mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, the media, estate, trust, association, organization or other entity of any kind or nature, including any governmental authority.

 

(b)   “Common Stock” means the common stock of the Company, par value $0.001 per share.

 

(c)   “NASDAQ” means The NASDAQ Stock Market LLC.

 

(d)   “Ownership Interest” means, with respect to the Common Stock, having beneficial ownership of the Common Stock.

 

 

(e)   “Standstill Period” means the period from the date hereof until the earlier of (i) March 26, 2013, (ii) 60 days prior to the date of the 2013 annual meeting or, if the Company adopts advance notice bylaw provisions, 60 days prior to the last day upon which a notice to the Secretary of the Company of nominations of persons for election to the Board or the proposal of business at the 2013 annual meeting of the Company would be considered timely under such advance notice bylaw provisions and (iii) such date, if any, as the Company has breached in any material respect any of its representations, warranties, commitments or obligations set forth in Sections 2, 4 or 8 hereof and such breach has not been cured within 10 days following written notice of such breach so long as such breach is curable.

 

2.             Representations and Warranties of the Company. The Company represents and warrants as follows as of the date hereof:

 

(a)   The Company has the corporate power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby.

 

(b)   This Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws affecting the rights of creditors and subject to general equity principles.

 

(c)   The execution, delivery and performance of this Agreement by the Company does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree, in each case that is applicable to the Company, or (ii) result in any material breach or material violation of, or constitute a material default (or an event which with notice or lapse of time or both could become a material default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, (A) any organizational document of the Company or (B) any agreement, contract, commitment, understanding or arrangement, in each case to which the Company is a party or by which it is bound and which is material to the Company’s operations.

 

3.             Representations and Warranties of the Shareholder Group. Each member of the Shareholder Group severally, and not jointly, represents and warrants with respect to himself or itself as follows as of the date hereof:

 

(a)   Such party has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby. Such party, if an entity, has the corporate, limited partnership or limited liability company power and authority, as applicable, to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby.

 

(b)   This Agreement has been duly and validly authorized, executed, and delivered by such party, constitutes a valid and binding obligation and agreement of such party, and is enforceable against such party in accordance with its terms, except as enforcement thereof may

 

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be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws affecting the rights of creditors and subject to general equity principles.

 

(c)   The execution, delivery and performance of this Agreement by such party does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to him or it, or (ii) result in any material breach or material violation of, or constitute a material default (or an event which with notice or lapse of time or both could become a material default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, (A) any organizational document, if an entity, or (B) any agreement, contract, commitment, understanding or arrangement, in each case to which he or it is a party or by which he or it is bound and which is material to the Shareholder Group’s business or operations.

 

(d)   As of the date hereof, such party is the beneficial owner of the number of shares of Common Stock as set forth on the applicable cover page (including any cross-referenced information) relating to such party in the most recent report of beneficial ownership of Common Stock on Amendment No. 2 to Schedule 13D, filed by members of the Shareholder Group with the SEC on January 11, 2012 (as amended, the “Schedule 13D”). Except for (i) those Affiliates and Associates of such member with respect to whom a cover page is included in the Schedule 13D or (ii) as previously disclosed in writing to the Company, to the actual knowledge of the Shareholder Group after reasonable inquiry, no other Affiliate or Associate of such member beneficially owns any shares of Common Stock.

 

(e)           There are no direct or indirect compensation and other monetary agreements, arrangements and understandings during the past three years, and no other material relationships, between or among the Shareholder Group, on the one hand, and Marmol, and his respective Affiliates and Associates, or others acting in concert therewith, on the other hand.

 

4.             Appointment of Directors; Related Matters. (a) As soon as reasonably practicable, but in any event within ten business days from the date hereof (the “Appointment Date”), the Board shall:

 

(i)            appoint Marmol as a Class III director (term expiring in 2013) and adopt a resolution appointing him to the Audit Committee of the Board (subject to qualification as an audit committee financial expert under NASDAQ listing rules), in each case effective as of the Appointment Date; and

 

(ii)           adopt a resolution in accordance with the Company’s Certificate of Incorporation and Bylaws increasing the size of the Board to a total of seven directors in order to accommodate Marmol’s appointment as a director of the Company pursuant to Section 4(a)(i) hereof, effective as of the Appointment Date.

 

(b)   The Company agrees that, during the Standstill Period, the Company will not change the Class year of Marmol as a director unless (i) the Shareholder Group has consented to such change or (ii) such change would extend the term of Marmol’s term as a director.  The Company agrees that, during the Standstill Period, the Company will not remove Marmol from

 

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any committee of the Board on which Marmol has been appointed to pursuant to Sections 4(a)(i) hereof without the prior consent of the Shareholder Group, so long as Marmol continues to meet all the legal and listing requirements for service on any such committee.

 

5.             Voting. During the Standstill Period, at all shareholder meetings where the matters described in this Section 5 will be voted on during such time as Marmol serves as a director of the Company, each member of the Shareholder Group shall cause all shares of Common Stock beneficially owned by it or its respective Affiliates or Associates, to be present for quorum purposes and to be voted in favor of all directors nominated by the Board for election.

 

6.             Standstill. Each member of the Shareholder Group agrees that other than as may be required by applicable law, order or regulation, during the Standstill Period, he or it will not, and he or it will cause each of such person’s Affiliates or agents or other persons acting on his or its behalf not to, and will use commercially reasonable efforts to cause his or its respective Associates not to:

 

(a)   acquire, offer to acquire or agree to acquire, alone or in concert with any other individual or entity, by purchase, tender offer, exchange offer, agreement or business combination or any other manner, beneficial ownership of any securities of the Company or any securities of any Affiliate of the Company, if, after completion of such acquisition or proposed acquisition, such party would beneficially own, or have the right to acquire beneficial ownership of, more than 14.99% of the outstanding Common Stock (based on the latest annual or quarterly report of the Company filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act);

 

(b)   submit any shareholder proposal (pursuant to Rule 14a-8 promulgated by the SEC under the Exchange Act or otherwise) or any notice of nomination or other business for consideration, or nominate any candidate for election to the Board or oppose the directors nominated by the Board, other than as expressly permitted by this Agreement;

 

(c)   form, join in or in any other way participate in a “partnership, limited partnership, syndicate or other group” within the meaning of Section 13(d)(3) of the Exchange Act with respect to the Common Stock or deposit any shares of Common Stock in a voting trust or similar arrangement or subject any shares of Common Stock to any voting agreement or pooling arrangement, other than solely with other members of the Shareholder Group or one or more Affiliates of a member of the Shareholder Group with respect to the Common Stock currently owned as set forth in Section 3(d) hereof or acquired in the future (subject to the limitations set forth in Section 6(a) hereof) or to the extent such a group may be deemed to result with the Company or any of its Affiliates as a result of this Agreement;

 

(d)   solicit proxies or written consents of shareholders, or otherwise conduct any nonbinding referendum with respect to the Common Stock, or make, or in any way participate in, any “solicitation” of any “proxy” within the meaning of Rule 14a-1 promulgated by the SEC under the Exchange Act to vote, or advise, encourage or influence any person with respect to voting, any shares of Common Stock with respect to any matter, or become a “participant” in any contested “solicitation” for the election of directors with respect to the Company (as such terms are defined or used under the Exchange Act and the rules promulgated by the SEC thereunder), other than a “solicitation” or acting as a “participant” in support of all of the nominees of the

 

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Board at any shareholder meeting; provided that that the foregoing shall not be deemed to restrict such actions in connection with any Board-approved proposal for a merger or sale of the Company, change in control of the Company, recapitalization, acquisition or disposition by the Company or liquidation of the Company that is submitted for approval or adoption by the stockholders of the Company;

 

(e)   call, seek to call, or to request the calling of, a special meeting of the shareholders of the Company, or seek to make, or make, a shareholder proposal at any meeting of the shareholders of the Company or make a request for a list of the Company’s shareholders (or otherwise induce, encourage or assist any other person to initiate or pursue such a proposal or request) or otherwise acting alone, or in concert with others, seek to control or influence the governance or policies of the Company, except as expressly permitted by this Agreement; provided that that the foregoing shall not be deemed to restrict such actions in connection with any Board-approved proposal for a merger or sale of the Company, change in control of the Company, recapitalization, acquisition or disposition by the Company or liquidation of the Company that is submitted for approval or adoption by the stockholders of the Company;

 

(f)    effect or seek to effect (including, without limitation, by entering into any discussions, negotiations, agreements or understandings with any third person), offer or propose (whether publicly or otherwise) to effect, or cause or participate in, or in any way assist or facilitate any other person to effect or seek, offer or propose (whether publicly or otherwise) to effect or cause or participate in (i) any acquisition of any material assets or businesses of the Company or any of its subsidiaries, (ii) any tender offer or exchange offer, merger, acquisition or other business combination involving the Company or any of its subsidiaries, or (iii) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company or any of its subsidiaries; provided that that the foregoing shall not be deemed to restrict such actions in connection with any Board-approved proposal for a merger or sale of the Company, change in control of the Company, recapitalization, acquisition or disposition by the Company or liquidation of the Company that is submitted for approval or adoption by the stockholders of the Company;

 

(g)   publicly disclose, or cause or facilitate the public disclosure (including without limitation the filing of any document or report with the SEC or any other governmental agency or any disclosure to any journalist, member of the media or securities analyst) of, any intent, purpose, plan or proposal to obtain any waiver, or consent under, or any amendment of, any of the provisions of Section 5 hereof or this Section 6, or otherwise seek (in any manner that would require public disclosure by any of the members of the Shareholder Group or their Affiliates or Associates) to obtain any waiver, consent under, or amendment of, any provision of this Agreement;

 

(h)   publicly disparage any member of the Board or management of the Company (including, without limitation, making any critical statements of the Company’s business, strategic direction or compensation practices), provided that this provision shall not apply to compelled testimony, either by legal process, subpoena or otherwise, or to communications that are required by an applicable legal obligation and are subject to contractual provisions providing for confidential disclosure; provided that that the foregoing shall not be deemed to restrict such actions in connection with any Board-approved proposal for a merger or sale of the Company,

 

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change in control of the Company, recapitalization, acquisition or disposition by the Company or liquidation of the Company that is submitted for approval or adoption by the stockholders of the Company;

 

(i)    enter into any arrangements, understandings or agreements (whether written or oral) with, or advise, finance, assist or encourage, any other person that engages, or offers or proposes to engage, in any of the foregoing; or

 

(j)    take or cause or induce or assist others to take any action inconsistent with any of the foregoing.

 

7.             Company Policies. (a)  The members of the Shareholder Group acknowledge that they are aware that United States securities laws prohibit any person who has material non-public information about a company from purchasing or selling any securities of such company, or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities.

 

(b)   The members of the Shareholder Group acknowledge that they will not be entitled to receive any non-public information from the Company or Marmol.

 

8.             Non-Disparagement. During the Standstill Period, the Company shall not publicly disparage any member of the Shareholder Group or any member of the management of the Shareholder Group, provided that this provision shall not apply to compelled testimony, either by legal process, subpoena or otherwise, or to communications that are required by an applicable legal obligation and are subject to contractual provisions providing for confidential disclosure.

 

9.             SEC Filings. The members of the Shareholder Group shall promptly file an amendment to the Schedule 13D reporting entry into this agreement, amending applicable items to conform to their obligations hereunder and appending or incorporating by reference this Agreement as an exhibit thereto. Such members of the Shareholder Group shall provide the Company with a reasonable opportunity to review and comment on such amendment in advance of filing, and shall accept any such reasonable and timely comments of the Company.

 

10.           Reimbursement of Expenses. All costs and expenses incurred in connection with this Agreement and all matters related hereto will be paid by the party incurring such cost or expense.

 

11.           Specific Performance. Each party hereto acknowledges and agrees, on behalf of itself and its Affiliates, that irreparable harm would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties will be entitled to specific relief hereunder, including, without limitation, an injunction or injunctions to prevent and enjoin breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof in any state or federal court in the State of Delaware, in addition to any other remedy to which they may be entitled at law or in equity. Any requirements for the securing or posting of any bond with such remedy are hereby waived.

 

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12.           Jurisdiction. Each party hereto agrees, on behalf of itself and its Affiliates, that any actions, suits or proceedings arising out of or relating to this Agreement or the transactions contemplated hereby will be brought solely and exclusively in any state or federal court in the State of Delaware (and the parties agree on behalf of themselves and their respective Affiliates not to commence any action, suit or proceeding relating thereto except in such courts), and further agrees that service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 16 hereof will be effective service of process for any such action, suit or proceeding brought against any party in any such court. Each party, on behalf of itself and its Affiliates, irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby, in the state or federal courts in the State of Delaware, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an improper or inconvenient forum.

 

13.           Applicable Law. This Agreement shall be governed in all respects, including validity, interpretation and effect, by the laws of the State of Delaware applicable to contracts executed and to be performed wholly within such state, without giving effect to the choice of law principles of such state.

 

14.           Counterparts; Facsimile or Electronic Signatures. This Agreement may be executed in two or more counterparts which together shall constitute a single agreement. Facsimile or electronic (i.e., PDF) signatures shall be as effective as original signatures.

 

15.           Entire Agreement; Amendment and Waiver; Successors and Assigns. This Agreement contains the entire understanding of the parties hereto with respect to, and supersedes all prior agreements relating to, its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings between the parties other than those expressly set forth herein. This Agreement may be amended only by a written instrument duly executed by the parties hereto or their respective successors or assigns. No failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The terms and conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the parties hereto and their respective successors, heirs, executors, legal representatives, and assigns.

 

16.           Notices. All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, (a) if given by telecopy, when such telecopy is transmitted to the telecopy number set forth below, or to such other telecopy number as is provided by a party to this Agreement to the other parties pursuant to notice given in accordance with the provisions of this Section 16, and the appropriate confirmation is received, or (b) if given by any other means, when actually received during normal business hours at the address specified in this Section 16, or at such other address as is provided by a party to this Agreement to the other parties pursuant to notice given in accordance with the provisions of this Section 16:

 

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if to the Company:

 

Information Services Group, Inc.
 Two Stamford Plaza
 281 Tresser Boulevard
 Stamford, CT 06901
 Facsimile: (203) 517-3199
 Attention: Michael. P Connors

 

with a copy to:

 

Simpson Thacher & Bartlett LLP 
 425 Lexington Ave.
 New York, NY 10017
 Facsimile: (212) 455-2502 
 Attention: Edward J. Chung

 

if to the Shareholder Group or any member thereof:

 

Carlson Capital, L.P.
 2100 McKinney Avenue 
 Dallas, TX 75201

Facsimile: (214) 932-9712 
 Attention: Steven J. Pully

 

with a copy to:

 

Schulte Roth & Zabel LLP 
 919 Third Avenue
 New York, NY 10022

Facsimile: (212) 593-5955 
 Attention: David E. Rosewater , Esq.

 

17.           No Third-Party Beneficiaries. Nothing in this Agreement is intended to confer on any person other than the parties hereto or their respective successors and assigns, and their respective Affiliates to the extent provided herein, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized signatories of the parties as of the date first written above.

 

	
 
    	
COMPANY:
    
	
 
    	
 
    
	
 
    	
INFORMATION   SERVICES GROUP, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael P. Connors
    
	
 
    	
Name:
    	
Michael   P. Connors
    
	
 
    	
Title:
    	
Chairman   and Chief Executive Officer
    

 

 

	
 
    	
DOUBLE   BLACK DIAMOND OFFSHORE LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
Carlson   Capital, L.P., its investment manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Clint D. Carlson
    
	
 
    	
 
    	
 
    	
Name:
    	
Clint   D. Carlson
    
	
 
    	
 
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BLACK   DIAMOND OFFSHORE LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
Carlson   Capital, L.P., its investment manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Clint D. Carlson
    
	
 
    	
 
    	
 
    	
Name:
    	
Clint   D. Carlson
    
	
 
    	
 
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CARLSON   CAPITAL, L.P.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Clint D. Carlson
    
	
 
    	
 
    	
Name:
    	
Clint   D. Carlson
    
	
 
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ASGARD   INVESTMENT CORP. II
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Clint D. Carlson
    
	
 
    	
 
    	
Name:
    	
Clint   D. Carlson
    
	
 
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ASGARD   INVESTMENT CORP.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Clint D. Carlson
    
	
 
    	
 
    	
Name:
    	
Clint   D. Carlson
    
	
 
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    
	
 
    	
CLINT   D. CARLSON
    
	
 
    	
 
    
	
 
    	
 
    	
/s/   Clint D. CarlsonExhibit 10.1

 

COURIER CORPORATION

COURIER COMPANIES, INC.

COURIER PUBLISHING, INC.

COURIER KENDALLVILLE, INC.

COURIER PROPERTIES, INC.

CREATIVE HOMEOWNER DISTRIBUTION SERVICES, LLC

NATIONAL PUBLISHING COMPANY

COURIER NEW MEDIA, INC.

BOOK-MART PRESS, INC.

DOVER PUBLICATIONS, INC.

RESEARCH & EDUCATION ASSOCIATION, INC.

MOORE-LANGEN PRINTING COMPANY, INC.

FEDERAL MARKETING CORP.

 

	
 
    	
Dated   as of: March 22, 2012
    

 

RBS Citizens, N.A.,

Individually and as Agent

28 State Street

Boston, Massachusetts 02109

 

KeyBank National Association

One Canal Plaza

Portland, Maine 04101

 

TD Bank, N.A.

200 State Street

Boston, MA 02109

 

JPMorgan Chase Bank, N.A.

50 Rowes Wharf, 4th Floor

Boston, MA 02110

 

Re:          Amendment No. 1 and Waiver to Second Amended and Restated Revolving Credit Agreement

 

Ladies and Gentlemen:

 

We refer to the Second Amended and Restated Revolving Credit Agreement, dated as of May 23, 2008 (as amended, the “Agreement”), among COURIER CORPORATION, COURIER COMPANIES, INC., COURIER PUBLISHING, INC., COURIER KENDALLVILLE, INC., COURIER PROPERTIES, INC., CREATIVE HOMEOWNER DISTRIBUTION SERVICES, LLC, NATIONAL PUBLISHING 

 

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COMPANY, COURIER NEW MEDIA, INC., BOOK-MART PRESS, INC., DOVER PUBLICATIONS, INC., RESEARCH & EDUCATION ASSOCIATION, INC., MOORE-LANGEN PRINTING COMPANY, INC. and FEDERAL MARKETING CORP. (each a “Borrower” and collectively the “Borrowers”), RBS CITIZENS, NATIONAL ASSOCIATION (successor by merger to Citizens Bank of Massachusetts), in its capacity as a Bank (“Citizens”), KEYBANK NATIONAL ASSOCIATION, in its capacity as a Bank (“Key”), JPMORGAN CHASE BANK, N.A., in its capacity as a Bank (“JPM”) and TD BANK, N.A. in its capacity as a Bank (“TD”; and together with Citizens, Key and JPM, the “Banks”), and RBS CITIZENS, NATIONAL ASSOCIATION (successor by merger to Citizens Bank of Massachusetts), in its capacity as agent for the Banks (the “Agent”).

 

Terms used in this letter of agreement (this “Amendment”) which are not defined herein, but which are defined in the Agreement, shall have the same respective meanings herein as therein.

 

Effective as of March 22, 2012, Wells Fargo, N.A. (“Wells Fargo”), a Bank under the Agreement, assigned 100% of its $20,000,000.00 Revolving Credit Commitment to TD and Citizens assigned 25% of its $40,000,000.00 Revolving Credit Commitment to TD (collectively, the “Assignments”). As a result, Wells Fargo is no longer a Bank under the Agreement.

 

Effective as of the date hereof, RBS Securities Corporation d/b/a RBS Greenwich Capital and J.P. Morgan Securities LLC are resigning their positions as Joint Lead Arrangers and Joint Book Runners.

 

Effective as of the date of the Assignments, Citizens will act as Administrative Agent, Sole Lead Arranger and Sole Book Runner under the Agreement and TD will act as Documentation Agent under the Agreement.

 

We have requested you to make certain amendments to the Agreement to reflect the foregoing as well as certain other modifications.  You have advised us that you are prepared and would be pleased to make the amendments so requested by us on the condition that we join with you in this Amendment.

 

We have notified you of a failure to provide to the Agent timely notice pursuant to Section 5.13.1(iii)(D) of the Agreement of a withdrawal liability to or on account of a Pension Plan under ERISA relating to the April 30, 2011 closure of the Borrower’s manufacturing plant in Stoughton, Massachusetts. We have requested, and you have agreed, to waive the provision of Section 5.13.1(iii)(D) of the Agreement, which requires that the Borrower or any Affiliate provide written notice to the Agent within ten (10) days after such Borrower or Affiliate knows or has reason to know of a withdrawal liability under ERISA.

 

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Accordingly, in consideration of these premises, the promises, mutual covenants and agreements contained in this Amendment, and fully intending to be legally bound by this Amendment, we hereby agree with you as follows:

 

ARTICLE I

 

AMENDMENTS TO AGREEMENT

 

Effective as of March 22, 2012, the Agreement is amended as follows:

 

(a)                                 The term “Loan Documents” shall, wherever used in the Agreement or any of the other Loan Documents, be deemed to also mean and include (i) Amendment No. 1 to Second Amended and Restated Revolving Credit Agreement, (ii) the Revolving Credit Note dated as of March 22, 2012 executed by the Borrowers in favor of TD, and (iii) the Second Amended and Restated Revolving Credit Note dated as of March 22, 2012 executed by the Borrower in favor of Citizens.

 

(b)                                 All references to “RBS CITIZENS, NATIONAL ASSOCIATION (successor by merger to Citizens Bank of Massachusetts)” in the Agreement and in each of the Loan Documents shall be deleted and replaced with “RBS CITIZENS, N.A.”

 

(c)                                  Section 1.1.12 of the Agreement is amended to read in its entirety as follows:

 

““Banks” means, collectively, (i) Citizens, (ii) Key, (iii) TD, (iv) JPM, and (v) each of the other financial institutions which may after the date hereof become a party to this Agreement as a Bank hereunder.”

 

For the avoidance of doubt, each reference to “Wells Fargo” in the Agreement shall be deleted and replaced with “TD.”

 

(d)                                 Section 1.1.19 of the Agreement is amended to read in its entirety as follows:

 

“Commitment Percentage” means, with respect to the Revolving Credit Commitment and the Swing Line Commitment, (i) in relation to Citizens 30%, (ii) in relation to Key 20%, (iii) in relation to JPM 20% and (iv) in relation to TD 30%, as each may be adjusted from time to time in accordance with Section 2.9 or Section 10.10.

 

(e)                                  Section 1.1.21 of the Agreement is amended to read in its entirety as follows:

 

“[Intentionally Omitted.]”

 

(f)                                   Section 1.1.22 of the Agreement is amended to read in its entirety as follows:

 

“[Intentionally Omitted.]”

 

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(g)                                  Section 1.1.82 of the Agreement is amended to read in its entirety as follows:

 

‘“Revolving Loan Maturity Date” means March 31, 2016.”

 

(h)                                 Table 1 in Section 2.5.1(ii) of the Agreement is amended to read in its entirety as follows:

 

Table 1

 

	
Funded Debt Ratio
    	
 
    	
Applicable Prime
   Rate Margin
    	
 
    	
Applicable
   LIBOR
   Margin
    	
 
    	
Applicable
   Commitment
   Fee Margin
    	
 
    	
Applicable
   L/C Fee
   Margin
    	
 
    
	
a)  greater than 2.5 to 1 
    	
 
    	
0.00
    	
%
    	
2.250
    	
%
    	
0.375
    	
%
    	
2.250
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
b)  greater   than 2.0 to 1, but less than or equal to 2.5 to 1 
    	
 
    	
0.00
    	
%
    	
1.875
    	
%
    	
0.325
    	
%
    	
1.875
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
c)  greater   than 1.5 to 1, but less than or equal to 2.0 to 1 
    	
 
    	
0.00
    	
%
    	
1.625
    	
%
    	
0.250
    	
%
    	
1.625
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
d)  greater   than 1.0 to 1, but less than or equal to 1.5 to 1 
    	
 
    	
0.00
    	
%
    	
1.500
    	
%
    	
0.200
    	
%
    	
1.500
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
e)  less than or equal to 1.0 to 1
    	
 
    	
0.00
    	
%
    	
1.250
    	
%
    	
0.175
    	
%
    	
1.250
    	
%
    

 

(i)                                     Section 5.7(ii)(a) is amended by deleting the words “at the time of acquisition of the property” and replacing them with “within 90 days following the earlier of the placed in service date, or the final acceptance (as defined or described in the applicable purchase agreement) of such property.”

 

(j)                                    Section 5.25 of the Agreement is amended to read in its entirety as follows:

 

“[Intentionally Omitted.]”

 

(k)                                 A new Section 8.12 is hereby added to the Agreement to read as follows:

 

8.12 No Duties. Anything herein to the contrary notwithstanding, none of the sole lead arranger, sole book runner, or documentation agent listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan documents, except in its capacity, as applicable, as the Agent, a Bank or the Issuing Bank hereunder.

 

4

 

(l)                                     Exhibit A-1 shall be amended by deleting all references to “$[20,000,000][40,000,000]” and replacing them with “$[20,000,000][30,000,000]” and deleting the words “[TWENTY][FORTY]” and replacing them with “[TWENTY][THIRTY].”

 

(m)                             Exhibit A-1 shall be further amended by deleting each reference to “March 31, 2013” and replacing it with “March 31, 2016.”

 

(n)                                 Exhibit A-2 shall be amended by deleting each reference to “March 31, 2013” and replacing it with “March 31, 2016.”

 

ARTICLE II

 

AMENDMENT TO NOTES

 

Effective as of March 22, 2012, the Swing Line Note and each of the Notes is amended by deleting each reference to “March 31, 2013” and replacing it with “March 31, 2016.”

 

ARTICLE III

 

WAIVER OF SECTION 5.13.1(iii)(D)

 

The Agent and the Banks hereby waive the provisions of Section 5.13.1(iii)(D) of the Agreement for the limited purpose of waiving the notice requirement with regard to the withdrawal liability under ERISA resulting from the April 30, 2011 closure of the Borrower’s manufacturing plant in Stoughton, Massachusetts, it being expressly understood that no other waiver, modification or consent is hereby granted. It is further acknowledged and agreed that this waiver is a one-time waiver only, and does not constitute a waiver of (i) any other breach of the Agreement, whether existing prior to, on or arising after April 30, 2011, including without limitation, any breach of the same type and nature, or (ii) any of the Banks’ rights and remedies with respect to such other or subsequent defaults or Events of Default.

 

ARTICLE IV

 

CONDITIONS PRECEDENT TO AMENDMENT NO. 1 AND WAIVER

 

This Amendment shall become and be effective as of the date hereof, but only if the Agent, and the Banks as applicable, receive the following items, in form and content acceptable to the Agent (and, in the case of clause (d) below, to TD):

 

(a)                                 Receipt by the Agent of this Amendment duly and properly authorized, executed and delivered by the Borrowers.

 

5

 

(b)                                 Receipt by the Agent of any updates to Exhibit B (Disclosure Statement), Exhibit C (Existing Indebtedness), and Exhibit F (Subsidiaries) to the Agreement.

 

(c)                                  Receipt by Citizens of its second amended and restated Note.

 

(d)                                 Receipt by TD of its Note.

 

(e)                                  Receipt by the Agent of a certified copy of resolutions of each Borrower’s Board of Directors evidencing the due authorization, execution and delivery of this Amendment, the Notes referenced in clauses (c) and (d) of this Article IV, and the transactions contemplated hereby;

 

(f)                                   Receipt by the Agent of certificates as of the date hereof signed by each of the President and Clerk (or Assistant Clerk) or Secretary (or Assistant Secretary) regarding the incumbency and true signature of the officers authorized to sign the documents referred to in this Article IV and all other documents and instruments related to the Loans and the transactions contemplated hereby

 

(g)                                  Receipt by the Agent of a favorable opinion of Rajeev Balakrishna, in-house counsel to the Borrowers, addressed to the Agent and the Banks.

 

(h)                                 The Borrowers shall have reimbursed the Agent for reasonable fees and disbursements of Goulston & Storrs, counsel to the Agent.

 

ARTICLE V

 

REPRESENTATIONS AND WARRANTIES

 

The Borrowers jointly and severally represent and warrant to you as follows:

 

(a)           Representations in Agreement.  Each of the representations and warranties made by the Borrowers in the Agreement was true, correct and complete when made and is true, correct and complete on and as of the date hereof with the same full force and effect as if each of such representations and warranties had been made by the Borrowers on the date hereof and in this Amendment (except to the extent that such representations and warranties relate expressly to an earlier date).

 

(b)           No defaults or Events of Default.  No Event of Default, or any event which, with the giving of notice or the passage of time, or both, would constitute an Event of Default, exists on the date of this Amendment (after giving effect to all of the arrangements and transactions contemplated by this Amendment).

 

(c)           Binding Effect of Documents.  This Amendment has been duly authorized, executed and delivered to you by the Borrowers and is in full force and effect as of the 

 

6

 

date hereof, and the agreements and obligations of the Borrowers contained herein and therein constitute the joint and several, and legal, valid and binding obligations of the Borrowers enforceable against the Borrowers in accordance with their respective terms.

 

ARTICLE VI

 

MISCELLANEOUS

 

This Amendment may be executed in any number of counterparts, each of which when executed and delivered shall be deemed an original, but all of which together shall constitute one instrument.  In making proof of this Amendment, it shall not be necessary to produce or account for more than one counterpart thereof signed by each of the parties hereto.  Except to the extent specifically amended and supplemented hereby, all of the terms, conditions and the provisions of the Agreement and each of the Loan Documents shall remain unmodified, and the Agreement and each of the Loan Documents, as amended and supplemented by this Amendment, are confirmed as being in full force and effect.

 

If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed counterpart of this Amendment, whereupon this Amendment, as so accepted by you, shall become a binding agreement among you and the undersigned.

 

[Signature Pages Follow]

 

7

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
The   Borrowers:
    
	
 
    	
 
    
	
 
    	
COURIER   CORPORATION
    
	
 
    	
COURIER   COMPANIES, INC.
    
	
 
    	
COURIER   PUBLISHING, INC.
    
	
 
    	
COURIER   KENDALLVILLE, INC.
    
	
 
    	
COURIER   PROPERTIES, INC.
    
	
 
    	
CREATIVE   HOMEOWNER
    
	
 
    	
DISTRIBUTION   SERVICES, LLC
    
	
 
    	
NATIONAL   PUBLISHING COMPANY
    
	
 
    	
COURIER   NEW MEDIA, INC.
    
	
 
    	
BOOK-MART   PRESS, INC.
    
	
 
    	
DOVER   PUBLICATIONS, INC.
    
	
 
    	
RESEARCH &   EDUCATION ASSOCIATION, INC.
    
	
 
    	
MOORE-LANGEN   PRINTING
    
	
 
    	
COMPANY, INC.
    
	
 
    	
FEDERAL   MARKETING CORP.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
 
    	
 
    	
Name:
    	
Lee   Cochrane
    
	
 
    	
 
    	
Title:
    	
Vice   President and Treasurer
    

 

Courier Signature Page Amendment No. 1

 

 

The foregoing Amendment is hereby accepted by the undersigned as of March 22, 2012.

 

	
 
    	
The Banks:
    
	
 
    	
 
    
	
 
    	
RBS   CITIZENS, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Frank J. Grueter, III
    
	
 
    	
 
    	
Name:
    	
Frank   J. Grueter, III
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    
	
 
    	
 
    
	
 
    	
KEYBANK   NATIONAL ASSOCIATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Brian D. LaFrance
    
	
 
    	
 
    	
Name:
    	
Brian   D. LaFrance
    
	
 
    	
 
    	
Title:   
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
TD   BANK, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Meredith Christensen
    
	
 
    	
 
    	
Name:   
    	
Meredith   Christensen
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
JPMORGAN   CHASE BANK, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Eugene M. Kennedy
    
	
 
    	
 
    	
Name:
    	
Eugene   M. Kennedy
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
The  Agent:
    
	
 
    	
 
    
	
 
    	
RBS   CITIZENS, N.A.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Frank J. Grueter, III
    
	
 
    	
 
    	
Name:
    	
Frank   J. Grueter, III
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

Courier Signature Page Amendment No. 1

 

 

Second Amended and Restated Revolving Credit Note

 

	
$30,000,000
    	
Boston, Massachusetts
    
	
 
    	
March 22, 2012
    

 

FOR VALUE RECEIVED, the undersigned (hereinafter, together with their respective successors in title and assigns, collectively called the “Borrowers”), by this promissory note (hereinafter, called this “Note”), absolutely and unconditionally promise to pay to the order of RBS Citizens, N.A. (hereinafter, together with its successors in title and assigns, called the “Bank”), the principal sum of THIRTY MILLION DOLLARS AND 00/100 ($30,000,000), or so much thereof as shall have been advanced by the Bank to the Borrowers by way of revolving loans under the Credit Agreement (as hereinafter defined) and shall remain outstanding, such payment to be made as hereinafter provided, and to pay interest on the principal sum outstanding hereunder from time to time from the date hereof until the said principal sum or the unpaid portion thereof shall have become due and payable as hereinafter provided.

 

The entire unpaid principal (not at the time overdue) of this Note shall bear interest at the rate or rates from time to time in effect under the Credit Agreement.  Accrued interest on the unpaid principal under this Note shall be payable on the dates specified in the Credit Agreement.

 

On March 31, 2016, the date of the final maturity of this Note, there shall become absolutely due and payable by the Borrowers hereunder, and the Borrowers hereby jointly and severally promise to pay to the holder hereof, the balance (if any) of the principal hereof then remaining unpaid, all of the unpaid interest accrued hereon and all (if any) other amounts payable on or in respect of this Note or the indebtedness evidenced hereby.

 

Each overdue amount (whether of principal, interest or otherwise) payable on or in respect of this Note or the indebtedness evidenced hereby shall (to the extent permitted by applicable law) bear interest at the rates and on the terms provided by the Credit Agreement.  The unpaid interest accrued on each overdue amount in accordance with the foregoing terms of this paragraph shall become and be absolutely due and payable by the Borrowers to the holder hereof on demand by the holder of this Note.  Interest on each overdue amount will continue to accrue as provided by the foregoing terms of this paragraph, and will (to the extent permitted by applicable law) be compounded monthly until the obligations of the Borrowers in respect of the payment of such overdue amount shall be discharged (whether before or after judgment).

 

Each payment of principal, interest or other sum payable on or in respect of this Note or the indebtedness evidenced hereby shall be made by the Borrowers directly to the Agent in U.S. Dollars, at the Agent’s Head Office (as hereinafter defined), on the due date of such payment, and in immediately available and freely transferable funds.  All payments on or in respect of this Note or the indebtedness evidenced hereby shall be

 

 

made without set-off or counterclaim and free and clear of and without any deductions, withholdings, restrictions or conditions of any nature.

 

This Note is made and delivered by the Borrowers to the Bank pursuant to Amendment No. 1 dated as of March 22, 2012, to the Second Amended and Restated Revolving Credit Agreement, dated as of May 23, 2008, among the Borrowers, the Banks, the Agent and the Issuing Bank (hereinafter, as varied or supplemented or amended and restated, and together with the said Amendment No. 1, called the “Credit Agreement”).  This Note evidences the joint and several obligations of the Borrowers (a) to repay the principal amount of each Revolving Loan (as defined in the Credit Agreement) made by the Bank to the Borrowers pursuant to the Credit Agreement; (b) to pay interest, as herein and therein provided, on the principal amount hereof remaining unpaid from time to time; and (c) to pay other amounts which may become due and payable hereunder as herein provided.  Reference is hereby made to the Credit Agreement (including the Exhibits annexed thereto) for a complete statement of the terms thereof.

 

No reference herein to the Credit Agreement or to any provisions thereof shall impair the obligations of the Borrowers, which are absolute, unconditional and irrevocable, to pay the principal of and the interest on this Note and to pay all (if any) other amounts which may become due and payable on or in respect of this Note or the indebtedness evidenced hereby, strictly in accordance with the terms and the tenor of this Note.

 

For all purposes of this Note, the following terms shall have the respective meanings set forth below:

 

(a)           “Agent” means RBS Citizens, N.A., acting in its capacity as Agent for the Banks under the Credit Agreement.

 

(b)           “Agent’s Head Office” means the head office of Agent located at 28 State Street, Boston, Massachusetts 02109.

 

(c)           “Banks” shall have the meaning ascribed to such term in the Credit Agreement.

 

(d)           “holder” means the Bank in possession of this Note or any other Person who is at the time the lawful holder in possession of this Note.

 

(e)           “Issuing Bank” means RBS Citizens, N.A., acting in its capacity as Issuing Bank under the Credit Agreement.

 

The Borrowers will have the right to prepay the unpaid principal of this Note in full or in part upon the terms contained in the Credit Agreement.  The Borrowers will have an obligation to prepay principal of this Note upon the terms contained in the Credit

 

 

Agreement.  Any partial payment of the indebtedness evidenced by this Note shall be applied in accordance with the terms of the Credit Agreement.

 

Pursuant to, and upon the terms contained in, Section 6 of the Credit Agreement, the entire unpaid principal of this Note, all of the interest accrued on the unpaid principal of this Note and all (if any) other amounts payable on or in respect of this Note or the indebtedness evidenced hereby may be declared to be immediately due and payable, whereupon the entire unpaid principal of this Note, all of the interest accrued on the unpaid principal of this Note and all (if any) other amounts payable on or in respect of this Note or the indebtedness evidenced hereby shall (if not already due and payable) forthwith become and be due and payable to the holder of this Note without presentment, demand, protest or any other formalities of any kind, all of which are hereby expressly and irrevocably waived by the Borrowers.

 

All computations of interest payable as provided in this Note shall be made by the Agent on the basis of the actual number of days elapsed divided by 360.  The Prime Rate (as defined in the Credit Agreement) in effect from time to time shall be determined in accordance with the terms of the Credit Agreement.

 

Should all or any part of the indebtedness represented by this Note be collected by action at law, or in bankruptcy, insolvency, receivership or other court proceedings, or should this Note be placed in the hands of attorneys for collection after default, the Borrowers hereby jointly and severally promise to pay to the holder of this Note, upon demand by the holder hereof at any time, in addition to principal, interest and all (if any) other amounts payable on or in respect of this Note or the indebtedness evidenced hereby, all court costs and attorneys’ fees and all other collection charges and expenses reasonably incurred or sustained by the holder of this Note.

 

The Borrowers hereby irrevocably waive notice of acceptance, presentment, notice of nonpayment, protest, notice of protest, suit and all other conditions precedent in connection with the delivery, acceptance, collection and/or enforcement of this Note.  The Borrowers hereby absolutely and irrevocably consent and submit to the jurisdiction of the Courts of the Commonwealth of Massachusetts and of any Federal Court located in the said Commonwealth in connection with any actions or proceedings brought against the Borrowers by the holder hereof arising out of or relating to this Note.

 

This Note is intended to take effect as a sealed instrument.  This Note and the obligations of the Borrowers hereunder shall be governed by and interpreted and determined in accordance with the laws of the Commonwealth of Massachusetts.

 

Each of the Borrowers shall be jointly and severally liable for the full amount owing under this Note.

 

 

IN WITNESS WHEREOF, this SECOND AMENDED AND RESTATED REVOLVING CREDIT NOTE has been duly executed by the undersigned on the day and in the year first above written in Boston, Massachusetts.

 

	
 
    	
 
    	
The  Borrowers:
    
	
 
    	
 
    
	
WITNESS:
    	
 
    	
COURIER   CORPORATION
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
COURIER   COMPANIES, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
COURIER   PUBLISHING, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
COURIER   KENDALLVILLE, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
COURIER   PROPERTIES, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
NATIONAL   PUBLISHING COMPANY
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
									

 

 

	
WITNESS:
    	
 
    	
COURIER   NEW MEDIA, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
BOOK-MART   PRESS, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
DOVER   PUBLICATIONS, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
RESEARCH &   EDUCATION ASSOCIATION, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
MOORE-LANGEN   PRINTING COMPANY, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
FEDERAL   MARKETING CORP.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
								

 

 

	
WITNESS:
    	
CREATIVE   HOMEOWNER DISTRIBUTION SERVICES, LLC
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
						

 

 

Revolving Credit Note

 

	
$30,000,000
    	
Boston, Massachusetts
    
	
 
    	
March 22, 2012
    

 

FOR VALUE RECEIVED, the undersigned (hereinafter, together with their respective successors in title and assigns, collectively called the “Borrowers”), by this promissory note (hereinafter, called this “Note”), absolutely and unconditionally promise to pay to the order of TD Bank, N.A. (hereinafter, together with its successors in title and assigns, called the “Bank”), the principal sum of THIRTY MILLION DOLLARS AND 00/100 ($30,000,000), or so much thereof as shall have been advanced by the Bank to the Borrowers by way of revolving loans under the Credit Agreement (as hereinafter defined) and shall remain outstanding, such payment to be made as hereinafter provided, and to pay interest on the principal sum outstanding hereunder from time to time from the date hereof until the said principal sum or the unpaid portion thereof shall have become due and payable as hereinafter provided.

 

The entire unpaid principal (not at the time overdue) of this Note shall bear interest at the rate or rates from time to time in effect under the Credit Agreement.  Accrued interest on the unpaid principal under this Note shall be payable on the dates specified in the Credit Agreement.

 

On March 31, 2016, the date of the final maturity of this Note, there shall become absolutely due and payable by the Borrowers hereunder, and the Borrowers hereby jointly and severally promise to pay to the holder hereof, the balance (if any) of the principal hereof then remaining unpaid, all of the unpaid interest accrued hereon and all (if any) other amounts payable on or in respect of this Note or the indebtedness evidenced hereby.

 

Each overdue amount (whether of principal, interest or otherwise) payable on or in respect of this Note or the indebtedness evidenced hereby shall (to the extent permitted by applicable law) bear interest at the rates and on the terms provided by the Credit Agreement.  The unpaid interest accrued on each overdue amount in accordance with the foregoing terms of this paragraph shall become and be absolutely due and payable by the Borrowers to the holder hereof on demand by the holder of this Note.  Interest on each overdue amount will continue to accrue as provided by the foregoing terms of this paragraph, and will (to the extent permitted by applicable law) be compounded monthly until the obligations of the Borrowers in respect of the payment of such overdue amount shall be discharged (whether before or after judgment).

 

Each payment of principal, interest or other sum payable on or in respect of this Note or the indebtedness evidenced hereby shall be made by the Borrowers directly to the Agent in U.S. Dollars, at the Agent’s Head Office (as hereinafter defined), on the due date of such payment, and in immediately available and freely transferable funds.  All payments on or in respect of this Note or the indebtedness evidenced hereby shall be

 

 

made without set-off or counterclaim and free and clear of and without any deductions, withholdings, restrictions or conditions of any nature.

 

This Note is made and delivered by the Borrowers to the Bank pursuant to Amendment No. 1 dated as of March 22, 2012, to the Second Amended and Restated Revolving Credit Agreement, dated as of May 23, 2008, among the Borrowers, the Banks, the Agent and the Issuing Bank (hereinafter, as varied or supplemented or amended and restated, and together with the said Amendment No. 1, called the “Credit Agreement”).  This Note evidences the joint and several obligations of the Borrowers (a) to repay the principal amount of each Revolving Loan (as defined in the Credit Agreement) made by the Bank to the Borrowers pursuant to the Credit Agreement; (b) to pay interest, as herein and therein provided, on the principal amount hereof remaining unpaid from time to time; and (c) to pay other amounts which may become due and payable hereunder as herein provided.  Reference is hereby made to the Credit Agreement (including the Exhibits annexed thereto) for a complete statement of the terms thereof.

 

No reference herein to the Credit Agreement or to any provisions thereof shall impair the obligations of the Borrowers, which are absolute, unconditional and irrevocable, to pay the principal of and the interest on this Note and to pay all (if any) other amounts which may become due and payable on or in respect of this Note or the indebtedness evidenced hereby, strictly in accordance with the terms and the tenor of this Note.

 

For all purposes of this Note, the following terms shall have the respective meanings set forth below:

 

(a)           “Agent” means RBS Citizens, N.A., acting in its capacity as Agent for the Banks under the Credit Agreement.

 

(b)           “Agent’s Head Office” means the head office of Agent located at 28 State Street, Boston, Massachusetts 02109.

 

(c)           “Banks” shall have the meaning ascribed to such term in the Credit Agreement.

 

(d)           “holder” means the Bank in possession of this Note or any other Person who is at the time the lawful holder in possession of this Note.

 

(e)           “Issuing Bank” means RBS Citizens, N.A., acting in its capacity as Issuing Bank under the Credit Agreement.

 

The Borrowers will have the right to prepay the unpaid principal of this Note in full or in part upon the terms contained in the Credit Agreement.  The Borrowers will have an obligation to prepay principal of this Note upon the terms contained in the Credit

 

 

Agreement.  Any partial payment of the indebtedness evidenced by this Note shall be applied in accordance with the terms of the Credit Agreement.

 

Pursuant to, and upon the terms contained in, Section 6 of the Credit Agreement, the entire unpaid principal of this Note, all of the interest accrued on the unpaid principal of this Note and all (if any) other amounts payable on or in respect of this Note or the indebtedness evidenced hereby may be declared to be immediately due and payable, whereupon the entire unpaid principal of this Note, all of the interest accrued on the unpaid principal of this Note and all (if any) other amounts payable on or in respect of this Note or the indebtedness evidenced hereby shall (if not already due and payable) forthwith become and be due and payable to the holder of this Note without presentment, demand, protest or any other formalities of any kind, all of which are hereby expressly and irrevocably waived by the Borrowers.

 

All computations of interest payable as provided in this Note shall be made by the Agent on the basis of the actual number of days elapsed divided by 360.  The Prime Rate (as defined in the Credit Agreement) in effect from time to time shall be determined in accordance with the terms of the Credit Agreement.

 

Should all or any part of the indebtedness represented by this Note be collected by action at law, or in bankruptcy, insolvency, receivership or other court proceedings, or should this Note be placed in the hands of attorneys for collection after default, the Borrowers hereby jointly and severally promise to pay to the holder of this Note, upon demand by the holder hereof at any time, in addition to principal, interest and all (if any) other amounts payable on or in respect of this Note or the indebtedness evidenced hereby, all court costs and attorneys’ fees and all other collection charges and expenses reasonably incurred or sustained by the holder of this Note.

 

The Borrowers hereby irrevocably waive notice of acceptance, presentment, notice of nonpayment, protest, notice of protest, suit and all other conditions precedent in connection with the delivery, acceptance, collection and/or enforcement of this Note.  The Borrowers hereby absolutely and irrevocably consent and submit to the jurisdiction of the Courts of the Commonwealth of Massachusetts and of any Federal Court located in the said Commonwealth in connection with any actions or proceedings brought against the Borrowers by the holder hereof arising out of or relating to this Note.

 

This Note is intended to take effect as a sealed instrument.  This Note and the obligations of the Borrowers hereunder shall be governed by and interpreted and determined in accordance with the laws of the Commonwealth of Massachusetts.

 

Each of the Borrowers shall be jointly and severally liable for the full amount owing under this Note.

 

 

IN WITNESS WHEREOF, this REVOLVING CREDIT NOTE has been duly executed by the undersigned on the day and in the year first above written in Boston, Massachusetts.

 

	
 
    	
The  Borrowers:
    

 

	
WITNESS:
    	
 
    	
COURIER   CORPORATION
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
COURIER   COMPANIES, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
COURIER   PUBLISHING, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
COURIER   KENDALLVILLE, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
COURIER   PROPERTIES, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
NATIONAL   PUBLISHING COMPANY
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
							

 

 

	
WITNESS:
    	
 
    	
COURIER   NEW MEDIA, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
BOOK-MART   PRESS, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
DOVER   PUBLICATIONS, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
RESEARCH &   EDUCATION ASSOCIATION, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
MOORE-LANGEN   PRINTING COMPANY, INC.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
WITNESS:
    	
 
    	
FEDERAL   MARKETING CORP.
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer
    
								

 

 

	
WITNESS:
    	
CREATIVE   HOMEOWNER DISTRIBUTION SERVICES, LLC
    
	
 
    	
 
    	
 
    
	
/s/   Anthony Caruso
    	
 
    	
 
    	
By:
    	
/s/   Lee Cochrane
    
	
Title:   V.P. Courier Corporation
    	
 
    	
 
    	
Title:   V.P. & Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]