Document:

Exhibit
10.1

 

COURIER
CORPORATION

COURIER COMPANIES,
INC.

COURIER FOREIGN
SALES CORPORATION LIMITED

COURIER
KENDALLVILLE, INC.

COURIER
PROPERTIES, INC.

NATIONAL
PUBLISHING COMPANY

COURIER NEW MEDIA,
INC.

BOOK-MART PRESS,
INC.

DOVER
PUBLICATIONS, INC.

RESEARCH &
EDUCATION ASSOCIATION, INC.

 

 

	
   

  	
  Dated
  as of: April 29, 2005

  
	
   

  	
  Effective
  as of: March 31, 2005

  

 

 

Citizens Bank of
Massachusetts (successor

to State Street Bank and
Trust Company),

  Individually and as Agent

28 State Street

Boston, Massachusetts
02109

 

KeyBank National
Association

286 Water Street

Augusta, Maine 04332

 

Sovereign Bank (a federal
savings bank)

75 State Street

Boston, Massachusetts
02109

 

Re:          Amendment
No. 2 to Amended and Restated Revolving Credit Agreement

 

Ladies and Gentlemen:

 

We refer to the Amended
and Restated Revolving Credit Agreement, dated as of March 31, 2003 (as
amended, the “Agreement”), among COURIER CORPORATION, COURIER COMPANIES, INC.,
COURIER FOREIGN SALES CORPORATION LIMITED, COURIER KENDALLVILLE, INC., COURIER
PROPERTIES, INC., NATIONAL PUBLISHING COMPANY, COURIER NEW MEDIA, INC.,
BOOK-MART PRESS, INC., DOVER PUBLICATIONS, INC., and RESEARCH &

 

 

EDUCATION ASSOCIATION,
INC. (each a “Borrower” and collectively the “Borrowers”), CITIZENS BANK OF
MASSACHUSETTS, in its capacity as a Bank (“Citizens”), SOVEREIGN BANK, in its
capacity as a Bank (“Sovereign”), KEYBANK NATIONAL ASSOCIATION, in its capacity
as a Bank (“Key”; and together with Citizens and Sovereign, the “Banks”), FLEET
NATIONAL BANK, in its capacity as a Bank (“Fleet”) and CITIZENS BANK OF
MASSACHUSETTS, in its capacity as agent for the Banks and Fleet (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.

 

We have requested you to
make certain amendments to the Agreement. 
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.

 

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 31,
2005, 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 Amendment No. 2 to Amended and
Restated Revolving Credit Agreement.

 

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

 

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

 

It is acknowledged and
agreed that, effective as of March 31, 2005, Fleet shall no longer be a Bank,
or have any rights or obligations, hereunder.”

 

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

 

“1.1.18 “Commitment
Percentage” means, with respect to the Revolving Credit Commitment and the
Swing Line Commitment, (i) in relation to Citizens,

 

2

 

33.334%, (ii) in relation
to Key, 33.333%, and (iii) in relation to Sovereign, 33.333%.”

 

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

 

“1.1.63  “Revolving Loan Maturity Date” means March
31, 2008.”

 

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

 

                “1.1.64 “Revolving Loan Maximum Amount”
means $45,000,000.”

 

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

 

“5.29      Capital Expenditures.  The Borrower shall not make any Capital
Expenditures in excess of $25,000,000.00 in the aggregate during any fiscal
year (commencing with the fiscal year ending September 30, 2005).  Notwithstanding the foregoing provision of
this Section 5.29, any unexpended portion of the amount permitted for Capital
Expenditures in any fiscal year may be carried forward and included in the
aggregate amount permitted for Capital Expenditures in the following fiscal
year only.”

 

 

ARTICLE II

 

AMENDMENT TO
REVOLVING CREDIT NOTES

 

Effective as of March 31,
2005, the Revolving Credit Notes to Citizens, Key and Sovereign are each
amended as follows:  (i) by deleting,
from the third paragraph thereof, the reference to the date “March 31, 2007”;
and (ii) by inserting in its place the following:  “March 31, 2008.”

 

 

ARTICLE III

 

CONDITIONS
PRECEDENT TO AMENDMENT NO. 2

 

This Amendment shall
become and be effective as of the date hereof, but only if it shall have been
signed by the Borrowers, the Agent and the Banks, and acknowledged by Fleet.

 

3

 

ARTICLE IV

 

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 date hereof, and the agreements and
obligations of the Borrowers contained herein 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 V

 

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

 

4

 

by you, shall become a
binding agreement among you and the undersigned.

 

	
   

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Borrowers:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  COURIER CORPORATION

  
	
   

  	
   

  	
  COURIER COMPANIES, INC.

  
	
   

  	
   

  	
  COURIER FOREIGN SALES CORPORATION

  
	
   

  	
   

  	
   LIMITED

  
	
   

  	
   

  	
  COURIER KENDALLVILLE,
  INC.

  
	
   

  	
   

  	
  COURIER PROPERTIES,
  INC.

  
	
   

  	
   

  	
  NATIONAL PUBLISHING
  COMPANY

  
	
   

  	
   

  	
  COURIER NEW MEDIA, INC.

  
	
   

  	
   

  	
  BOOK-MART PRESS, INC.

  
	
   

  	
   

  	
  DOVER PUBLICATIONS,
  INC.

  
	
   

  	
   

  	
  RESEARCH &
  EDUCATION ASSOCIATION, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Lee
  Cochrane

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Lee Cochrane

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President and
  Treasurer

  
	
   

  	
   

  	
   

  
	
  [Bank and Agent
  signatures on following page]

  
						

 

5

 

The foregoing
Amendment is hereby accepted by the undersigned as of March 31, 2005.

 

	
   

  	
  The Banks:

  
	
   

  	
   

  	
   

  
	
   

  	
  CITIZENS BANK OF MASSACHUSETTS

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mark Young

  	
   

  
	
   

  	
   

  	
  Name: Mark A.Young

  
	
   

  	
   

  	
  Title: Senior Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  KEYBANK NATIONAL
  ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mitchell B. Feldman

  	
   

  
	
   

  	
   

  	
  Name: Mitchell B.
  Feldman

  
	
   

  	
   

  	
  Title: S.V.P

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SOVEREIGN BANK (a
  federal savings bank)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Michael S. Tager  SVP

  	
   

  
	
   

  	
   

  	
  Name: Michael S. Tager

  
	
   

  	
   

  	
  Title: Sr. Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  The Agent:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CITIZENS BANK OF
  MASSACHUSETTS

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mark Young

  	
   

  
	
   

  	
   

  	
  Name: Mark A. Young

  
	
   

  	
   

  	
  Title: Senior Vice
  President

  

 

6

 

The foregoing
Amendment is hereby acknowledged by Fleet as of March 31, 2005 to signify
that:  (i) it no longer is a Bank, and no
longer has rights or obligations, under the Agreement, (ii) its Revolving Credit
Commitment has been reduced to zero ($0), (iii) it is owed no amounts under or
in respect of the Agreement, and (iv) it will promptly return to the Agent all
promissory notes issued to it by the Borrowers, in each case marked “Cancelled”.

 

 

	
   

  	
   

  	
  FLEET NATIONAL BANK

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Elise M. Russo

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  

 

7Exhibit 10.2

 

AMENDMENT

TO

SHAREHOLDER RIGHTS AGREEMENT

 

1.             General Background. 
In accordance with Section 27 of the Shareholder Rights Agreement by and
between State Street Bank and Trust Company and Courier Corporation (the
“Company”) dated March 18, 1999 (the “Agreement”), the Rights Agent and Company
desire to amend the Agreement to appoint EquiServe Trust Company, N.A.

 

2.             Effectiveness. This Amendment shall be effective as of Nov.
8, 2001 (the “Amendment”) and all defined terms and definitions in the
Agreement shall be the same in the Amendment except as specifically revised by
the Amendment.

 

3.             Revision.  The section
in the Agreement entitled “Change of Rights Agent” is hereby deleted in its
entirety and replaced with the following:

 

CHANGE OF
RIGHTS AGENT. The Rights Agent or any successor Rights Agent may resign and be
discharged from its duties under this Agreement upon thirty (30) day’s notice
in writing mailed to the Company by first class mail.  The Company may remove the Rights Agent or
any successor Rights Agent (with or without cause), effective immediately or on
a specified date, by written notice given to the Rights Agent or successor
Rights Agent, as the case may be, and to each transfer agent of the Common
Stock of the Company and Preferred Stock, and by giving notice to the holders
of the Right Certificates by any means reasonably determined by the Company to
inform such holders of such removal (including without limitation, by including
such information in one or more of the Company’s reports to shareholders or
reports or filings with the Securities and Exchange Commission).  If the Rights Agent shall resign or be
removed or shall otherwise become incapable of acting, the Company shall
appoint a successor to the Rights Agent. 
If the Company shall fail to make such appointment within a period of
thirty (30) days after giving notice of such removal or after it has been
notified in writing of such resignation or incapacity by the resigning or
incapacitated Rights Agent or by the holder of a Right Certificate (who shall,
with such notice, submit his Right Certificate for inspection by the Company),
then the incumbent Rights Agent or the registered holder of any Right
Certificate may apply to any court or competent jurisdiction for the appointment
of a new Rights Agent.  Any successor
Rights Agent, whether appointed by the Company or by such a court, shall be a
corporation or trust company organized and doing business under the laws of the
United States, in good standing, which is authorized under such laws to
exercise stock transfer or corporate trust powers and is subject to supervision
or examination by federal or state authority and which has individually or
combined with an Affiliate at the time of its appointment as Rights Agent a
combined capital

 

 

and surplus of
at least $100,000,000. After appointment, the successor Rights Agent shall be
vested with the same powers, rights, duties and responsibilities as if it had
been originally named as Rights Agent without further act or deed; but the
predecessor Rights Agent shall deliver and transfer to the successor Rights
Agent any property at the time held by it hereunder, and execute and deliver any
further assurance, conveyance, act or deed necessary for the purpose.  Not later than the effective date of any such
appointment, the Company shall file notice thereof in writing with the
predecessor Rights Agent and each transfer agent of the Common Stock of the
Company and the Preferred Stock, and mail a notice thereof in writing to the
registered holders of the Right Certificates. 
Failure to give any notice provided for in this Section 21, however, or
any defect therein, shall not affect the legality or validity of the
resignation or removal of the Rights Agent or the appointment of the successor
Rights Agent, as the case may be.

 

4.             Except
as amended hereby, the Agreement and all schedules or exhibits thereto shall
remain in full force and effect.

 

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed in their names and
on their behalf by and through their duly authorized officers, as of this 8th day of Nov, 2001.

 

 

	
  COURIER
  CORPORATION

  	
  STATE STREET
  BANK AND 

  
	
   

  	
  TRUST
  COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ James F.
  Conway III

  	
   

  	
  By: 

  	
  /s/ S. Cesso

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Name:

  
	
   

  	
  Title:

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EQUISERVE
  TRUST COMPANY, 

  
	
   

  	
  N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ S. Cesso

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

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