Document:

exv10w2

 

Exhibit 10.2

FIFTH AMENDMENT TO

CERTAIN OPERATIVE AGREEMENTS

     THIS FIFTH AMENDMENT TO CERTAIN OPERATIVE AGREEMENTS (this “Amendment”), dated as of
September 23, 2005, is by and among WEST FACILITIES CORPORATION, a Delaware corporation (the
“Lessee”); WEST CORPORATION, a Delaware corporation (“West Corp.”), and the various
entities which are parties to the Participation Agreement (hereinafter defined) from time to time
as guarantors (individually, a “Guarantor” and collectively, the “Guarantors”); WACHOVIA
DEVELOPMENT CORPORATION, a North Carolina corporation (the “Borrower” or the
“Lessor”); the various banks and other lending institutions which are parties to the
Participation Agreement from time to time as lenders (subject to the definition of Lenders in
Appendix A to the Participation Agreement, individually, a “Lender” and
collectively, the “Lenders”); and WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking
association, as the agent for the Primary Financing Parties and respecting the Security Documents,
as the agent for the Secured Parties (in such capacity, the “Agent”). Capitalized terms
used but not otherwise defined in this Amendment shall have the meanings set forth in Appendix
A to the Participation Agreement, and the rules of usage set forth in Appendix A to the
Participation Agreement shall apply herein.

W I T N E S S E T H

     WHEREAS, the parties to this Amendment are parties to that certain Participation Agreement
dated as of May 9, 2003, as amended by the First Amendment to Certain Operative Agreements and
Waiver dated as of October 31, 2003, as further amended by the Second Amendment to Certain
Operative Agreements dated as of January 22, 2004 and as further amended by the Fourth Amendment to
Certain Operative Agreements dated as of November 15, 2004 (as amended, modified, supplemented or
restated from time to time, the “Participation Agreement”).

     WHEREAS, the Guarantors are parties to that certain Guaranty dated as of May 9, 2003, as
amended by the Fourth Amendment to Certain Operative Agreements dated as of November 15, 2004 (as
amended, modified, supplemented or restated from time to time, the “Guaranty”).

     WHEREAS, the parties to this Amendment have agreed to the amendments set forth herein, subject
to terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

 

 

ARTICLE I

AMENDMENTS TO PARTICIPATION AGREEMENT

          1.1 Restrictions on Mergers and Consolidations. Section 8B.4(b)(ii) of the
Participation Agreement is hereby amended and restated in its entirety to read as follows:

(ii) consummate any transaction of merger or consolidation, except for (A)
Investments or acquisitions (including Permitted Acquisitions) permitted pursuant to
Section 8B.5, and (B) the merger or consolidation of a GCA Credit Party or other
Subsidiary with and into another GCA Credit Party, provided that if the
Parent is a party thereto, the Parent will be the surviving corporation.

          1.2 Restricted Payments. Section 8B.10 of the Participation Agreement is hereby
amended and restated in its entirety to read as follows:

8B.10 Restricted Payments.

          Each of the GCA Credit Parties will not, nor will it permit any GCA Subsidiary to,
directly or indirectly, declare, order, make or set apart any sum for or pay any Restricted
Payment, except (a) to make dividends payable solely in the common stock or equivalent
equity interests of such Person, (b) to make dividends or other distributions payable to the
Parent or any wholly owned GCA Subsidiary of the Parent that is a Credit Party (directly or
indirectly through GCA Subsidiaries), (c) to make dividends or other distributions payable
to any minority equity owner of a GCA Subsidiary in an aggregate amount not to exceed such
minority equity owner’s equity interest in earnings for the current fiscal year and
undistributed earnings from prior fiscal years, (d) to purchase shares of Capital Stock of
the Parent pursuant to the Call Options, (e) to make all payments required under the
Convertible Senior Notes and (f) to make other Restricted Payments so long as, in the case
of this subsection (f), (i) no Default or Event of Default exists either immediately before
or after giving effect to any such Restricted Payment and (ii) the GCA Credit Parties shall
be in compliance with each of the financial covenants set forth in Section 8A.9 after giving
effect to any such Restricted Payment on a pro forma basis.

          1.3 Definitions.

          (a) The definitions of Call Options and Convertible Senior Notes are hereby added to
Appendix A of the Participation Agreement to read as follows:

          “Call Options” shall mean call options purchased by the Parent, which
call options will be exercisable by the Parent upon the conversion of any of the
Convertible Senior Notes and will allow the Parent to purchase shares of its Capital
Stock in an amount equal to the Parent’s obligation to issue shares of its Capital
Stock under the Convertible Senior Notes.

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          “Convertible Senior Notes” shall mean convertible senior notes in an
aggregate principal amount not to exceed $195,000,000 and with a term not to exceed
approximately three (3) years, issued by the Parent pursuant to an indenture or
purchase agreement on terms reasonably satisfactory to the Agent.

          (b) The definition of “Change of Control” in Appendix A of the Participation
Agreement is hereby amended and restated in its entirety to read as follows:

          “Change of Control” shall mean any Person or two or more Persons acting
in concert (other than members of the West Family Group) shall have acquired,
directly or indirectly, by contract or otherwise, Voting Stock of the Parent (or
other securities convertible into such Voting Stock) representing 50% or more of the
combined voting power of all Voting Stock of the Parent.

          (c) The definition of Consolidated Fixed Charge Coverage Ratio in Appendix A of
the Participation Agreement is hereby amended and restated in its entirety to read as
follows:

          “Consolidated Fixed Charge Coverage Ratio” shall mean, as of the end of
each fiscal quarter of the Consolidated Group for the four fiscal quarter period
ending on such date with respect to the Consolidated Group on a consolidated basis,
the ratio of (i) Consolidated EBITDA for the applicable period minus
Consolidated Capital Expenditures for the applicable period to (ii) the sum of,
without duplication, Consolidated Interest Expense for the applicable period
plus Scheduled Funded Debt Payments for the applicable period plus
payments made in connection with earnout obligations for the applicable period to
the extent permitted hereunder plus cash taxes paid during the applicable
period plus Restricted Payments made in accordance with the terms of
Sections 8B.10(e) and (f) during the applicable period.

          (d) Clause (i) of the definition of Permitted Investments in Appendix A of the
Participation Agreement is hereby amended and restated in its entirety to read as follows:

     (i) cash, Cash Equivalents, Call Options and the purchase of shares of Capital
Stock upon exercise of such Call Options;

ARTICLE II

AMENDMENT TO GUARANTY

Section 3(i)(IV) is hereby deleted in its entirety and replaced with the following:

          (IV) consummate any transaction pursuant to any agreement, any term or condition of
which would, if complied with by such Guarantor, result in a Default or Event of Default
either immediately or upon the elapsing of time; and

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ARTICLE III

CONDITIONS TO EFFECTIVENESS

     3.1 Closing Conditions.

     This Amendment shall become effective as of the date hereof (the “Fifth Amendment
Effective Date”) upon satisfaction of the following conditions (in form and substance
reasonably acceptable to the Agent):

          (a) Executed Amendment. The Agent shall have received a copy of this Amendment
duly executed by the Borrower, the Agent, the Majority Secured Parties and the Credit
Parties.

          (b) Other. The Agent shall have received such other documents, agreements or
information which it may reasonably request relating to the Credit Parties and the
transactions contemplated by this Amendment and any other matters relevant hereto and
thereto, all in form and substance satisfactory to the Agent in its sole good faith
discretion.

ARTICLE IV

MISCELLANEOUS

     4.1 Amended Terms. All references to the Participation Agreement in each of the
Operative Agreements shall hereafter mean the Participation Agreement as amended by this Amendment.
All references to the Guaranty in each of the Operative Agreements shall hereafter mean the
Guaranty as amended by this Amendment. Except as specifically amended hereby or otherwise agreed,
the Operative Agreements are hereby ratified and confirmed and shall remain in full force and
effect according to their respective terms.

     4.2 Representations and Warranties of Credit Parties. Each of the Credit Parties
represents and warrants as follows as of the date hereof:

          (a) It has taken all necessary action to authorize the execution, delivery and
performance of this Amendment.

          (b) This Amendment has been duly executed and delivered by such Person and constitutes
such Person’s valid and legally binding obligation, enforceable in accordance with its
terms, except as such enforceability may be subject to (i) bankruptcy, insolvency,
reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting
creditors’ rights generally and (ii) general principles of equity (regardless of whether
such enforceability is considered in a proceeding at law or in equity).

          (c) No consent, approval, authorization or order of, or filing, registration or
qualification with, any Governmental Authority or third party is required in connection

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with the execution, delivery or performance by such Person of this Amendment, except any
filing required to be made by the Parent pursuant to the Securities Exchange Act of 1934, as
amended, as a result of this Amendment.

     (d) The representations and warranties set forth in Section 6.2 and 6.3 of the
Participation Agreement are true and correct in all material respects as of the date hereof
(except for those which expressly relate to an earlier date).

     4.3 Acknowledgment of Guarantors. The Guarantors acknowledge and consent to all of
the terms and conditions of this Amendment and agree that this Amendment and all documents executed
in connection herewith do not operate to reduce or discharge the Guarantors’ obligations under the
Operative Agreements.

     4.4 Operative Agreement. This Amendment shall constitute an Operative Agreement under
the terms of the Participation Agreement.

     4.5 Entirety. This Amendment and the other Operative Agreements embody the entire
agreement between the parties hereto and supersede all prior agreements and understandings, oral or
written, if any, relating to the subject matter hereof.

     4.6 Counterparts; Telecopy. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original, but all of which
shall constitute one and the same instrument. Delivery of an executed counterpart to this
Amendment by telecopy shall be effective as an original and shall constitute a representation that
an original will be delivered.

     4.7 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER
THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NORTH CAROLINA.

     4.8 Submission to Jurisdiction; Service of Process; Waiver of Jury Trial; Venue, Etc.
The jurisdiction, service of process, waiver of jury trial, venue and other provisions set forth in
Section 12.7 of the Participation Agreement are hereby incorporated by reference, mutatis mutandis.

     4.9 Fees. The Lessee agrees to pay all fees and expenses of the Agent in connection
with the preparation, execution and delivery of this Amendment, including, without limitation, the
fees and expenses of Moore & Van Allen PLLC.

[remainder of page intentionally left blank]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed on the
date first above written.

	 	 	 	 	 
	LESSEE:	 	WEST FACILITIES CORPORATION, a Delaware corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Paul M. Mendlik
	 

	 	 	 	 
	 

	 	Name:
	 	Paul M. Mendlik
	 

	 	Title:
	 	Chief Financial Officer

(signature pages continue)

 

 

	 	 	 	 	 
	PARENT:	 	WEST CORPORATION, a Delaware corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Paul M. Mendlik
	 

	 	 	 	 
	 

	 	Name:
	 	Paul M. Mendlik
	 

	 	Title:	 	Chief Financial Officer

(signature pages continue)

 

 

	 	 	 	 	 
	GUARANTORS:	 	WEST CORPORATION, a Delaware corporation
	 
	 	 	 	 
	 	 	WEST TELEMARKETING CORPORATION II, a Delaware corporation
	 
	 	 	 	 
	 	 	WEST INTERACTIVE CORPORATION, a Delaware corporation
	 
	 	 	 	 
	 	 	NORTHERN CONTACT, INC., a Delaware corporation
	 
	 	 	 	 
	 	 	INTERCALL, INC., a Delaware corporation
	 
	 	 	 	 
	 	 	INTERCALL TELECOM VENTURES, LLC, a Delaware limited liability company
	 
	 	 	 	 
	 	 	CONFERENCECALL.COM, INC., a Delaware corporation
	 
	 	 	 	 
	 	 	WEST RECEIVABLE SERVICES, INC., a Delaware corporation
	 
	 	 	 	 
	 	 	WEST ASSET MANAGEMENT, INC., a Delaware corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Paul M. Mendlik
	 

	 	 	 	 
	 	 	Name: Paul M. Mendlik
	 	 	Title: Chief Financial Officer

(signature pages continue)

 

 

	 	 	 	 	 
	 	 	WEST INTERNATIONAL ASSET MANAGEMENT, LLC, a Nevada limited liability company
	 
	 	 	 	 
	 	 	BUYDEBTCO, LLC, a Nevada limited liability company
	 
	 	 	 	 
	 	 	THE DEBT DEPOT, LLC, a Delaware limited liability company
	 
	 	 	 	 
	 	 	ASSET DIRECT MORTGAGE, LLC, a Delaware limited liability company
	 
	 	 	 	 
	 	 	WEST TELEMARKETING, LP, a Delaware limited partnership
	 
	 	 	 	 
	 

	 	By:
	 	West Transaction Services, LLC,
	 

	 	 	 	its General Partner
	 
	 	 	 	 
	 	 	WEST TRANSACTION SERVICES, LLC, a Delaware limited

liability company
	 
	 	 	 	 
	 	 	WEST TRANSACTION
SERVICES II, LLC, a Delaware limited liability company
	 
	 	 	 	 
	 	 	WEST BUSINESS SERVICES, LP, a Delaware limited

partnership
	 
	 	 	 	 
	 

	 	By:
	 	West Transaction Services, LLC,
	 

	 	 	 	its General Partner
	 
	 	 	 	 
	 	 	WEST ASSET PURCHASING, LLC, a Nevada limited

liability company
	 
	 	 	 	 
	 	 	ECI CONFERENCE CALL
SERVICES LLC, a Delaware limited
liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Paul M. Mendlik
	 

	 	 	 	 
	 	 	Name: Paul M. Mendlik
	 	 	Title: Manager

	 	 	 	 	 
	 	 	WEST DIRECT, INC., a Delaware corporation
	 
	 

	 	By:
	 	/s/ Paul M. Mendlik
	 

	 	 	 	 
	 	 	Name: Paul M. Mendlik
	 	 	Title: Treasurer

(signature pages continue)

 

 

	 	 	 	 	 
	 	 	WACHOVIA DEVELOPMENT CORPORATION, as the Borrower and
as the Lessor
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Evander S. Jones, Jr.
	 

	 	 	 	 
	 	 	Name: Evander S. Jones, Jr.
	 	 	Title: Director

(signature pages continue)

 

 

	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION, as the Agent
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Mark B. Felker
	 

	 	 	 	 
	 

	 	Name:
	 	Mark B. Felker
	 

	 	Title:
	 	Managing Director
	 

	 	 	 	Wachovia Bank, National Association

(signature pages continue)

 

 

	 	 	 	 	 
	 	 	WACHOVIA CAPITAL INVESTMENTS, INC., as a Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Alan Ma, Treasurer
	 

	 	 	 	 
	 	 	Name: Alan Ma
	 	 	Title: Vice President

(signature pages end)exv10w1

 

	 	 	 	 	 

Exhibit 10.1

SIXTH AMENDMENT TO LEASE

     THIS SIXTH AMENDMENT TO LEASE (this “Amendment”) is entered into as of this 23rd day
of September, 2005, by and between BMR-675 WEST KENDALL STREET LLC, a Delaware limited liability
company (“Landlord,” as successor-in-interest to Kendall Square, LLC, a Delaware limited
liability company (“Original Landlord”)), and VERTEX PHARMACEUTICALS INCORPORATED
(“Tenant”).

RECITALS

     A. WHEREAS, Original Landlord and Tenant entered into that certain Lease dated as of January
18, 2001 (as the same has been amended, supplemented or otherwise modified from time to time, the
“Lease”), whereby Tenant leases certain premises (the “Premises”) from Landlord at
675 West Kendall Street in Cambridge, Massachusetts (the “Building”);

     B. WHEREAS, Tenant has requested that Landlord extend the required completion dates for the
Phase IB Work and the Phase II Work; and

     C. WHEREAS, Landlord and Tenant desire to modify and amend the Lease only in the respects and
on the conditions hereinafter stated.

AGREEMENT

     NOW, THEREFORE, Landlord and Tenant, in consideration of the mutual promises contained herein
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound, agree as follows:

     1. Definitions. For purposes of this Amendment, capitalized terms shall have the
meanings ascribed to them in the Lease unless otherwise defined herein.

     2. Amendment of Completion Dates. The two references to “September 1, 2005” in the
next to last paragraph of Section 3.2.1 of the Lease, as previously amended, are hereby changed to
“February 1, 2006.” In addition, the words “commence on or before October 1, 2005 and substantially
complete all Tenant’s Work as to the remainder of the Premises (“Phase III Work”) within thirty-six
(36) months after the Commencement Date” in clause (c) of the last sentence of the next-to-last
paragraph of Section 3.2.1 of the Lease is hereby replaced with “substantially complete all
Tenant’s Work as to the remainder of the Premises (“Phase III Work”) on or before June 30, 2006”.

     3. Broker. Tenant represents and warrants that it has not dealt with any broker or
agent in the negotiation for or the obtaining of this Amendment and agrees to indemnify, defend and
hold Landlord harmless from any and all cost or liability for compensation claimed by any such
broker or agent employed or engaged by it or claiming to have been employed or engaged by it.

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     4. No Default. Neither Tenant nor Landlord has any actual knowledge of any default of
by either party of its respective obligations under the Lease.

     5. Effect of Amendment. Except as modified by this Amendment, the Lease and all the
covenants, agreements, terms, provisions and conditions thereof shall remain in full force and
effect and are hereby ratified and affirmed. The covenants, agreements, terms, provisions and
conditions contained in this Amendment shall bind and inure to the benefit of the parties hereto
and their respective successors and, except as otherwise provided in the Lease, their respective
assigns. In the event of any conflict between the terms contained in this Amendment and the Lease,
the terms herein contained shall supersede and control the obligations and liabilities of the
parties.

     6. Miscellaneous. This Amendment becomes effective only upon execution and delivery
hereof by Landlord and Tenant. The captions of the paragraphs and subparagraphs in this Amendment
are inserted and included solely for convenience and shall not be considered or given any effect in
construing the provisions hereof. All exhibits hereto are incorporated herein by reference.

     7. Counterparts. This Amendment may be executed in one or more counterparts that,
when taken together, shall constitute one original.

     8. Surety Agreement. The Landlord, in its capacity as surety under an Agreement of Surety
Indemnity dated as of September 16, 2003, by execution of this Amendment hereby consents to the
same.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, Landlord and Tenant have hereunto set their hands as of the date and year
first above written, and acknowledge that they possess the requisite authority to enter into this
transaction and to execute this Amendment.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	LANDLORD:
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	WITNESS:	 	 	 	BMR-675 WEST KENDALL STREET LLC,

a Delaware limited liability company
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	/s/ KEVIN SIMONSEN	 	 	 	By:	 	/s/ ALAN D. GOLD	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Kevin Simonsen
	 	 	 	Name:
	 	Alan D. Gold	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:
	 	President	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	TENANT:
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	WITNESS:	 	 	 	VERTEX PHARMACEUTICALS INCORPORATED
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	/s/ ALFRED VAZ	 	 	 	By:	 	/s/ KENNETH S. BOGER	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Alfred Vaz, Jr.
	 	 	 	Name:
	 	Kenneth S. Boger	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:
	 	Senior Vice President and General Counsel

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