Document:

SUBLEASE

Exhibit

10.1

SUBLEASE

 

                THIS SUBLEASE

effective as of the 1st day of November, 2001 between MedChem Products, Inc., a

Massachusetts corporation having an address of 160 New Boston Street, Woburn,

Massachusetts 01801 (hereinafter called “Sublandlord”), and Anika Research,

Inc., a Massachusetts corporation, having an address of 160 New Boston Street,

Woburn, Massachusetts 01801 (hereinafter called “Subtenant”).

 

WITNESSETH

THAT

 

                WHEREAS, by a

lease dated as of December 5, 1991, as amended by a First Amendment dated

October 15, 1992 and by a Second Amendment dated February 1, 1993 (the

“Existing Main Lease”), Josephine G. Maggiore, as Executrix of the Estate of

Benedict S. Maggiore and Paul J. Maggiore, Co–partners, leased to

Sublandlord space in the building located at 160 New Boston Street, Woburn,

Massachusetts (the “Main Premises”), upon the terms, covenants and conditions

therein contained, a copy of which has been previously provided by Sublandlord

to Subtenant under the terms of the Prior Sublease, as such term is hereinafter

defined; and

 

                WHEREAS, title to

the Main Premises was conveyed by Josephine G. Maggiore, as Executrix of the

Estate of Benedict S. Maggiore, and Paul J. Maggiore, Co–partners, to

Paul J. Maggiore,  as Trustee of the 160

NBS Realty Trust, under declaration of Trust dated December 23,1992, recorded

with the Middlesex South Registry of Deeds in Book 23099, Page 82 (“Landlord”);

and

 

              WHEREAS,

upon the terms, covenants and conditions therein contained, Landlord and

Sublandlord have entered into a lease covering the Main Premises dated June 13,

2001, which as of December 6, 2001, will supercede the Existing Main Lease

(“Future Main Lease”), a copy of which is attached hereto as Exhibit A; and

 

              WHEREAS,

by a sublease dated May 3, 1993, as amended by a First Amendment dated February

7, 1994, and by a Second Amendment dated November 12, 1997 and a Third

Amendment dated February 27, 1998 (the “Prior Sublease”), Sublandlord subleased

to Subtenant certain space in the Main Premises, upon the terms, covenants and

conditions  contained in the Prior

Sublease;

 

              WHEREAS, the Prior Sublease terminated on October 31,

2001;

 

              WHEREAS,

Subtenant is desirous of continuing to sublease from Sublandlord certain space

in the Main Premises; and

 

                WHEREAS, Sublandlord

is willing to sublease to Subtenant that portion of the Main Premises

identified as the Anika Space and the Shared Space on the plan attached hereto

as Exhibit B (the “Subleased Premises”), on the terms stated herein.

 

1

 

 

                NOW, THEREFORE,

for good and valuable consideration, the receipt and sufficiency of which is

hereby acknowledged, the parties hereto agree as follows:

 

                1. Sublandlord

hereby leases to Subtenant, and Subtenant hereby takes and leases from

Sublandlord, the Subleased Premises for an initial term which commences on

November 1, 2001 (the “Commencement Date”) and ends on October 31, 2003. After

the expiration of the initial term, this Sublease shall thereafter remain in

effect until terminated by one party upon at least ninety (90) days prior

written notice to the other party. The Subleased Premises are to be delivered

to Subtenant in their “as is” condition and the Subleased Premises shall be

treated as delivered on the Commencement Date.

 

                2. As used in each

subsequent paragraph of this Sublease, the term “Main Lease” shall through

December 5, 2001 mean the Existing Main Lease. After such date, the term “Main

Lease” shall mean the Future Main Lease.

 

3. Subtenant hereby expressly agrees and covenants to

Landlord and to Sublandlord, that Subtenant assumes, is bound by and shall

faithfully perform, all of the obligations of Sublandlord as tenant under the

Main Lease, except as otherwise expressly provided for herein. It is further

agreed that the relationship between, and rights of, Subtenant and Sublandlord

shall, except as expressly provided for herein, be governed by the Main Lease

as if they were tenant and landlord, respectively, under the Main Lease, and

that Sublandlord specifically shall have all rights granted to Landlord under

the Main Lease with respect  to

enforcement of the provisions of this Sublease and the termination hereof;

provided, however, that Sublandlord shall not be deemed to guarantee

performance by Landlord of its obligations under the Main Lease, and

Sublandlord shall have no liability to Subtenant for any default in this

Sublease caused by the default of any other act of Landlord under the Main

Lease. It is further agreed that performance by Sublandlord shall be conditional

upon the performance by Landlord of its obligations under the Main Lease, which

obligations Sublandlord agrees to use reasonable efforts to enforce.

Sublandlord shall be entitled to exercise any of the remedies set forth in

Article XI of the Main Lease if any of the events of default set forth in

Section 11.1 of the Main Lease occur; provided, however, all references to ten

(10) business days in subsection (a) of Section 11.1 of the Main Lease shall be

reduced to five (5) business days.

 

                4. Subtenant

covenants and agrees with Sublandlord to pay to Sublandlord as rent during the

term hereof:

 

                4.1

Fixed Rent at the initial annual rate of 

One Hundred and One Thousand Three Hundred Seventy Dollars

($101,370.00), said initial rental to be payable in equal installments of Eight

Thousand Four Hundred Forty Seven Dollars and Fifty Cents ($8447.50) Dollars in

advance on the first day of each month of the term of this Sublease, and at

that rate for any fraction of a month at the end of the term. Such fixed rent

shall increase on a per square foot basis equal to and simultaneous with each

increase in fixed rent under the Main Lease. All fixed rent payments shall be

payable by wire transfer to an account designated by Sublandlord.   The fixed rent is based on a total of

10,137 square feet consisting of 100% of the area identified as Anika Space on

Exhibit B plus 50% of the area identified as Shared Space on Exhibit B.

2

 

 

                                4.2

Any amounts Sublandlord is required to pay Landlord pursuant to Article IV of

the Main Lease attributable to the Subleased Premises, which amounts shall be

paid by Subtenant to Sublandlord within five (5) business days after receipt of

a bill from Sublandlord, except that Subtenant shall only be responsible for

fifty percent (50%) of such amounts with respect solely to the1130 square feet

of the Subleased Premises identified as Shared Space on Exhibit B.

 

                                4.3

All other costs, expenses, charges and fees required by the Main Lease with

respect to the Subleased Premises shall be paid by Subtenant directly to

Sublandlord or the appropriate payees in accordance with the terms of the Main

Lease, except that Subtenant shall only be responsible for fifty percent (50%)

of such costs, expenses, charges and fees with respect solely to the1130 square

feet of the Subleased Premises identified as Shared Space on Exhibit B.  With respect to utility service, Subtenant

shall pay the entire cost of any service separately metered in the Subleased

Premises.  Subtenant shall also pay its

pro rata share of electrical, gas and water and sewer charges, calculated on a

square footage basis, unless Subtenant’s use of such services is more intense

than the use of such service in the balance of the Building, in which case

Subtenant shall pay a fair allocation of the extra cost attributable thereto.

 

                All payments under

this Paragraph 4 shall be made by Subtenant without any set–off or

deduction whatsoever, in lawful money of the United States. Such payments shall

be paid to Sublandlord at Sublandlord’s office hereinabove set forth or at such

other place or to such other party or parties as Sublandlord may from time to

time designate by notice to Subtenant. Subtenant  shall pay Sublandlord interest at the rate set forth in Section

11.2 of the Main Lease on any payment required by this Paragraph 4 which is not

made by Subtenant when due.

 

                5. Subtenant

covenants and agrees to use the Subleased Premises for the permitted Uses set

forth in Section 1.2 of the Main Lease and for no other purpose.

 

              6.

Sublandlord warrants and represents that it has no knowledge of any default by

itself or by Landlord under the Main Lease; that the Main Lease is in full

force and effect and that Sublandlord has a good right to sublease its interest

in the same provided Sublandlord obtains the consent of Landlord in accordance

with Section 6.1 of the Main Lease; and that Sublandlord has done nothing to

defeat or impair this Sublease. Sublandlord further warrants and covenants that

Subtenant, upon performance of Subtenant’s obligations hereunder and subject to

the provisions hereof, shall for the term hereof with respect to the Subleased

Premises, succeed to all rights of Sublandlord under the Main Lease and will

have quiet possession of the Subleased Premises unless the Main Lease be

terminated for any reason; provided, however, that this Sublease shall be in

all respects subject to the Main Lease and if the Main Lease shall terminate

during the term hereof for any reason, this Sublease shall terminate upon such

termination with the same force and effect as if such termination date had been

named herein as the termination date hereof; and if any provisions of this

Sublease shall be in violation of the provisions of the Main Lease, the

provisions of the Main Lease shall be deemed to limit the provisions hereof. It

is expressly understood and agreed, however, that nothing stated in this

Paragraph 6 shall be deemed to confer upon Subtenant any greater rights than

are set forth herein nor limit any of the Subtenant’s obligations hereunder.

 

3

 

 

                7. Subtenant

agrees to do nothing which will subject the Main Lease to termination by

Landlord under the provisions of the Main Lease, and it is further agreed that

if Subtenant is in default of the provisions of the Main Lease, Sublandlord

may, but need not, cure said default specifically on behalf of and for the

account of Subtenant, in which case all costs, damages, and expenses incurred

by Sublandlord in connection therewith shall be paid to Sublandlord immediately

upon its demand as additional rent hereunder. By curing Subtenant’s default on

its behalf and account, as aforesaid, Sublandlord shall not be deemed to have

waived any of its rights nor to have released Subtenant from any of its

obligations under this Sublease. It is agreed, however, that Sublandlord may

cure said default on its own account to preserve its interest in the Main

Lease, and may terminate this Sublease pursuant to the terms hereof by reason

of said default by Subtenant, if Subtenant does not pay as additional rent to

Sublandlord all costs, damages and expenses incurred by Sublandlord in

connection with such cure within the applicable grace period provided for in

the Main Lease, as amended by Paragraph 3 above. In the event of such

termination, Sublandlord shall be entitled to all remedies and damages provided

for Landlord in the Main Lease, or as otherwise provided by law. In the event

that the Main Lease is terminated by Landlord by reason of Subtenant’s default,

Subtenant shall indemnify and hold Sublandlord harmless from such damages as

Sublandlord may become liable to pay under the Main Lease  resulting from such default, plus all other

expenses and costs related thereto, including without limitation attorneys’

fees.

 

                8. Subtenant shall

not have the right to sublet the Subleased Premises, or any portion thereof,

nor to assign or in any way transfer its interest in the same, nor to suffer or

permit others to occupy the same, nor to suffer or permit the same to be

assigned or transferred by operation of law or otherwise, without the prior

consent of Sublandlord and Landlord, such consent to be governed by the terms

of Article VI of the Lease.

 

                9. Subtenant shall

not have the right to enter upon the portion of the Main Premises not subleased

to Subtenant hereunder without obtaining the prior written consent of

Sublandlord. Sublandlord hereby reserves a right of ingress to and egress from

the front of the Building through the Subleased Premises to its remaining space

in the Building, the location of which shall be reasonably acceptable to

Sublandlord and Subtenant. Such access shall be available seven (7) days a

week, twenty–four (24) hours per day, but otherwise subject to

Subtenant’s reasonable security regulations.

 

                10. Subtenant

shall maintain with respect to the Subleased Premises the insurance required by

Section 8.2 of the Main Lease to be taken out by the tenant thereunder, which

insurance shall name Landlord and Sublandlord as additional insureds, all in

accordance with said sections of the Main Lease.

 

4

 

 

                11. At the

expiration or earlier termination of this Lease, Subtenant shall surrender and

yield up the Subleased Premises in as good condition as they were in at the

beginning of the term of this Sublease, reasonable wear and tear excepted.  Notwithstanding the foregoing, Subtenant

shall, at the end of the term and at its own expense, remove all leasehold

installations required to be removed by the tenant under the Main Lease as well

as all equipment and trade fixtures of Subtenant from the Subleased Premises,

and repair all injury done by such removal. All property of Subtenant remaining

on the Premises after the expiration of this Sublease shall be deemed

abandoned.

 

                If Subtenant shall

remain in possession of the Subleased Premises after the expiration or earlier

termination of this Sublease without any express agreement as to such holding

over, Subtenant shall be liable to Sublandlord in accordance with Section 13.16

of the Main Lease.

 

                12. Subtenant

further agrees to indemnify and hold Sublandlord harmless from any claim of

Landlord under the Main Lease, and against any claim for injury to persons,

including death, and for property damage, arising out of the occupancy and use

of the Subleased Premises by Subtenant, its officers, agents, employees or

invitees.

 

                13. All notices

required to be given under this Sublease shall be sent by prepaid registered or

certified mail, return receipt requested, to the respective parties hereto at

the addresses above stated, unless in either case a different address is

specified by either party to the other in writing by prepaid registered or

certified mail, return receipt requested. Any such notices shall be deemed to

have been given upon deposit with the U.S. Mail, as aforesaid.

 

                14. Sublandlord

hereby reserves the right to enter onto the Subleased Premises from time to

time to ascertain whether Subtenant is in compliance with the provisions of

this Sublease.

 

                15. Subtenant

acknowledges and agrees that Sublandlord has the same rights of termination

with respect to this Sublease as those granted to Landlord under the Main

Lease.  Subtenant further agrees that

Sublandlord may also terminate this Sublease upon sixty (60) days prior written

notice to Subtenant if (i) Sublandlord sublets more than fifty percent (50%) of

the Main Premises to a third party who does not want Subtenant to continue to

occupy the Subleased Premises or (ii) Sublandlord and Landlord mutually agree

to terminate the Main Lease prior to its expiration date.

 

                16. If any

provision of this Sublease, or the particular application thereof, shall to any

extent be held invalid or unenforceable by a court of competent jurisdiction, the

invalidity of such provision shall not be deemed to affect the validity of any

other provision of this Sublease. Such invalid provisions shall be deemed to be

stricken from this Sublease, which shall otherwise continue in full force and

effect in all respects.

5

 

 

                17. This Sublease

shall be binding upon and inure to the benefit of the parties hereto and their

respective successors, assigns, heirs and legal representatives.

 

                18. This Sublease

shall be governed by and construed in accordance with the laws of the

Commonwealth of Massachusetts.

 

                19. Pursuant to

Section 2.2 of the Main Lease, Sublandlord has, as appurtenant to the Main

Premises, the right to use in common with others thereto the common facilities

located on the Lot (as defined in the Main Lease), including the parking spaces

on the Lot. Sublandlord hereby grants Subtenant the right to use in accordance

with Section 2.2 of the Main Lease up to twenty-five (25) of the parking spaces

in common with Sublandlord .

 

                20. Sublandlord

and Subtenant each warrant to the other that it has had no dealings with any

broker or agent in connection with this Sublease and covenant to defend with

counsel approved by the other party and to hold harmless and indemnify the

other party from and against any and all costs, expenses or liability for any

compensation, commissions and charges claimed by any broker or agent with

respect to its dealings in connection with this Sublease or the negotiation

thereof.

 

                21. The exercise

by Sublandlord of any option set forth in Section 3.2 of the Main Lease to

extend the term thereof shall have no effect on the term of this Sublease as

set forth in Section 1 hereof.  However,

if Sublandlord does exercise any such option, it shall have the right during

the applicable renewal period to utilize at no cost all leasehold improvements

made by Subtenant to the Subleased Premise during the term of this Sublease,

which right shall survive the termination of this Sublease.  Subtenant shall have no right to exercise

any such option should Sublandlord fail to do so.

 

              22.

Subtenant agrees to allow Sublandlord access at all times to that portion of

the Subleased Premises identified  as

the Shared Space on Exhibit B.

 

              23.

Sublandlord agrees to allow Subtenant access at all times to the rest rooms

identified on Exhibit B as well as the area designated on Exhibit B as “Anika

Emergency Exit” provided, however, that access to the latter area shall be

limited solely for purposes of a second emergency exit.

 

              24.

Sublandlord agrees to allow Subtenant to utilize at all times  the deionized water system of the

Sublandlord located in both the Main Premises and the Subleased Premises.

Subtenant agrees to pay on a pro rata basis for its share of the cost of such

water system.

6

 

 

              25.

The parties agree that Subtenant, its employees, affiliates, invitees and

guests, do not have, nor shall have, access to Sublandlord’s cafeteria located

in the Main Premises.

 

 

              26.

Sublandlord shall have continued access to the 

phone room and utility room in the Subleased Premises.

 

27. Notwithstanding anything to the contrary contained

herein, this Sublease shall not become or be deemed to have become effective

until mutually executed and delivered by Subtenant and Sublandlord and

consented to by Landlord in writing.

 

 

EXECUTED under seal as of

the day and year written

 

	

  SUBLANDLORD:

  
	

   

  
	

  MEDCHEM PRODUCTS, INC.

  
	

   

  
	

  By:

  	

   

  
	

   

  
	

  Its:

  	

   

  
	

   

  
	

  SUBTENANT:

  
	

   

  
	

  ANIKA RESEARCH. INC.

  
	

   

  
	

  By:

  	

   

  
	

   

  
	

  Its:

  	

   

  
	

   

  

 

7EXECUTION COPY

Exhibit

10.1

 

EXECUTION COPY

 

THIRD AMENDMENT, CONSENT

AND RELEASE

 

THIS THIRD AMENDMENT, CONSENT AND RELEASE,

dated as of April 11, 2002 (this “Amendment”), is among IQI, INC., a New

York corporation (the “Borrower”), AEGIS COMMUNICATIONS GROUP, INC., a Delaware

corporation (“Aegis”), the Obligors identified on the signature pages

hereto under the caption “Consenting Obligors” (the “Consenting Obligors”)

and the Lenders (as defined below) signatories hereto.

 

W I T N E S S E T H:

 

WHEREAS, the Borrower, Aegis, certain

financial institutions from time to time parties thereto (collectively, the “Lenders”),

Credit Suisse First Boston, as Syndication Agent, and The Bank of Nova Scotia,

as Documentation Agent and Administrative Agent for the Lenders, are parties to

the Third Amended and Restated Credit Agreement, dated as of December 10, 1999

(as amended, supplemented or otherwise modified prior to the date hereof, the “Existing

Credit Agreement”);

 

WHEREAS, the Borrower has requested that the

Lenders amend the Existing Credit Agreement in certain respects as described

below; and

 

WHEREAS, the Lenders have agreed, subject to

the terms and conditions set forth herein, to amend the Existing Credit

Agreement, as set forth below (the Existing Credit Agreement, as amended by

this Amendment, being referred to as the “Credit Agreement”);

 

NOW, THEREFORE, the parties hereto hereby

agree as follows.

 

PART I

DEFINITIONS

 

SUBPART 1.1. 

Certain Definitions. 

Unless otherwise defined herein or the context otherwise requires, terms

used in this Amendment, including its preamble and recitals, have the following

meanings (such meanings to be equally applicable to the singular and plural

forms thereof):

 

“Aegis” is defined in the preamble.

 

“Amendment” is defined in the preamble.

 

 

“Borrower” is defined in the preamble.

 

“Consenting Obligors” is defined in

the preamble.

 

“Credit Agreement” is defined in the third

recital.

 

“Elrick & Lavidge Disposition” is

defined in Subpart 2.1.

 

“Existing Credit Agreement” is defined

in the first recital.

 

“Lenders” is defined in the first

recital.

 

“Third Amendment” is defined in Subpart

2.1.

 

“Third Amendment Effective Date” is

defined in Subpart 3.1.

 

SUBPART 1.2. 

Other Definitions.  Unless

otherwise defined herein or the context otherwise requires, terms used in this

Amendment, including its preamble and recitals, have the meanings provided in

the Existing Credit Agreement.

 

PART II

AMENDMENTS TO THE

EXISTING CREDIT AGREEMENT

 

Effective on (and subject to the occurrence

of) the Third Amendment Effective Date, the Existing Credit Agreement is hereby

amended in accordance with this Part.

 

SUBPART 2.1. 

Amendments to Article I. 

Article I of the Existing Credit Agreement is hereby amended as set

forth in Subparts 2.1.1 through 2.1.4.

 

SUBPART 2.1.1  Section 1.1 of the Existing Credit Agreement is hereby amended by

inserting the following definitions in such Section in the appropriate

alphabetical sequence:

 

“Elrick & Lavidge

Disposition” means the sale of all or substantially all of the Assets (as

such term is defined in the Asset Purchase Agreement, dated as of April 3,

2002, among Interserv, the Borrower, Aegis and Taylor Nelson Sofres Operations,

Inc. as in effect on the Third Amendment Effective Date), whether now owned or

hereafter acquired, of Elrick & Lavidge, a division of Interserv.

 

“Third Amendment”

means the Third Amendment, dated as of April 11, 2002, among the Borrower,

Aegis and the Lenders party thereto.

 

“Third Amendment

Effective Date” is defined in Subpart 3.1 of the Third Amendment.

 

2

 

SUBPART 2.1.2  The definition of “Revolving Loan Commitment Amount” contained in

Section 1.1 of the Existing Credit Agreement is hereby amended and restated as

follows:

 

“Revolving Loan Commitment Amount”

means, on any date, $35,000,000, as such amount may be reduced from time to

time pursuant to Section 2.2.

 

SUBPART 2.1.3 The definition of “Applicable

Margin” contained in Section 1.1 of the Existing Credit Agreement is hereby

amended and restated as follows:

 

“Applicable Margin”

means (a) prior to the Third Amendment Effective Date, the rate calculated in

accordance with the Existing Credit Agreement as in effect immediately prior to

the Third Amendment Effective Date, and (b) on and following the Third

Amendment Effective Date, (i) with respect to the unpaid principal amount of

each Revolving Loan maintained as a Base Rate Loan, 2.00% per annum and (ii)

with respect to the unpaid principal amount of each Revolving Loan maintained

as a LIBO Rate Loan, 3.00% per annum.

 

SUBPART 2.1.4  The definition of “Applicable Commitment Fee” contained in

Section 1.1 of the Existing Credit Agreement is hereby amended and restated as

follows:

 

“Applicable Commitment

Fee” means (a) prior to the Third Amendment Effective Date, the fee

calculated in accordance with the Existing Credit Agreement as in effect

immediately prior to the Third Amendment Effective Date, and (b) on and

following the Third Amendment Effective Date, 0.75% per annum.

 

SUBPART 2.2. 

Amendments to Article VII. 

Section 7.2.10 of the Existing Credit Agreement is hereby amended by (i)

replacing the word “or” at the end of clause (b) thereof with a comma and (ii)

inserting, immediately before the period at the end of such Section, “or (d)

made in connection with the Elrick & Lavidge Disposition; provided

that the net sale proceeds of the Elrick & Lavidge Disposition are at least

equal to $8,500,000 and such proceeds are applied to repay the Loans as set

forth in Section 3.1.2”.

 

PART III

CONDITIONS TO EFFECTIVENESS

 

SUBPART 3.1. 

Effective Date and Conditions. 

This Amendment shall become effective as of the date set forth in the

preamble (the “Third Amendment Effective Date”) when each of the

conditions set forth in this Part have been satisfied.

 

SUBPART 3.1.1.  Execution of Counterparts.  The Administrative Agent shall have received counterparts of

this Amendment duly executed and delivered on behalf of the Borrower, Aegis,

each of the Consenting Obligors and the Lenders.

 

3

 

SUBPART 3.1.2.  Fees and Expenses. 

The Administrative Agent shall have received all fees and expenses due

and payable pursuant to Subpart 5.8 (to the extent then invoiced)

and pursuant to the Credit Agreement (including all previously invoiced fees

and expenses); the Borrower hereby authorizes the Lenders to deduct from the

proceeds of the Elrick & Lavidge Disposition sent to the Administrative

Agent all such fees and expenses, and the Administrative Agent agrees to make

such deduction.

 

SUBPART 3.1.3  Amendment Fee. The Administrative Agent shall have

received for the account of each Lender, an amendment fee in an amount equal to

0.25% of each Lender’s Percentage of the Revolving Loan Commitment Amount

(after giving effect to this Amendment), which amendment fee equals $87,500 in

the aggregate; the Borrower hereby authorizes the Lenders to deduct from the

proceeds of the Elrick & Lavidge Disposition sent to the Administrative

Agent such amendment fee, and the Administrative Agent agrees to make such

deduction.

 

SUBPART 3.1.4  Asset Purchase Agreement. 

The Administrative Agent and the Lenders shall have received a fully

executed copy of the Asset Purchase Agreement, dated as of April 3, 2002, among

Interserv, the Borrower, Aegis and Taylor Nelson Sofres Operations, Inc.,

including all schedules, exhibits and attachments thereto.

 

SUBPART 3.1.5  Legal Details, etc. 

All documents executed or submitted pursuant hereto shall be

satisfactory in form and substance to the Administrative Agent and its

counsel.  The Administrative Agent and

its counsel shall have received all information, and such counterpart originals

or such certified or other copies of such materials, as the Administrative

Agent or its counsel may reasonably request. 

All legal matters incident to the transactions contemplated by this

Amendment shall be satisfactory to the Administrative Agent and its counsel.

 

PART IV

AFFIRMATION AND CONSENT

 

SUBPART 4.1. 

Acknowledgment and Reaffirmation.  Each Consenting Obligor hereby reaffirms, as of the Third

Amendment Effective Date, (a) the covenants and agreements contained in each

Loan Document to which it is a party, including, in each case, as such

covenants and agreements may be modified by this Amendment and the transactions

contemplated thereby, (b) its guarantee of payment of the Obligations pursuant

to the Subsidiary Guaranty and (c) its obligations with respect to collateral

security under each other Loan Document to which it is a party.

 

SUBPART 4.2. 

Representations and Warranties, etc.  Each Consenting Obligor hereby

 

4

 

represents, warrants and certifies, that, as of the Third Amendment

Effective Date, the representations and warranties made by it contained in the

Loan Documents to which it is a party are true and correct in all material

respects with the same effect as if made on the date hereof, except to the

extent any such representation or warranty refers or pertains solely to a date

prior to the date hereof (in which case such representation and warranty was

true and correct in all material respects as of such earlier date).

 

SUBPART 4.3. 

Loan Documents.  Each

Consenting Obligor further confirms that each Loan Document to which it is a

party (a) is and shall continue to be in full force and effect and the same are

hereby ratified and confirmed in all respects, except that upon the occurrence

of the Third Amendment Effective Date, all references in such Loan Documents to

the “Credit Agreement”, “Loan Documents”, “thereunder”, “thereof”, or words of

similar import shall mean the Credit Agreement and the Loan Documents, as the

case may be, in each case after giving effect to the amendments and other

modifications provided for in this Amendment, (b) if such Loan Document relates

to collateral security, such document shall also expressly and completely

secure all Obligations related thereto and (c) if such Loan Document relates to

a guarantee, such document shall also expressly and completely guarantee all

Obligations related thereto.

 

SUBPART 4.4. 

Course of Dealing, etc. 

Each Consenting Obligor hereby acknowledges and agrees that the

acceptance by each Lender of this document shall not be construed in any manner

to establish any course of dealing on any Lender’s part, including the

providing of any notice or the requesting of any acknowledgment not otherwise

expressly provided for in any Loan Document with respect to any future

amendment, waiver, supplement or other modification to any Loan Document or any

arrangement contemplated by any Loan Document.

 

PART V

MISCELLANEOUS PROVISIONS

 

SUBPART 5.1. 

Cross-References. 

References in this Amendment to any Part or Subpart are, unless

otherwise specified, to such Part or Subpart of this Amendment.  References in this Amendment to any Article

or Section are, unless otherwise specified, to such Article or Section of the

Existing Credit Agreement.

 

SUBPART 5.2. 

Loan Document Pursuant to Existing Credit Agreement.  This Amendment is a Loan Document executed

pursuant to the Existing Credit Agreement and shall (unless otherwise expressly

indicated therein) be construed, administered and applied in accordance with

the terms and provisions of the Existing Credit Agreement.

 

SUBPART 5.3. 

Successors and Assigns. 

This Amendment shall be binding upon and inure to the benefit of the

parties hereto and their respective successors and assigns.

 

SUBPART 5.4. 

Full Force and Effect; Limited Amendment.  Except as expressly amended hereby, all

of the representations, warranties, terms, covenants, conditions and other

 

5

 

provisions of the Existing Credit Agreement and the Loan Documents

shall remain unchanged and shall continue to be, and shall remain, in full

force and effect in accordance with their respective terms.  The amendments and waivers set forth in this

Amendment shall be limited precisely as provided for in this Amendment to the

provisions expressly amended and waived herein and shall not be deemed to be an

amendment to, waiver of, consent to or modification of any other term or

provision of the Existing Credit Agreement, any other Loan Document or of any

transaction or further or future action on the part of the Borrower or any

Obligor which would require the consent of the Lenders under the Existing

Credit Agreement or any of the Loan Documents.

 

SUBPART 5.5. 

Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND

INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK.

 

SUBPART 5.6. 

Execution in Counterparts. 

This Amendment may be executed in any number of counterparts by the

parties hereto, each of which counterparts when so executed shall be an

original, but all the counterparts shall together constitute one and the same

agreement.

 

SUBPART 5.7. 

Representation and Warranties. 

In order to induce the Lenders to execute and deliver this Amendment,

the Borrower and Aegis each represent that both before and after giving effect

to this Amendment, the statements contained in clauses (a) through (e) of

Section 5.2.1 of the Existing Credit Agreement are true and correct.

 

SUBPART 5.8. 

Fees and Expenses.  The

Borrower agrees to pay on demand all out-of-pocket expenses incurred by the

Administrative Agent in connection with the preparation, negotiation, execution

and delivery of this Amendment and the documents and transactions contemplated

hereby, including the reasonable fees and disbursements of Mayer, Brown, Rowe

& Maw, as counsel for the Administrative Agent.

 

SUBPART 5.9.  Release of Liens. 

At the request of the Borrower and, effective on (and subject to the

occurrence of) the Third Amendment Effective Date, the Lenders hereby (i)

consent to the Elrick & Lavidge Disposition (on the terms and conditions

set forth herein), (ii) release and discharge, without representation, recourse

or warranty whatsoever, all liens, security interests and other encumbrances

created pursuant to the Existing Credit Agreement or any other Loan Document on

the Assets (as such term is defined in the Asset Purchase Agreement, dated as

of April 3, 2002, among Interserv, the Borrower, Aegis and Taylor Nelson Sofres

Operations, Inc. as in effect on the Third Amendment Effective Date) and (iii)

upon the reasonable request of Aegis or any of the Obligors, the Administrative

Agent agrees to provide, execute and file (and hereby authorizes Aegis to file)

any and all financing statement amendments, releases, terminations or other

documents or instruments that may be necessary to evidence the release of the

security interests of the Lenders in the assets transferred, sold, or otherwise

disposed of, in connection with the Elrick & Lavidge Disposition.

 

6

 

 IN WITNESS WHEREOF, the parties

hereto have caused this Amendment to be executed by their respective officers

hereunto duly authorized as of the day and year Second above written.

 

	

   

  	

  IQI, INC.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By

  	

   

  
	

   

  	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  AEGIS COMMUNICATIONS GROUP, INC.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By

  	

   

  
	

   

  	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  THE BANK OF NOVA SCOTIA

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By

  	

   

  
	

   

  	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  CREDIT SUISSE FIRST BOSTON

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By

  	

   

  
	

   

  	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By

  	

   

  
	

   

  	

   

  	

  Title:

  

 

7

 

	

   

  	

  CONSENTING OBLIGORS:

  
	

   

  	

   

  
	

   

  	

  ADVANCED TELEMARKETING CORPORATION

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By

  	

   

  
	

   

  	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  LEXI INTERNATIONAL, INC.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By

  	

   

  
	

   

  	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  CHILDREN’S EDUCATIONAL PUBLISHING

  CORPORATION

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By

  	

   

  
	

   

  	

   

  	

  Title:

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  INTERSERV SERVICES CORPORATION

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By

  	

   

  
	

   

  	

   

  	

  Title:

  

 

8

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