Document:

Exhibit 10.4

 

FIRST AMENDMENT
 to
 THIRD AMENDED AND RESTATED
 REVOLVING CREDIT AGREEMENT

 

THIS FIRST AMENDMENT (this “Amendment”) TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT dated as of April 12, 2013 (as amended hereby, the “Credit Agreement”), which Amendment is dated effective as of May 14, 2014 (the “Effective Date”), is entered into among The Men’s Wearhouse, Inc., a corporation organized under the laws of the State of Texas (the “Borrower”); Moores The Suit People Inc., a corporation organized under the laws of the Province of New Brunswick, Canada (the “Canadian Borrower”), and MWUK Holding Company Limited, a corporation organized under the 2006 Companies Act of England and Wales (the “UK Borrower”, and together with the Canadian Borrower, collectively, the “Subsidiary Borrowers” and individually, a “Subsidiary Borrower”); the financial institutions party hereto (collectively, the “Lenders” and individually, a “Lender”); JPMorgan Chase Bank, N.A., as Administrative Agent; JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian Agent; and J.P. Morgan Europe Limited, as European Agent.

 

R E C I T A L S:

 

The Borrower and the Subsidiary Borrowers, the Agents and the Lenders are parties to the Credit Agreement, pursuant to which the Lenders agreed to make loans to and extensions of credit on behalf of the Borrower and the Subsidiary Borrowers; and

 

The Borrower, the Subsidiary Borrowers, the Agents and the Lenders desire to amend the Credit Agreement as hereinafter provided.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows:

 

ARTICLE I.  DEFINITIONS

 

Section 1.1                                    Terms Defined Above.  As used in this Amendment, each of the terms defined in the opening paragraph shall have the meaning assigned to such terms therein.

 

Section 1.2                                    Terms Defined in Credit Agreement.  Each term defined in the Credit Agreement and used herein without definition shall have the meaning assigned to such term in the Credit Agreement, unless expressly provided to the contrary.

 

Section 1.3                                    Other Definitional Provisions.

 

(a)                                 The words “hereby”, “herein”, “hereinafter”, “hereof”, “hereto” and “hereunder” when used in this Amendment shall refer to this Amendment as a whole and not to any particular Article, Section, subsection or provision of this Amendment.

 

(b)                                 Section, subsection and Exhibit references herein are to such Sections, subsections and Exhibits to this Amendment unless otherwise specified.

 

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ARTICLE II.  AMENDMENT TO CREDIT AGREEMENT

 

Section 2.1                                    Amendment to Section 1.1.   Section 1.1 of the Credit Agreement is hereby amended to add the following definition in proper alphabetical order:

 

“Escrow Securities” means debt securities of the Borrower that have a maturity date no earlier than 2022, but only to the extent that the cash proceeds of such debt securities are on deposit with a third party escrow agent that is a bank or trust company of nationally recognized standing together with additional amounts in an original amount not in excess of an amount sufficient to fund all required payments of interest and premium on such debt securities through the latest possible redemption date referred to in clause (ii) below and such proceeds will be released only (i) to the Borrower upon the satisfaction of specified conditions or (ii) to fund a redemption of such debt securities at or prior to September 30, 2014; provided that from and after the release of the cash proceeds of such debt securities by the escrow agent, such debt securities shall cease to constitute “Escrow Securities” hereunder.

 

Section 2.2                                    Amendment to Section 10.1.   Section 10.1 of the Credit Agreement is hereby amended to delete the “and” at the end of subsection (g), delete the period at the end of subsection (h) and add “; and” to the end of said subsection and to add a new subsection (i) to the end of Section 10.1 as follows:

 

“(i) Liens on cash and cash equivalents deposited with an escrow agent with respect to the Escrow Securities.”

 

Section 2.3                                    Amendment to Section 10.2.  Section 10.2 of the Credit Agreement is hereby amended to delete the “and” at the end of subsection (e), delete the period at the end of subsection (f) and add “; and” to the end of said subsection and to add a new subsection (g) to the end of Section 10.2 as follows:

 

“(g) Debt evidenced by the Escrow Securities.”

 

Section 2.4                                    Amendment to Section 10.10(a).   Section 10.10(a) of the Credit Agreement is hereby amended to add a new sentence to the end of said subsection as follows:

 

“Solely for purposes of calculating the Leverage Ratio to determine compliance with this covenant, the Escrow Securities shall not be included in the definition of Total Funded Debt.”

 

Section 2.5                                    Amendment to Section 10.10(b).  Section 10.10(b) of the Credit Agreement is hereby amended to add a new sentence to the end of said subsection as follows:

 

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“Solely for purposes of calculating the Fixed Charge Coverage Ratio to determine compliance with this covenant, the Escrow Securities shall not be included in the definition of Fixed Charges.”

 

Section 2.6                                    Amendment to Section 10.15.  Section 10.15 of the Credit Agreement is hereby amended to delete the “and” at the end of subsection (e), delete the period at the end of subsection (f) and add “; and” to the end of said subsection and to add a new subsection (g) to the end of Section 10.15 as follows:

 

“(g) limitations or restrictions of the type described above in clauses (a) and (e)(i)(C) with respect to the proceeds of the Escrow Securities.”

 

Section 2.7                                    Amendment to Section 11.1(c).  Section 11.1(c) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“Default under Other Debt. Any Borrower or any Restricted Subsidiary shall fail to make any payment (regardless of amount) of principal of, or interest or premium on, any Material Debt (other than obligations which are covered in Section 11.1(a) or 11.1(b)) when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Material Debt; or any other event constituting a default (however defined) shall occur or condition shall exist under any agreement or instrument relating to any such Material Debt (in each case other than with respect to conditions permitting the redemption of the Escrow Securities as described in the definition thereof) and shall continue after the applicable grace period, if any, specified in such agreement or instrument if, during the continuance thereof, the effect of such event or condition results in such Material Debt becoming due prior to its scheduled maturity or enables or permits the holder or holders of such Material Debt or any trustee or agent on its or their behalf to cause such Material Debt to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity (or in the case of any Hedge Agreement that constitutes a Material Debt, results in such Hedge Agreement being terminated); or”

 

ARTICLE III.  CONDITIONS

 

The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:

 

Section 3.1                                    Loan Documents.  The Administrative Agent shall have received counterparts of this Amendment executed and delivered by a duly authorized officer of the 

 

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Borrower, each of the Subsidiary Borrowers, the Guarantors, the Pledgors, and the Majority Lenders.

 

Section 3.2                                    Representations and Warranties.  Except as affected by the transactions contemplated in the Credit Agreement and this Amendment, each of the representations and warranties made by the Borrower, the Subsidiary Borrowers, the Guarantors and the Pledgors in or pursuant to the Loan Documents shall be true and correct in all material respects as of the Effective Date, as if made on and as of such date, except to the extent that such representations and warranties are limited to an earlier date or period in which case they shall be limited to such earlier date or period.

 

Section 3.3                                    Other Instruments or Documents.  The Administrative Agent shall receive such other instruments or documents as it may reasonably request.

 

Section 3.4                                    Payment of Fees and Expenses.  The Administrative Agent shall have received payment of all its fees and expenses in connection with this Amendment, including, without limitation, any legal expenses billed as of the time of closing.

 

ARTICLE IV.  MISCELLANEOUS

 

Section 4.1                                    Adoption, Ratification and Confirmation of Credit Agreement.  The Borrower, each of the Subsidiary Borrowers, the Guarantors, the Pledgors, the Agents and the Lenders do hereby adopt, ratify and confirm the Credit Agreement, as amended hereby, and the other Loan Documents, and acknowledge and agree that the Credit Agreement, as amended hereby, and each of the other Loan Documents, are and remain in full force and effect.

 

Section 4.2                                    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted pursuant to the Credit Agreement.

 

Section 4.3                                    Counterparts.  This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and may be delivered in original or facsimile form, and all of such counterparts taken together shall be deemed to constitute one and the same instrument and shall be enforceable as of the Effective Date upon the execution of one or more counterparts hereof by the Borrower, the Subsidiary Borrowers, the Guarantors, the Pledgors, the Agents and the Majority Lenders.  In this regard, each of the parties hereto acknowledges that a counterpart of this Amendment containing a set of counterpart execution pages reflecting the execution of each party hereto shall be sufficient to reflect the execution of this Amendment by each necessary party hereto and shall constitute one instrument.

 

Section 4.4                                    Number and Gender.  Whenever the context requires, reference herein made to the single number shall be understood to include the plural; and likewise, the plural shall be understood to include the singular.  Words denoting sex shall be construed to include the masculine, feminine and neuter, when such construction is appropriate; and specific enumeration shall not exclude the general but shall be construed as cumulative.  Definitions of terms defined in the singular or plural shall be equally applicable to the plural or singular, as the case may be, unless otherwise indicated.

 

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Section 4.5                                    Invalidity.  In the event that any one or more of the provisions contained in this Amendment shall for any reason be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Amendment.

 

Section 4.6                                    Titles of Articles, Sections and Subsections.  All titles or headings to Articles, Sections, subsections or other divisions of this Amendment or the exhibits hereto, if any, are only for the convenience of the parties and shall not be construed to have any effect or meaning with respect to the other content of such Articles, Sections, subsections, other divisions or exhibits, such other content being controlling as the agreement among the parties hereto.

 

Section 4.7                                    Indemnity.  Each of the Borrower, the Subsidiary Borrowers, the Guarantors and the Pledgors hereby ratifies the indemnification provisions contained in the Loan Documents, including, without limitation, Section 13.11(b) of the Credit Agreement, and agrees that this Amendment and all losses, claims, damages, liabilities, costs and expenses related thereof shall be covered by such indemnities.

 

Section 4.8                                    Governing Law.  This Amendment shall be deemed to be a contract made under and shall be governed by and construed in accordance with the internal laws of the State of New York.

 

Section 4.9                                    Entire Agreement.  The Credit Agreement, as amended by this Amendment and the other Loan Documents, constitute the entire agreement among the parties hereto with respect to the subject thereof.  All prior understandings, statements and agreements, whether written or oral, relating to the subject thereof are superseded by the Credit Agreement, as amended by this Amendment, and the other Loan Documents.

 

[SIGNATURES BEGIN ON NEXT PAGE]

 

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IN WITNESS HEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the Effective Date.

 

	
BORROWER,   GUARANTOR
    	
THE   MEN’S WEARHOUSE, INC.
    
	
AND   PLEDGOR:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   CLAUDIA A. PRUITT
    
	
 
    	
 
    	
Claudia   A. Pruitt
    
	
 
    	
 
    	
Senior   Vice President - Specialized Services, Assistant Treasurer and Assistant   Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
CANADIAN   BORROWER:
    	
MOORES   THE SUIT PEOPLE INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   CLAUDIA A. PRUITT
    
	
 
    	
 
    	
Claudia   A. Pruitt
    
	
 
    	
 
    	
Senior   Vice President, Assistant Treasurer and Assistant Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
UK   BORROWER:
    	
MWUK   HOLDING COMPANY LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   CLAUDIA A. PRUITT
    
	
 
    	
 
    	
Claudia   A. Pruitt
    
	
 
    	
 
    	
Authorized   Signatory
    

 

Signature Page to First Amendment

 

 

	
PLEDGOR   AND GUARANTOR:
    	
TMW   MERCHANTS LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   CLAUDIA A. PRUITT
    
	
 
    	
 
    	
Claudia   A. Pruitt
    
	
 
    	
 
    	
Senior   Vice President, Assistant Treasurer and Assistant Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
GUARANTOR:
    	
TMW   PURCHASING LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   CLAUDIA A. PRUITT
    
	
 
    	
 
    	
Claudia   A. Pruitt
    
	
 
    	
 
    	
Senior   Vice President, Assistant Treasurer and Assistant Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
GUARANTOR:
    	
K&G   MEN’S COMPANY, INC.,
    
	
 
    	
a   Delaware corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   CLAUDIA A. PRUITT
    
	
 
    	
 
    	
Claudia   A. Pruitt
    
	
 
    	
 
    	
Senior   Vice President, Assistant Treasurer and Assistant Secretary
    

 

Signature Page to First Amendment

 

 

	
LENDER:
    	
JPMORGAN   CHASE BANK, N.A.,
    
	
 
    	
as   Administrative Agent, an Issuing Bank, Swingline Bank and a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   JOHN KUSHNERICK
    
	
 
    	
 
    	
John   Kushnerick
    
	
 
    	
 
    	
Vice   President
    

 

Signature Page to First Amendment

 

 

	
LENDER:
    	
JPMORGAN   CHASE BANK, N.A., TORONTO
    
	
 
    	
BRANCH.
    
	
 
    	
as   Canadian Agent, an Issuing Bank and a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   MICHAEL N. TAM
    
	
 
    	
Name:
    	
Michael   N. Tam
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

Signature Page to First Amendment

 

 

	
LENDER:
    	
J.P.   MORGAN EUROPE LIMITED,
    
	
 
    	
as   European Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   JENNIFER BIRCH
    
	
 
    	
Name:
    	
Jennifer   Birch
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to First Amendment

 

 

	
LENDER:
    	
BANK   OF AMERICA, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   BRIAN HUDDLESTON
    
	
 
    	
Name:
    	
Brian   Huddleston
    
	
 
    	
Title:
    	
Vice   President,
    
	
 
    	
 
    	
Portfolio   Management Officer
    

 

Signature Page to First Amendment

 

 

	
LENDER:
    	
BANK   OF AMERICA, N.A., CANADA
    
	
 
    	
BRANCH
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   BRIAN HUDDLESTON
    
	
 
    	
Name:
    	
Brian   Huddleston
    
	
 
    	
Title:
    	
Vice   President,
    
	
 
    	
 
    	
Portfolio   Management Officer
    

 

Signature Page to First Amendment

 

 

	
LENDER:
    	
BANK   OF AMERICA, N.A., LONDON
    
	
 
    	
BRANCH
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   BRIAN HUDDLESTON
    
	
 
    	
Name:
    	
Brian   Huddleston
    
	
 
    	
Title:
    	
Vice   President,
    
	
 
    	
 
    	
Portfolio   Management Officer
    

 

Signature Page to First Amendment

 

 

	
LENDER:
    	
HSBC   BANK USA, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   BRIAN GINGUE
    
	
 
    	
Name:
    	
Brian   Gingue
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to First Amendment

 

 

	
LENDER:
    	
WELLS   FARGO BANK, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   I. STAVRESKA
    
	
 
    	
Name:
    	
Irena   Stavreska
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to First Amendment

 

 

	
LENDER:
    	
AMEGY   BANK, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   KELLY NASH
    
	
 
    	
Name:
    	
Kelly   Nash
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to First Amendment

 

 

	
LENDER:
    	
COMPASS   BANK, d/b/a BBVA COMPASS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   MICHAEL DISON
    
	
 
    	
Name:
    	
Michael   Dison
    
	
 
    	
Title:
    	
SVP
    

 

Signature Page to First Amendment

 

 

	
LENDER:
    	
BRANCH   BANKING & TRUST COMPANY
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   ELIZABETH WILLIS
    
	
 
    	
Name:
    	
Elizabeth   Willis
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to First Amendment

 

 

	
LENDER:
    	
FIFTH   THIRD BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   BRIAN ANDERSON
    
	
 
    	
Name:
    	
Brian   Anderson
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to First Amendment

 

 

	
LENDER:
    	
FIFTH   THIRD BANK, Operating Through Its
    
	
 
    	
Canadian   Branch
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   NEIL GHAL
    
	
 
    	
Name:
    	
Neil   Ghal
    
	
 
    	
Title:
    	
Executive   Director
    

 

Signature Page to First Amendment

 

 

	
LENDER:
    	
THE   BANK OF NOVA SCOTIA
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   DAVID MAHMOOD
    
	
 
    	
Name:
    	
David   Mahmood
    
	
 
    	
Title:
    	
Managing   Director
    

 

Signature Page to First Amendment

 

 

	
LENDER:
    	
BOKF,   NA dba BANK OF TEXAS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   MARIAN LIVINGSTON
    
	
 
    	
Name:
    	
Marian   Livingston
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

Signature Page to First AmendmentExhibit 10.(A)

 

SECOND AMENDMENT TO SECURED REVOLVING CREDIT AGREEMENT

 

This SECOND AMENDMENT TO SECURED REVOLVING CREDIT AGREEMENT (this “Amendment”) is entered into as of April 29, 2014 (the “Effective Date”) by and between MVC CAPITAL, INC., a Delaware corporation, as borrower (“Borrower”), and BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation, as lender (“Lender”).

 

RECITALS:

 

WHEREAS, the Borrower and Lender entered into a certain Secured Revolving Credit Agreement dated as of July 31, 2013 (the “Credit Agreement”), as amended by that certain First Amendment to Secured Revolving Credit Agreement dated January 31, 2014 between Borrower and Lender (the “First Amendment”);

 

WHEREAS, the Borrower has requested that the Lender amend (a) the definition of Revolver Commitment and (b) the minimum Collateral Coverage Ratio contained in the Credit Agreement;

 

WHEREAS, the Lender is willing to provide the requested amendments upon the terms and subject to the conditions set forth below and amend the Credit Agreement as provided herein subject to the terms and conditions herein.

 

NOW, THEREFORE, in consideration of the Recitals and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower and the Lender agree as follows:

 

AGREEMENT:

 

SECTION 1.  Recitals.  The Recitals are incorporated herein by reference and shall be deemed to be a part of this Amendment.

 

SECTION 2.  Amendments to Credit Agreement.  The Credit Agreement is hereby amended as set forth in this Section 2.

 

SECTION 2.01.  Amendment to Section 5.03.  Section 5.03 of the Credit Agreement is deleted and replaced with the following:

 

SECTION 5.03              Collateral Coverage Ratio.  The Borrower shall maintain at all times a Collateral Coverage Ratio of at least 1.08:1.00.

 

SECTION 2.02.           Amendment to Section 1.01.  The definition of “Revolver Commitment” contained within Section 1.01 of the Credit Agreement is deleted and replaced with the following:

 

“Revolver Commitment” means the amount which is the lesser of (a) $100,000,000, or (b) 92.6% of the sum of (i) the value of the Treasury Securities in the Securities Account and (ii) the cash contained in the Cash Account.

 

 

SECTION 3.                            Reaffirmation.  To induce the Lender to enter into this Amendment, the Borrower hereby (a) restates and renews each and every representation and warranty heretofore made by it under, or in connection with the execution and delivery of, the Credit Agreement and the other Loan Documents (except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty is true and correct as of such date), and (b) restates, ratifies and reaffirms each and every term and condition set forth in the Credit Agreement and in the other Loan Documents.

 

SECTION 4.                            Conditions to Effectiveness.  This Amendment shall become effective as of the date first written above when, and only when, each of the following conditions precedent shall have been satisfied or waived:

 

(a)                                 the Lender shall have received this Amendment, duly executed by the Borrower and the Lender;

 

(b)                                 the fact that the representations and warranties of the Borrower contained in Section 6 of this Amendment shall be true and correct on and as of the date hereof;

 

(c)                                  after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing; and

 

(d)                                 all other documents and legal matters in connection with the transactions contemplated by this Amendment shall be reasonably satisfactory in form and substance to the Lender and its counsel.

 

SECTION 5.         No Other Amendment.  Except for the amendments set forth above, the text of the Credit Agreement shall remain unchanged and in full force and effect.  On and after the Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by the First Amendment and this Amendment.  This Amendment is not intended to effect, nor shall it be construed as, a novation.  The Credit Agreement, the First Amendment and this Amendment shall be construed together as a single agreement.  Nothing herein contained shall waive, annul, vary or affect any provision, condition, covenant or agreement contained in the Credit Agreement or the First Amendment, except as herein amended, nor affect nor impair any rights, powers or remedies under the Credit Agreement or the First Amendment as each is hereby amended.  The Borrower hereby expressly agrees that the Credit Agreement and the First Amendment, as each is amended, and the other Loan Documents are in full force and effect.

 

SECTION 6.                            Representations and Warranties.  The Borrower hereby represents and warrants to the Lender that, as of the Effective Date:

 

(a)                                 the Borrower has all requisite power and authority to enter into this Amendment and to carry out the transactions contemplated by, and perform its obligations under, the Credit Agreement and the other Loan Documents;

 

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(b)                                 the execution and delivery of this Amendment and the performance of the Credit Agreement and the other Loan Documents have been duly authorized by all necessary action (if any) on the part of the Borrower;

 

(c)                                  the execution and delivery by the Borrower of this Amendment will not result in, or require, the creation or imposition of any Lien on any of its properties or revenues pursuant to any Applicable Law or any such contractual obligation (other than the Liens created by the Loan Documents on the Closing Date and from time to time thereafter);

 

(d)                                 this Amendment has been duly executed and delivered by the Borrower and constitutes a legal, valid, and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization, or other similar laws affecting creditors’ rights generally and except as enforceability may be limited by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or in law);

 

(e)                                  the execution and delivery of this Amendment and the performance by the Borrower hereunder does not and will not require the consent or approval of any regulatory authority or governmental authority or agency having jurisdiction over the Borrower, nor be in contravention of or in conflict with the articles of incorporation, bylaws or other organizational documents of the Borrower, or the provision of any statute, or any judgment, order or indenture, instrument, agreement or undertaking, to which the Borrower is party or by which the assets or properties of the Borrower are or may become bound;

 

(f)                                   the Collateral Documents continue to create a valid security interest in, and Lien upon, the Collateral, in favor of the Lender, which security interests and Liens are perfected in accordance with the terms of the Collateral Documents and prior to all other Liens; and

 

(g)           no event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Amendment that would constitute an Event of Default or a Default.

 

SECTION 7.  Counterparts.  This Amendment may be executed in multiple counterparts, each of which shall be deemed to be an original and all of which, taken together, shall constitute one and the same agreement.

 

SECTION 8.  Governing Law.  This Amendment shall be construed in accordance with and governed by the laws of the State of North Carolina.

 

SECTION 9.  Further Assurances.  The Borrower agrees to promptly take such action, upon the request of the Lender, as is necessary to carry out the intent of this Amendment.

 

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SECTION 10.  Waiver of Claims or Defenses.  The Borrower represents that it does not have any set-offs, defenses, recoupments, offsets, counterclaims or other causes of action against the Lender relating to the Loan Documents and the indebtedness evidenced and secured thereby and agree that, if any such set-off, defense, counterclaim, recoupment or offset otherwise exists on the date of this Amendment, each such defense, counterclaim, recoupment, offset or cause of action is hereby waived and released forever.

 

SECTION 11.  Loan Document.  This Amendment is a Loan Document and is subject to all provisions of the Credit Agreement applicable to Loan Documents, all of which are incorporated in this Amendment by reference the same as if set forth in this Amendment verbatim.

 

SECTION 12.  Severability.  Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction.

 

SECTION 13.  Entire Agreement.  This Amendment contains the entire and exclusive agreement of the parties hereto with reference to the matters discussed herein. This Amendment supersedes all prior drafts and communications with respect hereto.

 

SECTION 14.  Notices.  All notices, requests and other communications to any party to the Loan Documents, as amended hereby, shall be given in accordance with the terms of Section 9.01 of the Credit Agreement.

 

SECTION 15.  Definitions.  Capitalized terms used in this Amendment which are not otherwise defined in this Amendment shall have the respective meanings assigned to them in the Credit Agreement.

 

[SIGNATURE PAGES FOLLOW]

 

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

 

 

	
 
    	
MVC CAPITAL, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Scott J. Schuenke
    
	
 
    	
Name:
    	
Scott J. Schuenke
    
	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[CORPORATE SEAL]
    
				

 

5

 

	
 
    	
BRANCH BANKING AND TRUST COMPANY
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Steven Whitcomb
    
	
 
    	
Name:
    	
Steven Whitcomb
    
	
 
    	
Title:
    	
Senior Vice President
    
				

 

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