Document:

Exhibit 10.1

 

FIRST AMENDMENT TO LINE OF CREDIT NOTE

 

THIS FIRST AMENDMENT (the “First Amendment”), dated this 4th day of April, 2014 (“Amendment Effective Date”), is made to the Line of Credit and all amendments and addenda thereto by and between Citizens Bank of Pennsylvania (“Citizens Bank”) and AmerisourceBergen Corporation, a Delaware corporation (the “Borrower”), dated as of March 7, 2013  (the “Line of Credit”).

 

WHEREAS, Citizens Bank has made available to the Borrower a certain Line of Credit dated as of March 7, 2013; and

 

WHEREAS, pursuant to the Line of Credit, the Borrower entered into a Revolving Credit Note dated March 8, 2013 in favor of Citizens Bank in the original principal amount of $45,000,000 (the “Note”); and

 

WHEREAS, the Borrower and Citizens Bank desire to amend the Note as provided below.

 

NOW, THEREFORE, in consideration of mutual promises and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree to the terms and conditions hereinafter set forth:

 

1.                                      The notation of the amount of the Note at the beginning of the Note is amended by deleting the reference to “$45,000,000” and replacing it with “Seventy-Five Million ($75,000,000)”.

 

2.                                      The notation of the date of Note at the beginning of the Note is amended by deleting the reference to “March 8, 2013” and replacing it with “April 4, 2014”.

 

3.                                      The preamble of the Note is hereby deleted and restated in its entirety as follows:

 

FOR VALUE RECEIVED, AmerisourceBergen Corporation, a Delaware corporation (the “Borrower”), hereby promises to pay to the order of Citizens Bank of Pennsylvania (the “Bank”), the principal sum of Seventy-Five Million and 00/100 Dollars ($75,000,000) or such lesser amount as may be advanced to or for the benefit of the Borrower, pursuant to the terms hereof (“Note”), together with interest thereon at the rate specified herein, as follows:

 

4.                                      Section 1(a) of the Note is hereby deleted and restated in its entirety as follows:

 

Revolving Credit Loans. Subject to the terms and conditions and relying upon the representations and warranties set forth in this Note, the Bank may, in its sole and absolute discretion, make loans to the Borrower (a “Revolving Credit Loan” or the “Revolving Credit Loans”), at any time or from time to time on or after the Closing Date (as hereinafter defined) through and including the Business Day (as hereinafter defined) immediately preceding the date upon which the aggregate principal balance of the Revolving Credit Loans becomes due and payable, in a principal amount not to exceed Seventy-Five Million and 00/100 Dollars ($75,000,000.00) (the “Revolving Credit Facility Amount”).  Within the limits of time and amount set forth in this Note, and subject to the further provisions of this

 

 

Note including, without limitation, the Bank’s right to demand repayment of the Revolving Credit Loans upon the occurrence of an Event of Default (as hereinafter defined), the Borrower may borrow, repay and reborrow under this Section 1.

 

5.                                      Section 3(a) of the Note is hereby deleted and restated in its entirety as follows:

 

Scheduled Payments.  Subject to the terms and conditions of this Note, the Borrower shall make payments of the entire unpaid principal balance of each Revolving Credit Loan, exclusive of all accrued interest thereon, on the Repayment Date (as hereinafter defined) with respect to such Revolving Credit Loan.  All accrued interest of each Revolving Credit Loan shall be due and paid on a monthly basis.  Such interest payments shall be paid on the 1st business day of the month immediately following the month in which such interest was accrued.  If the first day of the month falls on a weekend or Bank holiday, payment shall be made on the next succeeding business day.  If not sooner paid, after maturity of any part of the Revolving Credit Loans (whether on demand, by acceleration or otherwise), the entire outstanding principal balance of such Revolving Credit Loans and all costs and fees incurred by the Bank pursuant thereto, shall be immediately due and payable, without notice, presentment or demand of any kind.

 

6.                                      Section 4(f) of the Note is hereby deleted and restated in its entirety as follows:

 

Financial Statements.  The Borrower shall furnish to the Bank:

 

(i)            as soon as available, but in any event within ninety (90) days after the end of each fiscal year of the Borrower, a copy of the audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries (as hereinafter defined) as of the end of such fiscal year and the related audited consolidated statements of income and of cash flows and changes in stockholders’ equity of the Borrower and its consolidated Subsidiaries for such fiscal year, from the Borrower’s independent certified public accountants; and

 

(ii)           as soon as available, but in any event not later than forty-five (45) days after the end of the first three (3) quarterly periods of each fiscal year of the Borrower the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as of the end of such quarter and the related unaudited consolidated statements of income and of cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year, certified by the chief financial officer, treasurer or controller of the Borrower as being fairly stated in all material respects (subject to normal year-end audit adjustments).

 

All financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein).  In lieu of furnishing the Bank the items referred to in

 

 

clauses (i) and/or (ii) above, all of the items required to be delivered pursuant to clauses (i) and/or (ii) above shall be deemed to have been delivered on the date on which the Borrower posts such information on Borrower’s website on the Internet at http://www.amerisourcebergen.com or Borrower’s appropriate designated website at http://www.sec.gov or http://intralinks.com.  For the avoidance of doubt, the Borrower may satisfy all of the requirements of this section, including the certification of its financial statements by an officer of the Borrower, by posting its public financial reporting documents, including its quarterly report on Form 10-Q and its annual report on Form 10-K on its www.amerisourcebergen.com website or Borrower’s appropriate designated website at http://www.sec.gov or http://intralinks.com.

 

7.                                      Section 9(t) of the Note is hereby deleted and restated in its entirety as follows:

 

“Repayment Date” shall mean, with respect to each Revolving Credit Loan, the date upon which the Borrower is required to pay the entire unpaid principal balance of such Revolving Credit Loan, exclusive of the accrued interest thereon, which date shall be determined by the Bank and the Borrower on the date upon which each Revolving Credit Loan is made; provided, however, that such Repayment Date shall not be later than thirty (30) days after the date on which such Revolving Credit Loan was made; provided, further, that if the Bank and the Borrower do not specify a date for a Revolving Credit Loan, the Repayment Date for such Revolving Credit Loan shall be deemed to be thirty (30) days after the date on which such Revolving Credit Loan was made.

 

8.                                      Capitalized terms used herein which are not defined herein shall have the meaning assigned to such terms in the Note. All other provisions of the Note remain unchanged and shall remain in full force or effect.

 

9.                                      This Amendment may be executed simultaneously in any number of counterparts, any one of which need not contain the signature of more than one party but all such counterparts taken together shall constitute one and the same agreement.

 

[Signature Page Follows]

 

 

IN WITNESS WHEREOF the parties have caused this First Amendment to be executed by their duly authorized officers or representatives, effective as of the Amendment Effective Date.

 

	
CITIZENS BANK OF PENNSYLVANIA
    	
AMERISOURCEBERGEN   CORPORATION
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:   
    	
/s/   Devon Starks
    	
 
    	
By:
    	
/s/   J.F. Quinn
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:   
    	
Devon   Starks
    	
 
    	
Name:
    	
J.F.   Quinn
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title:   
    	
Senior   Vice President
    	
 
    	
Title:   
    	
Vice   President & Corporate Treasurer
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Date:   
    	
April 4,   2014
    	
 
    	
Date:
    	
April 4,   2014Exhibit 10.1

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

This First Amendment to Credit Agreement (herein, the “Amendment”) is entered into as of June 3, 2014, among Willdan Group, Inc., a Delaware corporation (the “Borrower”), the direct and indirect Subsidiaries of the Borrower from time to time party to the hereinafter defined Credit Agreement (the “Guarantors”), and BMO Harris Bank N.A. (the “Bank”).

 

PRELIMINARY STATEMENTS

 

A.     The Borrower, the Guarantors and the Bank entered into a certain Credit Agreement, dated as of March 24, 2014 (the “Credit Agreement”).  All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.

 

B.     The Borrower has requested that the Bank extend a sweep to loan arrangement and make certain other amendments to the Credit Agreement, and the Bank is willing to do so under the terms and conditions set forth in this Amendment.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

SECTION 1.                                             AMENDMENTS.

 

Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement shall be and hereby is amended as follows:

 

1.1.         Section 1 of the Credit Agreement shall be amended by inserting new defined terms therein in their appropriate alphabetical order, each such defined term to read in its entirety as follows:

 

“Sweep Depositary” shall have the meaning set forth in the definition of Sweep to Loan Arrangement.

 

“Sweep to Loan Arrangement” means a cash management arrangement established by the Borrower with the Bank or an Affiliate of the Bank, as depositary (in such capacity, the “Sweep Depositary”), pursuant to which the Bank is authorized (a) to make advances of Revolving Loans hereunder, the proceeds of which are deposited by the Bank into a designated account of the Borrower maintained at the Sweep Depositary, and (b) to accept as prepayments of the Revolving Loans hereunder proceeds of excess targeted balances held in such designated account at the Sweep Depositary, which cash management arrangement is subject to such agreement(s) and on such terms acceptable to the Sweep Depositary and the Bank.

 

 

1.2.         Section 2.6 of the Credit Agreement shall be amended by inserting a new subsection (d) therein to read in its entirety as follows:

 

(d)           Sweep to Loan Arrangement.  So long as a Sweep to Loan Arrangement is in effect, and subject to the terms and conditions thereof, Revolving Loans may be advanced and prepaid hereunder notwithstanding any notice, minimum amount, or funding and payment location requirements hereunder for any advance of Revolving Loans or for any prepayment of any Revolving Loans.  The making of any such Revolving Loans shall otherwise be subject to the other terms and conditions of this Agreement.  All Revolving Loans advanced or prepaid pursuant to such Sweep to Loan Arrangement shall be Base Rate Loans.  The Bank shall have the right in its sole discretion to suspend or terminate the making and/or prepayment of Revolving Loans pursuant to such Sweep to Loan Arrangement with notice to the Sweep Depositary and the Borrower (which may be provided on a same-day basis), whether or not any Default or Event of Default exists.  The Bank shall not be liable to the Borrower or any other Person for any losses directly or indirectly resulting from events beyond the Bank’s reasonable control, including without limitation any interruption of communications or data processing services or legal restriction or for any special, indirect, consequential or punitive damages in connection with any Sweep to Loan Arrangement.

 

SECTION 2.                                             CONDITIONS PRECEDENT.

 

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

 

2.1.         The Borrower, the Guarantors and the Bank shall have executed and delivered this Amendment.

 

2.2.         The Bank shall have received copies (executed or certified, as may be appropriate) of all legal documents or proceedings taken in connection with the execution and delivery of this Amendment to the extent the Bank or its counsel may reasonably request.

 

2.3.         Legal matters incident to the execution and delivery of this Amendment shall be satisfactory to the Bank and its counsel.

 

2

 

SECTION 3.                                             REPRESENTATIONS.

 

In order to induce the Bank to execute and deliver this Amendment, the Borrower hereby represents to the Bank that as of the date hereof (a) the representations and warranties set forth in Section 6 of the Credit Agreement are and shall be and remain true and correct (except that the representations contained in Section 6.5 shall be deemed to refer to the most recent financial statements of the Borrower delivered to the Bank) and (b) the Borrower is in compliance with the terms and conditions of the Credit Agreement and no Default or Event of Default has occurred and is continuing under the Credit Agreement or shall result after giving effect to this Amendment.

 

SECTION 4.                                             MISCELLANEOUS.

 

4.1.     The Borrower heretofore executed and delivered to the Bank the Security Agreement and certain other Collateral Documents. The Borrower hereby acknowledges and agrees that the Liens created and provided for by the Collateral Documents continue to secure, among other things, the Secured Obligations arising under the Credit Agreement as amended hereby; and the Collateral Documents and the rights and remedies of the Bank thereunder, the obligations of the Borrower thereunder, and the Liens created and provided for thereunder remain in full force and effect and shall not be affected, impaired or discharged hereby.  Nothing herein contained shall in any manner affect or impair the priority of the liens and security interests created and provided for by the Collateral Documents as to the indebtedness which would be secured thereby prior to giving effect to this Amendment.

 

4.2.     Except as specifically amended herein, the Credit Agreement shall continue in full force and effect in accordance with its original terms.  Reference to this specific Amendment need not be made in the Credit Agreement, the Notes, or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as amended hereby.

 

4.3.     The Borrower agrees to pay on demand all costs and expenses of or incurred by the Bank in connection with the negotiation, preparation, execution and delivery of this Amendment, including the fees and expenses of counsel for the Bank.

 

4.4.     This Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement.  Any of the parties hereto may execute this Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original.  Delivery of a counterpart hereof by facsimile transmission or by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as delivery of a manually executed counterpart hereof.  This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of Illinois.

 

[SIGNATURE PAGE TO FOLLOW]

 

3

 

This First Amendment to Credit Agreement is entered into as of the date and year first above written.

 

	
 
    	
“BORROWER”
    
	
 
    	
 
    
	
 
    	
WILLDAN   GROUP, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Thomas D. Brisbin
    
	
 
    	
 
    	
Name
    	
Thomas   D. Brisbin
    
	
 
    	
 
    	
Title
    	
President   and Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
“GUARANTORS”
    
	
 
    	
 
    
	
 
    	
ELECTROTEC   OF NY ELECTRICAL INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Thomas D. Brisbin
    
	
 
    	
 
    	
Name
    	
Thomas   D. Brisbin
    
	
 
    	
 
    	
Title
    	
Chairman   of the Board
    
	
 
    	
 
    
	
 
    	
PUBLIC   AGENCY RESOURCES
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Thomas D. Brisbin
    
	
 
    	
 
    	
Name
    	
Thomas   D. Brisbin
    
	
 
    	
 
    	
Title
    	
Chairman   of the Board
    
	
 
    	
 
    
	
 
    	
WILLDAN   ENERGY SOLUTIONS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Thomas D. Brisbin
    
	
 
    	
 
    	
Name
    	
Thomas   D. Brisbin
    
	
 
    	
 
    	
Title
    	
Chairman   of the Board
    
	
 
    	
 
    
	
 
    	
WILLDAN   ENGINEERING
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Thomas D. Brisbin
    
	
 
    	
 
    	
Name
    	
Thomas   D. Brisbin
    
	
 
    	
 
    	
Title
    	
Chairman   of the Board
    

 

[Signature Page to First Amendment to Credit Agreement]

 

 

	
 
    	
WILLDAN   ENGINEERS AND CONSTRUCTORS
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/   Thomas D. Brisbin
    
	
 
    	
 
    	
Name   
    	
Thomas   D. Brisbin
    
	
 
    	
 
    	
Title
    	
Chairman   of the Board
    
	
 
    	
 
    
	
 
    	
WILLDAN   FINANCIAL SERVICES
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/   Thomas D. Brisbin
    
	
 
    	
 
    	
Name   
    	
Thomas   D. Brisbin
    
	
 
    	
 
    	
Title
    	
Chairman   of the Board
    
	
 
    	
 
    
	
 
    	
WILLDAN   HOMELAND SOLUTIONS
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/   Thomas D. Brisbin
    
	
 
    	
 
    	
Name   
    	
Thomas   D. Brisbin
    
	
 
    	
 
    	
Title
    	
Chairman   of the Board
    
	
 
    	
 
    
	
 
    	
WILLDAN   INFRASTRUCTURE
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/   Thomas D. Brisbin
    
	
 
    	
 
    	
Name   
    	
Thomas   D. Brisbin
    
	
 
    	
 
    	
Title
    	
Chairman   of the Board
    
	
 
    	
 
    
	
 
    	
WILLDAN   LIGHTING & ELECTRIC, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/   Thomas D. Brisbin
    
	
 
    	
 
    	
Name   
    	
Thomas   D. Brisbin
    
	
 
    	
 
    	
Title
    	
Chairman   of the Board
    
	
 
    	
 
    
	
 
    	
WILLDAN   LIGHTING & ELECTRIC OF CALIFORNIA
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/   Thomas D. Brisbin
    
	
 
    	
 
    	
Name   
    	
Thomas   D. Brisbin
    
	
 
    	
 
    	
Title
    	
Chairman   of the Board
    

 

[Signature Page to First Amendment to Credit Agreement]

 

 

	
 
    	
WILLDAN   LIGHTING & ELECTRIC OF WASHINGTON, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/   Thomas D. Brisbin
    
	
 
    	
 
    	
Name   
    	
Thomas   D. Brisbin
    
	
 
    	
 
    	
Title
    	
Chairman   of the Board
    

 

[Signature Page to First Amendment to Credit Agreement]

 

Accepted and agreed to.

 

	
 
    	
BMO HARRIS   BANK N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/   Jennifer M Guidi
    
	
 
    	
 
    	
Name   
    	
Jennifer   M Guidi
    
	
 
    	
 
    	
Title
    	
Director
    

 

[Signature Page to First Amendment to Credit Agreement]

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