Document:

EXHIBIT 10.2

EXHIBIT 10.2

 

EXECUTION VERSION

TENTH AMENDMENT TO LOAN AGREEMENT AND

FORBEARANCE AGREEMENT

 

This TENTH AMENDMENT TO LOAN AGREEMENT AND FORBEARANCE AGREEMENT (this “Agreement”) is entered into on April 6, 2020, with an effective date as of March 13, 2020 (the “Tenth Amendment Effective Date”), by and among SCHOOL SPECIALTY, INC., a Delaware corporation (“Company”), CLASSROOMDIRECT.COM, LLC, a Delaware limited liability company (“Classroom”), SPORTIME, LLC, a Delaware limited liability company (“Sportime”), DELTA EDUCATION, LLC, a Delaware limited liability company (“Delta”), PREMIER AGENDAS, LLC, a Delaware limited liability company (as successor in interest to Premier Agendas, Inc., a Washington corporation, “Premier”), CHILDCRAFT EDUCATION, LLC, a Delaware limited liability company (as successor in interest to Childcraft Education Corp., a New York corporation, “Childcraft”), BIRD-IN-HAND WOODWORKS, LLC, a Delaware limited liability company (as successor in interest to Bird-In-Hand Woodworks, Inc., a New Jersey Corporation, “Bird”), CALIFONE INTERNATIONAL, LLC, a Delaware limited liability company (as successor in interest to Califone International, Inc., a Delaware corporation, “Califone”), SSI GUARDIAN, LLC, a Delaware limited liability company (“SSI”, and together with Classroom, Sportime, Delta, Premier, Childcraft, Bird and Califone collectively, “Subsidiary Borrowers” and each, individually, a “Subsidiary Borrower”), Frey Scientific, LLC, a Delaware limited liability company (“Frey”), Sax Arts & Crafts, LLC (“Sax”, and together with Frey, the “Subsidiary Guarantors”), the Lenders party hereto and BANK OF AMERICA, N.A., as agent for the Lenders (in such capacity, “Agent”).

R E C I T A L S:

WHEREAS, Company, Subsidiary Borrowers from time to time party thereto, Agent, and the Lenders from time to time party thereto are parties to that certain Loan Agreement, dated as of June 11, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”);

WHEREAS, the Subsidiary Guarantors and the other Guarantors have guaranteed the Obligations owing under the Loan Agreement;

WHEREAS, as of the date hereof, Events of Default under the Loan Agreement and the other Loan Documents have occurred and are continuing;

WHEREAS, Obligors have requested that, subject to the terms and conditions of this Agreement, Agent and Lenders agree to amend the Loan Agreement in certain respects and continue forbearing from exercising their rights as a result of such Events of Default, which are continuing; and

WHEREAS, Agent and Lenders are willing to agree to amend the Loan Agreement in certain respects and continue forbearing from exercising certain of their rights and remedies, solely for the period and on the terms and conditions specified herein.

NOW, THEREFORE, in consideration of the foregoing, and the respective agreements, warranties and covenants contained herein, the parties hereto agree as follows:

Section 1.DEFINITIONS 

1.1.Interpretation.  All capitalized terms used herein (including the recitals hereto) will have the respective meanings ascribed thereto in the Loan Agreement (as amended hereby) unless otherwise defined herein.  The foregoing recitals, together with all exhibits attached hereto, are incorporated by this reference and made a part of this Agreement.  Unless otherwise provided herein, all section and exhibit references herein are to the corresponding sections and exhibits of this Agreement. 

1.2.Additional Definitions.  As used herein, the following terms will have the respective meanings given to them below: 

(a)“Existing Defaults” means, collectively, the Events of Default identified as Existing Defaults on Exhibit A hereto.   

(b)“Forbearance Period” means the period commencing on the date hereof and ending on the date which is the earliest of (i) the Outside Date; (ii) at the election of Agent and upon written notice, the occurrence or existence of any Event of Default, other than the Existing Defaults; (iii) the expiration or termination of the “Forbearance Period” under and as defined in the Revolving Loan Forbearance Agreement (defined below) or (iv) the occurrence of any Termination Event. 

(c)“Termination Event” means (i) the initiation of any action by Borrower, any Guarantor, any Obligor or any Releasing Party (as defined herein) to invalidate or limit the enforceability of any of the acknowledgments set forth in Section 2, the release set forth in Section 7.6 or the covenant not to sue set forth in Section 7.7 or (ii) the occurrence of an Event of Default under Section 11.1(j) of the Loan Agreement. 

Section 2.ACKNOWLEDGMENTS 

2.1.Acknowledgment of Obligations.  Each Obligor hereby acknowledges, confirms and agrees that, as of the close of business on Friday, April 3, 2020, the Borrowers are indebted to Lenders in respect of the Loans in an aggregate principal amount of $19,628,477.50, and the Stated Amount of all Letters of Credit equaled $1,185,000.00. Each Obligor hereby acknowledges, confirms and agrees that all such Loans and any LC Obligations in respect of such Letters of Credit, together with interest accrued and accruing thereon, and all fees, costs, expenses, charges and other Obligations now or hereafter payable by any Obligor to the Secured Parties, are unconditionally owing by Obligors to the Secured Parties, without offset, defense or counterclaim of any kind, nature or description whatsoever.  

2.2.Acknowledgment of Security Interests.  Each Obligor hereby acknowledges, confirms and agrees that Agent has, and will continue to have, valid, enforceable and perfected first-priority continuing liens upon and security interests in the Collateral heretofore granted to Agent, for the benefit of the Secured Parties, pursuant to the Loan Agreement and the Loan Documents or otherwise granted to or held by Agent, for the benefit of Secured Parties, subject only to the  

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Intercreditor Agreement and Permitted Liens that are expressly allowed to have priority over Agent’s Liens.

2.3.Binding Effect of Documents.  Each Obligor hereby acknowledges, confirms and agrees that: (a) this Agreement constitutes a Loan Document, (b) each Loan Document to which it is a party has been duly executed and delivered to Agent by such Obligor, and each is and will remain in full force and effect as of the date hereof except as modified pursuant hereto, (c) the agreements and obligations of such Obligor contained in such documents and in this Agreement constitute the legal, valid and binding Obligations of such Obligor, enforceable against it in accordance with their respective terms, and such Obligor has no valid defense to the enforcement of such Obligations, (d) Agent and Lenders are and will be entitled to the rights, remedies and benefits provided for under the Loan Agreement and the other Loan Documents and applicable law and (e) each Obligor shall comply with all limitations, restrictions or prohibitions that would otherwise be effective or applicable under the Loan Agreement or any of the other Loan Documents during the continuance of any Event of Default, and except to the extent expressly provided otherwise in this Agreement, any right or action of any Obligor set forth in the Loan Agreement or the other Loan Documents that is conditioned on the absence of any Event of Default may not be exercised or taken as a result of the Existing Defaults. 

2.4.Tenth Amendment Fee. No later than the earlier of the Revolver Termination Date and June 30, 2020, the Company shall pay the Agent for the ratable benefit of the Lenders an amendment fee (the “Tenth Amendment Fee”) in an amount equal to 0.50% times the amount of the Commitments in effect on the Tenth Amendment Effective Date. 

2.5.Acknowledgment of Interest and Fees. Each Obligor hereby acknowledges, confirms and agrees that the Forbearance Fee (as defined in the Eighth Amendment), the Tenth Amendment Fee and any other fees and other consideration payable to Agent and Lenders pursuant to Section 7.2 of this Agreement, the Loan Agreement, the Fee Letters and the other Loan Documents are fair and reasonable under the circumstances and have been agreed to by Borrower in exchange for reasonably equivalent value in the form of the amendments and continued forbearance agreed to by Agent and Lenders pursuant to the terms of this Agreement. 

 

Section 3.FORBEARANCE IN RESPECT OF EXISTING DEFAULTs 

3.1.Acknowledgment of Default.  Each Obligor hereby acknowledges and agrees that the Existing Defaults have occurred and are continuing, each of which constitutes an Event of Default and entitles Agent and Lenders to exercise their rights and remedies under the Loan Agreement and the other Loan Documents, applicable law or otherwise.  Each Obligor represents and warrants that as of the date hereof, no Events of Default exist other than the Existing Defaults.  Each Obligor hereby acknowledges and agrees that Agent and Lenders have the exercisable right (x) to terminate the Commitments, (y) to refuse to fund any requested Loan, issue any Letter of Credit, or otherwise extend credit to the Borrowers under the Loan Agreement and (z) to declare the Obligations to be immediately due and payable under the terms of the Loan Agreement and the other Loan Documents.  Each Obligor hereby acknowledges and agrees that the Existing Defaults shall be deemed to exist at all times during the period commencing on the date that such Existing Default first occurred (or occurs) to the date on which such Existing Default is expressly waived in writing  

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pursuant to the Loan Agreement; and an Existing Default shall “continue” or be “continuing” until such Existing Default has been expressly waived in writing by the requisite Lenders under and in accordance with the terms of the Loan Agreement.

3.2.Forbearance. 

(a)In reliance upon the representations, warranties and covenants of Obligors contained in this Agreement, and subject to the terms and conditions of this Agreement and any documents or instruments executed in connection herewith, Agent and Lenders agree to forbear during the Forbearance Period from exercising their rights and remedies described in Section 11.2 of the Loan Agreement or Section 13 of the Guarantee and Collateral Agreement in respect of the Existing Defaults; provided, however, notwithstanding the foregoing, any limitations, restrictions or prohibitions on the rights of Agent or Lenders set forth in any other section of the Loan Agreement that are conditioned on the absence of an Event of Default will continue to not be applicable to Agent and the Lenders as a result of the Existing Defaults. 

(b)Upon the expiration or termination of the Forbearance Period, the agreement of Agent and Lenders to forbear will automatically and without further action terminate and be of no force and effect, it being expressly agreed that the effect of such termination will be to permit Agent and Lenders to exercise immediately all rights and remedies under the Loan Agreement and the other Loan Documents and applicable law, including, but not limited to, (x) terminating the Commitments, (y) refusing to fund any requested Loan, issue any Letter of Credit, or otherwise extend credit to the Borrowers under the Loan Agreement and (z) accelerating all of the Obligations under the Loan Agreement and the other Loan Documents, in all events, without any further notice to any Obligor, passage of time or forbearance of any kind. 

3.3.No Waivers; Reservation of Rights. 

(a)Agent and Lenders have not waived, are not by this Agreement waiving, and have no intention of waiving, any Events of Default which may be continuing on the date hereof or any Events of Default which may occur after the date hereof (whether the same or similar to the Existing Defaults or otherwise), and Agent and Lenders have not agreed to forbear with respect to any of their rights or remedies concerning any Events of Default (other than, during the Forbearance Period, the Existing Defaults to the extent expressly set forth herein) occurring at any time. 

(b)Subject to Section 3.2 above (solely with respect to the Existing Defaults), Agent and Lenders reserve the right, in their discretion, to exercise any or all of their rights and remedies under the Loan Agreement and the other Loan Documents as a result of any other Events of Default occurring at any time.  Agent and Lenders have not waived any of such rights or remedies, and nothing in this Agreement, and no delay on their part in exercising any such rights or remedies, may or will be construed as a waiver of any such rights or remedies. 

3.4.Additional Events of Default.  The parties hereto acknowledge, confirm and agree that any misrepresentation by any Obligor, or any failure of any Obligor to comply with the covenants, conditions and agreements contained in this Agreement, the Loan Agreement or any other Loan Document or in any other agreement, document or instrument at any time executed or delivered by any Obligor with, to or in favor of Agent or any Lenders will constitute an immediate Event of  

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Default under this Agreement, the Loan Agreement and the other Loan Documents.  In the event that any Person, other than Agent or Lenders, will at any time exercises for any reason (including, without limitation, by reason of any Existing Default, any other present or future Event of Default, or otherwise) any of its rights or remedies against any Obligor or any obligor providing credit support for any Obligor’s obligations to such other Person, or against any Obligor’s or such obligor’s properties or assets, such event will constitute an immediate Event of Default hereunder and an Event of Default under the Loan Agreement and the other Loan Documents (without any notice or grace or cure period).

Section 4.AMENDMENTS TO LOAN AGREEMENT 

In reliance upon the representations and warranties of Obligors set forth in Section 5 below and subject to the conditions to effectiveness set forth in Section 6 below, the Loan Agreement is hereby amended as follows: 

4.1.The defined term “Borrowing Base” set forth in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety, as follows: 

Borrowing Base: on any date of determination, an amount equal to (a) the lesser of (i) the aggregate Commitments; or (ii) the sum of (w) the Accounts Formula Amount, plus (x) the Credit Card Formula Amount, plus (y) the Inventory Formula Amount, plus (z) during the fiscal months of February, March, April, May and June, the Seasonal Formula Amount, minus (b) the Availability Reserve.

 

4.2.The defined term “Forbearance Period” set forth in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety, as follows: 

Forbearance Period: shall have the meaning set forth in the Tenth Amendment.

 

4.3.The defined term “LIBOR” set forth in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety, as follows: 

LIBOR: the per annum rate of interest (rounded up, if necessary, to the nearest 1/8th of 1%) determined by Agent at approximately 11:00 a.m. (London time) two Business Days prior to an interest period, for a term equivalent to such period, equal to the greater of (a) 1.0% per annum or (b) the London Interbank Offered Rate, or comparable or successor rate approved by Agent, as published on the applicable Reuters screen page (or other commercially available source designated by Agent from time to time); provided, that any comparable or successor rate shall be applied by Agent, if administratively feasible, in a manner consistent with market practice; provided, further, that in no event shall LIBOR under clause (b) of this definition be less than zero.

 

4.4.The defined term “Outside Date” set forth in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety, as follows: 

Outside Date: April 30, 2020.

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4.5.The defined term “Third Lien Effective Date” set forth in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety, as follows: 

Third Lien Effective Date: January 6, 2020.

4.6.Section 1.1 of the Loan Agreement is hereby amended by deleting the defined terms “Acceptable IOI”, “Acceptable Term Sheet”, “Acceptable Transaction”, “Purchase Documentation Mark-up”, “Revised Bid” and “Signed Purchase Documentation” in their entirety. 

4.7.Section 1.1 of the Loan Agreement is hereby amended by adding the following defined terms in their proper alphabetical order: 

Existing Defaults: as defined in the Tenth Amendment.

Initial Restructuring Support Agreement: that certain Restructuring Support Agreement, dated even with the Tenth Amendment, among the Company, the other Obligors and Lantern Capital Partners, LP, as purchaser.

Restructuring Support Agreement: shall have the meaning set forth in Section 10.1.19(b).

Seasonal Formula Amount: the sum of (a) 10% of the NOLV Percentage of the Value of Eligible Inventory plus (b) 5% of the Value of Eligible Accounts.

Tenth Amendment: that certain Tenth Amendment to Loan Agreement and Forbearance Agreement, dated April 6, 2020, effective as of the Tenth Amendment Effective Date, among the Borrowers party thereto, the Guarantors party thereto, the Lenders party thereto and Agent.

Tenth Amendment Effective Date: March 13, 2020

 

Term Loan Seventh Amendment: that certain Seventh Amendment to Loan Agreement and Forbearance Agreement, dated even with the Tenth Amendment, among the Company, the guarantors party thereto, Term Loan Agent and the lenders party thereto.

 

4.8.Each instance of the term “Specified Default” or “Specified Defaults” appearing in the Loan Agreement is hereby replaced with the term “Existing Default” or “Existing Defaults”, as applicable. 

4.9.Section 10.1.17 of the Loan Agreement is hereby amended and restated in its entirety as follows: 

10.1.17[Reserved] 

 

4.10.Section 10.1.19(a) of the Loan Agreement is hereby amended and restated in its entirety as follows: 

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(a)From and after the Tenth Amendment Effective Date, diligently pursue delivery of the Restructuring Support Agreement, and at all times after delivery thereof, diligently pursue consummation of the transactions set forth therein in accordance with for the terms thereof (collectively, the “Specified Transactions”). 

 

4.11.Section 10.1.19(b) of the Loan Agreement is hereby amended and restated in its entirety as follows: 

(b)On or before April 30, 2020 (or such later date as may be agreed to by each Lender in writing in its sole direction), Obligors shall deliver to Agent an executed amendment to or amendment and restatement of the Initial Restructuring Support Agreement in form and substance satisfactory to Agent and the Required Lenders, which shall include, among other things, milestones in connection with a potential restructuring or sale transaction of the Company and an agreement among Term Loan Agent, the Lenders (as defined in the Term Loan Facility) and the Company regarding the terms, scope, and fees to be incurred in connection with the consummation of the transactions contemplated thereunder (the “Restructuring Support Agreement”). 

4.12.Clause (ii) of Section 10.1.19(e) of the Loan Agreement is hereby amended and restated in its entirety as follows: 

(ii)promptly (and in any event within two (2) Business Days) provide Agent and its attorneys, representatives, consultants (including Agent Consultant), agents and advisors with notice of (A) any material notice of any kind, whether oral or written, relating to a Specified Transaction or a Specified Unsecured Prepetition Debt Satisfaction Event, and (B) any knowledge of (x) any material change or development relating to the Specified Covenants, a Specified Transaction or a Specified Unsecured Prepetition Debt Satisfaction Event, or (y) any material changes in the financial, collateral or operational condition, businesses, assets, liabilities or prospects of any Obligors or any of its Subsidiaries; 

4.13.Clause (iv) of Section 10.1.19(e) of the Loan Agreement is hereby amended and restated in its entirety as follows: 

(iv)continue to actively negotiate in good faith with all viable and active potential purchasers in connection with a Specified Transaction or a Specified Unsecured Prepetition Debt Satisfaction Event or any of their attorneys, advisors, consultants, directors, officers, executives or agents, and will promptly notify Agent if any such negotiations cease or are suspended by Obligors or any such prospective purchaser; 

4.14.Section 10.2.8(a) of the Loan Agreement is hereby amended and restated in its entirety as follows: 

(a)other than with respect to any Specified Unsecured Prepetition Debt and Extended Prepetition Debt, regularly scheduled payments of principal, interest and fees, but if such  

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Indebtedness is Subordinated Debt, only to the extent permitted under any subordination agreement relating to such Indebtedness (and a Senior Officer of Borrower Agent shall certify to Agent, not less than five Business Days prior to the date of payment, that all conditions under such agreement have been satisfied); provided, that payments of principal and interest under the Term Loan Facility shall be deemed “regularly scheduled” only if they are made no earlier than as provided for in the Term Loan Seventh Amendment; provided, further, that no payments of principal or cash payments of interest shall be made under the Term Loan Facility using Loan proceeds without the written consent of the Lenders;

4.15.Section 10.2.19(b) of the Loan Agreement is hereby amended and restated in its entirety as follows: 

(b)Amend, supplement or otherwise modify the Term Loan Documents or Term Loan Facility, if such modification would (i) change (to earlier dates) any dates upon which payments of principal or interest are due thereon or (ii) contravene the provisions of the Intercreditor Agreement. 

 

4.16.Section 10.3.2 of the Loan Agreement is hereby amended by replacing the reference to “March 31, 2020” set forth therein with a reference to “March 28, 2020”. 

4.17.Section 11.1 of the Loan Agreement is hereby amended by (i) replacing the reference to “; or” set forth in clause (k) therein with a reference to “;”, (ii) replacing the reference to “.” set forth in clause (l) therein with a reference to “;”, and (iii) adding a new clauses (m) and (n) as follows: 

(m) The termination of the Initial Restructuring Support Agreement or the Restructuring Support Agreement or the occurrence of a “Termination Event” (or similarly defined term) under either agreement; or

(n) Any amendment, supplement or other modification materially adverse to the Lenders is made to the Initial Restructuring Support Agreement or the Restructuring Support Agreement, in each case, without the consent of the Lenders.

4.18.Clause (d) of Section 14.1.1 of the Loan Agreement is hereby amended and restated in its entirety as follows: 

(d)without the prior written consent of all Lenders (except any Defaulting Lender), no modification shall (i) alter Section 5.5.2 or 14.1.1; (ii) amend the definition of Applicable Margin (if the effect thereof is to lower the interest rate), Borrowing Base, Accounts Formula Amount, Credit Card Formula Amount, Inventory Formula Amount or Seasonal Formula Amount (or any defined term used in such definitions, if the effect of such amendment is to increase borrowing availability), Pro Rata or Required Lenders; (iii) release all or substantially all Collateral; (iv) except in connection with a merger, disposition or similar transaction expressly permitted hereby, release any Obligor from liability for any Obligations; or (v) waive any condition set forth in Section 6.1; 

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Section 5.REPRESENTATIONS AND WARRANTIES 

Each Obligor hereby represents, warrants and covenants as follows:

5.1.Representations in the Loan Agreement and the Other Loan Documents.  Each of the representations and warranties made by or on behalf of each Obligor to Agent or any Lender in the Loan Agreement or any of the other Loan Documents was true and correct when made, and is, except for the Existing Defaults, true and correct on and as of the date of this Agreement with the same full force and effect as if each of such representations and warranties had been made by each Obligor on the date hereof and in this Agreement.   

5.2.Binding Effect of Documents.  This Agreement has been duly authorized, executed and delivered to Agent and Lenders by each Obligor, is enforceable in accordance with its terms and is in full force and effect. 

5.3.No Conflict.  The execution, delivery and performance of this Agreement by each Obligor will not violate any requirement of law or contractual obligation of any Obligor and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues. 

Section 6.CONDITIONS TO EFFECTIVENESS OF CERTAIN PROVISIONS OF THIS AGREEMENT 

The terms and provisions of this Agreement will become effective as of the Tenth Amendment Effective Date upon the satisfaction of each of the following conditions precedent:

(a)Agent shall have received this Agreement, duly authorized, executed and delivered by each Obligor and each Lender; 

(b)Agent shall have received a certificate in form and substance satisfactory to Agent, dated even with the Tenth Amendment, effective as of the Tenth Amendment Effective Date and executed by a duly authorized officer of Company, (i) attaching a true and correct copy of fthe Term Loan Seventh Amendment substantially conforming to this Agreement, in form and substance satisfactory to Agent and (ii) certifying that such Term Loan Seventh Amendment is effective as of the Tenth Amendment Effective Date; 

(c)Agent shall have received a fully executed copy of the Initial Restructuring Support Agreement in form and substance satisfactory to Agent and the Required Lenders, which shall include, among other things, milestones in connection with a potential restructuring or sale transaction of the Company; 

(d)Agent shall have received a fully executed copy, in form and substance satisfactory to Agent, of that certain Consent and Amendment No. 3 to Intercreditor Agreement by and between Agent and the Revolving Loan Agent; 

(e)Agent shall have received a fully executed copy, in form and substance satisfactory to Agent, of that certain Second Expense Reimbursement Letter, dated as of or around the date hereof between LCP SSI, LLC and Company; 

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(f)Agent shall have received an updated Budget for the upcoming 13-week period commencing as of April 6, 2020, in form an substance satisfactory to Agent; 

(g)Agent shall have received payment of all fees payable to Agent and Lenders pursuant to Section 7.2 of this Agreement and all other fees, charges and disbursements of Agent and its counsel required to be paid pursuant to the Loan Agreement in connection with the preparation, execution and delivery of this Agreement and all other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith; 

(h)All proceedings taken in connection with the transactions contemplated by this Agreement and all documents, instruments and other legal matters incident thereto shall be satisfactory to Agent and its legal counsel; and 

(i)Except the Existing Defaults, no Default or Event of Default shall have occurred and be continuing. 

 

Section 7.MISCELLANEOUS 

7.1.Continuing Effect of Loan Agreement.  Except as modified pursuant hereto, no other changes or modifications to the Loan Agreement or any other Loan Document are intended or implied by this Agreement and in all other respects the Loan Agreement and the other Loan Documents hereby are ratified and reaffirmed by all parties hereto as of the date hereof.  To the extent of any conflict between the terms of this Agreement, the Loan Agreement and the other Loan Documents, the terms of this Agreement will govern and control.  The Loan Agreement and this Agreement will be read and construed as one agreement. 

7.2.Costs and Expenses.  In addition to, and without in any way limiting, the obligations of Borrower set forth in Section 3.4 of the Loan Agreement, each Obligor absolutely and unconditionally agrees to pay to Agent, promptly (and in any event within 2 Business Days) upon request by Agent at any time, whether or not all or any of the transactions contemplated by this Agreement are consummated:  all fees, costs and expenses incurred by Agent and any of its directors, officers, employees or agents (including, without limitation, fees, costs and expenses incurred of any counsel, advisor or consultant to Agent), regardless of whether Agent or any such other Person is a prevailing party, in connection with (a) the preparation, negotiation, execution, delivery or enforcement of this Agreement, the Loan Agreement, the other Loan Documents and any agreements, documents or instruments contemplated hereby and thereby, and (b) any investigation, litigation or proceeding related to this Agreement, the Loan Agreement or any other Loan Document or any act, omission, event or circumstance in any matter related to any of the foregoing. 

7.3.Further Assurances.  At Borrower’s expense, the parties hereto will execute and deliver such additional documents and take such further action as may be necessary or desirable to effectuate the provisions and purposes of this Agreement. 

7.4.Successors and Assigns; No Third-Party Beneficiaries.  This Agreement will be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.  No Person other than the parties hereto and, in the case of Sections 7.6 and 7.7 hereof,  

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the Releasees, shall have any rights hereunder or be entitled to rely on this Agreement and all third-party beneficiary rights (other than the rights of the Releasees under Sections 7.6 and 7.7 hereof) are hereby expressly disclaimed.

7.5.Survival of Representations, Warranties and Covenants.  All representations, warranties, covenants and releases of each Obligor made in this Agreement or any other document furnished in connection with this Agreement will survive the execution and delivery of this Agreement and the Forbearance Period, and no investigation by Agent or any Lender, or any closing, will affect the representations and warranties or the right of Agent and Lenders to rely upon them. 

7.6.Release. 

(a)In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and each Obligor, on behalf of itself and its successors and assigns, and its present and former members, managers, shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents, legal representatives and other representatives (Borrower, each Obligor  and all such other Persons being hereinafter referred to collectively as the “Releasing Parties” and individually as a “Releasing Party”), hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent, each Lender, and each of their respective successors and assigns, and their respective present and former shareholders, members, managers, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents, legal representatives and other representatives (Agent, Lenders and all such other Persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and from any and all demands, actions, causes of action, suits, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a “Claim” and collectively, “Claims”) of every kind and nature, known or unknown, suspected or unsuspected, at law or in equity, which any Releasing Party or any of its successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the date of this Agreement, including, without limitation, for or on account of, or in relation to, or in any way in connection with this Agreement, the Loan Agreement,  any of the other Loan Documents or any of the transactions hereunder or thereunder.  Releasing Parties hereby represent to the Releasees that they have not assigned or transferred any interest in any Claims against any Releasee prior to the date hereof. 

(b)Borrower and each Obligor understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense to any Claim and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release. 

(c)Borrower and each Obligor agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered will affect in any manner the final, absolute and unconditional nature of the release set forth above. 

7.7.Covenant Not to Sue.  Each Releasing Party hereby absolutely, unconditionally and irrevocably covenants and agrees with and in favor of each Releasee that it will not sue (at law, in  

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equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised and discharged by any Releasing Party pursuant to Section 7.6 above.  If any Releasing Party violates the foregoing covenant, each Borrower, for itself and its successors and assigns, and its present and former members, managers, shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents, legal representatives and other representatives, agrees to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys’ fees and costs incurred by any Releasee as a result of such violation.

7.8.Severability.  Any provision of this Agreement held by a court of competent jurisdiction to be invalid or unenforceable will not impair or invalidate the remainder of this Agreement. 

7.9.Reviewed by Attorneys.  Each Obligor represents and warrants to Agent and Lenders that it (a) understands fully the terms of this Agreement and the consequences of the execution and delivery of this Agreement, (b) has been afforded an opportunity to discuss this Agreement with, and have this Agreement reviewed by, such attorneys and other persons as such Obligor may wish, and (c) has entered into this Agreement and executed and delivered all documents in connection herewith of its own free will and accord and without threat, duress or other coercion of any kind by any Person.  The parties hereto acknowledge and agree that neither this Agreement nor the other documents executed pursuant hereto will be construed more favorably in favor of one than the other based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially to the negotiation and preparation of this Agreement and the other documents executed pursuant hereto or in connection herewith. 

7.10.Disgorgement.  If Agent or any Lender is, for any reason, compelled by a court or other tribunal of competent jurisdiction to surrender or disgorge any payment, interest or other consideration described hereunder to any person because the same is determined to be void or voidable as a preference, fraudulent conveyance, impermissible set-off or for any other reason, such indebtedness or part thereof intended to be satisfied by virtue of such payment, interest or other consideration will be revived and continue as if such payment, interest or other consideration had not been received by Agent or such Lender, and Obligors will be liable to, and will indemnify, defend and hold Agent or such Lender harmless for, the amount of such payment or interest surrendered or disgorged.  The provisions of this Section will survive repayment of the Obligations or any termination of the Loan Agreement or any other Loan Document. 

7.11.Tolling of Statute of Limitations.  Each and every statute of limitations or other applicable law, rule or regulation governing the time by which Agent must commence legal proceedings or otherwise take any action against Borrower or any Obligor with respect to any breach or default that exists on or prior to the expiration or termination of the Forbearance Period and arises under or in respect of the Loan Agreement or any other Loan Document shall be tolled during the Forbearance Period.  Borrower and each Obligor agrees, to the fullest extent permitted by law, not to include such period of time as a defense (whether equitable or legal) to any legal proceeding or other action by Agent in the exercise of its rights or remedies referred to in the immediately preceding sentence. 

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7.12.Relationship.  Each Obligor agrees that the relationship between Agent and such Obligor and between each Lender and Obligor is that of creditor and debtor and not that of partners or joint venturers.  This Agreement does not constitute a partnership agreement, or any other association between Agent and any Obligor or between any Lender and any Obligor.  Each Obligor acknowledges that Agent and each Lender has acted at all times only as a creditor to such Obligor within the normal and usual scope of the activities normally undertaken by a creditor and in no event has Agent or any Lender attempted to exercise any control over such Obligor or its business or affairs.  Each Obligor further acknowledges that Agent and each Lender has not taken or failed to take any action under or in connection with its respective rights under the Loan Agreement or any of the other Loan Documents that in any way or to any extent has interfered with or adversely affected such Obligor’s ownership of Collateral. 

7.13.Governing Law: Consent to Jurisdiction and Venue. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THE LOAN AGREEMENT AND ANY OF THE OTHER LOAN DOCUMENTS, THIS AGREEMENT, THE LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER WILL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).  EACH OBLIGOR HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE STATE, COUNTY AND CITY OF NEW YORK WILL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OBLIGOR AND AGENT OR ANY LENDER PERTAINING TO THIS AGREEMENT OR THE LOAN AGREEMENT OR THE OTHER LOAN DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE LOAN AGREEMENT OR ANY OF THE LOAN DOCUMENTS; AND FURTHER PROVIDED, THAT NOTHING IN THIS AGREEMENT WILL BE DEEMED OR OPERATE TO PRECLUDE AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF AGENT.  EACH OBLIGOR EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH OBLIGOR HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.  EACH OBLIGOR HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH PROCESS MAY BE MADE IN THE MANNER PROVIDED FOR NOTICES IN SECTION 14.3.1 OF THE LOAN AGREEMENT. 

7.14.Waivers. 

(a)Mutual Waiver of Jury Trial.  THE PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR  

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OTHERWISE BETWEEN AGENT OR ANY LENDER AND ANY OBLIGOR ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT OR THE LOAN AGREEMENT OR THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS RELATED THERETO.

(b)Waivers by Obligors.  Obligors hereby waive any rights any Obligor may have upon payment in full of the Obligations to require Agent to terminate its security interest in the Collateral, other collateral or in any other property of any Obligor until termination of the Loan Agreement in accordance with its terms and the execution by each Obligor of an agreement releasing and indemnifying, in the same manner as described in Section 7.6 of this Agreement, the Releasees from all claims arising on or before the date of such termination.  Obligors each acknowledge that the foregoing waiver is a material inducement to Agent in entering this Agreement and that Agent is relying upon the foregoing waiver in its future dealings with Obligors. 

7.15.Counterparts.  This Agreement may be executed and delivered via facsimile or email (in .pdf format) transmission with the same force and effect as if an original were executed and may be executed in any number of counterparts, but all of such counterparts shall together constitute but one and the same agreement. 

[signatures on following page]

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IN WITNESS WHEREOF, this Agreement is executed and delivered as of the day and year first above written.

 

 

	BORROWER AND GUARANTOR:

 

SCHOOL SPECIALTY, INC.

 

By:/s/ Kevin Baehler               

Name:  Kevin Baehler

Title:  EVP and Chief Financial Officer

 

	SUBSIDIARY BORROWERS AND

SUBSIDIARY GUARANTORS:

 

CLASSROOMDIRECT.COM, LLC, a Delaware limited liability company

 

By:  /s/ Kevin Baehler             

Name:  Kevin Baehler
Title:  Assistant Secretary

 

	SPORTIME, LLC, a Delaware limited liability company

 

By:  /s/ Kevin Baehler             

Name:  Kevin Baehler

Title:  Assistant Secretary

 

	DELTA EDUCATION, LLC, a Delaware limited liability company

 

By:  /s/ Kevin Baehler             

Name:  Kevin Baehler

Title:  Assistant Secretary

 

	PREMIER AGENDAS, LLC, a Delaware limited liability company

 

By:  /s/ Kevin Baehler             

Name:  Kevin Baehler

Title:  Assistant Secretary

Signature Page to Tenth Amendment to Loan Agreement and Forbearance Agreement

 

	CHILDCRAFT EDUCATION, LLC, a Delaware limited liability company

 

By:  /s/ Kevin Baehler             

Name:  Kevin Baehler

Title:  Assistant Secretary

 

	BIRD-IN-HAND WOODWORKS, LLC, a Delaware limited liability company

 

By:  /s/ Kevin Baehler             

Name:  Kevin Baehler

Title:  Assistant Secretary

 

	CALIFONE INTERNATIONAL, LLC, a Delaware limited liability company

 

By:  /s/ Kevin Baehler             

Name:  Kevin Baehler

Title:  Assistant Secretary

 

	SSI GUARDIAN, LLC, a Delaware limited liability company

 

By:  /s/ Kevin Baehler             

Name:  Kevin Baehler

Title:  Assistant Secretary

Signature Page to Tenth Amendment to Loan Agreement and Forbearance Agreement

	SUBSIDIARY GUARANTORS:

 

FREY SCIENTIFIC, LLC, a Delaware limited liability company

 

By:  /s/ Kevin Baehler             

Name:  Kevin Baehler

Title:  Assistant Secretary

	 

SAX ARTS & CRAFTS, LLC, a Delaware limited liability company

 

By:  /s/ Kevin Baehler             

Name:  Kevin Baehler

Title:  Assistant Secretary

Signature Page to Tenth Amendment to Loan Agreement and Forbearance Agreement

	AGENT:

 

BANK OF AMERICA, N.A.,

as Agent and as a Lender

 

By:  /s/ Robert J. Lund                  

Name:  Robert J. Lund

Title:  Senior Vice President

 

	LENDERS:

 

BANK OF MONTREAL,

as a Lender

 

By:    /s/ Steve Friedlander          

Name: Steve Friedlander

Title:  Managing Director

Signature Page to Tenth Amendment to Loan Agreement and Forbearance Agreement

EXHIBIT A

to

TENTH AMENDMENT TO LOAN AGREEMENT AND

FORBEARANCE AGREEMENT

 

Existing Defaults

 

1.An Event of Default under Section 11.1(f)(iii) of the Loan Agreement caused by: 

 

a.An Event of Default under Section 11.1(c) of the Term Loan Agreement as a result of Obligors’ failure to maintain a Net Senior Leverage Ratio (as defined in the Term Loan Agreement) not greater than the ratio set forth in Section 10.3.2 of the Term Loan Agreement for the four (4) consecutive Fiscal Quarter period ending September 28, 2019; 

 

b.An Event of Default under Section 11.1(c) of the Term Loan Agreement as a result of Obligors’ failure to maintain EBITDA (as defined in the Term Loan Agreement) in an amount not less than the applicable amount set forth in Section 10.3.3 of the Term Loan Agreement for the four (4) consecutive Fiscal Quarter period ending September 28, 2019; 

 

c.An Event of Default under Section 11.1(c) of the Term Loan Agreement as a result of Obligors’ failure to maintain a Fixed Charge Coverage Ratio (as defined in the Term Loan Agreement) not less than the ratio set forth in Section 10.3.1 of the Term Loan Agreement for the four (4) consecutive Fiscal Quarter period ending December 28, 2019; 

 

d.An Event of Default under Section 11.1(c) of the Term Loan Agreement as a result of Obligors’ failure to maintain a Net Senior Leverage Ratio (as defined in the Term Loan Agreement) not greater than the ratio set forth in Section 10.3.2 of the Term Loan Agreement for the four (4) consecutive Fiscal Quarter period ending December 28, 2019; 

 

e.An Event of Default under Section 11.1(c) of the Term Loan Agreement as a result of Obligors’ failure to maintain Unadjusted EBITDA (as defined in the Term Loan Agreement) in an amount not less than the applicable amount set forth in Section 10.3.3 of the Term Loan Agreement for the twelve (12) consecutive month period ending January 31, 2020; 

 

f.An Event of Default under Section 11.1(c) of the Term Loan Agreement as a result of Obligors’ failure to maintain Unadjusted EBITDA (as defined in the Term Loan Agreement) in an amount not less than the applicable amount set forth in Section 10.3.3 of the Term Loan Agreement for the twelve (12) consecutive month period ending March 28, 2020; and 

g.An Event of Default under Section 11.1(c) of the Term Loan Agreement as a result of Obligors’ failure to consummate an Acceptable Transaction pursuant to Signed Purchase Documentation (as defined in the Term Loan Agreement) and cause the Full Payment (as defined in the Term Loan Agreement) of all of the Term Loan Obligations. 

 

2.An Event of Default under Section 11.1(c) of the Loan Agreement as a result of the Obligors’ failure to maintain Unadjusted EBITDA of not less than the amount set forth in Section 10.3.2 of the Loan Agreement for the twelve (12) consecutive month period ending January 31, 2020. 

 

3.An Event of Default under Section 11.1(c) of the Loan Agreement as a result of the Obligors’ failure to maintain Unadjusted EBITDA of not less than the amount set forth in Section 10.3.2 of the Loan Agreement for the twelve (12) consecutive month period ending March 28, 2020. 

 

4.An Event of Default under Section 11.1(c) of the Loan Agreement as a result of Obligors’ failure to consummate an Acceptable Transaction pursuant to Signed Purchase Documentation and cause the Full Payment of all of the Term Loan Obligations.six_Ex10_1

		

			 

		

		
			Exhibit 10.1
		

		
			FIRST INCREMENTAL AMENDMENT TO
		

		
			SECOND AMENDED AND RESTATED CREDIT AGREEMENT
		

		
			THIS FIRST INCREMENTAL AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Incremental Amendment”) dated as of April 8, 2020, is by and among SIX FLAGS ENTERTAINMENT CORPORATION, a Delaware corporation (the “Parent”), SIX FLAGS OPERATIONS INC., a Delaware corporation (“Holdings”), SIX FLAGS THEME PARKS INC., a Delaware corporation (the “Borrower”), the Subsidiary Guarantors listed on the signature pages hereof, WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent (in such capacity, together with its successors in such capacity, the “Administrative Agent”) for the lenders from time to time party to the Credit Agreement referred to below (the “Lenders”), the Incremental Revolving Lenders (as defined below) and the other Lenders party hereto.
		

		
			R E C I T A L S
		

		
			A.        The Borrower, Parent, Holdings, the Lenders, the Administrative Agent and the other agents referred to therein are parties to that certain Second Amended and Restated Credit Agreement dated as of April 17, 2019, as amended by that certain First Amendment to Second Amended and Restated Credit Agreement, dated as of October 18, 2019, and as amended by that certain Replacement Revolving Facility Amendment to Second Amended and Restated Credit Agreement, dated as of the date hereof (as further amended, restated, amended and restated or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”, and the Existing Credit Agreement as amended by this Incremental Amendment, the “Credit Agreement”), pursuant to which the Lenders have made certain financial accommodations (subject to the terms and conditions thereof) to the Borrower.
		

		
			B.         The Borrower has requested and the lenders identified on Schedule A hereto (the “Incremental Revolving Lenders”) have agreed to provide incremental Series B Replacement Revolving Commitments in the aggregate amount of $131,000,000 (the “Incremental Revolving Credit Commitments”; the Loans made pursuant thereto, the “Incremental Revolving Credit Loans”) in accordance with Section 3.3 of the Credit Agreement.
		

		
			C.         Pursuant to Section 3.3(c) of the Existing Credit Agreement, the Borrower, the Administrative Agent and the Incremental Revolving Lenders desire to amend the Existing Credit Agreement on the terms as set forth herein.
		

		
			NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		

		
			Section 1.        Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement.  Unless otherwise indicated, all article, schedule, exhibit and section references in this Incremental Amendment refer to articles, schedules, exhibits and sections of the Credit Agreement.
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

		

			 

		

		

		
			Section 2.        Amendments to Existing Credit Agreement. Subject to the satisfaction or waiver in writing of each condition precedent set forth in Section 4 hereof, and in reliance on the representations, warranties, covenants and agreements contained in this Incremental Amendment, the Administrative Agent and the Incremental Revolving Lenders hereby consent to the following amendments to the Existing Credit Agreement:
		

		
			2.1       Amendments to Section 1.1 (Defined Terms).
		

		
			(a)        The definition of “Agreement” is hereby amended by replacing the words “and the Replacement Amendment” with “, the Replacement Amendment and the First Incremental Amendment” before the period at the end thereof.
		

		
			(b)        The following definitions are hereby added to Section 1.1 of the Credit Agreement where alphabetically appropriate:
		

		
			“First Incremental Amendment”:  the First Incremental Amendment to Second Amended and Restated Credit Agreement, dated as of April 8, 2020, by and among Holdings, Parent, the Borrower, the Subsidiary Guarantors party thereto, the Administrative Agent and the Incremental Revolving Lenders party thereto.
		

		
			Section 3.        Incremental Revolving Facility.
		

		
			3.1       Incremental Revolving Credit Commitments.
		

		
			(a)        Subject to the satisfaction or waiver in writing of each condition precedent set forth in Section 4 hereof, and in reliance on the representations, warranties, covenants and agreements contained in this Incremental Amendment, each Incremental Revolving Lender hereby agrees to provide its respective Incremental Revolving Credit Commitments to the Borrower in a principal amount not to exceed the amount set forth opposite such Incremental Revolving Lender’s name in Schedule A attached hereto.  The Administrative Agent has notified each Incremental Revolving Lender of its allocated Incremental Revolving Credit Commitment, and each Incremental Revolving Lender is a signatory to this Incremental Amendment.
		

		
			(b)        Class of Revolving Credit Loans and Agreements of the Incremental Revolving Lenders.  The Incremental Revolving Credit Commitments shall be in the form of an increase to the Series B Replacement Revolving Commitments under the Existing Credit Agreement immediately prior to the Effective Date (such existing Series B Replacement Revolving Commitments, for the purposes of this Incremental Amendment, herein called the “Existing Revolving Credit Commitments”), and thereafter, the Incremental Revolving Credit Commitments and the Existing Revolving Credit Commitments shall be treated as a single class and a single Facility of Revolving Credit Commitments for all purposes under the Credit Agreement and the other Loan Documents.  As of the Effective Date, after giving effect to the Incremental Revolving Credit Commitments, the aggregate amount of the Total Revolving Credit Commitments (including any Original Revolving Credit Commitments) pursuant to the Credit Agreement shall be $481,000,000.
		

		
			(c)        Agreements of the Incremental Revolving Lenders.  Each Incremental Revolving Lender agrees that (i) effective on and at all times after the Effective Date, such
		

		
			
		

		
			

		 

		

			2

		

		

			 

		

		

		
			Incremental Revolving Lender will be bound by all obligations of a Lender and a Revolving Credit Lender under the Credit Agreement and (ii) on the Effective Date, (A) each of the Revolving Credit Lenders party to the Existing Credit Agreement immediately prior to the Effective Date that have Series B Replacement Revolving Commitments (the “Existing Revolving Credit Lenders”) shall assign to each of the Incremental Revolving Lenders, and each of the Incremental Revolving Lenders shall purchase from each of the Existing Revolving Credit Lenders, at the principal amount thereof, such interests in the outstanding Revolving Credit Loans and participations in Letters of Credit and Swing Line Loans outstanding on the Effective Date that will result in, after giving effect to all such assignments and purchases, such Revolving Credit Loans and participations in Letters of Credit and Swing Line Loans being held by Existing Revolving Credit Lenders and the Incremental Revolving Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of the Incremental Revolving Credit Commitments hereby, (B) each Incremental Revolving Credit Commitment shall be deemed, for all purposes, a Revolving Credit Commitment and a Series B Replacement Revolving Commitment and each loan made thereunder shall be deemed, for all purposes, a Revolving Credit Loan and have the same terms as all Revolving Credit Loans made pursuant to the Series B Replacement Revolving Commitments and (C) each Incremental Revolving Lender shall become a Revolving Credit Lender with respect to the Incremental Revolving Credit Commitments and all matters relating thereto.  Each Incremental Revolving Lender (i) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Incremental Amendment; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender or agent thereunder and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender and a Revolving Credit Lender.
		

		
			(d)        Incremental Incurrence Basket.  The Borrower hereby acknowledges that all of the Incremental Revolving Credit Commitments are being incurred under the Incremental Incurrence Basket.
		

		
			(e)        Use of Proceeds.  The Borrower will use the proceeds of the Incremental Revolving Credit Commitments (i) to finance the working capital needs and general corporate purposes of Parent, Holdings, the Borrower and its Subsidiaries and (ii) to pay fees and expenses in connection with the foregoing and the preparation and negotiation of this Incremental Amendment.
		

		
			(f)        Credit Agreement Governs.  Except as otherwise stated herein, the terms of the Incremental Revolving Credit Commitments shall be the same as the terms of the Existing Revolving Credit Commitments as set forth in the Credit Agreement.  The Applicable Margin for the Incremental Revolving Credit Loans shall be the same as for the Existing Revolving Credit
		

		
			
		

		
			

		 

		

			3

		

		

			 

		

		

		
			Loans and the Commitment Fee Rate for the Incremental Revolving Credit Commitments shall be the same for the Existing Revolving Credit Commitments.
		

		
			(g)        Pari Passu; Maturity.  The Incremental Revolving Credit Commitments shall rank pari passu in right of payment and of security with the Existing Revolving Credit Commitments and mature on the same date that the Existing Revolving Credit Commitments mature. For the avoidance of doubt, the Incremental Revolving Credit Commitments shall share in mandatory prepayments of Revolving Credit Loans under Section 5.5 of the Credit Agreement on a pro rata basis with the Existing Revolving Credit Commitments, in voluntary prepayments of Revolving Credit Loans under Section 5.4 of the Credit Agreement on a pro rata basis with the Existing Revolving Credit Commitments and in connection with a voluntary termination or permanent reduction of the Revolving Credit Commitments under Section 5.3 of the Credit Agreement on a pro rata basis with the Existing Revolving Credit Commitments.
		

		
			(h)        The Lenders party hereto hereby agree that notwithstanding Section 3.2 of the Credit Agreement, the Borrower may deliver a notice of borrowing for Eurocurrency Loans on the date hereof solely with respect to a borrowing of Revolving Credit Loans on the date hereof.
		

		
			Section 4.        Conditions Precedent.
		

		
			4.1       Effectiveness.  The amendments set forth in Section 2 of this Incremental Amendment and the obligation of the Incremental Revolving Lenders to provide the Incremental Revolving Credit Commitments hereunder shall not become effective until the date (the “Effective Date”) on which each of the following conditions has been satisfied (or waived in accordance with Section 12.1 of the Credit Agreement):
		

		
			(a)        Counterparts.  Administrative Agent shall have received executed counterparts of this Incremental Amendment from the Administrative Agent, each of the Loan Parties and each Incremental Revolving Lender.
		

		
			(b)        Replacement Revolving Facility Amendment. That certain Replacement Revolving Facility Amendment to Second Amended and Restated Credit Agreement, dated as of the date hereof, shall have closed and be effective prior to the effectiveness of this Incremental Amendment.
		

		
			(c)        Notes.  The Administrative Agent shall have received, for the account of each Incremental Revolving Lender, if requested, at least two Business Days in advance of the Effective Date, Notes conforming to the requirements set forth in the Credit Agreement and executed and delivered by a duly authorized officer of the Borrower.
		

		
			(d)        No Default or Event of Default.  As of the Effective Date after giving effect to this Incremental Amendment, no Default or Event of Default shall have occurred and be continuing.
		

		
			(e)        Representations and Warranties.  Each of the Loan Parties does hereby represent and warrant to the Incremental Revolving Lenders that, as of the Effective Date after giving effect to this Incremental Amendment all of the representations and warranties of each Loan Party contained in the Credit Agreement or the other Loan Documents are true and correct in all material respects on and as of the Effective Date; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided,  further that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall
		

		
			
		

		
			

		 

		

			4

		

		

			 

		

		

		
			be true and correct (after giving effect to any qualification therein) in all respects on and as of the Effective Date or such earlier date;
		

		
			(f)        Fees.  Subject to the terms and conditions of Section 12.5 of the Credit Agreement, the Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, or substantially simultaneously with the effectiveness of this Incremental Amendment, including to the extent invoiced at least one Business Day prior thereto, reimbursement or payment of all out of pocket expenses required to be reimbursed or paid to the Administrative Agent by the Borrower under the Credit Agreement.
		

		
			(g)        Lien Searches.  The Administrative Agent shall have received the results of recent Uniform Commercial Code and other lien searches in each relevant domestic jurisdiction with respect to all Property of the Loan Parties (except that with respect to the Real Property, such lien searches shall be limited to the Mortgaged Properties), and such search shall reveal no Liens on any of the Property of the Loan Parties, except for Permitted Liens.
		

		
			(h)        The U.S.A. PATRIOT Act.  No later than three Business Days prior to the Effective Date, to the extent requested in writing by the Administrative Agent at least five Business Days prior to the Effective Date, the Administrative Agent shall have received the documentation and other information as required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the U.S.A. PATRIOT Act (including, without limitation, a Beneficial Ownership Certification in relation to the Borrower).
		

		
			(i)         Documentary Conditions.      The Administrative Agent shall have received each of the following, dated as of the Effective Date:
		

		
			(i) (A) copies of resolutions of the board of directors of the Borrower approving and authorizing the execution, delivery and performance of this Incremental Amendment, certified as of the Effective Date by a Responsible Officer of the Borrower as being in full force and effect without modification or amendment, (B) good standing certificates for each Loan Party, in each case, from the jurisdiction in which they are organized, (C) a certificate of a Responsible Officer, the secretary or the assistant secretary of the Borrower with appropriate insertions and attachments and (D) a solvency certificate from the chief financial officer of Parent (after giving effect to the establishment of the Incremental Revolving Credit Commitments) substantially in the form of Exhibit D to the Credit Agreement;
		

		
			(ii) a certificate of the Responsible Officer of the Borrower certifying that the Borrower, on a Pro Forma Basis after giving effect to this Incremental Amendment and the transactions contemplated hereby (and assuming that the Incremental Revolving Credit Commitments established hereby are fully funded), is in compliance with (x) the Senior Secured Leverage Ratio as set forth in clause (iii) of the definition of “Incremental Amount” in Section 1.1 of the Existing Credit Agreement and (y) the covenant set forth in Section 9.1 of the Credit Agreement, as of the latest Measurement Period; and
		

		
			
		

		
			

		 

		

			5

		

		

			 

		

		

		
			(iii) the signed legal opinion of Kirkland & Ellis LLP, special counsel to the Borrower, addressed to the Administrative Agent and each Incremental Revolving Lender, in form and substance reasonably satisfactory to the Administrative Agent, shall cover such other matters incident to the transactions contemplated by this Incremental Amendment as the Administrative Agent may reasonably require.
		

		
			Section 5.        Post-Closing Obligations.  Within 90 days after the Effective Date (or such longer period as the Administrative Agent may reasonably agree), Administrative Agent and the applicable Loan Parties shall have entered into such amendments to the Security Documents (including modifications to the Mortgages) and received such title related documentation, in each case as may be reasonably requested by the Administrative Agent in connection with the Incremental Revolving Credit Commitments and the Borrower shall have delivered such other documents and certificates in connection therewith as may be reasonably requested by the Administrative Agent, in each case as are necessary or advisable to maintain in favor of the Administrative Agent, for the benefit of the Lenders, Liens on the Collateral that are duly perfected (subject to Permitted Liens) in accordance with the requirements of, or the obligations of the Loan Parties under, the Credit Agreement, the other Loan Documents and applicable Law.
		

		
			Section 6.        Representations and Warranties.  To induce the Administrative Agent and each Incremental Revolving Lender party hereto to enter into this Incremental Amendment, each of the Loan Parties represents and warrants to the Administrative Agent and each Incremental Revolving Lender party hereto on and as of the Effective Date that:
		

		
			(a)        all of the representations and warranties of each Loan Party contained in the Credit Agreement or the other Loan Documents are true and correct in all material respects on and as of the Effective Date; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided,  further that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on and as of the Effective Date or such earlier date; and
		

		
			(b)        no Default or Event of Default exists as of the Effective Date or would result from this Incremental Amendment and the transactions contemplated hereby.
		

		
			Section 7.        Reaffirmation of Guaranty.  Each Guarantor reaffirms its guarantee of the Obligations (as defined in the Guarantee and Collateral Agreement) under the terms and conditions of the Guarantee and Collateral Agreement and agrees that such guarantee remains in full force and effect and is hereby ratified, reaffirmed and confirmed.  Each Guarantor hereby confirms that it consents to the terms of this Incremental Amendment, including, without limitation, the extension of additional credit to the Borrower in the form of the Incremental Revolving Credit Commitments in an aggregate principal amount of $131,000,000, which is in addition to the obligations owed by the Loan Parties under the Credit Agreement immediately prior to the Effective Date and which constitutes “Obligations” of such Guarantor under the Guarantee and Collateral Agreement.  Each Guarantor hereby (i) confirms that each Loan Document to which it is a party or is otherwise bound will continue to guarantee to the fullest extent possible in accordance with the Loan Documents, the payment and performance of the Obligations,
		

		
			
		

		
			

		 

		

			6

		

		

			 

		

		

		
			including without limitation the payment and performance of all such applicable Obligations that are joint and several obligations of each Guarantor now or hereafter existing; (ii) acknowledges and agrees that the Guarantee and Collateral Agreement and each of the other Loan Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of the Incremental Amendment; and (iii) acknowledges, agrees and warrants for the benefit of the Administrative Agent and each Secured Party that there are no rights of set-off or counterclaim, nor any defenses of any kind, whether legal, equitable or otherwise, that would enable such Guarantor to avoid or delay timely performance of its obligations under the Loan Documents (except to the extent such obligations constitute Excluded Swap Obligations (as defined in the Guarantee and Collateral Agreement) with respect to such Guarantor).
		

		
			Section 8.        Reaffirmation of Security Agreement.
		

		
			(a)        Each Loan Party hereby acknowledges that it has reviewed and consents to the terms and conditions of this Incremental Amendment and the transactions contemplated hereby, including, without limitation, the extension of credit in the form of the Incremental Revolving Credit Commitments in an aggregate principal amount of $131,000,000.  In addition, each Loan Party reaffirms the security interests previously granted by such Loan Party under the terms and conditions of the Guarantee and Collateral Agreement to secure the Obligations and agrees that such security interests remain in full force and effect and are hereby ratified, reaffirmed and confirmed.  Each Loan Party hereby confirms that the security interests granted by such Loan Party under the terms and conditions of the Guarantee and Collateral Agreement secures the Incremental Revolving Credit Commitments as part of the Obligations.  Each Loan Party hereby (i) confirms that each Loan Document to which it is a party or is otherwise bound and all Collateral (as defined in the Guarantee and Collateral Agreement) encumbered thereby will continue to guarantee or secure, as the case may be, to the fullest extent possible in accordance with the Loan Documents, the payment and performance of the Obligations, as the case may be, including without limitation the payment and performance of all such applicable Obligations that are joint and several obligations of each Loan Party now or hereafter existing, (ii) confirms its respective prior grant to the Administrative Agent for the benefit of the Secured Parties of the security interest in and continuing Lien on all of such Loan Party’s right, title and interest in, to and under all Collateral (as defined in the Guarantee and Collateral Agreement), whether now owned or existing or hereafter acquired or arising and wherever located, as collateral security for the prompt and complete payment and performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise, of all applicable Obligations (including all such Obligations as amended, reaffirmed and/or increased pursuant to this Incremental Amendment), subject to the terms contained in the applicable Loan Documents, and (iii) confirms its respective guarantees, prior pledges, prior grants of security interests and other obligations, as applicable, under and subject to the terms of each of the Loan Documents to which it is a party.
		

		
			(b)        Each Loan Party acknowledges and agrees that each of the Loan Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Incremental Amendment.
		

		
			
		

		
			

		 

		

			7

		

		

			 

		

		

		
			Section 9.        Reference to and Effect on the Credit Agreement and the Loan Documents.
		

		
			9.1       Incremental Amendment.      This Incremental Amendment constitutes (i) the written notice required to be delivered by the Borrower to the Administrative Agent under Section 3.3(a) of the Existing Credit Agreement, and (ii) an “Incremental Amendment” for all purposes of the Credit Agreement and the other Loan Documents.
		

		
			9.2       Loan Document.
		

		
			(a)        This Incremental Amendment is a “Loan Document” as defined and described in the Existing Credit Agreement and all of the terms and provisions of the Loan Documents relating to other Loan Documents shall apply hereto.  On and after the Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended or otherwise modified by this Incremental Amendment.
		

		
			(b)        On and after the Effective Date, (i) the Incremental Revolving Credit Commitments shall constitute “Commitments” and “Revolving Credit Commitments”, (ii) the Incremental Revolving Credit Loans are “Revolving Credit Loans” and “Loans” and (iii) each Incremental Revolving Lender shall be a “Lender”, a “Revolving Credit Lender” and an “Incremental Revolving Lender”, as each term is defined in the Credit Agreement, in each case, for all purposes under the Credit Agreement and the other Loan Documents.
		

		
			9.3       No Waiver.  The execution, delivery and effectiveness of this Incremental Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.
		

		
			9.4       No Novation.  This Incremental Amendment shall not constitute a novation of the Existing Credit Agreement or of any other Loan Document.
		

		
			Section 10.      Miscellaneous.
		

		
			10.1     Confirmation.  The provisions of the Loan Documents, as amended by this Incremental Amendment, shall remain in full force and effect in accordance with their terms following the effectiveness of this Incremental Amendment.
		

		
			10.2     Ratification and Affirmation.  Each of the undersigned does hereby adopt, ratify, and confirm the Existing Credit Agreement and the other Loan Documents, as amended hereby, and its obligations thereunder.  The Borrower hereby acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, notwithstanding the amendments contained herein.
		

		
			10.3     Amendment, Modification and Waiver.  This Incremental Amendment may not be amended, modified or waived except pursuant to a writing signed by each of the parties hereto.
		

		
			
		

		
			

		 

		

			8

		

		

			 

		

		

		
			10.4     Counterparts.  This Incremental Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Incremental Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.  The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Incremental Amendment and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.
		

		
			10.5     NO ORAL AGREEMENT.  THIS INCREMENTAL AMENDMENT, THE EXISTING CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.
		

		
			10.6     GOVERNING LAW.  THIS INCREMENTAL AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
		

		
			10.7     Severability.  Any provision of this Incremental Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
		

		
			10.8     Headings. The headings of this Incremental Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.
		

		
			[signature pages follow]
		

		
			 
		

		
			 
		

		
			

		 

		

			9

		

		

			 

		

		

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

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SIX FLAGS ENTERTAINMENT

				
	
					
						 

					
					
						CORPORATION,

				
	
					
						 

					
					
						as Parent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Leonard A. Russ

				
	
					
						 

					
					
						Name:

					
					
						Leonard A. Russ

				
	
					
						 

					
					
						Title:

					
					
						Interim Chief Financial Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SIX FLAGS OPERATIONS INC.,

				
	
					
						 

					
					
						as Holdings

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Leonard A. Russ

				
	
					
						 

					
					
						Name:

					
					
						Leonard A. Russ

				
	
					
						 

					
					
						Title:

					
					
						Interim Chief Financial Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SIX FLAGS THEME PARKS INC.,

				
	
					
						 

					
					
						as Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Leonard A. Russ

				
	
					
						 

					
					
						Name:

					
					
						Leonard A. Russ

				
	
					
						 

					
					
						Title:

					
					
						Interim Chief Financial Officer

				

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to First Incremental Amendment to Second Amended and Restated Credit Agreement]

		

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						FIESTA TEXAS, INC.

				
	
					
						 

					
					
						FUNTIME, INC.

				
	
					
						 

					
					
						FUNTIME PARKS, INC.

				
	
					
						 

					
					
						GREAT AMERICA LLC

				
	
					
						 

					
					
						GREAT ESCAPE HOLDING INC.

				
	
					
						 

					
					
						HURRICANE HARBOR GP LLC

				
	
					
						 

					
					
						HURRICANE HARBOR LP LLC

				
	
					
						 

					
					
						MAGIC MOUNTAIN LLC

				
	
					
						 

					
					
						PARK MANAGEMENT CORP.

				
	
					
						 

					
					
						PREMIER INTERNATIONAL HOLDINGS INC.

				
	
					
						 

					
					
						PREMIER PARKS HOLDINGS INC.

				
	
					
						 

					
					
						SIX FLAGS AMERICA INC.

				
	
					
						 

					
					
						RIVERSIDE PARK ENTERPRISES, INC.

				
	
					
						 

					
					
						SIX FLAGS AMERICA PROPERTY

				
	
					
						 

					
					
						CORPORATION

				
	
					
						 

					
					
						SIX FLAGS GREAT ADVENTURE LLC

				
	
					
						 

					
					
						SIX FLAGS INTERNATIONAL

				
	
					
						 

					
					
						DEVELOPMENT CO.

				
	
					
						 

					
					
						SIX FLAGS SERVICES, INC.

				
	
					
						 

					
					
						SIX FLAGS SERVICES OF ILLINOIS, INC.

				
	
					
						 

					
					
						SIX FLAGS ST. LOUIS LLC

				
	
					
						 

					
					
						SOUTH STREET HOLDINGS LLC

				
	
					
						 

					
					
						STUART AMUSEMENT COMPANY

				
	
					
						 

					
					
						SF GREAT AMERICA HOLDING LLC

				
	
					
						 

					
					
						SIX FLAGS CONCORD LLC

				
	
					
						 

					
					
						SIX FLAGS DARIEN LLC

				
	
					
						 

					
					
						SIX FLAGS DARIEN SEASONAL LLC

				
	
					
						 

					
					
						SIX FLAGS SPLASHTOWN LLC

				
	
					
						 

					
					
						SIX FLAGS FRONTIER LLC

				
	
					
						 

					
					
						SIX FLAGS WW BAY LLC

				
	
					
						 

					
					
						SIX FLAGS PHOENIX LLC

				
	
					
						 

					
					
						HWP DEVELOPMENT HOLDINGS LLC

				
	
					
						 

					
					
						SIX FLAGS MW LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Leonard A. Russ

				
	
					
						 

					
					
						Name:

					
					
						Leonard A. Russ

				
	
					
						 

					
					
						Title:

					
					
						Interim Chief Financial Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to First Incremental Amendment to Second Amended and Restated Credit Agreement]

		

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						HURRICANE HARBOR LP

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Hurricane Harbor GP LLC,

				
	
					
						 

					
					
						 

					
					
						its General Partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Leonard A. Russ

				
	
					
						 

					
					
						Name:

					
					
						Leonard A. Russ

				
	
					
						 

					
					
						Title:

					
					
						Interim Chief Financial Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SIX FLAGS AMERICA LP

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Funtime, Inc.,

				
	
					
						 

					
					
						 

					
					
						its General Partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Leonard A. Russ

				
	
					
						 

					
					
						Name:

					
					
						Leonard A. Russ

				
	
					
						 

					
					
						Title:

					
					
						Interim Chief Financial Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SIX FLAGS GREAT ESCAPE L.P.

				
	
					
						 

					
					
						GREAT ESCAPE THEME PARK L.P.

				
	
					
						 

					
					
						GREAT ESCAPE RIDES L.P.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Great Escape Holding Inc.,

				
	
					
						 

					
					
						 

					
					
						their General Partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Leonard A. Russ

				
	
					
						 

					
					
						Name:

					
					
						Leonard A. Russ

				
	
					
						 

					
					
						Title:

					
					
						Interim Chief Financial Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						HWP DEVELOPMENT LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Leonard A. Russ

				
	
					
						 

					
					
						Name:

					
					
						Leonard A. Russ

				
	
					
						 

					
					
						Title:

					
					
						Interim Chief Financial Officer

				

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to First Incremental Amendment to Second Amended and Restated Credit Agreement]

		

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WELLS FARGO BANK, NATIONAL

				
	
					
						 

					
					
						ASSOCIATION, as Administrative Agent, an

				
	
					
						 

					
					
						Issuing Bank, the Swing Line Lender and an

				
	
					
						 

					
					
						Incremental Revolving Lender

					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Kyle R. Holtz

				
	
					
						 

					
					
						Name:

					
					
						Kyle R. Holtz

				
	
					
						 

					
					
						Title:

					
					
						Director

				

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to First Incremental Amendment to Second Amended and Restated Credit Agreement]

		

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BANK OF AMERICA, N.A.,

				
	
					
						 

					
					
						as an Incremental Revolving Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jonathan Tristan

				
	
					
						 

					
					
						Name:

					
					
						Jonathan Tristan

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			
		

		

		 

		

			[Signature Page to First Incremental Amendment to Second Amended and Restated Credit Agreement]

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						GOLDMAN SACHS BANK USA,

				
	
					
						 

					
					
						as an Incremental Revolving Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Thomas M Manning

				
	
					
						 

					
					
						Name:

					
					
						Thomas M Manning

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		
			
		

		

		 

		

			[Signature Page to First Incremental Amendment to Second Amended and Restated Credit Agreement]

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						JPMORGAN CHASE BANK, N.A.,

				
	
					
						 

					
					
						as an Incremental Revolving Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Matthew Cheung

				
	
					
						 

					
					
						Name:

					
					
						Matthew Cheung

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			
		

		

		 

		

			[Signature Page to First Incremental Amendment to Second Amended and Restated Credit Agreement]

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BBVA USA,

				
	
					
						 

					
					
						as an Incremental Revolving Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jay S. Tweed

				
	
					
						 

					
					
						Name:

					
					
						Jay S. Tweed

				
	
					
						 

					
					
						Title:

					
					
						SVP

				

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to First Incremental Amendment to Second Amended and Restated Credit Agreement]

		

		

			 

		

		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Agreed and acknowledged:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						BARCLAYS BANK PLC,

				
	
					
						 

					
					
						as a Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Martin Corrigan

				
	
					
						 

					
					
						Name:

					
					
						Martin Corrigan

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			 
		

		
			

		 

		

			[Signature Page to First Incremental Amendment to Second Amended and Restated Credit Agreement]

		

		

			 

		

		

		
			 
		

		
			Schedule A
		

		
			Incremental Revolving Credit Commitments
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Incremental Revolving Lender

					
					
						Incremental Revolving Credit Commitment

				
	
					
						Wells Fargo Bank, National Association

					$
34,250,000
				
	
					
						Bank of America, N.A.

					$
28,500,000
				
	
					
						Goldman Sachs Bank USA

					$
22,750,000
				
	
					
						JPMorgan Chase Bank, N.A.

					$
22,750,000
				
	
					
						BBVA USA

					$
22,750,000
				
	
					
						Total

					$
131,000,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}]]