Document:

Unassociated Document

Exhibit 10.1

AMENDMENT NO. 2 TO REVOLVING CREDIT AND SECURITY AGREEMENT

This Amendment No. 2 (this “Amendment”) dated as of April 14, 2011 to the Revolving Credit And Security Agreement referred to below by and between SyntheMed, Inc., a Delaware corporation (the “Borrower”), and Pathfinder, LLC, a Massachusetts limited liability company (the “Lender”).

WITNESSETH:

WHEREAS, Borrower and Lender are party to that certain Revolving Credit and Security Agreement dated as of September 14, 2010, as amended by Amendment No. 1 thereto effective February 15, 2011 (the “Credit Agreement”); and

WHEREAS, the parties hereto desire to amend certain provisions of the Credit Agreement.

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

SECTION  1.  Capitalized Terms.  Capitalized terms that are not defined in this Amendment have the respective meanings set forth in the Credit Agreement.

SECTION  2.  Amendments to Credit Agreement.  The Credit Agreement is hereby amended as follows:

(a)           The definition of “Revolving Credit Period” in Section 1.1 is hereby amended and restated to read in its entirety as follows:

“Revolving Credit Period” means the period from and including the Closing Date to the earlier of (a) May 31, 2011 or (b) such earlier date as the Lender shall determine, in its sole and absolute discretion, upon at least five (5) Business Days’ prior written notice to the Borrower.

 

 

SECTION  3.  Effect on Credit Agreement. Except as otherwise expressly amended herein, the Credit Agreement shall remain in full force and effect.  All references in any document or agreement to the Credit Agreement shall refer to the Credit Agreement, as amended hereby.

SECTION 4.  Execution in Counterparts; Facsimile Signatures.  This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same document. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were the original thereof.

[Signature Page Follows]

 

  

  

  

 

IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as of the 14th day of April, 2011.

 

	 	

THE BORROWER:

SYNTHEMED, INC.

By: /s/ Barry Frankel

Barry Frankel, Chairman of Special Committee

THE LENDER:

PATHFINDER, LLC

By: /s/ Richard L. Franklin

Richard L. Franklin, President and Manager

 

 

 

   [Signature Page to Amendment No. 2 to Revolving Credit and Security Agreement]

 

 

  

2Unassociated Document

Exhibit 10.1.1

FIFTH AMENDMENT TO CREDIT AGREEMENT

 

THIS FIFTH AMENDMENT TO CREDIT AGREEMENT (this "Amendment"), with an effective date as of March 25, 2011, is entered into by and among the Lenders party hereto, WELLS FARGO CAPITAL FINANCE, LLC, formerly known as Wells Fargo Foothill, LLC, a Delaware limited liability company, as the agent for the Lenders (in such capacity, "Agent"), MDC PARTNERS INC., a Canadian corporation ("Parent"), MAXXCOM INC., a Delaware corporation ("Borrower"), and each of the Subsidiaries of Parent identified on the signature pages hereof (together with Parent and Borrower, the "Loan Parties").

 

WHEREAS, Parent, Borrower, the other Loan Parties, Agent, and Lenders are parties to that certain Credit Agreement dated as of October 23, 2009 (as amended, modified or supplemented from time to time, the "Credit Agreement");

 

WHEREAS, Borrower, Agent and the Lenders have agreed to amend and modify the Credit Agreement as provided herein, in each case subject to the terms and provisions hereof.

 

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

 

1.           Defined Terms.  Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to such terms in the Credit Agreement.

 

2.           Amendment to Credit Agreement.  Subject to the satisfaction of the conditions set forth in Section 4 below and in reliance upon the representations and warranties of the Loan Parties set forth in Section 5 below, Subsection (a) of Section 7 the Credit Agreement is hereby amended and restated in its entirety, as follows:

 

(a)          Minimum EBITDA.  Achieve EBITDA, measured on a quarter-end basis, of at least the required amount set forth in the following table for the applicable period set forth opposite thereto:

 

	
Applicable Amount

	 	
Applicable Period

	$	85,000,000	 	
For the 12 month period ending

March 31, 2011 and for the 12 month period

ending on the last day of each calendar quarter thereafter

; provided, that, concurrently with the closing of each Permitted Acquisition consummated after March 31, 2011, the EBITDA level set forth above shall be increased by an amount equal to 100% of Pro Forma EBITDA attributable to any Loan Party or any Subsidiary of Parent acquired in such Permitted Acquisition for the 12 months preceding the date of consummation of such Permitted Acquisition; provided further, that, in no event shall the EBITDA level for the purposes set forth in this subsection be increased to an amount in excess of $115,000,000.

 

  

  

  

 

3.           Ratification; Other Acknowledgments.  This Amendment, subject to satisfaction of the conditions provided below, shall constitute an amendment to the Credit Agreement and all of the Loan Documents as appropriate to express the agreements contained herein.  The Credit Agreement and the Loan Documents shall remain unchanged and in full force and effect in accordance with their original terms.

 

4.           Conditions to Effectiveness.  This Amendment shall become effective as of the date hereof and upon the satisfaction of the following conditions precedent:

 

(a)          Agent shall have received a fully executed copy of this Amendment; and

 

(b)          No Default or Event of Default shall have occurred and be continuing on the date hereof or as of the date of the effectiveness of this Amendment.

 

5.           Representations and Warranties.  In order to induce Agent and Lenders to enter into this Amendment, each Loan Party hereby represents and warrants to Agent and Lenders, after giving effect to this Amendment:

 

(a)          All representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct on and as of the date of this Amendment, in each case as if then made, other than representations and warranties that expressly relate solely to an earlier date (in which case such representations and warranties were true and correct on and as of such earlier date);

 

(b)          No Default or Event of Default has occurred and is continuing; and

 

(c)          the execution, delivery and performance of this Amendment has been duly authorized by all requisite corporate action on the part of such Loan Party.

 

6.           Miscellaneous.

 

(a)          Expenses.  Borrower agrees to pay on demand all costs and expenses of Agent (including the reasonable fees and expenses of outside counsel for Agent) in connection with the preparation, negotiation, execution, delivery and administration of this Amendment and all other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith.  All obligations provided herein shall survive any termination of this Amendment and the Credit Agreement as amended hereby.

 

(b)         Governing Law.  This Amendment shall be a contract made under and governed by the internal laws of the State of New York.

 

(c)          Counterparts.  This Amendment may be executed in any number of counterparts, and by the parties hereto on the same or separate counterparts, and each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment.

 

  

-2-

  

 

7.           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 is hereby acknowledged, each Loan Party, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent and Lenders, and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, each Lender and all such other Persons being hereinafter referred to collectively as the "Releasees" and individually as a "Releasee"), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, 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 name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which such Loan Party or any of its respective 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 day and date of this Amendment, including, without limitation, for or on account of, or in relation to, or in any way in connection with any of the Credit Agreement, or any of the other Loan Documents or transactions thereunder or related thereto.

 

(b)          Each Loan Party understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense 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)          Each Loan Party agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above.

 

[Signature Page Follows]

 

  

-3-

  

 

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

 

	
MDC PARTNERS INC., a federal company

	
organized under the laws of Canada

	  
	
By:

	 
/s/ Mitchell Gendel

	
Name: 

	
Mitchell Gendel

	
Title:

	
Authorized Signatory

	 	 
	
By:

	 
/s/ Michael Sabatino

	
Name:

	
Michael Sabatino

	
Title:

	
Authorized Signatory

	
MAXXCOM INC.,

	
a Delaware corporation

	  
	
By:

	 
/s/ Mitchell Gendel

	
Name: 

	
Mitchell Gendel

	
Title:

	
Authorized Signatory

	 	 
	
By:

	 
/s/ Michael Sabatino

	
Name:

	
Michael Sabatino

	
Title:

	
Authorized Signatory

 

Signature Page to Fifth Amendment to Credit Agreement

 

  

  

  

 

	
72ANDSUNNY PARTNERS, LLC,

	
a Delaware limited liability company

	 
	
ACCENT MARKETING SERVICES, L.L.C.,

	
a Delaware limited liability company

	 
	
ADRENALINA LLC,

	
a Delaware limited liability company

	 
	
ALLISON & PARTNERS LLC,

	
a Delaware limited liability company

	 
	
ATTENTION PARTNERS LLC,

	
a Delaware limited liability company

	 
	
ANOMALY PARTNERS LLC,

	
a Delaware limited liability company

	  
	
BRUCE MAU DESIGN (USA) LLC,

	
a Delaware limited liability company

	 
	
COLLE & MCVOY LLC,

	
a Delaware limited liability company

	 
	
COLLE & MCVOY, INC.,

	
a Minnesota corporation

	 
	
COMMUNIFX PARTNERS LLC,

	
a Delaware limited liability company

	 
	
COMPANY C COMMUNICATIONS, INC.,

	
a Delaware corporation

	 
	
COMPANY C COMMUNICATIONS LLC,

	
a Delaware limited liability company

	 
	
CRISPIN PORTER & BOGUSKY LLC,

	
a Delaware limited liability company

	 
	
DOTGLU LLC,

	
a Delaware limited liability company

	 
	
EXPECTING PRODUCTIONS, LLC,

	
a California limited liability company

	
By: Hudson and Sunset Media, LLC, its sole member

	 
	
GUARDIANT WARRANTY, LLC,

	
a Delaware limited liability company

 

Signature Page to Fifth Amendment to Credit Agreement

 

  

  

  

 

	
HELLO ACQUISITION INC.,

	
a Delaware corporation

	 
	
HELLO DESIGN, LLC,

	
a California limited liability company

	 
	
HL GROUP PARTNERS LLC,

	
a Delaware limited liability company

	 
	
HUDSON AND SUNSET MEDIA, LLC (formerly known as Shout Media LLC),

	
a California limited liability company

	 
	
HW ACQUISITION LLC,

	
a Delaware limited liability company

	 
	
INTEGRATED MEDIA SOLUTIONS PARTNERS LLC, a Delaware limited liability company

	 
	
KBP HOLDINGS LLC,

	
a Delaware limited liability company

	 
	
KBS+P ATLANTA LLC (formerly known as FLETCHER MARTIN LLC),

	
a Delaware limited liability company

	 
	
KIRSHENBAUM BOND SENECAL & PARTNERS LLC (formerly known as Kirshenbaum Bond & Partners LLC), a Delaware limited liability company

	 
	
KIRSHENBAUM BOND & PARTNERS WEST LLC, a Delaware limited liability company

	 
	
KWITTKEN PR LLC,

	
a Delaware limited liability company

	 
	
MARGEOTES FERTITTA POWELL LLC,

	
a Delaware limited liability company

	 
	
MAXXCOM (USA) FINANCE COMPANY,

	
a Delaware corporation

	 
	
MAXXCOM (USA) HOLDINGS INC.,

	
a Delaware corporation

	 
	
MDC ACQUISITION INC.,

	
a Delaware Corporation

 

Signature Page to Fifth Amendment to Credit Agreement

 

  

  

  

 

	
MDC CORPORATE (US) INC.,

	
a Delaware corporation

	 
	
MDC INNOVATION PARTNERS LLC

	
(d/b/a Spies & Assassins),

	
a Delaware limited liability company

	 
	
MDC TRAVEL, INC.,

	
a Delaware corporation

	 
	
MDC/CPB HOLDINGS INC.

	
(formerly known as CPB Acquisition Inc.),

	
a Delaware corporation

	 
	
MDC/KBP ACQUISITION INC.,

	
a Delaware corporation

	 
	
MF+P ACQUISITION CO.,

	
a Delaware corporation

	 
	
MONO ADVERTISING, LLC,

	
a Delaware limited liability company

	 
	
NEW TEAM LLC,

	
a Delaware limited liability company

	 
	
NORTHSTAR RESEARCH GP LLC,

	
a Delaware limited liability company

	 
	
NORTHSTAR RESEARCH HOLDINGS USA LP,

	
a Delaware limited partnership

	 
	
NORTHSTAR RESEARCH PARTNERS (USA) LLC, a Delaware limited liability company

	 
	
OUTERACTIVE, LLC,

	
a Delaware limited liability company

	 
	
PULSE MARKETING, LLC,

	
a Delaware limited liability company

	 
	
REDSCOUT LLC,

	
a Delaware limited liability company

	 
	
RELEVENT PARTNERS LLC,

	
a Delaware limited liability company

	 
	
SKINNY NYC LLC,

	
a Delaware limited liability company

 

Signature Page to Fifth Amendment to Credit Agreement

 

  

  

  

 

	
SLOANE & COMPANY LLC,

	
a Delaware limited liability company

	 
	
SOURCE MARKETING LLC,

	
a New York limited liability company

	 
	
TARGETCOM LLC,

	
a Delaware limited liability company

	 
	
TC ACQUISITION INC.,

	
a Delaware corporation

	 
	
THE ARSENAL LLC

	
(formerly known as Team Holdings LLC),

	
a Delaware limited liability company

	 
	
TRACK 21 LLC,

	
a Delaware limited liability company

	 
	
TRAFFIC GENERATORS, LLC,

	
a Georgia limited liability company

	 
	
VARICK MEDIA MANAGEMENT LLC,

	
a Delaware limited liability company

	 
	
VITROROBERTSON LLC,

	
a Delaware limited liability company

	 
	
YAMAMOTO MOSS MACKENZIE, INC.,

	
a Delaware corporation

	 
	
ZG ACQUISITION INC.,

	
a Delaware corporation

	 
	
ZIG (USA) LLC,

	
a Delaware limited liability company

	 
	
ZYMAN GROUP, LLC,

	
a Delaware limited liability company

 

	
By:

	 
/s/ Mitchell Gendel

	
Name: 

	
Mitchell Gendel

	
Title:

	
Authorized Signatory

	  	  
	
By:

	 
/s/ Michael Sabatino

	
Name:

	
Michael Sabatino

	
Title:

	
Authorized Signatory

Signature Page to Fifth Amendment to Credit Agreement

 

  

  

  

	
ASHTON POTTER CANADA INC.,

	
an Ontario corporation

	  
	
HENDERSON BAS, an Ontario general partnership, by the members of its management committee

	  
	
COMPUTER COMPOSITION OF CANADA INC.,

	
an Ontario corporation

	  
	
BRUCE MAU DESIGN INC.,

	
an Ontario corporation

	  
	
BRUCE MAU HOLDINGS LTD.,

	
an Ontario corporation

	  
	
KBS+P CANADA INC. (formerly known as Allard Johnson Communications Inc.),

	
an Ontario corporation

	  
	
TREE CITY INC.,

	
an Ontario corporation

	  
	
VERITAS COMMUNICATIONS INC.,

	
an Ontario corporation

	  
	
656712 ONTARIO LIMITED,

	
an Ontario corporation

	  
	
NORTHSTAR RESEARCH HOLDINGS CANADA INC., an Ontario corporation

	  
	
NORTHSTAR RESEARCH PARTNERS INC.,

	
an Ontario corporation

	  
	
X CONNECTIONS INC., an Ontario corporation

	  
	
STUDIO PICA INC., a federal company organized under the laws of Canada

	  
	
CRISPIN PORTER + BOGUSKY CANADA INC. (formerly known as Zig Inc.), an Ontario corporation

	  
	
6 DEGREES INTEGRATED COMMUNICATIONS INC. (formerly known as Accumark Communications Inc.), an Ontario corporation

 

Signature Page to Fifth Amendment to Credit Agreement

 

  

  

  

	
MAXXCOM (NOVA SCOTIA) CORP.,

	
a Nova Scotia corporation

	  
	
BRYAN MILLS IRADESSO CORP.,

	
an Ontario corporation

	  
	
KENNA COMMUNICATIONS LP,

	
an Ontario limited partnership

	
By: Kenna Communications GP Inc.

	
   Its general partner

	  
	
CAPITAL C PARTNERS LP,

	
an Ontario limited partnership

	
By: Capital C Partners GP Inc.

	
   Its general partner

	  
	
KENNA COMMUNICATIONS GP INC.,

	
an Ontario corporation

	  
	
CAPITAL C PARTNERS GP INC.,

	
an Ontario corporation

 

	
By:

	 
/s/ Mitchell Gendel

	
Name: 

	
Mitchell Gendel

	
Title:

	
Authorized Signatory

	  	  
	
By:

	 
/s/ Michael Sabatino

	
Name:

	
Michael Sabatino

	
Title:

	
Authorized Signatory

 

Signature Page to Fifth Amendment to Credit Agreement

 

  

  

  

	
CRISPIN PORTER & BOGUSKY EUROPE AB

	  
	
By:

	 
/s/ Mitchell Gendel

	
Name: 

	
Mitchell Gendel

	
Title:

	
Authorized Signatory

	  	  
	
By:

	 
/s/ Michael Sabatino

	
Name:

	
Michael Sabatino

	
Title:

	
Authorized Signatory

 

Signature Page to Fifth Amendment to Credit Agreement

 

  

  

  

	
WELLS FARGO CAPITAL FINANCE, LLC, formerly known as Wells Fargo Foothill, LLC, as Agent and as a Lender

	  
	
By:

	/s/ Paul G. Chao
	
Name: 

	Paul G. Chao
	
Title:

	SVP

	
JPMORGAN CHASE BANK, N.A., as a Lender

	  
	
By:

	/s/ Michelle Cipriani
	
Name: 

	Michelle Cipriani
	
Title:

	Vice President

	
BANK OF MONTREAL, as a Lender

	  
	
By:

	/s/ Naghmeh Hashemifard
	
Name: 

	Naghmeh Hashemifard
	
Title:

	Director

Signature Page to Fifth Amendment to Credit Agreement

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