Document:

Credit Agreement

 Exhibit 10.8 
  
 AMENDMENT NO. 6 
  
 to 
  
 CREDIT AGREEMENT 
  
 THIS AMENDMENT NO. 6 TO THE CREDIT AGREEMENT (this “Amendment”) is made as of February 8, 2006 by and among NATIONAL WINE & SPIRITS, INC. (the “Borrower”), the financial institutions listed on
the signature pages hereof and LASALLE BANK NATIONAL ASSOCIATION, in its capacity as contractual representative (the “Agent”) under that certain Credit Agreement dated as of March 31, 2003 by and among the Borrower, the
financial institutions party from time to time parties thereto (the “Banks”) and the Agent (as amended as of June 30, 2003, March 31, 2004, June 30, 2004, September 28, 2005 and October 25,
2005, and as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Defined terms used herein and not otherwise defined herein shall have the meaning given to them
in the Credit Agreement. 
  
 WITNESSETH 
  
 WHEREAS, the Borrower, the Banks and the Agent are parties to the Credit
Agreement; and 
  
 WHEREAS, the Borrower, the Agent and the
requisite number of Banks under Section 8.1 of the Credit Agreement have agreed to amend the Credit Agreement on the terms and conditions set forth herein; 
  
 NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed to the following amendment to the Credit Agreement: 
  
 1. Amendment to the Credit Agreement. Effective as of December 30, 2005 (the “Effective Date”) and
subject to the satisfaction of the conditions precedent set forth in Section 3 below, the Credit Agreement is hereby amended as follows: 
  

	 	1.1.	LaSalle Bank National Association’s Commitment under the Credit Agreement, its Percentage of the Aggregate Commitment and the reference to the Aggregate Commitment as set forth
on its signature page thereto is amended in its entirety as follows: 

  

			
	Commitment Amount:	  	For the period commencing on December 30, 2005 through and including March 31, 2006, $43,750,000; and thereafter, $37,500,000
		
	Percentage of Aggregate Commitment:	  	62.500000000%

			
	Aggregate Commitment:	  	For the period commencing on December 30, 2005 through and including March 31, 2006, $70,000,000; and thereafter, $60,000,000

  

	 	1.2.	National City Bank of Indiana’s Commitment under the Credit Agreement, its Percentage of the Aggregate Commitment and the reference to the Aggregate Commitment as set forth on
its signature page thereto is amended in its entirety as follows: 

  

			
	Commitment Amount:	  	For the period commencing on December 30, 2005 through and including March 31, 2006, $26,250,000; and thereafter, $22,500,000
		
	Percentage of Aggregate Commitment:	  	37.500000000%
		
	Aggregate Commitment:	  	For the period commencing on December 30, 2005 through and including March 31, 2006, $70,000,000; and thereafter, $60,000,000

  

	 	1.3	Section 5.2(C) of the Credit Agreement is hereby amended by deleting the amount “$5,000,000” now appearing therein and substituting the amount
“$10,000,000” therefor. 

  
 2.
Consent. At the request of the Borrower, effective as of the Effective Date and subject to the satisfaction of the conditions precedent set forth in Section 3 below, the Agent and the Banks hereby consent, pursuant to
Section 8.1 of the Credit Agreement, to permit, notwithstanding and as an additional exception to the limitations set forth in Section 5.2(C) of the Credit Agreement, the Borrower and/or certain of its Subsidiaries to acquire
(the “Subject Acquisition”) all of the capital stock of L & L Wine and Liquor Corporation, a Michigan corporation (“Target”); provided that (a) the Subject Acquisition shall be for a purchase price
(including, without limitation or duplication, cash, Restricted Payments and Indebtedness assumed) not to exceed $18,000,000, (b) the Subject Acquisition shall be consummated on or before September 1, 2006 pursuant to that certain Stock
Purchase Agreement dated as of September 1, 2005 (the “Stock Purchase Agreement”), by and between the Borrower, as purchaser, and Stephen H. Lewis and Milford T. Lewis, individually and as trustee of the Milford T. Lewis
Revocable Living Trust Agreement, dated November 29, 1998, as sellers, as in effect as of the Effective Date and as such Stock Purchase Agreement shall have been amended or modified, or any material condition therein waived, with the prior
written consent of the Administrative Agent and the Required Banks, (c) the aggregate purchase price and other acquisition costs of fixed assets and other capital expenditures made by the Company or any of its Restricted Subsidiaries during the
2006 fiscal year shall not exceed $5,000,000, calculated exclusive of the purchase price (including, without limitation or duplication, cash, Restricted Payments and Indebtedness assumed) of the Subject Acquisition, (d) the Borrower and its
Subsidiaries shall otherwise satisfy the requirements described in Sections 5.1(G) and 5.2(F) of the Credit Agreement with respect to the Subject Acquisition, and (e) after giving effect to the Subject Acquisition, no Default or
Event of Default shall exist. The consent set forth in this Section 2 shall supersede any prior consent with respect to the Subject Acquisition. 

 3. Conditions of Effectiveness. The effectiveness of this Amendment is subject to the conditions
precedent that the Agent shall have received the following: 
  

	 	(a)	duly executed copies of this Amendment from each of the Borrower, the requisite number of Banks under Section 8.1 of the Credit Agreement and the Agent;

  

	 	(b)	duly executed copies of a Reaffirmation in the form of Exhibit A attached hereto; 

  

	 	(c)	replacement Notes in substantially the form of Exhibit C to the Credit Agreement in favor of (i) LaSalle Bank National Association in the aggregate principal amount of
$43,750,000 and (ii) National City Bank of Indiana in the aggregate principal amount of $26,250,000; 

  

	 	(d)	such documents and certificates as the Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of
this Amendment and any other legal matters relating to the Borrower, this Amendment or the other Loan Documents, all in form and substance reasonably satisfactory to the Agent and its counsel; 

  

	 	(e)	a favorable written opinion letter (addressed to the Agent and the Banks and dated as of the date of this Amendment) from outside counsel for the Borrower, in form and substance
reasonably satisfactory to the Agent and covering such matters relating to this Amendment and the other Loan Documents as the Agent shall reasonably request; and 

  

	 	(f)	such other documents, instruments and agreements as the Agent shall reasonably request. 

  
 4. Representations and Warranties of the Borrower. The Borrower hereby represents and warrants as follows:

  

	 	4.1.	This Amendment and the Credit Agreement as previously executed and as amended hereby, constitute legal, valid and binding obligations of the Borrower and are enforceable against the
Borrower in accordance with their terms. 

  

	 	4.2.	Upon the effectiveness of this Amendment and after giving effect hereto, (i) the Borrower hereby reaffirms all covenants, representations and warranties made in the Credit
Agreement as amended hereby, and agrees that all such covenants, representations and warranties shall be deemed to have been remade as of the effective date of this Amendment (unless the applicable representation and warranty is specifically made as
of an earlier date pursuant to the terms of the Credit Agreement) and (ii) no Default or Event of Default has occurred and is continuing. 

  
 5. Reference to the Effect on the Credit Agreement. 
  

	 	5.1.	Upon the effectiveness of Section 1 hereof, on and after the date hereof, each reference in the Credit Agreement or in any other Loan Document (including any reference
therein to “this Credit Agreement,” “hereunder,” “hereof,” “herein” or words of like import referring thereto) shall mean and be a reference to the Credit Agreement as amended by Section 1.

	 	5.2.	Upon the effectiveness of Section 2 hereof, on and after the date hereof, each reference in the Credit Agreement or in any other Loan Document (including any reference
therein to “this Credit Agreement,” “hereunder,” “hereof,” “herein” or words of like import referring thereto) shall mean and be a reference to the Credit Agreement as further modified by
Section 2. 

  

	 	5.3.	Except as specifically modified above, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in
full force and effect, and are hereby ratified and confirmed. 

  

	 	5.4.	The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or the Banks, nor constitute a waiver of any
provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith. 

  
 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (INCLUDING 735 ILCS 105/5-1 ET SEQ., BUT
OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS) OF THE STATE OF ILLINOIS. 
  
 7. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 
  
 8. Counterparts. This Amendment may be executed by one or more of the
parties to the Amendment on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
  
 [REMAINDER OF PAGE INTENTIONALLY BLANK] 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

  

			
	NATIONAL WINE & SPIRITS, INC., as Borrower
		
	By:	 	 /s/ Patrick A. Trefun

	Name:	 	Patrick A. Trefun
	Title:	 	Treasurer
	
	LASALLE BANK NATIONAL ASSOCIATION, as Agent and as a Bank
		
	By:	 	 /s/ Chris O’Hara

	Name:	 	Chris O’Hara
	Title:	 	Senior Vice President
	
	NATIONAL CITY BANK OF INDIANA, as a Bank
		
	By:	 	 /s/ David G. McNeely

	Name:	 	David G. McNeely
	Title:	 	Vice President

 REAFFIRMATION 
  
 Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 6 to the Credit Agreement dated as of March 31,
2003 by and among National Wine & Spirits, Inc. (the “Borrower”), the financial institutions from time to time party thereto (the “Banks”) and LaSalle Bank National Association, in its individual capacity as a Bank and
in its capacity as contractual representative (the “Agent”) (as amended as of June 30, 2003, March 31, 2004, June 30, 2004, September 28, 2005 and October 25, 2005, and as the same may be further
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), which Amendment No. 6 is dated as of February 8, 2006 (the “Amendment”). Capitalized terms used in this Reaffirmation and
not defined herein shall have the meanings given to them in the Credit Agreement. Without in any way establishing a course of dealing by the Agent or any Bank, each of the undersigned reaffirms the terms and conditions of the Guaranty, the Pledge
Agreement, Security Agreement and any other Loan Document executed by it and acknowledges and agrees that such agreement and each and every such Loan Document executed by the undersigned in connection with the Credit Agreement remains in full force
and effect and is hereby reaffirmed, ratified and confirmed. All references to the Credit Agreement contained in the above-referenced documents shall be a reference to the Credit Agreement as so modified by the Amendment and as the same may from
time to time hereafter be amended, modified or restated. 
  
 Dated as of February 8, 2006 
  

			
	NATIONAL WINE & SPIRITS CORPORATION
	NWS, INC.
	NWS-ILLINOIS, LLC
	NWS MICHIGAN, INC.
	UNITED STATES BEVERAGE, L.L.C.
	NATIONAL WINE & SPIRITS, LLC
		
	By:	 	 /s/ John J. Baker

	Its:	 	SecretarySummary of Certain Director and Executive Compensation

 Exhibit 10.48 
  
  
 Description of ITT Educational Services,
Inc.’s Compensation of Directors, 2005 Executive Bonus 
 Parameters, Payment of 2004 Bonus Compensation and 2005 Executive
Salaries and Perquisites 
  
 Compensation
of Directors 
  
 On January 25, 2005, the Company’s
Board of Directors approved the following compensation for non-employee directors, effective April 1, 2005: 
  

	 	•	 	an annual retainer of $40,000; 

  

	 	•	 	a meeting fee of $1,500 for each meeting of the Board of Directors attended; 

  

	 	•	 	a meeting fee of $2,000 for each meeting of a standing committee of the Board of Directors attended by the chairperson of the committee; and 

  

	 	•	 	a meeting fee of $1,500 for each meeting of a standing committee of the Board of Directors attended by a member of the committee, other than the chairperson.

  
 The Company’s Board of Directors also reaffirmed the
following additional compensation for non-employee directors who are members of the Special Committee of the Board of Directors: 
  

	 	•	 	an annual retainer of $15,000 for the chairperson of the Special Committee; 

  

	 	•	 	an annual retainer of $10,000 for a member of the Special Committee, other than the chairperson; and 

  

	 	•	 	a meeting fee of $500 for each meeting of the Special Committee of the Board of Directors attended by a member of the committee. 

  
 The Company also reimburses non-employee directors for reasonable out-of-pocket travel
expenses incurred in connection with serving on the Company’s Board of Directors. 
  
 2005 Executive Bonus Parameters 
  
 On January 25, 2005, the Compensation Committee of the Company’s Board of Directors approved the 2005 Executive Bonus Parameters (the
“Bonus Parameters”) for participation by the Company’s Chief Executive Officer, and the Company’s Board of Directors approved the same Bonus Parameters for participation by the other executive officers of the Company, as well as
other vice presidents and key employees. Bonuses payable to individual participants are based upon a formula that takes into account the Company’s ability to achieve specified targets in 2005 in each of four performance categories, each
weighted equally: 
  

	 	•	 	earnings per share (excluding workers’ compensation expense and special legal and other investigation costs and any settlements or fines paid in the U.S. Department of Justice
(“DOJ”) or Office of Attorney General for the State of California investigations, the Securities and Exchange commission inquiry and the securities class action and shareholder derivative lawsuits arising from the DOJ investigation);

  

	 	•	 	new student enrollment; 

  

	 	•	 	total student enrollment; and 

  

	 	•	 	graduate employment rate. 

  
 The Bonus Parameters establish for each participant a standard bonus target percentage of 2005 annual base salary, ranging from 10% to 100%, and a maximum
bonus percentage ranging from 20% to 200%, with the percentage depending on the participant’s position within the Company. An individual participant’s bonus may be more or less than the participant’s potential award as calculated
under the formula, depending upon the individual participant’s 
  

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 personal performance and contribution toward achieving the specified targets in the four performance categories. The
total amount available for the payment of bonuses is capped at an amount equal to the cumulative sum of the products of each participant’s bonus percentage multiplied by each participant’s 2005 annual base salary. 
  
 Bonuses will be paid in cash. Bonuses payable under the Bonus Parameters are
determined by the Compensation Committee, upon the recommendation of the Chief Executive Officer, except for the Chief Executive Officer’s bonus, which is determined by the Compensation Committee without a recommendation from the Chief
Executive Officer. 
  
 Payment of 2004 Bonus
Compensation 
  
 On January 25, 2005, the Compensation
Committee approved the payment of cash bonus awards for 2004 in the following amounts to the Company’s named executive officers: 
  

				
	 Name and Principal Position

	  	Bonus

	 Rene R. Champagne
 Chairman and Chief Executive
Officer
	  	$	775,000
		
	 Kevin M. Modany
 Senior Vice President and Chief
Financial Officer
	  	$	198,000
		
	 Clark D. Elwood
 Senior Vice President, General
Counsel and Secretary
	  	$	178,000
		
	 Martin A. Grossman
 Senior Vice President, Director of
Marketing and Investor Relations
	  	$	153,059
		
	 Eugene W. Feichtner
 Senior Vice President, Operations
	  	$	146,852

  
 2005 Executive Salaries and Perquisites 
  
 On
January 25, 2005, the Compensation Committee also approved an increase, effective April 1, 2005, in the annual base salary level of the Company’s Chief Executive Officer, and the Board of Directors approved an increase, effective
April 1, 2005, in the annual base salary level of the Company’s other named executive officers, to the following amounts: 
  

				
	 Name and Principal Position

	  	Salary

	 Rene R. Champagne
 Chairman and Chief Executive
Officer
	  	$	530,000
		
	 Kevin M. Modany
 Senior Vice President and Chief
Financial Officer
	  	$	256,000
		
	 Clark D. Elwood
 Senior Vice President, General
Counsel and Secretary
	  	$	230,000

  

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	 Martin A. Grossman
 Senior Vice President, Director of
Marketing and Investor Relations
	  	$	196,000
		
	 Eugene W. Feichtner
 Senior Vice President, Operations
	  	$	190,000

  
 On January 25,
2005, the Compensation Committee also approved the following executive perquisites for 2005 for the Company’s Chief Executive Officer, and the Board of Directors approved the following executive perquisites for 2005 for the Company’s other
named executive officers: 
  

	 	•	 	for the Chief Executive Officer, the use of a leased car; 

  

	 	•	 	for the Chief Executive Officer and each Senior Vice President: 

  

	 	•	 	an allowance to be used for tax return preparation and financial planning; and 

  

	 	•	 	tickets to sporting, theater and other events. 

  
 The aggregate incremental cost to the Company from all of the perquisites described above is not expected to exceed $45,000. 
  

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