Document:

imci_106.htm

Exhibit 10.6

 

 

FIRST AMENDMENT TO THE AGREEMENT

 

This First Amendment to the Agreement (“Amendment”) is effective as of March 13, 2015 (“Effective Date”), by and between Infinite Group, Inc. (“IGI”) and the Pension Benefit Guaranty Corporation (“PBGC”), a United States government corporation.

WITNESSETH

WHEREAS, PBGC is a wholly-owned United States government corporation and an agency of the United States that administers the pension plan insurance program established under Title IV of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), 29 U.S.C. § 1301 et seq.; and

WHEREAS, IGI is a Delaware corporation with its headquarters at 80 Office Park Way, Pittsford, NY; and

WHEREAS, the O&W Retirement Plan (“Plan”) was a pension plan covered by the pension plan termination insurance program under Title IV that covers former employees of Osley & Whitney, Inc. (“O&W”), which was a wholly-owned subsidiary of IGI at all material times, and

WHEREAS, PBGC asserted and IGI denied, that IGI was the Plan’s contributing sponsor after December 31, 2002 and that IGI was liable to PBGC under 29 U.S.C. §§ 1301-1461 in connection with the termination (“Title IV Liabilities”) of the Plan and any other Plan-related liabilities to PBGC or the Plan (collectively with the Title IV Liabilities, the “Pension Liabilities”); and

WHEREAS, IGI and PBGC resolved all issues related to the termination of the O&W Retirement Plan, IGI’s liabilities to PBGC under 29 U.S.C. §§ 1301-1461 in connection with such termination (“Title IV Liabilities”) and any other Plan-related liabilities to PBGC or the Plan (collectively with the Title IV Liabilities, the “Pension Liabilities”), excluding any liability for breach of fiduciary duty to the Plan by executing a settlement agreement, effective September 1, 2011, a copy of which is attached hereto as Exhibit A (the “Agreement”).

WHEREAS, by agreement effective November 1, 2011, the Plan was terminated pursuant to 29 U.S.C. § 1342(c), November 30, 2011 was established as the Plan termination date under 29 U.S.C. § 1348(a), and PBGC was appointed statutory trustee, pursuant to 29 U.S.C. § 1342(c).

WHEREAS, pursuant to Section 3.2 of the Agreement, IGI delivered to PBGC a signed promissory note dated October 17, 2011 (the “Promissory Note”) and an amortization schedule (the “Amortization Schedule”) for quarterly payments of principal and interest payable in the specified payment amounts set forth in the Amortization Schedule.

 

  

  

  

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, IGI and PBGC agree as follows:

	
1.  

	
Section 3 of the Agreement is amended and restated in its entirety to add Section 3.5 as follows:

	
a.  

	
IGI and PBGC agree that the revised schedule (the “Revised Schedule”) set forth on page 1 of Exhibit A hereto, is substituted for the Amortization Schedule for payments of principal and interest payable under the Promissory Note beginning on the Effective Date;

	
b.  

	
Exhibit A is hereby restated and incorporated by reference in this First Amendment to the Agreement; and,

	
c.  

	
Beginning on the Effective Date, IGI and PBGC agree that the Amortization Schedule on page 3 of Exhibit B to this First Amended Agreement is of no further force and effect for future quarterly payments of principal and interest payable under the Promissory Note in the specified payment amounts.

	
2.  

	
Except as expressly amended and restated above, the Agreement is ratified and affirmed in all respects.

	
3.  

	
This Amendment may be executed in one or more counterparts and by different parties on separate counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

 

	
4.  

	
Each undersigned representative of a party represents and warrants that he or she is fully authorized to enter into this Amendment on such party’s behalf and to legally bind such party to all of its terms and conditions.

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the Date first written above:

INFINITE GROUP, INC.                 PENSION BENEFIT GUARANTY COPRPORATION

 

 

By:   /s/ James Villa                              By:  /s/John F. Greenberg

         James Villa, President                          John F. Greenberg

                                                                         Director, Corporate Investments Department

 

  

  

  

 

	
Infinite Group, Inc. Note Payable to PBGC

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	
Revised Schedule

	 
	  	 	 	 	 	
Year

	 	 	
Beginning

	 	 	
Interest

	 	 	 	 	 	
---Total Payment---

	 	 	
Ending

	 
	
Year

	 	
Quarter

	 	 	
No

	 	 	
Balance

	 	 	 6.00%	 	 	
Principal

	 	 	
Quarter

	 	 	
Year

	 	 	
Balance

	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
2011

	 	 	4	 	 	 	1	 	 	$	300,000	 	 	 	4,500	 	 	 	3,000	 	 	 	7,500	 	 	 	 	 	 	297,000	 
	
2012

	 	 	1	 	 	 	 	 	 	 	297,000	 	 	 	4,455	 	 	 	3,000	 	 	 	7,455	 	 	 	 	 	 	294,000	 
	  	 	 	2	 	 	 	 	 	 	 	294,000	 	 	 	4,410	 	 	 	3,000	 	 	 	7,410	 	 	 	 	 	 	291,000	 
	  	 	 	3	 	 	 	 	 	 	 	291,000	 	 	 	4,365	 	 	 	3,000	 	 	 	7,365	 	 	 	29,730	 	 	 	288,000	 
	  	 	 	4	 	 	 	2	 	 	 	288,000	 	 	 	4,320	 	 	 	3,000	 	 	 	7,320	 	 	 	 	 	 	 	285,000	 
	
2013

	 	 	1	 	 	 	 	 	 	 	285,000	 	 	 	4,275	 	 	 	3,000	 	 	 	7,275	 	 	 	 	 	 	 	282,000	 
	  	 	 	2	 	 	 	 	 	 	 	282,000	 	 	 	4,230	 	 	 	3,000	 	 	 	7,230	 	 	 	 	 	 	 	279,000	 
	  	 	 	3	 	 	 	 	 	 	 	279,000	 	 	 	4,185	 	 	 	3,000	 	 	 	7,185	 	 	 	29,010	 	 	 	276,000	 
	  	 	 	4	 	 	 	3	 	 	 	276,000	 	 	 	4,140	 	 	 	3,000	 	 	 	7,140	 	 	 	 	 	 	 	273,000	 
	
2014

	 	 	1	 	 	 	 	 	 	 	273,000	 	 	 	4,095	 	 	 	3,000	 	 	 	7,095	 	 	 	 	 	 	 	270,000	 
	  	 	 	2	 	 	 	 	 	 	 	270,000	 	 	 	4,050	 	 	 	3,000	 	 	 	7,050	 	 	 	 	 	 	 	267,000	 
	  	 	 	3	 	 	 	 	 	 	 	267,000	 	 	 	4,005	 	 	 	3,000	 	 	 	7,005	 	 	 	28,290	 	 	 	264,000	 
	  	 	 	4	 	 	 	4	 	 	 	264,000	 	 	 	3,960	 	 	 	3,000	 	 	 	6,960	 	 	 	 	 	 	 	261,000	 
	
2015

	 	 	1	 	 	 	 	 	 	 	261,000	 	 	 	3,915	 	 	 	3,000	 	 	 	6,915	 	 	 	 	 	 	 	258,000	 
	  	 	 	2	 	 	 	 	 	 	 	258,000	 	 	 	3,870	 	 	 	3,000	 	 	 	6,870	 	 	 	 	 	 	 	255,000	 
	  	 	 	3	 	 	 	 	 	 	 	255,000	 	 	 	3,825	 	 	 	3,000	 	 	 	6,825	 	 	 	27,570	 	 	 	252,000	 
	  	 	 	4	 	 	 	5	 	 	 	252,000	 	 	 	3,780	 	 	 	3,000	 	 	 	6,780	 	 	 	 	 	 	 	249,000	 
	
2016

	 	 	1	 	 	 	 	 	 	 	249,000	 	 	 	3,735	 	 	 	3,000	 	 	 	6,735	 	 	 	 	 	 	 	246,000	 
	  	 	 	2	 	 	 	 	 	 	 	246,000	 	 	 	3,690	 	 	 	3,000	 	 	 	6,690	 	 	 	 	 	 	 	243,000	 
	  	 	 	3	 	 	 	 	 	 	 	243,000	 	 	 	3,645	 	 	 	3,000	 	 	 	6,645	 	 	 	26,850	 	 	 	240,000	 
	  	 	 	4	 	 	 	6	 	 	 	240,000	 	 	 	3,600	 	 	 	3,000	 	 	 	6,600	 	 	 	 	 	 	 	237,000	 
	
2017

	 	 	1	 	 	 	 	 	 	 	237,000	 	 	 	3,555	 	 	 	3,000	 	 	 	6,555	 	 	 	 	 	 	 	234,000	 
	  	 	 	2	 	 	 	 	 	 	 	234,000	 	 	 	3,510	 	 	 	3,000	 	 	 	6,510	 	 	 	 	 	 	 	231,000	 
	  	 	 	3	 	 	 	 	 	 	 	231,000	 	 	 	3,465	 	 	 	3,000	 	 	 	6,465	 	 	 	26,130	 	 	 	228,000	 
	  	 	 	4	 	 	 	7	 	 	 	228,000	 	 	 	3,420	 	 	 	3,000	 	 	 	6,420	 	 	 	 	 	 	 	225,000	 
	
2018

	 	 	1	 	 	 	 	 	 	 	225,000	 	 	 	3,375	 	 	 	3,000	 	 	 	6,375	 	 	 	 	 	 	 	222,000	 
	  	 	 	2	 	 	 	 	 	 	 	222,000	 	 	 	3,330	 	 	 	3,000	 	 	 	6,330	 	 	 	 	 	 	 	219,000	 
	  	 	 	3	 	 	 	 	 	 	 	219,000	 	 	 	3,285	 	 	 	219,000	 	 	 	222,285	 	 	 	241,410	 	 	 	0	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	$	108,990	 	 	 	300,000	 	 	 	408,990	 	 	 	408,990EX-4.1

 Exhibit 4.1 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

AMENDMENT NO. 1 dated as of May 14, 2015 (this “Amendment”) to the Amended and Restated Five-Year Credit Agreement dated as
of July 23, 2014 (the “Credit Agreement”) among The Dun & Bradstreet Corporation (the “Company”), the Borrowing Subsidiaries referred to therein, the Lenders party thereto (the
“Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), The Bank of Tokyo-Mitsubishi UFJ, Ltd. And RBS Citizens, N.A., as Co-Syndication Agents, and Bank of America, N.A.,
Barclays Bank PLC and HSBC Bank USA, N.A., as Co-Documentation Agents. 
 The parties hereto agree as follows: 

Section 1. Defined Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined in the
Credit Agreement has the meaning assigned to such term in the Credit Agreement. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this
Agreement” and each other similar reference contained in the Credit Agreement shall, after this Amendment becomes effective, include this Amendment and refer to the Credit Agreement as amended hereby. 

Section 2. Amendments to the Credit Agreement. Section 6.06 of the Credit Agreement is amended and restated in its
entirety to read in full as follows: 
 Section 6.06. Total Debt to EBITDA Ratio. The Total Debt to EBITDA
Ratio will not exceed at the end of any fiscal quarter of the Company, for any such fiscal quarter that ends (i) before December 31, 2016, 4.5 to 1.0 and (ii) on or after December 31, 2016, 4.0 to 1.0. 

Section 3. Representations of the Company. The Company represents and warrants that (i) the representations and warranties of
the Company set forth in Section 3.01, 3.02 and 3.03 (with each reference in such Sections to “Transaction” to include the transactions contemplated hereby, and to “this Agreement” to be deemed a reference to this Agreement
and the Credit Agreement as amended hereby) of the Credit Agreement shall be true in all material respects on and as of the Amendment Effective Date, except to the extent they expressly relate to an earlier date in which case they shall be true in
all material respects as of such earlier date and (ii) no Default or Event of Default shall have occurred and be continuing on the Amendment Effective Date. 

Section 4. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

 Section 5. Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed signature page hereto by facsimile or electronic transmission (e.g., “pdf” or “tif”) shall be as effective as delivery
of a manually executed counterpart hereof. 

 Section 6. Conditions to Effectiveness. This Amendment shall become effective
upon receipt by the Administrative Agent of counterparts of this Amendment signed by each of the Borrower and Lenders comprising the Required Lenders (such date, the “Amendment Effective Date”). 

Section 7. Ratification. Except to the extent hereby amended, the Credit Agreement remains in full force and effect and is
hereby ratified and affirmed. 
 [Signature Pages Follow] 

  

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

			
	THE DUN & BRADSTREET CORPORATION
		
	By:		 /s/ Richard H. Veldran

			Name:  Richard H. Veldran
			Title:    Chief Financial Officer
		
	By:		 /s/ Kathleen M. Guinnessey

			Name:  Kathleen M. Guinnessey
			Title:    Treasurer and Investor Relations Officer

 [Signature Page to Amendment No. 1] 

 
			
	 JPMORGAN CHASE BANK, N.A.,

  as Administrative Agent and as a Lender

		
	 By:
		 /s/ Helene P. Sprung

			 Name: Helene P. Sprung

			 Title: Senior Vice President

 [Signature Page to Amendment No. 1] 

 

  

 
			
	HSBC BANK USA, N.A
		
	By:		 /s/ Randolph E. Cates

			Name: Randolph E. Cates
			Title:   SVP

 [Signature Page to Amendment No. 1] 

			
	CITIZENS BANK, N.A.
		
	By:		 /s/ Barrett D. Bencivenga

			Name: Barrett D. Bencivenga
			Title:   Senior Vice President

 [Signature Page to Amendment No. 1] 

			
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
		
	By:		 /s/ Frank Brown

			Name: Frank Brown
			Title:   Managing Director
	
	[for Lenders requiring two signature blocks]
		
	By:		  

			Name:
			Title:

 [Signature Page to Amendment No. 1] 

			
	Bank of America, N.A.
		
	By:		 /s/ Stacey Hamilton Sandler

			Name: Stacey Hamilton Sandler
			Title:   SVP
	
	[for Lenders requiring two signature blocks]
		
	By:		  

			Name:
			Title:

 [Signature Page to Amendment No. 1] 

			
	Barclays Bank Plc.
		
	By:		 /s/ Amir Barash

			Name: Amir Barash
			 Title:   Director

            Executed in New York

 [Signature Page to Amendment No. 1] 

			
	The Northern Trust Company
		
	By:		 /s/ Andrew Holtz

			Name: Andrew Holtz
			Title:   Senior Vice President

 [Signature Page to Amendment No. 1] 

			
	Citibank, N.A.
		
	By:		 /s/ Brian Rolli

			Name: Brian Rolli
			Title:   Vice President

 [Signature Page to Amendment No. 1] 

			
	 The Bank of New York Mellon, as a Lender

		
	By:		 /s/ David B. Wirl

			Name: David B. Wirl
			 Title:   Managing Director

 [Signature Page to Amendment No. 1] 

			
	TD Bank, N.A.
		
	By:		 /s/ Shreya Shah

			Name: Shreya Shah
			Title:   Senior Vice President

 [Signature Page to Amendment No. 1] 

			
	 Bank of Montreal

		
	By:		 /s/ Anna Smith

			 Name: Anna Smith

			Title:   Vice President
	
	[for Lenders requiring two signature blocks]
		
	By:		  

			Name:
			Title:

 [Signature Page to Amendment No. 1] 

			
	 Wells Fargo Bank, N.A.

		
	By:		 /s/ Beth Rue

			Beth Rue
			 Director

 [Signature Page to Amendment No. 1] 

			
	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED, as a Lender
		
	By:		 /s/ Robert Grillo

			Name: Robert Grillo
			Title:   Director

 [Signature Page to Amendment No. 1] 

			
	 The Governor and Company of the Bank of Ireland

		
	By:		 /s/ Cora Phelan

			Name: Cora Phelan
			 Title:   Authorised Signatory

  

			
	
		
	By:		 /s/ Conor Linehan

			 Name: Conor Linehan

			 Title:   Authorised Signatory

 [Signature Page to Amendment No. 1] 

			
	 The Chiba Bank, Ltd., New York Branch, as a Lender

		
	By:		 /s/ Nobukazu Odaka

			Name: Nobukazu Odaka
			 Title:   General Manager

  

			
	[for Lenders requiring two signature blocks]
		
	By:		  

			 Name:

			 Title:  

 [Signature Page to Amendment No. 1]

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