Document:

Exhibit 10.15

 

SECOND AMENDMENT to LEASE

 

THIS SECOND AMENDMENT made this
28 day of April, 2003, between PROPERTY RESERVE, INC., as Landlord, and DIGITAL
RIVER, INC., a Delaware corporation, as Tenant.

 

W I T N E S S E T H

 

WHEREAS, by the Lease Agreement
dated January 18, 2000, Landlord leased to Tenant the premises located
at Technology Park I, 9600 West 76th Street, Eden Prairie,
MN, as more particularly described in the Lease, herein called the Leased
Premises; and

 

WHEREAS, Landlord and Tenant
have terminated the First Amendment effective July 31, 2003; and

 

WHEREAS, Landlord and Tenant
desire to amend the Lease as provided below.

 

NOW THEREFORE, Landlord and
Tenant agree as follows:

 

1.                                       Commencing
August 1, 2003 and continuing through September 30, 2005, Tenant shall pay the
following monthly Base Rent for Tenant’s Existing 51,403 square foot Premises:

 

	
   

  	
   

  	
  Monthly Base Rent

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  August 1, 2003 – December 31, 2003

  	
   

  	
  $

  	
  21,118.07

  	
   

  
	
  January 1, 2004 – August 31, 2004

  	
   

  	
  $

  	
  21,760.60

  	
   

  
	
  September 1, 2004 – September 30, 2005

  	
   

  	
  $

  	
  22, 403.14

  	
   

  

 

2.                                       Tenant
shall pay its pro rata share of Operating Expenses.

 

3.                                       Except
as modified herein, all other terms and conditions of the original lease dated
January 18, 2000, shall remain in full force and effect.

 

Except as hereinabove amended,
this Lease shall remain in full force and effect in accordance with its terms.

 

IN WITNESS WHEREOF, Landlord
and Tenant respectively have duly signed and sealed these presents as of the
day and year first above written.

 

	
  LANDLORD:

  	
  TENANT:

  
	
   

  	
   

  
	
  PROPERTY
  RESERVE, INC.

  	
  DIGITAL
  RIVER, INC.

  
	
   

  	
  A DELAWARE
  CORPORATION

  
	
   

  	
   

  
	
  By:

  	
  /s/ Mark B. Gibbons

  	
   

  	
  By:

  	
  /s/ Carter D. Hicks

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Carter D. Hicks

  	
   

  
	
  Its:

  	
  Mark B. Gibbons, President

  	
   

  	
  Its:

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  4-28-03

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Its:Exhibit 10.22

 

WAIVER OF DEFAULTS UNDER CREDIT AGREEMENT

 

THIS AGREEMENT
is made as of the 1st day of January, 2003, by and between SOUTHTRUST BANK, an Alabama corporation,
formerly known as SOUTHTRUST BANK, NATIONAL ASSOCIATION
acting as a Lender and as Administrative Agent and Funding Agent (collectively
“Agent”) pursuant to the Credit Agreement, WACHOVIA
BANK, N.A., a national
banking association, formerly know as FIRST
UNION NATIONAL BANK, a national banking association acting as a
Lender, NATIONAL CITY BANK, NATIONAL
ASSOCIATION, a national banking association acting as a
Lender, and SUNTRUST BANK, a
Georgia corporation, formerly known as SUNTRUST
BANK, SOUTH FLORIDA, N.A., a national banking association acting as
a Lender (collectively the “Lenders”), and TODHUNTER
INTERNATIONAL, INC., a Delaware corporation (the “Borrower”).

 

WITNESSETH:

 

WHEREAS,
Lenders, Agent and Borrower entered into a Credit Agreement dated as of
November 17, 1999 (the “Original Credit Agreement”) in connection with which
Lenders made available to Borrower a revolving line of credit in the maximum
principal amount of FIFTEEN MILLION and no/100s Dollars ($15,000,000.00) (the
“Revolving Line of Credit”) evidenced by certain Revolving Credit Notes (the
“Revolving Notes”) and Term Loans in the maximum principal amount of FIFTY SIX
MILLION and no/100 Dollars ($56,000,000.00) evidenced by certain Term Notes
(collectively with the Revolving Notes the “Notes”), secured and evidenced by
the Loan Documents, as defined in the Credit Agreement; and

 

WHEREAS, on or
about September 29, 2000, Agent, Lenders and Borrower entered into a Waiver and
Modification of Credit Agreement and on March 30, 2001, Agent, Lenders and
Borrower entered into a Second Waiver and Modification of Credit Agreement; and

 

WHEREAS, on
October 19, 2001, Agent, Lenders and Borrower entered into an Amended and
Restated Credit Agreement amending and restating the Original Credit Agreement
(the “Credit Agreement”)

 

WHEREAS,
Lenders, Agent and Borrower have agreed to waive certain defaults by Borrower
under the Credit Agreement.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants of this
agreement and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Lenders, Agent and Borrower agree
as follows:

 

1.             RECITALS/TERMS.  All of the recitals set forth above are true
and correct and by this reference are made a material part of this
Agreement.  All capitalized terms used
herein which are defined in the Credit Agreement shall have the meaning
provided therein when used herein unless the context shall require otherwise.

 

2.             REAFFIRMATION OF NOTE.  Borrower hereby acknowledges that the Notes
continue to evidence the Revolving Loans and the Term Loans.

 

 

3.             WAIVER.  Subject to the terms of this Agreement, the
Lenders hereby agree to waive the Default or Event of Default that occurred as
of December 31, 2002, as a result of the non-compliance by the Borrower as of
December 31, 2002 with the provisions of Section 11.05 (Funded Debt to EBITDA
Ratio) of the Credit Agreement.

 

4.             RATE CHANGE.  Each Applicable Margin shall be increased by
fifty (50) basis points.  This rate
change shall be effective January 1, 2003.

 

5.             CREDIT LIMIT.  Beginning January 1, 2003, the availability
of draws under the Revolving Credit Facility shall be limited to the lesser of
(i) the availability under the Borrowing Base, or (ii) Nineteen Million Five
Hundred Thousand and no/100 Dollars ($19,500,000.00).  That restriction shall remain in place until the earlier of (i)
Borrower’s compliance with the Funded Debt to EBITDA Ratio, or (ii)
modification of the Credit Agreement pursuant to the terms thereof.  

 

6.             LIMITATION OF WAIVER.  The foregoing waiver is expressly limited to
the matters stated herein and shall apply solely to the specific provisions of
the Credit Agreement set forth above and, in the case of Section 11.05 of the
Credit Agreement, solely for the date set forth above.  The foregoing waiver shall not be deemed or
construed as a waiver of or consent to (i) the non-compliance by the Borrower
with any other covenant, term or condition of the Credit Agreement or any of
the Loan Documents, or (ii) any further non-compliance by the Borrower
subsequent to December 31, 2002 with the provisions of Section 11.05 of
the Amended and Restated Credit Agreement dated October 19, 2001.

 

7.             WARRANTS.  Borrower hereby warrants and represents to
Lenders that, since the date of the Credit Agreement other than violations of
the financial covenant contained in Section 11.05 of the Credit Agreement,
Borrower has been and is in compliance with all provisions of the Credit
Agreement and all other Loan Documents and that no Default or Event of Default
has occurred thereunder nor has any event occurred or failed to occur which
with the passage of time or the giving of notice or both would comprise such a
Default or Event of Default.

 

8.             RATIFICATION.  Borrower hereby ratifies and confirms each
of its obligations and indebtedness under the Credit Agreement and each of the
other Loan Documents, as amended hereby, and hereby represents and warrants to
the Lenders and the Agent that Borrower neither has nor claims any defenses,
counterclaims or offsets to any such obligations or indebtedness.

 

9.             FEES.  The effectiveness of this Modification and
the amendments contemplated herein are expressly conditioned upon the payment
by the Borrower to the Agent for the prorata benefit of the Lenders an
amendment fee equal to twenty-five (25) basis points of the committed amount
and reimbursement by the Borrower of the Agent and each of the Lenders for all
reasonable attorneys’ fees and expenses incurred by each of them in connection
with this Modification.

 

2

 

10.           MISCELLANEOUS.

 

a.             This agreement
shall be governed by and construed in accordance with the law of the State of
Florida.  Paragraph headings used herein
are for convenience only and shall not be used to interpret any term hereof.  The Credit Agreement shall continue in full
force and effect as modified by this Modification.  In the event the terms of this Modification conflict with the
terms of the Credit Agreement, the terms of this Modification shall control.

 

b.             This Modification
constitutes the entire agreement among the parties hereto and supersedes all
prior agreements, understandings, negotiations and discussions, both written
and oral among the parties hereto with respect to the subject matter hereof,
all of which prior agreements, understanding, negotiations and discussions,
both written and oral, are merged into this Modification.  All provisions of the Credit Agreement and
each of the other Loan Documents shall remain in full force and effect as
modified by this Agreement.  Without
limiting the generality of any of the provisions of this Modification, nothing
herein or in any instrument or agreement shall be deemed or construed to
constitute a novation, satisfaction or refinancing of all or any portion of the
Loan or in any manner affect or impair the lien or priority of the Credit
Agreement or any of the Loan Documents as amended hereby.

 

c.             This Modification
may be executed in any number of counterparts with each executed counterpart
constituting an original, but altogether constituting but one and the same
instrument.

 

d.             This Modification
shall be binding upon and inure to the benefit of the Borrower, the Agent and
the Lenders and their respective heirs, legal representatives, executors,
successors and assigns from January 1, 2003 forward.

 

11.           RELEASE.  IN CONSIDERATION OF THE ACCOMMODATIONS
PROVIDED HEREIN, THE BORROWER HEREBY UNCONDITIONALLY, IRREVOCABLY AND FOREVER
RELEASES, ACQUITS AND DISCHARGES THE LENDERS AND EACH OF THE LENDERS’
RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS AND COUNSEL FROM ANY AND ALL
CLAIMS, DEMANDS AND CAUSES OF ACTION THAT ANY OF THEM HAD, NOW HAS OR MAY IN
THE FUTURE HAVE AGAINST ANY ONE OR MORE OF THE LENDERS OR ANY ONE OR MORE OF
THE LENDERS’ OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR COUNSEL FOR THE ACTS OR
OMISSIONS OF ANY OF THE FOREGOING PARTIES FROM THE BEGINNING OF TIME THROUGH,
TO AND INCLUDING THE DATE OF THE EFFECTIVENESS OF THIS MODIFICATION, WHICH
RELATED TO ANY CLAIMS ARISING OUT OF OR CONNECTED IN ANY MANNER WITH THE
TRANSACTIONS CONTEMPLATED HEREIN OR IN THE CREDIT AGREEMENT, AS AMENDED HEREBY
OR ANY OTHER LOAN DOCUMENTS, AS THE SAME MAY BE AMENDED HEREBY, AS THE CASE MAY
BE.

 

3

 

12.           WAIVER OF JURY TRIAL.  THE BORROWER, THE AGENT AND THE LENDERS
HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING
OUT OF, UNDER OR IN CONNECTION WITH THIS MODIFICATION OR ANY AGREEMENT EXECUTED
IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS, (WHETHER VERBAL OR WRITTEN) OR ACTIONS BY ANY PARTY.  THIS PROVISION IS A MATERIAL INDUCEMENT TO
THE LENDERS ENTERING INTO THIS MODIFICATION AND MAKING ANY LOAN, ADVANCE OR
OTHER EXTENSION OF CREDIT TO THE BORROWER. 
FURTHER, THE BORROWER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT
OF THE LENDERS, NOR THE AGENT OR ANY OF THE AGENT’S COUNSEL OR THE LENDERS’
COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE AGENT OR ANY OF THE
AGENT’S COUNSEL OR THE LENDERS WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK
TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION.  NO REPRESENTATIVE OR AGENT OF THE LENDERS,
NOR THE AGENT OR ANY OF THE AGENT’S COUNSEL OR THE LENDERS’ COUNSEL HAS THE
AUTHORITY TO WAIVE, CONDITION, OR MODIFY THIS PROVISION.

 

IN WITNESS
WHEREOF, the Borrower, the Agent and Lenders have caused this agreement to be
effective as of the day and year set forth above.

 

	
   

  	
   

  	
  BORROWER:

  
	
  Witnesses:

  	
   

  	
  TODHUNTER INTERNATIONAL,
  INC.,   a

  Delaware corporation

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Thomas A. Valdes

  	
   

  	
  By:

  	
   /s/ Jay S. Maltby

  	
   

  	
   

  
	
  Print Name:

  	
  Thomas A. Valdes

  	
   

  	
  Print Name:

  	
  Jay S. Maltby

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Chairman and CEO

  	
   

  	
   

  
	
  /s/ William Viggiano

  	
   

  	
   

  	
   

  
	
  Print Name:

  	
  William Viggiano

  	
   

  	
   

  	
   

  
											

 

4

 

STATE OF

 

COUNTY OF

 

The foregoing instrument was
acknowledged before me this 18th day of February, 2003 by Jay S. Maltby, as
Chairman and CEO of Todhunter International, Inc., a Delaware corporation, on
behalf of the corporation.  He/she is
personally known to me or has produced
                                     
(type of identification) as identification.

 

 

	
   

  	
  /s/ Jennifer
  Lubrano-Murphy

  	
   

  
	
   

  	
  NOTARY PUBLIC, STATE OF

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Jennifer Lubrano-Murphy

  	
   

  
	
   

  	
  (Print, Type or Stamp
  Commissioned Name of Notary Public)

  
				

 

5

 

	
   

  	
   

  	
  THE
  AGENT:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SOUTHTRUST
  BANK, formerly known as

  SOUTHTRUST BANK, NATIONAL
  ASSOCIATION

  
	
  Witnesses:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Florence Lindley

  	
   

  	
  By:

  	
   /s/ Mark Dierks

  	
   

  
	
  Print Name:

  	
  Florence Lindley

  	
   

  	
  Print Name:

  	
   Mark Dierks

  	
   

  
	
   

  	
   

  	
  Title:

  	
   Commercial Account Manager

  	
   

  
	
  /s/ Francine Chong

  	
   

  	
   

  
	
  Print Name:

  	
  Francine Chong

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  STATE OF FLORIDA

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  COUNTY OF BROWARD

  	
   

  	
   

  
										

 

The foregoing instrument was
acknowledged before me this 18th day of February, 2003 by Mark Dierks, as Commercial
Account Manager of SouthTrust Bank, on behalf of the bank.  He/she is personally known to me or has
produced
                                      
(type of identification) as identification.

 

 

	
   

  	
  /s/ Lori Correa

  	
   

  
	
   

  	
  NOTARY PUBLIC, STATE OF

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Lori Correa

  	
   

  
	
   

  	
  (Print, Type or Stamp
  Commissioned Name of Notary Public)

  
				

 

6

 

	
   

  	
   

  	
  THE
  LENDERS:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SOUTHTRUST
  BANK, formerly known as

  SOUTHTRUST BANK, NATIONAL
  ASSOCIATION

  
	
  Witnesses:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Florence Lindley

  	
   

  	
  By:

  	
   /s/ Mark Dierks

  	
   

  
	
  Print Name:

  	
   Florence Lindley

  	
   

  	
  Print Name:

  	
   Mark Dierks

  	
   

  
	
   

  	
   

  	
  Title:

  	
   Commercial Account Manager

  	
   

  
	
  /s/ Francine Chong

  	
   

  	
   

  
	
  Print Name:

  	
   Francine Chong

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  STATE OF FLORIDA

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  COUNTY OF BROWARD

  	
   

  	
   

  
										

 

The foregoing instrument was
acknowledged before me this 18th day of February, 2003 by Mark Dierks, as
Commercial Account Manager of SouthTrust Bank, on behalf of the bank.  He/she is personally known to me or has
produced
                                   
(type of identification) as identification.

 

 

	
   

  	
  /s/ Lori Correa

  	
   

  
	
   

  	
  NOTARY PUBLIC, STATE OF

  
	
   

  	
   

  
	
   

  	
  Lori Correa

  	
   

  
	
   

  	
  (Print, Type or Stamp
  Commissioned Name of Notary Public)

  
				

 

7

 

	
   

  	
   

  	
  WACHOVIA
  BANK, N.A., formerly known as

  FIRST UNION NATIONAL BANK

  
	
   

  	
   

  	
   

  
	
  Witnesses:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Michelle Gerber

  	
   

  	
  By:

  	
   /s/ David F. Abee

  	
   

  
	
  Print Name:

  	
   Michelle Gerber

  	
   

  	
  Print Name:

  	
   David F. Abee

  	
   

  
	
   

  	
   

  	
  Title:

  	
   Vice President

  	
   

  
	
   /s/ Liza Grant Smith

  	
   

  	
   

  
	
  Print Name:

  	
   Liza Grant Smith

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  STATE OF

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  COUNTY OF

  	
   

  	
   

  
										

 

The foregoing instrument was
acknowledged before me this 18th day of February, 2003 by David Abee, as
                               
of Wachovia Bank, N.A., on behalf of the bank. 
He/she is personally known to me or has produced
                                          
(type of identification) as identification.

 

 

	
   

  	
  /s/ Frances Bertotti

  	
   

  
	
   

  	
  NOTARY PUBLIC, STATE OF

  
	
   

  	
   

  
	
   

  	
  Frances Bertotti

  	
   

  
	
   

  	
  (Print, Type or Stamp
  Commissioned Name of Notary Public)

  
				

 

8

 

	
   

  	
   

  	
  SUNTRUST
  BANK, formerly known as SUNTRUST

  BANK, SOUTH FLORIDA, N.A.

  
	
  Witnesses:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Russell Edghill

  	
   

  	
  By:

  	
  /s/ Barbara Baltar

  	
   

  
	
  Print Name:

  	
   Russell Edghill

  	
   

  	
  Print Name:

  	
   Barbara Baltar

  	
   

  
	
   

  	
   

  	
  Title:

  	
   Vice President

  	
   

  
	
  /s/ Sandra N. Tozzie

  	
   

  	
   

  
	
  Print Name:

  	
   Sandra N. Tozzie

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  STATE OF FLORIDA

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  COUNTY OF BROWARD

  	
   

  	
   

  
										

 

The foregoing instrument was
acknowledged before me this 19th day of February, 2003 by Barbara Baltar, as
Vice President of SunTrust Bank, on behalf of the bank.  He/she is personally known to me or has
produced
                                        
(type of identification) as identification.

 

 

	
   

  	
  /s/ Diane L. Libotte

  	
   

  
	
   

  	
  NOTARY PUBLIC, STATE OF

  
	
   

  	
   

  
	
   

  	
  Diane L. Libotte

  	
   

  
	
   

  	
  (Print, Type or Stamp
  Commissioned Name of Notary Public)

  
				

 

9

 

	
   

  	
   

  	
  NATIONAL
  CITY BANK , NATIONAL

  ASSOCIATION

  
	
  Witnesses:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ R. Stephen Bassett

  	
   

  	
  By:

  	
  /s/ Daniel R. Raynor

  	
   

  
	
  Print Name:

  	
   R. Stephen Bassett

  	
   

  	
  Print Name:

  	
  Daniel R. Raynor

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice President

  	
   

  
	
  /s/ Gavin D. Young

  	
   

  	
   

  
	
  Print Name:

  	
   Gavin D. Young

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  STATE OF OHIO

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  COUNTY OF CUYAHOGA

  	
   

  	
   

  
									

 

The foregoing instrument was
acknowledged before me this 18th day of February, 2003 by Daniel R. Raynor, as
Assistant Vice President of National City Bank of Kentucky, National
Association, on behalf of the bank.  He
is personally known to me.

 

 

	
   

  	
   

  	
  /s/ Ellen M. Brown

  	
   

  
	
   

  	
  NOTARY PUBLIC, STATE OF

  
	
   

  	
   

  
	
   

  	
  Ellen M. Brown

  	
   

  
	
   

  	
  (Print, Type or Stamp
  Commissioned Name of Notary Public)

  
					

 

10

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