Document:

EX-10.2

 

Exhibit 10.2

FIRST AMENDMENT TO THE

RECEIVABLES FINANCING AGREEMENT

     THIS FIRST AMENDMENT TO THE RECEIVABLES FINANCING AGREEMENT, dated as of July 1, 2007 (this
“Amendment”), is entered into by and among PALISADES ACQUISITION XVI, LLC, a Delaware
limited liability company (the “Borrower”), PALISADES COLLECTION, L.L.C., a Delaware
limited liability company (the “Servicer”), FAIRWAY FINANCE COMPANY, LLC ( the
“Lender”), BMO CAPITAL MARKETS CORP. (“BMO CM”), as Administrator for the Lender
(in such capacity, the “Administrator”) and as collateral agent for the Secured Parties (in
such capacity, the “Collateral Agent”), and BANK OF MONTREAL (“BMO”), as liquidity
agent for the Liquidity Providers (in such capacity, the “Liquidity Agent”). Capitalized
terms used and not otherwise defined herein are used as defined in the Receivables Financing
Agreement, dated as of March 2, 2007 (as amended, supplemented or otherwise modified, the
“Receivables Financing Agreement”), among the Borrower, the Servicer, the Lender, the
Administrator, the Collateral Agent and the Liquidity Agent.

     WHEREAS, the parties hereto desire to amend the Receivables Financing Agreement in certain
respects as provided herein;

     NOW THEREFORE, in consideration of the premises and other material covenants contained herein,
the parties hereto agree as follows:

     SECTION 1. Amendments. The Receivables Financing Agreement is hereby amended as
follows:

     1.1 The definition of “Applicable Percentage” as set forth in Section 1.1 of the
Receivables Financing Agreement is hereby amended and restated in its entirety to read as follow:

     “‘Applicable Percentage’ means, for any Pool, the lesser of (i) 72% and (ii) the
Collection Rate for such Pool minus (x) 16.6% for the Collection Period in June 2007 and (y) 18%
for any other period.”

     SECTION 2. Receivables Financing Agreement in Full Force and Effect as Amended.

     Except as specifically amended hereby, the Receivables Financing Agreement shall remain in
full force and effect. All references to the Receivables Financing Agreement shall be deemed to
mean the Receivables Financing Agreement as modified hereby. This Amendment shall not constitute a
novation of the Receivables Financing Agreement, but shall constitute an amendment thereof. The
parties hereto agree to be bound by the terms and conditions of the Receivables Financing
Agreement, as amended by this Amendment, as though such terms and conditions were set forth herein.

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     SECTION 3. Miscellaneous.

          A. On and as of the date hereof, the Borrower hereby confirms, reaffirms and restates the
representations and warranties set forth in Section 8.1 of the Receivables Financing Agreement
mutatis mutandis, except to the extent that such representations and warranties
expressly relate to a specific earlier date in which case the Borrower hereby confirms, reaffirms
and restates such representations and warranties as of such earlier date.

          B. This Amendment may be executed in any number of counterparts, and by the different parties
hereto on the same or separate counterparts, each of which when so executed and delivered shall be
deemed to be an original instrument but all of which together shall constitute one and the same
agreement. The effectiveness of this Amendment is subject to the condition precedent that the
Administrator shall have received counterparts of this Amendment, duly executed by all parties
hereto.

          C. The descriptive headings of the various sections of this Amendment are inserted for
convenience of reference only and shall not be deemed to affect the meaning or construction of any
of the provisions hereof.

          D. This Amendment may not be amended or otherwise modified except as provided in the
Receivables Financing Agreement.

          E. Each of the Administrator and the Lender do not waive and have not waived, and hereby
expressly reserve, its right at any time to take any and all actions, and to exercise any and all
remedies, authorized or permitted under the Receivables Financing Agreement, as amended, or any of
the other Transaction Documents, or available at law or equity or otherwise.

          F. The Borrower agrees to pay and reimburse the Administrator for all its reasonable costs and
out-of-pocket expenses incurred in connection with the preparation and delivery of this Amendment,
including, without limitation, the reasonable fees and disbursements of counsel to the
Administrator.

          G. Any provision in this Amendment which 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.

          H. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICTS OF LAW
PRINCIPLES (OTHER THAN THOSE SET FORTH IN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE
STATE OF NEW YORK).

[Signature Pages Follow]

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          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their proper and duly authorized officers as of the 26th of July, 2007.

	 	 	 	 	 
	 	PALISADES ACQUISITION XVI, LLC,

as Borrower

 	 
	 	By:  	/s/ Mitchell Cohen
 	 
	 	 	Name:  	Mitchell Cohen 	 
	 	 	Title:  	Manager 	 
	 
	 	BMO CAPITAL MARKET CORP.,

as Administrator and as Collateral Agent

 	 
	 	By:  	/s/ John Pappano
 	 
	 	 	Name:  	John Pappano 	 
	 	 	Title:  	Managing Director 	 

S-1

 

	 	 	 	 	 

	 	 	 	 	 
	 	FAIRWAY FINANCE COMPANY, LLC, as Lender

 	 
	 	By:  	/s/ Philip A. Martone
 	 
	 	 	Name:  	Philip A. Martone 	 
	 	 	Title:  	Vice President 	 

S-2

 

	 	 	 	 	 

	 	 	 	 	 
	 	PALISADES COLLECTION, L.L.C,

as Servicer

 	 
	 	By:  	/s/ Mitchell Cohen
 	 
	 	 	Name:  	Mitchell Cohen 	 
	 	 	Title:  	Manager 	 

S-3

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF MONTREAL, as Liquidity Agent

 	 
	 	By:  	/s/ Gary Herron
 	 
	 	 	Name:  	Gary Herron 	 
	 	 	Title:  	Vice President 	 
	 

S-4<PAGE>

                                                                     EXHIBIT 4.9

            AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

     This Amendment dated as of July 26, 2007 between COMPUWARE CORPORATION, a
Michigan corporation (herein called "Company") and COMERICA BANK, a Michigan
banking corporation (herein called "Bank").

                                    RECITALS:

     A. Company and Bank entered into that certain Amended and Restated Credit
Agreement dated as of July 27, 2006 (the "Agreement").

     B. Company and Bank desire to amend the Agreement as set forth below.

     NOW, THEREFORE, the parties agree as follows:

     1.   The definition of "Maturity Date" in Section 1 of the Agreement is
          amended by replacing the term "July 26, 2007" with the term "October
          26, 2007."

     2.   Section 2 of the Agreement is amended to add the following Section
          2.8:

               "2.8 If at any time Bank and Company agree to extend the Maturity
               Date of the credit facility hereunder (it being understood that
               Bank, in its sole and unfettered discretion, may decline to so
               extend the Maturity Date), in consideration of such extension,
               Company shall pay Bank a facility fee equal to fifteen (15) basis
               points per annum of the full principal amount of the Commitment
               to be extended (whether used or unused), payable in advance and
               calculated on the basis of the actual number of days elapsed in a
               year of 360 days."

     3.   The above amendments shall be effective as of the date hereof upon
          Bank's receipt of (a) this Amendment duly executed and delivered by
          Company and Bank, (b) a facility fee in the amount of $37,500 payable
          by Company to Bank, and (c) the opinion of Thomas Costello, Jr.,
          General Counsel and Secretary of the Company, as to the due
          organization and good standing of the Company and the Guarantor, the
          Company's and Guarantor's due authorization of this Amendment, this
          Amendment's non-contravention with law or the terms of the Company's
          and the Guarantor's respective organizational documents, any required
          governmental consents or approvals and such other opinions as the Bank
          may reasonably request.

     4.   Except as expressly modified hereby, all of the terms and conditions
          of the Agreement shall remain full force and effect.

     5.   Company hereby represents and warrants that, after giving effect to
          the amendments contained herein, (a) execution, delivery and
          performance of this Amendment and any other documents

<PAGE>

          and instruments required under this Amendment or the Agreement are
          within Company's corporate powers, have been duly authorized, are not
          in contravention of law or the terms of Company's Articles of
          Incorporation or Bylaws, and do not require the consent or approval of
          any governmental body, agency, or authority; and this Amendment and
          any other documents and instruments required under this Amendment or
          the Agreement, will be valid and binding in accordance with their
          terms; (b) the continuing representations and warranties of Company
          set forth in Sections 6.1 through 6.10 of the Agreement are true and
          correct on and as of the date hereof with the same force and effect as
          if made on and as of the date hereof; and (c) no Default or Event of
          Default has occurred and is continuing as of the date hereof. Without
          limiting the foregoing and for the avoidance of doubt, Company hereby
          represents and warrants that the execution, delivery and performance
          of this Amendment are within Company's corporate powers, have been
          duly authorized, are not in contravention of law or Company's
          organizational documents or of the un-waived terms of any indenture,
          agreement or undertaking to which Company is a party or by which it is
          bound and do not require the consent or approval of any governmental
          body, agency or authority; and this Amendment is the valid and binding
          obligation of Company, enforceable against Company in accordance with
          its terms.

     6.   This Amendment may be executed in counterparts as provided in Section
          10.12 of the Agreement

     Executed as of the date first written above.

COMERICA BANK                           COMPUWARE CORPORATION

By: /s/ Timothy H. O'Rourke             By: /s/ Laura Fournier
    --------------------------------        ------------------------------------
    Timothy H. O'Rourke                     Laura Fournier
Its: Vice President                     Its: Senior Vice President and
                                             Chief Financial Officer

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