Document:

Exhibit 10.1

 

 

WAIVER AND THIRTEENTH AMENDMENT TO SECURED
REVOLVING CREDIT AGREEMENT 

 

This WAIVER AND THIRTEENTH
AMENDMENT TO SECURED REVOLVING CREDIT AGREEMENT (this “Amendment”) is entered into as of June 5, 2020 (“Effective
Date”) by and between MVC CAPITAL, INC., a Delaware corporation, as borrower
(“Borrower”), and TRUIST BANK, a North Carolina banking corporation
(formerly known as Branch Banking and Trust Company), as lender (“Lender”).

 

RECITALS:

 

WHEREAS, the
Borrower and Lender entered into a certain Secured Revolving Credit Agreement dated as of July 31, 2013 (the “Credit Agreement”),
as amended by that certain First Amendment to Secured Revolving Credit Agreement dated January 31, 2014 between Borrower and Lender
(the “First Amendment”), that certain Second Amendment to Secured Revolving Credit Agreement dated April 29, 2014 between
Borrower and Lender (the “Second Amendment”), that certain Third Amendment to Secured Revolving Credit Agreement dated
July 30, 2014 between Borrower and Lender (the “Third Amendment”), that certain Fourth Amendment to Secured Revolving
Credit Agreement dated April 29, 2015 (the “Fourth Amendment”), that certain Fifth Amendment to Secured Revolving Credit
Agreement dated July 31, 2015 (the “Fifth Amendment”), that certain Sixth Amendment to Secured Revolving Credit Agreement
dated September 30, 2015 (the “Sixth Amendment”), that certain Seventh Amendment to Secured Revolving Credit Agreement
dated December 1, 2015 (the “Seventh Amendment”), that certain Eighth Amendment to Secured Revolving Credit Agreement
dated June 30, 2016 (the “Eighth Amendment”), that certain Ninth Amendment to Secured Revolving Credit Agreement dated
February 28, 2017 (“Ninth Amendment”), that certain Tenth Amendment to Secured Revolving Credit Agreement dated August
31, 2017 (“Tenth Amendment”), that certain Eleventh Amendment to Secured Revolving Credit Agreement dated August 6,
2018 (“Eleventh Amendment”) and that certain Twelfth Amendment to Secured Revolving Credit Agreement dated August 30,
2019 (“Twelfth Amendment”, and collectively with the First Amendment, the Second Amendment, the Third Amendment, the
Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Seventh Amendment, the Eighth Amendment, the Ninth Amendment, the
Tenth Amendment and the Eleventh Amendment, the “Prior Amendments”);

 

WHERAS, the
Borrower has advised the Lender that a Default exists under the Credit Agreement due to a violation by the Borrower of the Net
Worth covenant set forth in Section 5.05 of the Credit Agreement for the Fiscal Quarter ending April 30, 2020 (the “Specified
Default”). The Lender has agreed to waive the Specified Default subject to the terms and conditions set forth herein.

 

WHEREAS, the
Borrower has requested that the Lender amend Section 5.05 of the Credit Agreement;

 

WHEREAS, the
Lender is willing to provide the requested waiver upon the terms and subject to the conditions set forth below and amend the Credit
Agreement as provided herein subject to the terms and conditions herein.

 

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       NOW,
THEREFORE, in consideration of the Recitals and the mutual promises contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Borrower and the Lender agree as follows:

 

AGREEMENT:

 

SECTION 1. Recitals.
The Recitals are incorporated herein by reference and shall be deemed to be a part of this Amendment.

 

SECTION 2. Waiver.
Subject to the terms and conditions set forth in this Amendment, the Lender hereby waives the Specified Default. The waiver set
forth in this Section 2 does not operate as a waiver of any provision of the Credit Agreement other than as set forth above with
respect to the Specified Default and does not operate with regard to any other prior or future Default or Event of Default. The
waiver set forth in this Section 2 shall not be deemed to establish a course of dealing between the parties or waive any Lender’s
right to withhold its consent to any similar requests in the future, nor shall the waiver set forth in this Section 2 be deemed
to limit, estop or otherwise restrict or prohibit the Lender from exercising any of its rights or remedies under the Credit Agreement
or other Loan Documents, or under applicable laws or principles of equity with respect to the occurrence of any Default or Event
of Default other than the Specified Default expressly waived in this Section 2, all of which rights and remedies are specifically
hereby reserved.

 

SECTION 3.Amendment
to Credit Agreement. The Credit Agreement is hereby amended as set forth in this Section 3.

 

SECTION 3.01. Amendment
to Section 5.05. Section 5.05 of the Credit Agreement is deleted and replaced with the following:

 

SECTION 5.05. Net
Worth. Consolidated Net Worth shall at no time be less than $150,000,000.

 

SECTION 4.Reaffirmation.
To induce the Lender to enter into this Amendment, the Borrower hereby (a) restates and renews each and every representation and
warranty heretofore made by it under, or in connection with the execution and delivery of, the Credit Agreement and the other Loan
Documents (except to the extent any such representation or warranty is expressly stated to have been made as of a specific date,
in which case such representation or warranty is true and correct as of such date), and (b) restates, ratifies and reaffirms each
and every term and condition set forth in the Credit Agreement and in the other Loan Documents.

 

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SECTION 5.Conditions to Effectiveness.
This Amendment shall become effective as of the date first written above when, and only when, each of the following conditions
precedent shall have been satisfied or waived:

 

(a)           the
Lender shall have received this Amendment, duly executed by the Borrower and the Lender;

 

(b)           the
Lender shall have received resolutions from the Borrower and other evidence as the Lender may reasonably request, respecting the
authorization, execution and delivery of this Amendment;

 

(c)           the fact that the representations and warranties of the Borrower contained in Section 7 of this Amendment shall be true
and correct on and as of the date hereof;

 

(d)           after
giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing; and

 

(e)           all other documents and legal
matters in connection with the transactions contemplated by this Amendment shall be reasonably satisfactory in form and substance
to the Lender and its counsel.

 

SECTION 6. No Other
Amendment. Except for the amendments set forth above, the text of the Credit Agreement shall remain unchanged and in full force
and effect. On and after the Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter
mean the Credit Agreement as amended by the Prior Amendments and this Amendment. This Amendment is not intended to effect, nor
shall it be construed as, a novation. The Credit Agreement, the Prior Amendments and this Amendment shall be construed together
as a single agreement. Nothing herein contained shall waive, annul, vary or affect any provision, condition, covenant or agreement
contained in the Credit Agreement or the Prior Amendments, except as herein amended, nor affect nor impair any rights, powers or
remedies under the Credit Agreement or the Prior Amendments, as each is hereby amended, and each is confirmed to be in full force
and effect.

 

SECTION 7.Representations
and Warranties. The Borrower hereby represents and warrants to the Lender that, as of the Effective Date:

 

		(a)	the Borrower has all requisite power and authority to enter into this Amendment and to carry out
the transactions contemplated by, and perform its obligations under, the Credit Agreement and the other Loan Documents;

 

		(b)	the execution and delivery of this Amendment and the performance of the Credit Agreement and the
other Loan Documents have been duly authorized by all necessary action (if any) on the part of the Borrower;

 

		(c)	the execution and delivery by the Borrower of this Amendment will not result in, or require, the
creation or imposition of any Lien on any of its properties or revenues pursuant to any Applicable Law or any such contractual
obligation (other than the Liens created by the Loan Documents on the Closing Date and from time to time thereafter);

 

		(d)	this Amendment has been duly executed and delivered by the Borrower and constitutes a legal, valid,
and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as enforceability
may be limited by bankruptcy, insolvency, moratorium, reorganization, or other similar
laws affecting creditors’ rights generally and except as enforceability may be limited by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or in law);

 

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		(e)	the execution and delivery of this Amendment and the performance by the Borrower hereunder does
not and will not require the consent or approval of any regulatory authority or governmental authority or agency having jurisdiction
over the Borrower, nor be in contravention of or in conflict with the articles of incorporation, bylaws or other organizational
documents of the Borrower, or the provision of any statute, or any judgment, order or indenture, instrument, agreement or undertaking,
to which the Borrower is party or by which the assets or properties of the Borrower are or may become bound;

 

		(f)	the Collateral Documents continue to create a valid security interest in, and Lien upon, the Collateral,
in favor of the Lender, which security interests and Liens are perfected in accordance with the terms of the Collateral Documents
and prior to all other Liens; and

 

		(g)	no event has occurred and is continuing or will result from the consummation of the transactions
contemplated by this Amendment that would constitute an Event of Default or a Default.

 

SECTION 8. Counterparts.
This Amendment may be executed in multiple counterparts, each of which shall be deemed to be an original and all of which, taken
together, shall constitute one and the same agreement.

 

SECTION 9. Governing
Law. This Amendment shall be construed in accordance with and governed by the laws of the State of North Carolina.

 

SECTION 10. Further
Assurances. The Borrower agrees to promptly take such action, upon the request of the Lender, as is necessary to carry out
the intent of this Amendment.

 

SECTION 11. Waiver
of Claims or Defenses. The Borrower represents that it does not have any set-offs, defenses, recoupments, offsets, counterclaims
or other causes of action against the Lender relating to the Loan Documents and the indebtedness evidenced and secured thereby
and agree that, if any such set-off, defense, counterclaim, recoupment or offset otherwise exists on the date of this Amendment,
each such defense, counterclaim, recoupment, offset or cause of action is hereby waived and released forever.

 

SECTION 12. Loan
Document. This Amendment is a Loan Document and is subject to all provisions of the Credit Agreement applicable to Loan Documents,
all of which are incorporated in this Amendment by reference the same as if set forth in this Amendment verbatim.

 

SECTION 13. Severability.
Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision
or the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in any other
jurisdiction.

 

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SECTION 14. Entire
Agreement. This Amendment contains the entire and exclusive agreement of the parties hereto with reference to the matters discussed
herein. This Amendment supersedes all prior drafts and communications with respect hereto.

 

SECTION 15. Notices.
All notices, requests and other communications to any party to the Loan Documents, as amended hereby, shall be given in accordance
with the terms of Section 9.01 of the Credit Agreement.

 

SECTION 16. Expenses.
The Borrower shall pay all reasonable out-of-pocket expenses incurred by the Lender (including the reasonable fees, charges and
disbursements of counsel for the Lender) in connection with the preparation and closing of this Amendment.

 

SECTION 17. Definitions.
Capitalized terms used in this Amendment which are not otherwise defined in this Amendment shall have the respective meanings assigned
to them in the Credit Agreement.

 

[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 respective proper and
duly authorized officers as of the day and year first above written.

 

	 	MVC CAPITAL, INC.
	 	 
	 	By:	/s/ Scott J. Schuenke
	 	Name:	Scott J. Schuenke
	 	Title:	Chief Financial Officer

 

  [CORPORATE SEAL]

  

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	 	TRUIST BANK, as Lender
	 	 
	 	By:	/s/ Katherine Bass
	 	Name:	Katherine Bass
	 	Title:	Director

 

    7xela_Ex4_6

		
			Exhibit 4.6
		

		
			DESCRIPTION OF THE REGISTRANT’S SECURITIES
		

		
			REGISTERED PURSUANT TO SECTION 12 OF THE
		

		
			SECURITIES EXCHANGE ACT OF 1934
		

		
			The following summary describes our capital stock and the material provisions of our amended and restated certificate of incorporation (our "certificate of incorporation") and our amended and restated bylaws (our "bylaws") and the Delaware General Corporation Law. Because the following is only a summary, it does not contain all of the information that may be important to you. For a complete description, you should refer to our amended and restated certificate of incorporation and amended and restated bylaws, copies of which are on file with the SEC. See "Where You Can Find More Information”. Copies of these governing documents are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this Exhibit 4.6 is a part. Whenever we refer to particular sections or defined terms of our certificate of incorporation or our amended and restated bylaws, such sections or defined terms are incorporated herein by reference and the statement in connection with such reference is made is qualified in its entirety by such reference. References to “Exela,” “we,” “us” or “our” mean Exela Technologies, Inc., excluding, unless otherwise expressly stated or the context requires, our subsidiaries.
		

		
			General
		

		
			        Our certificate of incorporation authorizes the issuance of 1,620,000,000 shares of capital stock, consisting of (i) 1,600,000,000 shares of common stock, par value $0.0001 per share ("Common Stock") and (ii) 20,000,000 shares of preferred stock, par value $0.0001 per share. The outstanding shares of Common Stock are duly authorized, validly issued, fully paid and non-assessable. As of June 5, 2020, Exela had 147,511,430 shares of common stock outstanding.
		

		
			Common Stock
		

		
			Voting Power
		

		
			        Except as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock, the holders of our Common Stock possess all voting power for the election of our directors and all other matters requiring stockholder action and will at all times vote together as one class on all matters submitted to a vote of our stockholders. Holders of our Common Stock are entitled to one vote per share on matters to be voted on by stockholders.
		

		
			Dividends
		

		
			        Our stockholders are entitled to receive such dividends and other distributions, if any, as may be declared from time to time by the board of directors in its discretion out of funds legally available therefor and shall share equally on a per share basis in such dividends and distributions.
		

		
			Liquidation, Dissolution and Winding Up
		

		
			        In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up of Exela, the holders of our Common Stock are entitled to receive an equal amount per share of all of our assets of whatever kind available for distribution to stockholders, after the rights of the holders of the preferred stock have been satisfied.
		

		
			Preemptive or Other Rights
		

		
			        Our stockholders have no preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to our Common Stock.
		

		
			
		

		
			

		 

		

		
			Election of Directors
		

		
			        The board of directors is currently divided into three classes, Class A, Class B and Class C, with only one class of directors being elected in each year and each class (except for those directors appointed prior to our first annual meeting of stockholders) serving a three-year term. There is no cumulative voting with respect to the election of directors, with the result that directors will be elected by a plurality of the votes cast at an annual meeting of stockholders by holders of our Common Stock.
		

		
			Certain Anti-Takeover Provisions of Delaware Law
		

		
			Staggered board of directors
		

		
			        Our certificate of incorporation provides that the board of directors is classified into three classes of directors of approximately equal size. As a result, in most circumstances, a person can gain control of our board of directors only by successfully engaging in a proxy contest at two or more annual meetings.
		

		
			Special meeting of stockholders
		

		
			        Our bylaws provide that special meetings of our stockholders may be called only by a majority vote of the board of directors, by the president or by the chairman or by the secretary at the request in writing of stockholders owning a majority of the issued and outstanding capital stock entitled to vote.
		

		
			Advance notice requirements for stockholder proposals and director nominations
		

		
			        Our bylaws provide that stockholders seeking to bring business before an annual meeting of stockholders, or to nominate candidates for election as directors at an annual meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder's notice will need to be delivered to Exela's principal executive offices not later than the close of business on the 60th day nor earlier than the close of business on the 90th day prior to the scheduled date of the annual meeting of stockholders. In the event that less than 70 days' notice or prior public disclosure of the date of the annual meeting of stockholders is given, a stockholder's notice shall be timely if delivered to Exela's principal executive offices not later than the 10th day following the day on which public announcement of the date of our annual meeting of stockholders is first made or sent by us. Exela's bylaws also specify certain requirements as to the form and content of a stockholders' meeting. These provisions may preclude Exela stockholders from bringing matters before an annual meeting of stockholders or from making nominations for directors at an annual meeting of stockholders.
		

		
			Authorized but unissued shares
		

		
			        Exela's authorized but unissued shares of Common Stock and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved shares of Common Stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.
		

		
			Section 203 opt out
		

		
			        Pursuant to our certificate of incorporation, Exela has opted out of the provisions of Section 203 of the Delaware General Corporation Law regulating corporate takeovers. This section prevents certain Delaware corporations, under certain circumstances, from engaging in a "business combination" with:
		

			
	
			
				 ·
			

			
	
			
			a stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an "interested stockholder");

			
	
			
				 ·
			

			
	
			
			an affiliate of an interested stockholder; or

		
			
		

		
			

		 

		

			- 2 -

		

		

			
	
			
				 ·
			

			
	
			
			an associate of an interested stockholder, for three years following the date that the stockholder became an interested stockholder. A "business combination" includes a merger or sale of more than 10% of our assets.

		
			        However, the above provisions of Section 203 do not apply if:
		

			
	
			
				 ·
			

			
	
			
			the board of directors approves the transaction that made the stockholder an "interested stockholder," prior to the date of the transaction;

			
	
			
				 ·
			

			
	
			
			after the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of Common Stock; or

			
	
			
				 ·
			

			
	
			
			on or subsequent to the date of the transaction, the business combination is approved by the board of directors and authorized at a meeting of Exela stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

		
			        Exela has opted out of the provisions of Section 203 of the Delaware General Corporation Law because it believes this statute could prohibit or delay mergers or other change in control attempts, and thus may discourage attempts to acquire it.
		

		
			Exclusive forum selection
		

		
			        Our certificate of incorporation requires, to the fullest extent permitted by law, that derivative actions brought in Exela's name, actions against directors, officers and employees for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery in the State of Delaware and, if brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder's counsel. Although Exela believes this provision benefits it by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against Exela's directors and officers.
		

		 

		

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