Document:

Consent and Twelfth Amendment to Credit Agreement

 EXHIBIT 10.18 
  
 CONSENT AND TWELFTH AMENDMENT TO CREDIT AGREEMENT 
  
 This TWELFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is effective as of March 15, 2004 and
is entered into by and among Opinion Research Corporation, a Delaware corporation (“Parent”), ORC INC., a Delaware corporation (“ORC”; Parent and ORC are sometimes collectively referred to herein as the
“Borrowers” and individually as a “Borrower”), the Subsidiaries of Borrowers party hereto, Heller Financial, Inc., in its capacity as Agent for the Lenders party to the Credit Agreement described below
(“Agent”), and the Lenders which are signatories hereto. 
  
 WHEREAS, Agent, Lenders and Borrowers are parties to a certain Credit Agreement dated as of May 26, 1999 (as such agreement has from time to time been amended, supplemented or otherwise modified, the
“Agreement”); and 
  
 WHEREAS, the parties
to the Agreement desire to amend the Agreement on the terms and subject to the conditions set forth in this Amendment. 
  
 NOW, THEREFORE, in consideration of the mutual conditions and agreements set forth in the Agreement and in this Amendment, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  
 1. Definitions. Capitalized terms used in this Amendment, unless otherwise defined herein, shall have the meaning ascribed to such terms in
the Agreement. 
  
 2. Amendments. Subject to the
conditions set forth below, the Agreement is amended as follows: 
  
 (a) Section 1.3(E) of the Agreement is hereby amended in its entirety and as so amended shall read as follows: 
  
 “(E) Success Fee. In consideration of the Agent and Lenders entering into that certain Waiver and Eleventh Amendment to Credit
Agreement dated as of December 30, 2003 (the “Eleventh Amendment”) by and among Agent, Lenders, Borrowers and the other Loan Parties thereto, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by Borrowers, Borrowers shall pay to Agent for the benefit of the Lenders, on the Success Fee Payment Date (as defined below), a non-refundable success fee (which shall be deemed to have been fully earned on December 30, 2003) equal to
(i) 0.25% of the Success Fee Commitment if the Success Fee Payment Date occurs on or prior to March 31, 2004, (ii) 1.0% of the Success Fee Commitment if the Success Fee Payment Date occurs on or prior to June 30, 2004, (iii) 1.5% of the Success Fee
Commitment if the Success Fee Payment Date occurs on or before September 30, 2004, or (iv) 2.0% if the Success Fee Payment Date occurs on or after October 1, 2004. 
  

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 “Success Fee Payment Date” means the earlier to occur of (a) the date the
principal balance of the Loans are repaid in full (whether due to a refinanancing of the Obligations, a sale of any assets or capital stock of any Loan Party or otherwise) and (b) the Expiry Date. 
  
 “Success Fee Commitment” means the aggregate
Revolving Loan Commitment plus the outstanding principal balance of the Term Loan, in each case as in effect on December 30, 2003 after giving effect to the Eleventh Amendment.” 
  
 (b) Section 4.10 of the Agreement is hereby amended in its entirety and as so amended shall read as follows:

  
 “4.10 EBITDA to Principal and
Interest Ratio. Borrowers shall not permit the EBITDA to Principal and Interest Ratio for any twelve (12) month period ending on any date set forth below to be less than the ratio set forth opposite such date. 
  

			
	 Date

	  	Ratio

	 December 31, 2003
	  	1.30
		
	 March 31, 2004
	  	1.35
	 June 30, 2004
	  	1.40
	 September 30, 2004
	  	1.55
		
	 December 31, 2004 and the last day of each calendar quarter ending thereafter
	  	1.80

  
 “EBITDA to Principal and Interest Ratio” will be calculated as illustrated on Exhibit 4.8(C).” 
  
 3. Consents. 
  
 (a) Notwithstanding anything to the contrary contained in the Agreement or any other Loan Document, Agent and Lenders consent to ORC being merged
with and into Parent, with Parent as the surviving corporation, at such time as Borrowers may elect, if, and only if, all of the following conditions are satisfied (it being understood that it shall constitute an immediate Event of Default under the
Agreement if such merger is consummated without satisfying all of the following conditions): 
  
 (i) no Default or Event of Default has occurred and is continuing on the effective date of such merger nor would any Default or
Event of Default exist after giving effect to such merger; 
  

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 (ii) immediately prior to the effectiveness of such merger, ORC owns no material assets
other than 100% of the issued and outstanding capital stock of ORC International Holdings, Inc.; 
  
 (iii) immediately prior to the effectiveness of such merger, Parent shall have entered into such Security Documents, or amendments to
existing Security Documents, in form and substance reasonably acceptable to Agent, in order to grant to Agent, for the benefit of the Lenders, (I) a first priority perfected security interest in no less than 65% of the issued and outstanding capital
stock of ORC International Holdings, Inc. and (II) a first priority perfected security interest in all other assets of ORC transferred to Parent as a result of such merger; and 
  
 (iv) such merger shall be permitted under the Subordinated Loan Agreement. 
  
 (b) Agent and Lenders hereby consent to Parent entering into that
certain Fifth Amendment to Investment Agreement in the form attached hereto as Exhibit A. 
  
 4. Conditions. The effectiveness of this Amendment is subject to the following conditions precedent: 
  
 (a) Borrowers and the other Loan Parties party hereto shall have
executed and delivered this Amendment, and such other documents and instruments as Agent may require shall have been executed and/or delivered to Agent; 
  

(b) all proceedings taken in connection with the transactions contemplated by this Amendment and all documents, instruments and other legal
matters incident thereto shall be satisfactory to Agent and its legal counsel; 
  
 (c) no Default or Event of Default shall have occurred and be continuing; 
  
 (d) Parent shall have entered into the Fifth Amendment to Investment Agreement in the form attached hereto as Exhibit A; and 
  
 (e) the representations and warranties set forth in Section 5
below are true, correct and complete. 
  
 5. Representations
and Warranties. To induce Agent and Lenders to enter into this Amendment, each of the Borrowers represents and warrants to Agent and Lenders: 
  
 (a) that the execution, delivery and performance of this Amendment has been duly authorized by all requisite corporate action on the part of the
Borrowers and each Loan Party signatory hereto and that this Amendment has been duly executed and delivered by the Borrowers and each Loan Party signatory hereto; and 
  
 (b) that each of the representations and warranties set forth in the Agreement (other than those which, by their
terms, specifically are made as of certain date prior to the date hereof) are true and correct in all material respects as of the date hereof. 
  

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 6. Severability. Any provision of this Amendment held by a court of competent jurisdiction
to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable. 
  
 7. References. Any reference to the Agreement contained in any
document, instrument or agreement executed in connection with the Agreement shall be deemed to be a reference to the Agreement as modified by this Amendment. 
  
 8. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which
taken together shall be one and the same instrument. 
  
 9.
Ratification. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions of the Agreement and shall not be deemed to be a consent to the modification or waiver of any other term
or condition of the Agreement. Except as expressly modified and superseded by this Amendment, the terms and provisions of the Agreement are ratified and confirmed and shall continue in full force and effect. 
  
 10. Reaffirmation. Each Loan Party party hereto has executed
and delivered one or more of the Security Documents and/or the other Loan Documents as debtor, grantor, pledgor, guarantor, assignor, or in other similar capacities in which such Person has granted liens or security interests in their respective
properties or otherwise acted as an accommodation party or guarantor, as the case may be. Each Loan Party party hereto hereby ratifies and reaffirms all of its respective payment and performance obligations, contingent or otherwise, under the
Security Documents and any other Loan Documents to which it is a party and, to the extent any such Person has granted liens on or security interests in any of their respective properties pursuant to any of the Security Documents or any of the other
Loan Documents as security for or otherwise guaranteed the Obligations under or with respect to the Agreement or any other Loan Documents, hereby ratifies and reaffirms such payment and performance obligations, guarantee and grant of security
interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations. Each Loan Party party hereto agrees that each of the Security Documents and each other Loan Document remains in full force
and effect and is hereby ratified and reaffirmed, and agrees that the Amendment shall not: (i) operate as a waiver of any right, power or remedy of Agent or Lenders under the Loan Documents or (ii) constitute a waiver of any provision
of any of the Loan Documents or serve to effect a novation of the Obligations. 
  
 11. Release. Effective as of the date hereof and in consideration for the agreements of Agent and Lenders to amend the Agreement and give the consents as provided above, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby confirmed by the Loan Parties, each Loan Party hereby releases and discharges Agent and Lenders and their respective employees, officers, directors, attorneys and agents from any and all
known and unknown claims, causes of action, demands, debts, obligations, liabilities and all other claims which such Loan Party may have against Agent or any Lender, which relate to any action or omission on the part of Agent or any Lender on or
prior to the date hereof. Each Loan Party 
  

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 warrants and represents that it is the owner of all claims, demands and causes of action being settled and released and
hereby warrants that no portion of any claim, right, demand or cause of action released hereby has been assigned or transferred to any other party. 
  
 - Remainder of Page Intentionally Left Blank – 
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed under seal and
delivered by their respective duly authorized officers on the date first written above. 
  

							
	 BORROWERS:
	 	AGENT AND LENDERS:
		
	 OPINION RESEARCH CORPORATION,
 a
Delaware corporation
	 	 HELLER FINANCIAL, INC., a Delaware
 corporation, as Agent and as a Lender

				
	By:	 	 /s/ Douglas L. Cox

	 	By:	  	 /s/ Douglas V. Cannaliato

	Name:	 	Douglas L. Cox	 	Name:	  	Douglas V. Cannaliato
	Title:	 	EVP, CFO and Secretary	 	Its:	  	Duly Authorized Signatory
			
	ORC INC., a Delaware corporation	 	 	  	 
				
	By:	 	 /s/ Kevin P. Croke

	 	 	  	 
	Name:	 	Kevin P. Croke	 	 	  	 
	Title:	 	President	 	 	  	 
			
	SUBSIDIARIES:	 	 	  	 
		
	 ORC TELESERVICE CORP., a Delaware
 corporation
	 	 ORC PROTEL, INC., a Delaware
 corporation

				
	By:	 	 /s/ Kevin P. Croke

	 	By:	  	 /s/ Kevin P. Croke

	Name:	 	Kevin P. Croke	 	Name:	  	Kevin P. Croke
	Title:	 	Secretary	 	Title:	  	Secretary
		
	 MACRO INTERNATIONAL INC., a
 Delaware
corporation
	 	 SOCIAL AND HEALTH SERVICES,
 LTD., a Maryland corporation

				
	By:	 	 /s/ Douglas L. Cox

	 	By:	  	 /s/ Kevin P. Croke

	Name:	 	Douglas L. Cox	 	Name:	  	Kevin P. Croke
	Title:	 	Secretary	 	Title:	  	Secretary
			
	 ORC TELECOMMUNICATIONS LTD., a
 Maryland corporation
	 	 	  	 
				
	By:	 	 /s/ Douglas L. Cox

	 	 	  	 
	Name:	 	Douglas L. Cox	 	 	  	 
	Title:	 	Secretary	 	 	  	 

  
 Consent and Twelfth Amendment to
Credit AgreementFifth Amendment to Investment Agreement

 EXHIBIT 10.31 
  
 FIFTH AMENDMENT TO 
 INVESTMENT AGREEMENT 
  
 THIS FIFTH AMENDMENT TO
INVESTMENT AGREEMENT (this “Fifth Amendment”) is made as of March 15, 2004 by and between OPINION RESEARCH CORPORATION, a Delaware corporation (the “Company”) and ALLIED CAPITAL CORPORATION and ALLIED
INVESTMENT CORPORATION, each a Maryland corporation (collectively referred to herein as “Allied Capital”). 
  
 RECITALS: 
  
 A. Allied Capital invested the aggregate sum of Fifteen Million Dollars ($15,000,000) in the Company, in exchange for certain subordinated debentures of
the Company and Warrants to purchase shares of Common Stock of the Company pursuant to that certain Investment Agreement dated as of May 26, 1999 by and between the Company and Allied Capital (as amended, the “Investment
Agreement”). 
  
 B. The parties desire to modify
certain provisions of the Investment Agreement. 
  
 NOW,
THEREFORE, in consideration of the foregoing Recitals and the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Allied Capital and its successors and
assigns with respect to any of the Debentures or any of the Warrants (as those terms are hereinafter defined) (individually, a “Holder” and collectively, the “Holders”) and the Company hereby agree as
follows: 
  
 1. Definitions. All capitalized terms used
herein without definition shall have the meanings given to such terms in the Investment Agreement. 
  
 2. Amendments to Investment Agreement. The following amendments to the Investment Agreement shall take effect as of the date hereof: 
  
 (a) Notwithstanding the provisions of Section 5.13(b) of the Investment
Agreement, the Company shall maintain the following minimum ratios of EBITDA for the 12 month period ending on the last day of each calendar quarter ending on the dates set forth below to Principal and Interest for the 12 month period ending on such
day: 
  

			
	 Period

	  	 Ratio

	 December 31, 2003
	  	1.20 : 1.00
	 March 31, 2004
	  	1.20 : 1.00
	 June 30, 2004
	  	1.20 : 1.00
	 September 30, 2004
	  	1.30 : 1.00
	 December 31, 2004 and thereafter
	  	1.50 : 1.00

  

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 3. Closing Conditions. The obligations of Allied Capital to enter into this Fifth Amendment and to
perform its obligations hereunder are subject to the satisfaction of the following conditions on or prior to the date hereof: 
  
 (a) The representations and warranties set forth herein shall be true and correct on and as of the date hereof. 
  
 (b) The Company shall be in compliance with all the terms and provisions set
forth herein and in each other Investment Document on its part to be observed or performed, and at the time of and immediately after the date hereof, no Event of Default or Default or event or condition that, after the giving of notice, passage of
time, failure to cure or all of the foregoing would constitute an Event of Default, shall have occurred and be continuing. 
  
 (c) Allied Capital shall have received the following items: 
  
 (i) this Fifth Amendment, duly executed by the Company; 
  
 (ii) a duly executed copy of the Consent and Twelfth Amendment to Credit Agreement by and between the Company, the Senior Lender and the other parties
thereto; 
  
 (iii) all amounts due and payable under the
Investment Documents on or prior to the date hereof, including without limitation reimbursement or payment of all out-of-pocket expenses and the amendment fee required to be reimbursed or paid by the Company pursuant to Section 7 hereof; and

  
 (iv) such other documents, instruments and information as
Allied Capital may reasonably request. 
  
 4. Consents.

  
 (a) Notwithstanding anything to the contrary contained in the
Investment Agreement or any other Investment Document, Allied Capital hereby consents to ORC, Inc. being merged with and into the Company, with the Company as the surviving corporation, at such time the Company may elect, if, and only if, all of the
following conditions are satisfied (it being understood that it shall constitute an immediate Event of Default under the Investment Agreement if such merger is consummated without satisfying all of the following conditions): 
  
 (i) no Default or Event of Default has occurred and is continuing on
the effective date of such merger nor would any Default or Event of Default exist after giving effect to such merger; 
  
 (ii) immediately prior to the effectiveness of such merger, ORC, Inc. owns no material assets other than 100% of the issued and outstanding capital stock
of ORC International Holdings, Inc.; and 
  

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 (iii) such merger shall be permitted under the Senior Credit Facility. 
  
 (b) Allied Capital hereby consents to the Company entering into that
certain Consent and Twelfth Amendment to Credit Agreement in the form attached hereto as Exhibit A. 
  
 5. Representations and Warranties. To induce Allied Capital to execute and deliver this Fifth Amendment, the Company hereby reaffirms all
covenants, representations, and warranties made in the Investment Agreement and the other Investment Documents to the extent the same are not amended hereby, except that (i) amended Schedules 4.9, 4.12, 4.14. 4.16, and 4.30 to the Investment
Agreement are attached hereto as Exhibit B, and (ii) the Company shall not be required to amend Schedules 4.11, 4.13, 4.15 and 4.21 to the Investment Agreement in connection herewith, and agree that all such covenants, representations, and
warranties shall be deemed to have been remade as of the date of this Fifth Amendment, except to the extent that they expressly relate by their terms to a prior date or as otherwise specified herein. Any default by the Company in its warranties and
representations made in this Fifth Amendment shall constitute an additional Event of Default under the Investment Agreement, as amended hereby. 
  
 6. Acknowledgments by Company. The Company acknowledges and agrees with the Holders that as of the date hereof, the aggregate principal amount of
the Obligations owing by the Company to Allied Capital under the Investment Agreement is $15,000,000, and all such Obligations are owing by the Company to Allied Capital without any defense, deduction, offset, or counterclaim of any nature (all of
which are hereby waived). 
  
 7. Reference to and Effect Upon
Investment Agreement. Each reference in the Investment Agreement to “this Agreement,” “hereunder,” “hereof,” or words of like import shall hereafter mean and be a reference to the Investment Agreement, as amended
hereby and from time to time. Except as specifically amended hereby, the Investment Agreement, the other Investment Documents, and each and every term and provision thereof shall remain in full force and effect and are hereby ratified and confirmed.
The execution, delivery, and effectiveness of this Fifth Amendment shall not operate as a waiver of any right, power, or remedy of the Holders under the Investment Agreement or the other Investment Documents or constitute a waiver of any provision
of the Investment Agreement or the other Investment Documents. 
  
 8. Fees and Expenses. The Company shall pay all fees and expenses incurred by Allied Capital in connection with the preparation, negotiation, execution, and delivery of this Fifth Amendment and any related documents, including,
without limitation, the fees and expenses of its counsel and out-of-pocket expenses, including reasonable due diligence expenses, on or prior to the date hereof. The Company shall also pay to Allied Capital a non-refundable amendment fee in the
amount of $75,000. 
  
 9. Release. The Company acknowledges
that Allied Capital has fulfilled all of its obligations under the Investment Agreement and hereby releases and forever discharges the Holders and their representatives, agents, employees, attorneys, successors, directors, officers, parents,
affiliates, assigns, and subsidiaries (collectively the “Releasees”) of, to, and from any and all claims, defenses, actions, causes of action, suits, controversies, agreements, provisions, and demands in law or in equity,
known or unknown (collectively, the “Claims”) 
  

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 which the Company ever had, now has, or may have arising from or relating to the Investment Documents, against or related
to the Releasees, through the date of this Fifth Amendment. The Company agrees to assume the risk of any and all unknown, unanticipated or misunderstood claims which are released hereby. 
  
 10. Miscellaneous. 
  
 (a) Entire Agreement; Integration Clause. This Fifth Amendment and the other Investment Documents set forth the entire agreement and understanding
of the parties hereto with respect to this transaction, and as such supersede any prior agreements, whether written or oral, regarding the matters described herein. 
  
 (b) No Oral Modification or Waivers. The terms herein may not be modified or waived orally, but only by an
instrument in writing signed by the party against which enforcement of the modification or waiver (as the case may be) is sought. 
  
 (c) Governing Law. This Fifth Amendment is governed by, and interpreted and construed in accordance with, the internal laws of the State of
Maryland (without regard to its conflicts of law principles). 
  
 (d) Headings. The headings of the paragraphs and sub-paragraphs of this Fifth Amendment are inserted for convenience only and shall not be deemed to constitute a part of this Fifth Amendment or the other Investment Documents.

  
 (e) Severability. To the extent any provision herein
violates any applicable law, that provision shall be considered void and the balance of this Fifth Amendment shall remain unchanged and in full force and effect. 
  
 (f) Counterparts. This Fifth Amendment may be executed in as many counterpart copies as may be required. It shall
not be necessary that the signature of, or on behalf of, each party appear on each counterpart, but it shall be sufficient that the signature of, or on behalf of, each party appear on one or more of the counterparts. All counterparts shall
collectively constitute a single agreement. It shall not be necessary in any proof of this Fifth Amendment to produce or account for more than a number of counterparts containing the respective signatures of, or on behalf of, all of the parties.

  
 [Signatures appear on following page] 
  

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 IN WITNESS WHEREOF, the undersigned have executed and delivered this Fifth Amendment as of the
date first above written. 
  

									
	 	 	 	  	COMPANY:
			
	WITNESS/ATTEST:	 	 	  	OPINION RESEARCH CORPORATION
					
	     /s/ Kevin P. Croke    

	 	 	  	By:	  	     /s/ Douglas L. Cox

	 	(SEAL)
	 Name: Kevin P. Croke
	 	 	  	Name:	  	Douglas L. Cox	 	 
	 	 	 	  	Title:	  	EVP, CFO and Secretary	 	 
			
	 	 	 	  	ALLIED CAPITAL:
				
	 WITNESS/ATTEST:
	 	 	  	ALLIED CAPITAL CORPORATION	 	 
					
	     /s/ Craig Hille    

	 	 	  	By:	  	     /s/ Frank Izzo

	 	(SEAL)
	 Name: Craig Hille
	 	 	  	Name:	  	Frank Izzo	 	 
	 	 	 	  	Title:	  	Principal	 	 
			
	 WITNESS/ATTEST:
	 	 	  	ALLIED INVESTMENT CORPORATION
					
	     /s/ Craig Hille    

	 	 	  	By:	  	     /s/ Frank Izzo

	 	(SEAL)
	 Name: Craig Hille
	 	 	  	Name:	  	Frank Izzo	 	 
	 	 	 	  	Title:	  	Principal	 	 

  

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