Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO CREDIT AGREEMENT 

THIS AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of August 21, 2015, by and between MARCUS &
MILLICHAP, INC., a Delaware corporation (“Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”). 
 RECITALS

 WHEREAS, Borrower is currently indebted to Bank pursuant to the terms and conditions of that certain Credit Agreement between
Borrower and Bank dated as of June 1, 2014, as amended from time to time (“Credit Agreement”). 
 WHEREAS, Bank and Borrower
have agreed to certain changes in the terms and conditions set forth in the Credit Agreement and have agreed to amend the Credit Agreement to reflect said changes. 

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that the
Credit Agreement shall be amended as follows: 
 1. Section 1.1 (a) is hereby amended by deleting “June 1, 2017” as the
last day on which Bank will make advances under the Line of Credit, and by substituting for said date “June 1, 2018.” 
 2. In
consideration of the changes set forth herein and as a condition to the effectiveness hereof, immediately upon signing this Amendment Borrower shall pay to Bank a non-refundable fee of $35,000.00. 

3. Except as specifically provided herein, all terms and conditions of the Credit Agreement remain in full force and effect, without waiver or
modification. All terms defined in the Credit Agreement shall have the same meaning when used in this Amendment. This Amendment and the Credit Agreement shall be read together, as one document. 

4. Borrower hereby remakes all representations and warranties contained in the Credit Agreement and reaffirms all covenants set forth therein.
Borrower further certifies that as of the date of this Amendment there exists no Event of Default as defined in the Credit Agreement, nor any condition, act or event which with the giving of notice or the passage of time or both would constitute any
such Event of Default. 

  
 -1- 

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

									
	MARCUS & MILLICHAP, INC.	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION
					
	By:	 		 		 	By:	 	

		 	  
	 		 		 	  

		 	JOHN J. KERIN, PRESIDENT	 		 		 	JAMIE CHEN,
		 	AND CHIEF EXECUTIVE OFFICER	 		 		 	SENIOR VICE PRESIDENT
					
	By:	 	

	 		 		 	
		 	  
	 		 		 	
		 	MARTIN E. LOUIE,	 		 		 	
		 	SENIOR VICE PRESIDENT AND	 		 		 	
		 	CHIEF FINANCIAL OFFICER	 		 		 	

  
 -2-Exhibit 10.1

 

THIRD LEASE AMENDMENT

 

THIS LEASE AMENDMENT (“Agreement”) is entered into on this 20th day of August, 2015 by and between Agile Therapeutics, Inc. (“Tenant”) and Bunn Farm Associates, LLC (“Landlord”).

 

WITNESSETH:

 

WHEREAS, Landlord and Tenant entered into a lease dated November 19, 2010, which was amended on November 20, 2012 and July 24, 2013 (collectively, the “Lease”) for approximately 5,750 square feet of office space on the third floor of Unit A of Herrontown Woods Condominium (“3rd Floor Space”) and approximately 1,250 square feet of additional space located on the second floor of Unit A of Herrontown Woods Condominium (“2nd Floor Space”) both located at 101 Poor Farm Road, Princeton, New Jersey 08540 (collectively “Demised Premises”).

 

NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby expressly acknowledged, the parties hereto, each intending to be legally bound, do hereby agree as follows:

 

1.                                      Recitals.  The Recitals to this Agreement stated above are hereby incorporated herein by reference.

 

2.                                      Lease Amendment - Demised Premises.  The Lease shall be amended to extend the term of the Lease of the Demised Premises from December 1, 2015 through 5:00 p.m. on November 30, 2020.

 

3.                                      Lease Amendment - Monthly Base Rent.  The Monthly Base Rent to be paid by Tenant to the Landlord commencing December 1, 2015 shall be:

 

3rd Floor Space:

 

December 1, 2015 — November 30, 2017 - $132,250 / yr. ($11,020.83 /mo.)

December 1, 2017 — November 30, 2019 - $138,000 / yr. ($11,500.00 /mo.)

December 1, 2019 — November 30, 2020 - $143,750 / yr. ($11,979.16 /mo.)

 

2nd Floor Space:

 

December 1, 2015 — November 30, 2017 - $30,000 / yr. ($2,500 /mo.)

December 1, 2017 — November 30, 2019 - $31,250 / yr. ($2,604.16 /mo.)

December 1, 2019 — November 30, 2020 - $32,500 / yr. ($2,708.33 /mo.)

 

Lease Amendment — Other Terms.   Provided no uncured Event of Default by Tenant under the terms of the Lease exists, Tenant shall have the right, any time after December 1, 2018, to terminate the Lease, upon one hundred eighty (180) days prior written notice which may be delivered beginning on May 25, 2018, if (i) Tenant experiences a “Change in Control” (as defined below) or (ii) if after Tenant provides Landlord written notice of

 

 

Tenant’s requirements for additional space at 101 Poor Farm Road, Princeton, New Jersey 08540 (“101 Poor Farm Road Building”), at least one of the following occurs:  (a) Landlord is unable or unwilling to lease to Tenant all such additional space in the 101 Poor Farm Road Building that meets Tenant’s needs, as determined by Tenant in its sole discretion, or (b) Tenant and Landlord are unable to agree upon financial terms for a lease of the additional space at 101 Poor Farm Building for a term of at least five (5) years.  For purposes of this Agreement “Change in Control” shall mean a transaction in which the Tenant shall sell or dispose of all or substantially all of its assets, or the owners of the Tenant shall sell more than fifty (50%) percent of the outstanding ownership of the Tenant or shall engage in a consolidation or merger of the Tenant with or into any other entity other than a merger or consolidation in which the Tenant is the surviving entity which does not result in more than fifty (50%) percent of the ownership interest of the Tenant outstanding immediately after the effective date of such merger or consolidation being owned of record or beneficially by persons other than the holders of its capital stock immediately prior to such merger.

 

4.                                      Condition.  The Tenant is in possession of the Demised Premises and accepts the Demised Premises in its “AS-IS” condition.

 

5.                                      Entire Agreement.  This Agreement, together with the Lease, as modified, embodies the entire agreement of Landlord and Tenant with respect to the subject matter of this Agreement.  This Agreement supersedes any prior agreements, whether written or oral, with respect to the subject matter of this Agreement.  There are no agreements or understandings which are not set forth in the Lease or this Agreement. This Agreement may be modified only by a written instrument duly executed by Tenant and Landlord.  In the event of any conflict between the terms of this Agreement and the Lease, this Agreement shall govern as to the term in conflict.

 

6.                                      Binding Effect. The terms and provisions of this Agreement will inure to the benefit of, and will be binding upon, the permitted successors, assigns, personal representatives, heirs, devisees, and legatees of Tenant and Landlord. Tenant and Landlord have executed this Agreement on the respective dates set forth beneath their signatures below. Any agent or other person executing this Agreement on behalf of any party represents and warrants to the others and to Landlord that he or she has full power and authority to execute this Agreement on such party’s behalf.

 

7.                                      Governing Law.  The interpretation and construction of this Agreement, and all matters relating hereto, shall be governed by the laws of the State of New Jersey applicable to agreements executed and to be performed solely within the State of New Jersey.

 

8.                                      Jurisdiction; Agents for Service of Process.  Any proceeding brought against any of the parties to this Agreement on any dispute arising out of this Agreement or any matter related hereto shall be brought in the courts of the County of Mercer, State of New Jersey, or in the United States District Court for New Jersey, and, by execution and delivery of this

 

2

 

Agreement, each of the parties to this Agreement accepts the exclusive jurisdiction of such courts, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement.

 

9.                                      Legal Representation.  The parties acknowledge that they have entered into this Agreement after consultation with their respective attorneys.

 

10.                               Full Force and Effect.  Except as specifically and expressly modified by this Agreement, the terms and conditions of the Lease shall remain in full force and effect.

 

11.                               Defined Terms.  All capitalized terms that are not otherwise defined herein shall have the meanings assigned to such terms in the Lease.

 

IN WITNESS WHEREOF, the parties hereto have executed, or have caused their duly authorized representatives to execute, this Agreement the day and year first above written.

 

	
 
    	
 
    	
Agile   Therapeutics, Inc.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Al Altomari
    
	
 
    	
Name:   
    	
Al   Altomari, President & CEO
    
	
 
    	
Date:
    	
8-20-15
    
	
 
    	
 
    
	
 
    	
 
    	
Bunn   Farm Associates, LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Shawn M. Neufeld
    
	
 
    	
Name:
    	
Shawn   M. Neufeld, Manager
    
	
 
    	
Date:
    	
8/20/15
    

 

3EXHIBIT 10.1

  

SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of September 30, 2015

This SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is by and among DXP ENTERPRISES, INC., a Texas corporation (“US Borrower”), DXP CANADA ENTERPRISES LTD., a corporation organized under the laws of British Columbia, Canada (“Canadian Borrower” and together with US Borrower, the “Borrowers”), the lenders who are party to this Amendment (the “Consenting Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).

PRELIMINARY STATEMENTS

WHEREAS, the Borrowers, the lenders party thereto (the “Lenders”) and the Administrative Agent entered into an Amended and Restated Credit Agreement dated as of January 2, 2014 (as amended hereby and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and

WHEREAS, the Borrowers have requested that the Administrative Agent and the Lenders agree to amend the Credit Agreement as specifically set forth herein and, subject to the terms of this Amendment, the Administrative Agent and the Consenting Lenders have agreed to grant such request of the Borrowers.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

Section 1.                  Capitalized Terms.  All capitalized terms not otherwise defined in this Amendment (including without limitation in the introductory paragraph and the Preliminary Statements hereto) shall have the meanings as specified in the Credit Agreement.

Section 2.                  Amendment to Credit Agreement.  Subject to and in accordance with the terms and conditions set forth herein the Administrative Agent and the Lenders party hereto hereby agree that the definition of “Consolidated EBITDA” in Section 1.1 of the Credit Agreement is hereby amended by (i) deleting the phrase “and” at the end of clause (b)(vi) and replacing it with “,”, (ii) adding the phrase “and” at the end of clause (b)(vii) and (iii) inserting the following new clause (b)(viii) therein:

“and (viii) additional one-time cash expenses incurred during such period in connection with the B27 Acquisition in an aggregate amount not to exceed $7,500,000 during the term of this Agreement”.

Section 3.                 Conditions of Effectiveness.  The effectiveness of this Amendment shall be subject to the satisfaction of each of the following conditions precedent:

(a)                the Administrative Agent shall have received counterparts of this Amendment executed by each Borrower, each other Credit Party, the Administrative Agent and the Required Lenders;

(b)                the representations and warranties of the Borrowers contained in Section 4 shall be true and correct; and

 

(c)               all reasonable out-of-pocket costs and expenses incurred by the Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees, charges and disbursements of legal counsel for the Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Amendment) shall have been paid by the Borrowers.

 

Section 4.                  Representations and Warranties of the Borrowers.  Each Borrower represents and warrants as follows:

(a)                 The execution, delivery and performance by such Borrower of its obligations in connection with this Amendment are within its corporate (or other organizational) powers, have been duly authorized by all necessary corporate (or other organizational) action and do not and will not (i) violate any provision of its articles or certificate of incorporation or bylaws or similar organizing or governing documents of such Borrower, (ii) contravene any Applicable Law which is applicable to such Borrower, (iii) conflict with, result in a breach of or constitute (with notice, lapse of time or both) a default under any material indenture or instrument or other material agreement to which such Borrower is a party, by which it or any of its properties is bound or to which it is subject, or (iv) except for the Liens granted in favor of the Administrative Agent pursuant to the Security Documents, result in or require the creation or imposition of any Lien upon any of its properties or assets, except, in the case of clauses (ii) and (iii) above, to the extent such contraventions, conflicts, breaches or defaults could not reasonably be expected to have a Material Adverse Effect.

(b)                Such Borrower has taken all necessary corporate (or other organizational) action to execute, deliver and perform this Amendment and has validly executed and delivered each of this Amendment.  This Amendment constitutes the legal, valid and binding obligation of such Borrower enforceable against such Borrower in accordance with its terms, except to the extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally, by general equitable principles or by principles of good faith and fair dealing.

(c)                 No material consent, approval, authorization or other action by, notice to, or registration or filing with, any Governmental Authority or other Person is or will be required as a condition to or otherwise in connection with the due execution, delivery and performance by such Borrower of this Amendment except such as have been obtained or made and are in full force and effect and except filings necessary to perfect Liens created under the Loan Documents.

(d)                After giving effect to this Amendment, the representations and warranties contained in each of the Loan Documents are true and correct in all material respects on and as of the date hereof as though made on and as of such date (other than any such representations or warranties that, by their terms, refer to a specific date, in which case as of such specific date).

(e)                 No Default or Event of Default shall exist immediately prior to and after giving effect to this Amendment.

Section 5.                  Reference to and Effect on the Loan Documents.  On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment and this Amendment shall constitute a Loan Document.

(a)                 The Credit Agreement, the Notes and each of the other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  Without limiting the generality of the foregoing, the Security Documents and all of the Collateral described therein do and shall continue to secure the payment of all Obligations of the Credit Parties under the Loan Documents, in each case as amended or converted by this Amendment.

 

2

(b)                The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

Section 6.                  Reaffirmations.  Each Credit Party (a) consents to this Amendment and agrees that the transactions contemplated by this Amendment shall not limit or diminish the obligations of such Person, or release such Person from any obligations, under any of the Loan Documents to which it is a party, (b) confirms and reaffirms its obligations under each of the Loan Documents to which it is a party and (c) agrees that each of the Loan Documents to which it is a party remain in full force and effect and are hereby ratified and confirmed.

Section 7.               Execution in Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Amendment.

Section 8.                  Governing Law.  This Amendment and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Amendment and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the State of New York.

Section 9.                  Entire Agreement.  This Amendment and the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, the Issuing Lender, each Swingline Lender and/or the Arranger, constitute the entire agreement among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.

[Signature Pages Follow]

 

3

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

	
DXP ENTERPRISES, INC., as US Borrower

	 	
VERTEX-PFI, INC., as a US Subsidiary Guarantor

	 
	 	 	 	 
	
By: /S/ Mac McConnell

Name: Mac McConnell

Title: Senior Vice President, Chief Financial Officer and Secretary

	 	
By:  /S/ Mac McConnell

Name: Mac McConnell

Title: Vice President and Secretary

	 
	 	 	 	 
	
DXP CANADA ENTERPRISES LTD., as Canadian Borrower

	 	
PFI, LLC, as a US Subsidiary Guarantor

	 
	 	 	 	 
	
By:  /S/ Mac McConnell

Name: Mac McConnell

Title: Chief Financial Officer

	 	
By:  /S/ Mac McConnell

Name:  Mac McConnell

Title: Vice President and Secretary

	 
	 	 	 	 
	
DXP HOLDINGS, INC., as a US Subsidiary Guarantor

	 	
B27 HOLDINGS CORP., as Subsidiary Guarantor

	 
	 	 	 	 
	
By:  /S/ Mac McConnell

Name: Mac McConnell

Title: Vice President

	 	
By:  /S/ Mac McConnell

Name: Mac McConnell

Title: Vice President, Chief Financial Officer and Secretary

	 
	 	 	 	 
	
PMI OPERATING COMPANY, LTD., as a US Subsidiary Guarantor

	 	
B27, LLC, as a US Subsidiary Guarantor

	 
	 	 	 	 
	
By: PUMP-PMI, LLC, as General Partner

By:  /S/ Mac McConnell

Name: Mac McConnell

Title: Secretary and Treasurer

	 	
By:  /S/ Mac McConnell

Name: Mac McConnell

Title: Vice President and Chief Financial Officer

	 
	 	 	 	 
	
PMI INVESTMENT, LLC, as a US Subsidiary Guarantor

	 	
B27 RESOURCES, INC., as a US Subsidiary Guarantor

	 
	 	 	 	 
	
By:  /S/ Mac McConnell

Name: Mac McConnell

Title: Secretary and Treasurer

	 	
By:  /S/ Mac McConnell

Name:  Mac McConnell

Title: Vice President and Chief Financial Officer

	 
	 	 	 	 
	
PUMP-PMI, LLC, as a US Subsidiary Guarantor

	 	
BEST HOLDING, LLC, as Subsidiary Guarantor

	 
	 	 	 	 
	
By:  /S/ Mac McConnell

Name: Mac McConnell

Title: Secretary and Treasurer

	 	
By:  /S/ Mac McConnell

Name: Mac McConnell

Title: Vice President and Chief Financial Officer

	 
	 	 	 	 
	
VERTEX CORPORATE HOLDINGS, INC., as a 

US Subsidiary Guarantor

	 	
BEST EQUIPMENT SERVICE & SALES COMPANY, LLC, as 

Subsidiary Guarantor

	 
	 	 	 	 
	
By:  /S/ Mac McConnell

Name: Mac McConnell

Title: Vice President, Secretary and Treasurer

	 	
By:  /S/ Kent Yee

Name:  Kent Yee

Title: Secretary

	 
	 	 	 	 
	 	 	
PUMPWORKS 610, LLC, as Subsidiary Guaranto

	 
	 	 	 	 
	 	 	
By:  /S/ Kent Yee

Name: Kent Yee

Title: Secretary

	 

 

DXP Enterprises, Inc.

Second Amendment to Amended and Restated Credit Agreement

Signature Page

 

	
INTEGRATED FLOW SOLUTIONS, LLC, as a US Subsidiary Guarantor

	 	
BRANCH BANKING AND TRUST COMPANY, as Lende

	 
	 	 	 	 
	
By:  /S/ Kent Yee

Name: Kent Yee

Title: Secretary

	 	
By:  /S/ Matt McCain

Name: Matt McCain

Title: Senior Vice President

	 
	 	 	 	 
	
INDUSTRIAL PARAMEDIC SERVICES LTD., as a Canadian Subsidiary Guarantor

	 	
U.S. BANK NATIONAL ASSOCIATION, as Lender

	 
	 	 	 	 
	
By:  /S/ Mac McConnell

Name: Mac McConnell

Title:  Director

	 	
By:  /S/ Jonathan F Lindvall

Name: Jonathan F. Lindvall

Title: Vice President

	 
	 	 	 	 
	
HSE INTEGRATED LTD., as a Canadian Subsidiary Guarantor

	 	
JPMORGAN CHASE BANK, N.A., as Lender

	 
	 	 	 	 
	
By:  /S/ Mac McConnell

Name:  Mac McConnell

Title:  Senior Vice President

	 	
By:  /S/ Jeffrey C Miller

Name: Jeffrey C Miller

Title: Authorized Office

	 
	 	 	 	 
	
NATIONAL PROCESS EQUIPMENT INC., as a Canadian Subsidiary Guarantor

	 	
ACKNOWLEDGED BY:

JPMORGAN CHASE BANK, N.A., TORONTO BRANCH, as its Applicable Designee

	 
	 	 	 	 
	
By:  /S/ Mac McConnell

Name:  Mac McConnell

Title:  Chief Financial Officer

	 	
By:  /S/ Deborah Booth

Name: Deborah Booth

Title: Vice President

	 
	 	 	 	 
	
ADMINISTRATIVE AGENT AND LENDERS:

	 	
ROYAL BANK OF CANADA, as Lender

	 
	 	 	 	 
	
WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent, Swingline Lender, Issuing Lender and Lender

	 	
By:  /S/ Nicole Bradshaw

Name: Nicole Bradshaw

Title: VP, Finance

	 
	 	 	 	 
	
By:  /S/ Tom Caver

Name: Thomas F. Caver, III

Title: Senior Vice President

	 	
AMEGY BANK NATIONAL ASSOCIATION, as Lender

	 
	 	 	 	 
	
BANK OF AMERICA, N.A., as Lender

	 	
By:  /S/ Jeremy A Newsom

Name: Jeremy A. Newsom

Title: Executive Vice President

	 
	 	 	 	 
	
By:  /S/ Juan Trejo

Name: Juan Trejo

Title: Vice President

	 	
BOKF, NA dba Bank of Texas, as Lender

	 
	 	 	 	 
	
BANK OF AMERICA, N.A. (Canada Branch), as Lender

	 	
By:  /S/ Robbie Shackouls

Name: Robbie Shackouls

Title: Vice President

	 
	 	 	 	 
	
By: /S/ Juan Trejo

Name: Juan Trejo

Title: Vice President

	 	
CADENCE BANK, as Lender

	 
	 	 	 	 
	
REGIONS BANK, as Lender

	 	
By: /S/ Bob Bobbora

Name: William Bobbora

Title: Senior Vice President

	 
	
By:  /S/ Joey Powell

Name: Joey Powell

Title: Sr. Vice President

	 	 	 

DXP Enterprises, Inc.

Second Amendment to Amended and Restated Credit Agreement

Signature Page

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