SEC Contract Filing

Filing Date: 2017-10-20

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>a17-24133_1ex10d1.htm
<DESCRIPTION>EX-10.1
<TEXT>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.1<a name="Exhibit10_1_120650"></a></font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Execution Version</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOURTH AMENDMENT AND WAIVER TO</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This FOURTH AMENDMENT AND WAIVER TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this &#147;<u>Amendment</u>&#148;) is dated as of October&nbsp;16, 2017 by and among SUMMER INFANT,&nbsp;INC. and SUMMER INFANT (USA),&nbsp;INC., as &#147;Borrowers&#148; under the Loan Agreement referenced below (&#147;<u>Borrowers</u>&#148;), SUMMER INFANT CANADA, LIMITED and SUMMER INFANT EUROPE LIMITED, as &#147;Guarantors&#148; under the Loan Agreement referenced below (&#147;<u>Guarantors</u>&#148; and together with the Borrowers, the &#147;<u>Obligors</u>&#148;),&#160; the &#147;Lenders&#148; party to the Loan Agreement referenced below (&#147;<u>Lenders</u>&#148;), and BANK OF AMERICA, N.A., in its capacity as &#147;Agent&#148; for the Lenders under the Loan Agreement referenced below (&#147;<u>Agent</u>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Borrowers, Guarantors, Lenders and Agent are parties to that certain Amended and Restated Loan and Security Agreement dated as of April&nbsp;21, 2015, as amended by that certain Amendment to Amended and Restated Loan and Security Agreement dated as of December&nbsp;10, 2015, that certain Second Amendment to Amended and Restated Loan and Security Agreement dated as of May&nbsp;24, 2016, and that certain Third Amendment and Waiver to Amended and Restated Loan and Security Agreement dated as of February&nbsp;17, 2017 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the &#147;<u>Loan Agreement</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, on September&nbsp;18, 2017, Toys &#147;R&#148; Us,&nbsp;Inc. announced that it had commenced Insolvency Proceedings (the &#147;<u>Toys &#147;R&#148; Us Insolvency Proceedings</u>&#148;), and as a result of the Toys &#147;R&#148; Us Insolvency Proceedings, Accounts owing from the Toys &#147;R&#148; Us Companies (the &#147;<u>Toys &#147;R&#148; Us Accounts</u>&#148;) no longer constitute Eligible Accounts; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, after deducting the Toys &#147;R&#148; Us Accounts from Eligible Accounts, the aggregate Revolver Loans outstanding during the period from September&nbsp;18, 2017 through the date of this Amendment have exceeded the Revolver Borrowing Base, resulting in Revolver Overadvances (the &#147;<u>Toys &#147;R&#148; Us Revolver Overadvances</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Borrowers have requested that Agent and Lenders waive any violations of the Loan Agreement that are directly attributable to the Toys &#147;R&#148; Us Revolver Overadvances and that Agent and Lenders amend certain provisions of the Loan Agreement to, among other things, temporarily increase the Revolver Borrowing Base to account for the failure of the Toys &#147;R&#148; Us Accounts to constitute Eligible Accounts, increase the maximum percentage of Accounts owing from the Amazon Companies and the Wal-Mart Companies that may be included as Eligible Accounts, and increase the maximum permitted Leverage Ratio for the period of four Fiscal Quarters ending September&nbsp;30, 2017; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Lenders and Agent are willing to waive any violations of the Loan Agreement that are directly attributable to the Toys &#147;R&#148; Us Revolver Overadvances and to amend certain provisions of the Loan Agreement, all as more fully described herein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;<