AMENDMENT NO. 3 TO CREDIT
AGREEMENT
This AMENDMENT NO.
3 TO CREDIT AGREEMENT (this “ Agreement ”) is
entered into as of April 30, 2009 (the “ Effective
Date ”), by and among STUDY ISLAND, LLC, a Delaware
limited liability company (“ Borrower ”), the
other person designated as a “Credit Party” on the
signature pages hereof, the financial institutions designated as
“Lenders” on the signature pages hereof (“
Lenders ”) and GENERAL ELECTRIC CAPITAL CORPORATION, a
Delaware corporation (“ Agent ”), for itself as
a Lender (including as Swingline Lender) and L/C Issuer and as
Agent for Lenders. Unless otherwise specified herein, capitalized
terms used in this Agreement shall have the meanings ascribed to
them in the Credit Agreement (as hereinafter defined).
WHEREAS, Borrower,
the other Credit Party, Agent and Lenders have entered into that
certain Credit Agreement, dated as of November 16, 2007,
amended by that certain Amendment No. 1 to Credit Agreement,
dated as of May 21, 2008 and that certain Amendment No. 2
to Credit Agreement, dated as of February 18, 2009 (as
amended, restated, amended and restated, supplemented or otherwise
modified from time to time, the “ Credit Agreement
”); and
WHEREAS, Borrower,
Agent and Lenders have agreed to amend certain terms of the Credit
Agreement as described herein.
NOW THEREFORE, in
consideration of the mutual execution hereof and other good and
valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as
follows:
SECTION 1.
Definitions . Capitalized terms used in this
Agreement, unless otherwise defined herein, shall have the meaning
ascribed to such terms in the Credit Agreement.
SECTION 2.
Amendments to Credit Agreement . Subject to the
satisfaction of the conditions precedent set forth in
Section 4 hereof, the Credit Agreement is hereby amended as
follows:
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(a)
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Schedule 2 to
Exhibit 4.1(d) is hereby amended by inserting the
following:
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“the amount of any unrealized,
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non-cash gain from the
mark-to-market valuation of
hedging obligations deducted from
Consolidated EBITDA pursuant
to clause (B)(ii) of the definition thereof
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as an
additional deduction from Current Assets immediately below the
deduction for “deferred tax assets.”
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(b)
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Schedule 2 to
Exhibit 4.1(d) is hereby amended by inserting the
following:
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“the
amount of any unreal
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