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Exhibit 10.1 Execution Copy AMENDMENT NO. 4
TO
SECOND AMENDED AND RESTATED LOAN AGREEMENT
This AMENDMENT NO. 4 TO SECOND
AMENDED AND RESTATED LOAN AGREEMENT (this " Amendment ")
is made and entered into as of the 11 day of December, 2008,
by and among NATIONAL DENTEX CORPORATION , a Massachusetts
corporation (" Dentex "), its Subsidiaries listed on the
signature page(s) hereof (together with Dentex, collectively the "
Borrowers "), and BANK OF AMERICA, N.A. (the "
Bank "). Capitalized terms used herein without definition
shall have the meaning ascribed to them in the Loan Agreement (as
defined below). WHEREAS , the
Borrowers and the Bank are parties to that certain Second Amended
and Restated Loan Agreement dated as of November 7, 2006, as
amended by that certain Loan Modification Agreement dated as of
March 29, 2007, that certain Amendment to Second Amended and
Restated Loan Agreement dated as of October 24, 2007, that
certain Amendment No. 2 to Second Amended and Restated Loan
Agreement dated as of May 9, 2008, and that certain Consent
and Amendment No. 3 to Second Amended and Restated Loan
Agreement dated as of September 2, 2008 (collectively, as the
same may be hereby and further amended and in effect from time to
time, the " Loan Agreement "), pursuant to which the Bank
has extended credit to the Borrowers on the terms set forth
therein; WHEREAS , the
Borrowers have requested the Bank to modify the Loan Agreement in
certain respects and to extend the Revolving Line of Credit
Termination Date; WHEREAS,
the Bank is willing to modify the Loan Agreement and the Revolving
Line of Credit Note by extending the Revolving Line of Credit
Termination Date and in certain other respects as requested, on the
terms and conditions set forth herein.
NOW, THEREFORE, in
consideration of the foregoing, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:
1.
Amendment to
Section 2(c)(i) of the Loan Agreement .
Section 2(c)(i) of the Loan
Agreement is hereby amended by deleting the reference to "1/8 of
1%" in the first line thereof and replacing it with "1/2 of 1%".
2.
Amendment to Section 4(c) of
the Loan Agreement .
Section 4(c) of the Loan
Agreement is hereby amended by deleting the table set forth in such
Section in its entirety and replacing it with the following:
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"Ratio of Consolidated
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Total Funded Debt to
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Prime Rate
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LIBOR Rate
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Cost of Funds
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Consolidated EBITDA
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Loans
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Loans
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Rate Loans
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Greater than or equal to 2.5:1.0
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0%
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3.50%
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3.50%
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Greater than or equal to 2.25:1.0 but less than 2.5:1.0
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0%
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3.25%
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3.25%
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Greater than or equal to 2.0:1.0 but less than 2.25:1.0
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0%
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3.00%
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3.00%
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Greater than or equal to 1.75:1.0 but less than 2.0:1.0
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0%
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2.75%
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2.75%
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Less than 1.75:1.0
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0%
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2.50%
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2.50%
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"
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3.
Amendment to Section 4(p) of
the Loan Agreement .
Section 4(p) of the Loan
Agreement is hereby amended by deleting the table set forth in such
Section in its entirety and replacing it with the following:
"(p) The
term " Fixed Charge Coverage Ratio " shall mean as of the
end of any fiscal quarter of the Borrowers the ratio of
(i) Consolidated Adjusted EBITDA for the period of four
consecutive fiscal quarters ending with such fiscal quarter,
determined in accordance with GAAP, to (ii) the sum of
(A) the aggregate amount of principal payments of Indebtedness
of the Borrowers or any of their subsidiaries scheduled to have
been made during such period plus (B) the aggregate
amount of interest expense of the Borrowers or any of their
subsidiaries for such period."
4. Amendment to
Section 4(dd) of the Loan Agreement .
Section 4(dd) of the Loan
Agreement is hereby amended by deleting the reference to
"November 7, 2009" in the second line thereof and replacing it
with "November 7, 2011".
5. Amendment to
Section 4(kk) of the Loan Agreement .
Section 4(kk) of the Loan
Agreement is hereby amended by deleting such Section in its
entirety and replacing it with the following:
"(kk) The term " Prime Rate "
shall mean, for any day, a fluctuating rate per annum equal to the
highest of (a) the Federal Funds Rate plus 1/2 of 1%,
(b) the rate of interest in effect for such day as publicly
announced from time to time by the Bank as its "prime rate", and
(c) the LIBOR Lending Rate for an Interest Period of 1-month
beginning on such day plus 100 basis points. The "prime rate" is a
rate set by the Bank based upon various factors including the
Bank’s costs and desired return, general economic conditions
and other factors, and is used as a reference point for pricing
some loans, which may be priced at, above, or below such announced
rate. Any change in such rate announced by the Bank shall take
effect at the opening of business on the day specified in the
public announcement of such change."
-2-
6.
Amendment to Section 4 of
the Loan Agreement .
Section 4 of the Loan Agreement
is hereby amended by inserting the following new clause
(rr) at the end thereof: "(rr)
The term " Federal Funds Rate " shall mean, for any day, the
rate per annum equal to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal
Reserve System arranged by Federal funds brokers on such day, as
published by the Federal Reserve Bank of New York on the Business
Day next succeeding such day; provided that (a) if such
day is not a Business Day, the Federal Funds Rate for such day
shall be such rate on such transactions on the next succeeding
Business Day as so published on the next succeeding Business Day,
and (b) if no such rate is so published on such
ne
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