EXHIBIT 10.1
CONFORMED COPY
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AMENDMENT NO. 2 dated as of May 28, 2009
(this “ Amendment ”), to the Credit Agreement
dated as of October 4, 2004, as amended by Amendment
No. 1 and Agreement with respect thereto dated as of
December 21, 2004 (as so amended, the “ Credit
Agreement ”), among VISANT CORPORATION, a Delaware
corporation (the “ Borrower ”), JOSTENS CANADA
LTD., a Manitoba corporation (the “ Canadian Borrower
”), VISANT SECONDARY HOLDINGS CORP., a Delaware corporation
(“ Holdings ”), the lending institutions from
time to time parties thereto (each a “ Lender ”
and, collectively, the “ Lenders ”), CREDIT
SUISSE, as Administrative Agent (in such capacity, the “
Administrative Agent ”), and CREDIT SUISSE, TORONTO
BRANCH, as Canadian Administrative Agent.
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A. Capitalized terms used herein and
not otherwise defined herein shall have the meanings assigned to
such terms in the Credit Agreement.
B. The Borrower has requested that
the Credit Agreement be amended, and the Required Lenders, which
include each of the Continuing Revolving Credit Lenders (as defined
below) and Additional Revolving Credit Lenders (as defined below),
have agreed to amend the Credit Agreement, on the terms and subject
to the conditions set forth herein, to, among other things,
(i) extend the maturity date of the Revolving Credit
Commitments of each of the Lenders listed on Schedule 1 hereto as a
Continuing Revolving Credit Lender (each, a “ Continuing
Revolving Credit Lender ” and, collectively, the “
Continuing Revolving Credit Lenders ”) and each Person
listed on Schedule 1 hereto as an Additional Revolving Credit
Lender (each, an “ Additional Revolving Credit Lender
” and, collectively, the “ Additional Revolving
Credit Lenders ”), (ii) permit the Borrower to
terminate all other Revolving Credit Commitments, including,
without limitation, all of the Revolving Credit Commitments held
(immediately after giving effect to the provisions of
Section 1(a) hereof) as of the Second Amendment Effective Date
(as defined below) by each Lender that is not a Continuing
Revolving Credit Lender or Additional Revolving Credit Lender
(each, an “ Exiting Revolving Credit Lender ”
and, collectively, the “ Exiting Revolving Credit
Lenders ”) and (iii) increase the Applicable ABR
Margin, Applicable LIBOR Margin, Applicable Stamping Fee and
Commitment Fee Rate with respect to Revolving Credit Loans,
Swingline Loans and Revolving Credit Commitments, in each case to
the extent applicable, effective as of the Second Amendment
Effective Date (as defined below).
C. Each existing Lender with
outstanding Tranche C Term Loans and/or Revolving Credit
Commitments that executes and delivers a signature page to this
Amendment will be deemed to have agreed, effective as of the Second
Amendment Effective Date, to all terms of this Amendment and the
transactions contemplated thereby, including, without limitation,
the transactions contemplated by the terms of Section 1(a)
hereof.
Accordingly, in consideration of the
foregoing and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:
SECTION 1. Assignments.
(a) On and as of the Second Amendment Effective Date,
immediately prior to the effectiveness of each of the amendments,
waivers and consents of or under the Credit Agreement provided for
in this Amendment (other than any such amendment, waiver or consent
to extent the same is construed as being provided for solely in
this Section 1(a)), a portion of the interests (including with
respect to participations in outstanding Letters of Credit), then
held, in the Revolving Credit Commitments, by (i) each Exiting
Revolving Credit Lender that has as of such time executed and
delivered a signature page to this Amendment (each, a “
Specified Exiting Revolving Credit Lender ” and,
collectively, the “ Specified Exiting Revolving Credit
Lenders ”) and (ii) certain of the Continuing
Revolving Credit Lenders shall, in each case, automatically and
without any further action being required, be assigned and
transferred to, and assumed by, certain of the Continuing Revolving
Credit Lenders and each of the Additional Revolving Credit Lenders,
which portion in each case shall be such as is then necessary in
order that, immediately after giving effect to all such assignments
and assumptions, the Revolving Credit Commitments held by the
Continuing Revolving Credit Lenders and the Additional Revolving
Credit Lenders will be as set forth on Schedule 1 hereto. Each
Additional Revolving Credit Lender and Continuing Revolving Credit
Lender assuming interests of any type under this Section 1(a)
shall be deemed to have assumed such interests from each Specified
Exiting Revolving Credit Lender and Continuing Revolving Credit
Lender assigning interests of such type ratably in accordance with
the amounts of such interests assigned by such Specified Exiting
Revolving Credit Lenders and Continuing Revolving Credit Lenders.
The assignments and assumptions provided for in this
Section 1(a) (i) shall be without recourse, warranty or
representation, except that each Specified Exiting Revolving Credit
Lender and Continuing Revolving Credit Lender (x) assigning
any interests shall be deemed to have represented that it is the
legal and beneficial owner of the interests assigned by it and that
such interests are free and clear of any adverse claim and
(y) assuming any interests in respect of the Canadian
Revolving Credit Commitments shall be deemed to have represented
that such assumption complies with all applicable requirements of
Section 13.6(b)(ii)(E) and (ii) shall not require any
payment by any Exiting Revolving Credit Lender, Continuing
Revolving Credit Lender or Additional Revolving Credit Lender. To
facilitate the foregoing assignments and assumptions, the Borrowers
shall ensure that on the Second Amendment Effective Date there
shall be outstanding no Revolving Credit Loans.
(b) On the Second Amendment
Effective Date, after giving effect to the provisions of
Section 1(a) above and to the amendments and waivers or under
the Credit Agreement provided for in this Section 1 and in
Sections 2 and 4 of this Amendment, the Revolving Credit
Commitments, other than those reflected on Schedule 1 hereto,
shall, automatically and without any further action being required,
be permanently terminated, and the Borrowers shall pay by wire
transfer of immediately available funds to the Administrative
Agent, for the accounts of (i) the Specified Exiting Revolving
Credit Lenders and Continuing Revolving Credit Lenders
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who assigned any portion of their
respective Revolving Credit Commitments pursuant to
Section 1(a) above and (ii) the Exiting Revolving Credit
Lenders and Continuing Revolving Credit Lenders whose Revolving
Credit Commitments (after giving effect to the assignments provided
for in Section 1(a) above) are so terminated (whether in whole
or in part), in each case the accrued but unpaid commitment fees
owing pursuant to Section 4.1 of the Credit Agreement in
respect of such Revolving Credit Commitments so assigned or
terminated, as applicable.
(c) Each of the parties hereto
hereby (i) consents to the assignments and assumptions
provided for in paragraph (a) above and, notwithstanding
anything to the contrary in Section 13.6 of the Credit
Agreement or otherwise, to the manner in which such assignments are
effected pursuant to this Amendment, (ii) notwithstanding
anything to the contrary in Section 13.6 of the Credit
Agreement or otherwise, agrees that (A) each Additional
Revolving Credit Lender and Continuing Revolving Credit Lender that
is assuming interests in the Revolving Credit Commitments pursuant
to paragraph (a) above are assignees of the Specified Exiting
Revolving Credit Lenders and certain Continuing Revolving Credit
Lenders and that such assignees are permitted under Credit
Agreement and (B) each Additional Revolving Credit Lender and
each such Continuing Revolving Credit Lender shall have all the
rights and obligations of a Lender under the Credit Agreement,
including, without limitation, with respect to the interests
assumed by it pursuant to such paragraph and (iii) waives in
all respects the provisions of Section 13.6 of the Credit
Agreement to the extent that (I) such provisions would
otherwise be applicable to any assignment or assumption of
Revolving Credit Commitments contemplated by this Amendment and
(II) any such assignment or assumption as so contemplated would not
otherwise comply with such provisions. For the avoidance of doubt,
each of the parties hereto hereby further agrees that on and as of
the Second Amendment Effective Date, immediately after giving
effect to the provisions of Section 1(a) above, any executed
copy of this Amendment shall be deemed, for all purposes of
Section 13.6 of the Credit Agreement, to be (I) an
“Assignment and Acceptance” with respect to each of the
assignments provided for in Section 1(a) and (II) to have been
accepted and recorded, together with all other information and
documentation required in connection therewith, in the Register by
the Administrative Agent, in full compliance with all relevant
requirements of Section 13.6.
(d) On and as of the Second
Amendment Effective Date, immediately after giving effect to
(x) the provisions of Section 1(a) above, (y) the
amendments and waivers or under the Credit Agreement provided for
in Sections 2 and 4 of this Amendment and (z) the provisions
of Section 1(b) above, (i) the Revolving Credit
Commitments of each Revolving Credit Lender shall be as set forth
in Schedule 1 hereto and (ii) each of the Exiting
Revolving Credit Lenders shall cease to be a party to the Credit
Agreement as a Revolving Credit Lender and shall be released from
all further obligations thereunder and shall have no further rights
to or interest in any of the Collateral; provided ,
however , that each Exiting Revolving Credit Lender shall
continue to be entitled to any benefits it was entitled to, and
subject to any corresponding obligations it was subject to, prior
to such release pursuant to each of Section 2.10, 2.11, 3.5,
5.4 and 13.5 of the Credit Agreement.
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SECTION 2. Amendments to the
Credit Agreement. The Credit Agreement is hereby amended,
effective immediately after giving effect to the provisions of
Section 1(a) above as of the Second Amendment Effective Date,
as follows:
(a) Amendment of
Section 1.1. Section 1.1 of the Credit Agreement is
hereby amended by:
(i) inserting the definitions of the
following terms in appropriate alphabetical order
therein:
“ Consolidated Gross Senior
Secured Debt ” shall mean, as of any date of
determination, the sum (without duplication) of (i) the
aggregate principal amount of the Term Loans outstanding at such
date, (ii) the aggregate amount of all Revolving Credit
Commitments (whether used or unused) in effect under this Agreement
on such date, (iii) the aggregate principal amount of all
other Indebtedness of the Borrower and the Restricted Subsidiaries
for borrowed money outstanding on such date that is secured by a
Lien on any property of the Borrower or a Restricted Subsidiary
(other than any Lien permitted under Section 10.2(b) and any
replacement, extension or renewal thereof permitted under
Section 10.2(e)) and (iv) all Capitalized Lease
Obligations of the Borrower and the Restricted Subsidiaries
outstanding on such date, with all such Indebtedness referred to in
the preceding clauses (iii) and (iv) being calculated on
a consolidated basis in accordance with GAAP.
“ Consolidated Gross Senior
Secured Leverage Ratio ” shall mean, as of any date of
determination, the ratio of (a) Consolidated Gross Senior
Secured Debt as of the last day of the relevant Test Period to
(b) Consolidated EBITDA for such Test Period.
“ Consolidated Gross Senior
Secured Leverage Ratio Certificate ” shall mean a
certificate of an Authorized Officer of the Borrower setting forth
in reasonable detail the calculation of the Consolidated Gross
Senior Secured Leverage Ratio certified therein, which certificate
shall be delivered to the Administrative Agent no later than
September 1, 2011 (it being understood that such certificate
may, at the Borrower’s option, be delivered at the time of
delivery of (and in such case may be combined with or made a part
of) the officer’s certificate delivered with respect to the
Section 9.1 Financials for the fiscal quarter ending on the
last day of the Test Period to which such Consolidated Gross Senior
Secured Leverage Ratio relates).
“ Second Amendment
” shall mean Amendment No. 2 to this Agreement dated as
of May 28, 2009.
“ Second Amendment
Effective Date ” shall have the meaning provided in the
Second Amendment.
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(ii) amending the definition of each
of the following terms in Section 1.1 of the Credit Agreement
in the manner specified with respect thereto:
(A) the definition of “
Applicable ABR Margin ” is hereby amended by deleting
the table in such definition in its entirety and inserting, in lieu
thereof, the following:
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Applicable ABR Margin for
Tranche A Term Loans
(including ABR Loans, Cdn ABR
Loans and Canadian Prime Loans)
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Applicable ABR
Margin for
Revolving Credit
Loans (including
ABR Loans, Cdn
ABR Loans and
Canadian Prime
Loans) and
Swingline Loans
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Applicable ABR
Margin for
Tranche C Term Loans
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Level I Status
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1.50
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%
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3.00
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%
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1.25
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%
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Level II Status
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1.25
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%
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3.00
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%
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1.25
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%
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Level III Status
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1.00
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%
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3.00
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%
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1.00
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%
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Level IV Status
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0.75
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%
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3.00
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%
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1.00
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%
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(B) the definition of “
Applicable LIBOR Margin ” is hereby amended by
deleting the table in such definition in its entirety and
inserting, in lieu thereof, the following:
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Applicable LIBOR Margin for
Tranche A Term Loans
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Applicable LIBOR
Margin for
Revolving Credit Loans
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Applicable LIBOR
Margin
for Tranche C
Term Loans
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Level I Status
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2.50
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%
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4.00
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%
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2.25
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%
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Level&n
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