Exhibit 10.3
AMENDMENT
AND CONSENT NO. 5 TO REVOLVING CREDIT AGREEMENT
AMENDMENT AND CONSENT NO. 5 (this “
Amendment and Consent ”), dated as of May 8,
2008, among FH PARTNERS LLC, a Texas limited liability company (the
“ Borrower ”), the financial institutions which
are parties to the Agreement hereinafter referred to (each a
“ Lender ” and collectively, the “
Lenders ”), and BANK OF SCOTLAND, as agent for the
Lenders (in such capacity, the “ Agent ”) under
the Revolving Credit Agreement, dated as of August 26, 2005,
among the Borrower, the Lenders and the Agent ( as heretofore amended or otherwise
modified, the
“ Agreement ”).
W
I
T N E S S E T
H :
WHEREAS, the
Borrower has requested (i) that the Lenders amend the
Agreement to delete Section 8A(a)(ii) thereof and
(ii) that the Lenders consent to waive compliance with the
requirements of such Section for the fiscal quarter ended
March 31, 2008 ; and
WHEREAS,
the Lenders are willing to
consent to the foregoing on and subject to the terms
hereof;
NOW, THEREFORE, it
is agreed:
1. Definitions . All terms
used herein which are defined in the Agreement (including, to the
extent any such terms are to be added or amended by this Amendment
and Consent, as if such terms were already added or amended by this
Amendment and Consent, unless the context shall otherwise indicate)
shall have the same meanings when used herein unless otherwise
defined herein. All references to Sections in this Amendment
and Consent shall be deemed references to Sections in the Agreement
unless otherwise specified.
2. Effect of Amendment . As
used in the Agreement (including all Exhibits thereto), the Notes
and the other Loan Documents and all other instruments and
documents executed in connection with any of the foregoing, on and
subsequent to the Amendment Closing Date (as hereinafter defined),
any reference to the Agreement shall mean the Agreement as amended
hereby.
3. Representations . In
order to induce the Agent and the Lenders to execute this Amendment
and Consent, the Borrower hereby represents, warrants and covenants
to the Agent and the Lenders as of the date hereof and (if
different) as of the Amendment Closing Date (which representations,
warranties and covenants shall survive the execution, delivery and
effectiveness of this Amendment and Consent) as
follows:
(a)
No Default or Event of Default exists.
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(b)
Each representation and warranty made by Borrower and each other
Loan Party in the Loan Documents is true and correct.
(c)
The execution and delivery of this Amendment and Consent by the
Borrower and the consummation of the transactions contemplated
herein have been duly authorized by all necessary corporate
action.
(d)
This Amendment and Consent is the legal, valid and binding
obligation of the Borrower, enforceable in accordance with its
terms subject, as to enforceability, to applicable bankruptcy,
insolvency, reorganization and similar laws affecting the
enforcement of creditors’ rights generally and to general
principles of equity (regardless of whether such enforcement is
considered in a proceeding in equity or at law).
(e)
No Material Adverse Change has occurred since June 30,
2007.
4. Requests . Borrower
hereby requests that the Lenders (a) waive any Event of
Default resulting from the failure of the Borrower to comply with
the terms of Section 8A(a)(ii) of the Agreement and
(b) agree to an amendment of the Agreement to remove
Section 8A(a)(ii) therefrom.
5. Consent to Waiver . In
reliance upon the representations, warranties and agreements set
forth herein, the Agent and the Lenders hereby consent to waive any
Event of Default resulting from the failure of the Borrower to
comply with the terms of Section 8A(a)(ii) of the
Agreement for the fiscal quarter ended March 31,
2008.
6. Amendment . In reliance
upon the representations, warranties and agreements set forth
herein, as of the date hereof, the Agreement is hereby amended by
amending and restating in its entirety
Section 8A(a)(ii) thereof to read as follows:
“(ii) [Intentionally
deleted];”
7. Effectiveness . This
Amendment and Consent shall become effective when each of the
following conditions have been fulfilled to the satisfaction of the
Agent (or waived by the Agent).
(a)
Signed Copies . The Borrower, the Lenders and the
Agent shall have executed a copy hereof and delivered the same to
the Agent at 565 Fifth Avenue, New Yor
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