AMENDMENT NO. 4 TO SECOND AMENDED
AND RESTATED REVOLVING CREDIT AGREEMENT
THIS AMENDMENT NO. 4 TO SECOND AMENDED AND
RESTATED REVOLVING CREDIT AGREEMENT (this “ Agreement
”) is entered into as of the 7th day of July, 2009, by and
among (a) REAL MEX RESTAURANTS, INC. , formerly known as
Acapulco Acquisition Corp., a Delaware corporation (“ Real
Mex ”), ACAPULCO RESTAURANTS, INC. , a Delaware
corporation (“ ARI ”), EL TORITO FRANCHISING
COMPANY , a Delaware corporation (“ ETFI ”),
EL TORITO RESTAURANTS, INC. , a Delaware corporation
(“ ETRI ”), TARV , INC., a
California corporation (“ TARV ”), ACAPULCO
RESTAURANT OF VENTURA, INC. , a California corporation (“
ARV ”), ACAPULCO RESTAURANT OF WESTWOOD, INC. ,
a California corporation (“ ARW ”), ACAPULCO
MARK CORP. , a Delaware corporation (“ AMC
”), MURRAY PACIFIC , a California corporation (“
MP ”), ALA DESIGN, INC. , a California
corporation (“ ALAD ”), REAL MEX FOODS,
INC. , formerly known as ALA Foods, Inc., a California
corporation (“ RMF ”), ACAPULCO RESTAURANT OF
DOWNEY, INC. , a California corporation (“ ARD
”), ACAPULCO RESTAURANT OF MORENO VALLEY, INC. , a
California corporation (“ AMV ”), EL PASO
CANTINA, INC. , a California corporation (“ EPC
”), CKR ACQUISITION CORP. , a Delaware corporation
(“ CKR ”), CHEVYS RESTAURANTS, LLC , a
Delaware limited liability company (“ Chevys ”;
and collectively with Real Mex, ARI, ETFI, ETRI, TARV, ARV, ARW,
AMC, MP, ALAD, RMF, ARD, AMV, EPC and CKR, the “
Borrowers ”), (b) the lending institutions party
hereto as Lenders, and (c) GENERAL ELECTRIC CAPITAL
CORPORATION as agent and administrative agent (the “
Agent ”) for itself and such lending
institutions.
WHEREAS, the Borrowers, Lenders, and Agent
entered into a Second Amended and Restated Revolving Credit
Agreement, dated as of January 29, 2007 (as amended, restated,
supplemented or otherwise modified from time to time, the “
Credit Agreement ”; unless otherwise defined herein,
capitalized terms used herein that are not otherwise defined herein
shall have the respective meanings assigned to such terms in the
Credit Agreement);
WHEREAS, substantially contemporaneously with
the execution and delivery of this Agreement, the Agent, Credit
Suisse, Cayman Islands Branch, as administrative agent under the
Unsecured Term Loan Documents, Cocina, KKR Financial CLO 2005-2,
Ltd., the Parent and the Borrowers are entering into a waiver and
amendment no. 2 to the subordination and intercreditor agreement
(the “ Intercreditor Agreement (Unsecured Term Loan)
Amendment ”);
WHEREAS, Borrowers have requested that the Agent
and the Lenders amend certain provisions of the Credit Agreement,
consent to the execution and delivery of the Intercreditor
Agreement (Unsecured Term Loan) Amendment and the 2009
Intercreditor Agreement (2009 Senior Secured Debt) and the
performance of each of the transactions contemplated thereby, all
as set forth in this Agreement; and
WHEREAS, the Agent and Lenders agree to such
amendments and consents upon the terms and subject to conditions
set forth herein.
NOW THEREFORE, in consideration of the premises
and the mutual agreements set forth, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as
follows:
1. Definitions in Credit Agreement;
etc. Unless otherwise defined herein, terms defined in or by
reference to the Credit Agreement (as from time to time amended)
are used herein as therein defined.
2. Consents . Notwithstanding
anything in the Credit Agreement or any other Loan Document to the
contrary,
(a) the Lenders hereby consent to the
execution, delivery and performance of the Intercreditor Agreement
(Unsecured Term Loan) Amendment and the 2009 Intercreditor
Agreement (2009 Senior Secured Debt) and the transactions
contemplated thereby and authorize, direct and instruct the Agent
to enter into the Intercreditor Agreement (Unsecured Term Loan)
Amendment, the 2009 Intercreditor Agreement (Parent Debt) and the
2009 Intercreditor Agreement (2009 Senior Secured Debt);
and
(b) the Agent and the Lenders hereby
consent to the discharge of the 2004 Indenture and to the 2004
Indenture ceasing to be of further effect as to all Notes issued
thereunder pursuant to Section 12.01(1)(b) of the 2004
Indenture; provided , however , that if the 2009
Indenture Effective Time (as such term is defined in
Section 3(d) of this Agreement below) does not occur on
or prior to July 31, 2009, the consents set forth in this
Section 2(b) shall become null and void and of no further
force or effect at 11:59 p.m. (Chicago time) on July 31,
2009.
3. Amendments . Subject to the
satisfaction of the conditions precedent set forth in
Section 4 of this Agreement, the following amendments
to the Credit Agreement shall become effective; provided ,
however , that if the 2009 Indenture Effective Time (as such
term is defined in Section 3(d) of this Agreement
below) does not occur on or prior to July 31, 2009, the amendments
set forth in this Section 3 shall become null and void
and of no further force or effect at 11:59 p.m. (Chicago time)
on July 31, 2009:
(a) §1.1 of the Credit Agreement is
amended by amending and restating the following definitions to read
in their entirety as follows:
Applicable Margin . For the period commencing on March 31,
2008 through the date immediately preceding the Amendment
No. 3 Effective Date, the Applicable Margin with respect to
Revolving Credit Loans that are Base Rate Loans shall be 1.25% and
the Applicable Margin with respect to Revolving Credit Loans that
are Eurodollar Rate Loans shall be 2.75%. For the period commencing
on the Amendment No. 3 Effective Date through the date
immediately preceding the 2009 Indenture Effective Time, the
Applicable Margin with respect to Revolving Credit Loans that are
Base Rate Loans shall be 4.17% and the Applicable Margin with
respect to Revolving Credit Loans that are Eurodollar Rate Loans
shall be 5.67%. On the 2009 Indenture Effective Time and at all
times thereafter, the Applicable Margin with respect to Revolving
Credit Loans that are Base Rate Loans shall be 6.00% and the
Applicable Margin with respect to Revolving Credit Loans that are
Eurodollar Rate Loans shall be 7.00%.
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Change of Control . At any time, the occurrence of one or more of
the following events: (i) the Parent shall at any time fail to
own, directly or indirectly, 100% of each class of issued and
outstanding Voting Stock and economic interests of Real Mex free
and clear of all liens other than Permitted Liens and, as long as
such liens are subordinated to the liens of the Agent pursuant to
the 2009 Intercreditor Agreement (2009 Senior Secured Debt), liens
granted by Parent to secure its guaranty of the 2009 Senior Secured
Debt, (ii) at all times prior to the 2009 Indenture Effective
Time, any “Change of Control” under (and as defined in)
the Senior Secured Debt Documents, (iii) at all times from and
after the 2009 Indenture Effective Time, any “change of
control” or similar event, however defined, under the 2009
Senior Secured Debt Documents, (iv) any “Change of
Control” under (and as defined in) the Unsecured Term Loan
Documents, (v) any “change of control” or similar
event, however defined, under the 2009 Parent Debt Documents,
(vi) Permitted Holders shall at any time fail to own, directly
or indirectly, 50.1% of each class of issued and outstanding Voting
Stock and economic interests of the Parent or (vii) Cocina and KKR
and their Control Investment Affiliates shall at any time fail to
own, directly or indirectly, a greater percentage of the issued and
outstanding Voting Stock and economic interest of Parent than any
other Person and its Control Investment Affiliates.
Collateral . All of the property, rights and interests of
the Parent, the Borrowers and their Subsidiaries that are or are
intended to be subject to the security interests and mortgages
created by the Security Documents.
Consolidated Funded Indebtedness
. At any time, the sum of (a)
(X) the aggregate amount of Indebtedness (including interest
paid in kind) of the Borrowers and their Subsidiaries, on a
consolidated basis, relating to the borrowing of money or the
obtaining of credit (but not including the Maximum Drawing Amount
still available under Letters of Credit or trade credit obtained in
the ordinary course of business) or in respect of Capitalized
Leases, other than any interest in respect thereof (but not
including Indebtedness consisting of deferred tax liability)
minus (Y) the amount of cash on deposit in the Excess
Cash Flow Account, plus (b) without duplication, all
Indebtedness of the type described in clause (a) above guaranteed
by the Borrowers or any of their Subsidiaries.
Eurodollar Base Rate . For any Interest Period with respect to a
Eurodollar Rate Loan, the higher of (i) 2.00% per annum and
(ii) the rate determined by the Agent to be the offered rate
per annum for deposits of Dollars for the applicable Interest
Period that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m.
(London, England time) two Eurodollar Business Days prior to the
first day in such Interest Period. In the event that such rate does
not appear on Reuters Screen LIBOR01 Page at such time, such rate
will be the rate of interest per annum, as determined by the Agent
(rounded upwards, if necessary, to the nearest 1/100 of 1%) at
which deposits of Dollars in immediately available funds are
offered at 11:00 a.m. (London, England time) two (2) Business
Days prior to the first day in such Interest Period by major
financial institutions reasonably satisfactory to the Agent in the
London interbank market for such Interest Period for the applicable
principal amount on such date of determination.
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Excess Cash Flow . As such term and the component terms thereof
are defined in the 2009 Indenture, as in effect as of the 2009
Indenture Effective Time.
Permitted Holders . Collectively, (a) Cocina, KKR,
Canpartners and Capstone, (b) the Co-Investors, and
(c) any Related Parties of (i) Cocina, KKR, Canpartners
or Capstone or (ii) the Co-Investors.
Permitted Parent Debt. The 2009 Parent Debt as long as (i) all of
such Indebtedness results from an assumption by the Parent from
Real Mex of the portion of the Unsecured Term Loan in the same
amount on or about the 2009 Indenture Effective Time,
(ii) such Indebtedness is unsecured and not guaranteed by any
Borrower or any Subsidiary of a Borrower, (iii) such
Indebtedness is not exchangeable or convertible into any
Indebtedness of the Parent or any of its Subsidiaries,
(iv) such Indebtedness is subordinated to the Obligations
pursuant to the 2009 Intercreditor Agreement (Parent Debt),
(v) interest on such Indebtedness shall be payable only in
kind, and (vi) such Indebtedness does not mature, and is not
subject to mandatory repurchase, redemption or amortization, in
each case prior to the 180th day after the date specified in clause
(a) of the definition of the term “Revolving Credit Loan
Maturity Date”.
Restricted Payments . In relation to the Borrowers, any (a)
Distribution, (b) payment in respect of or purchase of any or
all of the Senior Secured Debt, (c) payment in respect of or
purchase of any or all of the 2009 Senior Secured Debt or
(d) payment in respect of or purchase of any or all of the
Unsecured Term Loan.
Revolving Credit Loan Maturity Date
. The earliest to occur of
(a) July 1, 2012, (b) the payment or defeasance in full
of the Senior Secured Debt (other than the payment in full of the
Senior Secured Debt contemplated by the definition of the term
“2009 Indenture Effective Time”), (c) the payment
or defeasance in full of the 2009 Senior Secured Debt, (d) the
payment in full in cash of the Unsecured Term Loan or (e) the
date upon which interest on the Permitted Parent Debt is required
to be paid in cash pursuant to the terms thereof.
Security Documents. The Intercreditor Agreement, the 2009
Intercreditor Agreement (2009 Senior Secured Debt), the Parent
Guaranty, the Parent Security Agreement, the Security Agreement,
the Mortgages, the Trademark Security Agreement, the Stock Pledge
Agreements, the Assignment and Agency Account Agreement, the Agency
Account Agreements and all other instruments and documents,
including, without limitation, Uniform Commercial Code financing
statements, required to be executed or delivered pursuant to any
Security Document, in each case, as amended, restated, supplemented
or otherwise modified from time to time.
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Unsecured Term Loan Documents
. (i) (A) at all times prior to
the 2009 Indenture Effective Time, the Amended and Restated Credit
Agreement, dated as of October 5, 2006 (the “
Unsecured Credit Agreement ”), by and among Real Mex,
Parent, the lenders party thereto, Credit Suisse, Cayman Islands
Branch, as administrative agent, sole book runner and sole lead
arranger and (B) at all times from and after the 2009
Indenture Effective Time, the Second A&R Unsecured Credit
Agreement, (ii) (A) at all times prior to the 2009 Indenture
Effective Time, the Guarantee Agreement (as defined in the
Unsecured Credit Agreement) and (B) at all times from and
after the 2009 Indenture Effective Time, the Guarantee Agreement
(as defined in the Second A&R Unsecured Credit Agreement) and
(iii) (A) at all times prior to the 2009 Indenture Effective
Time, the Term Notes (as defined in the Unsecured Credit Agreement)
and (B) at all times from and after the 2009 Indenture
Effective Time, the Term Notes (as defined in the Second A&R
Unsecured Unsecured Credit Agreement), in each case as amended (to
the extent permitted by §10.15) and in effect from time to
time.
(b) The definition of the term
“Consolidated EBITDA” in §1.1 of the Credit
Agreement is amended by replacing the phrase “minus
(l)” appearing therein with the phrase “plus
(l) to the extent deducted in the calculation of Consolidated
Pre-Tax Income and without duplication, fees and expenses incurred
and paid by the Parent and/or Borrowers in connection with the
closing of the Transactions in each case incurred and paid by the
Parent and/or Borrowers on or before August 31, 2009, in an
amount not to exceed $8,500,000 in the aggregate for all such fees
and expenses, minus (m)”.
(c) The definition of the term
“Interest Period” in §1.1 of the Credit Agreement
is amended by deleting the word “and” after clause (d),
deleting the period at end of clause (e) thereof and inserting
the phrase “; and” in its place and adding new clause
(f) thereto, which shall read in its entirety as
follows:
“(f) from
and after the 2009 Indenture Effective Time, no Revolving Credit
Loan may be borrowed or continued as, or converted into, a
Eurodollar Rate Loan having an Interest Period of 1, 2 or
6 months.”
(d) §1.1 of the Credit Agreement is further
amended by adding thereto in the proper alphabetical order the
following definitions:
Amendment No. 4 Date
. July 7, 2009.
Capstone . Capstone Consulting LLC.
Capstone Engagement Letter
. Engagement letter, dated as of
February 27, 2009, between Holdings and Capstone, as the same may
be amended, restated, supplemented or otherwise modified from time
to time.
Consolidated Cash Flow . As defined in the 2009 Indenture, as in effect
as of the 2009 Indenture Effective Time.
Excess Cash Flow Account . A securities account (i) which holds
amounts pursuant to §9.20 hereof and from which funds may be
released only in accordance with §9.20 hereof and which is
otherwise acceptable to the Agent (it being agreed that having such
account held at Wells Fargo Bank, National Association is
acceptable to the Agent), (ii) over which the Agent has,
pursuant to a control agreement acceptable to the Agent, a first
priority perfected lien, and (iii) over which the collateral
agent under the 2009 Senior Secured Debt Documents may have,
pursuant to a control agreement acceptable to the Agent and such
collateral agent, a second priority perfected lien.
5
Government Securities . Direct obligations of, or obligations
guaranteed by, the United States of America, and the payment for
which the United States pledges its full faith and
credit.
Parent Security Agreement
. The Security Agreement, dated as
of the Amendment No. 4 Date, between the Parent and the Agent,
and in form and substance satisfactory to the Lenders and the
Agent.
Second A&R Unsecured Credit
Agreement . The Second
Amended and Restated Credit Agreement, dated as of the Amendment
No. 4 Date, by and among Real Mex, Parent, the lenders party
thereto, and the administrative agent thereunder.
Transactions . The termination of the Senior Secured Debt
Documents on or about the 2009 Indenture Effective Time and
transactions consummated pursuant to (i) the Amendment
No. 4 to Credit Agreement, (ii) the Unsecured Term Loan
Documents as in effect at the 2009 Indenture Effective Time,
(iii) the 2009 Parent Debt Documents, and (iv) the 2009
Senior Secured Debt Documents.
2004 Indenture . The Indenture referenced in the definition of
the term “Senior Secured Debt Documents”.
2009 Indenture . The Indenture referenced in the definition of
the term “2009 Senior Secured Debt
Documents”.
2009 Indenture Effective Time
. The first time at which each of
the following conditions has been satisfied:
(a) each of the 2009 Intercreditor
Agreement (2009 Senior Secured Debt) and the 2009 Intercreditor
Agreement (Parent Debt) shall have been duly executed and delivered
by the respective parties thereto, shall be in full force and
effect and shall be in form and substance satisfactory to each of
the Lenders;
(b) each of the 2009 Senior Secured Debt
Documents and the 2009 Parent Debt Documents shall have been duly
executed and delivered by the respective parties thereto, shall be
in full force and effect and shall be in form and substance
satisfactory to each of the Lenders;
(c) the Second A&R Unsecured Credit
Agreement shall have been duly executed and delivered by the
respective parties thereto, shall be in full force and effect and
shall be in form and substance satisfactory to each of the
Lenders;
(d) the Agent shall have received from the
Borrowers copies, certified by a duly authorized officer of such
Person to be true and complete on the 2009 Indenture Effective
Time, of each of the 2009 Senior Secured Debt Documents, the 2009
Parent Debt Documents and the Second A&R Unsecured Credit
Agreement;
6
(e) all corporate action necessary for the
valid execution, delivery and performance by the Parent, Borrowers
and each of their Subsidiaries of the 2009 Senior Secured Debt
Documents, the 2009 Parent Debt Documents and the Second A&R
Unsecured Credit Agreement to which it is or is to become a party
shall have been duly and effectively taken, and evidence thereof
satisfactory to the Agent shall have been provided to the
Agent;
(f) the Agent shall have received evidence,
reasonably satisfactory to it, of the completion by the parties to
the 2009 Senior Secured Debt Documents, the 2009 Parent Debt
Documents and the Second A&R Unsecured Credit Agreement of all
actions to be taken prior to or concurrently with the closing of
the transactions contemplated thereby pursuant to the terms
thereof, including without limitation, the satisfaction or, to the
extent consented to in writing by the Agent, waiver, of all
conditions to closing set forth in the 2009 Senior Secured Debt
Documents, the 2009 Parent Debt Documents and the Second A&R
Unsecured Credit Agreement;
(g) the Agent shall have received evidence,
reasonably satisfactory to it, that (i) the 2004 Indenture has
been discharged and is of no further effect as to all Notes issued
thereunder pursuant to Section 12.01(1)(b) of the 2004
Indenture and (ii) Real Mex has delivered Officers’
Certificate and an Opinion of Counsel (as each such term is defined
in the 2004 Indenture) to the Trustee (under and as defined in the
2004 Indenture) stating that all conditions precedent to
satisfaction and discharge of the 2004 Indenture under
Section 12.01 thereof have been satisfied;
(h) the Agent shall have received evidence,
reasonably satisfactory to it, of the assumption by Parent of the
principal of the Unsecured Term Loan in an amount equal to
$25,000,000 pursuant to an assignment and assumption agreement in
form and substance satisfactory to the Agent (the “
Assignment and Assumption Agreement ”); and
(i) the Agent shall have received evidence,
reasonably satisfactory to it, of the exchange of the outstanding
principal of the Unsecured Term Loan in an amount equal to
$15,000,000 for the outstanding principal of the 2009 Senior
Secured Debt in an amount equal to $4,583,000 pursuant to an
exchange agreement in form and substance satisfactory to the Agent
(the “ Exchange Agreement ”).
2009 Intercreditor Agreement (2009 Senior
Secured Debt) . The
Intercreditor Agreement among the collateral agent and trustee
under the 2009 Senior Secured Debt Documents, and the Agent, dated
as of the date on which the 2009 Indenture Effective Time occurs,
pursuant to which, among other things, the liens securing the 2009
Senior Secured Debt are subordinated to the liens securing the
Obligations.
7
2009 Intercreditor Agreement (Parent
Debt) . The Subordination
and Intercreditor Agreement among the Parent, the administrative
agent under the 2009 Parent Debt Documents, and the Agent, dated as
of the date on which the 2009 Indenture Effective Time occurs,
pursuant to which, among other things, 2009 Parent Debt and other
obligations incurred pursuant to or evidenced by the 2009 Parent
Debt Documents are subordinated to the Obligations.
2009 Unsecured Term Loan Subordination Agreement
(Senior Secured Debt) .
Subordination and Intercreditor Agreement dated as of July 7,
2009 by and among Credit Suisse, Cayman Islands Branch, as
subordinated agent, Cocina and KKR Financial CLO 2005-2, Ltd., as
subordinated creditors, Holding (as defined therein), Opco (as
defined therein), the Listed Obligors (as defined therein) party
thereto and the trustee for the holders of the Senior Secured
Debt.
2009 Unsecured Term Loan Subordination Agreement
(2009 Senior Secured Debt) . Subordination and Intercreditor Agreement
dated as of July 7, 2009 by and among Credit Suisse, Cayman
Islands Branch, as subordinated agent, Cocina and KKR Financial CLO
2005-2, Ltd., as subordinated creditors, Holding (as defined
therein), Opco (as defined therein), the Listed Obligors (as
defined therein) party thereto and the trustee for the holders of
the 2009 Senior Secured Debt.
2009 Parent Debt . Unsecured Indebtedness of the Parent in an
aggregate principal amount not to exceed $25,000,000 (plus any
increase in such $25,000,000 amount solely due to the
capitalization of interest on such Indebtedness by adding such
interest to the principal amount thereof) and evidenced by the 2009
Parent Debt Documents and any Permitted Subordinated Refinancings
(as defined in the 2009 Intercreditor Agreement (Parent Debt)
thereof.
2009 Parent Debt Documents
. The credit agreement, dated as of
the date on which the 2009 Indenture Effective Time occurs, among
Parent, the administrative agent and the lenders referred to
therein pursuant to which up to $25,000,000 aggregate principal
amount of 2009 Parent Debt has been issued to the Parent and each
of the notes and other documents delivered pursuant thereto, in
each case, as amended in accordance with this Credit Agreement and
in effect from time to time.
2009 Senior Secured Debt . Indebtedness of the Borrowers issued on the
date the 2009 Indenture Effective Time occurs in an aggregate
original principal amount not to exceed $130,000,000 evidenced by
senior secured notes due 2013 issued pursuant to the 2009 Senior
Secured Debt Documents and that is expressly subject to the
provisions of the 2009 Intercreditor Agreement (2009 Senior Secured
Debt).
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2009 Senior Secured Debt Documents
. (i) The Indenture, dated as
of the date on which 2009 Indenture Effective Time occurs, among
Real Mex, the guarantors thereunder, and the trustee and collateral
agent thereunder (the “ 2009 Indenture ”),
pursuant to which up to $130,000,000 original principal amount of
2009 Senior Secured Debt has been issued by Real Mex, as amended
(to the extent permitted by §10.13), and each of the notes,
security documents, guaranties and other documents delivered
pursuant thereto, and (ii) the 2009 Intercreditor Agreement
(2009 Senior Secured Debt).
(e) §2.1
of the Credit Agreement is amended by replacing the
phrase
“at any
one time equal to such Lender’s Revolving Credit Commitment,
minus such Lender’s Revolving Credit Commitment Percentage of
the sum of the Maximum Drawing Amount and all Unpaid Reimbursement
Obligations”
appearing
therein with the phrase
“at any
one time equal to such Lender’s Revolving Credit Commitment
Percentage of the Total Revolving Credit Commitment, minus such
Lender’s Revolving Credit Commitment Percentage of the sum of
the Maximum Drawing Amount and all Unpaid Reimbursement
Obligations”.
(f) §5.1.6 of the Credit Agreement is
amended by replacing the phrase “At any time during the term
of this Credit Agreement,” appearing therein with the phrase
“At any time following the occurrence and during the
continuance a Default or an Event of Default,”
(g) §5.6 of the Credit Agreement is
amended by replacing the phrase “multiplied by a per annum
rate equal to 2.75%” appearing therein with the phrase
“multiplied by a per annum rate equal to
4.50%”.
(h) Each of §8.1.2, §8.2,
§8.7, §8.25 and §16.4 of the Credit Agreement is
amended by replacing the phrase “the Senior Secured Debt
Documents” each time such phrase appears therein with the
phrase “the Senior Secured Debt Documents, the 2009 Senior
Secured Debt Documents,”.
(i) §8.5(b) of the Credit Agreement is
amended by replacing the phrase “Since December 31,
2007” appearing therein with the phrase “Since
December 31, 2008”.
(j) §8.19 of the Credit Agreement is
amended by adding thereto new clause (f) and new clause (g),
which shall read in their entirety as follows:
“(f) As
of the 2009 Indenture Effective Time, the 2009 Senior Secured Debt
Documents constitute the complete understanding among the parties
thereto in respect of the matters and transactions covered thereby.
As of the 2009 Indenture Effective Time, the representations and
warranties of the Borrowers and the Parent contained in the 2009
Senior Secured Debt Documents were true and correct in all material
respects when made or deemed to be made except as would not have a
Materially Adverse Effect and the Agent and the Lenders may rely on
such representations and warranties as if they were incorporated
herein on the 2009 Indenture Effective Time; provided , that
nothing contained herein shall prejudice in any way any rights of
the Borrowers or the Parent under or in respect of the 2009 Senior
Secured Debt Documents, all of which are expressly hereby
reserved.”
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“(g) As
of the 2009 Indenture Effective Time, the 2009 Parent Debt
Documents constitute the complete understanding among the parties
thereto in respect of the matters and transactions covered thereby.
As of the 2009 Indenture Effective Time, the representations and
warranties of the Parent contained in the 2009 Parent Debt
Documents were true and correct in all material respects when made
or deemed to be made except as would not have a Materially Adverse
Effect and the Agent and the Lenders may rely on such
representations and warranties as if they were incorporated herein
on the 2009 Indenture Effective Time; provided , that
nothing contained herein shall prejudice in any way any rights of
the Parent under or in respect of the 2009 Parent Debt Documents,
all of which are expressly hereby reserved.”
(k) §9.4(i) of the Credit Agreement is
amended and restated to read in its entirety as follows:
(i)
(A) all notices and other information sent to any holder of
any obligations under Unsecured Term Loan Documents in its capacity
as such, (B) all notices and other information sent to any holder
of any obligations under the Senior Secured Debt Documents in its
capacity as such, (C) all notices and other information sent
to any holder of any obligations under the 2009 Senior Secured Debt
Documents in its capacity as such, (D) all notices and other
information sent to any party to the 2009 Unsecured Term Loan
Subordination Agreement (Senior Secured Debt) and (E) all
notices and other information sent to any party to the 2009
Unsecured Term Loan Subordination Agreement (2009 Senior Secured
Debt);”
(l) §9.4(e) of the Credit Agreement is
amended and restated to read in its entirety as follows:
“(e)
simultaneously with the delivery of the financial statements
referred to in subsections (a), (b) and (c) above, a
statement certified by the principal financial or accounting
officer of the Borrowers (and in the case of delivery of the
financial statements referred to in subsection (a) above, the
accountants of the Borrowers), in substantially the form of
Exhibit C hereto (a “ Compliance
Certificate ”) and setting forth in reasonable detail
computations evidencing compliance with the covenants contained in
§11 and §13.5 and (if applicable) reconciliations to
reflect changes in generally accepted accounting principles since
the Balance Sheet Date;”
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(m) §9 of the Credit Agreement is
amended by adding new §9.19 and new §9.19 thereto which
shall read in their entirety as follows:
“ 9.19
Senior Secured Debt Redemption . On or prior to the 40th
day after the Amendment No. 4 Date, the Borrowers will deliver
evidence reasonably satisfactory to the Agent that all money
deposited with the Trustee pursuant to Section 12.01(1)(b) of
the 2004 Indenture have been sent by the applicable trustee to the
holders of the Senior Secured Debt for application to the payment
of all Notes issued thereunder.
“ 9.20
Excess Cash Flow Deposits . Within ninety (90) days
of the end of each four (4) fiscal quarter period ending on or
near December 31, beginning with the first such period ending
in the year 2009, Borrowers will deposit an amount equal to 75% of
Excess Cash Flow of the Borrowers and their Subsidiaries (as
calculated in a written calculation (in the form satisfactory to
the Agent) of Excess Cash Flow of the Borrowers and their
Subsidiaries for such four (4) fiscal quarter period delivered
to the Age
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