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Exhibit 10.1
FIRST
AMENDMENT TO REVOLVING CREDIT AGREEMENT
Dated as
of March 30, 2005
This
FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT
(together with Annex I hereto, this " Amendment ") among
B&G FOODS, INC. , a Delaware corporation (the "
Borrower "), LEHMAN COMMERCIAL PAPER INC. , as
Administrative Agent (in such capacity, the " Administrative
Agent ") and the Lenders executing this Amendment.
Capitalized terms used and not otherwise defined herein shall have
the meanings ascribed to such terms in the Credit
Agreement.
PRELIMINARY STATEMENTS:
A. The
Borrower, the lenders named therein (the " Lenders "), the
Administrative Agent, Lehman Brothers Inc, as sole advisor, sole
lead arranger and sole bookrunner, The Bank of New York, as
Documentation Agent, and Fleet National Bank, a Bank of America
company, as Syndication Agent, entered into a Revolving Credit
Agreement, dated as of October 14, 2004 (together with all Annexes,
Exhibits and Schedules thereto, the " Credit Agreement
");
B. The
Borrower has requested that the Lenders amend the Credit Agreement
to provide for the certain changes to the maximum Consolidated
Leverage Ratio; and
C. The
Required Lenders are, on the terms and conditions stated below,
willing to grant the request of the Borrower.
NOW, THEREFORE , in consideration of the premises and for
other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as
follows:
SECTION
1.
Amendment to Credit Agreement .
(a) Section
6.1(a) of the Credit Agreement is hereby amended and restated in
its entirety as follows:
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" (a) Consolidated
Leverage Ratio . Permit the Consolidated Leverage Ratio
as at the last day of any period of four consecutive fiscal
quarters of the Borrower ending with any fiscal quarter, commencing
with the fiscal quarter ending March 31, 2005, to exceed 6.35 to
1.00."
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SECTION
2.
Conditions to Effectiveness . The amendment contained
in Section 1 shall not be effective until each of the following
conditions precedent shall have been satisfied (the date on which
such conditions are satisfied, the " Amendment Effective
Date "):
(a) the
Administrative Agent shall have received signed written
authorization from the Required Lenders and shall have received
counterparts of this Amendment executed by the Administrative Agent
and the Borrower and counterparts of the Consent appended hereto as
Annex 1 (the " Consent ") executed by the
Guarantors;
(b) each
of the representations and warranties in Section 3 below shall be
true and correct in all material respects on the Amendment
Effective Date; and
(c) all
fees and expenses (including, without limitation the legal fees)
then due and payable to the Administrative Agent or any Lender
under the Loan Documents shall have been paid in full in
immediately available funds.
SECTION
3.
Representations and Warranties .
The
Borrower represents and warrants to the Administrative Agent and
the Lenders as follows:
(a)
Authority . Each Loan Party has the requisite
corporate or other organizational power and authority to execute
and deliver this Amendment and the Consent, as applicable, and to
perform its obligations hereunder and under the Loan Documents (as
amended hereby) to which it is a party. The execution,
delivery and performance by the Borrower of this Amendment and by
the Guarantors of the Consent, and the performance by the Borrower
of each Loan Document (as amended hereby) to which it is a party
have been duly approved by all necessary corporate and other
organizational action of such Person and no other corporate
proceedings on the part of each such Person is necessary to
consummate such transactions.
(b)
Enforceability . This Amendment has been duly executed
and delivered on behalf of the Borrower. The Consent has been
duly executed and delivered on behalf of each of the
Guarantors. Assuming the conditions precedent in Section 2 of
this Amendment have been satisfied, each of this Amendment, the
Consent and each Loan Document (as amended hereby) is the legal,
valid and binding obligation of each Loan Party party hereto and
thereto, as applicable, enforceable against such Loan Party in
accordance with its terms, except as enforceability may be limited
by applicable bankruptcy, insolvency, reorgani
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