EXECUTION ORIGINAL
Exhibit 10.10
SECOND AMENDMENT TO REVOLVING
CREDIT
AND SECURITY
AGREEMENT
THIS SECOND
AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT (this
“Agreement”) is entered into September 25, 2009 by and
between BCI COMMUNICATIONS, INC., a corporation organized under the
laws of the State of Delaware (the “Borrower”), the
financial institutions which are now or which hereafter become a
party hereto (collectively, the “Lenders” and
individually a “Lender”) and PNC BANK, NATIONAL
ASSOCIATION (“PNC”), as agent for Lenders (PNC, in such
capacity, the “Agent”).
RECITALS
Whereas, the Borrower and PNC entered into a
certain Revolving Credit and Security Agreement dated April 17,
2008 (as has been, is being and may be further amended, replaced,
restated, modified and/or extended, the “Loan
Agreement”); and
Whereas, Borrower and PNC have agreed to modify
the terms of the Loan Agreement as set forth in this
Agreement.
Now, therefore, in consideration of PNC’s
continued extension of credit and the agreements contained herein,
the parties agree as follows:
AGREEMENT
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ACKNOWLEDGMENT OF BALANCE.
Borrower acknowledges that the most
recent statement of account sent to Borrower with respect to the
Obligations is correct.
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MODIFICATIONS.
The Loan Agreement be and hereby is
modified as follows:
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(I) The definition of
“EBITDA ” as set forth in Section 1.2 of the
Loan Agreement is hereby deleted and replaced with the following
definition to read as follows:
“EBITDA” shall mean for any period the sum of (i)
Earnings Before Interest and Taxes for such period plus (ii)
depreciation expenses for such period, plus (iii) amortization
expenses for such period; specifically excluding however legal and
advisory fees associated with any merger or acquisition activity in
connection with the Borrower, said fees not to exceed the sum of
$1,000,000 in the aggregate.
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WAIVER OF
FINANCIAL COVENANT DEFAULT. The Agent hereby waives compliance by the
Borrower with respect to the Minimum EBITDA covenant
contained in Section
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