Exhibit
10.1
AMENDMENT NO. 1
TO
THIRD AMENDED AND
RESTATED LOAN AND SECURITY AGREEMENT
Amendment No. 1 to
Third Amended and Restated Loan and Security Agreement, dated as of
January 1, 2008 (this
‘‘Amendment’’), by and among Wachovia Bank,
National Association, successor by merger to Congress Financial
Corporation, in its capacity as agent (in such capacity,
‘‘Agent’’), acting for and on behalf of
Lenders (as hereinafter defined), the financial institutions from
time to time parties to the Loan Agreement (as hereinafter defined)
as lenders (‘‘Lenders’’), Atlantic Express
Transportation Corp., a New York corporation
(‘‘Parent’’), Amboy Bus Co., Inc., a New
York corporation (‘‘Amboy’’), Atlantic
Escorts Inc., a New York corporation (‘‘Atlantic
Escorts’’), Atlantic Express Coachways, Inc., a New
Jersey corporation (‘‘Coachways’’),
Atlantic Express New England, Inc., a Massachusetts corporation
(‘‘AE-NE’’), Atlantic Express of
California, Inc., a California corporation
(‘‘AE-CA’’), Atlantic Express of Illinois,
Inc., an Illinois corporation (‘‘AE-I’’),
Atlantic Express of L.A., Inc., a California corporation
(‘‘AELA’’), Atlantic Express of Missouri
Inc., a Missouri corporation (‘‘AE
Missouri’’), Atlantic Express of New Jersey, Inc., a
New Jersey corporation (‘‘AENJ’’), Atlantic
Express of Pennsylvania, Inc., a Delaware corporation
(‘‘AEP’’), Atlantic Express of Upstate New
York, Inc., formerly known as TNT Bus Service, Inc., a New York
corporation (‘‘AE Upstate’’), Atlantic
Transit Corp., a New York corporation
(‘‘ATC’’), Atlantic-Hudson, Inc., a
New York corporation (‘‘AH’’),
Atlantic Paratrans, Inc., a New York corporation
(‘‘AP’’), Atlantic Paratrans of NYC, Inc.,
a New York corporation (‘‘APNY’’), Atlantic
Queens Bus Corp., a New York corporation
(‘‘AQ’’), Block 7932, Inc., a New York
corporation (‘‘Block’’), Brookfield Transit
Inc., a New York corporation
(‘‘Brookfield’’), Courtesy Bus Co., Inc., a
New York corporation (‘‘Courtesy’’), Fiore
Bus Service, Inc., a Massachusetts corporation
(‘‘Fiore’’), Groom Transportation, Inc., a
Massachusetts corporation (‘‘Groom’’),
G.V.D. Leasing Co., Inc., a New York corporation
(‘‘GVD’’), James McCarthy Limo Service,
Inc., a Massachusetts corporation
(‘‘Limo’’), Jersey Business Land Co., Inc.,
a New Jersey corporation (‘‘JBL’’), K.
Corr, Inc., a New York corporation
(‘‘Corr’’), Merit Transportation Corp., a
New York corporation (‘‘Merit’’), Metro
Affiliates, Inc., a New York corporation
(‘‘Metro’’), Metropolitan Escort Service,
Inc., a New York corporation (‘‘Metropolitan
Escort’’), Midway Leasing Inc., a New York corporation
(‘‘Midway’’), 180 Jamaica Corp., a New York
corporation (‘‘Jamaica’’), R. Fiore Bus
Service, Inc., a Massachusetts corporation
(‘‘FBS’’), Raybern Bus Service, Inc., a New
York corporation (‘‘RBS’’), Raybern Capital
Corp., a New York corporation (‘‘RBC’’),
Raybern Equity Corp., a New York corporation
(‘‘REC’’), Robert L. McCarthy & Son,
Inc., a Massachusetts corporation
(‘‘McCarthy’’), Staten Island Bus, Inc., a
New York corporation (‘‘SI-Bus’’),
Temporary Transit Service, Inc., a New York corporation
(‘‘TTS’’), Transcomm, Inc., a Massachusetts
corporation (‘‘Transcomm’’), Winsale, Inc.,
a New Jersey corporation (‘‘Winsale’’ and
together with Parent, Amboy, Atlantic Escorts, Coachways, AE-NE,
AE-CA, AE-I, AELA, AE Missouri, AENJ, AEP, AE Upstate, ATC, AH, AP,
APNY, AQ, Block, Brookfield, Courtesy, Fiore, Groom, GVD, Limo,
JBL, Corr, Merit, Metro, Metropolitan Escort, Midway, Jamaica, FBS,
RBS, RBC, REC, McCarthy, SI-Bus, TTS and Transcomm, each
individually a ‘‘Borrower’’ and
collectively, ‘‘Borrowers’’) and the
parties hereto from time to time as guarantors (each individually a
‘‘Guarantor’’ and collectively,
‘‘Guarantors’’, as defined in the Loan
Agreement).
1
WITNESSETH :
WHEREAS, Agent,
Lenders, Borrowers and Guarantors have entered into financing
arrangements pursuant to which Agent and Lenders may make loans and
advances and provide other financial accommodations to Borrowers as
set forth in the Third Amended and Restated Loan and Security
Agreement, dated as of May 15, 2007, by and among Agent,
Borrowers, Guarantors and Lenders (as amended, modified,
supplemented, extended, renewed, restated or replaced the
‘‘Loan Agreement’’, and together with
all agreements, documents and instruments at any time executed
and/or delivered in connection therewith or related thereto, as
from time to time amended, modified, supplemented, extended,
renewed, restated or replaced, collectively, the
‘‘Financing Agreements’’). All capitalized
terms used herein shall have the meanings assigned thereto in the
Loan Agreement and the other Financing Agreements, unless otherwise
defined herein;
WHEREAS, Borrowers
and Guarantors have requested that Agent and Lenders make certain
amendments to the Loan Agreement, and Agent and Lenders are willing
to agree to such request, and make certain other amendments to the
Loan Agreement, subject to the terms and conditions set forth
herein; and
WHEREAS, by this
Amendment, Agent, Lenders, Borrowers and Guarantors wish and intend
to evidence such amendments.
NOW, THEREFORE, in
consideration of the foregoing and the mutual agreements and
covenants contained herein, the parties hereto agree as
follows:
1.
Definitions
. For purposes of
this Amendment, unless other
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