SIXTH AMENDMENT TO LETTER OF CREDIT AGREEMENT

Contract Categories: Business Finance - Credit Agreements
EX-10.1 2 dex101.htm SIXTH AMENDMENT TO LETTER OF CREDIT AGREEMENT Sixth Amendment to letter of Credit Agreement

Exhibit 10.1

EXECUTION

SIXTH AMENDMENT

TO

LETTER OF CREDIT AGREEMENT

This Sixth Amendment to Letter of Credit Agreement (the “Amendment”) is entered into as of December 13, 2008, by and between COMERICA BANK (“Bank”) and INTERNET CAPITAL GROUP, INC. (“ICG”), ICG HOLDINGS, INC. (“ICG Holdings”), and INTERNET CAPITAL GROUP OPERATIONS, INC. (“ICG Operations”)(ICG, ICG Holdings, and ICG Operations are sometimes referred to, individually, as a “Borrower” and collectively, as the “Borrowers”).

RECITALS

Borrowers and Bank are parties to that certain Letter of Credit Agreement dated as of September 30, 2002 (as amended from time to time, including without limitation by that certain Loan Extension letter dated as of October 15, 2003, that certain First Amendment to Letter of Credit Agreement dated as of October 20, 2003, that certain Loan Extension letter dated as of October 25, 2004, that certain Loan Extension letter dated as of November 18, 2004, that certain Second Amendment to Letter of Credit Agreement dated as of December 15, 2004, that certain Third Amendment to Letter of Credit Agreement dated as of November 30, 2005, that certain Fourth Amendment to Letter of Credit Agreement dated as of December 15, 2006, and that certain Fifth Amendment to Letter of Credit Agreement dated as of December 7, 2007, together with any related agreements, the “Agreement”). Hereinafter, all indebtedness owing by Borrowers to Bank shall be referred to as the “Indebtedness.” The parties desire to amend the Agreement in accordance with the terms of this Amendment.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

AGREEMENT

 

I. Incorporation by Reference. The Recitals and the documents referred to therein are incorporated herein by this reference. Except as otherwise noted, the terms not defined herein shall have the meaning set forth in the Agreement.

 

II. Amendment to the Agreement. Subject to the satisfaction of the conditions precedent as set forth in Article IV hereof, the Agreement is hereby amended as set forth below.

 

  A. The definition of “Revolving Maturity Date” in Section 1.1 of the Agreement is hereby amended and restated in its entirety to read as follows:

“Revolving Maturity Date” means December 12, 2009.

 

III. Legal Effect.

 

  A. The Agreement is hereby amended wherever necessary to reflect the changes described above. Borrowers agree that each Borrower has no defenses against the obligations to pay any amounts under the Indebtedness.

 

  B. Each Borrower understands and agrees that in modifying the existing Indebtedness, Bank is relying upon each Borrower’s representations, warranties, and agreements, as set forth in the Agreement. Except as expressly modified pursuant to this Amendment, the terms of the Agreement remain unchanged, and in full force and effect. Bank’s agreement to modifications to the existing Indebtedness pursuant to this Amendment in no way shall obligate Bank to make any future modifications to the Indebtedness. Nothing in this Amendment shall constitute a satisfaction of the Indebtedness. It is the intention of Bank and each Borrower to retain as liable parties, all makers

EXECUTION

 

       and endorsers of Agreement, unless the party is expressly released by Bank in writing. No maker, endorser, or guarantor will be released by virtue of this Amendment. The terms of this paragraph apply not only to this Amendment, but also to all subsequent loan modification requests.

 

  C. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. This is an integrated Amendment and supersedes all prior negotiations and agreements regarding the subject matter hereof. All modifications hereto must be in writing and signed by the parties.

 

IV. Conditions Precedent. Except as specifically set forth in this Amendment, all of the terms and conditions of the Agreement remain in full force and effect. The effectiveness of this Agreement is conditioned upon receipt by Bank of this Amendment, and any other documents which Bank may require to carry out the terms hereof, including but not limited to the following:

 

  A. This Amendment, duly executed by Borrowers;

 

  B. Corporation Resolutions and Incumbency Certification, duly executed by each Borrower;

 

  C. A legal fee from the Borrowers in the amount of $250; and

 

  D. Such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

 

INTERNET CAPITAL GROUP, INC.     INTERNET CAPITAL GROUP OPERATIONS, INC.
By:   /s/ Suzanne L. Niemeyer     By:   /s/ Suzanne L. Niemeyer
Name:   Suzanne L. Niemeyer     Name:   Suzanne L. Niemeyer
Title:   General Counsel     Title:   Secretary
ICG HOLDINGS, INC.     COMERICA BANK
By:   /s/ Suzanne L. Niemeyer     By:   /s/ William Schlosser
Name:   Suzanne L. Niemeyer     Name:   William B. Schlosser
Title:   Vice President     Title:   AVP