Letter Agreement, dated April 24, 2020, by and among At Home Holding III Inc. and At Home Stores LLC, with At Home Holding II Inc., as parent guarantor, certain of At Home Holding II Inc.s indirect wholly owned domestic subsidiaries as subsidiary guarantors, the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent
Exhibit 10.1
Bank of America, N.A.,
as Administrative Agent
100 Federal Street, 9th Floor
Boston, MA 02110
April 24, 2020
At Home Holding III Inc.
At Home Stores LLC
1600 E. Plano Pkwy
Plano, TX 75074
Attention: Jeffrey R. Knudson
Re: Extension of Due Date for Delivery of Financial Statements
Ladies and Gentlemen:
Reference is made to that certain Credit Agreement, dated as of October 5, 2011 (as amended, restated, amended and restated, supplemented or otherwise modified and in effect from time to time, the “Credit Agreement”) by and among At Home Holding III Inc. (formerly known as GRD Holding III Corporation), a Delaware corporation, At Home Stores LLC (as successor in interest to Garden Ridge L.P.), a Delaware limited liability company (collectively, the “Borrowers” and each individually, a “Borrower”), At Home Holding II Inc., a Delaware corporation (“Holdings”), each Guarantor from time to time party thereto, each Lender from time to time party thereto, Bank of America, N.A. (“Bank of America”), as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), Swing Line Lender and L/C Issuer, and the other agents and arrangers from time to time party thereto. Capitalized terms used herein and not defined shall have the meaning assigned to such terms in the Credit Agreement.
The Borrowers are required to deliver to the Administrative Agent not later than 90 days after the fiscal year of the Borrowers ended January 25, 2020, the financial statements required pursuant to Section 6.01(a) of the Credit Agreement in respect of such fiscal year (the “January 2020 Financials”) (the deadline for the delivery of the January 2020 Financials being herein referred to as the “January Reporting Deadline”).
The Borrowers and the other Loan Parties have (i) informed the Administrative Agent and the Lenders that the Borrowers will not be able to meet the January Reporting Deadline and (ii) requested that the Administrative Agent and the Lenders consent to extend the January Reporting Deadline to the earlier of (x) May 26, 2020 and (y) such earlier date as the January 2020 Financials are required to be filed with the SEC (such earlier date, the “Extended Reporting Deadline”).
Notwithstanding the requirements contained in Sections 6.01(a) of the Credit Agreement, the Administrative Agent and the undersigned Lenders hereby consent to an extension of the January Reporting Deadline to the Extended Reporting Deadline. The Loan Parties hereby acknowledge and agree that the failure to deliver the January 2020 Financials as required herein
shall be an Event of Default under Section 8.01(c) of the Credit Agreement (without regard to the grace period set forth therein).
This letter agreement (this “Agreement”) shall be effective as of the date first set forth above and is subject to the condition precedent that it shall be executed and delivered by the Required Lenders, the Administrative Agent, the Borrowers and the Guarantors.
This Agreement relates only to the specific matters expressly covered herein, shall not be considered to be an amendment of any rights or remedies the Lenders or the Administrative Agent may have under the Credit Agreement or under any other Loan Document (except as expressly set forth herein), and shall not be considered to create a course of dealing or to otherwise obligate in any respect any Lender or the Administrative Agent to execute any similar or other consent or grant any amendments under the same or similar or other circumstances in the future.
The Borrowers shall pay on demand all reasonable out-of-pocket costs and expenses of the Administrative Agent (including the reasonable fees, charges and disbursements of counsel to the Administrative Agent) incurred in connection with the preparation, negotiation, execution and delivery of this Agreement, in each case, in accordance with Section 10.04 of the Credit Agreement.
THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF, BUT INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telecopier (or electronic mail (including in PDF format)) shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement constitutes a “Loan Document” under the Credit Agreement.
[SIGNATURE PAGES FOLLOW]
If the foregoing is in accordance with your understanding, please sign and return this letter agreement to us.
Very truly yours,
BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer
By: /s/ Brian Lindblom
Name: Brian Lindblom
Title: Senior Vice President
[At Home Stores – Signature Page to Consent]
BANK OF AMERICA, N.A., as a Lender
By: /s/ Brian Lindblom
Name: Brian Lindblom
Title: Senior Vice President
[At Home Stores – Signature Page to Consent]
WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
By: /s/ Brendan Hogan
Name: Brendan Hogan
Title: Assistant Vice President
[At Home Stores – Signature Page to Consent]
REGIONS BANK, as a Lender
By: /s/ Ankur Shah
Name: Ankur Shah
Title: Director
[At Home Stores – Signature Page to Consent]
U.S. BANK NATIONAL ASSOCIATION, as a Lender
By: /s/ Steven C. Gonzalez
Name: Steven C. Gonzalez
Title: Vice President
[At Home Stores – Signature Page to Consent]
BBVA USA f/k/a COMPASS BANK, as a Lender
By: /s/ Jason Nichols
Name: Jason Nichols
Title: Senior Vice President
[At Home Stores – Signature Page to Consent]
Accepted and agreed to
as of the date first above written:
AT HOME HOLDING III INC.
By: /s/ Jeffrey R. Knudson
Name: Jeffrey R. Knudson
Title: Chief Financial Officer
AT HOME STORES LLC
By: /s/ Jeffrey R. Knudson
Name: Jeffrey R. Knudson
Title: Chief Financial Officer
AT HOME COMPANIES LLC
AT HOME HOLDING II INC.
By: /s/ Jeffrey R. Knudson
Name: Jeffrey R. Knudson
Title: Chief Financial Officer
[At Home Stores – Signature Page to Consent]
AT HOME PROPERTIES LLC
1600 EAST PLANO PARKWAY, LLC
2650 WEST INTERSTATE 20, LLC
11501 BLUEGRASS PARKWAY LLC
12990 WEST CENTER ROAD LLC
1944 SOUTH GREENFIELD ROAD LLC
4700 GREEN ROAD LLC
4304 WEST LOOP 289 LLC
642 SOUTH WALNUT AVENUE LLC
15065 CREOSOTE ROAD LLC
335 N. ACADEMY BOULEVARD (1031), LLC
1660 W. MIDWAY BOULEVARD (1031), LLC
3003 WEST VINE, LLC
7613 NORTH EAST LOOP 1604, LLC
334 CHICAGO DRIVE, LLC
4949 GREENWOOD DRIVE, LLC
2251 SOUTHWYCK BLVD, LLC
1605 BUFORD HWY, LLC
1267 CENTRAL PARK DR, LLC
4801 183A TOLL ROAD, LLC
19000 LIMESTONE COMMERCIAL DR, LLC
5501 GROVE BLVD, LLC
1600 W. KELLY AVENUE, LLC
1919 WELLS RD, LLC
7697 WINCHESTER RD, LLC
1000 TURTLE CREEK DRIVE LLC
2201 PORTER CREEK DR LLC
2000 E. SANTA FE LLC
301 S TOWN EAST MALL DR LLC
621 SW 19TH STREET LLC
4200 AMBASSADOR CAFFERY PKWY LLC
4405 PHEASANT RIDGE DR LLC
6360 RIDGEWOOD COURT DR LLC
AT HOME RMS INC.
AT HOME PROCUREMENT INC.
AT HOME GIFT CARD LLC
1376 E. 70TH STREET LLC
25 PACE BLVD LLC
2780 WILMA RUDOLPH BOULEVARD LLC
E. WILLIAMS FIELD RD LLC
3000 KIRBY DRIVE LLC
3551 S 27TH STREET LLC
4833 WATERVIEW MEADOW DR LLC
10800 ASSEMBLY PARK DR LLC
1050 W. ELLIOTT RD LLC
15255 N NORTHSIGHT BLVD LLC
[At Home Stores – Signature Page to Consent]
1811 MONOCACY BLVD LLC
2016 GRAND CYPRESS DR LLC
2301 EARL RUDDER FRWY S LLC
24340 NORTHWEST FREEWAY LLC
2520 MACARTHUR RD LLC
300 TANGER OUTLET BLVD LLC
3002 FIREWHEEL PARKWAY LLC
3015 W 86TH ST LLC
361 NEWNAN CROSSING BYPASS LLC
4825 MARBURG AVENUE LLC
535 PLEASANT GROVE RD LLC
5540 STATE HIGHWAY 121 LLC
602 US HWY 287 LLC
7050 WATTS RD LLC
8651 AIRPORT FREEWAY LLC
9570 FIELDS ERTEL ROAD LLC
By: /s/ Jeffrey R. Knudson
Name: Jeffrey R. Knudson
Title: Chief Financial Officer
[At Home Stores – Signature Page to Consent]