Commitment Increase Letter Agreement, dated June 14, 2019, 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, Massachusetts 02110
June 14, 2019
At Home Holding III Inc.
At Home Stores LLC
1600 E. Plano Pkwy
Plano, TX 75074
Attention: Jeffrey R. Knudson
Re: Increase in Aggregate Commitments
Ladies and Gentlemen:
Reference is hereby made to that certain Credit Agreement, dated as of October 5, 2011 (as amended, 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 but not defined herein shall have the respective meanings set forth in the Credit Agreement.
Pursuant to Section 2.14 of the Credit Agreement, the Borrowers have requested that the Aggregate Commitments be increased by $75,000,000 (the Commitment Increase) from and after June 14, 2019 (the Commitment Increase Effective Date).
Bank of America, Wells Fargo Bank, National Association, U.S. Bank National Association and BBVA USA (collectively, the Incremental Commitment Lenders), each an existing Lender under the Credit Agreement, have agreed to increase their respective Commitments by an incremental amount equal to (a) $32,142,857, in the case of Bank of America, (b) $21,428,571, in the case of Wells Fargo Bank, National Association, (c) $10,714,286, in the case of U.S. Bank National Association and (d) $10,714,286, in the case of BBVA USA.
The Borrowers, each of the Guarantors, the Incremental Commitment Lenders and the Administrative Agent hereby acknowledge and agree that as of the Commitment Increase Effective Date (a) (i) Bank of America shall increase its Commitment by an incremental amount equal to $32,142,857, such that Bank of Americas total Commitment under the Credit Agreement is $132,142,857, (ii) Wells Fargo Bank, National Association shall increase its Commitment by an incremental amount equal to $21,428,571, such that Wells Fargo Bank,
National Associations total Commitment under the Credit Agreement is $121,428,571, (iii) U.S. Bank National Association shall increase its Commitment by an incremental amount equal to $10,714,286, such that U.S. Bank National Associations total Commitment under the Credit Agreement is $60,714,286 and (iv) BBVA USA shall increase its Commitment by an incremental amount equal to $10,714,286, such that BBVA USAs total Commitment under the Credit Agreement is $60,714,286, (b) as of the Commitment Increase Effective Date, Schedule 2.01 (Commitments and Pro Rata Shares) to the Credit Agreement shall be replaced by Schedule 2.01 (Commitments and Pro Rata Shares) attached hereto as Exhibit A, and (c) the Commitment Increase Effective Date shall be deemed to be a Revolving Credit Increase Effective Date referred to in the Credit Agreement.
Pursuant to Section 2.14(d) of the Credit Agreement, by their signature below the Borrowers hereby certify that (i) no Default has occurred and is continuing or would result from the Commitment Increase, (ii) before and after giving effect to the Commitment Increase, the representations and warranties contained in Article 5 of the Credit Agreement and the representations and warranties in the other Loan Documents are (and shall be) true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) on and as of the Commitment Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) as of such earlier date and except that for purposes of this subclause (ii), the representations and warranties contained in Section 5.05(a) and (b) of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Section 6.01(a) and (b) of the Credit Agreement, respectively, and (iii) after giving effect to the Commitment Increase, the Borrowers are in Pro Forma Compliance with the financial covenant set out in Section 7.11 of the Credit Agreement for the four (4) quarter period to which the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(b) of the Credit Agreement relates.
The Administrative Agent shall have received a certificate of each Loan Party dated the date hereof signed by a Responsible Officer of such Loan Party, certifying and attaching the resolutions adopted by such Loan Party authorizing, among other things, the Commitment Increase under the Credit Agreement and the other Loan Documents.
This letter agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This letter agreement shall become effective when (a) it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto and (b) the Borrowers shall have paid all fees required to be paid pursuant to that certain fee letter agreement dated as of June 14, 2019 (the Commitment Increase Fee Letter), between the Borrowers and the Administrative Agent. Delivery of an executed counterpart of a signature page of this letter agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this letter agreement. This letter agreement shall constitute a Loan Document.
This letter agreement and the rights and obligations of the parties hereunder shall be governed by, and construed and interpreted 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 and the provisions of Section 10.16 of the Credit Agreement are herein incorporated by reference.
If the foregoing is in accordance with your understanding, please sign and return this letter agreement to us.
[Remainder of Page Left Intentionally Blank]
| Very truly yours, | |
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| BANK OF AMERICA, N.A., as Administrative Agent | |
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| By: | /s/ Brian Lindblom |
| Name: | Brian Lindblom |
| Title: | Senior Vice President |
[At Home Increase to Aggregate Commitments]
| ACCEPTED AND AGREED TO | |
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| AS OF THE DATE FIRST ABOVE WRITTEN: | |
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| BANK OF AMERICA, N.A., as an Incremental Commitment Lender | |
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| By: | /s/ Brian Lindblom |
| Name: | Brian Lindblom |
| Title: | Senior Vice President |
[At Home Increase to Aggregate Commitments]
| ACCEPTED AND AGREED TO | |
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| AS OF THE DATE FIRST ABOVE WRITTEN: | |
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| WELLS FARGO BANK, NATIONAL ASSOCIATION, as an Incremental Commitment Lender | |
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| By: | /s/Brendan Hogan |
| Name: | Brendan Hogan |
| Title: | Assistant Vice President |
[At Home Increase to Aggregate Commitments]
| ACCEPTED AND AGREED TO | |
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| AS OF THE DATE FIRST ABOVE WRITTEN: | |
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| U.S. BANK NATIONAL ASSOCIATION, as an Incremental Commitment Lender | |
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| By: | /s/ John R. LePage |
| Name: | John R. LePage |
| Title: | Vice President |
[At Home Increase to Aggregate Commitments]
| ACCEPTED AND AGREED TO | |
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| AS OF THE DATE FIRST ABOVE WRITTEN: | |
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| BBVA USA, as an Incremental Commitment Lender | |
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| By: | /s/ Jason Nichols |
| Name: | Jason Nichols |
| Title: | Senior Vice President |
[At Home Increase to Aggregate Commitments]
| ACCEPTED AND AGREED TO | |
| AS OF THE DATE FIRST ABOVE WRITTEN: | |
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| BORROWERS: | |
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| AT HOME HOLDING III INC. | |
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| By: | /s/ Lewis L. Bird III |
| Name: | Lewis L. Bird III |
| Title: | Chairman, Chief Executive Officer and President |
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| AT HOME STORES LLC | |
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| By: | /s/ Lewis L. Bird III |
| Name: | Lewis L. Bird III |
| Title: | Chairman, Chief Executive Officer and President |
[At Home Increase to Aggregate Commitments]
| GUARANTORS: | |
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| AT HOME COMPANIES LLC | |
| AT HOME HOLDING II INC. | |
| 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 | |
| 355 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 | |
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| By: | /s/ Lewis L. Bird III |
| Name: | Lewis L. Bird III |
| Title: | Chairman, Chief Executive Officer and President |
[At Home Increase to Aggregate Commitments]
| 1376 E. 70TH STREET LLC | |
| 25 PLACE BLVD LLC | |
| 2780 WIMA 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 | |
| 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 | |
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| By: | /s/ Lewis L. Bird III |
| Name: | Lewis L. Bird III |
| Title: | Chairman, Chief Executive Officer and President |
[At Home Increase to Aggregate Commitments]
EXHIBIT A
Updated Schedule 2.01 to the Credit Agreement
Schedule 2.01 to
the Credit Agreement
COMMITMENTS AND PRO RATA SHARES
Lender Name |
| Commitment |
| Pro Rata Share of |
| |
Bank of America, N.A. |
| $ | 132,142,857 |
| 31 ###-###-#### | % |
Wells Fargo Bank, National Association |
| $ | 121,428,571 |
| 28.571428471 | % |
U.S. Bank National Association |
| $ | 60,714,286 |
| 14 ###-###-#### | % |
Regions Bank |
| $ | 50,000,000 |
| 11 ###-###-#### | % |
BBVA USA |
| $ | 60,714,286 |
| 14 ###-###-#### | % |
Total |
| $ | 425,000,000 |
| 100.000000000 | % |