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EX-10.10 6 y78307exv10w10.htm EX-10.10 exv10w10
Exhibit 10.10
EXECUTION COPY
as of July 15, 2008
Cambium Learning, Inc.
313 Speen Street
Natick, MA 01760
          Re: Extension under Limited Waiver and Amendment
Ladies and Gentlemen:
     Reference is made to that certain (a) Credit Agreement dated as of April 12, 2007 (as amended, supplemented, amended and restated or otherwise modified from time to time) (the “Credit Agreement”) among CAMBIUM LEARNING, INC., a Delaware corporation and successor to VSS-CAMBIUM MERGER CORP. (“Borrower”), VSS-CAMBIUM HOLDINGS, LLC, a Delaware limited liability company (“Holdings”), the Subsidiary Guarantors, each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), CREDIT SUISSE SECURITIES (USA) LLC as co-syndication agent (in such capacity, “Co-Syndication Agent”), BNP PARIBAS, as co-syndication agent (in such capacity, “Co-Syndication Agent” and together with the other Co-Syndication Agent, the “Syndication Agents”), TD Securities (USA) LLC, as documentation agent (in such capacity, “Documentation Agent”), and BARCLAYS BANK PLC, as issuing bank (in such capacity, “Issuing Bank”), as administrative agent (in such capacity, “Administrative Agent”) for the Lenders and as collateral agent (in such capacity, “Collateral Agent”) for the Secured Parties and the Issuing Bank and (b) Limited Waiver and Amendment, dated as of May 20, 2008 (as amended, supplemented, amended and restated or otherwise modified from time to time) (the “Limited Waiver and Amendment”), among Borrower, Administrative Agent, and Required Lenders, in each case listed on the signature pages thereto. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.
     1. All references in Section 1 of the Limited Waiver and Amendment (including, without limitation, the reference within the definition of Determination Date) to “July 15, 2008” shall be amended and replaced, ab initio, with “11:59 P.M. (New York time) on August 15, 2008”.
     2. This letter agreement shall become effective as of the date, when, and only when, each of the following conditions precedent shall have been (or are or will be substantially concurrently therewith) satisfied: (a) the Administrative Agent (or its counsel) shall have received from the Borrower either (i) a counterpart of this letter agreement signed on behalf of Borrower or (ii) written evidence satisfactory to the Administrative Agent (which may include facsimile transmission of a signed signature page of this letter agreement) that Borrower has signed a counterpart of this letter agreement and (b) the Administrative Agent shall have received satisfactory evidence that the Borrower shall have entered into a letter agreement with the Required Note-Holders (as defined in the Senior Unsecured Note Purchase Agreement) modifying the Temporary Waiver and Amendment dated as of May 20, 2008 among Borrower,

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Holdings, TCW/CRESCENT MEZZANINE PARTNERS IV, L.P. as administrative agent and the Required Note-Holders in a manner substantially similar to this letter agreement (i.e., solely replacing the references to July 15, 2008 in Section 1 of the Temporary Waiver and Amendment with the date of August 15, 2008 and that otherwise the Temporary Waiver and Amendment shall remain unchanged and in full force and effect).
     Borrower agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses incurred in connection with this letter agreement, including the reasonable fees, charges and disbursements of Cahill Gordon & Reindel llp, counsel for the Administrative Agent.
     Except as set forth herein, the Credit Agreement and the Limited Waiver and Amendment shall remain unchanged and in full force and effect. This letter agreement constitutes a Loan Document under the Credit Agreement for all purposes.
     THIS LETTER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. The waiver of venue, waiver of jury trial, jurisdiction and consent to service of process provisions set forth in Sections 10.09 and 10.10 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis, in this letter agreement.
     This letter agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a signature page of this letter agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

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    Very truly yours,    
 
           
    BARCLAYS BANK PLC, as Administrative
     Agent, as Issuing Bank, Administrative Agent and Collateral
     Agent
   
 
           
 
  By:   /s/ David Barton    
 
     
 
Name: David Barton
   
 
      Title: Director    
 
           
    CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as a Lender    
 
           
 
  By:   /s/ Rianka Mohan    
 
     
 
Name: Rianka Mohan
   
 
      Title: Vice President    
 
           
    [If a second signature is necessary:]    
 
           
 
  By:   /s/ Mikhail Faybusovich    
 
     
 
Name: Mikhail Faybusovich
   
 
      Title: Vice President    
         
Acknowledged and Agreed:    
 
       
CAMBIUM LEARNING, INC.
   
 
       
By:
  /s/ Eric Van Ert    
 
 
 
Name: Eric Van Ert
   
 
  Title: Secretary    
Extension under Limited Waiver and Amendment

 


 

             
    BNP Paribas, as a Lender    
 
           
 
  By:   /s/ Yung Wu
 
Yung Wu
   
 
      Vice President    
 
           
 
  By:   /s/ Maria Bliznakova
 
Maria Bliznakova
   
 
      Vice President    

 


 

             
    UNION SQUARE CDO LTD., as a Lender
By: Blackstone Debt Advisors L.P.
as Collateral Manager
   
 
           
 
  By:
Name:
  /s/ Dean T. Criares
 
Dean T. Criares
   
 
  Title:   Authorized Signatory    

 


 

             
    Monument Park CDO Ltd., as a Lender
By: Blackstone Debt Advisors L.P.
as Collateral Manager
   
 
           
 
  By:
Name:
  /s/ Dean T. Criares
 
Dean T. Criares
   
 
  Title:   Authorized Signatory    

 


 

             
    INWOOD PARK CDO LTD., as a Lender
By: Blackstone Debt Advisors L.P.
as Collateral Manager
   
 
           
 
  By:
Name:
  /s/ Dean T. Criares
 
Dean T. Criares
   
 
  Title:   Authorized Signatory    

 


 

             
 
      CIFC FUNDING 2007-II, LTD.,
CIFC FUNDING 2007-III, LTD.,
CIFC FUNDING 2007-IV, LTD.,
CIFC FUNDING 2007-48, LTD.,
CIFC FUNDING 2007-50, LTD., as a Lender
   
 
           
 
  By:   /s/ Elizabeth Chow    
 
     
 
Name: Elizabeth Chow
   
 
      Title: Head of Underwriting    

 


 

             
    ColumbusNova CLO Ltd. 2007-I, as a Lender    
 
           
 
  By:   /s/ Paul Cal
 
Name: Paul Cal
   
 
      Title: Associate Director    
 
           
    [If a second signature is necessary:]    
 
           
 
  By:        
 
     
 
Name:
   
 
      Title:    

 


 

         
  ColumbusNova CLO IV Ltd. 2007-II, as a Lender
 
 
  By:   /s/ Paul Cal    
    Name:   Paul Cal   
    Title:   Associate Director   
 
  [If a second signature is necessary:]
 
 
     
  By:      
    Name:      
    Title:      

 


 

         
  Very truly yours,

BARCLAYS BANK PLC, as Administrative
     Agent, as Issuing Bank, Administrative Agent
     and Collateral Agent  

 
  By:  /s/ David Barton  
    Name:   David Barton    
    Title:   Director   
 
     
  By:      
    Name:      
    Title:      
 
           
    GoldenTree MultiStrategy Subsidiary, LLC    
    By:   GoldenTree Asset Management, LP, as a Lender    
         
     
  By:   /s/ Karen Weber    
    Name:   Karen Weber    
    Title:   Director - Bank Debt   
 
Acknowledged and Agreed:
CAMBIUM LEARNING, INC.
         
By:
  /s/ Eric Van Ert    
 
 
 
Name:  Eric Van Ert
   
 
  Title:  Secretary    
Extension under Limited Waiver and Amendment

 


 

         
  Very truly yours,

BARCLAYS BANK PLC, as Administrative Agent, as    Issuing Bank, Administrative Agent and Collateral Agent
 
 
  By:   /s/ David Barton  
    Name:   David Barton    
    Title:   Director   
 
     
  By:      
    Name:      
    Title:      
 
         
  GoldenTree MultiStrategy Financing, Limited    
  By:   GoldenTree Asset Management, LP, as a Lender     
         
     
  By:   /s/ Karen Weber    
    Name:   Karen Weber   
    Title:   Director - Bank Debt   
 
Acknowledged and Agreed:
CAMBIUM LEARNING, INC.
         
By:
  /s/ Eric Van Ert    
 
 
 
Name:  Eric Van Ert
   
 
  Title:  Secretary    
Extension under Limited Waiver and Amendment

 


 

         
  Very truly yours,

BARCLAYS BANK PLC, as Administrative Agent, as
Issuing Bank, Administrative Agent and Collateral Agent
 
 
  By:   /s/ David Barton  
    Name:   David Barton   
    Title:   Director   
 
     
  By:      
    Name:      
    Title:      
         
  GoldenTree Loan Opportunities IV, Limited    
  By:   GoldenTree Asset Management, LP, as a Lender     
         
     
  By:   /s/ Karen Weber    
    Name:   Karen Weber   
    Title:   Director - Bank Debt   
 
Acknowledged and Agreed:
CAMBIUM LEARNING, INC.
         
By:
  /s/ Eric Van Ert    
 
 
 
Name:  Eric Van Ert
   
 
  Title:  Secretary    
Extension under Limited Waiver and Amendment

 


 

         
  Very truly yours,

BARCLAYS BANK PLC, as Administrative Agent, as 
Issuing Bank, Administrative Agent and Collateral Agent
 
 
  By:   /s/ David Barton  
    Name:   David Barton   
    Title:   Director   
 
     
  By:      
    Name:      
    Title:      
         
  GoldenTree Loan Opportunities III, Limited    
  By:   GoldenTree Asset Management, LP, as a Lender     
         
  By:   /s/ Karen Weber    
    Name:   Karen Weber   
    Title:   Director - Bank Debt   
 
Acknowledged and Agreed:
CAMBIUM LEARNING, INC.
         
By:
  /s/ Eric Van Ert    
 
 
 
Name:  Eric Van Ert
   
 
  Title:  Secretary    
Extension under Limited Waiver and Amendment

 


 

         
  Very truly yours,

BARCLAYS BANK PLC, as Administrative Agent, as Issuing Bank, Administrative Agent and Collateral Agent

 
  By:   /s/ David Barton  
    Name:   David Barton   
    Title:   Director   
 
     
  By:      
    Name:      
    Title:      
 
         
  GoldenTree Capital Opportunities, LP    
  By:   GoldenTree Asset Management, LP, as a Lender    
       
         
     
  By:   /s/ Karen Weber    
    Name:   Karen Weber  
    Title:   Director - Bank Debt  
 
Acknowledged and Agreed:
CAMBIUM LEARNING, INC.
         
By:
  /s/ Eric Van Ert    
 
 
 
Name:  Eric Van Ert
   
 
  Title:  Secretary    
Extension under Limited Waiver and Amendment

 


 

         
  Sargas CLO I, Ltd. by Sargas Asset Management,
LLC, its Portfolio Manager
 
 
  By:   /s/ Michael P. King    
    Name:   Michael P. King   
    Title:   Senior Managing Director   
 
 
         
     
     
     
     
 

 


 

         
  TORONTO DOMINION (TEXAS) LLC, as a Lender
 
 
  By:   /s/ Debbi L. Brito    
    Name:   Debbi L. Brito  
    Title:   Authorized Signatory