AMENDMENT NO. 1 Dated as of August 9, 2012 to CREDIT AGREEMENT Dated as of April 25, 2012
Exhibit 10.1
EXECUTION COPY
AMENDMENT NO. 1
Dated as of August 9, 2012
to
CREDIT AGREEMENT
Dated as of April 25, 2012
THIS AMENDMENT NO. 1 (this Amendment) is made as of August 9, 2012 by and among Dairyland USA Corporation, a New York corporation (Dairyland), The Chefs Warehouse Mid-Atlantic, LLC, a Delaware limited liability company (CW Mid-Atlantic), Bel Canto Foods, LLC, a New York limited liability company (Bel Canto), The Chefs Warehouse West Coast, LLC, a Delaware limited liability company (CW West Coast), and The Chefs Warehouse of Florida, LLC, a Delaware limited liability company (CW Florida and, together with Dairyland, CW Mid-Atlantic, Bel Canto and CW West Coast, the Borrowers), the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the Administrative Agent) and as Issuing Bank (in such capacity, the Issuing Bank), under that certain Credit Agreement dated as of April 25, 2012 by and among the Borrowers, the other Loan Parties party thereto, the Lenders and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the Credit Agreement). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.
WHEREAS, the Borrowers have requested that the requisite Lenders, the Issuing Bank and the Administrative Agent agree to certain amendments to the Credit Agreement;
WHEREAS, the Borrowers, the Lenders party hereto, the Issuing Bank and the Administrative Agent have so agreed on the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the Lenders party hereto, the Issuing Bank and the Administrative Agent hereby agree to enter into this Amendment.
1. Amendments to the Credit Agreement. Effective as of the date of satisfaction of the conditions precedent set forth in Section 2 below, the parties hereto agree that Section 2.06(b) of the Credit Agreement is hereby amended to delete the words the LC Exposure shall not exceed $1,000,000 appearing therein and replace such words with the words the LC Exposure shall not exceed $5,000,000.
2. Conditions of Effectiveness. The effectiveness of this Amendment is subject to the conditions precedent that (i) the Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrowers, the Required Lenders, the Issuing Bank and the Administrative Agent, (ii) the Administrative Agent shall have received counterparts of the Consent and Reaffirmation attached as Exhibit A hereto duly executed by the Loan Guarantors and (iii) the Administrative Agent shall have received payment and/or reimbursement of the Administrative Agents and its affiliates fees and expenses (including, to the extent invoiced in an invoice dated on or prior to the date hereof, fees and expenses of counsel for the Administrative Agent) in connection with this Amendment.
3. Representations and Warranties of the Borrowers. Each Borrower hereby represents and warrants as follows:
(a) This Amendment and the Credit Agreement as modified hereby constitute legal, valid and binding obligations of such Borrower and are enforceable against such Borrower in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(b) As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default has occurred and is continuing and (ii) the representations and warranties of the Loan Parties set forth in the Credit Agreement, as amended hereby, are true and correct in all material respects (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified date).
4. Reference to and Effect on the Credit Agreement.
(a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.
(b) Each Loan Document and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.
(c) Except with respect to the subject matter hereof, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent, the Issuing Bank or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith.
5. Governing Law. This Amendment shall be construed in accordance with and governed by the law of the State of New York.
6. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.
7. Counterparts. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Signatures delivered by facsimile or PDF shall have the same force and effect as manual signatures delivered in person.
[Signature Pages Follow]
2
IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.
DAIRYLAND USA CORPORATION | ||
By: | /s/ Alexandros Aldous | |
Name: | Alexandros Aldous | |
Title: | General Counsel | |
THE CHEFS WAREHOUSE MID-ATLANTIC, LLC | ||
By: | /s/ Alexandros Aldous | |
Name: | Alexandros Aldous | |
Title: | General Counsel | |
BEL CANTO FOODS, LLC | ||
By: | /s/ Alexandros Aldous | |
Name: | Alexandros Aldous | |
Title: | General Counsel | |
THE CHEFS WAREHOUSE WEST COAST, LLC | ||
By: | /s/ Alexandros Aldous | |
Name: | Alexandros Aldous | |
Title: | General Counsel | |
THE CHEFS WAREHOUSE OF FLORIDA, LLC | ||
By: | /s/ Alexandros Aldous | |
Name: | Alexandros Aldous | |
Title: | General Counsel |
Signature Page to Amendment No. 1 to
Credit Agreement dated as of April 25, 2012
The Chefs Warehouse, Inc. et al
JPMORGAN CHASE BANK, N.A. | ||
individually as a Lender, as the Swingline Lender, as the Issuing Bank and as Administrative Agent | ||
By: | /s/ Patricia T. Stone | |
Name: | Patricia T. Stone | |
Title: | Authorized Officer |
Signature Page to Amendment No. 1 to
Credit Agreement dated as of April 25, 2012
The Chefs Warehouse, Inc. et al
GE CAPITAL BANK, formerly known as GE CAPITAL FINANCIAL INC., | ||
as a Lender | ||
By: | /s/ Heather-Leigh Glade | |
Name: | Heather-Leigh Glade | |
Title: | Duly Authorized Signatory |
Signature Page to Amendment No. 1 to
Credit Agreement dated as of April 25, 2012
The Chefs Warehouse, Inc. et al
WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender | ||
By: | /s/ Thomas Pizzo | |
Name: | Thomas Pizzo | |
Title: | Senior Vice President |
Signature Page to Amendment No. 1 to
Credit Agreement dated as of April 25, 2012
The Chefs Warehouse, Inc. et al
BMO HARRIS FINANCING, INC., | ||
as a Lender | ||
By: | /s/ Phillip Langheim | |
Name: | Phillip Langheim | |
Title: | Managing Director |
Signature Page to Amendment No. 1 to
Credit Agreement dated as of April 25, 2012
The Chefs Warehouse, Inc. et al
BRANCH BANKING AND TRUST COMPANY, | ||
as a Lender | ||
By: | /s/ Candace C. Moore | |
Name: | Candace C. Moore | |
Title: | Assistant Vice President |
Signature Page to Amendment No. 1 to
Credit Agreement dated as of April 25, 2012
The Chefs Warehouse, Inc. et al
EXHIBIT A
Consent and Reaffirmation
Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. l to Credit Agreement with respect to that certain Credit Agreement dated as of April 25, 2012 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the Credit Agreement) by and among Dairyland USA Corporation, a New York corporation (Dairyland), The Chefs Warehouse Mid-Atlantic, LLC, a Delaware limited liability company (CW Mid-Atlantic), Bel Canto Foods, LLC, a New York limited liability company (Bel Canto), The Chefs Warehouse West Coast, LLC, a Delaware limited liability company (CW West Coast), and The Chefs Warehouse of Florida, LLC, a Delaware limited liability company (CW Florida and, together with Dairyland, CW Mid-Atlantic, Bel Canto and CW West Coast, the Borrowers), the other Loan Parties party thereto, the Lenders and JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the Administrative Agent), which Amendment No. l to Credit Agreement is dated as of August 9, 2012 and is by and among the Borrowers, the financial institutions listed on the signature pages thereof, JPMorgan Chase Bank, N.A., as Issuing Bank (in such capacity, the Issuing Bank) and the Administrative Agent (the Amendment). Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement. Without in any way establishing a course of dealing by the Administrative Agent, the Issuing Bank or any Lender, each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the Loan Guaranty and any other Loan Document executed by it and acknowledges and agrees that the Loan Guaranty and each and every such Loan Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed. All references to the Credit Agreement contained in the above-referenced documents shall be a reference to the Credit Agreement as so modified by the Amendment and as the same may from time to time hereafter be amended, modified or restated.
Dated August 9, 2012
[Signature Page Follows)
IN WITNESS WHEREOF, this Consent and Reaffirmation has been duly executed as of the day and year above written.
DAIRYLAND USA CORPORATION | ||
By: | /s/ Alexandros Aldous | |
Name: | Alexandros Aldous | |
Title: | General Counsel | |
THE CHEFS WAREHOUSE MID-ATLANTIC, LLC | ||
By: | /s/ Alexandros Aldous | |
Name: | Alexandros Aldous | |
Title: | General Counsel | |
BEL CANTO FOODS, LLC | ||
By: | /s/ Alexandros Aldous | |
Name: | Alexandros Aldous | |
Title: | General Counsel | |
THE CHEFS WAREHOUSE WEST COAST, LLC | ||
By: | /s/ Alexandros Aldous | |
Name: | Alexandros Aldous | |
Title: | General Counsel | |
THE CHEFS WAREHOUSE OF FLORIDA, LLC | ||
By: | /s/ Alexandros Aldous | |
Name: | Alexandros Aldous | |
Title: | General Counsel |
Signature Page to Consent and Reaffirmation to Amendment No. 1 to
Credit Agreement dated as of April 25, 2012
The Chefs Warehouse, Inc. et al
THE CHEFS WAREHOUSE, INC. | ||
By: | /s/ Alexandros Aldous | |
Name: | Alexandros Aldous | |
Title: | General Counsel | |
CHEFS WAREHOUSE PARENT, LLC | ||
By: | /s/ Alexandros Aldous | |
Name: | Alexandros Aldous | |
Title: | General Counsel |
Signature Page to Consent and Reaffirmation to Amendment No. 1 to
Credit Agreement dated as of April 25, 2012
The Chefs Warehouse, Inc. et al