SECOND AMENDMENT TO CREDIT AGREEMENT

Contract Categories: Business Finance - Credit Agreements
EX-10.1 2 c71595exv10w1.htm EXHIBIT 10.1 Filed by Bowne Pure Compliance
 

Exhibit 10.1
SECOND AMENDMENT TO CREDIT AGREEMENT
THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and entered into as of November 9, 2007 by and among CONSOLIDATED GRAPHICS, INC., a Texas corporation (the “Borrower”); each of the Lenders which is or may from time to time become a party to the Credit Agreement (as defined below) (individually, a “Lender” and, collectively, the “Lenders”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, acting as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”).
RECITALS
A. The Borrower, the Lenders and the Administrative Agent executed and delivered that certain Credit Agreement dated as of October 6, 2006, as amended by instrument dated as of January 2, 2007. Said Credit Agreement, as amended, supplemented and restated, is herein called the “Credit Agreement.” Any capitalized term used in this Amendment and not otherwise defined shall have the meaning ascribed to it in the Credit Agreement.
B. The Borrower, the Lenders and the Administrative Agent desire to amend the Credit Agreement in certain respects.
NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations and warranties herein set forth, and further good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders and the Administrative Agent do hereby agree as follows:
SECTION 1. Amendments to Credit Agreement.
(a) Schedule 2.1(a) to the Credit Agreement is hereby amended to be identical to Schedule 2.1(a) attached hereto.
(b) The reference to “ONE HUNDRED FIFTY-FIVE MILLION DOLLARS ($155,000,000)” in Section 2.1(a) of the Credit Agreement is hereby amended to read “TWO HUNDRED FORTY MILLION DOLLARS ($240,000,000).”
SECTION 2. Waiver of Pledge of Certain Subsidiary Equity. Lenders hereby waive the requirement for a pledge of any equity interests in and to any Subsidiary of the Borrower formed under the laws of the Czech Republic for so long as the aggregate book value of the assets owned by Subsidiaries of the Borrower formed under the laws of the Czech Republic is less than $2,000,000. If the aggregate book value of the assets owned by Subsidiaries of the Borrower formed under the laws of the Czech Republic hereafter exceeds $2,000,000, the foregoing waiver shall terminate.
SECTION 3. Ratification. Except as expressly amended by this Amendment, the Credit Agreement and the other Credit Documents shall remain in full force and effect. None of the rights, title and interests existing and to exist under the Credit Agreement are hereby released, diminished or impaired, and the Borrower hereby reaffirms all covenants, representations and warranties in the Credit Agreement.

 

 


 

SECTION 4. Expenses. The Borrower shall pay to the Administrative Agent all reasonable fees and expenses of its legal counsel incurred in connection with the execution of this Amendment.
SECTION 5. Certifications. The Borrower hereby certifies that (a) no material adverse change in the assets, liabilities, financial condition, business or affairs of the Borrower has occurred and (b) subject to the waiver set forth herein, no Default or Event of Default has occurred and is continuing or will occur as a result of this Amendment.
SECTION 6. Miscellaneous. This Amendment (a) shall be binding upon and inure to the benefit of the Borrower, the Lenders and the Administrative Agent and their respective successors, assigns, receivers and trustees; (b) may be modified or amended only by a writing signed by the required parties; (c) shall be governed by and construed in accordance with the laws of the State of Texas and the United States of America; (d) may be executed in several counterparts by the parties hereto on separate counterparts, and each counterpart, when so executed and delivered, shall constitute an original agreement, and all such separate counterparts shall constitute but one and the same agreement and (e) together with the other Credit Documents, embodies the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements, consents and understandings relating to such subject matter. The headings herein shall be accorded no significance in interpreting this Amendment.
NOTICE PURSUANT TO TEX. BUS. & COMM. CODE §26.02
THE CREDIT AGREEMENT, AS AMENDED BY THIS AMENDMENT, AND ALL OTHER CREDIT DOCUMENTS EXECUTED BY ANY OF THE PARTIES PRIOR HERETO OR SUBSTANTIALLY CONCURRENTLY HEREWITH CONSTITUTE A WRITTEN LOAN AGREEMENT WHICH REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

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IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have caused this Amendment to be signed by their respective duly authorized officers, effective as of the date first above written.
         
  CONSOLIDATED GRAPHICS, INC.,
a Texas corporation
 
 
  By:   /s/ Joe R. Davis    
    Joe R. Davis,   
    Chief Executive Officer   
 

 

3


 

         
    JPMORGAN CHASE BANK, NATIONAL
    ASSOCIATION, as Administrative Agent and as a
Lender
 
       
 
  By:   /s/ Gail Waggoner
 
       
 
  Name:   Gail Waggoner
 
       
 
  Title:   Senior Vice President
 
       

 

4


 

         
    WELLS FARGO BANK, NATIONAL
ASSOCIATION
 
       
 
  By:   /s/ H. M. Sultanik
 
       
 
  Name:   H. M. Sultanik
 
       
 
  Title:   Vice President
 
       

 

5


 

         
    BANK OF AMERICA, N.A.
 
       
 
  By:   /s/ David A. Batson
 
       
 
  Name:   David A. Batson
 
       
 
  Title:   Senior Vice President
 
       

 

6


 

         
    COMERICA BANK
 
       
 
  By:   /s/ De Von Lang
 
       
 
  Name:   De Von Lang
 
       
 
  Title:   Corporate Banking Officer
 
       

 

7


 

         
    WACHOVIA BANK, NATIONAL ASSOCIATION
 
       
 
  By:   /s/ Michael R. Quiray
 
       
 
  Name:   Michael R. Quiray
 
       
 
  Title:   Vice President
 
       

 

8


 

         
    AMEGY BANK NATIONAL ASSOCIATION
 
       
 
  By:   /s/ Laif Afseth
 
       
 
  Name:   Laif Afseth
 
       
 
  Title:   SVP
 
       

 

9


 

         
    BANK OF TEXAS, N.A.
 
       
 
  By:   /s/ Marian E. Livingston
 
       
 
  Name:   Marian E. Livingston
 
       
 
  Title:   Vice President
 
       

 

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The undersigned hereby join in this Amendment to evidence their consent to execution by Borrower of this Amendment, to confirm that each Credit Document now or previously executed by the undersigned applies and shall continue to apply to the Credit Agreement, as amended hereby, to acknowledge that without such consent and confirmation, Banks would not execute this Amendment and to join in the notice pursuant to Tex. Bus. & Comm. Code §26.02 set forth above.
A&A AMALGAMATED PRINTING ENTERPRISES, INC.,
     a California corporation,
AGS CUSTOM GRAPHICS, INC.,
     a Maryland corporation,
AMERICAN LITHOGRAPHERS, INC.,
     a California corporation,
APPLE GRAPHICS, INC.,
     a California corporation,
AUSTIN PRINTING COMPANY, INC.,
     a Georgia corporation,
AUTOMATED GRAPHIC IMAGING/COPY
     CENTER, INC., a District of Columbia corporation,
AUTOMATED GRAPHIC SYSTEMS, LLC,
     a Maryland limited liability company,
BIGINK MAILING & FULFILLMENT COMPANY,
     a Kansas corporation,
BRIDGETOWN PRINTING CO.,
     an Oregon corporation,
BYRUM LITHOGRAPHING CO.,
     an Ohio corporation,
CDS PUBLICATIONS, INC.,
     an Oregon corporation,
CGML GENERAL PARTNER, INC.,
     a Delaware corporation,
CGML, LLC,
     a Delaware limited liability company,
CGX CALIFORNIA CONTRACTORS, INC.,
     a California corporation
CGXMEDIA, INC.,
     a Texas corporation
CHAS. P. YOUNG COMPANY,
     a Texas corporation,
CHAS. P. YOUNG COMPANY, INC.,
     a New York corporation,
CLEAR VISIONS, INC.,
     a Texas corporation,
COLUMBIA COLOR, INC.,
     a California corporation,
CONSOLIDATED CARQUEVILLE PRINTING
     COMPANY, an Illinois corporation

 

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CONSOLIDATED GRAPHICS CALIFORNIA,
     a California corporation,
CONSOLIDATED GRAPHICS DEVELOPMENT
     COMPANY, a Delaware corporation,
CONSOLIDATED GRAPHICS INTERNATIONAL,
     INC., a Delaware corporation,
CONSOLIDATED GRAPHICS SERVICES,
     INC., a Delaware corporation,
CONSOLIDATED GRAPHICS PROPERTIES, INC.,
     a Texas corporation,
CONSOLIDATED GRAPHICS PROPERTIES II,
     INC., a Texas corporation,
COPY-MOR, INC. ,
     an Illinois corporation,
COURIER PRINTING COMPANY,
     a Tennessee corporation,
DIGITAL DIRECT, INC. ,
     a Pennsylvania corporation,
DIRECT COLOR, INC. ,
     a California corporation,
EAGLE PRESS, INC. ,
     a California corporation,
EASTWOOD PRINTING CORPORATION, a Colorado corporation,
ELECTRIC CITY PRINTING COMPANY,
     a South Carolina corporation,
EMERALD CITY GRAPHICS, INC. ,
     a Washington corporation,
FITTJE BROS. PRINTING CO. ,
     a Colorado corporation,
FREDERIC PRINTING COMPANY,
     a Colorado corporation,
GARNER PRINTING COMPANY,
     an Iowa corporation,
GEYER PRINTING COMPANY, INC. ,
     a Pennsylvania corporation,
GILLILAND PRINTING, INC.
     a Kansas corporation,
GRAPHCOM LLC,
     a Georgia limited liability company,
GRAPHIC COMMUNICATIONS, INC.,
     a California corporation,
GRAPHIC TECHNOLOGY OF MARYLAND, INC. ,
     a Maryland corporation,
GRAPHION, INC.,
     a California corporation,

 

12


 

GRITZ-RITTER GRAPHICS, INC.,
      a Colorado corporation,
GROVER PRINTING COMPANY,
      a Texas corporation,
GSL FINE LITHOGRAPHERS,
      a California corporation,
GULF PRINTING COMPANY,
      a Texas corporation,
H & N PRINTING & GRAPHICS, INC. ,
     a Maryland corporation,
HEATH PRINTERS, INC.
     a Washington corporation
HERITAGE GRAPHICS, INC. ,
     a Texas corporation,
IMAGE SYSTEMS, INC. ,
     a Wisconsin corporation,
IRONWOOD LITHOGRAPHERS, INC. ,
     an Arizona corporation,
KELMSCOTT COMMUNICATIONS LLC,
     a Delaware limited liability company,
KEYS PRINTING COMPANY,
     a South Carolina corporation,
LINCOLN PRINTING CORPORATION,
     an Indiana corporation,
MARYLAND COMPOSITION.COM, INC. ,
     a Maryland corporation,
MAXIMUM GRAPHICS, INC.,
     a Minnesota corporation,
MAXWELL GRAPHIC ARTS, INC. ,
     a New Jersey corporation,
MCKAY PRESS, INC. ,
     a Michigan corporation,
MERCURY PRINTING COMPANY, INC. ,
     a Tennessee corporation,
MERCURY WEB PRINTING, INC. ,
     a Kansas corporation,
METROPOLITAN PRINTING SERVICES, INC. ,
     an Indiana corporation,
MOBILITY, INC. ,
      a Virginia corporation,
MOUNT VERNON PRINTING COMPANY,
      a Maryland corporation,
MULTIPLE IMAGES PRINTING, INC.,
      an Illinois corporation,
NIES/ARTCRAFT, INC.,
a Missouri corporation,

 

13


 

PICCARI PRESS, INC.,
     a Pennsylvania corporation,
PRECISION LITHO, INC.,
     a California corporation,
PRIDE PRINTERS, INC.,
      a Massachusetts corporation,
PRINTING CONTROL SERVICES, INCORPORATED,
     a Washington corporation,
PRINTING CORPORATION OF AMERICA,
     a Maryland corporation,
PRINTING, INC.,
      a Kansas corporation,
RUSH PRESS, INC.,
      a California corporation,
S&S GRAPHICS, LLC,
      a Maryland limited liability company,
S&S GRAPHICS PROPERTY, LLC,
      a Delaware limited liability company,
SPANGLER GRAPHICS, LLC,
     a Kansas limited liability company,
SPANGLER GRAPHICS PROPERTY, LLC,
      a Kansas limited liability company,
STORTERCHILDS PRINTING CO., INC.,
     a Florida corporation,
SUPERB PRINTING COMPANY,
     a Texas corporation,
SUPERIOR COLOUR GRAPHICS, INC.,
     a Michigan corporation,
TEWELL WARREN PRINTING COMPANY,
      a Colorado corporation,
THE ETHERIDGE COMPANY,
      a Michigan corporation,
THE GRAPHICS GROUP, INC.,
      a Texas corporation,
THE HENNEGAN COMPANY,
      a Kentucky corporation,
THE JARVIS PRESS, INC.,
      a Texas corporation,
THE JOHN C. OTTO COMPANY, INC.,
     a Massachusetts corporation,
THE PIKES PEAK LITHOGRAPHIC CO.,
     a Colorado corporation,
THE PRINTERY, INC.,
     a Wisconsin corporation,
THEO. DAVIS SONS, INCORPORATED,
     a North Carolina corporation,

 

14


 

THOUSAND OAKS PRINTING AND
     SPECIALTIES, INC., a California corporation,
TUCKER PRINTERS, INC.,
     a Texas corporation,
TULSA LITHO COMPANY,
     an Oklahoma corporation,
TURSACK INCORPORATED,
     a Pennsylvania corporation,
VALCOUR PRINTING, INC.,
     a Missouri corporation,
WALNUT CIRCLE PRESS, INC.,
     a North Carolina corporation,
WATERMARK PRESS, LTD.,
     a California limited partnership,
WENTWORTH CORPORATION,
     a South Carolina corporation,
WESTERN LITHOGRAPH COMPANY,
     a Texas corporation,
WESTLAND PRINTERS, INC.,
     a Maryland corporation,
WETZEL BROTHERS, LLC,
     a Wisconsin limited liability company,
WOODRIDGE PRESS, INC.,
     a California corporation,
         
 
  By:   /s/ Joe R. Davis
 
       
 
      Joe R. Davis,
 
      Chief Executive Officer
 
      of each of the foregoing
             
    SERCO FORMS, LLC,
    a Kansas limited liability company
 
           
    By:   BIGINK MAILING & FULFILLMENT
        COMPANY, a Kansas corporation, and
        MERCURY WEB PRINTING, INC., a
        Kansas corporation, Members
 
           
 
      By:   /s/ Joe R. Davis
 
           
 
          Joe R. Davis,
 
          Chief Executive Officer
 
          of each of the foregoing

 

15


 

             
    CONSOLIDATED GRAPHICS MANAGEMENT,
    LTD., a Texas limited partnership,
 
           
    By:   CGML GENERAL PARTNER, INC., a
        Delaware corporation, sole general partner
        of Consolidated Graphics Management, Ltd.
 
           
 
      By:   /s/ Joe R. Davis
 
           
 
          Joe R. Davis,
 
          Chief Executive Officer
 
           
    CONSOLIDATED GRAPHICS DEVELOPMENT
    LLC, a Delaware limited liability company
 
           
    By:   CONSOLIDATED GRAPHICS
        DEVELOPMENT COMPANY,
        a Delaware corporation, Member
 
           
 
      By:   /s/ Joe R. Davis
 
           
 
          Joe R. Davis,
 
          Chief Executive Officer

 

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SCHEDULE 2.1(a)
SCHEDULE OF LENDERS AND
COMMITMENTS
                                 
    Revolving     Revolving     LOC     LOC  
    Committed     Commitment     Committed     Commitment  
Lender   Amount     Percentage     Amount     Percentage  
 
                               
JPMorgan Chase Bank, N.A.
  $ 69,677,500.00       29.0322917     $ 5,806,458.33       29.0322917  
Bank of America, N.A
  $ 56,129,000.00       23 ###-###-####     $ 4,677,416.67       23 ###-###-####  
Wells Fargo Bank, National Association
  $ 54,193,500.00       22 ###-###-####     $ 4,516,125.00       22 ###-###-####  
Comerica Bank
  $ 20,000,000.00       8 ###-###-####     $ 1,666,666.67       8 ###-###-####  
Wachovia Bank, National Association
  $ 20,000,000.00       8 ###-###-####     $ 1,666,666.67       8 ###-###-####  
Amegy Bank National Association
  $ 10,000,000.00       4.1666667     $ 833,333.33       4.1666667  
Bank of Texas, N.A.
  $ 10,000,000.00       4.1666667     $ 833,333.33       4.1666667  
 
                       
 
                               
Total:
  $ 240,000,000.00       100.000000000 %   $ 20,000,000.00       100.000000000 %