AMENDMENT NO. 1

EX-10.1 2 d406095dex101.htm EX-10.1 EX-10.1

Exhibit 10.1

AMENDMENT NO. 1

THIS AMENDMENT NO. 1, dated as of August 31, 2012 (this “Amendment”), of the Credit Agreement referenced below by and among HURON CONSULTING GROUP INC., a Delaware corporation, as Borrower, the Guarantors identified herein, the Lenders identified on the signature pages hereto, and BANK OF AMERICA, N.A., as Administrative Agent for and on behalf of the Lenders. Capitalized terms used but not otherwise defined herein shall have the meanings provided in the Credit Agreement.

W I T N E S S E T H

WHEREAS, a $350 million credit facility consisting of a $150 million revolving credit facility and a $200 million term loan facility has been established in favor of the Borrower pursuant to the terms of that certain Amended and Restated Credit Agreement dated as of April 14, 2011 (as amended and modified, the “Credit Agreement”) by and among Huron Consulting Group Inc., a Delaware corporation, as Borrower, certain subsidiaries of Huron Consulting Group Inc., as Guarantors, the Lenders identified therein and Bank of America, N.A., as Administrative Agent and Collateral Agent;

WHEREAS, the Borrower has requested certain modifications to the terms of the Credit Agreement, including, among other things, an increase in revolving loan commitments and term loan commitments, a reduction in pricing, and an extension of the credit facilities under the Credit Agreement; and

WHEREAS, the Lenders have agreed to the requested amendments on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

Section 1. Modifications in respect of Senior Credit Facilities. The Credit Agreement is, effective as of the Amendment No. 1 Effective Date (as defined below), hereby amended as follows:

1.1 Increase in Commitments under the Revolving Credit Facility. The Aggregate Revolving Committed Amount, as referenced and defined in Section 2.01(a), is being increased from ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000) to TWO HUNDRED FORTY SEVEN MILLION FIVE HUNDRED THOUSAND DOLLARS ($247,500,000) and the loans and commitments thereunder reallocated, as provided herein. Schedule 2.01 to the Credit Agreement is amended and restated as attached hereto to give effect to the increase and reallocation of Revolving Commitments.

1.2 Increase in Commitments under the Term Loan Facility. The Term Loan, as referenced in Section 2.01(b), is being increased from ONE HUNDRED EIGHTY MILLION DOLLARS ($180,000,000) to TWO HUNDRED TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($202,500,000) and the interests in the Term Loan thereunder reallocated, as provided herein. Schedule 2.01 to the Credit Agreement is amended and restated as attached hereto to give effect to the increase and reallocation of the Term Loan Commitments.

1.3 Assignment of Interests. The Lenders shall purchase and sell assignment interests in the loans and commitments under the Credit Agreement to give effect to the increase and reallocation of loans and commitments as provided herein and reflected on Schedule 2.01, as revised, attached hereto.


Section 2. Amendment. The Credit Agreement is, effective as of the Amendment No. 1 Effective Date (as defined below), hereby amended as follows:

2.1. In Section 1.01 (Defined Terms), the following terms are added, or amended, to read as follows:

Aggregate Revolving Commitments” means the Revolving Commitments of all the Lenders. The amount of the Aggregate Revolving Commitments in effect on the Amendment No. 1 Effective Date is Two Hundred Forty Seven Million Five Hundred Thousand Dollars ($247,500,000).

Amendment No. 1” means Amendment No. 1, dated as of August 31, 2012, to this Credit Agreement.

Amendment No. 1 Effective Date” means the date on which the conditions to effectiveness for Amendment No. 1 have been met and Amendment No. 1 becomes effective, being August 31, 2012.

Applicable Percentage” means the following percentages per annum, based upon the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 7.02(b):

 

           Revolving Loans and Term Loan              

Pricing
Tier

  

Consolidated Leverage

Ratio

   Eurodollar
Rate Loans
    Base Rate
Loans
    Letter of Credit
Fee
    Commitment
Fee
 

5

   > 2.5:1.0      2.25     1.25     2.25     0.35

4

   > 2.0:1.0, but £ 2.5:1.0      2.00     1.00     2.00     0.30

3

   > 1.5:1.0, but £ 2.0:1.0      1.75     0.75     1.75     0.25

2

   > 1.0:1.0, but £ 1.5:1.0      1.50     0.50     1.50     0.20

1

   £ 1.0:1.0      1.25     0.25     1.25     0.15

Any increase or decrease in the Applicable Percentage resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 7.02(b); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Lenders, Pricing Tier 5 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the first Business Day immediately following the date on which such Compliance Certificate is delivered in accordance with Section 7.02(b). The Applicable Percentage in effect from the Amendment No. 1 Effective Date through the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 7.02(b) for the fiscal quarter ending September 30, 2012 shall be determined based upon Pricing Tier 4. Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Percentage for any period shall be subject to the provisions of Section 2.10(b).

Consolidated EBITDA” means, for any period for the Borrower and its Subsidiaries, the sum of (a) Consolidated Net Income, plus, (b) to the extent deducted in determining such

 

2


Consolidated Net Income, (i) Consolidated Interest Expense, plus (ii) Taxes, plus (iii) depreciation and amortization, plus (iv) non-cash stock and equity-based compensation expense, plus (v) non-cash charges for goodwill impairment and impairment of other acquisition-related intangible assets, plus (minus) (vi) non-cash charges (non-cash gains) resulting from the quarterly valuation of acquisition-related earn-outs and other contingent assets and liabilities pursuant to Statement of Financial Accounting Standards No. 141 (Revised) as it relates to acquisitions completed subsequent to January 1, 2009, plus (vii) for periods ending up to and including June 30, 2010, charges resulting from the settlement of the St. Vincent litigation in an aggregate amount up to $4.8 million, plus (viii) for periods ending up to and including December 31, 2012, charges resulting from the restatement of financial statements for fiscal years 2006 through 2009, net of insurance proceeds and other amounts recouped in connection therewith, up to $8.7 million in fiscal year 2010 and up to $8 million in the aggregate in fiscal years 2011 and 2012, plus (ix) non-cash restructuring charges taken in any period, provided that “Consolidated EBITDA” will be reduced in any subsequent period to the extent that cash payment is made in respect thereof, plus (minus) (x) non cash charges (non-cash gains) from the settlement of the shareholder class action lawsuit, plus (minus) (xi) non-cash losses (non-cash gains) resulting from mark-to-market adjustments or losses (gains) resulting from early termination in respect of interest rate swap and hedging agreements pursuant to Statement of Financial Accounting Standards No. 133, without duplication for any such amounts included in “Consolidated Interest Expense”, plus (minus) (xii) charges relating to the write-off of capitalized costs and expenses or other non-cash losses (gains) relating to the existing senior credit facility on its extinguishment and refinancing, without duplication or other non-cash losses (gains) for any such amounts included in “Consolidated Interest Expense”, plus (xiii) reasonable costs and expenses relating to acquisitions and financing transactions (other than those relating to the existing senior credit facility), or amortization of such expense previously capitalized, of up to $4 million in any such period, and plus (xiv) other non-recurring non-cash charges that do not involve cash payments in future periods as may be approved by the Administrative Agent. Except as otherwise expressly provided, the applicable period shall be the four consecutive fiscal quarters ending as of the date of determination. For purposes of determining the Consolidated Leverage Ratio (including for purposes of determining the applicable pricing level for the Applicable Percentage and for compliance with the maximum Consolidated Leverage Ratio financial covenant), but only for such purposes, Consolidated EBITDA will be made on a Pro Forma Basis.

Debt Issuance” means the issuance by the Borrower or any of its Subsidiaries of any Funded Indebtedness, other than as permitted under Section 8.03.

Maturity Date” means (a) as to the Revolving Obligations, the Revolving Termination Date, and (b) as to the Term Loan, August 31, 2017.

Permitted Acquisition” means an Investment consisting of an Acquisition by the Borrower or any Subsidiary, provided that (a) no Default or Event of Default shall exist immediately before or immediately after giving effect thereto on a Pro Forma Basis, (b) the property acquired (or the property of the Person acquired) in such Acquisition is used or useful in the same or a similar line of business as the Borrower and its Subsidiaries were engaged in on the Closing Date (or any reasonable extensions or expansions thereof), (c) in the case of an Acquisition of the Equity Interests of another Person, the board of directors (or other comparable governing body) of such other Person shall have duly approved such Acquisition, (d) in the case of any Acquisition, or series of related Acquisitions, with Acquisition Consideration in excess of $15 million the Borrower shall have delivered to the Administrative Agent a Pro Forma Compliance Certificate demonstrating that the Loan Parties will be in compliance with the financial covenants set forth in Section 8.11 as of the end of the period of the four fiscal quarters most recently ended for which

 

3


the Borrower has delivered financial statements pursuant to Section 7.01(a) or (b) after giving effect to such Acquisition on a Pro Forma Basis, (e) the representations and warranties made by the Loan Parties in each Loan Document shall be true and correct in all material respects at and as if made as of the date of such Acquisition (after giving effect thereto), (f) if such transaction involves the purchase of an interest in a partnership between any Loan Party as a general partner and entities unaffiliated with the Borrower as the other partners, such transaction shall be effected by having such equity interest acquired by a corporate holding company directly or indirectly wholly-owned by such Loan Party newly formed for the sole purpose of effecting such transaction, (g) the Acquisition Consideration for any such Acquisition, or series of related Acquisitions, shall not exceed $75 million, and (h) the Acquisition Consideration for all such Acquisitions occurring in any period of twelve consecutive months shall not exceed $150 million.

Revolving Termination Date” means August 31, 2017.

Term Loan Commitment” means, for each Lender, the commitment of such Lender to make a portion of the Term Loan pursuant to Section 2.01(b), in the principal amount set forth opposite its name on Schedule 2.01; provided that at any time after funding, determinations of “Required Lenders” shall be based on the Outstanding Amount of the Term Loan. The aggregate principal amount of the Term Loan Commitments on the Amendment No. 1 Effective Date is Two Hundred Two Million Five Hundred Thousand Dollars ($202,500,000).

2.2. Section 2.01 is amended and restated to read as follows:

2.01. Loans and Commitments.

(a) Revolving Commitments. Subject to the terms and conditions set forth herein, during the Availability Period, each Lender severally agrees to make loans (each such loan a “Revolving Loan”) to the Borrower in Dollars from time to time; provided that after giving effect to Amendment No. 1, (i) Total Revolving Outstandings shall not exceed TWO HUNDRED FORTY-SEVEN MILLION FIVE HUNDRED THOUSAND DOLLARS ($247,500,000) (as such amount may be increased or decreased in accordance with the provisions hereof, the “Aggregate Revolving Committed Amount”), and (ii) such Lender’s Revolving Commitment Percentage of the aggregate Outstanding Amount of Total Revolving Outstandings shall not exceed such Lender’s Revolving Committed Amount. Revolving Loans may be repaid and reborrowed as provided herein, and may consist of Base Rate Loans, Eurodollar Rate Loans or a combination thereof, as the Borrower may request. On the Amendment No. 1 Effective Date, the Revolving Commitments and Revolving Obligations will be increased and reallocated as shown on Schedule 2.01, as amended and restated pursuant to Amendment No. 1.

(b) Term Loan. The Lenders made a term loan (the “Term Loan”) of Two Hundred Million Dollars ($200,000,000) to the Borrower in Dollars on the Closing Date. As of the Amendment No. 1 Effective Date, principal amortization payments of $20,000,000 have been made on the Term Loan and the outstanding principal balance of the Term Loan immediately prior to the Amendment No. 1 Effective Date is One Hundred Eighty Million Dollars ($180,000,000). On the Amendment No. 1 Effective Date, the Term Loan Commitments shall be increased to Two Hundred Two Million Five Hundred Thousand Dollars ($202,500,000) and the interests of the Lenders in the Term Loan will be reallocated as shown on Schedule 2.01, as amended and restated pursuant to Amendment No. 1. The Term Loan may consist of Base Rate Loans or Eurodollar Rate Loans, or a combination thereof, as further provided herein.

(c) Incremental Loans and Commitments. The Borrower shall have the

 

4


right, upon at least five Business Days’ prior written notice to the Administrative Agent, to increase the Aggregate Revolving Commitments hereunder, establish new or additional incremental term loan commitments under the Term Loan or establish new or additional term loans hereunder at any time after the Closing Date, subject, however, in any such case, to satisfaction of the following conditions precedent:

(i) the aggregate amount of all such increases during the term of this Agreement after the Amendment No. 1 Effective Date shall not exceed $50,000,000;

(ii) no Default or Event of Default shall exist immediately before or immediately after giving effect to such increase on a Pro Forma Basis (assuming for purposes hereof, that the entire amount of Revolving Commitments, as increased, is fully drawn and funded);

(iii) the establishment of the incremental commitments and the extension of credit thereunder are subject to satisfaction of the conditions to all Credit Extensions in Section 5.02;

(iv) such increase shall be in a minimum amount of $10 million and integral multiples of $1 million in excess thereof (or such lesser amounts as the Administrative Agent may agree);

(v) such increase shall be effective only upon receipt by the Administrative Agent of (x) additional Commitments in a corresponding amount of such requested increase from either existing Lenders and/or one or more banks and other financial institutions that qualify as Eligible Assignees (it being understood and agreed that no existing Lender shall be required to provide an additional Commitment) and (y) documentation from each bank and financial institution providing an additional Commitment evidencing its additional Commitment and its obligations under this Agreement in form and substance reasonably acceptable to the Administrative Agent;

(vi) the Administrative Agent shall have received all documents (including resolutions of the board of directors of the Borrower and the Guarantors) it may reasonably request relating to the corporate or other necessary authority for such increase and the validity of such increase and any other matters relevant thereto, all in form and substance reasonably satisfactory to the Administrative Agent;

(vii) the Borrower shall have delivered to the Administrative Agent a Pro Forma Compliance Certificate demonstrating that, upon giving effect to such increase on a Pro Forma Basis, the Loan Parties would be in compliance with the financial covenants set forth in Section 8.11 as of the end of the period of the four fiscal quarters most recently ended for which the Borrower has delivered financial statements pursuant to Section 7.01(a) and (b);

(viii) if any Eurodollar Rate Loans are outstanding at the time of such increase, the Borrower shall prepay such Eurodollar Rate Loans or convert such Eurodollar Rate Loans to Base Rate Loans (such prepayment or conversion to be subject to Section 3.05) as necessary to give effect to the revised commitment amounts and percentages;

(ix) if any Loans are outstanding at the time of any such increase in loans or commitments, payments and adjustments will be made among the Lenders as necessary to give effect to the revised commitment amounts and percentages;

 

5


(x) in the case of an increase in the amount of the Term Loan or another term loan established hereunder after the first principal amortization payment date, adjustments will be made to the schedule of amortization payment, as appropriate, to give effect thereto such that payments of principal, interest and other amounts will be made on the same basis as for the underlying term loan and the principal amortization payments made to the holders of the existing underlying term loan will be not less than that which was payable prior to giving effect to the incremental term loan;

(xi) any term loan established hereunder will have a final maturity date that is coterminous with or later than the final maturity date for the Term Loan and an average life-to-maturity on the date of issuance longer than the average life-to-maturity for the Term Loan;

(xii) any new Lender providing loans and commitments must be reasonably acceptable to the L/C Issuer and the Swing Line Lender; and

(xiii) lenders providing loans and commitments for such increase in the Aggregate Revolving Commitments will provide a Lender Joinder Agreement and such other agreements reasonably acceptable to the Administrative Agent.

In connection with establishment of any such incremental loans or commitments hereunder, (1) none of the Lenders or their affiliates shall have any obligation to provide any of the incremental loans or commitments without their prior written approval, (2) neither the Administrative Agent nor any of the Arrangers shall have any responsibility for arranging the incremental loans or commitments without their prior written consent and subject to such conditions, including fee arrangements, as they may provide in connection therewith and (3) Schedule 2.01 will be deemed to be revised to reflect the Lenders, loans, commitments and pro rata shares or percentages after giving effect to establishment thereof.

2.3. In Section 2.07(c) (Repayment of Loans – Term Loan), the amortization schedule is amended to read as shown on Schedule 2.07(c).

2.4. In Section 8.03 (Indebtedness), subsection (i) is amended to read as follows:

(i) unsecured Indebtedness for borrowed money of the Borrower in an aggregate principal amount not to exceed $150 million, provided that (i) no Default or Event of Default shall exist immediately before or immediately after giving effect thereto on a Pro Forma Basis, (ii) the Borrower shall deliver a certificate from a Responsible Officer in form and detail reasonably satisfactory to the Administrative Agent confirming the foregoing and demonstrating compliance with the financial covenants after giving effect thereto on a Pro Forma Basis, and (iii) the covenants, terms and conditions of such Indebtedness shall not be more restrictive, in any material respect, than the covenants, terms and conditions hereunder;

2.5. In Section 8.06 (Restricted Payments), subsection (c) is amended to read as follows:

(c) the Borrower may declare and make other Restricted Payments; provided that (i) no Default or Event of Default shall exist immediately before or immediately after giving effect thereto on a Pro Forma Basis, (ii) the Borrower shall deliver a certificate from a

 

6


Responsible Officer in form and detail reasonably satisfactory to the Administrative Agent confirming the foregoing and demonstrating compliance with the financial covenants after giving effect thereto on a Pro Forma Basis, and (iii) the aggregate amount of such Restricted Payments shall not exceed an amount equal to the sum of (A) $50,000,000 plus (B) 50% of cumulative Consolidated Net Income from the Closing Date, plus (C) 50% of the Net Cash Proceeds from any Equity Issuances.

2.6. Section 8.11(b) (Financial Covenants – Consolidated Leverage Ratio) is amended to read as follows:

(b) Consolidated Leverage Ratio. As of the end of each fiscal quarter, the Consolidated Leverage Ratio will be not greater than:

 

     Fiscal Quarters
Fiscal Years    March 31    June 30    September 30    December 31

2012

      3.00:1.0    3.00:1.0    3.00:1.0

2013

   3.25:1.0    3.00:1.0    3.00:1.0    3.00:1.0

2014

   3.25:1.0    3.00:1.0    3.00:1.0    2.75:1.0

2015 and after

   3.00:1.0    2.75:1.0    2.75:1.0    2.75:1.0

Section 3. Representations and Warranties, No Default. Each of the Loan Parties hereby represents and warrants that as of the Amendment No. 1 Effective Date, after giving effect to the amendments set forth in this Amendment, (i) no Default or Event of Default exists and is continuing, (ii) all representations and warranties contained in the Credit Agreement are true and correct in all material respects on and as of the date hereof, as though made on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects as of such earlier date, (iii) since the date of the audited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2011, and the related consolidated statements of income or operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries for such fiscal year, including the notes thereto, there has been no event or circumstance that has had or would reasonably be expected to have a Material Adverse Effect, and (iv) each of the updated disclosure schedules to the Credit Agreement, attached hereto as Exhibit A, are true and correct in all material respects on and as of the Amendment No. 1 Effective Date.

Section 4. Effectiveness. Section 1 of this Amendment shall become effective on the date (such date, if any, the “Amendment No. 1 Effective Date”) that the following conditions have been satisfied:

(i) Consents. The Administrative Agent shall have received (a) signed consents to this Amendment from the Lenders, and (b) executed signature pages hereto from each Loan Party;

(ii) Fees. The Administrative Agent shall have received all fees required to be paid, and all expenses (including the reasonable fees and expenses of legal counsel), on or before the Amendment No. 1 Effective Date;

(iii) Legal Opinions. The Administrative Agent shall have received a favorable legal opinion from Barnes & Thornburg, LLP, counsel to the Loan Parties, covering such matters as the Administrative Agent may reasonably request and otherwise reasonably satisfactory to the Administrative Agent;

 

7


(iv) Officer’s Certificate. The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower dated the Amendment No. 1 Effective Date certifying that (a) all representations and warranties shall be true and correct in all material respects on and as of the Amendment No. 1 Effective Date (although any representations and warranties which expressly relate to a given date or period shall be required to be true and correct in all material respects as of the respective date or for the respective period, as the case may be), before and after giving effect to the Borrowing and to the application of the proceeds therefrom, as though made on and as of such date and (b) no Default or Event of Default shall have occurred and be continuing and (c) since the date of the audited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2011, and the related consolidated statements of income or operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries for such fiscal year, including the notes thereto, there has been no event or circumstance that has had or would reasonably be expected to have a Material Adverse Effect; and

(v) Closing Certificates. The Administrative Agent shall have received from the Loan Parties certified copies of resolutions and Organization Documents, or “no change” certifications from the deliveries made on the Closing Date, and updated incumbency certificates and specimen signatures, as appropriate.

Section 5. Lender Joinder.

5.1. Each of the Lenders identified on the signature pages hereto as a “New Lender” (a) represents and warrants that it is either a commercial lender, other financial institution or other “accredited” investor (as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended) that makes or acquires loans in the ordinary course of business and that it will make or acquire the Loans for its own account in the ordinary course of business; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the financial statements referred to in Section 7.01 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (c) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; (e) agrees that, as of the date hereof, such Lender shall (i) be a party to the Credit Agreement and the other Loan Documents to which Lenders are a party, (ii) be a “Lender” for all purposes of the Credit Agreement and the other Loan Documents, (iii) perform all of the obligations that, by the terms of the Credit Agreement, are required to be performed by it as a “Lender” under the Credit Agreement, (iv) shall have the rights and obligations of a Lender under the Credit Agreement and the other Loan Documents, and (v) ratifies and approves all acts previously taken by the Collateral Agent on such Lender’s behalf; and (f) agrees to waive the borrowing notice provisions of Section 2.02(a) of the Credit Agreement with respect to the advances made by it on the date hereof.

5.2. The Borrower and each of the Guarantors agrees that, as of the date hereof, each of the Lenders identified on the signature pages hereto as a “New Lender” shall (a) be a party to the Credit Agreement and the other Loan Documents to which Lenders are a party, (b) be a “Lender” for all purposes of the Credit Agreement and the other Loan Documents and (c) have the rights and obligations of a Lender under the Credit Agreement and the other Loan Documents.

 

8


Section 6. Guarantor Acknowledgment. Each Guarantor acknowledges and consents to all of the terms and conditions of this Amendment, affirms its Guaranteed Obligations under and in respect of the Loan Documents and agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge any Guarantor’s obligations under the Loan Documents, except as expressly set forth therein.

Section 7. Counterparts. This Amendment 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 Amendment by facsimile or any other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

Section 8. Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF ILLINOIS.

Section 9. Expenses. The Borrower agrees to pay all reasonable costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including the reasonable fees and expenses of Moore & Van Allen PLLC.

Section 10. Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

Section 11. Effect of Amendment. Except as expressly set forth herein, (i) this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, any other Agent, the Swing Line Agent or the L/C Issuer, in each case under the Credit Agreement or any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of either such agreement or any other Loan Document. Except as expressly set forth herein, each and every term, condition, obligation, covenant and agreement contained in the Credit Agreement or any other Loan Document is hereby ratified and re-affirmed in all respects and shall continue in full force and effect. Each Loan Party reaffirms its obligations under the Loan Documents to which it is party and the validity of the Liens granted by it pursuant to the Collateral Documents. This Amendment shall constitute a Loan Document for purposes of the Credit Agreement and from and after the Amendment No. 1 Effective Date, all references to the Credit Agreement in any Loan Document and all references in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, shall, unless expressly provided otherwise, refer to the Credit Agreement as amended by this Amendment. Each of the Loan Parties hereby consents to this Amendment and confirms that all obligations of such Loan Party under the Loan Documents to which such Loan Party is a party shall continue to apply to the Credit Agreement as amended hereby.

[Signature pages follow]

 

9


IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

BORROWER:   

HURON CONSULTING GROUP INC.,

a Delaware corporation

  
   By:   

/s/ C. Mark Hussey

  
   Name:    C. Mark Hussey   
   Title:    Executive Vice President, Chief Financial Officer and Treasurer   
GUARANTORS:   

HURON CONSULTING GROUP HOLDINGS LLC,

a Delaware limited liability company

  
   By:   

/s/ C. Mark Hussey

  
   Name:    C. Mark Hussey   
   Title:    Executive Vice President, Chief Financial Officer and Treasurer   
  

HURON CONSULTING SERVICES LLC,

a Delaware limited liability company

  
   By:   

/s/ C. Mark Hussey

  
   Name:    C. Mark Hussey   
   Title:    Executive Vice President, Chief Financial Officer and Treasurer   
  

HURON MANAGEMENT SERVICES LLC,

formerly known as WELLSPRING MANAGEMENT SERVICES LLC, a Delaware limited liability company

  
   By:   

/s/ C. Mark Hussey

  
   Name:    C. Mark Hussey   
   Title:    Executive Vice President, Chief Financial Officer and Treasurer   
  

HURON DEMAND LLC,

a Delaware limited liability company

  
   By:   

/s/ C. Mark Hussey

  
   Name:    C. Mark Hussey   
   Title:    Executive Vice President, Chief Financial Officer and Treasurer   
  

HURON TECHNOLOGIES INC.,

a Delaware corporation

  
   By:   

/s/ C. Mark Hussey

  
   Name:    C. Mark Hussey   
   Title:    Executive Vice President, Chief Financial Officer and Treasurer   


  

LEGALSOURCE LLC,

a Delaware limited liability company

  
   By:   

/s/ C. Mark Hussey

  
   Name:    C. Mark Hussey   
   Title:    Executive Vice President, Chief Financial Officer and Treasurer   


ADMINISTRATIVE AGENT:  

BANK OF AMERICA, N.A.,

as Administrative Agent and Collateral Agent

  
  By:   

/s/ Bozena Janociak

  
  Name:    Bozena Janociak   
  Title:    Assistant Vice President   


LENDERS:  

BANK OF AMERICA, N.A.,

as L/C Issuer, Swing Line Lender and Lender

 
  By:  

/s/ David Bacon

 
  Name:   David Bacon  
  Title:   SVP  
 

JPMORGAN CHASE BANK, N.A.,

as Lender

 
  By:  

/s/ Joseph W. Lococo

 
  Name:   Joseph W. Lococo  
  Title:   Officer  
 

PNC BANK, NATIONAL ASSOCIATION,

as Lender

 
  By:  

/s/ Jon Hinard

 
  Name:   Jon Hinard  
  Title:   Senior Vice President  
 

BMO HARRIS BANK N.A.,

as Lender

 
  By:  

/s/ Marc Pressler

 
  Name:   Marc Pressler  
  Title:   SVP  
 

KEYBANK NATIONAL ASSOCIATION,

as Lender

 
  By:  

/s/ James A. Gelle

 
  Name:   James A. Gelle  
  Title:   Vice President  


  

FIFTH THIRD BANK,

as Lender

  
   By:   

/s/ Brad McDougall

  
   Name:    Brad McDougall   
   Title:    Vice President   
  

THE NORTHERN TRUST COMPANY,

as Lender

  
   By:   

/s/ John Lascody

  
   Name:    John Lascody   
   Title:    Vice President   
  

RBS CITIZENS, N.A.,

as Lender

  
   By:   

/s/ R. Michael Newton

  
   Name:    R. Michael Newton   
   Title:    Senior Vice President   
  

THE PRIVATEBANK AND TRUST COMPANY,

as Lender

  
   By:   

/s/ Jim Feldman

  
   Name:    Jim Feldman   
   Title:    Managing Director   
  

FIRSTMERIT BANK, N.A.,

as Lender

  
   By:   

/s/ Tim Daniels

  
   Name:    Tim Daniels   
   Title:    Vice President   


  

NORTHBROOK BANK & TRUST COMPANY,

as Lender

  
   By:   

/s/ Nathan Margol

  
   Name:    Nathan Margol   
   Title:    Senior Vice President   
  

COMPASS BANK,

as a New Lender

  
   By:   

/s/ Jeff Bork

  
   Name:    Jeff Bork   
   Title:    Senior Vice President   
  

ASSOCIATED BANK, NATIONAL ASSOCIATION,

as a New Lender

  
   By:   

/s/ Adam F. Lutostanski

  
   Name:    Adam F. Lutostanski   
   Title:    SVP   
  

THE HUNTINGTON NATIONAL BANK,

as a New Lender

  
   By:   

/s/ Lori Cummins-Meyer

  
   Name:    Lori Cummins-Meyer   
   Title:    Vice President   
  

U.S. BANK NATIONAL ASSOCIATION,

as a New Lender

  
   By:   

/s/ Stephanie Lis

  
   Name:    Stephanie Lis   
   Title:    Vice President   


Exhibit A

Updated Disclosure Schedules

Update to Schedule 6.17 - IP Rights


Schedule 6.17

Trademarks:

 

Trademark

  

Registration or

Application Date

  

Registration or
Application No.

  

Jurisdiction

ADAMSGRAYSON    July 31, 2007    3271073    United States
AEOS    December 20, 2011    85/500182    United States
AG LOGO    December 18, 2007    3354871    United States
BOOST-IRB    May 4, 2010    3785598    United States
CAR    January 25, 2012    85/524563    United States
CLICK    April 21, 2011    4116232    United States
CLICK COMMERCE    December 31, 2002    2668475    United States
DELIVERING VALUE | DRIVING RESULTS    March 9, 2011    4127872    United States
ECRT    November 13, 2007    3335183    United States
EFACS    March 8, 2011    4143973    United States
ERCR    November 2, 2010    3869404    United States
EXPERIENCE. REDEFINED.    January 27, 2009    3566372    United States
FVM    May 7, 2009    3958433    United States
GLASS & ASSOCIATES    January 21, 2003    2676492    United States
GRANTSXPRESS    December 12, 2011    85/493245    United States
HURON CONSULTING GROUP Logo    February 3, 2009    3568857    United States
HURON EDUCATION    March 8, 2011    85/261252    United States
HURON HEALTHCARE    June 23, 2011    4101995    United States
HURON LEGAL    March 22, 2011    4127935    United States
HURON LIFE SCIENCES    March 8, 2011    85/261257    United States
HURON Logo    May 18, 2010    3789634    United States
ICA    March 8, 2011    3928873    United States
IMPACT    February 3, 2010    3948929    United States
LEGALSOURCE    August 19, 2003    2752542    United States
LEGALSOURCE LEGAL STAFFING SOLUTIONS    January 14, 2003    2674126    United States
LES    August 2, 1994    1848333    United States
MOR    September 20, 1994    1855342    United States
ONTRAC    October 23, 2001    2499555    United States
PATIENT PROGRESSION    March 8, 2005    2930834    United States
PATIENTONTRAC    August 19, 2008    3490156    United States


Trademark

  

Registration or
Application Date

   Registration or
Application No.
   Jurisdiction
PORTFOLIO PROCUREMENT METHODOLOGY    July 8, 2008    3463180    United States
R3CON    December 8, 2010    4002028    United States
RAMP    July 15, 2008    3467414    United States
REVENUE ASCENT    March 8, 2011    85/261262    United States
SOFTWARE FOR THE BUSINESS OF RESEARCH    April 21, 2011    4116231    United States
STOCKAMP    March 8, 2005    2930970    United States
TRAC    October 5, 1999    2282743    United States
V3LOCITY    September 8, 2009    3680440    United States
V3LOCITY logo    October 21, 2008    3519477    United States
WEBRIDGE    April 9, 2002    2558029    United States
WELLSPRING PARTNERS    August 10, 2010    3830771    United States
WELLSPRING STOCKAMP HURON HEALTHCARE LOGO    March 9, 2010    3986679    United States
YOUR MISSION | OUR SOLUTIONS    May 13, 2010    3988380    United States
CLICK COMMERCE    July 29, 2010    1490588    Canada
HURON CONSULTING    August 13, 2010    5346042    Japan
HURON CONSULTING GROUP Logo    December 17, 2010    5377231    Japan
HURON CONSULTING GROUP Logo    June 1, 2012    10934123    CTM
HURON CONSULTING GROUP    December 18, 2003    002700763    CTM
HURON CONSULTING GROUP    August 13, 2010    5346041    Japan
HURON CONSULTING GROUP    November 24, 2008    104470    Jordan
HURON CONSULTING GROUP    November 24, 2008    104471    Jordan
HURON CONSULTING GROUP    November 24, 2008    104772    Jordan
HURON CONSULTING GROUP    November 24, 2008    104774    Jordan


HURON CONSULTING GROUP    December 22, 2008    55247    Qatar
HURON CONSULTING GROUP    December 22, 2008    55248    Qatar
HURON CONSULTING GROUP    December 22, 2008    55249    Qatar
HURON CONSULTING GROUP    December 22, 2008    55250    Qatar
HURON CONSULTING GROUP Logo    June 7, 2012    57080/2012    Switzerland
HURON CONSULTING GROUP    November 30, 2008    123123    United Arab Emirates
HURON CONSULTING GROUP    November 30, 2008    123124    United Arab Emirates
HURON CONSULTING GROUP    November 30, 2008    123125    United Arab Emirates
HURON CONSULTING GROUP    November 30, 2008    123126    United Arab Emirates
HURON CONSULTING GROUP    May 17, 2002    2300773    United Kingdom
HURON    June 1, 2012    10934057    CTM
HURON    December 18, 2003    002700946    CTM
HURON    November 24, 2008    104124    Jordan
HURON    November 24, 2008    104125    Jordan
HURON    November 24, 2008    104126    Jordan
HURON    November 24, 2008    104127    Jordan
HURON    December 22, 2008    55243    Qatar
HURON    December 22, 2008    55244    Qatar
HURON    December 22, 2008    55245    Qatar
HURON    December 22, 2008    55246    Qatar
HURON    December 28 2009    1122/61    Saudi Arabia
HURON    October 10, 2009    1098/3    Saudi Arabia
HURON    October 10, 2009    1098/4    Saudi Arabia
HURON    October 10, 2009    1098/5    Saudi Arabia
HURON    June 7, 2012    57079/2012    Switzerland
HURON    November 30, 2008    123119    United Arab Emirates
HURON    November 30, 2008    123120    United Arab Emirates
HURON    November 30, 2008    123121    United Arab Emirates
HURON    November 30, 2008    123122    United Arab Emirates
HURON    May 17, 2002    2300774    United Kingdom
ICA    January 7, 2009    006946388    CTM


THE HURON GROUP

   May 27, 2009    006323273    CTM

THE HURON GROUP

   October 4, 2007    1608063    India

THE HURON GROUP

   May 29, 2008    896116    Mexico

THE HURON GROUP

   October 16,2008    896162    Mexico

THE HURON GROUP

   May 7, 2009    896168    Mexico

THE HURON GROUP

   May 29, 2008    896170    Mexico

V3LOCITY

   June 11, 2009    006382451    CTM

V3LOCITY

   November 12, 2007    1620252    India

V3LOCITY A HURON SOLUTION

   January 7, 2009    006591978    CTM

V3LOCITY A HURON SOLUTION

   January 24, 2008    1645465    India

Copyrights:

 

Title

  

Status

  

Date

  

Jurisdiction

Effort Certification & Reporting Technology (ECRT)

   Registered TX0006406659    January 27, 2006    United States

ONTRAC Version. 1.5.

   Registered TXU000912528    September 25, 2009    United States

STAT Worklist – IV: Cleveland

   Registered TXU000912533    September 25, 2009    United States

Clinic Foundation TRAC Version 2.7

   Registered TXU000912527    September 25, 2009    United States

ECRT v.3.0.1 - U.S. Copyright

   Registered TX0007247956    April 6, 2010    United States

Healthcare Compliance Professional’s Guide To Clinical Trials

   TX0007411723    October 20, 2008    United States

Loss Reserve Model v. 24.0

   TXU001577052    May 21, 2008    United States

Patents:

None.


Huron Consulting Group Inc.

   Schedule 2.01      

Amendment No. 1

   Schedule of Lenders and Commitments      

 

    Before Giving Effect to
the Amendment
    Changes in Revolving Commitments
Pursuant to the Amendment
    After Giving Effect to
the Amendment
 

Lenders

  Revolving
Commitments
    Percent     Revolving
Commitments
    Percent     Revolving
Commitments
    Percent  

Bank of America, N.A.

  $ 29,785,714.27        19 ###-###-####   $ 11,464,285.73        11 ###-###-####   $ 41,250,000.00        16 ###-###-####

JPMorgan Chase Bank, N.A.

    27,857,142.86        18.571428573     7,892,857.14        8 ###-###-####     35,750,000.00        14 ###-###-####

KeyBank National Association

    14,357,142.86        9.571428573     7,642,857.14        7 ###-###-####     22,000,000.00        8 ###-###-####

PNC Bank, National Association

    14,357,142.86        9.571428573     7,642,857.14        7 ###-###-####     22,000,000.00        8 ###-###-####

BMO Harris Bank N.A.

    14,357,142.86        9.571428573     4,892,857.14        5 ###-###-####     19,250,000.00        7 ###-###-####

Fifth Third Bank

    12,857,142.86        8.571428573     6,392,857.14        6 ###-###-####     19,250,000.00        7 ###-###-####

RBS Citizens, N.A.

    8,571,428.57        5 ###-###-####     7,928,571.43        8.131868133     16,500,000.00        6 ###-###-####

Compass Bank

        11,000,000.00        11 ###-###-####     11,000,000.00        4 ###-###-####

The Northern Trust Company

    8,571,428.57        5 ###-###-####     2,428,571.43        2.490842492     11,000,000.00        4 ###-###-####

Associated Bank, National Association

        8,250,000.00        8.461538462     8,250,000.00        3 ###-###-####

FirstMerit Bank, N.A.

    6,428,571.43        4 ###-###-####     1,821,428.57        1 ###-###-####     8,250,000.00        3 ###-###-####

The Huntington National Bank

        8,250,000.00        8.461538462     8,250,000.00        3 ###-###-####

The Private Bank and Trust Company

    6,428,571.43        4 ###-###-####     1,821,428.57        1 ###-###-####     8,250,000.00        3 ###-###-####

U.S. Bank National Association

        8,250,000.00        8.461538462     8,250,000.00        3 ###-###-####

Northbrook Bank & Trust Company

    6,428,571.43        4 ###-###-####     1,821,428.57        1 ###-###-####     8,250,000.00        3 ###-###-####
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 150,000,000.00        100.000000000   $ 97,500,000.00        100.000000000   $ 247,500,000.00        100.000000000


Huron Consulting Group Inc.           Schedule 2.01               
Amendment No. 1           Schedule of Lenders and Commitments               
     Before Giving Effect to     Changes in Term Loans     After Giving Effect to  
     the Amendment     Pursuant to the Amendment     the Amendment  

Lenders

   Term Loan      Percent     Term Loan     Percent     Term Loan      Percent  

Bank of America, N.A.

   $ 35,742,857.12         19 ###-###-####   $ (1,992,857.12     -8 ###-###-####   $ 33,750,000.00         16 ###-###-####

JPMorgan Chase Bank, N.A.

     33,428,571.43         18.571428573     (4,178,571.43     -18.571428587     29,250,000.00         14 ###-###-####

KeyBank National Association

     17,228,571.43         9.571428573     771,428.57        3 ###-###-####     18,000,000.00         8 ###-###-####

PNC Bank, National Association

     17,228,571.43         9.571428573     771,428.57        3 ###-###-####     18,000,000.00         8 ###-###-####

BMO Harris Bank N.A.

     17,228,571.43         9.571428573     (1,478,571.43     -6.571428587     15,750,000.00         7 ###-###-####

Fifth Third Bank

     15,428,571.43         8.571428573     321,428.57        1 ###-###-####     15,750,000.00         7 ###-###-####

RBS Citizens, N.A.

     10,285,714.28         5 ###-###-####     3,214,285.72        14 ###-###-####     13,500,000.00         6 ###-###-####

Compass Bank

          9,000,000.00        40.000000000     9,000,000.00         4 ###-###-####

The Northern Trust Company

     10,285,714.28         5 ###-###-####     (1,285,714.28     -5 ###-###-####     9,000,000.00         4 ###-###-####

Associated Bank, National Association

          6,750,000.00        30.000000000     6,750,000.00         3 ###-###-####

FirstMerit Bank, N.A.

     7,714,285.72         4 ###-###-####     (964,285.72     -4 ###-###-####     6,750,000.00         3 ###-###-####

The Huntington National Bank

          6,750,000.00        30.000000000     6,750,000.00         3 ###-###-####

The Private Bank and Trust Company

     7,714,285.72         4 ###-###-####     (964,285.72     -4 ###-###-####     6,750,000.00         3 ###-###-####

U.S. Bank National Association

          6,750,000.00        30.000000000     6,750,000.00         3 ###-###-####

Northbrook Bank & Trust Company

     7,714,285.72         4 ###-###-####     (964,285.72     -4 ###-###-####     6,750,000.00         3 ###-###-####
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
   $ 180,000,000.00         100.000000000   $ 22,500,000.00        100.000000000   $ 202,500,000.00         100.000000000


Huron Consulting Group Inc.

Amendment No. 1

Schedule 2.07(c)

Schedule of Principal Amortization Payments for the Term Loan

After Giving Effect to Amendment No. 1

 

    

Payment Date

   Payment Amount      Percent     Term Loan
Balance
 
           $ 202,500,000.00   
1    30-Sep-12    $ 5,000,000.00         2 ###-###-####     197,500,000.00   
2    31-Dec-12    $ 5,000,000.00         2 ###-###-####     192,500,000.00   
3    31-Mar-13    $ 5,000,000.00         2 ###-###-####     187,500,000.00   
4    30-Jun-13    $ 6,250,000.00         3 ###-###-####     181,250,000.00   
5    30-Sep-13    $ 6,250,000.00         3 ###-###-####     175,000,000.00   
6    31-Dec-13    $ 6,250,000.00         3 ###-###-####     168,750,000.00   
7    31-Mar-14    $ 6,250,000.00         3 ###-###-####     162,500,000.00   
8    30-Jun-14    $ 6,250,000.00         3 ###-###-####     156,250,000.00   
9    30-Sep-14    $ 6,250,000.00         3 ###-###-####     150,000,000.00   
10    31-Dec-14    $ 6,250,000.00         3 ###-###-####     143,750,000.00   
11    31-Mar-15    $ 6,250,000.00         3 ###-###-####     137,500,000.00   
12    30-Jun-15    $ 7,500,000.00         3.703703704     130,000,000.00   
13    30-Sep-15    $ 7,500,000.00         3.703703704     122,500,000.00   
14    31-Dec-15    $ 7,500,000.00         3.703703704     115,000,000.00   
15    31-Mar-16    $ 7,500,000.00         3.703703704     107,500,000.00   
16    30-Jun-16    $ 7,500,000.00         3.703703704     100,000,000.00   
17    30-Sep-16    $ 7,500,000.00         3.703703704     92,500,000.00   
18    31-Dec-16    $ 7,500,000.00         3.703703704     85,000,000.00   
19    31-Mar-17    $ 7,500,000.00         3.703703704     77,500,000.00   
20    30-Jun-17    $ 7,500,000.00         3.703703704     70,000,000.00   
21    Maturity Date*    $ 70,000,000.00         34 ###-###-####     —     
     

 

 

    

 

 

   
      $ 202,500,000.00         100.000000000  

 

* August 31, 2017