SECOND AMENDMENT TO CREDIT AGREEMENT
Exhibit 10.46
SECOND AMENDMENT TO CREDIT AGREEMENT
THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this Amendment) is entered into as of December 10, 2010, among COINSTAR, INC., a Delaware corporation (the Borrower), the Lenders party to the Credit Agreement (hereinafter defined) and BANK OF AMERICA, N.A., as the Administrative Agent for the Lenders (in such capacity, the Administrative Agent).
A. The Borrower, the Lenders and the Administrative Agent are party to that certain Amended and Restated Credit Agreement dated as of November 20, 2007 and amended and restated as of April 29, 2009 (as the same may be amended, modified, supplemented, restated or amended and restated from time to time, the Credit Agreement).
B. The Borrower has requested that the Credit Agreement be amended in certain respects.
In consideration of the foregoing and for other good and valuable, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1. Terms and References. Unless otherwise stated in this Amendment, (a) terms defined in the Credit Agreement have the same meanings when used in this Amendment and (b) references to Sections are to the Credit Agreements sections.
2. Amendments. The Credit Agreement is amended by deleting the word and at the end of Section 7.06(d), redesignating Section 7.06(e) as Section 7.06(f), adding a new clause (e) to Section 7.06, reading in its entirety as follows, and amending redesignated Section 7.06(f) to read in its entirety as follows:
(e) in addition to the Restricted Payments permitted by Sections 7.06(d) and (f), the Borrower may make Restricted Payments consisting of repurchases of capital stock made after the date of this Agreement not to exceed $50,000,000 in the aggregate; and
(f) in addition to the Restricted Payments permitted by Sections 7.06(d) and (e), the Borrower may make other Restricted Payments not to exceed $25,000,000 in the aggregate.
3. Conditions Precedent to Effectiveness of Amendment. This Amendment shall not be effective until the Administrative Agent receives the following:
(a) counterparts of this Amendment executed by the Borrower, the Guarantors, the Required Lenders and the Administrative Agent;
(b) if requested by the Administrative Agent, copies of the resolutions of the Borrowers and each other Guarantors Board of Directors (or other applicable governing body) approving and authorizing the execution, delivery and performance by Borrower or such Guarantor of this Amendment;
(c) payment of all reasonable expenses, including reasonable legal fees and expenses of counsel to the Administrative Agent, incurred by the Administrative Agent in connection with this Amendment, to the extent invoiced to the Borrower on or prior to the date hereof; and
(d) such other agreements, documents, instruments and items as the Administrative Agent may reasonably request.
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4. Representations. The Borrower represents and warrants to the Administrative Agent and the Lenders as follows:
(a) The execution, delivery and performance by the Borrower of this Amendment and the Credit Agreement, as amended hereby, have been duly authorized by all necessary corporate action.
(b) All representations and warranties made or deemed made by the Borrower in the Loan Documents are true and correct as of the date hereof, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and accurate on and as of such earlier date) and except that for purposes of such representations and warranties, the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement.
(c) Since September 30, 2010, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.
(d) No Default or Event of Default has occurred and is continuing as of the date hereof.
5. Effect of Amendment. This Amendment is a Loan Document. Except as expressly modified and amended by this Amendment, all of the terms, provisions and conditions of the Loan Documents, and the Liens created thereby, shall remain unchanged and in full force and effect and are hereby ratified and confirmed. If any part of this Amendment is for any reason found to be unenforceable, all other portions of it shall nevertheless remain enforceable. The Loan Documents and any and all other documents heretofore, now or hereafter executed and delivered pursuant to the terms of the Credit Agreement are hereby amended so that any reference to the Credit Agreement shall mean a reference to the Credit Agreement amended by this Amendment.
6. Expenses. The Borrower shall pay all reasonable fees and expenses paid or incurred by the Administrative Agent incident to this Amendment, including, without limitation, the reasonable fees and expenses of the Administrative Agents counsel in connection with the negotiation, preparation, delivery and execution of this Amendment and any related documents.
7. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflict of laws principles.
8. Counterparts. This Amendment may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.
9. ENTIRETY. THIS AMENDMENT, THE CREDIT AGREEMENT, AND THE OTHER LOAN DOCUMENTS EMBODY THE ENTIRE AGREEMENT BETWEEN THE PARTIES AND SUPERCEDE ALL PRIOR AGREEMENTS AND UNDERSTANDINGS, IF ANY, RELATING TO THE SUBJECT MATTER HEREOF. THESE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
10. Parties. This Amendment binds and inures to the benefit of the Borrower, the Guarantors, the Administrative Agent, the Lenders and their respective successors and permitted assigns.
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[REMAINDER OF PAGE INTENTIONALLY BLANK.
SIGNATURE PAGES FOLLOW.]
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Signature Page to that certain Second Amendment to Credit Agreement dated as of the date first set forth above, among Coinstar, Inc., as the Borrower, Bank of America, N.A., as the Administrative Agent, and the Lenders party thereto.
COINSTAR, INC., as the Borrower | ||
By: | /s/ PAUL D. DAVIS | |
Name: Paul D. Davis Title: Chief Executive Officer |
Signature Page to
Second Amendment to Credit Agreement
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BANK OF AMERICA, N.A., as a Lender and Administrative Agent | ||
By: | /s/ GARY L. MINGLE | |
Name: Gary L. Mingle Title: Senior Vice President |
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JPMORGAN CHASE BANK, N.A., as a Lender | ||
By: | /s/ KEITH WINZENRIED | |
Name: Keith Winzenried Title: Credit Executive |
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KEYBANK NATIONAL ASSOCIATION, as a Lender | ||
By: | /s/ TAD L. STAINBROOK | |
Name: Tad L. Stainbrook Title: Assistant Vice President |
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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender | ||
By: | /s/ BEN LEONARD | |
Name: Ben Leonard Title: Vice President |
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HSBC BANK USA, N.A., as a Lender | ||
By: | /s/ SIMON PHILP | |
Name: Simon Philp Title: Vice President and Relationship Manager |
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COLUMBIA STATE BANK, as a Lender | ||
By: | /s/ KEVIN MEABON | |
Name: Kevin Meabon Title: Vice President |
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BANK OF THE WEST, as a Lender | ||
By: | /s/ BRUCE KENDREX | |
Name: Bruce Kendrex Title: Senior Vice President |
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ALLIED IRISH BANKS, p.l.c., as a Lender | ||
By: | /s/ GREGORY J. WISKE | |
Name: Gregory J. Wiske Title: Senior Vice President | ||
By: | /s/ KEITH HAMILTON | |
Name: Keith Hamilton Title: Assistant Vice President |
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GUARANTORS: | ||||||
COINSTAR INTERNATIONAL, INC. SESAME HOLDINGS, INC. | ||||||
By: | /s/ DONALD R. RENCH | |||||
Name: | Donald R. Rench | |||||
Title: | Secretary | |||||
COINSTAR E-PAYMENT SERVICES, INC. | ||||||
By: | /s/ ROBBIN L. AYERS | |||||
Name: | Robbin L. Ayers | |||||
Title: | Secretary | |||||
GROUPEX FINANCIAL CORPORATION | ||||||
By: | /s/ RONALD B. AXELROD | |||||
Name: | Ronald B. Axelrod | |||||
Title: | Secretary | |||||
REDBOX AUTOMATED RETAIL, LLC | ||||||
By: | Coinstar, Inc., its sole manager | |||||
By: | /s/ DONALD R. RENCH | |||||
Name: | Donald R. Rench | |||||
Title: | Secretary |
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