SECOND AMENDMENT TO CREDIT AGREEMENT

Contract Categories: Business Finance - Credit Agreements
EX-10.46 2 dex1046.htm SECOND AMENDMENT TO CREDIT AGREEMENT, DATED AS OF DECEMBER 10, 2010 Second Amendment to Credit Agreement, dated as of December 10, 2010

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 Agreement’s 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 Borrower’s and each other Guarantor’s 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 Agent’s 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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