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Interactive Health, Inc.
·
S-1
Apr 29, 8:30 AM ET
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Interactive Health, Inc. S-1
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Contents
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1. The Bank agrees to amend the Credit Agreement as follows:
(a) Clause (c) of the definition of “Eligible Inventory” in Section 1 of the Credit Agreement is hereby amended and restated as follows:
(b) Clause (i)(A) of the definition of “In Transit Inventory” in Section 1 of the Credit Agreement is hereby amended as follows:
(c) The following definitions are hereby added to Section 1 of the Credit Agreement as follows:
(d) Section 2.3(g) of the Credit Agreement is hereby amended by renumbering the existing clause (v) therein as clause (vi) and inserting the following as the new clause (v):
(e) Section 4.1(c) of the Credit Agreement is hereby amended and restated as follows:
(f) Section 7.11 of the Credit Agreement is hereby amended and restated as follows:
(g) Section 8.1(c) of the Credit Agreement is hereby amended and restated as follows:
(h) The postamble to Section 8.1 of the Credit Agreement is hereby amended and restated as follows:
(i) Section 8.16(b) of the Credit Agreement is hereby amended and restated as follows:
(j) The brackets surrounding the reference to “[board of directors]” in Section 9.8 of the Credit Agreement are hereby deleted.
(k) Section 9.13 of the Credit Agreement is hereby amended and restated as follows:
(l) Section 10.1(d) of the Credit Agreement is hereby amended and restated as follows:
(m) Section 10.1(e) of the Credit Agreement is hereby amended and restated as follows:
(n) Section 10.1(g) of the Credit Agreement is hereby amended and restated as follows:
(o) Section 10.1(j) of the Credit Agreement is hereby amended and restated as follows:
(p) The following is hereby added as Section 11.20 of the Credit Agreement:
(q) New Exhibit I (Landlord Agreement) is hereby added to the Credit Agreement in the form attached to this Second Amendment as Attachment 1.
2. Except as specifically set forth above, this Second Amendment shall not be deemed to amend or alter in any respect the terms and conditions of the Credit Agreement (including without limitation all conditions and requirements for Advances and any financial covenants), any of the Revolving Credit Notes issued thereunder or any of the other Loan Documents. Nor shall this Second Amendment constitute a waiver or release by the Bank of any right, remedy, Default or Event of Default under or a consent to any transaction not meeting the terms and conditions of the Credit Agreement, any of the Revolving Credit Notes issued thereunder or any of the other Loan Documents. Furthermore, this Second Amendment shall not affect in any manner whatsoever any rights or remedies of the Bank with respect to any other non-compliance by the Company with the Credit Agreement or the other Loan Documents, whether in the nature of a Default or Event of Default, and whether now in existence or subsequently arising, and shall not apply to any other transaction.
3. Company and each of the undersigned Loan Parties, as applicable, hereby represents and warrants that, after giving effect to the amendments contained herein, (a) execution and delivery of this Second Amendment and the other Loan Documents required to be delivered hereunder, and the performance by the Loan Parties of their respective obligations under the Credit Agreement as amended hereby (herein, as so amended, the “Amended Credit Agreement”) are within such undersigned’s powers, have been duly authorized, are not in contravention of law or the terms of its articles of incorporation or bylaws or other organic documents of the parties thereto, as applicable, and except as have been previously obtained do not require the consent or approval, material to the amendments contemplated in this Second Amendment, of any governmental body, agency or authority, and the Amended Credit Agreement and the other Loan Documents required to be delivered hereunder will constitute the valid and binding obligations of such undersigned parties enforceable in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, reorganization, insolvency,
moratorium, ERISA or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (whether enforcement is sought in a proceeding in equity or at law), (b) the continuing representations and warranties set forth in Sections 7.1 through 7.14, inclusive, of the Amended Credit Agreement are true and correct on and as of the date hereof (except to the extent such representations specifically relate to an earlier date), and (c) after giving effect to this Second Amendment, no Default or Event of Default shall have occurred and be continuing.
4. Company and each other Loan Party hereby acknowledges and agrees that this Second Amendment and the amendments contained herein do not constitute any course of dealing or other basis for altering any obligation of the Company, any other Loan Party or any other party or any rights, privilege or remedy of the Bank under the Credit Agreement, any other Loan Document, any other agreement or document, or any contract or instrument.
5. Except as specifically defined to the contrary herein, capitalized terms used in this Second Amendment shall have the meanings set forth in the Credit Agreement.
6. This Second Amendment may be executed in counterpart in accordance with Section 11.11 of the Credit Agreement.
7. This Second Amendment shall be construed in accordance with and governed by the laws of the State of Michigan.
1. Landlord acknowledges the validity of Comerica’s security interest in all of the Collateral and agrees that Comerica’s security interests in the Collateral shall be superior to any interest which the Landlord may at any time have therein. For so long as Comerica has a security interest in any of the Collateral, Landlord will not assert against any of the Collateral any statutory, common law, contractual or possessory lien, including, without limitation, any right of levy or distraint for rent, all of which Landlord hereby subordinates in favor of Comerica.
2. Landlord agrees that the Collateral may be stored, utilized, and/or installed at the Premises and that none of the Collateral shall be deemed a fixture or a part of the Leased Premises, but shall at all times be considered personal property, whether or not any Collateral becomes so related to the real estate that an interest therein would otherwise arise under applicable law and Landlord disclaims any interest in the Collateral as fixtures.
3. Landlord agrees that Comerica may enter upon the Leased Premises at any time or times, during normal business hours, to inspect or remove any of the Collateral therefrom, without charge. Comerica shall repair any physical damage directly caused to the Leased Premises by such removal. Landlord will not hinder Comerica’s actions in enforcing its liens and remedies with respect to the Collateral. Landlord agrees that Comerica may conduct public or private sales of Collateral at the Leased Premises and that interested parties will be permitted access to the Leased Premises during normal business hours for the purpose of inspecting the Collateral prior to any such sale.
4. Landlord will notify Comerica at One Detroit Center, 500 Woodward Avenue, MC 3265, Detroit, Michigan 48226, Attention: , or at such other address as Comerica shall hereafter specify in writing, in the event that Company defaults in its obligations under the Lease, and Landlord shall allow Comerica, at Comerica’s option, without obligation, a period of fifteen (15) days from Comerica’s receipt of such notice in which to cure or cause Company to cure any defaults. Landlord will permit the Collateral to remain on the Leased Premises for a period of up to ninety (90) days following receipt by Comerica of written notice from Landlord that Landlord has terminated the Lease and directing removal of the Collateral, subject, however, to the payment to Landlord by Comerica of the regular installments of rent due under the Lease for the period of time during which Comerica shall elect to use or occupy the Leased Premises or elect to keep the Collateral thereon without abandoning same, which rent shall be pro-rated on a per diem basis determined on a 30-day month. Comerica shall not be deemed to have assumed nor shall it be liable for any unperformed or unpaid obligations of Company under the Lease, other than for the payment of rent described in the preceding sentence.
5. Comerica’s right to use and occupy the Premises under Sections 3 and 4 of this Agreement shall be extended for the time period that Comerica is prohibited from foreclosing its security interest in the Collateral and Landlord is prohibited from removing same from the Leased Premises by virtue of any injunction or restraining order or by the imposition of the automatic stay arising from the commencement of bankruptcy by or against the Company, and during the period of any such prohibition Comerica shall not be obligated to pay any rent.
6. This Agreement shall irrevocably remain in full force and effect until all obligations of Company to Comerica have been paid and satisfied in full and Comerica has terminated its financing agreements with Company.
7. The provisions of this Agreement may not be modified or terminated orally, and shall be binding upon the successors, assigns and representatives of the Landlord, and upon any successor owner or transferee of the Leased Premises, and shall inure to the benefit of Comerica and its successors and assigns. Landlord hereby waives notice of acceptance of this Agreement by Comerica.
8. The laws of the State of Michigan shall govern the validity, interpretation and enforcement of this Agreement.
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