Page | ||||
1. CERTAIN DEFINITIONS | 1 | |||
1.1 Certain Definitions | 1 | |||
1.2 Construction | 21 | |||
1.3 Accounting Principles | 21 | |||
2. REVOLVING CREDIT AND SWING LOAN FACILITIES | 22 | |||
2.1 Revolving Credit Commitments | 22 | |||
2.2 Nature of the Lenders’ Obligations with Respect to Revolving Credit Loans | 24 | |||
2.3 Fees | 25 | |||
2.4 Revolving Credit Loan Requests; Swing Loan Requests | 25 | |||
2.5 Making Revolving Credit Loans and Swing Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowings to Repay Swing Loans | 26 | |||
2.6 Notes | 28 | |||
2.7 Use of Proceeds | 28 | |||
2.8 Letter of Credit Subfacility | 29 | |||
2.9 Utilization of Commitments in Optional Currencies | 36 | |||
2.10 Currency Repayments | 38 | |||
2.11 Optional Currency Amounts | 38 | |||
3. INTEREST RATES | 38 | |||
3.1 Interest Rate Options | 38 | |||
3.2 Interest Periods | 39 | |||
3.3 Interest After Default | 40 | |||
3.4 LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available | 40 | |||
3.5 Selection of Interest Rate Options | 42 | |||
4. PAYMENTS | 42 | |||
4.1 Payments | 42 | |||
4.2 Pro Rata Treatment of Lenders | 42 | |||
4.3 Sharing of Payments by Lenders | 43 | |||
4.4 Presumptions by Administrative Agent | 44 | |||
4.5 Interest Payment Dates | 44 | |||
4.6 Voluntary Prepayments; Reduction of Revolving Credit Commitments | 44 | |||
4.7 Mandatory Prepayments | 46 | |||
4.8 Increased Costs | 48 | |||
4.9 Taxes | 49 | |||
4.10 Indemnity | 51 | |||
4.11 Settlement Date Procedures | 52 | |||
4.12 Interbank Market Presumption | 52 | |||
4.13 Judgment Currency | 52 |
i
Page | ||||
5. REPRESENTATIONS AND WARRANTIES | 53 | |||
5.1 Representations and Warranties | 53 | |||
5.2 Updates to Schedules | 57 | |||
6. CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT | 57 | |||
6.1 First Loans and Letters of Credit | 58 | |||
6.2 Each Loan or Letter of Credit | 59 | |||
7. COVENANTS | 59 | |||
7.1 Affirmative Covenants | 59 | |||
7.2 Negative Covenants | 62 | |||
7.3 Reporting Requirements | 67 | |||
8. DEFAULT | 69 | |||
8.1 Events of Default | 69 | |||
8.2 Consequences of Event of Default | 72 | |||
9. THE ADMINISTRATIVE AGENT | 73 | |||
9.1 Appointment and Authority | 73 | |||
9.2 Rights as a Lender | 74 | |||
9.3 Exculpatory Provisions | 74 | |||
9.4 Reliance by Administrative Agent | 75 | |||
9.5 Delegation of Duties | 75 | |||
9.6 Resignation of Administrative Agent | 75 | |||
9.7 Non-Reliance on Administrative Agent and Other Lenders | 76 | |||
9.8 Administrative Agent’s Fee | 77 | |||
9.9 Authorization to Release Collateral and Guarantors | 77 | |||
9.10 No Reliance on Administrative Agent’s Customer Identification Program | 77 | |||
10. MISCELLANEOUS | 77 | |||
10.1 Modifications, Amendments or Waivers | 77 | |||
10.2 No Implied Waivers; Cumulative Remedies | 78 | |||
10.3 Expenses; Indemnity; Damage Waiver | 78 | |||
10.4 Holidays | 80 | |||
10.5 Notices; Effectiveness; Electronic Communication | 81 | |||
10.6 Severability | 82 | |||
10.7 Duration; Survival | 82 | |||
10.8 Successors and Assigns | 82 | |||
10.9 Confidentiality | 85 | |||
10.10 Counterparts; Integration; Effectiveness | 86 | |||
10.11 Choice of Law; Submission to Jurisdiction; Waiver of Venue; Service of Process; Waiver of Jury Trial | 86 | |||
10.12 USA Patriot Act Notice | 88 |
ii
SCHEDULES | ||||
SCHEDULE 1.1(A) | - | PRICING GRID | ||
SCHEDULE 1.1(B) | - | COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES | ||
SCHEDULE 1.1(P) | - | PERMITTED LIENS | ||
SCHEDULE 2.8 | - | EXISTING LETTERS OF CREDIT | ||
SCHEDULE 5.1(a) | - | QUALIFICATIONS TO DO BUSINESS | ||
SCHEDULE 5.1(b) | - | SUBSIDIARIES | ||
SCHEDULE 5.1(e) | - | MATERIAL LITIGATION | ||
SCHEDULE 5.1(n) | - | ENVIRONMENTAL DISCLOSURES | ||
SCHEDULE 6.1(a) | - | OPINION OF COUNSEL | ||
SCHEDULE 7.1(c) | - | INSURANCE REQUIREMENTS RELATING TO COLLATERAL | ||
SCHEDULE 7.2(a) | - | PERMITTED INDEBTEDNESS | ||
SCHEDULE 7.2(d) | - | EXISTING INVESTMENTS | ||
SCHEDULE 8.1(j) | - | EXISTING 5% SHAREHOLDERS | ||
EXHIBITS | ||||
EXHIBIT 1.1(A) | - | ASSIGNMENT AND ASSUMPTION AGREEMENT | ||
EXHIBIT 1.1(G) | - | GUARANTOR JOINDER | ||
EXHIBIT 1.1(N)(1) | - | REVOLVING CREDIT NOTE | ||
EXHIBIT 1.1(N)(2) | - | SWING LOAN NOTE | ||
EXHIBIT 2.1 | - | LENDER JOINDER | ||
EXHIBIT 2.4 | - | LOAN REQUEST | ||
EXHIBIT 2.8 | - | EXISTING LETTERS OF CREDIT | ||
EXHIBIT 2.4(b) | - | SWING LOAN REQUEST | ||
EXHIBIT 7.3(c) | - | QUARTERLY COMPLIANCE CERTIFICATE |
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London interbank offered rate quoted by Bloomberg or appropriate successor as shown on | ||||
LIBOR Rate = | Bloomberg Page BBAM1 | |||
LIBO Rate | ||||
LIBOR Rate = |
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Total Acquisition Price | Max Expense Add Back | |
less that $50,000,000.00 | $1,000,000.00 | |
$50,000,000.000 or more, but less than $100,000,000.00 | $2,000,000.00 | |
$100,000,000.000 or more, but less than $150,000,000.00 | $3,000,000.00 | |
$150,000,000.000 or more, but less than $200,000,000.00 | $4,000,000.00 | |
$200,000,000.000 or more | $5,000,000.00 |
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Maximum Percentage | Period | |
25% | Through fiscal year end 2009 | |
35% | During fiscal year 2010 and through fiscal year end 2011 | |
40% | after fiscal year end 2011 |
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BORROWER: GSI COMMERCE SOLUTIONS, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President, Finance | ||||
GUARANTORS: GSI COMMERCE, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President, Finance | ||||
935 KOP ASSOCIATES, LLC | ||||
By: | GSI Commerce, Inc., its sole member and manager | |||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President, Finance | ||||
1075 FIRST GLOBAL ASSOCIATES, LLC | ||||
By: | GSI Commerce, Inc., its sole member and manager | |||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President, Finance | ||||
GSI LEGACY HOLDINGS, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: President |
ASFD, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: President | ||||
GSI COMMERCE CALL CENTER, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: President | ||||
GSI COMMERCE SOUTH, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President | ||||
GSI EQUIPMENT, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: President | ||||
7601 TRADE PORT DRIVE, LLC | ||||
By: | GSI Commerce Solutions, Inc., its sole member and manager | |||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President, Finance | ||||
ONLINE DIRECT, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: President |
PROMOTIONS DISTRIBUTOR SERVICES CORPORATION | ||||
By: | /s/ Michael R. Conn | |||
Title: President | ||||
GSI INTERACTIVE, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President, Finance | ||||
KOP PROMOTIONS, LLC | ||||
By: | /s/ Michael R. Conn | |||
Title: President | ||||
SILVERLIGN GROUP, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President, Finance | ||||
GSI MEDIA, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President, Finance | ||||
RETAIL CONVERGENCE, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President |
SMARTBARGAINS, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President | ||||
SMARTBARGAINS SECURITY CORPORATION | ||||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President | ||||
SB.com, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President | ||||
RETAIL CONVERGENCE.com, LP | ||||
By: | SB.com, Inc., its general partner | |||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President | ||||
SHOPRUNNER, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President | ||||
E-DIALOG, INC. | ||||
By: | /s/ Michael R. Conn | |||
Title: Executive Vice President |
PNC BANK, NATIONAL ASSOCIATION, individually and as Administrative Agent | ||||
By: | /s/ John M. DiNapoli | |||
Name: | John M. DiNapoli | |||
Title: | Sr. Vice President |
BANK OF AMERICA, N.A. | ||||
By: | /s/ Andrew Richards | |||
Name: | Andrew Richards | |||
Title: | Senior Vice President |
HSBC BANK USA, N.A. | ||||
By: | /s/ Susan A. Waters | |||
Name: | Susan A. Waters | |||
Title: | VP, Senior Relationship Manager |
SOVEREIGN BANK | ||||
By: | /s/ Dennis Wasilewski | |||
Name: | Dennis Wasilewski | |||
Title: | Senior Vice President |
TD BANK, N.A. | ||||
By: | /s/ Thomas M. McGrory | |||
Name: | Thomas M. McGrory | |||
Title: | Vice President |
MORGAN STANLEY BANK | ||||
By: | /s/ Sherrese Clarke | |||
Name: | Sherrese Clarke | |||
Title: | Authorized Signatory |
DEUTSCHE BANK AG NEW YORK BRANCH | ||||
By: | /s/ Stefan Freckmann | |||
Name: | Stefan Freckmann | |||
Title: | Vice President | |||
By: | /s/ Oliver Schwarz | |||
Name: | Oliver Schwarz | |||
Title: | Director |
UBS LOAN FINANCE LLC | ||||
By: | /s/ Ifja R. Otsa | |||
Name: | Ifja R. Otsa | |||
Title: | Associate Director, Banking Products Services, US | |||
By: | /s/ Mary E. Evans | |||
Name: | Mary E. Evans | |||
Title: | Associate Director, Banking Products Services, US |
JPMORGAN CHASE BANK, N.A. | ||||
By: | /s/ James A. Knight | |||
Name: | James A. Knight | |||
Title: | Vice President |
PRICING GRID—
VARIABLE PRICING AND FEES BASED ON LEVERAGE RATIO
(PRICING EXPRESSED IN BASIS POINTS)
Commitment | Base Rate | LIBOR Rate | ||||||||||||
Level | Leverage Ratio | Fee | Spread | Spread | ||||||||||
I | Positive, but less than or equal to 2.0 to 1.0 | 0.4 | % | 1.0 | % | 2.0 | % | |||||||
II | Greater than 2.0 to 1.0 but less than or equal to 2.5 to 1.0 | 0.4 | % | 1.25 | % | 2.25 | % | |||||||
III | Greater than 2.5 to 1.0 but less than or equal to 3.0 to 1.0 | 0.4 | % | 1.5 | % | 2.5 | % | |||||||
IV | Greater than 3.0 to 1.0 but less than or equal to 3.5 to 1.0 | 0.4 | % | 1.75 | % | 2.75 | % | |||||||
V | Greater than 3.5 to 1.0 or negative | 0.4 | % | 2.25 | % | 3.25 | % |
Amount of Commitment | ||||||||
for Revolving Credit | ||||||||
Lender | Loans | Ratable Share | ||||||
Name: PNC Bank, National Association Address: 1000 Westlakes Drive, Suite 200 Berwyn PA 19312 Attention: John DiNapoli Telephone: (610) 725-5760 Telecopy: (610) 725-5799 | $ | 31,250,000.00 | 20.833333333 | % | ||||
Name: Bank of America, N.A. Address: 1600 John F. Kennedy Boulevard, 11th FL. Philadelphia, PA 19103 Attention: Andrew Richards III Telephone: (267) 675-0385 Telecopy: (267) 675-0219 | $ | 31,250,000.00 | 20.833333333 | % | ||||
Name: Deutsche Bank AG New York Branch Address: 225 Franklin Street 24th Fl. Boston, MA 02110 Attention: David Dickinson Telephone: (617) 217-6381 Telecopy: (617) 217-6300 | $ | 15,000,000.00 | 10.000000000 | % |
Amount of Commitment | ||||||||
for Revolving Credit | ||||||||
Lender | Loans | Ratable Share | ||||||
Name: JPMorgan Chase Bank, N.A. Address: 277 Park Ave., 23rd Fl. New York, NY 10172 Attention: James Knight Telephone: (212) 622-8486 Telecopy: (646) 534-3081 | $ | 15,000,000.00 | 10.000000000 | % | ||||
Name: TD Bank, N.A. Address: 2005 Market Street, 2nd Floor Philadelphia, PA 19103 Attention: Thomas M. McGrory Telephone: (215) 282-3851 Telecopy: (215) 557-6209 | $ | 15,000,000.00 | 10.000000000 | % | ||||
Name: HSBC Bank USA Address: 1515 Market Street, Suite 110 Philadelphia, PA 19102 Attention: Colleen Glackin Telephone: (215) 575-9103 Telecopy: (215) 563-1901 | $ | 15,000,000.00 | 10.000000000 | % | ||||
Name: Sovereign Bank Address: 1500 Market Street, Philadelphia, PA 19102 Attention: Dennis Wasilewski Telephone: (267) 256-2828 Telecopy: (215) 568-5914 | $ | 15,000,000.00 | 10.000000000 | % | ||||
Name: UBS Loan Finance LLC Address: 677 Washington Blvd. Stamford, CT 06901 Attention: Jenny E. Milioti Telephone: (203) 719-5993 Telecopy: (203) 719-3888 | $ | 7,500,000.00 | 5.000000000 | % |
Amount of Commitment | ||||||||
for Revolving Credit | ||||||||
Lender | Loans | Ratable Share | ||||||
Name: Morgan Stanley Bank Address: One Pierrepont Plaza 7th Fl. 300 Camden Plaza West Brooklyn, NY 11201 Attention: Daniel Twenge Telephone: (718) 754-7285 Telecopy: (718) 754-7250 | $ | 5,000,000.00 | 3.333333334 | % | ||||
Total | $ | 150,000,000.00 | 100.000000000 | % |
Address:935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
Address: 935 First Avenue
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
King of Prussia, PA 19406
Attention: Chief Financial Officer
Telephone: (610) 496-7000
Telecopy: (610) 265-1730
UCC Debtor | ||||
Pennsylvania | Department of State, Uniform Commercial Code Section | 1/12/2007 2007011201980 PNC Equipment Finance, LLC Collateral: equipment lease (lessee/lessor) | ||
4/11/2007 2007041107227 Marlin Leasing Corp. Collateral: equipment lease | ||||
11/25/2009 2009112504104 Raymond Leasing Corporation Collateral: specified equipment (lessee/ lessor) | ||||
GSI Commerce, Inc. | ||||
UCC Debtor | ||||
Delaware | Secretary of State | 3/13/2009 90875127 First Western Bank and Trust Collateral: specified equipment |
GSI Equipment, Inc. | ||||
UCC Debtor | ||||
New York | Secretary of State | 11/24/2009 200911246055446 IBM Credit LLC Collateral: specified equipment (lessee/ lessor) | ||
GSI Commerce Call Center, Inc. | ||||
UCC Debtor | ||||
Florida | Secured Transaction Registry | 10/27/2006 200603998303 GFC Leasing, a Division of Gordon Flesch Co., Inc. Collateral: equipment lease (lessee/lessor) | ||
10/27/2006 200603998281 GFC Leasing, a Division of Gordon Flesch Co., Inc. Collateral: equipment lease (lessee/lessor) | ||||
2/9/2009 200909990849 Eau Claire County Collateral: all assets | ||||
GSI Commerce South, Inc. (formerly known as Accretive Commerce, Inc. and NewRoads, Inc.) | ||||
UCC Debtor | ||||
Delaware | Secretary of State | 4/1/2005 50997271 Crown Credit Company Collateral: equipment 8/21/2006 62904266 IBM Credit LLC Collateral: equipment 12/13/2006 64413373 First Western Bank & Trust Collateral: equipment |
10/10/2008 83438569 BB&T Equipment Finance Corporation Collateral: specified equipment 11/13/2008 83804448 BB&T Equipment Finance Corporation Collateral: leased equipment 11/20/2009 93730477 Ikon Financial Svcs Collateral: leased equipment (lessee/ lessor) 4/1/2005 50997271 Crown Credit Company Collateral: equipment | ||||
Amendment(debtor name change to Accretive Commerce, Inc.) 9/1/2006 | ||||
5/11/2005 51443051 BBH Financial Services Company Collateral: equipment |
5/11/2005 51443176 BBH Financial Services Company Collateral: equipment 6/15/2005 51834655 IOS Capital Collateral: equipment lease (lessee/lessor) | ||||
10/17/2007 73908414 Ikon Financial Services Collateral: equipment lease (lessee/lessor) |
UCC Debtor | ||||
Delaware | Secretary of State | 7/22/2005 52268713 Vencore Solutions LLC Collateral: Equipment Lease (Lessee/Lessor) | ||
Assignment(Boston Financial & Equity Corporation) 7/27/2005 | ||||
9/13/2005 52908326 Banc of America Leasing & Capital, LLC Collateral: Equipment and specified rights, third party claims, software, proceeds and books and records in connection therewith | ||||
9/13/2005 52908557 Banc of America Leasing & Capital, LLC Collateral: Equipment and specified rights, third party claims, software, proceeds and books and records in connection therewith |
9/14/2005 52921295 General Electric Capital Corporation Collateral: In lieu for 4/21/2004 MA SOS filing (equipment) 10/4/2005 53116762 Banc of America Leasing & Capital, LLC Collateral: Equipment and specified rights, third party claims, software, proceeds and books and records in connection therewith 10/4/2005 53116820 Banc of America Leasing & Capital, LLC Collateral: Equipment and specified rights, third party claims, software, proceeds and books and records in connection therewith 11/14/2005 53594711 General Electric Capital Corporation Collateral: Equipment Lease 11/22/2005 53613065 Banc of America Leasing & Capital, LLC Collateral: Equipment and specified rights, third party claims, software, proceeds and books and records in connection therewith |
11/22/2005 53613230 Banc of America Leasing & Capital, LLC Collateral: Equipment and specified rights, third party claims, software, proceeds and books and records in connection therewith 4/23/2007 71512952 De Lage Landen Financial Services Corporation Collateral: Equipment 4/16/2008 81328630 US Express Leasing, Inc. Collateral: leased equipment |
Retail Convergence, Inc. | ||||
UCC Debtor | ||||
Delaware | Secretary of State | 9/17/2008 83140884 John Hardy USA Inc. Collateral: rights in specified trademarks that have been consigned by Secured Party to Debtor | ||
Retail Convergence.com, LP | ||||
UCC Debtor | ||||
Delaware | Secretary of State | 7/18/2008 82539433 De Lage Landen Financial Services, Inc. Collateral: equipment lease (lessee/ lessor) |
SmartBargains, Inc. | ||||
UCC Debtor | ||||
Delaware | Secretary of State | 2/26/2007 70721935 Eugene Biro Borp. [sic] Collateral: diamond jewelry (consigned merchandise) 7/18/2008 82539425 De Lage Landen Financial Services, Inc. Collateral: lease guaranty (for Retail Convergence.com, LP; lessee/ lessor) | ||
MBS Insight, Inc. | ||||
UCC Debtor | ||||
New York | Secretary of State | 4/2/2003 200304020732239 American Express Business Finance Corporation Collateral: equipment lease (lessee/ lessor) 10/15/2009 200910150594554 De Lage Landen Financial Services, Inc. Collateral: equipment lease (lessee/ lessor) | ||
Fetchback, Inc. | ||||
UCC Debtor | ||||
Delaware | Secretary of State | 4/1/2008 20081130390 Bank of America Lease & Capital, LLC Collateral: equipment lease (lessee/ lessor) 5/20/2008 | ||
20081732005 Dell Financial Services L.L.C. Collateral: equipment lease (lessee/ lessor) 4/27/2010 200101468135 US Bancorp Collateral: equipment lease (lessee/ lessor) Security interest granted by Equipment Lease/Finance Agreement dated March 31, 2009 between Axis Capital Inc. and Fetchback, Inc. Security interest granted by Equipment Lease Agreement No. 915077, dated May 9, 2007 between Axis Capital Inc. and Fetchback, Inc. Security interest granted by Equipment Lease Agreement No. 915077, dated June 6, 2007 between Axis Capital Inc. and Fetchback, Inc. |
AMOUNT | LC# | EXPIRY DATE | ||
136,000.00 | ** | 1/22/2011 | ||
129,862.60 | ** | 11/11/2010 | ||
38,059.80 | ** | 2/25/2011 | ||
106,708.50 | ** | 3/17/2011 | ||
1,000,000.00 | ** | 6/8/2010 | ||
91,000.00 | ** | 7/15/2010 | ||
4,686,630.75 | ** | 5/20/2011 | ||
250,000.00 | ** | 3/30/2011 | ||
500,000.00 | ** | 3/30/2011 | ||
250,000.00 | ** | 3/30/2011 |
QUALIFICATIONS TO DO BUSINESS
Percentage of Equity | ||||||||||
Interest Owned | ||||||||||
Jurisdiction of | Type of Equity | Amount of | Directly or Indirectly | |||||||
Name | Organization | Interest | Equity Interest | by Parent | ||||||
GSI Commerce Solutions, Inc. | Pennsylvania | Common Stock | 100 shares | 100 | % | |||||
GSI Equipment, Inc. | New York | Common Stock | 100 shares | 100 | %** | |||||
7601 Trade Port Drive, LLC | Kentucky | Limited Liability Company Interest | 10 units | 100 | %** | |||||
935 KOP Associates, LLC | Pennsylvania | Limited Liability Company Interest | 10 units | 100 | % | |||||
935 HQ Associates, LLC | Delaware | Limited Liability Company Interest | 10 units | 100 | % | |||||
1075 First Global Associates, LLC | Pennsylvania | Limited Liability Company Interest | 10 units | 100 | % | |||||
GSI Legacy Holdings, Inc. | Pennsylvania | Common Stock | 100 shares | 100 | % | |||||
ASFD, Inc. | Delaware | Common Stock | 100 shares | 100 | % | |||||
GSI Commerce Call Center, Inc. | Florida | Common Stock | 100 shares | 100 | % | |||||
GSI Luxembourg S.à.r.l | Luxembourg | Limited Liability Company (Societe a Responsabilite Limitee) Interest | 125 shares | 100 | % |
Percentage of Equity | ||||||||||
Interest Owned | ||||||||||
Jurisdiction of | Type of Equity | Amount of | Directly or Indirectly | |||||||
Name | Organization | Interest | Equity Interest | by Parent | ||||||
GSI Commerce Solutions International, S.L. | Spain | Limited Liability Company (Sociedad de Responsabilidad Limitada) Interest | 46,480 shares | 100 | %** | |||||
Zendor/GSI Commerce Limited | United Kingdom | Limited Company Interest | 1,010 shares comprising 750 A Shares, 250 B Shares, and 10 C Shares | 100 | %** | |||||
GSI Commerce South, Inc. | Delaware | Common Stock | 100 shares | 100 | % | |||||
Online Direct, Inc. | Delaware | Common Stock | 100 shares | 100 | %** | |||||
Promotions Distributor Services Corporation | California | Common Stock | 1,000 shares | 100 | %** | |||||
E-Dialog, Inc. | Delaware | Common Stock | 100 shares | 100 | % | |||||
E-Dialog UK Limited | England and Wales | Limited Company Interest | 1 ordinary share | 100 | %** | |||||
GSI Interactive, Inc. | Delaware | Common Stock | 100 shares | 100 | %** | |||||
KOP Promotions, LLC | Virginia | Limited Liability Company Interest | 100 units | 100 | %** | |||||
Silverlign Group, Inc. | California | Common Stock | 400,000 shares | 100 | %** | |||||
GSI Commerce Solutions Canada Corp. | New Brunswick, Canada | Common Shares | 100 shares | 100 | % |
Percentage of Equity | ||||||||||
Interest Owned | ||||||||||
Jurisdiction of | Type of Equity | Amount of | Directly or Indirectly | |||||||
Name | Organization | Interest | Equity Interest | by Parent | ||||||
GSI Media, Inc. (f/k/a Peanut Butter Corporation) | Delaware | Common Stock | 100 shares | 100 | %** | |||||
Retail Convergence, Inc. | Delaware | Common Stock | 964.4635 shares | 100 | % | |||||
Preferred Stock | 35.5365 shares | |||||||||
SmartBargains, Inc. | Delaware | Common Stock | 100 shares | 100 | %** | |||||
SmartBargains Security Corporation | Massachusetts | Common Stock | 1000 shares | 100 | %** | |||||
SB.com, Inc. | Delaware | Common Stock | 1000 shares | 100 | %** | |||||
Retail Convergence.com, LP | Delaware | Partnership interests | 99% limited partner interest and 1% general partner interest | 100 | %** | |||||
ShopRunner, Inc. | Pennsylvania | Common Stock | 100 shares | 100 | % | |||||
M3 Mobile, Incorporated | Pennsylvania | Common Stock | 10,000 shares | 100 | %** | |||||
MBS Insight, Inc. | Delaware | Common Stock | 1,000 shares | 100% (through E-Dialog, Inc.) | ||||||
VendorNet, Inc. | Delaware | Common Stock | 100 shares | 100 | %** | |||||
GSI Marketing Solutions, Inc. | Pennsylvania | Common Stock | 100 shares | 100 | % | |||||
Fetchback, Inc. | Delaware | Common Stock | 100 shares | 100 | %** | |||||
GSI Commerce Japan K.K. | Japan | Common Stock | 100 common shares | 100 | % | |||||
e-Dialog Singapore Private Ltd. | Singapore | Limited Company Interest | 100 shares | 100 | %** |
BORROWER EQUITY INTERESTS
Percentage of | ||||||||||||
Type of Equity | Amount of | Equity Interest | ||||||||||
Name | Interest | Equity Interest | Owned by Parent | |||||||||
GSI Commerce Solutions, Inc. | Common Stock | 100 shares | 100 | % |
OTHER LOAN PARTY EQUITY INTERESTS
Jurisdiction of | Public | |||||||||||
Name | Organization | Company | Owner | |||||||||
GSI Commerce, Inc. | Delaware | Yes | Publicly Held |
OUTSTANDING OPTIONS, WARRANTS, AND OTHER RIGHTS TO PURCHASE EQUITY
INTERESTS OF LOAN PARTIES
LITIGATION
ENVIRONMENTAL DISCLOSURES
OPINION OF COUNSEL
as Administrative Agent and
The Lenders
1600 Market Street
Philadelphia, PA 19103
Re: $150,000,000 Amended and Restated Credit Agreement/GSI Commerce Solutions, Inc. |
INSURANCE REQUIREMENTS RELATING TO THE COLLATERAL
PERMITTED INDEBTEDNESS
EXISTING INVESTMENTS
EXISTING 5% SHAREHOLDERS
ASSIGNMENT AND ASSUMPTION AGREEMENT
Aggregate | ||||||||||||
Amount of | Percentage | |||||||||||
Commitment/Loans | Amount of Revolving | Assigned of Revolving | ||||||||||
of such Facility for | Credit Commitment | Credit | ||||||||||
Facility Assigned | all Lenders | Assigned | Commitment | |||||||||
Revolving Credit Commitment | $ | 150,000,000.00 | $ | % | ||||||||
[NAME OF ASSIGNOR] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
[NAME OF ASSIGNEE] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
Notice Address: | ||||||||
Telephone No.: | ||||||||
Telecopier No.: | ||||||||
Attn: |
day of _____, _____
PNC BANK, NATIONAL ASSOCIATION | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
AND ASSUMPTION AGREEMENT
GUARANTOR JOINDER AND ASSUMPTION AGREEMENT
ATTEST: | |||||||||
By: | (SEAL) | ||||||||
Name: | Name: | ||||||||
Title: | Title: | ||||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
REVOLVING CREDIT NOTE
$ | Pittsburgh, Pennsylvania Original date: January 11, 2008 Amended and restated: , 2010 |
ATTEST: | GSI COMMERCE SOLUTIONS, INC. | |
By: | ||
Title: | Title: | |
[Seal] |
SWING LOAN NOTE
$15,000,000 | Pittsburgh, Pennsylvania Original date: January 11, 2008 Amended and restated: , 2010 |
GSI COMMERCE SOLUTIONS, INC. | ||||
By: | [Seal] | |||
Name: | ||||
Title: | ||||
ATTEST: | ||||
By: | (SEAL) | |||
Name: | Name: | |||
Title: | Title: | |||
Acknowledged and accepted: PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent | ||||
By: | ||||
Name: | ||||
Title: |
Amount of Revolving Credit | ||||||||
New Lender | Commitment | Ratable Share | ||||||
Name: | $ | % | ||||||
Address: | ||||||||
Telephone: | ||||||||
Telecopy: | ||||||||
TO: | PNC Bank, National Association, as Administrative Agent | |
Telephone No.: (412) 762-7196 | ||
Telecopier No.: (412) 705-2006 | ||
Attention: Andrea Gibb | ||
FROM: | GSI Commerce Solutions, Inc. | |
RE: | Amended and Restated Credit Agreement (as it may have been or may hereafter be amended from time to time, the “Agreement”) dated as of , 2010 by and between GSI Commerce Solutions, Inc., (the “Borrower”), the Guarantors now or hereafter party thereto, PNC Bank, National Association, as administrative agent for the Lenders, (the “Administrative Agent”) and the Lenders now or hereafter party thereto. |
A. | Pursuant toSection 2.4of the Agreement, the undersigned hereby makes the following Revolving Credit Loan Request: |
1. | Aggregate Principal Amounts of the Loans Requested Hereunder |
(a) | Amount to be advanced in US Dollars | $ | |||
(b) | in British Pounds Sterling | ||||
(c) | in Euros | ||||
(d) | in Canadian Dollars | ||||
(e) | in Japanese Yen | ||||
(f) | in Danish Kroner | ||||
(g) | in Swedish Krona | ||||
(h) | in Swiss Franc | ||||
(i) | in Norwegian Krone | ||||
(j) | in Australian Dollars | ||||
(k) | in another currency (requires all Lenders’ consent) | ||||
2. | Aggregate Amount of Loans Subject to LIBOR Rate Option | ||||
(a) | subject to One Month Interest Period (only option available for Optional Currency Advance) | ||||
(b) | subject to Two Month Interest Period | ||||
(c) | subject to Three Month Interest Period | ||||
(d) | subject to Six Month Interest Period |
3. | Aggregate Amount of Loans Subject to Base Rate Option (US Dollar advances only) | ||||
4. | Proposed Borrowing Date: |
B. | Pursuant toSection 3.1of the Agreement, the undersigned requests that the following Loans presently outstanding be converted to the Interest Rate Option indicated below on the dates indicated below, which dates, the undersigned represents and warrants, as to any Loans previously earning interest at the LIBOR Rate Option, are the last days of the then current Interest Periods. |
C. | As of the date hereof and the date of making of the Loans: the representations and warranties contained inSection 5of the Agreement are and will be true (except representations and warranties that expressly relate solely to an earlier date or time, which representations and warranties were true on and as of the specific date referred to therein) in all material respects; the Borrower has performed and complied with all covenants of the Agreement; all conditions for the making of the Loans under the Agreement have been satisfied; no Event of Default or Potential Default has occurred and is continuing or shall exist; and the making of the Loans shall not contravene any Law applicable to the Borrower. |
GSI COMMERCE SOLUTIONS, INC. | |||||
Date: | By: | ||||
Its: | |||||
TO: | PNC Bank, National Association, as Administrative Agent | |
Telephone No.: (412) 762-7196 | ||
Telecopier No.: (412) 705-2006 | ||
Attention: Andrea Gibb | ||
FROM: | GSI Commerce Solutions, Inc. | |
RE: | Amended and Restated Credit Agreement (as it may have been or may hereafter be amended from time to time, the “Agreement”) dated as of _____, 2010 by and between GSI Commerce Solutions, Inc., (the “Borrower”), the Guarantors now or hereafter party thereto, PNC Bank, National Association, as administrative agent for the Lenders, (the “Administrative Agent”) and the Lenders now or hereafter party thereto. |
1. | Aggregate Principal Amount of the Loans Requested Hereunder | $___________ | ||
2. | Proposed Borrowing Date: | ____________ |
GSI COMMERCE SOLUTIONS, INC. | ||||||
Date: | By: | |||||
Its: | ||||||
FORM OF QUARTERLY COMPLIANCE CERTIFICATE
Actual | Required | |||
Prepayment of Indebtedness | ___________ | not more than $___________1 | ||
Leverage Ratio | ||||
ratio of consolidated Indebtedness divided by | ___________ | |||
Consolidated Adjusted EBITDA | ___________ | |||
Leverage Ratio | ___________ | not more than 4.00 to 1.00 |
1 | Refer to Section 7.2(n) of Credit Agreement to determine applicable maximum amount. |
Fixed Coverage Ratio | ||||
ratio of Consolidated EBITDA divided by | ___________ | |||
Fixed Charges | ___________ | |||
Fixed Charge Coverage Ratio | ___________ | not less than 2.5 to 1.00 | ||
Cash and Cash Equivalents | ___________ | not less than $30,000,000.002 | ||
Senior Leverage Ratio | ||||
ratio of secured consolidated Indebtedness divided by | ___________ | |||
Consolidated Adjusted EBITDA | ___________ | |||
Senior Leverage Ratio | ___________ | not to exceed 2.5 to 1.00 | ||
Foreign Subsidiaries | ||||
The Company’s Foreign Subsidiaries | ||||
own consolidated assets equal to | ___________ | |||
The Company’s consolidated total assets | ___________ | |||
Percentage owned by Foreign Subsidiaries | ___________ | not more than ___________%3 | ||
Maximum repayment, redemptions, dividends, distribution, and subordinate indebtedness maturing prior to April 1, 2013. | ||||
Aggregate repayments, redemptions and repurchase of Indebtedness (other than the first $57,500,000 of 3% Convertible Notes due 2025) | ___________ | |||
plus | ||||
Aggregate Subordinated Indebtedness due prior to April 1, 2013 | ___________ | |||
plus |
2 | of which not less than $25,000,000.00 shall be owned by the Parent, the Borrower and/or the Domestic Subsidiaries and maintained in the United States. Refer to Section 7.2(q) of Credit Agreement. | |
3 | refer to Section 7.2(r) for applicable percentage. |
Aggregate dividends, distributions and stock repurchases (other than payable to another Loan Party) | ___________ | |||
Total | ___________ | not to exceed $50,000,000.00 |
By: | ||||
___________ of GSI Commerce, Inc. on behalf of all of the Loan Parties |