FIFTH AMENDMENT
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FIFTH AMENDMENT (this "Amendment"), dated as of March 25, 1997, among
SERVICE MERCHANDISE COMPANY, INC. (the "Borrower"), the various lending
institutions party to the Credit Agreement referred to below (the "Banks"), and
THE CHASE MANHATTAN BANK (formerly known as CHEMICAL BANK), as Administrative
Agent (in such capacity, the "Administrative Agent"). All capitalized terms used
herein and not otherwise defined shall have the respective meanings provided
such terms in the Credit Agreement referred to below.
W I T N E S S E T H :
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WHEREAS, the Borrower, the Banks and the Administrative Agent are parties
to a Credit Agreement, dated as of June 8, 1994 and amended by the First
Amendment thereto dated as of April 13, 1995, the Second Amendment thereto dated
May 23, 1996, the Third Amendment thereto dated as of September 16, 1996 and the
Fourth Amendment thereto dated as of January 15, 1997 (as so amended, the
"Credit Agreement"); and
WHEREAS, the parties hereto wish to amend the Credit Agreement as herein
provided;
NOW, THEREFORE, it is agreed:
1. (a) On the Fifth Amendment Effective Date (as defined hereinbelow), the
Credit Agreement shall be amended to read as set forth in Exhibit A hereto (as
so amended, the "Amended Credit Agreement"), with the same effect as if each of
the parties hereto had executed and delivered to the Administrative Agent a
counterpart of the Amended Credit Agreement.
(b) Notwithstanding anything herein to the contrary, this Amendment
shall terminate and be of no force and effect if the Fifth Amendment Effective
Date shall not have occurred on or prior to March 31, 1997.
2. In order to induce the undersigned Banks to enter into this Amendment,
the Borrower hereby represents and warrants that (x) no Default or Event
of Default exists on the Fifth Amendment Effective Date both before and after
giving effect to this Amendment and (y) all of the representations and
warranties contained in the Amended Credit Agreement shall be true and correct
in all material respects as of the Fifth Amendment Effective Date both before
and after giving effect to this Amendment, with the same effect as though such
representations and warranties had been made on and as of the Fifth Amendment
Effective Date (it being understood that any representation or warranty made as
of a specified date shall be required to be true and correct in all material
respects only as of such specific date).
3. This Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document.
4. This Amendment may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which counterparts
when executed and delivered shall be an original, but all of which shall
together constitute one and the same instrument. A complete set of counterparts
shall be lodged with the Borrower and the Administrative Agent.
5. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK.
6. This Amendment shall become effective on the date (the "Fifth Amendment
Effective Date") when the Borrower and the Required Banks (i) shall have signed
a counterpart hereof (whether the same or different counterparts) and (ii) shall
have delivered (including by way of telecopier) the same to the Administrative
Agent at the Notice Office.
7. From and after the Fifth Amendment Effective Date all references in the
Credit Agreement and the other Credit Documents to the Credit Agreement shall be
deemed to be references to the Amended Credit Agreement.
-2-
IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of
this Amendment to be duly executed and delivered as of the date first above
written.
Address:
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7100 Service Merchandise Drive SERVICE MERCHANDISE
Brentwood, TN 37027 COMPANY, INC.
Attn: Thomas L. Garrett, Jr.
Telephone: (615) 660-6000 By /s/ Wade Smith
Telecopy: (615) 660-3667 --------------------------
Title: Vice President
and Assistant Treasurer
270 Park Avenue THE CHASE MANHATTAN BANK
10th Floor Individually, and as
New York, NY 10017 Administrative Agent
Attn: William P. Rindfuss
Telephone: (212) 270-4565 By _________________________
Telecopy: (212) 270-1474 Title:
IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of
this Amendment to be duly executed and delivered as of the date first above
written.
Address:
7100 Service Merchandise Drive SERVICE MERCHANDISE
Brentwood, TN 37027 COMPANY, INC.
Attn: Thomas L. Garrett, Jr.
Telephone: (615) 660-6000 By__________________________
Telecopy: (615) 660-3667 Title:
270 Park Avenue THE CHASE MANHATTAN BANK
10th Floor Individually, and as
New York, NY 10017 Administrative Agent
Attn: William P. Rindfuss
Telephone: (212) 270-4565 By /s/ William P. Rindfuss
Telecopy: (212) 270-1474 --------------------------
Title: William P. Rindfuss
Vice President
277 Park Avenue ARAB BANKING CORPORATION
32nd Floor
New York, NY 10172
Attn: Louise Bilbro
Telephone: (212) 583-4758 By /s/ Louise Bilbro
Telecopy: (212) 583-0921 --------------------------
Title: Louise Bilbro
Vice President
100 Federal Street, 01-09-05 THE FIRST NATIONAL BANK OF
Boston, MA 02110 BOSTON
Attn: Peter L. Griswold
Telephone: (617) 434-8312 By__________________________
Telecopy: (617) 434-6685 Title:
700 Louisiana THE BANK OF MONTREAL
Suite 4400
Houston, TX 77002
Attn: Tom McGraw
Telephone: (713) 546-9781 By__________________________
Telecopy: (713) 223-5551 Title:
One Wall Street THE BANK OF NEW YORK
New York, NY 10286
Attn: Paula DiPonzio
Telephone: (212) 635-7867 By /s/ Paula DiPonzio
Telecopy: (212) 635-1483 --------------------------
Title: Vice President
1251 Avenue of the Americas THE BANK OF TOKYO-
12th Floor MITSUBISHI, LTD.
New York, NY 10020
Attn: Paul P. Malecki
Telephone: (212) 782-4343 By /s/ Paul P. Malecki
Telecopy: (212) 782-4981 --------------------------
Title: PAUL P. MALECKI
Vice President
1251 Avenue of the Americas THE BANK OF TOKYO-
12th Floor MITSUBISHI TRUST COMPANY
New York, NY 10020
Attn: Paul P. Malecki
Telephone: (212) 782-4343 By /s/ Paul P. Malecki
Telecopy: (212) 782-4981 --------------------------
Title: PAUL P. MALECKI
Vice President
787 7th Avenue BANQUE PARIBAS
32nd Floor
New York, NY 10019
Attn: Mary Finnegan
Telephone: (212) 841-2551 By /s/ Mary T. Finnegan
Telecopy: (212) 841-2333 --------------------------
Title: Mary T. Finnegan
Group Vice President
By /s/ Robert G. Carino
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Title: Robert G. Carino
Vice President
425 Lexington Avenue CIBC Inc.
8th Floor
New York, NY 10017
Attn: Christopher Kleczkowski
Telephone: (212) 856-3560 By /s/ Christopher P. Kleczkowski
Telecopy: (212) 856-3991 --------------------------
Title: Director, CIBC Wood Gundy
Securities Corp., AS AGENT
75 Wall Street DRESDNER BANK AG,
25th Floor NEW YORK BRANCH
New York, NY 10005
Attn: Anthony Berti
Telephone: (212) 429-2247 By__________________________
Telecopy: (212) 429-2781 Title:
By__________________________
Title:
Marquis One Tower THE FUJI BANK, LTD.
Suite 2100
245 Peachtree Center Ave., NE
Atlanta, GA 30303
Attn: David Hart
Telephone: (404) 215-3314 By /s/ Toshihiro Mitsui
Telecopy: (404) 653-2119 --------------------------
Title: Vice-President and Manager
Two World Trade Center THE HOKKAIDO TAKUSHOKU
99th Floor BANK, LTD.
New York, NY 10048
Attn: Scott D. Winston
Telephone: (212) 912-6914 By /s/ Kathleen M. Sweeney
Telecopy: (212) 466-6079 --------------------------
Title: SVP and Manager
1251 Avenue of the Americas THE INDUSTRIAL BANK OF JAPAN,
New York, NY 10020 LIMITED - NEW YORK BRANCH
Attn: James Welch
Telephone: (212) 282-3690 By /s/ Takuya Honjo
Telecopy: (212) 282-4250 --------------------------
Title: TAKUYA HONJO
SENIOR VICE PRESIDENT
165 Broadway LTCB TRUST COMPANY
New York, NY 10006
Attn: Edna Astuto
Telephone: (212) 335-4560 By /s/ John J. Sullivan
Telecopy: (212) 608-2371 --------------------------
Title: Executive Vice President
140 Broadway HSBC AMERICAS, INC.
5th Floor
New York, NY 10005
Attn: Gina Sidorsky
Telephone: (212) 658-2750 By /s/ J.B. Lyons
Telecopy: (212) 658-2586 --------------------------
Title: SENIOR VICE PRESIDENT
500 West Jefferson St. PNC BANK, KENTUCKY, INC.
Louisville, Kentucky 40202
Attn: Ralph Phillips
Telephone: (502) 581-4543 By /s/ Ralph M. Bowman
Telecopy: (502) 581-2302 --------------------------
Title: Vice President
520 Madison Avenue THE MITSUBISHI TRUST AND
25th Floor BANKING CORPORATION
New York, NY 10022
Attn: Susan LeFevre
Telephone: (212) 891-8454 By /s/ Patricia Loret de Mola
Telecopy: (212) 644-6825 --------------------------
Title: Senior Vice President
One NationsBank Plaza NATIONSBANK, N.A.
5th Floor
Nashville, TN 37239-1697
Attn: Kimberly Dupuy
Telephone: (615) 749-3174 By__________________________
Telecopy: (615) 749-4640 Title:
245 Park Avenue THE NIPPON CREDIT BANK, LTD.
30th Floor
New York, NY 10167
Attn: Barry Fein
Telephone: (212) 984-1261 By /s/ Barry S. Fein
Telecopy: (212) 490-3895 --------------------------
Title: Assistant Vice President
Marquis One Tower THE SAKURA BANK, LIMITED
Suite 2703
245 Peachtree Center Ave., N.E.
Atlanta, GA 30303
Attn: Chad Zimmerman
Telephone: (404) 521-3111 By /s/ Hiroyasu Imanishi
Telecopy: (404) 521-1133 --------------------------
Title: HIROYASU IMANISHI
V.P. & SENIOR MANAGER
Georgia Pacific Center THE SUMITOMO BANK, LIMITED
133 Peachtree Street, N.E.
Suite 3210
Atlanta, GA 30303
Attn: Thomas Lawson
Telephone: (404) 526-8513 By /s/ Masayuki Fukushima
Telecopy: (404) 521-1187 --------------------------
Title: JOINT GENERAL MANAGER
MASAYUKI FUKUSHIMA
55 East 52nd Street THE TOKAI BANK, LTD.
New York, NY 10055 NEW YORK BRANCH
Attn: Haruyo Niki
Telephone: (212) 339-1123 By__________________________
Telecopy: (212) 832-1428 Title:
One Detroit Center COMERICA BANK
500 Woodward Avenue, MC 3280
Detroit, MI 48226
Attn: Kristine L. Andersen
Telephone: (313) 222-3648 By /s/ Kristine L. Andersen
Telecopy: (313) 222-3330 --------------------------
Title: Kristine L. Andersen,
Account Officer
640 5th Avenue BANK OF IRELAND, CAYMAN
2nd Floor ISLAND BRANCH
New York, NY 10019
Attn: Roger Burns
Telephone: (212) 397-1712 By /s/ Roger Burns
Telecopy: (212) 586-7752 --------------------------
Title: Vice President
1211 Avenue of the Americas WESTDEUTSCHE LANDESBANK
23rd Floor GIROZENTRALE, NEW YORK AND
New York, NY 10036 CAYMAN ISLAND BRANCHES
Attn: Alan Bookspan
Telephone: (212) 852-6023 By__________________________
Telecopy: (212) 852-6307 Title:
By__________________________
Title:
1 Parkview Plaza VAN KAMPEN AMERICAN CAPITAL
Oakbrook Terrace, IL 60181 PRIME RATE INCOME TRUST
Attn: Jeffrey W. Maillet
Telephone: (630) 684-6436 By /s/ Jeffrey W. Maillet
Telecopy: (630) 684-6740 --------------------------
Title: JEFFREY W. MAILLET
Sr. Vice Pres. - Portfolio Mgr.
285 Peachtree Center Ave., N.E. THE YASUDA TRUST AND
Suite 2104 BANKING COMPANY, LTD.
Atlanta, GA 30303
Attn: Sanjay Sinha
Telephone: (404) 584-8230 By /s/ Morikazu Kimura
Telecopy: (404) 584-7816 --------------------------
Title: MORIKAZU KIMURA
CHIEF REPRESENTATIVE
One Ravinia Drive ABN AMRO BANK N.V.,
Suite 1200 ATLANTA AGENCY
Atlanta, GA 30346-2103
Attn: Linda Davis
Telephone: (770) 396-0066 By /s/ Steven L. Hipsman
Telecopy: (770) 395-9188 --------------------------
Title: VICE PRESIDENT
By /s/ Larry K. Kelley
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Title: GROUP VICE PRESIDENT