Credit Agreement [Amendment No. 6] - Playboy Enterprises Inc., Harris Trust and Savings Bank and LaSalle Bank
Playboy Enterprises, Inc.
Sixth Amendment To Credit Agreement
Harris Trust and Savings Bank
Chicago, Illinois
LaSalle National Bank
Chicago, Illinois
Ladies and Gentlemen:
Reference is hereby made to the Credit Agreement dated as of February 10,
1995, as amended (said Credit Agreement as so amended being referred to herein
as the "Credit Agreement") currently in effect by and among, Playboy
Enterprises, Inc., a Delaware corporation (the "Company"), and you (the
"Lenders"). All capitalized terms used herein without definition shall have the
same meanings herein as such terms have in the Credit Agreement.
The Company hereby applies to the Lenders to extend the availability of the
Revolving Credit under the Credit Agreement, and the Lenders are willing to do
so under the terms and conditions set forth in this Amendment.
1. Amendment.
Upon the satisfaction of the conditions precedent set forth in Section 2
hereof, the definition of "Termination Date" appearing in Section 5.1 of the
Credit Agreement is hereby amended and as so amended shall be restated in its
entirety to read as follows:
" "Termination Date" means March 31, 1999, or such earlier date on
which the Revolving Credit Commitments are terminated in whole
pursuant to Sections 3.4, 3.5, 9.2 or 9.3 hereof or such later date to
which the Revolving Credit Commitments are extended pursuant to
Section 11.20 hereof.
2. Conditions Precedent.
The effectiveness of this Amendment is subject to the satisfaction of all
of the following conditions precedent:
2.01. The Company, the Agent and the Lenders shall have executed and
delivered this Amendment.
2.02. No Default or Event of Default shall have occurred and be continuing
as of the date this Amendment would otherwise take effect.
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3. Condition Subsequent.
The Agent shall have received for the Lenders on or before March 17, 1999
copies of resolutions of the Company's and of each Subsidiary's Board of
Directors ratifying the execution, delivery and performance of this Amendment
and the other Loan Documents to which it is a party and the consummation of the
transactions contemplated hereby and thereby, all certified in each instance by
its Secretary or Assistant Secretary.
4. Representations.
In order to induce the Lenders to execute and deliver this Amendment, the
Company hereby represents to the Lenders that as of the date hereof, the
representations and warranties set forth in Section 6 of the Credit Agreement
are and shall be and remain true and correct (except that for purposes of this
paragraph, (i) the representations contained in Section 6.3 shall be deemed to
include this Amendment as and when it refers to Loan Documents and (ii) the
representations contained in Section 6.5 shall be deemed to refer to the most
recent financial statements of the Company delivered to the Lenders) and the
Company is in full compliance with all of the terms and conditions of the Credit
Agreement and no Default or Event of Default has occurred and is continuing
under the Credit Agreement or shall result after giving effect to this
Amendment.
5. Miscellaneous.
5.01. The Company acknowledges and agrees that all of the Collateral
Documents to which it is a party remain in full force and effect for the benefit
and security of, among other things, the Revolving Credit as modified hereby.
The Company further acknowledges and agrees that all references in such
Collateral Documents to the Revolving Credit shall be deemed a reference to the
Revolving Credit as so modified. The Company further agrees to execute and
deliver any and all instruments or documents as may be required by the Agent or
Required Lenders to confirm any of the foregoing.
5.02. Except as specifically amended herein, the Credit Agreement shall
continue in full force and effect in accordance with its original terms.
Reference to this specific Amendment need not be made in the Credit Agreement,
the Notes, or any other instrument or document executed in connection therewith,
or in any certificate, letter or communication issued or made pursuant to or
with respect to the Credit Agreement, any reference in any of such items to the
Credit Agreement being sufficient to refer to the Credit Agreement as amended
hereby.
5.03. This Amendment may be executed in any number of counterparts, and
by the different parties on different counterpart signature pages, all of which
taken together shall constitute one and the same agreement. Any of the parties
hereto may execute this Amendment by signing any such counterpart and each of
such counterparts shall for all purposes be deemed to be an original. This
Amendment shall be governed by the internal laws of the State of Illinois.
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Dated as of March 5, 1999.
Playboy Enterprises, Inc.
By/s/ Robert D. Campbell
---------------------------------
Its V.P., Treasurer
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Each of the undersigned acknowledges and agrees that while the following is
not required, each confirms that: (i) all of the Collateral Documents to which
it is a party remain in full force and effect for the benefit and security of,
among other things, the Revolving Credit as modified hereby; (ii) all references
in such Collateral Documents to the Credit Agreement shall be deemed a reference
to the Credit Agreement as amended hereby; (iii) each of the undersigned will
continue to execute and deliver any and all instruments or documents as may be
required by the Agent or Required Lenders to confirm any of the foregoing.
Playboy Entertainment Group, Inc.
By/s/ Robert D. Campbell
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Its Treasurer
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Critics' Choice Video, Inc.
By/s/ Robert D. Campbell
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Its Treasurer
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Lifestyle Brands, Ltd.
By/s/ Robert D. Campbell
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Its Treasurer
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Accepted and agreed to in Chicago, Illinois as of the date and year last
above written.
Harris Trust And Savings Bank
By/s/ Scott F. Geik
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Its Vice President
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LaSalle National Bank
By/s/ Melissa Bleiweis
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Its Assistant Vice President
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