EX-10.14 43 d538143dex1014.htm EX-10.14 EX-10.14

Exhibit 10.14

SUBSIDIARY GUARANTOR JOINDER AGREEMENT

THIS JOINDER AGREEMENT (this “Agreement”), dated as of June 7, 2013, is entered into by and among iParty Corp., a Delaware corporation, (“iParty”), iParty Retail Stores Corp., a Delaware corporation (iParty Retail”), ( iParty and iParty Retail each the “New Subsidiary”), and Deutsche Bank Trust Company Americas, a Delaware limited liability company as administrative agent and collateral agent (in such capacity, the “Administrative Agent”), under that certain ABL Credit Agreement dated as of July 27, 2012 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among, inter alia, Party City Holdings Inc., a Delaware corporation, Party City Corporation, a Delaware corporation (together with Party City Holdings Inc., the “Borrowers”), PC Intermediate Holdings, Inc. a Delaware corporation, the Subsidiaries of the Borrowers from time to time party thereto, the Lenders from time to time party thereto and the Administrative Agent. All capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement.

WHEREAS, the New Subsidiary is a Domestic Subsidiary required by Section 5.12 of the Credit Agreement to become a Loan Guarantor under the Credit Agreement and be joined to as a party to the Pledge and Security Agreement; and

WHEREAS, the New Subsidiary will materially benefit from the credit facilities made available and to be made available to the Borrowers by the Lenders under the Credit Agreement;

NOW, THEREFORE, the New Subsidiary hereby agrees as follows with the Administrative Agent, for the benefit of the Lenders and the Issuing Banks:

1. Joinder. The New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary will be deemed to be a Loan Party under the Credit Agreement and a Loan Guarantor for all purposes of the Credit Agreement and shall have (and hereby unconditionally, absolutely and irrevocably assumes) all of the rights, benefits, duties and obligations of a Loan Party and a Loan Guarantor under the Credit Agreement as if it had executed the Credit Agreement. The New Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Credit Agreement, including without limitation (a) all of the representations and warranties of the Loan Parties set forth in Article III of the Credit Agreement (to the extent made or deemed made on or after the effective date hereof), (b) all of the covenants set forth in Articles V and VI of the Credit Agreement and (c) all of the guaranty obligations set forth in Article X of the Credit Agreement. Without limiting the generality of the foregoing terms of this paragraph 1, the New Subsidiary, subject to the limitations set forth in Section 10.10 of the Credit Agreement, hereby absolutely and unconditionally guarantees, jointly and severally with the other Loan Guarantors, to the Administrative Agent and the Lenders, the prompt payment of the Guaranteed Obligations in full when due (whether at stated maturity, upon acceleration or otherwise) to the extent of and in accordance with Article X of the Credit Agreement.


2. Guaranty. The New Subsidiary hereby waives acceptance by the Administrative Agent and the Lenders of the guaranty by the New Subsidiary upon the execution of this Agreement by the New Subsidiary.

3. Security. Attached hereto as Schedule A is the information required under Schedules 2.21(a) and 2.21(b) of the Credit Agreement and such Schedules to the Credit Agreement are hereby supplemented to include the information attached hereto as Schedule A. The New Subsidiary is, simultaneously with the execution of this Agreement, executing and delivering such Collateral Documents as requested by the Administrative Agent in accordance with the Credit Agreement.

4. Miscellaneous.

(a) Severability. Whenever possible, each provision of this Agreement shall be interpreted in a manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Agreement. This Agreement is to be read, construed and applied together with the Credit Agreement and the other Loan Documents which, taken together, set forth the complete understanding and agreement of the Administrative Agent, the Lenders, the Issuing Banks and the New Subsidiary with respect to the matters referred to herein and therein.

(b) Successors and Assigns. This Agreement and all obligations of the new Subsidiary hereunder shall be binding upon the successors and assigns of the New Subsidiary (including any debtor-in-possession on behalf of the New Subsidiary) and shall, together with the rights and remedies of the Administrative Agent, for the benefit of the Administrative Agent, the Lenders and the Issuing Banks, hereunder, inure to the benefit of the Administrative Agent, the Lenders and the Issuing Banks, all future holders of any instrument evidencing any of the Obligations and their respective successors and assigns.

(c) Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which shall together constitute one and the same agreement; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or by email as a “.pdf” or “.tif” attachment shall be effective as delivery of a manually executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by facsimile or other electronic method of transmission shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability or binding effect of such agreement.


(d) Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

(e) Section Titles. The Section titles contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.

IN WITNESS WHEREOF, the New Subsidiary has caused this Agreement to be duly executed by its authorized officer and the Administrative Agent, for the benefit of the Lenders and the Issuing Banks, has caused the same to be accepted by its authorized officer, as of the day and year first above written.

 

iPARTY CORP.

iPARTY RETAIL STORES CORP.

By:  

/s/ Michael A. Correale

Name:   Michael A. Correale
Title:   Vice President
Acknowledged and accepted:
DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent
By:  

/s/ Michael Getz

  Name: Michael Getz
  Title: Vice President
By:  

/s/ Marcus M. Tarkington

  Name: Marcus M. Tarkington
  Title: Director


Schedule 2.21(a)

DDAS

 

Entity

  

Type of Account

  

Location

  

Store Location City

  

Store
Location
State

  

Bank

  

Account #

iParty Retail Stores Corp.    Depository    19    So.
Portland
   ME    Key Bank    191254003418
iParty Retail Stores Corp.    Depository    50    Augusta    ME    Key Bank    191254003418
iParty Retail Stores Corp.    Depository    51    Williston    VT    Key Bank    191254003418
iParty Retail Stores Corp.    Depository    66    Bangor    ME    Key Bank    191254003418
iParty Retail Stores Corp.    Depository    10    Southington    CT    Sovereign Bank
New England
   63900000447
iParty Retail Stores Corp.    Depository    11    West
Hartford
   CT    Sovereign Bank
New England
   63900000447
iParty Retail Stores Corp.    Depository    12    Cranston    RI    Sovereign Bank
New England
   63900000447
iParty Retail Stores Corp.    Depository    14    Enfield    CT    Sovereign Bank
New England
   63900000447
iParty Retail Stores Corp.    Depository    42    Manchester    NH    Sovereign Bank
New England
   63900000447
iParty Retail Stores Corp.    Depository    43    Nashua    NH    Sovereign Bank
New England
   63900000447
iParty Retail Stores Corp.    Depository    47    Nashua    NH    Sovereign Bank
New England
   63900000447
iParty Retail Stores Corp.    Depository    54    Lincoln    RI    Sovereign Bank
New England
   63900000447
iParty Retail Stores Corp.    Depository    56    Warwick    RI    Sovereign Bank
New England
   63900000447
iParty Retail Stores Corp.    Depository    71    Manchester    CT    Sovereign Bank
New England
   63900000447
iParty Retail Stores Corp.    Depository    72    Plaistow    NH    Sovereign Bank
New England
   63900000447


Entity

  

Type of Account

  

Location

  

Store Location City

  

Store
Location
State

  

Bank

  

Account #

iParty Retail Stores Corp.    Disbursement    Corporate          Sovereign Bank
New England
   75860016759
iParty Retail Stores Corp.   

Depository

Operating (Funding)

   Corporate          Sovereign Bank
New England
   75860016767
iParty Retail Stores Corp.    Depository    1    West
Roxbury
   MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    2    Saugus    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    4    Natick    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    5    Quincy    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    6    Shrewsbury    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    13    Burlington    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    15    S. Attleboro    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    17    Medford    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    18    Bellingham    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    21    S.
Weymoouth
   MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    22    Avon    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    26    Raynham    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    30    N.
Dartmouth
   MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    34    Chelmsford    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    36    Pembroke    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    38    Brighton    MA    Sovereign Bank
New England
   75860016775


Entity

  

Type of Account

  

Location

  

Store Location City

  

Store
Location
State

  

Bank

  

Account #

iParty Retail Stores Corp.    Depository    46    Walpole    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    48    Millbury    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    52    Leominster    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    55    Sturbridge    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    57    Plymouth    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    60    Chicopee    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    65    Seekonk    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    68    Peabody    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    70    Boston    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository    73    Waltham    MA    Sovereign Bank
New England
   75860016775
iParty Retail Stores Corp.    Depository/Mc/Visa/Discover    Corporate          Sovereign Bank
New England
   75860016783
iParty Retail Stores Corp.    Depository/American Express    Corporate          Sovereign Bank
New England
   75860016791
iParty Retail Stores Corp.    Depository    44    Portsmouth    NH    Citizens Bank    330782-745-8
iParty Retail Stores Corp.    Depository    49    Waterford    CT    Citizens Bank    330782-745-8
iParty Retail Stores Corp.    Depository    53    West
Lebanon
   NH    Citizens Bank    330782-745-8
iParty Retail Stores Corp.    Depository    59    Keene    NH    Citizens Bank    330782-745-8
iParty Retail Stores Corp.    Depository    9    E.
Longmeadow
   MA    Citizens Bank    130327-026-6
iParty Retail Stores Corp.    Depository    69    Dorchester    MA    Citizens Bank    130327-026-6
iParty Retail Stores Corp.    Depository    25    St.
Petersburg
   FL    Wells Fargo
Bank, NA
   2000033058438
iParty Retail Stores Corp.    Depository    27    Clearwater    FL    Wells Fargo
Bank, NA
   2000033058438
iParty Retail Stores Corp.    Depository    28    Sarasota    FL    Wells Fargo
Bank, NA
   2000033058438


Entity

  

Type of Account

  

Location

  

Store Location City

  

Store
Location
State

  

Bank

  

Account #

iParty Retail Stores Corp.    Depository    39    Wallingford    CT    Wells Fargo Bank,
NA
   2000033058438
iParty Retail Stores Corp.    Depository    58    Citrus Park    FL    Wells Fargo Bank,
NA
   2000033058438
iParty Retail Stores Corp.    Depository    62    E. Hartford    CT    Wells Fargo Bank,
NA
   2000033058438
iParty Retail Stores Corp.    Depository    64    Port Richey    FL    Wells Fargo Bank,
NA
   2000033058438


Schedule 2.21(b)

Credit Card Processing

 

Company

  

Credit Card Processor

  

Bank Account

iParty Retail Store Corp.   

Bank of America Merchant Services

Attn: Shannon Moore

4151 EXECUTIVE PARKWAY

WESTERVILLE, OH 43081

   Master Card/Visa Discover

Sovereign Bank New England

Acct# 75860016783

iParty Retail Stores Corp.   

General Counsel’s Office

American Express Travel Related Services Company, Inc.

3 World Financial Center

200 Vesey Street

New York, NY 10285-4906

Attn.: Establishment Services Practice Group

   American Express

Sovereign Bank New England

Acct# 75860016791