Exhibit 10.48

 

EXECUTION COPY

 

AMENDMENT NO. 2

 

Dated as of January 14, 2015

 

to

 

CREDIT AGREEMENT

 

Dated as of May 30, 2013

 

THIS AMENDMENT NO. 2 (this “Amendment”) is made as of January 14, 2015 by and
among Littelfuse, Inc., a Delaware corporation (the “Borrower”), the financial
institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A.,
as Agent (the “Agent”), under that certain Credit Agreement dated as of May 31,
2013 by and among the Borrower, the Lenders and the Agent (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”).
Capitalized terms used herein and not otherwise defined herein shall have the
respective meanings given to them in the Credit Agreement.

 

WHEREAS, the Borrower has requested that the requisite Lenders and the Agent
agree to make certain modifications to the Credit Agreement;

 

WHEREAS, the Borrower, the Lenders party hereto and the Agent have so agreed on
the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and
conditions contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Borrower, the
Lenders party hereto and the Agent hereby agree to enter into this Amendment.

 

1.     Amendment to the Credit Agreement. Effective as of the date of
satisfaction of the conditions precedent set forth in Section 2 below, the
parties hereto agree that the Credit Agreement is hereby amended as follows:

 

(a)     Section 1.01 of the Credit Agreement is amended to add the following
definition thereto in the appropriate alphabetical order:

 

“Amendment No. 2 Effective Date” means January 14, 2015.

 

(b)     The definition of “Consolidated Funded Indebtedness” appearing in
Section 1.01 of the Credit Agreement is amended to insert a new sentence at the
end thereof as follows:

 

“Notwithstanding the foregoing, “Consolidated Funded Indebtedness” shall exclude
any Indebtedness with respect to that certain Loan Entrustment Agreement, dated
as of November 17, 2014, by and among Littelfuse Semiconductor (Wuxi) Co., Ltd.,
Bank of America, N.A., Shanghai Branch, and Suzhou Littelfuse Ovs Co., Ltd., as
amended, restated, supplemented or otherwise modified from time to time.”

 

 
 

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(c)     Section 3.01 of the Credit Agreement of the Credit Agreement is hereby
further amended to insert a new clause (i) therein immediately following clause
(h) thereof as follows:

 

“(i) Certain FATCA Matters. For purposes of determining withholding Taxes
imposed under FATCA, from and after the Amendment No. 2 Effective Date, the Loan
Parties and the Agent shall treat (and the Lenders hereby authorize the Agent to
treat) this Agreement and the Loans as not qualifying as “grandfathered
obligations” within the meaning of Treasury Regulation Section
1.1471-2(b)(2)(i).”

 

2.     Conditions of Effectiveness. The effectiveness of this Amendment is
subject to the conditions precedent that (i) the Agent shall have received
counterparts of this Amendment duly executed by the Borrower, the Required
Lenders and the Agent, (ii) the Agent shall have received counterparts of the
Consent and Reaffirmation attached as Exhibit A hereto duly executed by the
Guarantors and (iii) the Agent shall have received payment and/or reimbursement
of the Agent’s and its affiliates’ reasonable fees and expenses (including, to
the extent invoiced, reasonable fees and expenses of counsel for the Agent) in
connection with this Amendment.

 

3.     Representations and Warranties of the Borrower. The Borrower hereby
represents and warrants as follows:

 

(a)     This Amendment and the Credit Agreement as modified hereby constitute
legal, valid and binding obligations of the Borrower and are enforceable against
the Borrower in accordance with their terms, except as may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enhancement of creditors’ rights generally and by general
principles of equity.

 

(b)     As of the date hereof and after giving effect to the terms of this
Amendment, (i) no Default has occurred and is continuing and (ii) the
representations and warranties of the Borrower set forth in Article V of the
Credit Agreement (as amended hereby) or any other Loan Document are true and
correct in all material respects (or in all respects to the extent the
applicable representation and warranty is qualified by materiality or Material
Adverse Effect) (except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they are true and correct
as of such earlier date, and except that the representations and warranties
contained in subsections (a), (b) and (c) of Section 5.05 of the Credit
Agreement are deemed to refer to the most recent statements furnished pursuant
to clauses (a), (b) and (c), respectively, of Section 6.01 of the Credit
Agreement).

 

4.     Reference to and Effect on the Credit Agreement.

 

(a)     Upon the effectiveness hereof, each reference to the Credit Agreement in
the Credit Agreement or any other Loan Document shall mean and be a reference to
the Credit Agreement as amended hereby.

 

(b)     Each Loan Document and all other documents, instruments and agreements
executed and/or delivered in connection therewith shall remain in full force and
effect and are hereby ratified and confirmed.

 

(c)     Except with respect to the subject matter hereof, the execution,
delivery and effectiveness of this Amendment shall not operate as a waiver of
any right, power or remedy of the Agent or the Lenders, nor constitute a waiver
of any provision of the Credit Agreement, the Loan Documents or any other
documents, instruments and agreements executed and/or delivered in connection
therewith.

 

 
 

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(d)     This Amendment is a “Loan Document” under (and as defined in) the Credit
Agreement.

 

5.     Governing Law. and Amendment shall be construed in accordance with and
governed by the law of the State of New York.

 

6.     Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

 

7.     Counterparts. This Amendment may be executed by one or more of the
parties hereto on any number of separate counterparts, and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument. Signatures delivered by facsimile or PDF shall have the same force
and effect as manual signatures delivered in person.

 

[Signature Pages Follow]

 

 
 

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year
first above written.

 

 

 

LITTELFUSE, INC.,

 

 

as the Borrower

 

       

 

 

 

 

 

By:

/s/ Philip Franklin

 

 

Name: Philip Franklin

 

 

Title: Senior Vice President and Chief Financial Officer

 

 

Signature Page to Amendment No. 2 to

Credit Agreement dates as of May 30, 2013

Littelfuse, Inc.

 

 
 

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JPMORGAN CHASE BANK, N.A.,

 

 

individually as a Lender, as the Swing Line Lender, as the L/C Issuer and as
Agent

 

       

 

 

 

 

 

By:

/s/ Suzanne Ergastolo

 

 

Name: Suzanne Ergastolo

 

 

Title: Vice President

 

 

Signature Page to Amendment No. 2 to

Credit Agreement dates as of May 30, 2013

Littelfuse, Inc 

 

 
 

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BANK OF AMERICA, N.A.,

 

 

as a Lender

 

       

 

 

 

 

 

By:

/s/ Carlos Morales

 

 

Name: Carlos Morales

 

 

Title: SVP

 

 

 

Signature Page to Amendment No. 2 to

Credit Agreement dates as of May 30, 2013

Littelfuse, Inc

 

 
 

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WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

 

as a Lender

 

       

 

 

 

 

 

By:

/s/ Edmund H Lester

 

 

Name: Edmund H Lester

 

 

Title: Senior Vice President

 

 

Signature Page to Amendment No. 2 to

Credit Agreement dates as of May 30, 2013

Littelfuse, Inc

 

 
 

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PNC BANK, NATIONAL ASSOCIATION,

 

 

as a Lender

 

       

 

 

 

 

 

By:

/s/ Kristin L. Lenda

 

 

Name: Kristin L. Lenda

 

 

Title: Senior Vice President

 

 

 

Signature Page to Amendment No. 2 to

Credit Agreement dates as of May 30, 2013

Littelfuse, Inc

 

 
 

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THE NORTHERN TRUST COMPANY,

 

 

as a Lender

 

       

 

 

 

 

 

By:

/s/ Murtuza Ziauddin

 

 

Name: Murtuza Ziauddin

 

 

Title: Vice President

 

 

Signature Page to Amendment No. 2 to

Credit Agreement dates as of May 30, 2013

Littelfuse, Inc

 

 
 

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BMO HARRIS BANK N.A.,

 

 

as a Lender

 

       

 

 

 

 

 

By:

/s/ Edward McGuire

 

 

Name: Edward McGuire

 

 

Title: Managing Director

 

 

Signature Page to Amendment No. 2 to

Credit Agreement dates as of May 30, 2013

Littelfuse, Inc

 

 
 

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BRANCH BANKING & TRUST COMPANY,

 

 

as a Lender

 

       

 

 

 

 

 

By:

/s/ John P. Malloy

 

 

Name: John P. Malloy

 

 

Title: Senior Vice President

 

 

Signature Page to Amendment No. 2 to

Credit Agreement dates as of May 30, 2013

Littelfuse, Inc

 

 
 

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EXHIBIT A

 

 

Consent and Reaffirmation

 

 

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing
Amendment No. 2 to Credit Agreement with respect to that certain Credit
Agreement dated as of May 31, 2013 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”) by
and among Littelfuse, Inc., a Delaware corporation (the “Borrower”), the Lenders
and JPMorgan Chase Bank, N.A., as Agent (the “Agent”), which Amendment No. 2 to
Credit Agreement is dated as of January 14, 2015 and is by and among the
Borrower, the financial institutions listed on the signature pages thereof and
the Agent (the “Amendment”). Capitalized terms used in this Consent and
Reaffirmation and not defined herein shall have the meanings given to them in
the Credit Agreement. Without in any way establishing a course of dealing by the
Agent or any Lender, each of the undersigned consents to the Amendment and
reaffirms the terms and conditions of the Guaranty and any other Loan Document
executed by it and acknowledges and agrees that the Guaranty and each and every
such Loan Document executed by the undersigned in connection with the Credit
Agreement remains in full force and effect and is hereby reaffirmed, ratified
and confirmed. All references to the Credit Agreement contained in the
above-referenced documents shall be a reference to the Credit Agreement as so
modified by the Amendment and as the same may from time to time hereafter be
amended, modified or restated.

 

 

Dated: January 14, 2015

[Signature Page Follows]

 

 
 

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IN WITNESS WHEREOF, this Consent and Reaffirmation has been duly executed as of
the day and year above written.

 

 

COLE HERSEE COMPANY

 

 

By: /s/ Philip Franklin

Name: Philip Franklin

Title: Director

 

 

 

SYMCOM, INC.

 

 

By: /s/ Philip Franklin

Name: Philip Franklin

Title: Director

 

 

 

SSAC, LLC

 

 

By: /s/ Philip Franklin 

Name: Philip Franklin

Title: Manager

 

 

 

SC BUILDING, LLC

 

 

By: /s/ Philip Franklin

Name: Philip Franklin

Title: Manager

 

 

 

LFUS, LLC

 

 

By: /s/ Philip Franklin

Name: Philip Franklin

Title: Manager

 

 

 

HAMLIN, INCORPORATED

 

 

By: /s/ Philip Franklin

Name: Philip Franklin

Title: Director

 

Signature Page to Consent and Reaffirmation to Amendment No. 2 to

Credit Agreement dates as of May 30, 2013

Littelfuse, Inc.