EXHIBIT 10.20
EXECUTION VERSION
AMENDMENT NO. 1 dated as of June 28, 2019 (this “Agreement”), to the Credit
Agreement dated as of March 25, 2016, as amended by Consent to Credit Agreement
dated as of July 19, 2018 (as so amended, the “Existing Credit Agreement”),
among GOPRO, INC., a Delaware corporation (the “Company”), GOPRO COÖPERATIEF
U.A., a Dutch cooperative with excluded liability, having its statutory seat in
Amsterdam, the Netherlands, and registered with the trade register in the
Netherlands under number 61391743 (the “Dutch Borrower” and, together with the
Company, the “Borrowers”), the LENDERS party thereto and JPMORGAN CHASE BANK,
N.A., as Administrative Agent.
WHEREAS, the Borrowers have requested that the Existing Credit Agreement be
amended as set forth herein; and
WHEREAS, the Lenders party hereto and the Administrative Agent are willing,
subject to the terms and conditions set forth below, to amend the Existing
Credit Agreement on the terms set forth herein (the Existing Credit Agreement,
as so amended, is referred to as the “Amended Credit Agreement”).
NOW, THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:
SECTION 1. Defined Terms. Capitalized terms used and not otherwise defined
herein (including in the preliminary statements hereto) have the meanings
assigned to them in the Amended Credit Agreement.
SECTION 2. Amendments to the Existing Credit Agreement.
(a) Effective as of the Amendment Effective Date (as defined below), the
Existing Credit Agreement is hereby amended by inserting the language indicated
in single underlined text (indicated textually in the same manner as the
following example: single-underlined text) in Exhibit A hereto and by deleting
the language indicated by strikethrough text (indicated textually in the same
manner as the following example: stricken text) in Exhibit A hereto.
(b) Effective as of the Amendment Effective Date, Exhibit B to the Existing
Credit Agreement (Form of Borrowing Base Certificate) is hereby amended and
restated to be in the form attached as Exhibit B hereto.
SECTION 3. Representations and Warranties. Each of the Borrowers represents and
warrants to the other parties hereto that:
(a) This Agreement has been duly executed and delivered by each of the Borrowers
and constitutes a legal, valid and binding obligation of each of the Borrowers,
enforceable in accordance with its terms, subject to applicable

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2
bankruptcy, insolvency, reorganization, moratorium, winding-up or other laws
affecting creditors’ rights generally and to general principles of equity,
regardless of whether considered in a proceeding in equity or at law.
(b) On and as of the Amendment Effective Date, (i) the representations and
warranties of each of the Borrowers set forth in the Amended Credit Agreement
are true and correct and (ii) no Default has occurred and is continuing.
SECTION 4. Effectiveness of this Agreement. This Agreement and the amendment of
the Existing Credit Agreement as set forth in Section 2 hereof shall become
effective as of the first date (the “Amendment Effective Date”) on which each of
the following conditions shall have been satisfied:
(a) Executed Counterparts. The Administrative Agent shall have received from the
Company, the Dutch Borrower, Lenders constituting the Supermajority Lenders and
the Administrative Agent either (i) a counterpart of this Agreement signed on
behalf of such party or (ii) written evidence satisfactory to the Administrative
Agent (which may include fax or electronic transmission of a signed signature
page of this Agreement) that such party has signed a counterpart of this
Agreement.
(b) Officer’s Certificate. The Administrative Agent shall have received a
certificate, dated the Amendment Effective Date and signed by the chief
executive officer or the chief financial officer of the Company, confirming
that, on and as of the Amendment Effective Date, the representations and
warranties of the Borrower set forth in Section 3 above are true and correct.
(c) Reimbursement of Expenses. The Administrative Agent shall have received, in
immediately available funds, all expense reimbursement, including the reasonable
fees and expenses of counsel for the Administrative Agent, required to be paid
or reimbursed by the Company or the Dutch Borrower under the Amended Credit
Agreement.
The Administrative Agent shall promptly notify, in writing, the Borrowers and
the Lenders of the Amendment Effective Date, and such notice shall be conclusive
and binding.
SECTION 5. Effect of Amendment; No Novation. (a) Except as expressly set forth
herein, this Agreement shall not by implication or otherwise limit, impair,
constitute a waiver of, or otherwise affect the rights and remedies of the
Administrative Agent, the Lenders or the Issuing Banks under the Existing Credit
Agreement and shall not alter, modify, amend or in any way affect any of the
terms, conditions, obligations, covenants or agreements contained in the
Existing Credit Agreement, all of which shall continue in full force and effect
in accordance with the provisions thereof. Nothing herein shall be deemed to
entitle the Company or the Dutch Borrower on any other occasion to a consent to,
or a waiver, amendment, modification or other change of, any of the terms,
conditions, obligations, covenants or agreements

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3
contained in the Amended Credit Agreement or any other Loan Document in similar
or different circumstances.
(b) On and after the Amendment Effective Date, each reference in the Existing
Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words
of like import, as used in the Existing Credit Agreement, shall refer to the
Existing Credit Agreement as amended hereby, and the term “Credit Agreement”, as
used in any other Loan Document, shall mean the Existing Credit Agreement as
amended hereby. This Agreement shall constitute a “Loan Document” for all
purposes of the Amended Credit Agreement and the other Loan Documents.
(c) Neither this Agreement nor the effectiveness of the amendments to the
Existing Credit Agreement effected hereby shall extinguish the obligations for
the payment of money outstanding under the Existing Credit Agreement. Nothing
herein contained shall be construed as a substitution or novation of any of the
obligations outstanding under the Existing Credit Agreement, which shall remain
in full force and effect, except as modified hereby. Nothing expressed or
implied in this Agreement or the Amended Credit Agreement shall be construed as
a release or other discharge of the Company, the Dutch Borrower or any other
Loan Party under the Existing Credit Agreement or any other Loan Document from
any of its obligations and liabilities thereunder, as amended hereby.
SECTION 6. Counterparts. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract. Delivery of an executed counterpart of a signature page of this
Agreement by fax, emailed pdf. or any other electronic means that reproduces an
image of the actual executed signature page shall be effective as delivery of a
manually executed counterpart of this Agreement.
SECTION 7. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the law of the State of New York.
SECTION 8. Incorporation by Reference. Sections 9.05, 9.09(b), 9.09(c), 9.09(d),
9.10 and 9.11 of the Existing Credit Agreement are hereby incorporated by
reference herein, mutatis mutandis.

[The remainder of this page intentionally left blank.]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered by their respective authorized officers as of the day and
year first above written.
GOPRO, INC.,
by
 
 
/s/ Brian Timothy McGee
 
Name: Brian Timothy McGee
 
Title: Executive Vice President,
           Chief Financial Officer

GOPRO COÖPERATIEF U.A.,
by
 
/s/ Brian Timothy McGee
 
Name: Brian Timothy McGee
 
Title: Executive Vice President,
           Chief Financial Officer

[Signature Page to Amendment No. 1 relating to the Credit Agreement of GoPro,
Inc.]

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JPMORGAN CHASE BANK, N.A., individually and as the Administrative Agent,
by
 
 
/s/ Anna Kostenko
 
Name: Anna Kostenko
 
Title: Vice President

 

[Signature Page to Amendment No. 1 relating to the Credit Agreement of GoPro,
Inc.]

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SIGNATURE PAGE TO
AMENDMENT NO. 1 RELATING TO
THE CREDIT AGREEMENT OF
GOPRO, INC.

Wells Fargo Bank, National Association:
by
 
 
/s/ Moses Harris
 
Name: Moses Harris
 
Title: Authorized Signatory

Wells Fargo Bank, National Association,
London Branch
by
 
 
 
 
Name: Patricia Del Busto
 
Title: Authorized Signatory

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SIGNATURE PAGE TO
AMENDMENT NO. 1 RELATING TO
THE CREDIT AGREEMENT OF
GOPRO, INC.

Name of Institution: WELLS FARGO BANK
N.A., LONDON BRANCH
by
 
 
/s/ Patricia Del Busto
 
Name: PATRICIA DEL BUSTO
 
Title: AUTHORIZED SIGNATORY

For any Lender requiring a second
signature block:
by
 
 
Name:
 
Title:

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SIGNATURE PAGE TO
AMENDMENT NO. 1 RELATING TO
THE CREDIT AGREEMENT OF
GOPRO, INC.

Name of Institution: BARCLAYS BANK PLC
by
 
 
/s/ May Huang
 
Name: May Huang
 
Title: Assistant Vice President

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SIGNATURE PAGE TO
AMENDMENT NO. 1 RELATING TO
THE CREDIT AGREEMENT OF
GOPRO, INC.

Name of Institution: Citibank, N.A.
by
 
 
/s/ David L. Smith
 
Name: David L. Smith
 
Title: Vice President and Director

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SIGNATURE PAGE TO
AMENDMENT NO. 1 RELATING TO
THE CREDIT AGREEMENT OF
GOPRO, INC.

Name of Institution: Morgan Stanley Senior Funding, Inc.
by
 
 
/s/ Justin Burton
 
Name: Justin Burton
 
Title: Vice President

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SIGNATURE PAGE TO
AMENDMENT NO. 1 RELATING TO
THE CREDIT AGREEMENT OF
GOPRO, INC.

Name of Institution: SILICON VALLEY BANK
by
 
 
/s/ Kyle Larrabee
 
Name: Kyle Larrabee
 
Title: Vice President

For any Lender requiring a second
signature block:
by
 
 
 
 
Name:
 
Title:

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EXHIBIT A
ADDED TEXT SHOWN UNDERSCORED
DELETED TEXT SHOWN STRIKETHROUGH

=========================================================================================

CREDIT AGREEMENT

dated as of

March 25, 2016,

among

GOPRO, INC.,
GOPRO COÖPERATIEF U.A.,

The LENDERS Party Hereto

and

JPMORGAN CHASE BANK, N.A.,
as Administrative Agent

___________________________

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Syndication Agent

BARCLAYS BANK PLC,
as Documentation Agent

JPMORGAN CHASE BANK, N.A.
and
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Joint Lead Arrangers and Joint Bookrunners

==========================================================================
[CS&M C/M 6702-199]

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TABLE OF CONTENTS
 
 
 
Page
 
 
 
 
ARTICLE I
 
 
 
 
 
Definitions
 
 
 
 
SECTION 1.01.
Defined Terms
...............................................................................................
6

SECTION 1.02.
Classification of Loans and Borrowings
.......................................................
69

SECTION 1.03.
Terms Generally
............................................................................................
69

SECTION 1.04.
Accounting Terms; GAAP; Pro Forma Calculations
....................................
70

SECTION 1.05.
Currency Translation
.....................................................................................
71

SECTION 1.06.
Senior Indebtedness
.......................................................................................
7172

 
 
 
 
ARTICLE II
 
 
 
 
 
The Credits
 
 
 
 
SECTION 2.01.
Commitments
................................................................................................
72

SECTION 2.02.
Loans and Borrowings
..................................................................................
7273

SECTION 2.03.
Requests for Borrowings
...............................................................................
73

SECTION 2.04.
Protective Advances
......................................................................................
74

SECTION 2.05.
Letters of Credit
............................................................................................
7576

SECTION 2.06.
Funding of Borrowings
.................................................................................
83

SECTION 2.07.
Interest Elections
...........................................................................................
84

SECTION 2.08.
Termination and Reduction of Commitments
...............................................
85

SECTION 2.09.
Repayment of Loans; Evidence of Debt; Cash Dominion Period .................
86

SECTION 2.10.
Prepayment of Loans
.....................................................................................
88

SECTION 2.11.
Fees
................................................................................................................
89

SECTION 2.12.
Interest
...........................................................................................................
90

SECTION 2.13.
Alternate Rate of Interest
..............................................................................
91

i

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SECTION 2.14.
Increased Costs
.............................................................................................
91

SECTION 2.15.
Break Funding Payments
..............................................................................
9293

SECTION 2.16.
Taxes
.............................................................................................................
93

SECTION 2.17.
Payments Generally; Pro Rata Treatment; Sharing of Setoffs
......................
9798

SECTION 2.18.
Mitigation Obligations; Replacement of Lenders
.........................................
100101

SECTION 2.19.
Defaulting Lenders
........................................................................................
101102

SECTION 2.20.
Incremental Commitments
............................................................................
103104

SECTION 2.21.
Secured Cash Management Services Obligations and Secured
 
 
Hedging Obligations
.....................................................................................
106

SECTION 2.22.
Dutch Borrower Agent
..................................................................................
106

 
 
 
 
ARTICLE III
 
 
 
 
 
Representations and Warranties
 
 
 
 
SECTION 3.01.
Organization; Powers
....................................................................................
107

SECTION 3.02.
Authorization; Enforceability
........................................................................
107108

SECTION 3.03.
Governmental Approvals; Absence of Conflicts
...........................................
108

SECTION 3.04.
Financial Condition; No Material Adverse Change
......................................
108

SECTION 3.05.
Properties
.......................................................................................................
109

SECTION 3.06.
Litigation and Environmental Matters
..........................................................
109

SECTION 3.07.
Compliance with Laws and Agreements
.......................................................
109110

SECTION 3.08.
Investment Company Status
..........................................................................
110

SECTION 3.09.
Taxes
..............................................................................................................
110

SECTION 3.10.
ERISA
...........................................................................................................
110

SECTION 3.11.
Subsidiaries and Joint Ventures; Disqualified Equity Interests
.....................
110

SECTION 3.12.
Insurance
.......................................................................................................
111

SECTION 3.13.
Solvency
........................................................................................................
111

ii

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SECTION 3.14.
Disclosure
.....................................................................................................
111

SECTION 3.15.
Inventory Vendor Purchase Agreements; Intercompany
 
 
Inventory Title Transfer Agreements
.............................................................
112

SECTION 3.16.
Collateral Matters
..........................................................................................
112

SECTION 3.17.
Federal Reserve Regulations
.........................................................................
113

SECTION 3.18.
Anti-Corruption Laws and Sanctions
............................................................
113

SECTION 3.19.
Choice of Law Provisions
.............................................................................
113

SECTION 3.20.
No Immunity
.................................................................................................
114

SECTION 3.21.
Proper Form; No Recordation
.......................................................................
114

SECTION 3.22.
Ranking of Obligations
.................................................................................
115

SECTION 3.23.
Centre of Main Interest
.................................................................................
115

 
 
 
 
ARTICLE IV
 
 
 
 
 
Conditions
 
 
 
 
SECTION 4.01.
Effective Date
................................................................................................
115

SECTION 4.02.
Each Credit Event
..........................................................................................
117

 
 
 
 
ARTICLE V
 
 
 
 
 
Affirmative Covenants
 
 
 
 
SECTION 5.01.
Financial Statements and Other Information
................................................
118

SECTION 5.02.
Notices of Material Events
............................................................................
122

SECTION 5.03.
Additional Subsidiaries
.................................................................................
123

SECTION 5.04.
Information Regarding Loan Parties
.............................................................
123

SECTION 5.05.
Existence; Conduct of Business
....................................................................
124

SECTION 5.06.
Payment of Taxes
..........................................................................................
124

SECTION 5.07.
Maintenance of Properties
.............................................................................
124

SECTION 5.08.
Insurance
.......................................................................................................
124125

iii

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SECTION 5.09.
Books and Records; Inspection and Audit Rights; Field
 
 
    Examinations and Appraisals
....................................................................
125

SECTION 5.10.
Compliance with Laws
..................................................................................
126

SECTION 5.11.
Location of Inventory
....................................................................................
126

SECTION 5.12.
Deposit Accounts
...........................................................................................
127

SECTION 5.13.
Use of Proceeds and Letters of Credit
...........................................................
129

SECTION 5.14.
Further Assurances
........................................................................................
129

SECTION 5.15.
Post-Closing Matters
.....................................................................................
129130

 
 
 
 
ARTICLE VI
 
 
 
 
 
Negative Covenants
 
 
 
 
SECTION 6.01.
Indebtedness
..................................................................................................
130

SECTION 6.02.
Liens
..............................................................................................................
132

SECTION 6.03.
Fundamental Changes; Business Activities
...................................................
135

SECTION 6.04.
Investments, Loans, Advances, Guarantees and Acquisitions ......................
135136

SECTION 6.05.
Asset Sales
.....................................................................................................
138

SECTION 6.06.
Sale/Leaseback Transactions
.........................................................................
140

SECTION 6.07.
Hedging Agreements
.....................................................................................
141

SECTION 6.08.
Restricted Payments; Certain Payments of Indebtedness
.............................
141

SECTION 6.09.
Transactions with Affiliates
...........................................................................
143

SECTION 6.10.
Restrictive Agreements
.................................................................................
143144

SECTION 6.11.
Amendment of Organizational Documents
...................................................
145

SECTION 6.12.
Financial Covenant
........................................................................................
145

SECTION 6.13.
Fiscal Year
.....................................................................................................
145

iv

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ARTICLE VII
 
 
 
 
 
Events of Default
 
 
 
 
 
ARTICLE VIII
 
 
 
 
 
The Administrative Agent
 
 
 
 
 
ARTICLE IX
 
 
 
 
 
Miscellaneous
 
 
 
 
SECTION 9.01.
Notices
...........................................................................................................
155

SECTION 9.02.
Waivers; Amendments
...................................................................................
157

SECTION 9.03.
Expenses; Indemnity; Damage Waiver
.........................................................
160

SECTION 9.04.
Successors and Assigns
.................................................................................
162

SECTION 9.05.
Survival
.........................................................................................................
166167

SECTION 9.06.
Counterparts; Integration; Effectiveness; Electronic Execution
...................
167

SECTION 9.07.
Severability
....................................................................................................
167168

SECTION 9.08.
Right of Setoff
...............................................................................................
168

SECTION 9.09.
Governing Law; Jurisdiction; Consent to Service of Process
.......................
168169

SECTION 9.10.
WAIVER OF JURY TRIAL
..........................................................................
169170

SECTION 9.11.
Headings
........................................................................................................
170

SECTION 9.12.
Confidentiality
...............................................................................................
170

SECTION 9.13.
Interest Rate Limitation
.................................................................................
171

SECTION 9.14.
Release of Liens and Guarantees
..................................................................
171

SECTION 9.15.
USA PATRIOT Act Notice
............................................................................
172

SECTION 9.16.
No Fiduciary Relationship
............................................................................
172

SECTION 9.17.
Non-Public Information
................................................................................
172173

SECTION 9.18.
Judgment Currency
.......................................................................................
173

SECTION 9.19.
Excluded Swap Obligations
..........................................................................
173174

v

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32
partially paid and any Loan Party created a new receivable for the unpaid
portion of such Accounts;
(n) Accounts representing credit card sales, cash on delivery sales and cash
deposit sales;
(o) Accounts that are payable in any currency other than (i) in the case of any
U.S. Loan Party, U.S. dollars or Canadian dollars and (ii) in the case of the
Dutch Borrower, U.S. dollars, Australian dollars, Euros, Pounds Sterling and
Swiss Francs; provided that if an Account is owed in any currency other than
U.S. dollars and a Loan Party has recorded a foreign exchange revaluation
accrual with respect to such Account, then an amount equal to such foreign
exchange revaluation accrual shall be ineligible;
(p) Accounts that are not subject to a valid and perfected first priority Lien
in favor of the Administrative Agent, or that are subject to any Lien other than
a Lien in favor of the Administrative Agent (other than any Permitted
Encumbrance that does not have priority over the Lien in favor of the
Administrative Agent);
(q) (i) Accounts that have not been invoiced to the applicable Account Debtor,
(ii) Accounts that have been invoiced more than once (other than pursuant to a
Credit/Rebill Transaction) and (iii) except as otherwise determined by each of
the Administrative Agent and the Co-Agent in its Permitted Credit Judgment, that
portion of Accounts which has been restructured, extended or, other than
pursuant to a Credit/Rebill Transaction, amended or otherwise modified;
(r) Accounts that (i) consist of progress billings or are otherwise contingent
upon any Loan Party’s completion of any further performance, (ii) consist of
retainage invoices or (iii) are subject to any security, deposit, prepayment or
similar advance made by or for the benefit of the applicable Account Debtor (but
only to the extent thereof);
(s) Accounts that (i) do not arise from the sale of Goods or performance of
services in the ordinary course of business or (ii) relate to payments of
interest;
(t) Accounts where the Goods giving rise to such Account have not been delivered
to (or have been delivered but title has not passed (FOB destination)), or
accepted by, the applicable Account Debtor or for which the services giving rise
to such Account have not been performed by the applicable Loan Party and
accepted by the applicable Account Debtor, or such Accounts otherwise do not
represent a final sale by the applicable Loan Party in the ordinary course of
business;
(u) Accounts that represents a sale on a bill-and-hold, guaranteed sale,
sale-and-return, sale on approval, consignment or any other repurchase or return
basis;

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33
(v) Accounts that are evidenced by any promissory note, chattel paper, bill of
exchange or instrument;
(w) Accounts with respect to which any covenant, representation or warranty
contained in this Agreement or in any Security Document has been breached or is
not true;
(x) Accounts that do not comply in all material respects with the requirements
of all applicable laws, including the Federal Consumer Credit Protection Act,
the Federal Truth in Lending Act and Regulation Z of the Board of Governors;
(y) Accounts for Goods that have been sold under a purchase order or pursuant to
the terms of a contract or other agreement or understanding (written or oral)
that indicates or purports that any Person other than the applicable Loan Party
has an ownership interest in such Goods, or which indicates any party other than
the applicable Loan Party as payee or remittance party;
(z) Accounts as to which the contract or agreement underlying such Account is
governed by (or, if no law is expressed therein, is deemed to be governed by)
the laws of any jurisdiction other than (i) in the case of any U.S. Loan Party,
the United States of America or Canada and (ii) in the case of the Dutch
Borrower, any Eligible Accounts Jurisdiction;
(aa) in the case of the Dutch Borrower, any Account that is subject to any
limitation on assignment (whether arising by operation of law, by agreement or
otherwise) that would, under the laws of the jurisdiction governing (or, if no
law is expressed therein, deemed to be governing) the contract or agreement
underlying such Account have the effect of restricting the assignment of such
Account for or by way of security or the creation of a Lien thereon, in each
case unless (i) prior to the relevant date of determination, written notice of
the existence of such limitation shall have been provided by the Company to each
of the Administrative Agent and the Co-Agent and (ii) each of the Administrative
Agent and the Co-Agent has determined in its Permitted Credit Judgment that such
limitation is not enforceable;
(bb) any Account that is subject to extended retention of title arrangements
with respect to any part of the Goods giving rise to such Account or any similar
arrangements under any applicable law to the extent of a claim that validly
survives under applicable law or contract and can effectively be enforced
pursuant to such extended title retention or similar arrangements;
(cc) Accounts owing by Best Buy or any of its Affiliates unless the Best Buy
Factoring Facility has been terminated and each of the Administrative Agent and
the Co-Agent shall have received reasonably satisfactory evidence thereof; and

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34
(dd) Accounts that were acquired by the Company or any Subsidiary in (or are
owned by any U.S. Loan Party that became a Subsidiary as a result of) any
Acquisition consummated after the Effective Date, unless a field examination
thereof has been conducted pursuant to Section 5.09(b) (which field examination
may be conducted prior to the closing of such Acquisition, with the
Administrative Agent agreeing that, reasonably promptly upon request of the
Company (and subject to reasonable cooperation by the Company and the
Subsidiaries and the relevant sellers), the Administrative Agent shall commence
or cause to be commenced such field examination); provided that Accounts shall
not be made ineligible under this clause (dd) so long as the increase in the
Aggregate Borrowing Base in effect at any time attributable to such Accounts (to
the extent otherwise constituting Eligible Accounts) and to any Inventory that
is not treated as ineligible in reliance on the proviso in clause (t) of the
definition of “Eligible Inventory” (to the extent otherwise constituting
Eligible Inventory or Eligible In-Transit Inventory) would not exceed 10% of the
Aggregate Borrowing Base that would have been in effect at such time had the
ineligibility criteria set forth in this clause (dd) applied to such Accounts
and the ineligibility criteria set forth in such clause (t) applied to such
Inventory; provided further that the Company shall have given prior written
notice to each of the Administrative Agent and the Co-Agent of its reliance on
the foregoing proviso, together with a reasonably detailed calculation of the
compliance therewith.
In determining the amount of an Eligible Account, the face amount of an Account
shall be reduced by, without duplication (including as to any such accrued items
that are determined by the Administrative Agent to instead be reflected in the
Dilution Ratio), to the extent not reflected in such face amount, (i) the amount
of all accrued and actual discounts, warranty claims, rebates, returns, credits
or credits pending, promotional program allowances, price adjustments, finance
charges, service charges or other allowances (including any amount that any U.S.
Loan Party or the Dutch Borrower may be obligated to rebate to an Account Debtor
pursuant to the terms of any agreement or understanding (written or oral)), (ii)
the amount of all sales taxes, excise taxes and VAT payable by any U.S. Loan
Party or the Dutch Borrower and (iii) the aggregate amount of all cash received
in respect of such Account but not yet applied by the applicable Loan Party to
reduce the amount of such Account.
“Eligible Accounts Jurisdiction” means (a) with respect to the U.S. Loan
Parties, the United States of America and Canada and (b) with respect to the
Dutch Borrower, any of Australia, Austria, Belgium, Canada, Denmark, England and
Wales, Finland, France, Germany, Ireland, Italy, Luxembourg, The Netherlands,
Norway, Portugal, Spain, Sweden, Switzerland and the United States of America.
“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an
Approved Fund and (d) any other Person, other than, in each case, a natural
person or the Company, any Subsidiary or any other Affiliate of the Company.
“Eligible In-Transit Inventory” means, on any date, any In-Transit Inventory of
any U.S. Loan Party or the Dutch Borrower that on such date would

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54
Inventory of the Dutch Borrower, in each case, valued at the lower of cost or
market value (with cost determined without regard to intercompany profit),
determined on a first-in-first-out basis, at such time; minus
(c) Reserves;
provided that, notwithstanding the foregoing:
(i) the portion of the Non-U.S. Borrowing Base attributable to Hong Kong
Inventory may not exceed at any time the difference at such time between (x) 25%
of the Aggregate Borrowing Base (determined prior to giving effect to any
Reserves other than the Dilution Reserve) at such time and (y) the aggregate
amount of Hong Kong Inventory included in the U.S. Borrowing Base at such time;
and
(ii) the portion of the Non-U.S. Borrowing Base attributable to Eligible
In-Transit Inventory may not exceed at any time the difference at such time
between (x) 10% of the Aggregate Borrowing Base (determined prior to giving
effect to any Reserves other than the Dilution Reserve) at such time and (y) the
aggregate amount of Eligible In-Transit Inventory included in the U.S. Borrowing
Base at such time;
(iii) the portion of the Non-U.S. Borrowing Base attributable to New Inventory
may not exceed at any time the difference at such time between (x) 10% of the
Aggregate Borrowing Base (determined prior to giving effect to any Reserves
other than the Dilution Reserve) at such time and (y) the aggregate amount of
New Inventory included in the U.S. Borrowing Base at such time; and
(iv) the sum of (x) the Non-U.S. Borrowing Base and (y) the portion of the U.S.
Borrowing Base attributable to the Specified Foreign Eligible Accounts may not
exceed at any time 45% of the Aggregate Borrowing Base (determined prior to
giving effect to any Reserves other than the Dilution Reserve) at such time.
The Administrative Agent may establish and modify, and the Co-Agent may request
in writing the establishment or an increase of, Reserves in respect of the
Non-U.S. Borrowing Base, in each case in its Permitted Credit Judgment, and any
newly-established or modified Reserves shall become effective on the third
Business Day after delivery of notice thereof to the Administrative Agent (if
any such change is requested in writing by the Co-Agent), the Company and the
Lenders; provided, however, that (a) a Reserve shall not be established to the
extent it is duplicative of any other Reserve or items that are otherwise
excluded through eligibility criteria and (b) the amount of any Reserve shall
have a reasonable relationship (as determined by the Administrative Agent or the
Co-Agent, in each case in its Permitted Credit Judgment) to the circumstance,
event, condition, contingencies or other matter that is the basis therefor. A
Reserve established by the Administrative Agent (including at the request in
writing of the Co-Agent) with respect to any circumstance, event, condition,
contingency or other

--------------------------------------------------------------------------------

                                            

67
amount of Investments set forth in any such Section) or any Permitted
Acquisition, the greater of (x) US$31,250,000 and (y) 12.5% of the lesser of the
Aggregate Commitment then in effect and the Aggregate Borrowing Base then in
effect and (II) in the case of any other transaction, the greater of (x)
US$37,500,000 and (y) 15% of the lesser of the Aggregate Commitment then in
effect and the Aggregate Borrowing Base then in effect and (B) the Fixed Charge
Coverage Ratio for the period of four consecutive fiscal quarters of the Company
most recently ended prior to such date for which financial statements have been
delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the first such
delivery, ended on December 31, 2015) is at least 1.00 to 1.00 or (ii) after
giving pro forma effect thereto, the Excess Availability as of the date of
consummation of such transaction and at all times during the period of six
months preceding such date shall not be less than (I) in the case of any
Investment that would be permitted under Section 6.04(c), 6.04(d) or 6.04(e)
(disregarding any limitation on the amount of Investments set forth in any such
Section) or any Permitted Acquisition, the greater of (x) US$43,750,000 and (y)
17.5% of the lesser of the Aggregate Commitment then in effect and the Aggregate
Borrowing Base then in effect and (II) in the case of any other transaction, the
greater of (x) US$50,000,000 and (y) 20% of the lesser of the Aggregate
Commitment then in effect and the Aggregate Borrowing Base then in effect and
(c) solely in the case of any such transaction (or a series of related
transactions) involving consideration (whether in the form of cash, assumption
of liabilities or other consideration, but excluding any portion thereof in the
form of Qualified Equity Interests in the Company) or payment amounts in excess
of US$25,000,000, the Company shall have delivered to the Administrative Agent a
certificate of a Financial Officer of the Company certifying that the
requirements set forth in this definition with respect to such transaction have
been satisfied, together with a reasonably detailed calculation in support of
the satisfaction of the requirements referred to in clause (b).

“Specified Foreign Eligible Account” means any Eligible Account of any U.S. Loan
Party (a) with respect to which the Account Debtor is organized or maintains its
chief executive office in a jurisdiction other than the United States of America
or Canada, (b) payable in any currency other than U.S. dollars or Canadian
dollars or (c) as to which the contract or agreement underlying such Account is
governed by (or, if no law is expressed therein, is deemed to be governed by)
laws other than the laws of the United States of America or Canada.

“Specified Period” means, for each calendar year, the period during such year
commencing on July 1 of such year and ending on December 31 of such year.

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number
one minus the aggregate of the maximum reserve percentages (including any
marginal, special, emergency or supplemental reserves), expressed as a decimal,
established by the Board of Governors to which the Administrative Agent is
subject for eurocurrency funding (currently referred to as “Eurocurrency
Liabilities” in Regulation D of the Board of Governors). Such reserve
percentages shall include those imposed pursuant to such Regulation D.
Eurocurrency Loans shall be deemed to constitute eurocurrency funding and to be
subject to such reserve requirements without benefit of or credit for proration,

--------------------------------------------------------------------------------

                                            

69
“U.S. Borrowing Base” means, at any time, an amount expressed in U.S. dollars
equal to the sum, without duplication, of:

(a) the product of (i) 85% multiplied by (ii) (A) the Eligible Accounts of the
U.S. Loan Parties at such time minus (B) the Dilution Reserve with respect to
the U.S. Loan Parties; plus

(b) the lesser of (i) the product of (A) 70% multiplied by (B) the Eligible
Inventory and the Eligible In-Transit Inventory of the U.S. Loan Parties, in
each case valued at the lower of cost or market value (with cost determined
without regard to intercompany profit), determined on a first-in-first-out
basis, at such time and (ii) the product of (x) in the case of any New
Inventory, 75% and (y) in the case of all other Inventory, 85% (or during any
Specified Period, 90%) multiplied by the Net Orderly Liquidation Value
percentage or percentages identified in the most recent Inventory appraisal
report received by the Administrative Agent pursuant hereto with respect to the
Inventory of the U.S. Loan Parties multiplied by the Eligible Inventory and the
Eligible In-Transit Inventory of the U.S. Loan Parties, in each case, valued at
the lower of cost or market value (with cost determined without regard to
intercompany profit), determined on a first-in-first-out basis, at such time;
minus

(c) Reserves;

provided that, notwithstanding the foregoing:

(i) the portion of the U.S. Borrowing Base attributable to Hong Kong Inventory
may not exceed at any time 25% of the Aggregate Borrowing Base (determined prior
to giving effect to any Reserves other than the Dilution Reserve) at such time;

(ii) the portion of the U.S. Borrowing Base attributable to Eligible In-Transit
Inventory may not exceed at any time 10% of the Aggregate Borrowing Base
(determined prior to giving effect to any Reserves other than the Dilution
Reserve) at such time; and

(iii) the portion of the U.S. Borrowing Base attributable to New Inventory may
not exceed at any time 10% of the Aggregate Borrowing Base (determined prior to
giving effect to any Reserves other than the Dilution Reserve) at such time; and

(iv) the sum of (x) the Non-U.S. Borrowing Base and (y) the portion of the U.S.
Borrowing Base attributable to the Specified Foreign Eligible Accounts may not
exceed at any time 45% of the Aggregate Borrowing Base (determined prior to
giving effect to any Reserves other than the Dilution Reserve) at such time.

The Administrative Agent may establish and modify, and the Co-Agent may request
in writing the establishment or an increase of, Reserves in respect of the U.S.
Borrowing

--------------------------------------------------------------------------------

                                            

EXHIBIT B

[FORM OF]
BORROWING BASE CERTIFICATE

--------------------------------------------------------------------------------

                                            

GoPro, Inc.
Borrowing Base Coverpage
For Period Ending [ ]
 
 
 
 
In US$
 
 
 
 
 
 
 
 
GoPro Coöperatief U.A.
 
 
 
U.S. Loan Parties
Netherlands
Hong Kong
Total
A.
Available Account Receivables
 
 
 
 
B.
Available FG Inventory
 
 
 
 
C.
Available Bulk Inventory
 
 
 
 
D.
Available Karma Inventory
 
 
 
 
E.
Available Components Inventory
 
 
 
 
F.
Total collateral availability, before foreign BB caps
 
 
 
 
 
 
 
 
 
 
 
In-transit Inventory, before Cap
 
 
 
 
 
In-transit Cap
 
 
 
 
 
In-transit exceeding cap
 
 
 
 
 
 
 
 
 
 
 
Hong Kong inventory availability
 
 
 
 
 
Non-US BB availability
 
 
 
 
 
Hong Kong inventory cap 1
 
 
 
 
 
Non-US BB + Specific Foreign Eligible Accounts availability cap 1
 
 
 
 
 
 
 
 
 
 
G.
Total collateral availability, after foreign BB caps
 
 
 
 
 
 
 
 
 
 
H.
Less: total reserves
 
 
 
 
I.
Borrowing Base (lines G-H)
 
 
 
 
 
 
 
 
 
 
J.
Lesser of
 
 
 
 
 
   (1) Aggregate Commitments
 
 
 
 
 
   (2) Borrowing Base
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
K.
Aggregate Revolving Exposure
 
 
 
 
 
   Loans
 
 
 
 
 
   LC Exposure
 
 
 
 
 
Aggregate Revolving Exposure
 
 
 
 
 
 
 
 
 
 
L.
Availability (items J-K) 2
 
 
 
 
 
 
 
 
 
 
M.
Suppressed Availability (items J(2)-J(1))
 
 
 
 
 
 
 
 
 
 
 
1The sum of non‐US BB availability + portion of US BB attributable to Specified
Foreign Eligible Accounts is capped at 45% of total BB;
 
 
provided further that inventory physically located Hong Kong capped at 25% of
total BB
 
 
2US Borrower can only access the US BB; the Dutch Borrower can access the Global
BB
 
 
 
 
 
 
 
 
Officer's Certification:
 
 
 
 
 
Reference is made to the Credit Agreement dated as of March 25, 2016 (as
amended, restated, supplemented or otherwise modified from time to time, the
"Credit Agreement"), among GoPro, Inc. (the "Company"), GoPro Coöperatief U.A.,
the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A. as
Administrative Agent (the "Administrative Agent"). The undersigned, a Financial
Officer of the Company, hereby certifies (solely in [his/her] capacity as an
officer and not individually) that the information provided herein is complete
and accurate as of the date hereof and has been prepared in a manner consistent
in all material respects with the provisions of the Credit Agreement with
respect to the Aggregate Borrowing Base, the U.S. Borrowing Base and the
Non-U.S. Borrowing Base (including the component definitions thereof), excluding
any applicable provisions contained therein that require a determination by the
Administrative Agent). The undersigned acknowledges and agrees that in the event
of any conflict between this Borrowing Base Certificate and related provisions
of the Credit Agreement, the terms of the Credit Agreement shall control.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GoPro, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Name:
 
Date: [ ]
 
 
 
Title:
 
 
 
 

--------------------------------------------------------------------------------

                                            

GoPro, Inc.
Borrowing Base - Eligible Accounts
For Period Ending [ ]
 
 
 
 
In US$
 
 
 
 
 
 
 
 
GoPro Coöperatief U.A.
 
 
 
 
U.S. Loan Parties
Netherlands
Hong Kong
 Total
 
 
 
 
 
 
 
Gross accounts
 
 
 
 
 
 
 
 
 
 
 
 
Less ineligibles:
1
 
 
 
 
 
Past Due > 60 PDD, > 90 PID
a
 
 
 
 
 
Past due credits
a
 
 
 
 
 
Cross-age 50%
b
 
 
 
 
 
Intercompany, affiliate
c
 
 
 
 
 
Ineligible A/R Jurisdiction
d
 
 
 
 
 
Government
e
 
 
 
 
 
Concentration cap- 15% for non-IG; 25% for IG
f
 
 
 
 
 
Bankruptcy, liquidation
g
 
 
 
 
 
Debtor sold all assets
h
 
 
 
 
 
Uncollectible payment
i
 
 
 
 
 
Without necessary NBAR
j
 
 
 
 
 
Sanctioned Person
k
 
 
 
 
 
Contra; counterclaim, deduction, dispute
l
 
 
 
 
 
Nonordinary course reductions, new invoice for partial payment
m
 
 
 
 
 
Credit card sales, cash on delivery, cash deposit sales
n
 
 
 
 
 
Ineligible currency
o
 
 
 
 
 
Foreign currency exchange revaluation accrual
o
 
 
 
 
 
No perfected security interest; subject to other Liens
p
 
 
 
 
 
No invoice; reinvoiced; restructured
q
 
 
 
 
 
Progress billing; retainage invoices; subj to security, deposit, advance
r
 
 
 
 
 
Nonordinary course, payments of interest
s
 
 
 
 
 
Non-delivered, unperformed services, FOB Destination, not-final sale
t
 
 
 
 
 
Bill-and-hold, consignment, contigent sale, guaranteed sale
u
 
 
 
 
 
Chattel paper, promissory note
v
 
 
 
 
 
Breach of covenants/reps/warranties
w
 
 
 
 
 
Non-compliant with applicable laws
x
 
 
 
 
 
Other Person has ownership interest
y
 
 
 
 
 
Agreements governed by laws of ineligible jurisdictions
z
 
 
 
 
 
Ban on assignment
aa
 
 
 
 
 
Extended retention of title
bb
 
 
 
 
 
Best Buy Factoring
cc
 
 
 
 
 
Acquired A/R non-diligenced > 10% cap
dd
 
 
 
 
 
Other ineligibles
 
 
 
 
 
Total ineligibles
 
 
 
 
 
Eligible accounts, before dilution
 
 
 
 
 
 
 
 
 
 
 
 
Dilution % > 5% per most recent field exam
 
 
 
 
 
Dilution reserve
 
 
 
 
 
 
 
 
 
 
 
 
Eligible accounts before advance rate
 
 
 
 
 
Advance rate
 
 
 
 
 
Available Accounts, before Reserves
 
 
 
 
 
 
 
 
 
 
 
 
 
1Eligible Accounts definition
 
 
 
 
 
 
 
 
 
 
 
 
 
Specified Foreign Eligible Accounts (within US Available AR above)
 
 
 
 
 

--------------------------------------------------------------------------------

                                            

GoPro, Inc.
Borrowing Base - Eligible FG Inventory
For Period Ending [ ]
 
 
 
 
 
In US$
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GoPro Coöperatief U.A.
 
 
 
 
U.S. Loan Parties
Netherlands
Hong Kong
 Total
 
 
 
 
 
 
 
Gross FG inventory
 
 
 
 
 
Add: FOB Destination
 
 
 
 
 
Add: In-transit FG
 
 
 
 
 
Adjusted gross FG inventory
 
 
 
 
 
 
 
 
 
 
 
 
Ineligibles:
1
 
 
 
 
 
No title; others have ownership interest
a
 
 
 
 
 
No possession
b
 
 
 
 
 
Located in an ineligible inventory jurisdiction
c
 
 
 
 
 
Located at an ineligible site
c
 
 
 
 
 
Moduslink - Singapore
c
 
 
 
 
 
Moduslink - Czech Republic
c
 
 
 
 
 
Moduslink - China
c
 
 
 
 
 
Kolar-France
c
 
 
 
 
 
<$150,000 at a location
d
 
 
 
 
 
Ineligible intransit: not shipped from/to Eligible Jurisdictions
e
 
 
 
 
 
Other In-transit ineligibles:
 
 
 
 
 
 
Not yet paid for
e. b
 
 
 
 
 
Not insured
e. c
 
 
 
 
 
Subject to negotiable BOLs
e. d
 
 
 
 
 
Common carrier affiliate
e. e
 
 
 
 
 
Customs broker affiliate
e. f
 
 
 
 
 
Located in leased location, 3rd party warehouse, DC
f
 
 
 
 
 
Consigned
g
 
 
 
 
 
Subject to negotiable Bill of Lading
h
 
 
 
 
 
No perfected security interest; subject to other Liens
i
 
 
 
 
 
Supplies, spare parts, packaging, display items, samples
j
 
 
 
 
 
Returned, rejected by customers
k
 
 
 
 
 
Damaged, defective, obsolete, excess, unsalable
l
 
 
 
 
 
Returning to vendor
m
 
 
 
 
 
Non-conforming to governmental standards
n
 
 
 
 
 
Bill and hold
o
 
 
 
 
 
Subj to IP, licenses, royalties, impeding Agt's ability to sell
p
 
 
 
 
 
Breach of covenants/reps/warranties
q
 
 
 
 
 
Seller assert reclamation rights
r
 
 
 
 
 
Retention of title
s
 
 
 
 
 
Acquired Inventory non-diligenced > 10% cap
t
 
 
 
 
 
Other
 
 
 
 
 
Total ineligibles
 
 
 
 
 
Eligible FG inventory before advance rate
 
 
 
 
 
 
 
 
 
 
 
 
Lesser of (a) and (b):
 
 
 
 
 
 
(a) Advance rate
 
 
 
 
 
 
  NOLV% per most recent appraisal2
 
 
 
 
 
 
(b) NOLV at3
 
 
 
 
 
 
 
 
 
 
 
 
Available FG inventory, before Reserves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1Eligible Inventory and Eligible In-Transit Inventory Definitions
 
 
 
 
 
2NOLV rates subject to change per latest third party appraisal
 
 
 
 
 
390% of NOLV is used during high period (July 1 to December 31)
 
 
 
 
 

--------------------------------------------------------------------------------

                                            

GoPro, Inc.
Borrowing Base - Eligible Aerial Inventory
For Period Ending [ ]
 
 
 
 
 
In US$
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GoPro Coöperatief U.A.
 
 
 
 
U.S. Loan Parties
Netherlands
Hong Kong
 Total
 
 
 
 
 
 
 
Gross Aerial inventory
 
 
 
 
 
Add: FOB Destination
 
 
 
 
 
Add: In-transit Aerial inventory
 
 
 
 
 
Adjusted gross Aerial inventory
 
 
 
 
 
 
 
 
 
 
 
 
Ineligibles:
1
 
 
 
 
 
No title; others have ownership interest
a
 
 
 
 
 
No possession
b
 
 
 
 
 
Located in an ineligible inventory jurisdiction
c
 
 
 
 
 
Located at an ineligible site
c
 
 
 
 
 
Moduslink - Singapore
c
 
 
 
 
 
Moduslink - Czech Republic
c
 
 
 
 
 
Moduslink - China
c
 
 
 
 
 
Kolar-France
c
 
 
 
 
 
<$150,000 at a location
d
 
 
 
 
 
Ineligible intransit: not shipped from/to Eligible Jurisdictions
e
 
 
 
 
 
Other In-transit ineligibles:
 
 
 
 
 
 
Not yet paid for
e. b
 
 
 
 
 
Not insured
e. c
 
 
 
 
 
Subject to negotiable BOLs
e. d
 
 
 
 
 
Common carrier affiliate
e. e
 
 
 
 
 
Customs broker affiliate
e. f
 
 
 
 
 
Located in leased location, 3rd party warehouse, DC
f
 
 
 
 
 
Consigned
g
 
 
 
 
 
Subject to negotiable Bill of Lading
h
 
 
 
 
 
No perfected security interest; subject to other Liens
i
 
 
 
 
 
Supplies, spare parts, packaging, display items, samples
j
 
 
 
 
 
Returned, rejected by customers
k
 
 
 
 
 
Damaged, defective, obsolete, excess, unsalable
l
 
 
 
 
 
Returning to vendor
m
 
 
 
 
 
Non-conforming to governmental standards
n
 
 
 
 
 
Bill and hold
o
 
 
 
 
 
Subj to IP, licenses, royalties, impeding Agt's ability to sell
p
 
 
 
 
 
Breach of covenants/reps/warranties
q
 
 
 
 
 
Seller assert reclamation rights
r
 
 
 
 
 
Retention of title
s
 
 
 
 
 
Acquired Inventory non-diligenced > 10% cap
t
 
 
 
 
 
Other
 
 
 
 
 
Total ineligibles
 
 
 
 
 
Eligible Aerial inventory before advance rate
 
 
 
 
 
 
 
 
 
 
 
 
Lesser of (a) and (b):
 
 
 
 
 
 
(a) Advance rate
 
 
 
 
 
 
  NOLV% per most recent appraisal2
 
 
 
 
 
 
(b) NOLV at3
 
 
 
 
 
 
 
 
 
 
 
 
Available Aerial inventory, before Reserves3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1Eligible Inventory and Eligible In-Transit Inventory Definitions
 
 
 
 
 
2NOLV rates subject to change per latest third party appraisal
 
 
 
 
 
3Drone and new inventory subject to total BB cap per credit agreement
 
 
 
 
 

--------------------------------------------------------------------------------

                                            

GoPro, Inc.
Borrowing Base - Eligible Bulk Inventory
For Period Ending [ ]
 
 
 
 
 
In US$
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GoPro Coöperatief U.A.
 
 
 
 
U.S. Loan Parties
Netherlands
Hong Kong
 Total
 
 
 
 
 
 
 
Gross Bulk inventory
 
 
 
 
 
Add: FOB Destination
 
 
 
 
 
Add: In-transit Bulk
 
 
 
 
 
Adjusted gross Bulk inventory
 
 
 
 
 
 
 
 
 
 
 
 
Ineligibles:
1
 
 
 
 
 
No title; others have ownership interest
a
 
 
 
 
 
No possession
b
 
 
 
 
 
Located in an ineligible inventory jurisdiction
c
 
 
 
 
 
Located at an ineligible site
c
 
 
 
 
 
Moduslink - Singapore
c
 
 
 
 
 
Moduslink - Czech Republic
c
 
 
 
 
 
Moduslink - China
c
 
 
 
 
 
Kolar-France
c
 
 
 
 
 
<$150,000 at a location
d
 
 
 
 
 
Ineligible intransit: not shipped from/to Eligible Jurisdictions
e
 
 
 
 
 
Other In-transit ineligibles:
 
 
 
 
 
 
Not yet paid for
e. b
 
 
 
 
 
Not insured
e. c
 
 
 
 
 
Subject to negotiable BOLs
e. d
 
 
 
 
 
Common carrier affiliate
e. e
 
 
 
 
 
Customs broker affiliate
e. f
 
 
 
 
 
Located in leased location, 3rd party warehouse, DC
f
 
 
 
 
 
Consigned
g
 
 
 
 
 
Subject to negotiable Bill of Lading
h
 
 
 
 
 
No perfected security interest; subject to other Liens
i
 
 
 
 
 
Supplies, spare parts, packaging, display items, samples
j
 
 
 
 
 
Returned, rejected by customers
k
 
 
 
 
 
Damaged, defective, obsolete, excess, unsalable
l
 
 
 
 
 
Returning to vendor
m
 
 
 
 
 
Non-conforming to governmental standards
n
 
 
 
 
 
Bill and hold
o
 
 
 
 
 
Subj to IP, licenses, royalties, impeding Agt's ability to sell
p
 
 
 
 
 
Breach of covenants/reps/warranties
q
 
 
 
 
 
Seller assert reclamation rights
r
 
 
 
 
 
Retention of title
s
 
 
 
 
 
Acquired Inventory non-diligenced > 10% cap
t
 
 
 
 
 
Other
 
 
 
 
 
Total ineligibles
 
 
 
 
 
Eligible Bulk inventory before advance rate
 
 
 
 
 
 
 
 
 
 
 
 
Lesser of (a) and (b):
 
 
 
 
 
 
(a) Advance rate
 
 
 
 
 
 
  NOLV% per most recent appraisal2
 
 
 
 
 
 
(b) NOLV at3
 
 
 
 
 
 
 
 
 
 
 
 
Available Bulk inventory, before Reserves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1Eligible Inventory and Eligible In-Transit Inventory Definitions
 
 
 
 
 
2NOLV rates subject to change per latest third party appraisal
 
 
 
 
 
390% of NOLV is used during high period (July 1 to December 31)
 
 
 
 
 

--------------------------------------------------------------------------------

                                            

GoPro, Inc.
Borrowing Base - Eligible Components Inventory
For Period Ending [ ]
 
 
 
 
 
In US$
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GoPro Coöperatief U.A.
 
 
 
 
U.S. Loan Parties
Netherlands
Hong Kong
 Total
 
 
 
 
 
 
 
Gross Components inventory
 
 
 
 
 
Add: FOB Destination
 
 
 
 
 
Add: In-transit Components
 
 
 
 
 
Adjusted gross Components inventory
 
 
 
 
 
 
 
 
 
 
 
 
Ineligibles:
1
 
 
 
 
 
No title; others have ownership interest
a
 
 
 
 
 
No possession
b
 
 
 
 
 
Located in an ineligible inventory jurisdiction
c
 
 
 
 
 
Located at an ineligible site
c
 
 
 
 
 
Moduslink - Singapore
c
 
 
 
 
 
Moduslink - Czech Republic
c
 
 
 
 
 
Moduslink - China
c
 
 
 
 
 
Kolar-France
c
 
 
 
 
 
<$150,000 at a location
d
 
 
 
 
 
Ineligible intransit: not shipped from/to Eligible Jurisdictions
e
 
 
 
 
 
Other In-transit ineligibles:
 
 
 
 
 
 
Not yet paid for
e. b
 
 
 
 
 
Not insured
e. c
 
 
 
 
 
Subject to negotiable BOLs
e. d
 
 
 
 
 
Common carrier affiliate
e. e
 
 
 
 
 
Customs broker affiliate
e. f
 
 
 
 
 
Located in leased location, 3rd party warehouse, DC
f
 
 
 
 
 
Consigned
g
 
 
 
 
 
Subject to negotiable Bill of Lading
h
 
 
 
 
 
No perfected security interest; subject to other Liens
i
 
 
 
 
 
Supplies, spare parts, packaging, display items, samples
j
 
 
 
 
 
Returned, rejected by customers
k
 
 
 
 
 
Damaged, defective, obsolete, excess, unsalable
l
 
 
 
 
 
Returning to vendor
m
 
 
 
 
 
Non-conforming to governmental standards
n
 
 
 
 
 
Bill and hold
o
 
 
 
 
 
Subj to IP, licenses, royalties, impeding Agt's ability to sell
p
 
 
 
 
 
Breach of covenants/reps/warranties
q
 
 
 
 
 
Seller assert reclamation rights
r
 
 
 
 
 
Retention of title
s
 
 
 
 
 
Acquired Inventory non-diligenced > 10% cap
t
 
 
 
 
 
Other
 
 
 
 
 
Total ineligibles
 
 
 
 
 
Eligible Components inventory before advance rate
 
 
 
 
 
 
 
 
 
 
 
 
Lesser of (a) and (b):
 
 
 
 
 
 
(a) Advance rate
 
 
 
 
 
 
  NOLV% per most recent appraisal2
 
 
 
 
 
 
(b) NOLV at3
 
 
 
 
 
 
 
 
 
 
 
 
Available Components inventory, before Reserves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1Eligible Inventory and Eligible In-Transit Inventory Definitions
 
 
 
 
 
2NOLV rates subject to change per latest third party appraisal
 
 
 
 
 
390% of NOLV is used during high period (July 1 to December 31)
 
 
 
 
 

--------------------------------------------------------------------------------

                                            

GoPro, Inc.
Borrowing Base - Reserves
For Period Ending [ ]
 
 
 
 
 
In US$
 
 
GoPro Coöperatief U.A.
 
 
 
 
U.S. Loan Parties
Netherlands
Hong Kong
 Total
 
 
 
 
 
 
 
 
Reserves:
 
 
 
 
 
 
Rent reserves, packout, warehousing, logistics services & related expenses1
 
 
 
 
 
 
   Designated Pari Obligations
 
 
 
 
 
 
   VAT and other local law taxes
 
 
 
 
 
 
   Canada GST
 
 
 
 
 
 
   Other priority claims
 
 
 
 
 
 
   Retention of Title, EROT
 
 
 
 
 
 
   Freight charges, customs fees/duties
 
 
 
 
 
 
   Other
 
 
 
 
 
 
   Total reserves
 
 
 
 
 
 
 
 
 
 
 
 
 
1As per the Credit Agreement
 
 
 
 
 

--------------------------------------------------------------------------------

                                            

GoPro, Inc.
Borrowing Base - Reporting Requirements
 
The following information is to be submitted, pursuant to Sections 5.01(e) and
5.01(f) of the Credit Agreement as noted below.
 
 
Monthly Reporting:
Weekly Reporting:
Borrowing Base Certificate in the form of Exhibit B
Required
Updated
Accounts Receivable Supporting Documents:
 
 
Accounts receivable detailed aging(s) in an electronic format suitable to the
Administrative Agent
Required
Updated
Accounts receivable rollforward as follows: A/R Beginning of Month + Gross
Billings + Other Debit Adjustments - Cash Receipts - Discounts - Credit Memos
Issued - Write-offs - Returns - Other Credit Adjustments = A/R End of Month
Required
Carryover from prior month-end
Reconciliation of A/R aging(s) report to general ledger and financial statements
Required
Carryover from prior month-end
Listings of the country where foreign customers are located
Required
Carryover from prior month-end
Supporting documentation (system generated extract report where applicable) for
the A/R ineligibles and Reserves) reported on the Borrowing Base Certificate
Required
Carryover from prior month-end
Inventory Supporting Documents:
 
 
Inventory by category/location/country
Required
Carryover from prior month-end
Total page of inventory general ledger reports and supporting documentation for
all inventory categories reported on the Borrowing Base Certificate
Required
Carryover from prior month-end
Reconciliation of perpetual inventory reports to general ledger and financial
statements
Required
Carryover from prior month-end
Schedule of monthly rent and 3PL charges for all leased patent, warehousing and
3PL locations
Required
Carryover from prior month-end
Supporting documentation (system generated extract report where applicable) for
the inventory ineligibles and Reserves reported on the Borrowing Base
Certificate
Required
Carryover from prior month-end
Other Supporting Documents:
 
 
Summary of accounts payable aging(s) by vendor
Required
Carryover from prior month-end
Employee headcount for the UK & HK entities2; UK & HK entity-owned A/P and/or
operational expenses
Required
Carryover from prior month-end
Reconciliation of A/P aging to general ledger and financial statements
Required
Carryover from prior month-end
From time to time, additional information per the request of the Administrative
Agent, including but not limited to sales journals, cash receipt journals,
debit/credit memo journals, etc.
Required1
Carryover from prior month-end
 
 
1Only required if requested by the Administrative Agent from time to time
2Only required with QE monthly borrowing base reporting