EXHIBIT 10.54

EXECUTION VERSION

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of October
16, 2018, to the Credit Agreement referenced below is by and among SYNNEX
CORPORATION, a Delaware corporation (the “Borrower”), the Guarantors identified
on the signature pages hereto, the Lenders identified on the signature pages
hereto and JPMORGAN CHASE BANK, N.A, in its capacity as Administrative Agent (in
such capacity, the “Administrative Agent”).

 

W I T N E S S E T H

 

WHEREAS, credit facilities have been extended to the Borrower pursuant to the
Credit Agreement (as amended, modified, supplemented, increased and extended
from time to time, the “Credit Agreement”) dated as of August 9, 2018 by and
among the Borrower, the Guarantors identified therein, the Lenders identified
therein, and JPMorgan Chase Bank, N.A., as Administrative Agent; and

 

WHEREAS, the Borrower has requested certain modifications to the Credit
Agreement and the Required Lenders have agreed to the requested modifications on
the terms and conditions set forth herein.

 

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 agree as follows:

 

1.Defined Terms.  Capitalized terms used herein but not otherwise defined herein
shall have the meanings provided to such terms in the Credit Agreement.

 

2.Amendments to Credit Agreement.  

 

(a)The following definitions in Section 1.01 of the Credit Agreement are hereby
amended to read as follows:

 

“Permitted Supplier Finance Program” means, with respect to the Borrower and its
Subsidiaries, any financing transaction or series of financing transactions
(including factoring arrangements) approved by the Administrative Agent and the
Required Lenders (it being understood such approval shall be provided in the
sole discretion of the Administrative Agent and the Required Lenders) pursuant
to which the Borrower or any Subsidiary of the Borrower may sell, convey or
otherwise transfer, or grant a security interest in, contracts, accounts,
payments, receivables, rights to future lease payments or residuals or similar
rights to payment or any of the equipment related thereto to another Person or
affiliate of such other Person that are not affiliates of the Borrower or any
Subsidiary of the Borrower, on a non-recourse basis (but for any breach of a
representation and warranty).

“Receivables and Related Assets” means (i) accounts receivable (including all
rights to payment created by or arising from the sales of goods, leases of goods
or the rendition of services, no matter how evidenced (including in the form of
chattel paper) and whether or not earned by performance) and (ii) any interest
in such accounts receivable and all collateral securing such accounts receivable
(including any originator accounts (as

 

 

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defined in the Securitization Documents)), all contracts and contract rights,
purchase orders, security interests, financing statements or other documentation
in respect of such accounts receivable, any guarantees, indemnities, warranties
or other obligations in respect of such accounts receivable, any equipment and
any other assets that are customarily transferred or in respect of which
security interests are customarily granted in connection with asset
securitization transactions or factoring arrangements or financing of recurring
revenue service contracts involving receivables similar to such accounts
receivable and any collections or proceeds of any of the foregoing.

 

3.Permitted Supplier Finance Program.  Upon the effectiveness of this Amendment
in accordance with Section 4 hereof, the Required Lenders (a) hereby authorize
the Administrative Agent to execute and deliver to the Borrower the approval
letter dated the date hereof, a copy of which has been separately provided to
the Lenders in connection with this Amendment and (b) approve the program
described therein as a Permitted Supplier Finance Program.  

 

4.Conditions Precedent.

 

This Amendment shall be and become effective when each of the following
conditions set forth in this Section 4 have been satisfied:

 

(a)Execution of Amendment Counterparts. The Administrative Agent shall have
received executed counterparts of this Amendment, properly executed by a
Responsible Officer of the signing Loan Party and by the Required Lenders.

 

(b)Attorney Costs. The Borrower shall have paid all fees, charges and
disbursements of counsel to the Administrative Agent (directly to such counsel
if requested by the Administrative Agent) to the extent invoiced at least three
(3) Business Days prior to the date of effectiveness of this Amendment (or such
later date as agreed by the Borrower).

 

5.Amendment is a “Loan Document”.  This Amendment is a Loan Document and all
references to a “Loan Document” in the Credit Agreement and the other Loan
Documents (including, without limitation, all such references in the
representations and warranties in the Credit Agreement and the other Loan
Documents) shall be deemed to include this Amendment.

 

6.Representations and Warranties; No Default.  Each Loan Party represents and
warrants to the Administrative Agent and each Lender that after giving effect to
this Amendment, (a) the representations and warranties of each Loan Party
contained in Article VI of the Credit Agreement or any other Loan Document, or
which are contained in any document furnished at any time under or in connection
herewith or therewith, are true and correct on and as of the date hereof, 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 (b) no Default exists on the date hereof.

 

7.Reaffirmation of Obligations.  Each Loan Party (a) acknowledges and consents
to all of the terms and conditions of this Amendment, (b) affirms all of its
obligations under the Loan Documents and (c) agrees that this Amendment and all
documents, agreements and instruments executed in connection with this Amendment
do not operate to reduce or discharge such Loan Party’s obligations under the
Loan Documents.

 

8.Reaffirmation of Security Interests.  Each Loan Party (a) affirms that each of
the Liens granted in or pursuant to the Loan Documents are valid and subsisting
and (b) agrees that this Amendment and all documents, agreements and instruments
executed in connection with this Amendment do not in any manner impair or
otherwise adversely affect any of the Liens granted in or pursuant to the Loan
Documents.

 

 

 

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9.No Other Changes.  Except as modified hereby, all of the terms and provisions
of the Loan Documents shall remain in full force and effect.

 

10.Counterparts; Delivery.  This Amendment may be executed in counterparts (and
by different parties hereto in 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 this Amendment by
facsimile or other electronic imaging means shall be effective as an original.

 

11.Governing Law.  This Amendment shall be deemed to be a contract made under,
and for all purposes shall be construed in accordance with, the laws of the
State of New York.

 

[SIGNATURE PAGES FOLLOW]

 

 

 

 

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.

 

BORROWER:

 

SYNNEX CORPORATION, a Delaware corporation,

GUARANTORS:

 

SYNNEX FINANCE HYBRID II, LLC, a California limited liability company

 

 

LASTING HOLDINGS CORPORATION, a California corporation

 

 

HYVE SOLUTIONS CORPORATION, a California corporation

 

 

HYVE SOLUTIONS US GLOBAL HOLDING CORPORATION, a Delaware corporation

 

 

COMPUTERLAND CORPORATION, a California corporation

 

 

CONCENTRIX GLOBAL HOLDINGS, INC., a Delaware corporation

 

 

CONCENTRIX CORPORATION, a New York corporation

 

 

LICENSE ONLINE, INC., a California corporation

 

 

WG-US HOLDCO, INC., a Delaware corporation

 

 

WESTCON GROUP, INC., a Delaware corporation

 

 

Westcon Group North America, Inc., a New York corporation

 

By:

 

/s/ Simon Y. Leung

Name:

 

Simon Y. Leung

Title:

 

Senior Vice President

 

 

General Counsel and Corporate Secretary

 

[Signature Pages Continue]

[Signature Page to First Amendment to Credit Agreement]

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CONCENTRIX CVG CORPORATION, a Delaware Corporation

 

 

 

By:

 

/s/ Steven L. Richie

Name:

 

Steven L. Richie

Title:

 

Senior Vice President, HR and Legal

 

[Signature Page to First Amendment to Credit Agreement]

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CONVERGYS CUSTOMER MANGEMENT GROUP INC., an Ohio corporation

CONVERGYS CUSTOMER MANGEMENT INTERNATIONAL INC., an Ohio corporation

CONVERGYS CUSTOMER MANGEMENT DELAWARE LLC, a Delaware limited liability company

CONVERGYS CUSTOMER MANGEMENT GROUP CANADA HOLDING ING., a Delaware corporation

 

By:

 

/s/ David R. Wiedwald

Name:

 

David R. Wiedwald

Title:

 

Treasurer

 

[Signature Page to First Amendment to Credit Agreement]

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ADMINISTRATIVE

AGENT:

 

JPMORGAN CHASE BANK, N.A.,

 

 

as Administrative Agent

 

 

 

 

 

 

 

By:

 

/s/ Caitlin Stewart

 

 

Name:

 

Caitlin Stewart

 

 

Title:

 

Executive Director

 

LENDERS:

 

JPMORGAN CHASE BANK, N.A.,

 

 

as a Lender

 

 

 

 

 

 

 

By:

 

/s/ Caitlin Stewart

 

 

Name:

 

Caitlin Stewart

 

 

Title:

 

Executive Director

 

 

[Signature Page to First Amendment to Credit Agreement]

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BANK OF AMERICA, N.A.,

 

 

as a Lender

 

 

 

 

 

 

 

By:

 

/s/ Jeannette Lu

 

 

Name:

 

Jeannette Lu

 

 

Title:

 

Director

 

[Signature Page to First Amendment to Credit Agreement]

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BMO Harris Bank, N.A.,

 

 

as a Lender

 

 

 

 

 

 

 

By:

 

/s/ Michael Kus

 

 

Name:

 

Michael Kus

 

 

Title:

 

Managing Director

 

[Signature Page to Eleventh Amendment to Credit Agreement]

 

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BNP Paribas.,

 

 

as a Lender

 

 

 

 

 

 

 

By:

 

/s/ Jamie Dillon

 

 

Name:

 

Jamie Dillon

 

 

Title:

 

Managing Director

 

By:

 

/s/ Liz Cheng

Name:

 

Liz Cheng

Title:

 

Vice President

 

[Signature Page to Eleventh Amendment to Credit Agreement]

 

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BRANCH BANKING AND TRUST COMPNAY,

 

 

as a Lender

 

 

 

 

 

 

 

By:

 

/s/ Erron Powers

 

 

Name:

 

Erron Powers

 

 

Title:

 

Senior Vice President

 

[Signature Page to Eleventh Amendment to Credit Agreement]

 

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CITIBANK, N.A. ,

 

 

as a Lender

 

 

 

 

 

 

 

By:

 

/s/ Javier Escobar

 

 

Name:

 

Javier Escobar

 

 

Title:

 

Vice President

 

[Signature Page to Eleventh Amendment to Credit Agreement]

 

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HSBC BANK USA, N.A.,

 

 

as a Lender

 

 

 

 

 

 

 

By:

 

/s/ Rumesha Ahmed

 

 

Name:

 

Rumesha Ahmed

 

 

Title:

 

Vice President

 

[Signature Page to Eleventh Amendment to Credit Agreement]

 

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MUFG BANK, Ltd.,

 

 

as a Lender

 

 

 

 

 

 

 

By:

 

/s/ Matthew Antioco

 

 

Name:

 

Matthew Antioco

 

 

Title:

 

Director

 

[Signature Page to Eleventh Amendment to Credit Agreement]

 

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ROYAL BANK OF CANADA.,

 

 

as a Lender

 

 

 

 

 

 

 

By:

 

/s/ Nicholas Heslip

 

 

Name:

 

Nicholas Heslip

 

 

Title:

 

Authorized Signatory

 

[Signature Page to Eleventh Amendment to Credit Agreement]

 

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THE BANK OF NOVA SCOTIA.,

 

 

as a Lender

 

 

 

 

 

 

 

By:

 

/s/ Jason Rinne

 

 

Name:

 

Jason Rinne

 

 

Title:

 

Director

 

[Signature Page to Eleventh Amendment to Credit Agreement]

 

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TD BANK, N.A.,

 

 

as a Lender

 

 

 

 

 

 

 

By:

 

/s/ Matt Waszmer

 

 

Name:

 

Matt Waszmer

 

 

Title:

 

Senior Vice President

 

[Signature Page to Eleventh Amendment to Credit Agreement]

 

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Wells Fargo N.A.,

 

 

as a Lender

 

 

 

 

 

 

 

By:

 

/s/ Elizabeth Gaynor

 

 

Name:

 

Elizabeth Gaynor

 

 

Title:

 

Director

 

[Signature Page to Eleventh Amendment to Credit Agreement]