Exhibit 10.1

 

FIFTH AMENDMENT TO CREDIT AGREEMENT

THIS FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of April
17, 2014 to the Credit Agreement referenced below is by and among DST Systems,
Inc., a Delaware corporation (the “Borrower”), the Lenders identified on the
signature pages hereto and Bank of America, N.A., as Administrative Agent (in
such capacity, the “Administrative Agent”), L/C Issuer and Swing Line Lender.

W I T N E S S E T H

WHEREAS, a $630 million credit facility has been established in favor of the
Borrower pursuant to the terms of that certain Credit Agreement dated as of
April 16, 2010 (as amended by that certain First Amendment to Credit Agreement
dated as of August 9, 2010, that certain Second Amendment to Credit Agreement
dated as of June 30, 2011, that certain Third Amendment to Credit Agreement
dated as of December 12, 2011, that certain Fourth Amended to Credit Agreement
dated as of November 27, 2012 and as further amended, restated, modified or
supplemented from time to time, the “Credit Agreement”) among the Borrower, the
Lenders identified therein (the “Lenders”) and the Administrative Agent;

WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement
to modify certain provisions contained therein; and

WHEREAS, the Required Lenders have agreed to amend the Credit Agreement on the
terms and subject to the 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 (including as amended hereby).

2.          Amendment.  Subject to the satisfaction of the conditions precedent
set forth in Section 3 hereof, the Credit Agreement is hereby amended as
follows:

(a)        Section 1.01 of the Credit Agreement is amended by inserting the
following new definition in the appropriate alphabetical order:

“Argyros Transactions” means (i) the repurchase by the Borrower of $200,000,000
of its Capital Stock owned by The Argyros Group and certain of its Affiliates
(collectively, “Argyros”) (the “Argyros Repurchase”), (ii) the collaboration
with Argyros to facilitate a widely distributed secondary offering of the
Capital Stock of the Borrower with a $450,000,000 aggregate offering price to
 

 
 

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the public (the “Argyros Offering”) and (iii) the entering into of certain
agreements relating to the Argyros Repurchase and the Argyros Offering, as well
as certain arrangements with respect to certain governance matters relating to
the Borrower and registration rights for the Capital Stock owned by Argyros
following the Argyros Repurchase and Argyros Offering (collectively, the
“Argyros Transaction Documents”) as described in the Form 8-K filed by the
Borrower on March 24, 2014.

(b)        Section 7.05 of the Credit Agreement is amended by:

(i)           in clause (d), replacing the reference to “in clause (e) below” in
the first parenthetical therein with “in clauses (e) and (f) below”;

and

(ii)           (A) deleting the word “and” at the end of clause (d), (B)
replacing “.” with “;” at the end of clause (e) and (C) adding a new clause (f)
as follows:

  and (f) in addition to the foregoing (and specifically without limiting clause
(e)), if such transaction is a Disposition of Non-Operating Assets, the cash
proceeds of such Disposition of Non-Operating Assets are used to make Restricted
Payments with respect to the Argyros Repurchase and any other Restricted
Payments permitted by Section 7.06(f), such Disposition of Non-Operating Assets
is for fair market value and the aggregate amount of all such Dispositions of
Non-Operating Assets (commencing on March 24, 2014) does not exceed $500,000,000
(measured by the value of the assets so disposed of consistent with the
definition of Consolidated Net Tangible Assets).

(c)        Section 7.06 of the Credit Agreement is amended by (i) deleting the
word “and” at the end of subsection (e), (ii) renumbering the existing
subsection (f) to subsection (g) and (iii) adding a new subsection (f) between
subsection (e) and such renumbered subsection (g) as follows:

(f)           in addition to the foregoing (and specifically without limiting
subsections (c) and (e)), the Borrower may make Restricted Payments with respect
to (i) the Argyros Repurchase and (ii) other repurchases of its Capital Stock
from Argyros, collectively, in an aggregate amount not to exceed $300,000,000;
and.

(d)        Section 7.08 of the Credit Agreement is amended by inserting the
following new sentence at the end thereof:

For the avoidance of doubt, notwithstanding the foregoing, the Argyros
Transactions (including, without limitation, the transactions contemplated by
the
 

 
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Argyros Transaction Documents and the making of any Restricted Payments in
accordance with Section 7.06(f)) and any other repurchase by the Borrower of its
Capital Stock from Argyros (to the extent any such repurchase is for fair market
value) (i) shall not be considered transactions with an Affiliate and (ii) shall
not be prohibited by this Section 7.08.

3.          Conditions Precedent.  This Amendment shall become effective upon
the satisfaction of the following conditions:

(a)        Execution of Counterparts of Amendment.  Receipt by the
Administrative Agent of counterparts of this Amendment duly executed by the
Borrower, the Administrative Agent and the Required Lenders;

(b)        Consent Under Note Purchase Agreement.  Receipt by the Administrative
Agent of the Consent Under Note Purchase Agreement with respect to the Argyros
Transactions executed by the Required Holders (as defined in the Note Purchase
Agreement); and
 
(c)        Other Fees and Expenses.  The payment by the Borrower of all fees
agreed to by the Borrower and the Administrative Agent (or its Affiliates) and
reasonable expenses relating to this Amendment which are due and payable on the
date hereof including all reasonable out of pocket costs and expenses of the
Administrative Agent in connection with the preparation, execution and delivery
of this Amendment, including, without limitation, the reasonable fees and
expenses of Moore & Van Allen PLLC, special counsel to the Administrative Agent.

4.          Representations and Warranties.  The Borrower hereby represents and
warrants that (a) it has the requisite corporate power and authority to execute,
deliver and perform this Amendment, (b) it is duly authorized to, and has been
authorized by all necessary corporate action to, execute, deliver and perform
this Amendment, (c) no consent, approval, authorization or order of, or filing,
registration or qualification with, any court or governmental authority or third
party is required in connection with the execution, delivery or performance by
it of this Amendment, (d) the execution, delivery and performance by it of this
Amendment do not and will not conflict with, result in a breach of or constitute
a default under the articles of incorporation, bylaws or other organizational
documents of the Borrower or any of its Subsidiaries or any indenture or other
material agreement or instrument to which any such Person is a party or by which
any of its properties may be bound or the approval of any Governmental Authority
relating to such Person except as could not reasonably be expected to have a
Material Adverse Effect, (e) the representations and warranties contained in
Article V of the Credit Agreement are true and correct in all material respects
on and as of the date hereof as though made on and as of such date (except for
those which expressly relate to an earlier date) and (f) no Default or Event of
Default exists under the Credit Agreement on and as of the date hereof and after
giving effect to this Amendment, or will occur as a result of the transactions
contemplated hereby.
 

 
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5.          No Other Changes; Ratification.  Except as expressly modified or
waived hereby, all of the terms and provisions of the Credit Agreement
(including schedules and exhibits thereto) and the other Loan Documents shall
remain in full force and effect.  The term “this Agreement” or “Credit
Agreement” and all similar references as used in each of the Loan Documents
shall hereafter mean the Credit Agreement as amended by this Amendment.  Except
as herein specifically agreed, the Credit Agreement is hereby ratified and
confirmed and shall remain in full force and effect according to its
terms.  This Amendment shall be effective only to the extent specifically set
forth herein and shall not (i) be construed as a waiver of any breach or default
other than as specifically waived herein nor as a waiver of any breach or
default of which the Lenders have not been informed by the Borrower, (ii) affect
the right of the Lenders to demand compliance by the Borrower with all terms and
conditions of the Credit Agreement in all other instances, (iii) be deemed a
waiver of any transaction or future action on the part of the Borrower requiring
the Lenders’ or the Required Lenders’ consent or approval under the Credit
Agreement, or (iv) be deemed or construed to be a wavier or release of, or a
limitation upon, the Administrative Agent’s or the Lenders’ exercise of any
rights or remedies under the Credit Agreement or any other document executed or
delivered in connection therewith, whether arising as a consequence of any Event
of Default which may now exist or otherwise, all such rights and remedies hereby
being expressly reserved.

6.          Counterparts; Facsimile/Email.  This Amendment may be executed in
any number of counterparts, each of which when so executed and delivered shall
be deemed an original and it shall not be necessary in making proof of this
Amendment to produce or account for more than one such counterpart.  Delivery of
an executed counterpart of this Amendment by telecopy or electronic mail by any
party hereto shall be effective as such party’s original executed counterpart.

7.          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.

8.          Entirety.  This Amendment and the other Loan Documents embody the
entire agreement between the parties and supersede all prior agreements and
understandings, if any, relating to the subject matter hereof.  These Loan
Documents represent the final agreement between the parties and may not be
contradicted by evidence of prior, contemporaneous or subsequent oral agreements
of the parties.  There are no oral agreements between the parties.

[SIGNATURE PAGES FOLLOW]
 

 
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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
Amendment to be duly executed and delivered as of the date first above written.
 

BORROWER:
 
DST SYSTEMS, INC.,
   
a Delaware corporation
                   
By:
/s/ Gregg Wm. Givens
   
Name: 
Gregg Wm. Givens
   
Title:
Senior Vice President, Chief Financial Officer and Treasurer

[signature pages continue]

 

 

DST Systems, Inc.
2010 Credit Agreement
Fifth Amendment

 
 

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ADMINISTRATIVE AGENT
   
AND LENDERS:
 
BANK OF AMERICA, N.A.,
   
as Administrative Agent
                   
By:
/s/ Mollie S. Canup
   
Name: 
Mollie S. Canup
   
Title:
Vice President

 
 
 
 
 
 
 
 
DST Systems, Inc.
2010 Credit Agreement
Fifth Amendment

 
 

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BANK OF AMERICA, N.A.,
   
as a Lender, L/C Issuer and Swing Line Lender
                   
By:
/s/ Sugeet Manchanda Madan
   
Name: 
Sugeet Manchanda Madan
   
Title:
Director

 
 
 

 
DST Systems, Inc.
2010 Credit Agreement
Fifth Amendment
 
 
 

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BANK OF BLUE VALLEY,
   
as a Lender
                   
By:
/s/ Kevin Klamm
   
Name: 
Kevin Klamm
   
Title:
Vice President

 

 

DST Systems, Inc.
2010 Credit Agreement
Fifth Amendment
 
 
 

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BANK OF CHINA, LOS ANGELES BRANCH,
   
as a Lender
                   
By:
/s/ Jason Fu
   
Name: 
Jason Fu
   
Title:
Vice President

 

 

DST Systems, Inc.
2010 Credit Agreement
Fifth Amendment

 
 

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BANK OF THE WEST,
   
as a Lender
                   
By:
/s/ Roger Lumley
   
Name: 
Roger Lumley
   
Title:
Director

 
 
 
 

DST Systems, Inc.
2010 Credit Agreement
Fifth Amendment

 
 

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COMMERCE BANK,
   
as a Lender
                   
By:
/s/ Angie Currie
   
Name: 
Angie Currie
   
Title:
Assistant Vice President

 
 
 

 

DST Systems, Inc.
2010 Credit Agreement
Fifth Amendment

 
 

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COMPASS BANK,
   
as a Lender
                   
By:
/s/ Jay S. Tweed
   
Name: 
Jay S. Tweed
   
Title:
Senior Vice President

 
 
 

DST Systems, Inc.
2010 Credit Agreement
Fifth Amendment

 
 

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JPMORGAN CHASE BANK, N.A.,
   
as a Lender
                   
By:
/s/ Daglas Panchal
   
Name: 
Daglas Panchal
   
Title:
Vice President

 
 

 

DST Systems, Inc.
2010 Credit Agreement
Fifth Amendment

 
 

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THE ROYAL BANK OF SCOTLAND PLC,
   
as a Lender
                   
By:
/s/ L. Peter Yetman
   
Name: 
L. Peter Yetman
   
Title:
Director

 
 

 

DST Systems, Inc.
2010 Credit Agreement
Fifth Amendment

 
 

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UMB BANK, N.A.,
   
as a Lender
                   
By:
/s/ Martin Nay
   
Name: 
Martin Nay
   
Title:
Senior Vice President

 
 

DST Systems, Inc.
2010 Credit Agreement
Fifth Amendment

 
 

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U.S. BANK NATIONAL ASSOCIATION,
   
as a Lender
                   
By:
/s/ Edward Hanson
   
Name: 
Edward Hanson
   
Title:
Vice President

 
 

 
 

DST Systems, Inc.
2010 Credit Agreement
Fifth Amendment

 
 

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WELLS FARGO BANK, N.A.,
   
as a Lender
                   
By:
/s/ Jeffrey D. Farrell
   
Name: 
Jeffrey D. Farrell
   
Title:
Senior Vice President

 
 
 

 

DST Systems, Inc.
2010 Credit Agreement
Fifth Amendment