CONFORMED COPY

Exhibit 10.1

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

This FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and entered
into as of March 5, 2015, by and among (i) FRONTIER COMMUNICATIONS CORPORATION
(the “Borrower”), (ii) CoBank, ACB (the “Administrative Agent”), as
Administrative Agent (the “Administrative Agent”), and (iii) the Lenders and
Voting Participants under the Credit Agreement defined below.  Capitalized terms
used herein and not otherwise defined herein have the meanings assigned to them
in the Credit Agreement defined below.

 

RECITALS

 

WHEREAS, the Borrower, the Administrative Agent and the Lenders have entered
into that certain Credit Agreement, dated as of October 14, 2011 (as may be
amended, modified, supplemented, extended or restated from time to time, the
“Credit Agreement”); and

WHEREAS, the Lenders and the Voting Participants party to this Amendment, being
all of the Lenders and Voting Participants constituting Requisite Lenders, have
agreed to amend the Credit Agreement in the manner set forth below in Section 1.

 

NOW, THEREFORE, in consideration of the foregoing and the agreements set forth
in this Amendment, each of the Borrower, the Administrative Agent, the Lenders
and Voting Participants party hereto, being all of the Lenders and Voting
Participants constituting Requisite Lenders, hereby agree as follows:

 

SECTION 1.   Amendment.  Upon the effectiveness of the Amendment as provided
below, the Credit Agreement is hereby amended as follows: 

(A) Subsection 10.1 of the Credit Agreement is hereby amended by adding the
following definitions in the proper alphabetical order:

“Acquisition” means the acquisition by the Borrower of the wireline business of
AT&T Inc. in the State of Connecticut.

“Fee Letter” means that certain fee letter dated as of March 5, 2015, between
the Borrower and the Administrative Agent.

“Pro Forma Basis” means, as of any date, that such calculation shall give pro
forma effect to all Material Transactions (and the application of the proceeds
from such asset sales or related debt incurrences or repayments) that have
occurred during the relevant calculation period and during the period
immediately following the applicable date of determination therefor and prior to
or simultaneously with the event for which the calculation is made, including
pro forma adjustments arising out of events which are

 

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attributable to each such Material Transaction, including giving effect to those
specified in accordance with the definition of “EBITDA,” in each case as in good
faith determined by a Financial Officer of the Borrower, using historical
financial statements of all entities, divisions or lines or assets so acquired
or sold and the consolidated financial statements of the Borrower and/or any of
its Subsidiaries, calculated as if each such Material Transaction, and any
Indebtedness incurred or repaid in connection therewith, had been consummated
(and the change in EBITDA resulting therefrom realized) and incurred or repaid
at the beginning of such period.

 

Whenever pro forma effect is to be given to a Material Transaction, the pro
forma calculations shall be made in good faith by a Financial Officer of the
Borrower (including adjustments for costs and charges arising out of or related
to the Material Transaction and projected cost savings, operating expense
reductions, other operating improvements and initiatives and synergies resulting
from such Material Transaction that have been or are reasonably anticipated to
be realizable, net of the amount of actual benefits realized during such test
period from such actions), and any such adjustments included in the initial pro
forma calculations shall continue to apply to subsequent calculations, including
during any subsequent periods in which the effects thereof are reasonably
expected to be realizable); provided that (i) no amounts shall be added pursuant
to this paragraph to the extent duplicative of any amounts that are otherwise
added back in computing EBITDA for such period and (ii) the amount of cost
savings, operating expense reductions, other operating improvements and
initiatives and synergies that are not in accordance with Regulation S-X of the
Securities and Exchange Commission shall be subject to the last proviso in
clause (A)(7)(b)of the definition of EBITDA.

 

“Verizon Acquisition” means the acquisition contemplated by that certain
Securities Purchase Agreement, dated as of February 5, 2015, by and between the
Borrower, as Buyer and Verizon Communications Inc., as Seller.

 

(B) The definition of “EBITDA” in Subsection 10.1 of the Credit Agreement is
hereby amended and restated in its entirety as follows:

“EBITDA” means, with respect to the Borrower and its Subsidiaries, on a
consolidated basis, for the period of calculation, the sum of (A) (1) net income
or deficit, as the case may be (excluding extraordinary gains, extraordinary
non-cash losses, the write up of any assets, and any gain or loss on the sale of
assets), (2) total interest expense, (3) depreciation and amortization expense,
(4) dividends on preferred stock, (5) accrued income or franchise taxes,
federal, state or local (whether paid or accrued as a liability), (6) losses
attributable to minority interests, investment losses and non-recurring charges
for severance, restructuring and acquisition (including acquisition integration)
costs, and (7) cost savings, operating expense reductions, other operating
improvements and initiatives and synergies related to any Material Transaction
(other than the Acquisition) that are (a) permitted under Regulation S-X of the
Securities and Exchange Commission or (b) projected by a Financial Officer in
good faith to be reasonably anticipated to be realizable within eighteen (18)
months of the date of such Material Transaction (which will be added to EBITDA
as so projected until fully realized, and calculated on a pro forma basis, as
though such cost savings, operating expense

 

 

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reductions, other operating improvements and initiatives and synergies had been
realized on the first day of such period), net of the amount of actual benefits
realized during such period from such actions; provided that with respect to
this clause (A)(7)(b) such cost savings, operating expense reductions, other
operating improvements and initiatives or synergies are reasonably identifiable
and factually supportable (in the good faith determination of a Financial
Officer of the Borrower); provided further that, the aggregate amount of cost
savings, operating expense reductions, other operating improvements and
initiatives and synergies related to any Material Transaction added back
pursuant to this clause (A)(7)(b) or the definition of Pro Forma Basis (that are
not permitted under Regulation S-X of the Securities and Exchange Commission) in
any period of four consecutive fiscal quarters shall not exceed 15% of EBITDA
with respect to add-backs in connection with Material Transactions other than
the Verizon Acquisition and shall not exceed 20% of EBITDA with respect to
add-backs in connection with the Verizon Acquisition provided, for the avoidance
of doubt, the aggregate amount of all such add-backs for such Material
Transactions and the Verizon Acquisition in any period of four consecutive
fiscal quarters shall not exceed 20% of EBITDA, in each case for this clause
(A)(7)(b) calculated prior to giving effect to such add-backs added back
pursuant to this clause (A)(7)(b) for such period, minus (B) the sum of (i)
investment income, (ii) interest income, (iii) dividend and patronage income,
(iv) income from unconsolidated subsidiaries, partnerships and joint ventures,
and (v) other non-operating income (not otherwise included in clauses (i), (ii),
(iii) and (iv)); in all cases in clauses (A) and (B) only to the extent
otherwise included in calculating net income or deficit.  For any period of
calculation, EBITDA shall be calculated on a Pro Forma Basis to give effect to
any applicable Material Transaction.

 

(C) The definition of “Loan Documents” in Subsection 10.1 of the Credit
Agreement is hereby amended and restated in its entirety as follows:

“Loan Documents” means this Agreement, the Notes, any Security Documents, the
Fee Letter and any Guaranty Agreement, all as amended, modified, supplemented,
extended or restated from time to time.

(D) Clause (D) of Subsection 3.1 of the Credit Agreement is hereby amended and
restated in its entirety as follows:

(D)Liens on the assets of any Person merged or consolidated with or into (in
accordance with Subsection 3.4) or acquired by the Borrower or any Subsidiary
that were in effect at the time of such merger, consolidation or acquisition.

 

SECTION 2.   Conditions to Effectiveness.  This Amendment shall be effective
upon (a) receipt by the Administrative Agent of an execution counterpart hereto
signed by the Borrower, the Administrative Agent and the Requisite Lenders, and
(b) receipt by the Administrative Agent on behalf of the Lenders of all accrued
fees of the Lenders pursuant to that certain Fee Letter, of even date herewith.

SECTION 3.   No Novation.  This Amendment shall not constitute a novation of the
Obligations, the Credit Agreement or any other Loan Document.

 

 

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SECTION 4.   Effect of Amendment.  All references to the Credit Agreement in the
Credit Agreement or in any other Loan Document shall be deemed a reference to
the Credit Agreement as amended by this Amendment.  Except as expressly provided
in this Amendment, the execution and delivery of this Amendment does not and
will not amend, modify or supplement any provision of, or constitute a consent
to or a waiver of any noncompliance with the provisions of, the Credit Agreement
or the other Loan Documents, and the Credit Agreement and the other Loan
Documents shall remain in full force and effect.  Except as expressly provided
in this Amendment, this Amendment shall be governed by the terms and provisions
of the Credit Agreement.  This Amendment shall be considered a “Loan Document”
under the Credit Agreement.

SECTION 5.   Representations and Warranties.  The Borrower hereby represents and
warrants to the Lenders as follows:

(A) The Borrower’s execution, delivery and performance of this Amendment are
within its corporate powers, have been duly authorized by all necessary action
and do not violate or create a default under (i) law, (ii) its constituent
documents, or (iii) any contractual provision binding upon it, except to the
extent (in the case of violations or defaults described under clauses (i) or
(iii)) such violation or default would not reasonably be expected to result in a
Material Adverse Effect and would not have an adverse effect on the validity,
binding effect or enforceability of this Amendment or any other Loan Documents
and would not materially adversely affect any of the rights of the
Administrative Agent or any Lender under or in connection with this Amendment or
any other Loan Documents. This Amendment constitutes the legal, valid and
binding obligation of the Borrower enforceable against it in accordance with its
terms (except as such enforceability may be limited by applicable bankruptcy,
reorganization, insolvency, moratorium and other laws affecting the rights of
creditors generally and general principles of equity, including an implied
covenant of good faith and fair dealing).

(B) No Governmental Approvals are required in connection with the execution and
delivery by the Borrower of this Amendment and the performance by the Borrower
of its obligations hereunder.

(C)At the time of and immediately after giving effect to this Amendment: (i) the
representations and warranties of the Borrower set forth in Section 5 of the
Credit Agreement shall then be true and correct in all material respects, except
that such representations and warranties that are qualified in the Credit
Agreement by reference to materiality or a Material Adverse Effect shall be true
and correct in all respects, as of such date (except for any such representation
and warranty that by its terms is made only as of an earlier date, which
representation and warranty shall remain true and correct in all material
respects as of such earlier date) and (ii) no Event of Default or Default shall
have occurred and be continuing or would result from the execution and delivery
of this Amendment.

SECTION 6.   Expenses.  The Borrower hereby agrees to pay the Administrative
Agent on demand, all reasonable and documented out-of-pocket costs and expenses
incurred by the Administrative Agent, including, without limitation, the
reasonable and documented fees and expenses of counsel retained by the
Administrative Agent, in connection with the negotiation, preparation, execution
and delivery of this Amendment. 

 

 

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SECTION 7.   Counterparts.  This Amendment may be executed in any number of
counterparts and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original and shall be binding
upon all parties and their respective permitted successors and assigns, and all
of which taken together shall constitute one and the same agreement.

SECTION 8.   Governing Law.    This Amendment and any claims, controversy,
dispute or cause of action (whether in contract or tort or otherwise) based
upon, arising out of or relating to this Amendment and the transactions
contemplated hereby shall be governed by, and construed in accordance with, the
law of the State of New York without regard to conflicts of law principles that
require or permit application of the laws of any other state or jurisdiction.

[Signatures commence on the following page.]

 

 

 

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Witness the due execution hereof by the respective duly authorized officers of
the undersigned as of the date first written above.

FRONTIER COMMUNICATIONS CORPORATION,

as Borrower

 

 

 

By: /s/ John M. Jureller

John M. Jureller

Executive Vice President and Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signatures Continued on Following Page]

 

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[Signatures Continued from Previous Page]

 

 

 

 

 

 

 

 

 

 

 

 

COBANK, ACB, as the Administrative Agent, the Lead Arranger and a Lender

 

 

By:  /s/ Gary Franke

Gary Franke

Vice President

 

 

 

 

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RAYMOND JAMES BANK, N.A., as a Joint Lead Arranger, a Co-Documentation Agent,
and a Lender

 

 

By: /s/ Michael Pelletier

Name: Michael Pelletier

Title: Senior Vice President

 

 

 

 

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Joint Lead Arranger and a Lender

 

 

By: /s/ Matthew Antioco

Name: Matthew Antioco

Title: Vice President

 

 

 

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[Signatures Continued from Previous Page]

 

 

 

 

 

 

 

 

MUFG UNION BANK, N.A., as a Lender

 

 

By: /s/ Matthew Antioco

Name: Matthew Antioco

Title: Vice President

 

 

 

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TD BANK, N.A., as a Lender

 

 

By: /s/ Shivani Agarwal

Name: Shivani Agarwal

Title: Senior Vice President

 

 

 

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GOLDMAN SACHS BANK USA, as a Lender

 

 

By: /s/ Michelle Latzoni

Name: Michelle Latzoni

Title: Authorized Signatory

 

 

 

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WEBSTER BANK, N.A., as a Lender

 

 

By:  /s/ Robert A. Schaefer

Name: Robert A. Schaefer

Title:   Vice President

 

 

 

 

 

 

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,

 

 

 

 

MOUNTAIN VIEW CLO III LTD, as a Lender

 

 

By: Seix Investment Advisors LLC, as Collateral Manager

 

 

 

By: /s/ George Goudelias

Name: George Goudelias

Title: Managing Director

 

 

 

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FLAGSHIP CLO V, as a Lender

 

 

By: _______________________  

Name:

Title:

 

 

 

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FLAGSHIP CLO VI, as a Lender

 

 

By: ________________

Name:

Title:

 

 

 

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WESTBROOK CLO LTD, as a Lender

 

 

By: SHENKMAN CAPITAL MANAGEMENT, INC., as Investment Manager

 

 

 

By: /s/ Justin Slatky

Name: Justin Slatky

Title: Senior Vice President

 

 

 

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RIDGEWORTH FUNDS – SEIX FLOATING RATE HIGH INCOME FUND, as a Lender

 

 

By:    Seix Investment Advisors LLC, as Subadviser

 

 

 

By: /s/ George Goudelias

Name: George Goudelias

Title: Managing Director

 

 

 

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CITY NATIONAL ROCHDALE, as a Lender

 

 

By:    Seix Investment Advisors LLC, as Subadviser

 

 

 

By: /s/ George Goudelias

Name: George Goudelias

Title: Managing Director

 

 

 

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ALLSTATE INSURANCE COMPANY, as a Lender

 

 

By: /s/ Mark D. Pittman

Name: Mark D. Pittman

Title: Senior Managing Director

         Authorized Signatory

 

 

 

By: /s/ Chris Goergen

Name: Chris Goergen

Title: Senior Portfolio Manager

         Authorized Signatory

 

 

 

 

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AIMCO CLO, SERIES 2006-A, as a Lender

 

 

By: /s/ Mark D. Pittman

Name: Mark D. Pittman

Title: Senior Managing Director

         Authorized Signatory

 

 

 

By: /s/ Chris Goergen

Name: Chris Goergen

Title: Senior Portfolio Manager

         Authorized Signatory

 

 

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BAKER STREET CLO II LTD, as a Lender

 

By:    Seix Investment Advisors LLC, as Collateral Manager

 

 

 

By: /s/ George Goudelias

Name: George Goudelias

Title: Managing Director

 

 

 

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BAKER STREET FUNDING CLO 2005-1 LTD, as a Lender

 

By:    Seix Investment Advisors LLC, as Collateral Manager

 

 

 

By: /s/ George Goudelias

Name: George Goudelias

Title: Managing Director

 

 

 

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BABSON CLO LTD, 2007-I, as a Lender

 

 

By: _______________

Name:

Title:

 

 

 

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CLEAR LAKE CLO LTD, as a Lender

 

 

By: ____________________

Name:

Title:

 

 

 

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APOLLO/PALMENTO SHORT-MATURITY LOAN, as a Lender

 

 

By: __________________

Name:

Title:

 

 

 

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BABSON CLO LTD. 2006-II as a Lender

 

 

By: _____________________

Name:

Title:

 

 

 

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BABSON MID-MARKET CLO LTD. 2007-II, as a Lender

 

 

By: _______________________

Name:

Title:

 

 

 

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SAPPHIRE VALLEY CDO I, LTD, as a Lender

 

 

By: _______________________

Name:

Title:

 

 

 

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GULF STREAM – RASHINBAN CLO 2006-I, as a Lender

 

 

By: ________________________

Name:

Title:

 

 

 

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RAMPART CLO 2006-I LTD., as a Lender

 

 

By: ______________________

Name:

Title:

 

 

 

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STONE TOWER CLO V LTD., as a Lender

 

 

By: _____________________

Name:

Title:

 

 

 

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GULF STREAM – COMPASS CLO 2007, LTD, as a Lender

 

 

By: ______________________

Name:

Title:

 

 

 

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CORNERSTONE CLO LTD., as a Lender

 

 

By: _______________________

Name:

Title:

 

 

 

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RAMPART CLO 2007 LTD, as a Lender

 

 

By: ______________________

Name:

Title:

 

 

 

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GULF STREAM – SEXTANT CLO 2007-I LT, as a Lender

 

 

By: ____________________

Name:

Title:

 

 

 

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MOUNTAIN VIEW FUNDING CLO 2006-I, as a Lender

 

By:    Seix Investment Advisors LLC, as Collateral Manager

 

 

 

By: /s/ George Goudelias

Name: George Goudelias

Title: Managing Director

 

 

 

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AGFIRST FARM CREDIT BANK, as a Voting Participant

 

By: /s/ Bruce B. Fortner

Name: Bruce B. Fortner

Title: Vice President

 

 

 

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1st FARM CREDIT SERVICES, FLCA, as a Voting Participant

 

By: /s/ Dale A. Richardson

Name: Dale A. Richardson

Title: Vice President, Capital Markets Group

 

 

 

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AGSTAR FINANCIAL SERVICES, FLCA, as a Voting Participant

 

By: /s/ Bob Atwood

Name: Bob Atwood

Title: Manager Agency Desk and Team Leader

 

 

 

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BADGERLAND FINANCIAL, FLCA, as a Voting Participant

 

By: /s/ Terry A. McMahon

Name: Terry A. McMahon

Title: CCO

 

 

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FARM CREDIT BANK OF TEXAS, as a Voting Participant

 

By: /s/ Nicholas King

Name: Nicholas King

Title: Vice President

 

 

 

 

 

 

 

 

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FARM CREDIT SERVICES OF AMERICA, FLCA, as a Voting Participant

 

By: /s/ Bruce Dean

Name: Bruce Dean

Title: Vice President

 

 

 

 

 

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FARM CREDIT MID-AMERICA, FLCA, f/k/a Farm Credit Services of Mid-America, FLCA,
as a Voting Participant

 

By: /s/ Tim J. Fraley

Name: Tim J. Fraley

Title: Senior Credit Officer

 

 

 

 

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UNITED FCS, FLCA d/b/a FCS COMMERCIAL FINANCE GROUP, as a Voting Participant

 

By: /s/ Lisa Caswell

Name: Lisa Caswell

Title: Vice President

 

 

 

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NORTHWEST FARM CREDIT SERVICES, FLCA, as a Voting Participant

 

By: /s/ Mark Westfall

Name: Mark Westfall

Title: Vice President

 

 

 

 

 

 

 

 

 

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FARM CREDIT WEST, FLCA, as a Voting Participant

 

By: /s/ Timothy R. Kensinger

Name: Timothy R. Kensinger

Title: Vice President

 

 

 

 

 

 

 

 

 

 

 

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FRONTIER FARM CREDIT, ACA, as a Voting Participant

 

By: /s/ Ben Fogle

Name: Ben Fogle

Title: Vice President

 

 

 

 

 

 

 

 

 

 

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GREENSTONE FARM CREDIT SERVICES, ACA and GREENSTONE FARM CREDIT SERVICES, FLCA,
as a Voting Participant

 

/s/ Jeff Pavlik

Name: Jeff Pavlik

Title: Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signatures Continued on Following Page]

 

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AGCHOICE FARM CREDIT, FLCA, as a Voting Participant

 

/s/ Mark F. Kerstetter

Name: Mark F. Kerstetter

Title: Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

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AMERICAN AGCREDIT, FLCA, as a Voting Participant

 

By: /s/ Bradley K. Leafgren

Name: Bradley K. Leafgren

Title: Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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