EXHIBIT 10.2

 

 

SEVENTEENTH AMENDMENT TO

FOURTH AMENDED AND RESTATED RECEIVABLES

FUNDING AND ADMINISTRATION AGREEMENT

 

This SEVENTEENTH AMENDMENT to FOURTH AMENDED AND RESTATED RECEIVABLES FUNDING
AND ADMINISTRATION AGREEMENT (this “Amendment”), dated as of February 11, 2020,
is entered into by and among SIT FUNDING CORPORATION (the “Borrower”), Bank of
America, N.A. (“BANA”), as a Committed Lender, BANA, as the Managing Agent for
the BANA Lender Group, WELLS FARO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), as
a Committed Lender, Wells Fargo, as the Managing Agent for the Wells Fargo
Lender Group, Sumitomo Mitsui Banking Corporation (“SMBC”), as a Committed
Lender, Manhattan Asset Funding Company LLC (“MAFC”), as a Discretionary Lender,
SMBC NIKKO SECURITIES AMERICA, INC. (“SMBC Nikko”), as Administrator for MAFC
and as the Managing Agent for the SMBC Lender Group, Liberty Street Funding LLC
(“Liberty Street”), as a Discretionary Lender, The Bank of Nova Scotia (“BNS”),
as Administrator for Liberty Street, as the Managing Agent for BNS Lender Group
and as a Committed Lender, GOTHAM FUNDING CORPORATION (“GFC”), as a
Discretionary Lender, and MUFG BANK, LTD. F/K/A THE BANK OF TOKYO-MITSUBISHI
UFJ, LTD. (“MUFG”), as a Committed Lender, as Administrative Agent for the
Committed Lenders and Discretionary Lenders, as Administrator for the GFC and as
the Managing Agent for the MUFG Lender Group.

 

RECITALS

 

A.WHEREAS, the Borrower, BANA, Wells Fargo, SMBC, MAFC, SMBC Nikko, Liberty
Street, BNS, GFC and MUFG are parties to that certain Fourth Amended and
Restated Receivables Funding and Administration Agreement, dated as of November
12, 2010 (together with all exhibits and schedules thereto, and as heretofore
amended, restated or supplemented, the “RFA”); and

 

B.WHEREAS, the Borrower, BANA, Wells Fargo, SMBC, MAFC, SMBC Nikko, Liberty
Street, BNS, GFC and MUFG desire to amend and modify certain terms of the RFA as
hereinafter set forth.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

 

1.Certain Defined Terms.  Capitalized terms that are used herein without
definition and that are defined in Annex X to the RFA shall have the same
meanings herein as in Annex X to the RFA.

 

2.Amendment to the RFA.  

(a)Section 8.01(t) to the RFA is hereby amended and restated to read as follows:

 

 

 

 

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“(t)   (x) on any date of determination during the Settlement Periods for
January 2020, February 2020 and March 2020, (i) the Default Trigger Ratio shall
exceed 3.00%; (ii) the Delinquency Trigger Ratio shall exceed 4.50%; (iii) the
Dilution Trigger Ratio shall exceed 5.75%; or (iv) the Receivables Collection
Turnover Trigger shall exceed 50 days; and (y) on any other date of
determination, (i) the Default Trigger Ratio shall exceed 2.25%; (ii) the
Delinquency Trigger Ratio shall exceed 3.25%; (iii) the Dilution Trigger Ratio
shall exceed 5.75%; or (iv) the Receivables Collection Turnover Trigger shall
exceed 47.5 days; or”.

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

(a)It has taken all necessary action to authorize the execution, delivery and
performance of this Amendment.

(b)This Amendment has been duly executed and delivered by the Borrower and
constitutes the Borrower’s legal, valid and binding obligation, enforceable in
accordance with its terms, except as such enforceability may be subject to (i)
bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer,
moratorium or similar laws affecting creditors’ rights generally and (ii)
general principles of equity (regardless of whether such enforceability is
considered in a proceeding at law or in equity).

(c)No consent, approval, authorization or order of, or filing (except for any
filing required by federal securities laws), registration or qualification with,
any court or governmental authority or third party is required in connection
with the execution, delivery or performance by the Borrower of this Amendment
that has not already been obtained.

(d)The execution and delivery of this Amendment does not (i) violate, contravene
or conflict with any provision of its organization documents or (ii) violate,
contravene or conflict in any material respect with any laws applicable to the
Borrower.

(e)Immediately after giving effect to this Amendment, (i) the representations
and warranties of the Borrower set forth in the RFA shall be true and correct
(other than any such representations or warranties that, by their terms, are
specifically made as of a date other than the date hereof, in which case, such
representations and warranties shall be true and correct as of such other date)
and (ii) no Termination Event or Incipient Termination Event shall have occurred
and be continuing.

4.Effect of Amendment.  Except as expressly amended and modified by this
Amendment, all provisions of the RFA shall remain in full force and effect.
After this Amendment becomes effective, all references in the RFA to “this
Agreement”, “hereof”, “herein” or words of similar effect referring to the RFA
shall be deemed to be references to the RFA as amended by this Amendment. This
Amendment shall not be deemed to expressly or impliedly waive, amend or
supplement any provision of the RFA other than as set forth herein.

5.Effectiveness.  This Amendment shall become effective as of the date hereof
upon receipt by the Administrative Agent of counterparts of this Amendment
(whether by facsimile or otherwise) executed by each of the other parties
hereto.

 

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6.Counterparts.  This Amendment may be executed in any number of counterparts
and by different parties on separate counterparts, and each counterpart shall be
deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument. Delivery of an executed counterpart of a
signature page of this Amendment by telecopy electronically (e.g. pdf) shall be
effective as delivery of a manually executed counterpart of this Amendment.

7.Governing Law.  This Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York.

8.Severability.  Each provision of this Amendment shall be severable from every
other provision of this Amendment for the purpose of determining the legal
enforceability of any provision hereof, and the unenforceability of one or more
provisions of this Amendment in one jurisdiction shall not have the effect of
rendering such provision or provisions unenforceable in any other jurisdiction.

9.Section Headings.  The various headings of this Amendment are inserted for
convenience only and shall not affect the meaning or interpretation of this
Amendment or the RFA or any provision hereof or thereof.

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

 

 

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first written above.

SIT FUNDING CORPORATION,
as the Borrower

By:/s/ Simon Y. Leung
Name: Simon Y. Leung
Title: Corporate Secretary

 

 

 

 

 

S-1

 

 

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MUFG LENDER GROUP:

 

MUFG BANK, LTD. F/K/A THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Administrator
for Gotham Funding Corporation, as Managing Agent for the  MUFG Lender Group and
as the MUFG Committed Lender

 

 

By:/s/ Christopher Pohl
Name: Christopher Pohl
Title:  Managing Director

 

GOTHAM FUNDING CORPORATION, as the MUFG Discretionary Lender

By:/s/ Kevin J. Corrigan
Name: Kevin J. Corrigan
Title:  Vice President

 

 

 

ADMINISTRATIVE AGENT:

 

MUFG BANK, LTD. F/K/A THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Administrative
Agent

 

 

By:/s/ Christopher Pohl
Name: Christopher Pohl
Title:  Managing Director

 

 

 

S-2

 

 

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BNS LENDER GROUP:

 

THE BANK OF NOVA SCOTIA,
as Administrator for Liberty Street Funding LLC, as Managing Agent for the BNS
Lender Group and as the BNS Committed Lender

By:/s/ Douglas Noe
Name: Douglas Noe
Title:  Managing Director

Liberty Street Funding LLC,
as the BNS Discretionary Lender

By:/s/ Jill A. Russo
Name: Jill A. Russo
Title:  Vice President

 

 

S-3

 

 

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SMBC LENDER GROUP:

 

SMBC NIKKO SECURITIES AMERICA, INC., as Administrator for Manhattan Asset
Funding Company LLC and as Managing Agent for the SMBC Lender Group

 

 

By:/s/ Yukimi Konno
Name: Yukimi Konno
Title:  Managing Director

 

MANHATTAN ASSET FUNDING COMPANY LLC, as the SMBC Discretionary Lender

By: MAF Receivables Corp., its Sole Member

By:/s/ Irina Khaimova
Name: Irina Khaimova
Title:  Vice President

 

 

SUMITOMO MITSUI BANKING CORPORATION, as the SMBC Committed Lender

By:/s/ Kazutaka Takeuchi
Name: Kazutaka Takeuchi
Title:  Executive Director

 

S-4

 

 

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BANA LENDER GROUP:

 

BANK OF AMERICA, N.A., as Managing Agent for the BANA Lender Group and as the
BANA Committed Lender

 

 

By:/s/ Chris Haynes
Name: Chris Haynes
Title:  Senior Vice President

 

S-5

 

 

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WELLS LENDER GROUP:

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Managing Agent for the Wells Lender
Group and as the Wells Committed Lender

 

 

By:/s/ Dale Abernathy
Name: Dale Abernathy
Title:  Director

 

 

 

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