Exhibit 10.1

FIRST AMENDMENT TO THE
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
THIS FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”), effective as of the ___ day of December, 2015 (the “Amendment
Effective Date”), is entered into by and among DYNAMIC MATERIALS CORPORATION, a
Delaware corporation (the “Parent”), the US Borrowers party hereto, the
Alternative Currency Borrowers party hereto (the Parent, the US Borrowers and
Alternative Currency Borrowers are, collectively, the “Borrowers”), the
Guarantors party hereto (the “Guarantors”), the Lenders party hereto (the
“Lenders”), and JPMORGAN CHASE BANK, N.A., as Administrative Agent.
RECITALS
WHEREAS, the Borrowers, the Guarantors, the Lenders, the Administrative Agent,
the London Agent and the Canadian Agent entered into that certain Second Amended
and Restated Credit Agreement dated as of February 23, 2015 (as may be amended
from time to time, the “Credit Agreement”);
WHEREAS, the Parent has requested that the Administrative Agent and the Lenders
amend certain provisions of the Credit Agreement;
WHEREAS, the Administrative Agent and the Lenders are willing to so amend the
Credit Agreement subject to the terms and conditions set forth herein, provided
that the Borrowers and the Guarantors ratify and confirm all of their respective
obligations under the Credit Agreement and the Loan Documents.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set
forth in this Amendment, the Borrowers, the Guarantors, the Lenders and the
Administrative Agent agree as follows:
1.Defined Terms. Unless otherwise defined herein, capitalized terms used herein
have the meanings assigned to them in the Credit Agreement.
2.    Amendments to Section 1.01.
(a)    The following definitions in Section 1.01 of the Credit Agreement are
hereby amended and restated in their entirety to read as follows:
“Consolidated EBITDA” means, for any Person, for any period, Net Income of such
Person and its consolidated Subsidiaries determined on a consolidated basis in
accordance with GAAP for such period, plus, to the extent deducted in the
determination of such Net Income and without duplication, (a) provisions for
income taxes, (b) Interest Expense, (c) depreciation and

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amortization expense, (d) extraordinary, non-recurring charges, excluding any
charges or expenses related to the categories described in the definition of
Specified Extraordinary Charges, (e) the Specified Extraordinary Charges and (f)
other non-cash charges excluding inventory reserves; and minus, to the extent
included in the determination of such Net Income and without duplication, (i)
interest income, (ii) extraordinary, non-recurring income, revenue or gains and
(iii) other non-cash income.
“Debt Service Coverage Ratio” means, for any trailing four quarter period, the
ratio of (a) Consolidated Pro Forma EBITDA of the Parent for such period, minus
the sum of (i) Cash Dividends, (ii) the capital expenditures for such period for
the Parent and its Subsidiaries determined on a consolidated basis in accordance
with GAAP and (iii) cash income Taxes paid or payable for such period by the
Parent and its Subsidiaries (excluding $2,000,000.00 of German income taxes paid
in cash in the first fiscal quarter of 2016) to (b) the sum of (i) cash Interest
Expense of the Parent for such period and (ii) scheduled principal payments of
Consolidated Funded Indebtedness actually made during such period.
“Initial Term Loan Termination Date” means December 18, 2015.
(b)    Section 1.01 of the Credit Agreement is hereby amended to add the
following new definitions in proper alphabetical order:
“Cash Dividends” means, the regularly scheduled cash dividends paid by the
Parent in the ordinary course of business during the trailing four quarter
period; provided that (i) for the trailing four quarter period ended March 31,
2016, “Cash Dividends” shall be the cash dividends paid during the first fiscal
quarter of 2016, multiplied by four (4), (ii) for the trailing four quarter
period ended June 30, 2016, “Cash Dividends” shall be the cash dividends paid
during the first and second fiscal quarters of 2016, multiplied by two (2) and
(iii) for the trailing four quarter period ended September 30, 2016, “Cash
Dividends” shall be the cash dividends paid during the first, second and third
fiscal quarters of 2016, multiplied by four-thirds (4/3).
“Specified Extraordinary Charges” means, (i) up to $2,000,000 for pro forma cost
savings related to (A) headcount reductions, (B) location closures and/or
consolidations and (C) up to $575,000 of one-time new product rollout expenses
for the launch of DynaStage product, (ii) up to $450,000 for one-time
restatement related expenses incurred in the first fiscal quarter of 2015, and
(iii) up to $200,000 for one-time legal fees associated with an anti-dumping
ruling incurred in the third and fourth fiscal quarters of 2015.

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(c)    From the Amendment Effective Date through September 30, 2016, the table
set forth in the definition of “Applicable Margin” in Section 1.01 of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:
Level
Leverage Ratio
Applicable Margin for Eurocurrency, EURIBOR and CDOR Loans
Applicable Margin for ABR and Canadian Prime Loans
I
1.00 > X
1.25%
0.25%
II
1.50 > X > 1.00
1.50%
0.50%
III
2.00 > X > 1.50
1.75%
0.75%
IV
2.50 > X > 2.00
2.00%
1.00%
V
3.00 > X > 2.50
2.25%
1.25%
VI
X > 3.00
2.75%
1.50%

(d)    After September 30, 2016, the table set forth in the definition of
“Applicable Margin” in Section 1.01 of the Credit Agreement is hereby amended
and restated in its entirety to read as follows:
Level
Leverage Ratio
Applicable Margin for Eurocurrency, EURIBOR and CDOR Loans
Applicable Margin for ABR and Canadian Prime Loans
I
1.00 > X
1.25%
0.25%
II
1.50 > X > 1.00
1.50%
0.50%
III
2.00 > X > 1.50
1.75%
0.75%
IV
2.50 > X > 2.00
2.00%
1.00%
V
X > 2.50
2.25%
1.25%

(e)    The last sentence of the definition of “Applicable Margin” in Section
1.01 of the Credit Agreement is hereby amended and restated in its entirety to
read as follows:
“If the Parent fails to deliver the financial statements and corresponding
Compliance Certificate to the Administrative Agent at the time required pursuant
to Section 5.01, then effective as of the date such financial statements and
corresponding Compliance Certificate were required to be delivered pursuant to
Section 5.01, the Applicable Margin shall be determined at the Level which
corresponds to the maximum Leverage Ratio permitted under Section 6.15 at such
time and shall remain at such level until the date such financial statements and
corresponding Compliance Certificate are so delivered by the Parent.”

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(f)    The table set forth in the definition of “Commitment Fee Rate” in Section
1.01 of the Credit Agreement is hereby amended and restated in its entirety to
read as follows:
Level
Leverage Ratio
Commitment Fee Rate
I
1.00 > X
0.25%
II
1.50 > X > 1.00
0.30%
III
2.00 > X > 1.50
0.35%
IV
2.50 > X > 2.00
0.40%
V
3.00 > X > 2.50
0.45%
VI
X > 3.00
0.50%

(g)    The last sentence of the definition of “US Commitment” in Section 1.01 of
the Credit Agreement is hereby amended and restated in its entirety to read as
follows:
“The aggregate amount of the Lenders’ US Commitments as of December ____, 2015,
is $65,000,000.”
3.    Amendment to Section 6.07(d).
(a)    Section 6.07(d) of the Credit Agreement is hereby amended and restated to
read as follows:
“(d)    Restricted Payments by the Parent in any amount so long as (i) no Event
of Default exists or is created thereby and (ii) the Leverage Ratio calculated
on a pro forma basis for the most recently ended trailing four-quarter period
giving effect to such Restricted Payment as if it were paid at the commencement
of such four-quarter period is not greater than the maximum Leverage Ratio
permitted under Section 6.15 at such time minus 0.50; provided that Restricted
Payments by the Parent shall be limited to a per share dividend amount less than
or equal to the per share dividend amount of Restricted Payments by the Parent
in the immediately prior fiscal quarter unless the Leverage Ratio calculated on
a pro forma basis for the most recently ended trailing four-quarter period
giving effect to such Restricted Payment as if it were paid at the commencement
of such four-quarter period is less than 2.0 to 1.0.”
4.    Amendment to Section 6.15. Section 6.15 of the Credit Agreement is hereby
amended and restated in its entirety to read as follows:
“6.15    Leverage Ratio. The Parent shall not permit the Leverage Ratio for any
trailing four quarter period measured as of the last day of any fiscal quarter
to exceed (i) for the fiscal quarters ended March 31, 2015, June 30, 2015 and
September 30, 2015, 3.0 to 1.0, (ii) for the fiscal quarters ended December 31,
2015, March 31, 2016 and June 30, 2016, 3.75 to 1.0, (iii) for

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the fiscal quarter ended September 30, 2016, 3.25 to 1.0, and (iv) thereafter,
3.0 to 1.0.”
5.    Amendment to Schedule 2.01. Schedule 2.01 attached to the Credit Agreement
titled “Commitments” is hereby deleted in its entirety and replaced with
Schedule 2.01 attached hereto.
6.    Ratification. Each of the Borrowers and Guarantors hereby ratifies all of
its Obligations under the Credit Agreement and each of the Loan Documents to
which it is a party, and agrees and acknowledges that the Credit Agreement and
each of the Loan Documents to which it is a party are and shall continue to be
in full force and effect as amended and modified by this Amendment. Nothing in
this Amendment extinguishes, novates or releases any right, claim, lien,
security interest or entitlement of any of the Lenders, the Administrative
Agent, the London Agent or the Canadian Agent created by or contained in any of
such documents nor are the Borrowers nor Guarantors released from any covenant,
warranty or obligation created by or contained herein or therein.
7.    Representations and Warranties. Each of the Borrowers and Guarantors
hereby represents and warrants to the Administrative Agent, the London Agent,
the Canadian Agent and the Lenders that (a) this Amendment has been duly
executed and delivered on behalf of each of the Borrowers and Guarantors,
(b) this Amendment constitutes a valid and legally binding agreement enforceable
against each of the Borrowers and Guarantors in accordance with its terms,
subject to applicable bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium or other laws affecting creditors’ rights generally
and subject to general principles of equity, regardless of whether considered in
a proceeding in equity or at law, (c) the representations and warranties
contained in the Credit Agreement and the Loan Documents are true and correct on
and as of the date hereof in all material respects as though made as of the date
hereof (provided, that to the extent any such representation and warranty was
made as of a specific date, such representation and warranty shall be true and
correct in all material respects as of such specific date), (d) after giving
effect to this Amendment, no Default or Event of Default exists and (e) the
execution, delivery and performance of this Amendment has been duly authorized
by each of the Borrowers and Guarantors.
8.    Conditions to Effectiveness. This Amendment shall be effective on the
Amendment Effective Date upon (a) the execution and delivery hereof by the
Borrowers, the Guarantors and the Required Lenders to the Administrative Agent
and receipt by the Administrative Agent of this Amendment and (b) the execution
and delivery hereof by the Parent to the Administrative Agent and receipt by the
Administrative Agent of that certain First Amendment to Second Amended and
Restated Credit Agreement Engagement Letter dated as of the date hereof.
9.    Release and Indemnity. Each of the Borrowers and Guarantors does hereby
release and forever discharge the Administrative Agent, London Agent, the
Canadian Agent, each of the Lenders, each of the Issuing Lenders and each
Related Party of any of the foregoing from any and all claims, demands, damages,
actions, cross-actions, causes of action, costs and expenses (including legal
expenses), of any kind or nature whatsoever, whether based on law or equity,
which any of said parties has held or may now or in the future own or hold,
whether known or unknown, for or because of any matter or thing done, omitted or
suffered to be done on or before the actual date upon which this Amendment is
signed by any of such parties arising directly or indirectly out of

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the Loan Documents, any other documents, instruments or transactions relating
thereto or the performance by any party thereto of their respective obligations
thereunder. Such release, waiver, acquittal and discharge shall and does
include, without limitation, any claims of usury, fraud, duress,
misrepresentation, lender liability, control, exercise of remedies and all
similar items and claims, which may, or could be, asserted by any Borrower or
Guarantor, but such release, waiver, acquittal and discharge shall and does not
include any claims, demands, damages, actions, cross-actions, causes of action,
costs and expenses arising out of or relating to (a) the gross negligence or
willful misconduct of any Indemnitee, (b) in the case of Section 2.14 of the
Credit Agreement, the matters set forth in Section 2.14(e) of the Credit
Agreement, (c) the obligations of each Lender under Section 2.16(e) of the
Credit Agreement, or (d) any assignment or transfer by any Lender of its rights
or obligations under the Credit Agreement and the other Loan Documents, except
for any such assignment or transfer made in accordance with Section 10.04 of the
Credit Agreement and the applicable provisions of the other Loan Documents,
respectively. Each of the Borrowers and Guarantors hereby ratifies its
obligations under the indemnification provisions contained in the Loan Documents
to which it is a party, including, without limitation, Section 10.03 of the
Credit Agreement, and agrees that this Amendment and losses, claims, damages and
expenses related thereto shall be covered by such indemnification obligations to
the same extent as the Loan Documents.
10.    Counterparts. This Amendment may be signed in any number of counterparts,
which may be delivered in original, facsimile or other electronic form (i.e.,
“PDF”) each of which shall be construed as an original, but all of which
together shall constitute one and the same instrument.
11.    Governing Law. This Amendment, all Notes, the other Loan Documents and
all other documents executed in connection herewith shall be deemed to be
contracts and agreements under the laws of the State of New York and of the
United States of America and for all purposes shall be construed in accordance
with, and governed by, the laws of New York and of the United States.
12.    Final Agreement of the Parties. Any previous agreement among the parties
with respect to the subject matter hereof is superseded by the Credit Agreement,
as amended by this Amendment. Nothing in this Amendment, express or implied is
intended to confer upon any party other than the parties hereto any rights,
remedies, obligations or liabilities under or by reason of this Amendment.
[Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective officers thereunto duly authorized as of the Amendment
Effective Date.
PARENT, US BORROWER,  
ALTERNATIVE CURRENCY BORROWER AND
US GUARANTOR:

DYNAMIC MATERIALS CORPORATION
 
By: /s/ Michael Kuta 
Name: Michael Kuta
Title: Chief Financial Officer
 
 

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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US BORROWER AND US GUARANTOR:

DMC KOREA, INC.
 
 
 
By: /s/ Michael Kuta 
Name: Michael Kuta
Title: Vice President

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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US BORROWER AND US GUARANTOR:

DynaEnergetics US, INC.
 
 
 
 
 
By: /s/ Michael Kuta 
Name: Michael Kuta
Title: Vice President

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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FOREIGN GUARANTOR:

DYNAENERGETICS CANADA INC.
 
 
 
 
 
By: /s/ Ian Grieves  
Name: Ian Grieves
Title: President

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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FOREIGN GUARANTOR:
DYNAMIC MATERIALS LUXEMBOURG 1 S.Á R.L.
 
 
 
 
 
By: /s/ Ian Grieves  
Name: Ian Grieves
Title: Class B Director

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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ALTERNATIVE CURRENCY BORROWER AND FOREIGN GUARANTOR:
DYNAMIC MATERIALS LUXEMBOURG 2 S.Á R.L.
 
 
 
 
 
By: /s/ Ian Grieves  
Name: Ian Grieves
Title: Class B Director

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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FOREIGN GUARANTOR:

NOBELCLAD EUROPE SA
 
 
 
 
 
By: /s/ Antoine Nobili  
Name: Antoine Nobili
Title: Administrator et Directeur Général

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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FOREIGN GUARANTOR:
NITRO METALL AB
 
 
 
 
 
By: /s/ Antoine Nobili  
Name: Antoine Nobili
Title: Director

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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ALTERNATIVE CURRENCY BORROWER AND FOREIGN GUARANTOR:
DYNAENERGETICS HOLDING GMBH
 
 
 
 
 
By: /s/ Ian Grieves  
Name: Ian Grieves
Title: Managing Director

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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ALTERNATIVE CURRENCY BORROWER AND FOREIGN GUARANTOR:

DYNAENERGETICS BETEILIGUNGS GMBH
 
 
 
By: /s/ Achim Pabst  
Name: Achim Pabst
Title: Managing Director

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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ALTERNATIVE CURRENCY BORROWER AND FOREIGN GUARANTOR:
DYNAENERGETICS GMBH & CO., KG
 
By: DYNAENERGETICS BETEILIGUNGS GMBH, as general partner
 
 
 
By: /s/ Achim Pabst  
Name: Achim Pabst
Title: Managing Director

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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FOREIGN GUARANTOR:
NOBELCLAD EUROPE HOLDING GmbH
 
 
 
 
 
By: /s/ Antoine Nobili  
Name: Antoine Nobili
Title: Managing Director

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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ALTERNATIVE CURRENCY BORROWER AND FOREIGN GUARANTOR:
NOBELCLAD EUROPE GmbH AND CO., KG
 
 
 
By: NOBELCLAD EUROPE HOLDING GMBH, as general partner
 
 
 
By:  /s/ Antoine Nobili  
Name: Antoine Nobili
Title: Managing Director

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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FOREIGN GUARANTOR:
ooo DYNAenergetics RUS
 
 
 
 
 
By: /s/ Eduard Nurmuhametov  
Name: Eduard Nurmuhametov
Title: General Director

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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FOREIGN GUARANTOR:
DYNAENERGETICS SIBERIA LIMITED
 
 
 
 
 
By: /s/ Wilhelm Sonnenberg  
Name: Wilhelm Sonnenberg
Title: General Director

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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FOREIGN GUARANTOR:
TOO KAZ DynaEnergetics
 
 
 
 
 
By: /s/ Assel Tazhenova  
Name: Assel Tazhenova
Title: Managing Director

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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FOREIGN GUARANTOR:
DYNAMIC MATERIALS CORPORATION (HK) LIMITED
 
 
 
 
 
By: /s/ Michael Kuta  
Name: Michael Kuta
Title: Director

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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FOREIGN GUARANTOR:
DYNAMIC MATERIALS CORPORATION (SHANGHAI) TRADING CO. LTD.
 
 
 
 
 
By: /s/ Bin Zhang  
Name: Bin Zhang
Title: Director/Legal Representative

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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FOREIGN GUARANTOR:
DYNAENERGETICS COLOMBIA S A S EN LIQUIDACTION
 
 
 
 
 
By: /s/ Michael Kuta  
Name: Michael Kuta
Title: Director

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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ADMINISTRATIVE AGENT,
US ISSUING LENDER,
US SWINGLINE LENDER AND
US LENDER:
JPMORGAN CHASE BANK, N.A.

By: /s/ Karl Thomasma     
Name: Karl Thomasma
Title: Senior Underwriter

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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LONDON AGENT:
J.P. MORGAN EUROPE LIMITED

By:
Name:
Title:

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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LONDON ISSUING LENDER,
EURO SWINGLINE LENDER AND
ALTERNATIVE CURRENCY LENDER TO DYNAMIC MATERIALS LUXEMBOURG 2 S.Á R.L.:
J.P. MORGAN EUROPE LIMITED

By:
Name:
Title:

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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CANADIAN AGENT,
CANADIAN ISSUING LENDER AND ALTERNATIVE CURRENCY LENDER:
JPMORGAN CHASE BANK, N.A., TORONTO BRANCH

By: /s/ Michael Tam     
Name: Michael N. Tam
Title: Senior Vice President

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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SYNDICATION AGENT,
US LENDER AND
ALTERNATIVE CURRENCY LENDER:
KEYBANK NATIONAL ASSOCIATION

By: /s/ Dru Chiesa      
Name: Dru Chiesa
Title: Vice President

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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DOCUMENTATION AGENT,
US LENDER AND
ALTERNATIVE CURRENCY LENDER:
WELLS FARGO BANK, NATIONAL ASSOCIATION

By: /s/ Patrick McCormack     
Name: Patrick McCormack
Title: Vice President

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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US LENDER AND
ALTERNATIVE CURRENCY LENDER:
BANK OF AMERICA, N.A.

By: /s/ Michael T. Letsch     
Name: Michael T. Letsch
Title: Senior Vice President

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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ALTERNATIVE CURRENCY LENDER:
BANK OF AMERICA, NATIONAL ASSOCIATION (CANADA BRANCH)

By: /s/ Medina Sales de Andrade     
Name: Medina Sales de Andrade
Title: Vice President

Signature Page to First Amendment to the Second Amended and Restated Credit
Agreement

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Schedule 2.01
Commitments

LENDER
US
COMMITMENT
ALTERNATIVE CURRENCY
COMMITMENT
JPMorgan Chase Bank, N.A.
$20,583,333.34
 
J.P. Morgan Europe Limited / JPMorgan Chase Bank, N.A., London Branch / JPMorgan
Chase Bank, N.A., Toronto Branch1
 
$3,166,666.66
KeyBank National Association
$15,708,333.33
$2,416,666.67
Wells Fargo Bank, National Association
$15,708,333.33
$2,416,666.67
Bank of America, N.A.
$13,000,000.00
 
Bank of America, N.A. / Bank of America, National Association (Canada Branch)
 
$2,000,000.00
TOTAL
$65,000,000.00
$10,000,000.00

                    
1 For purposes of Alternative Currency Loans in Alternative Currencies other
than Canadian Dollars to the Alternative Currency Borrowers other than Dynamic
Materials Lux 2, JPMorgan Chase Bank, N.A., London Branch shall be an
Alternative Currency Lender. For purposes of such Alternative Currency Loans to
Dynamic Materials Lux 2, J.P. Morgan Europe Limited shall be an Alternative
Currency Lender. For purposes of Alternative Currency Loans in Canadian Dollars
to the Parent, JPMorgan Chase Bank, N.A., Toronto Branch shall be an Alternative
Currency Lender.

Schedule 2.01