EXECUTION VERSION
EXHIBIT 10.1
FIRST AMENDMENT CREDIT AGREEMENT
FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of September 26, 2019 (this
“Amendment”), is made by and among Microchip Technology Incorporated, as
borrower (the “Borrower”), each Subsidiary Guarantor party hereto, the Lenders
party hereto, and JPMorgan Chase Bank, N.A. for itself, as Lender, and as
administrative agent for the Lenders (in such capacity, the “Administrative
Agent”), to the Amended and Restated Credit Agreement, dated as of May 29, 2018
(as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among the Borrower, the lenders from time to time
party thereto (the “Lenders”) and the Administrative Agent.
W I T N E S S E T H :
WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement
to, among other things, amend the Applicable Rate with respect to Revolving
Loans;
WHEREAS, each Revolving Lender that has executed a counterpart of this Amendment
as a “2023 Revolving Lender” has agreed to amend the Applicable Rate with
respect to their Revolving Loans as provided herein;
WHEREAS, each Lender signatory hereto and the Administrative Agent have agreed
to amend the provisions of the Credit Agreement but only on the terms and
subject to the conditions herein provided;
NOW, THEREFORE, in consideration of the premises and the agreements hereinafter
contained, the parties hereto agree as follows:
1.Defined Terms. Capitalized terms used herein but not defined herein have the
respective meanings ascribed thereto in the Credit Agreement.
2.Certain Amendments to the Credit Agreement. As of the First Amendment
Effective Date (as defined below) and subject to the satisfaction of the terms
and conditions set forth herein:
(a)    Section 1.10 of the Credit Agreement is hereby amended by adding the
following new definitions in the appropriate alphabetical order:
“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined
under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Covered Entity” means any of the following:
(i)a “covered entity” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 252.82(b);
(ii)a “covered bank” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 47.3(b); or
(iii)a “covered FSI” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 382.2(b).
“Covered Party” has the meaning assigned to it in Section 9.21.
“Default Right” has the meaning assigned to that term in, and shall be
interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as
applicable.

--------------------------------------------------------------------------------

“Factoring Transaction” means any transaction or series of transactions that may
be entered into by the Borrower or any Subsidiary pursuant to which the Borrower
or such Subsidiary may sell, convey, assign or otherwise transfer (or purport to
sell, convey, assign or otherwise transfer) Securitization Assets (which may
include a grant of security interest in such Securitization Assets so sold,
conveyed, assigned or otherwise transferred or purported to be so sold,
conveyed, assigned or otherwise transferred) to any Person.
“First Amendment” means the First Amendment to this Agreement, dated as of
September 26, 2019, among the Borrower, the Subsidiary Guarantors, the
Administrative Agent, the Lenders party thereto and the other parties party
thereto.
“First Amendment Effective Date” has the meaning assigned to such term in the
First Amendment.
“IBA” has the meaning assigned to such term in Section 1.07.
“QFC” has the meaning assigned to the term “qualified financial contract” in,
and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
“QFC Credit Support” has the meaning set forth in Section 9.21.
“Qualified Factoring Transaction” means any Factoring Transaction that meets the
following conditions:
(1)such Factoring Transaction is non-recourse to, and does not obligate, the
Borrower or any Subsidiary, or their respective properties or assets (other than
Securitization Assets) in any way (other than in respect of the Standard
Securitization Undertakings);
(2)all sales, conveyances, assignments and/or contributions of Securitization
Assets by the Borrower or any Subsidiary are made at fair market value (as
determined in good faith by a Financial Officer of the Borrower), and
(3)such Factoring Transaction (including financing terms, covenants, termination
events (if any) and other provisions thereof) are market terms at the time such
Factoring Transaction is first entered into (as determined in good faith by a
Financial Officer of the Borrower).
The grant of a security interest in any Securitization Assets of the Borrower or
any of its Subsidiaries to secure any Indebtedness permitted pursuant to Section
6.01 (other than any Indebtedness in respect of a Qualified Factoring
Transaction) shall not be deemed a Qualified Factoring Transaction.
“Securitization Assets” means accounts receivable, royalty or other revenue
streams, other rights to payment, including with respect to rights of payment
pursuant to the terms of joint ventures (in each case, whether now existing or
arising in the future), and any assets related thereto, including all collateral
securing any of the foregoing, all contracts and all guarantees or other
obligations in respect of any of the foregoing, proceeds of any of the foregoing
and other assets which are customarily transferred or in respect of which
security interests are customarily granted in connection with non-recourse
(other than Standard Securitization Undertakings), asset securitization or
factoring transactions and any Swap Agreements entered into by the Borrower or
any such Subsidiary in connection with such assets subject to a Qualified
Factoring Transaction.
“Standard Securitization Undertakings” means representations, warranties,
covenants and indemnities entered into by the Borrower or any Subsidiary that,
taken as a whole, are customary in a Factoring Transaction.
“Supported QFC” has the meaning set forth in Section 9.21.

--------------------------------------------------------------------------------

“U.S. Special Resolution Regime” has the meaning assigned to it in Section 9.21.
(b)    Section 1.01 of the Credit Agreement is hereby amended by replacing Table
2 under the definition of “Applicable Rate” with the following table:

 
Senior Leverage Ratio:
Eurocurrency
Spread
ABR
Spread
Commitment
Fee Rate
Category 1:
< 1.50 to 1.00
1.00%
0.00%
0.15%
Category 2:
> 1.50 to 1.00 but
< 2.00 to 1.00
1.25%
0.25%
0.20%
Category 3:
≥ 2.00 to 1.00 but
< 2.50 to 1.00
1.50%
0.50%
0.25%
Category 4:
> 2.50 to 1.00
1.75%
0.75%
0.30%

 

(c)    Section 1.01 of the Credit Agreement is hereby amended by amending and
restating clause (i) immediately following Table 2 under the definition of
“Applicable Rate” as follows:
“(i) if at any time the Borrower fails to deliver the Financials on or before
the date the Financials are due pursuant to Section 5.01, Category 4 shall be
deemed applicable with respect to any outstanding 2023 Revolving Loans for the
period commencing three (3) Business Days after the required date of delivery
and ending on the date which is three (3) Business Days after the Financials are
actually delivered, after which the Category shall be determined in accordance
with the table above as applicable;”
(d)    Section 1.01 of the Credit Agreement is hereby amended by amending and
restating the definition of “Asset Sale” as follows:
““Asset Sale” means any asset sale (including any sale pursuant to Section
6.03(a)(xvii) consummated prior to the Microsemi Acquisition Closing Date) or
other dispositions of property, provided that “Asset Sale” shall not include (i)
any sale or disposition by the Borrower or a Subsidiary to the Borrower or a
Subsidiary, (ii) the use, sales or dispositions of cash and cash equivalents,
(iii) any other sale or disposition described in clause (iv)(A)-(C), (vii),
(viii), (ix), (x), (xii), (xiii), (xiv) of Section 6.03(a), (iv) any disposition
of any Securitization Assets and (v) any sale of disposition of assets or
property that have a fair market value less than or equal to $20.0 million for
any such sale or disposition.”
(e)    Section 1.01 of the Credit Agreement is hereby amended by amending the
definition of “Consolidated EBITDA” by inserting the following new clause (xi)
therein immediately prior to the word “minus”:
“ and (xi) losses or discounts on any sale of receivables, Securitization Assets
and related assets in connection with any Qualified Factoring Transaction”
(f)    Section 1.01 of the Credit Agreement is hereby amended by amending the
definition of “Consolidated Interest Expense” by inserting “ and discounts,
commissions, fees and other similar charges associated with any Qualified
Factoring Transaction” immediately after the second parenthetical therein.
(g)    Section 1.01 of the Credit Agreement is hereby amended by amending the
definition of “Consolidated Total Indebtedness” by inserting the following new
proviso at the end thereof:

--------------------------------------------------------------------------------

“; provided that Consolidated Total Indebtedness shall not include any
Indebtedness in respect of any Qualified Factoring Transaction.”
(h)    Article I of the Credit Agreement is hereby amended by adding the
following new Section 1.07:
“Section 1.07. Interest Rates; LIBOR Notification. The interest rate on
Eurocurrency Loans is determined by reference to the LIBO Rate, which is derived
from the London interbank offered rate. The London interbank offered rate is
intended to represent the rate at which contributing banks may obtain short-term
borrowings from each other in the London interbank market. In July 2017, the
U.K. Financial Conduct Authority announced that, after the end of 2021, it would
no longer persuade or compel contributing banks to make rate submissions to the
ICE Benchmark Administration (together with any successor to the ICE Benchmark
Administrator, the “IBA”) for purposes of the IBA setting the London interbank
offered rate. As a result, it is possible that commencing in 2022, the London
interbank offered rate may no longer be available or may no longer be deemed an
appropriate reference rate upon which to determine the interest rate on
Eurocurrency Loans. In light of this eventuality, public and private sector
industry initiatives are currently underway to identify new or alternative
reference rates to be used in place of the London interbank offered rate. In the
event that the London interbank offered rate is no longer available or in
certain other circumstances as set forth in Section 2.14(b) of this Agreement,
such Section 2.14(b) provides a mechanism for determining an alternative rate of
interest. The Administrative Agent will notify the Borrower, pursuant to Section
2.14, in advance of any change to the reference rate upon which the interest
rate on Eurocurrency Loans is based. However, the Administrative Agent does not
warrant or accept any responsibility for, and shall not have any liability with
respect to, the administration, submission or any other matter related to the
London interbank offered rate or other rates in the definition of “LIBO Rate” or
with respect to any alternative or successor rate thereto, or replacement rate
thereof, including without limitation, whether the composition or
characteristics of any such alternative, successor or replacement reference
rate, as it may or may not be adjusted pursuant to Section 2.14(b), will be
similar to, or produce the same value or economic equivalence of, the LIBO Rate
or have the same volume or liquidity as did the London interbank offered rate
prior to its discontinuance or unavailability.”
(i)    Article I of the Credit Agreement is hereby amended by adding the
following new Section 1.08:
“Section 1.08. Letter of Credit Amounts. Unless otherwise specified herein, the
amount of a Letter of Credit at any time shall be deemed to be the amount of
such Letter of Credit available to be drawn at such time; provided that with
respect to any Letter of Credit that, by its terms or the terms of any Letter of
Credit Agreement related thereto, provides for one or more automatic increases
in the available amount thereof, the amount of such Letter of Credit shall be
deemed to be the maximum amount of such Letter of Credit after giving effect to
all such increases, whether or not such maximum amount is available to be drawn
at such time.”
(j)    Article I of the Credit Agreement is hereby amended by adding the
following new Section 1.09:
“Section 1.09 Divisions. For all purposes under the Loan Documents, in
connection with any division or plan of division under the Delaware Limited
Liability Company Act or the Delaware Revised Uniform Limited Partnership Act
(or any comparable event under a different jurisdiction’s laws): (a) if any
asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have
been transferred from the original Person to the subsequent Person, and (b) if
any new Person comes into existence, such new Person shall be deemed to have
been organized and acquired on the first date of its existence by the holders of
its Equity Interests at such time.”

--------------------------------------------------------------------------------

(k)    Section 2.23 of the Credit Agreement is hereby amended by amending and
restating clause (a) therein as follows:
“(a) The Borrower may, subject to the terms hereof, at any time or from time to
time after the Microsemi Acquisition Closing Date, enter into an amendment or
such other relevant documentation to effect a Replacement Financing (a
“Refinancing Amendment”) to effect a refinancing or replacement of all or any
portion of the Term Loans or Revolving Commitments (and, if applicable, any
related Revolving Loans). Each such refinancing or replacement may, at the
Borrower’s option, be in the form of one or more series of senior secured loans
or notes (each of which may be secured by the Collateral on a pari passu or
junior basis to the Obligations), or with one or more series of unsecured loans
or notes (collectively, the “Replacement Financing”); provided that (i) the
aggregate principal amount of such Replacement Financing shall not exceed the
aggregate principal amount or committed amount, as applicable, of such
refinanced facilities, plus accrued interest, expenses, fees and premiums, plus,
in the case of a replacement of Term Loans, amounts permitted to be incurred as
Incremental Term Loans (and for the avoidance of doubt any Replacement Financing
incurred in the form of Incremental Term Loans shall not reduce availability
under the Incremental Term Loans under Section 2.20), (ii) any Replacement
Financing (1) that is secured does not mature prior to, or have a Weighted
Average Life to Maturity shorter than, the Term Loans or Revolving Commitments
being refinanced and (2) that is unsecured does not mature prior to the maturity
date or termination date, as applicable, of the Term Loans or Revolving
Commitments (and, if applicable, any related Revolving Loans) being refinanced
and the terms of such Indebtedness do not provide for any mandatory redemption
(other than customary amortization payments, mandatory and voluntary prepayment
provisions, customary asset sale, event of loss, fundamental change, or change
of control mandatory offers to purchase or mandatory prepayment provisions and
customary acceleration rights after an event of default) prior to the maturity
date of the Term Loans or Revolving Commitments (and, if applicable, any related
Revolving Loans) being refinanced, provided that notwithstanding the foregoing
requirements, a Replacement Financing in an aggregate principal amount not to
exceed $2,000,000,000 incurred or issued to effect a refinancing or replacement
of the Initial Term Loans (and, simultaneously with the refinancing or
replacement in full of the Initial Term Loans, to effect the repayment of any
other senior loans (including outstanding Revolving Loans) or notes with any
excess net cash proceeds thereof as provided in clause (viii) below) may have a
maturity date that is at least three years after the date of incurrence or
issuance of such Replacement Financing (but shall not provide for mandatory
redemption, other than customary mandatory prepayment provisions, customary
asset sale, event of loss, fundamental change, or change of control mandatory
offers to purchase or mandatory prepayment provisions and customary acceleration
rights after an event of default, prior to the date that is at least three years
after the date of such incurrence or issuance), (iii) any Replacement Financing
in the form of pari passu first lien, syndicated term loans issued on or prior
to the 6 month anniversary of the Microsemi Acquisition Closing Date shall be
subject to the MFN Condition as if it were an Incremental Term Loan, (iv) to the
extent such Replacement Financing is secured, it shall be secured only by the
Collateral and on a pari passu or junior basis with the Collateral, (vi) to the
extent such Replacement Financing is secured, the parties to such Replacement
Financing (or their authorized agent) and the Administrative Agent shall, as
applicable, enter into (a) in the case of Replacement Financing secured on a
junior lien basis, an intercreditor agreement reasonably satisfactory to the
Administrative Agent or (b) in the case if Replacement Financing secured on a
pari passu basis, an intercreditor agreement substantially in the form of the
Intercreditor Agreement, (vii) the obligors in respect of any Replacement
Financing shall be Loan Parties, (viii) the net cash proceeds thereof shall be
applied substantially simultaneously with the incurrence thereof to permanently
repay the Term Loans or permanently reduce the Revolving Commitments being
refinanced or replaced; provided that, notwithstanding anything to the contrary
herein, to the extent that the aggregate principal amount of such Replacement
Financing exceeds the then aggregate outstanding principal amount of such Term
Loans being refinanced or replaced as permitted pursuant to the proviso in
clause (ii) above, any excess net cash proceeds shall then be applied to repay
any other outstanding senior loans (including outstanding Revolving Loans) or
notes of the Borrower without being required to permanently reduce the Revolving
Commitments in respect

--------------------------------------------------------------------------------

of any Revolving Loans being repaid), (ix) to the extent the terms of the
Replacement Financing (other than fees, pricing and optional prepayment or
optional redemption terms) are not consistent in all material respects with the
terms of the Term Loans or Revolving Commitments being refinanced or replaced,
they shall be no more restrictive, when taken as a whole, than those under such
refinanced or replaced Term Loans or Revolving Commitments, as the case may be
(except for (a) covenants or other provisions applicable only to periods after
the latest final maturity date of all then outstanding Term Loans or Revolving
Commitments, as the case may be, (b) covenants or other provisions that are also
added for the benefit of outstanding Term Loans or Revolving Commitments, as the
case may be or (c) otherwise reasonably satisfactory to the Administrative
Agent; provided that only the consent of the Administrative Agent shall be
required to add such covenants or provisions to this Agreement or any other Loan
Document), (x) no Lender is obligated to participate as a lender or commitment
party in such Replacement Financing and (xi) Replacement Financing in the form
of notes or of junior lien or unsecured loans shall be documented separately
from the Loan Documentation on documentation agreed between the Borrower and the
party or parties providing such Replacement Financing.”
(l)    Section 6.01 of the Credit Agreement is hereby amended by amending and
restating clause (q) therein as follows:
“(q) Indebtedness in respect of Standard Securitization Undertakings with
respect to a Qualified Factoring Transaction; and”
(m)    Section 6.02 of the Credit Agreement is hereby amended by (i) deleting
the word “and” at the end of clause (r) thereof, (ii) replacing the “.” at the
end of clause (s) thereof with “; and”, and (ii) adding a new clause (t) that
reads as follows:
“(t) Liens on Securitization Assets sold, conveyed, assigned or otherwise
transferred or purported to be sold, conveyed, assigned or otherwise transferred
in connection with a Qualified Factoring Transaction permitted pursuant to
Section 6.03(a)(xviii).”
(n)    Section 6.03 of the Credit Agreement is hereby amended by amending and
restating clause (a)(viii) therein as follows:
“(viii) the sale or discount, in each case without recourse, of account
receivables, including similar transactions (other than Qualified Factoring
Transactions), in each case arising in the ordinary course of business shall be
permitted but only in connection with the compromise or collection thereof
(including through factoring and similar transactions);”
(o)    Section 6.03 of the Credit Agreement is hereby amended by (i) (deleting
the “.” at the end of clause (a)(xvii) thereof and replacing it with “; and” and
(ii) adding the following new clause (a)(xviii) immediately following such
clause (a)(xvii):
“(xviii) the sale, conveyance, assignment or other transfer of Securitization
Assets to any Person in a Qualified Factoring Transaction; provided that so long
as after giving effect thereto the aggregate outstanding face amount of accounts
receivable, royalty or other revenue streams, other rights to payment, that have
been sold, conveyed, assigned or otherwise transferred (or purported to be sold,
conveyed, assigned or otherwise transferred) by the Borrower or any Subsidiary,
and not collected or determined by the Borrower to be uncollectible, does not
exceed $600,000,000 at any time outstanding.”
(p)    Section 6.08 of the Credit Agreement is hereby amended by (i) deleting
the word “and” immediately preceding clause (xi) thereof and replacing it with
“,”, (ii) deleting the “.” at the end of clause (xi) thereof and replacing it
with “, and”, and (iii) adding a new clause (xii) that reads in its entirety as
follows:

--------------------------------------------------------------------------------

“(xii) clause (a) of the foregoing shall not apply to restrictions or conditions
imposed by any agreement relating to any Qualified Factoring Transaction.”
(q)    Article IX of the Credit Agreement is hereby amended by adding the
following new
Section 9.21:
“Section 9.21. Acknowledgement Regarding Any Supported QFCs. To the extent that
the Loan Documents provide support, through a guarantee or otherwise, for Swap
Agreements or any other agreement or instrument that is a QFC (such support “QFC
Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge
and agree as follows with respect to the resolution power of the Federal Deposit
Insurance Corporation under the Federal Deposit Insurance Act and Title II of
the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the
regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in
respect of such Supported QFC and QFC Credit Support (with the provisions below
applicable notwithstanding that the Loan Documents and any Supported QFC may in
fact be stated to be governed by the laws of the State of New York and/or of the
United States or any other state of the United States):
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered
Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer of such Supported QFC and the benefit of such QFC Credit Support
(and any interest and obligation in or under such Supported QFC and such QFC
Credit Support, and any rights in property securing such Supported QFC or such
QFC Credit Support) from such Covered Party will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if
the Supported QFC and such QFC Credit Support (and any such interest, obligation
and rights in property) were governed by the laws of the United States or a
state of the United States. In the event a Covered Party or a BHC Act Affiliate
of a Covered Party becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under the Loan Documents that might otherwise
apply to such Supported QFC or any QFC Credit Support that may be exercised
against such Covered Party are permitted to be exercised to no greater extent
than such Default Rights could be exercised under the U.S. Special Resolution
Regime if the Supported QFC and the Loan Documents were governed by the laws of
the United States or a state of the United States. Without limitation of the
foregoing, it is understood and agreed that rights and remedies of the parties
with respect to a Defaulting Lender shall in no event affect the rights of any
Covered Party with respect to a Supported QFC or any QFC Credit Support.”
3.Termination of Revolving Commitments. The Revolving Commitments of each
Revolving Lender that submits a counterpart to this Amendment as a “consenting
lender” but not as a “2023 Revolving Lender” (such Revolving Lender, a
“Consenting Terminating Lender”), shall be automatically and permanently
terminated on the First Amendment Effective Date. On the First Amendment
Effective Date, the Administrative Agent shall make the reallocations, sales,
assignments or other relevant actions in respect of the credit exposure of each
2023 Revolving Lender under the Credit Agreement as are deemed necessary in
order to or so that each 2023 Revolving Lender’s Revolving Credit Exposure and
outstanding Revolving Loans under the Credit Agreement reflects each 2023
Revolving Lender’s Applicable Percentage of the outstanding aggregate Revolving
Credit Exposures as of the First Amendment Effective Date, after giving effect
to the termination of Revolving Commitments of the Consenting Terminating
Lenders. The parties hereto waive the requirement of any prior notice required
under the Credit Agreement with respect to the termination of the Revolving
Commitments of the Consenting Terminating Lenders.
4.Conditions to Effectiveness of this Amendment. This Amendment shall become
effective as of the date (the “First Amendment Effective Date”) on which each of
the following conditions precedent shall have been satisfied:

--------------------------------------------------------------------------------

(a)     Certain Documents. The Administrative Agent shall have received this
Amendment, duly executed and delivered by the Borrower, each Subsidiary
Guarantor, the Swingline Lender, the Issuing Bank, the Administrative Agent, the
Required Lenders and each Revolving Lender.
(b)     Corporate and Other Proceedings. All corporate and other proceedings,
and all documents, instruments and other legal matters in connection with the
transactions contemplated by this Amendment, shall be reasonably satisfactory in
all respects to the Administrative Agent.
(c)    Fees and Expenses Paid. The Administrative Agent shall have received (i)
for the account of each Revolving Lender party hereto that delivers its executed
signature page to this Amendment as a “2023 Revolving Lender” by no later than
the date and time specified by the Administrative Agent, (1) an upfront fee in
an amount equal to the amount previously disclosed to the Lenders and (2) an
amount equal to the accrued interest and fees payable to such Lenders as of the
First Amendment Effective Date, and (ii) payment of the Administrative Agent’s
and its affiliates’ fees and reasonable and documented out-of-pocket expenses
(including reasonable and documented out-of-pocket fees and expenses of counsel
for the Administrative Agent) in connection with this Amendment to the extent
invoices therefor have been provided to the Borrower at least one Business Day
prior to the date hereof.
(d)    Consenting Terminating Lenders. Each Consenting Terminating Lender shall
have received payment of an amount equal to the outstanding principal of its
Loans, accrued interest thereon and accrued fees payable to it as of the First
Amendment Effective Date.
5.Representations and Warranties. Each Loan Party represents and warrants to the
Administrative Agent and the Lenders as follows:
(a)    The execution, delivery and performance by such Loan Party of this
Amendment is within such Loan Party’s corporate powers or limited liability
company powers, as applicable, and has been duly authorized by all necessary
corporate or limited liability company, and, if required, stockholder or member
action, as applicable, on the part of such Loan Party. This Amendment has been
duly executed and delivered by such Loan Party and constitutes a legal, valid
and binding obligation of such Loan Party, enforceable in accordance with its
terms, subject to applicable bankruptcy, insolvency, 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.
(b)    After giving effect to this Amendment, all representations and warranties
set forth in the Credit Agreement are true and correct in all material respects
as if made on the date of this Amendment, except for representations and
warranties that specifically refer to an earlier date.
(c)    No Event of Default has occurred and is continuing as of the date hereof.
(d)    No consent or approval of any Governmental Authority or any other Person
is required for any of the Loan Parties to execute, deliver and perform this
Amendment.
(e)    After giving effect to this Amendment, the Administrative Agent has
continuing, perfected liens in the Collateral pursuant to the terms of the
Collateral Documents.
6.Ratification by Subsidiary Guarantors. Each of the Subsidiary Guarantors
acknowledges that its consent to this Amendment is not required, but each of the
undersigned nevertheless does hereby agree and consent to this Amendment and to
the documents and agreements referred to herein. Each of the Subsidiary
Guarantors agrees and acknowledges that (i) notwithstanding the effectiveness of
this Amendment, such Subsidiary Guarantor’s guarantee (as set forth in the
Subsidiary Guaranty) shall remain in full force and effect without modification
thereto and (ii) nothing herein shall in any way limit any of the terms or
provisions of such Subsidiary Guarantor’s guarantee or any other Loan Document
executed by such Subsidiary Guarantor (as the same may be amended from time to
time), all of which are hereby ratified, confirmed and affirmed in all respects.
Each of the Subsidiary Guarantors hereby agrees and acknowledges that no other
agreement, instrument, consent or document shall be required to give effect to
this Section 6. Each of the Subsidiary Guarantors hereby further acknowledges
that the Borrower, the Administrative

--------------------------------------------------------------------------------

Agent and any Lender may from time to time enter into any further amendments,
modifications, terminations and/or waivers of any provision of the Loan
Documents without notice to or consent from such Subsidiary Guarantor and
without affecting the validity or enforceability of such Subsidiary Guarantor’s
guarantee or giving rise to any reduction, limitation, impairment, discharge or
termination of such Subsidiary Guarantor’s guarantee.
7.Miscellaneous.
(a)    Except as expressly provided herein, the Credit Agreement shall continue
in full force and effect, and the terms and conditions of the Credit Agreement
are expressly incorporated herein and ratified and confirmed in all respects.
(b)    The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein, operate as a waiver of any right, power or
remedy of any Lender under the Loan Documents.
(c)    This Amendment may be executed by one or more of the parties to this
Amendment on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument.
Delivery of an executed signature page to this Amendment by facsimile or
electronic transmission shall be effective as delivery of a manually executed
counterpart hereof.
(d)    THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK.
(e)    The terms of this Amendment shall be binding upon and shall inure to the
benefit of the parties and their respective successors and assigns.

[SIGNATURE PAGES FOLLOW]

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date first written above.
MICROCHIP TECHNOLOGY INCORPORATED, as the Borrower

By: /s/ James Eric Bjornholt    
Name: James Eric Bjornholt
Title: Chief Financial Officer

MICROCHIP TECHNOLOGY LLC,
as a Subsidiary Guarantor

By: Microchip Technology Incorporated,
its sole member

By: /s/ James Eric Bjornholt    
Name: James Eric Bjornholt
Title: Manager

SILICON STORAGE TECHNOLOGY, INC.,
as a Subsidiary Guarantor

By: /s/ James Eric Bjornholt    
Name: James Eric Bjornholt
Title: Director/Chief Financial Officer

SILICON STORAGE TECHNOLOGY, LLC,
as a Subsidiary Guarantor

By: Silicon Storage Technology, Inc.
its sole member

By: /s/ James Eric Bjornholt    
Name: James Eric Bjornholt
Title: Director/Chief Financial Officer

MICROCHIP HOLDING COPORATION,
As a Subsidiary Guarantor

By: /s/ James Eric Bjornholt    
Name: James Eric Bjornholt
Title: Director/President

ATMEL CORPORATION
as a Subsidiary Guarantor

--------------------------------------------------------------------------------

By: /s/ James Eric Bjornholt    
Name: James Eric Bjornholt
Title: Director, Vice President, & Chief Financial Officer

ATMEL HOLDINGS, INC.,
as a Subsidiary Guarantor

By: /s/ James Eric Bjornholt    
Name: James Eric Bjornholt
Title: Director, Vice President, & Chief Financial Officer

By: /s/ James Eric Bjornholt    
Name: James Eric Bjornholt
Title: Director, Vice President, & Chief Financial Officer

MICROSEMI CORPORATION,
as a Subsidiary Guarantor

By: /s/ James Eric Bjornholt    
Name: James Eric Bjornholt
Title: Director, Vice President, & Chief Financial Officer

MICROSEMI STORAGE SOLUTIONS, INC.,
as a Subsidiary Guarantor

By: /s/ James Eric Bjornholt    
Name: James Eric Bjornholt
Title: Director/President

--------------------------------------------------------------------------------

JPMORGAN CHASE BANK, N.A, as Administrative Agent, Issuing Bank, Swingline
Lender and Lender

By: /s/ Caitlin Stewart        
Name: Caitlin Stewart
Title: Executive Director

--------------------------------------------------------------------------------

Name of Lender: Wells Fargo Bank, National Association

 

                
2023 Revolving Lender:            

/s/ S. Michael St. Geme__________                
Name: S. Michael St. Geme                        
Title:    Managing Director                    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:    

--------------------------------------------------------------------------------

Name of Lender: Bank of America, N.A.

 

                
2023 Revolving Lender:            

/s/ Arti Dighe__________                
Name: Arti Dighe                        
Title:    Vice President                    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:        

--------------------------------------------------------------------------------

Name of Lender: HSBC Bank, USA, N.A.

 

                
2023 Revolving Lender:            

/s/ Aleem Shamji                        
Name: Aleem Shamji                        
Title: Director                    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:        

--------------------------------------------------------------------------------

Name of Lender: BMO Harris Bank N.A.

 

                
2023 Revolving Lender:            

/s/ Terry Switz__________                
Name: Terry Switz                        
Title:    Director                    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: U.S. BANK NATIONAL ASSOCIATION

 

                
2023 Revolving Lender:            

/s/ Matt S. Scullin                        
Name: Matt S. Scullin                        
Title:    Senior Vice President.    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: SUNTRUST BANK

 

                
2023 Revolving Lender:            

/s/ Christian Sumulong                        
Name: Christian Sumulong                        
Title:    Vice President.    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: MUFG BANK, LTD.

 

                
2023 Revolving Lender:            

/s/ Matthew Antioco                        
Name: Matthew Antioco                        
Title:    Director.    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: FIFTH THIRD BANK

 

                
2023 Revolving Lender:            

/s/ Joseph Alexander                        
Name: Joe Alexander                        
Title:    Principal    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: Royal Bank of Canada

 

                
2023 Revolving Lender:            

/s/ Kamran Khan                    
Name: Kamran Khan                        
Title:    Authorized Signatory    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: DBS BANK LTD.,

 

                
2023 Revolving Lender:            

/s/ Santanu Mitra                        
Name: Santanu Mitra                        
Title:    Executive Director    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: Mizuho Bank, Ltd.

 

                
2023 Revolving Lender:            

/s/ Tracy Rahn                            
Name: Tracy Rahn                        
Title:    Authorized Signatory    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: BNP Paribas

 

                
2023 Revolving Lender:            

/s/ J. George Ko                         
Name: J. George Ko                        
Title:    Director    

Second signature (if required):            

/s/ Liz Cheng___________________            
Name: Liz Cheng                        
Title:    Vice President                    
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: The Bank of Nova Scotia

 

                
2023 Revolving Lender:            

/s/ Jason Rinne                            
Name: Jason Rinne                        
Title:    Director

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: BBVA USA, an Alabama banking corporation f/k/a Compass Bank

 

                
2023 Revolving Lender:            

/s/ Raj Nambiar                        
Name: Raj Nambiar                        
Title:    Sr. Vice President

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: Citizens Bank, Na

 

                
2023 Revolving Lender:            

/s/ Tyler Stephens                        
Name: Tyler Stephens                        
Title:    Vice President    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: THE TORONTO-DOMINION BANK, NEW YORK BRANCH

 

                
2023 Revolving Lender:            

/s/ Peter Kuo                        
Name: Peter Kuo                        
Title:    Authorized Signatory    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: Credit Agricole Corporate and Investment Bank

 

                
2023 Revolving Lender:            

/s/ Jill Wong                        
Name: Jill Wong                        
Title:    Director    

Second signature (if required):            

/s/ Gordon Yip____________            
Name:    Gordon Yip                    
Title:    Director                    
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: SANTANDER BANK, N.A.

 

                
2023 Revolving Lender:            

/s/ Jay Masgina                        
Name: Jay Masgina                        
Title:    Managing Director    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: BOK FINANCIAL d/b/a BOKF, NA

 

                
2023 Revolving Lender:            

/s/ Alec Hansen                        
Name: Alec Hansen                        
Title:    Vice President.    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: MidFirst Bank

 

                
2023 Revolving Lender:            

/s/ Tim Dillingham                        
Name: Tim Dillingham                        
Title:    Sr. Vice President.    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: THE BANK OF EAST ASIA, LIMITED, NEW YORK BRANCH

 

                
2023 Revolving Lender:            

/s/ James Hua                        
Name: James Hua                        
Title:    Senior Vice President.    

Second signature (if required):            

/s/ Kitty Sin________________________            
Name:    Kitty Sin                    
Title:    Senior Vice President                    
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: Land Bank of Taiwan, New York Branch

 

                
2023 Revolving Lender:            

/s/ Arthur Chen                            
Name: Arthur Chen                        
Title:    General Manager

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: Taiwan Business Bank, Los Angeles Branch

 

                
2023 Revolving Lender:            

/s/ Shenn-Bao Jean                         
Name: Shenn-Bao Jean                        
Title:    General Manager    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: Bank of Taiwan, New York Branch

 

                
2023 Revolving Lender:            

/s/ Chum-Kai Tai                         
Name: Chun-Kai Tai                        
Title:    VP & General Manager    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: Taiwan Cooperative Bank

 

                
2023 Revolving Lender:            

/s/ Ping-Yu Wang                         
Name: Ping-Yu Way                    
Title:    V.G.M.    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        
    

--------------------------------------------------------------------------------

Name of Lender: CHANG HWA COMMERCIAL BANK LTD., NEW YORK BRANCH

 

                
2023 Revolving Lender:            

/s/ Jerry C.S. Liu                         
Name: Jerry C.S. Liu                        
Title:    V.P. & General Manager    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title:                                                        

--------------------------------------------------------------------------------

Name of Lender: Mega International Commercial Bank Co., Ltd., New York Branch

 

                
2023 Revolving Lender:            

/s/ Pi Kai Liu                         
Name: Pi Kai Liu                        
Title:    AVP    

Second signature (if required):            

________________________            
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving
Lender:        

________________________                
Name:                        
Title:                        

Second signature (if required):            

________________________            
Name:                        
Title: