Document:

CLF-2012.12.31 EX 10.95

Exhibit 10.95 
AMENDMENT NO. 2 TO TERM LOAN AGREEMENT
AMENDMENT NO. 2 TO TERM LOAN AGREEMENT dated as of February 8, 2013 (this “Amendment”) to the Term Loan Agreement dated as of March 4, 2011 (as heretofore amended, the “Credit Agreement”) among CLIFFS NATURAL RESOURCES INC. (the “Borrower”), various Lenders from time to time party thereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”), MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and CITIGROUP GLOBAL MARKETS INC., as Syndication Agents, J.P. MORGAN SECURITIES LLC, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and CITIGROUP GLOBAL MARKETS INC., as Joint Lead Arrangers and Joint Bookrunners, and FIFTH THIRD BANK, PNC BANK, N.A. BANK OF MONTREAL, THE BANK OF NOVA SCOTIA, COMMONWEALTH BANK OF AUSTRALIA, KEYBANK NATIONAL ASSOCIATION, RBS CITIZENS, N.A. and U.S. BANK NATIONAL ASSOCIATION, as Documentation Agents.
W I T N E S S E T H :
WHEREAS, the parties hereto desire to amend the Credit Agreement as set forth below;
NOW, THEREFORE, the parties hereto agree as follows:
SECTION 1.     Defined Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Loan Documents shall, after this Amendment becomes effective, refer to the Credit Agreement as amended hereby.
SECTION 2.     Amendments.
(a)    The definition of “Applicable Margin” in Section 1.01 of the Credit Agreement is amended by replacing the grid therein in its entirety and adding an additional paragraph directly under such grid as set forth below:

	
			
	Leverage Ratio
	Base Rate Loans
	Eurodollar Loans

	Less than 1.00:1.00
	0%
	0.875%

	Greater than or equal to 1.00:1.00 and less than 1.50:1.00
	0.125%
	1.125%

	Greater than or equal to 1.50:1.00 and less than 2.00:1.00
	0.375%
	1.375%

	Greater than or equal to 2.00:1.00 and less than 2.75:1.00
	0.625%
	1.625%

	Greater than or equal to 2.75:1.00 and less than 3.50:1.00
	0.875%
	1.875%

	Greater than or equal to 3.50:1.00 and less than 4.25:1.00
	1.25%
	2.25%

	Greater than or equal to 4.25:1.00
	1.50%
	2.50%

Notwithstanding the foregoing, (1) the rates per annum set forth above opposite the words “Greater than or equal to 3.50:1.00 and less than 4.25:1.00” shall apply during the Temporary Pricing Period and (2) following the date on which the officer’s certificate referenced in Section 6.01(c) is delivered with respect to the first quarter ending at least one day after the last day of the Temporary Revised Covenant Period, no rates higher than those set forth above opposite the words “Greater than or equal to 2.75:1.00 and less than 3.50:1.00” shall apply.
(b)    The definition of “Restricted Investments” in Section 1.01 of the Credit Agreement is amended by (x) replacing clause (o) thereof in its entirety as follows:
(o) Investments of the Borrower and its Restricted Subsidiaries to make acquisitions of additional mining interests or for other strategic or commercial purposes; provided that, (i) in no event shall the amount of such Investments exceed the Permitted Investment Amount and (ii) after giving effect to any such Investment, no Default or Event of Default shall exist, including with respect to the covenants contained in Section 6.18 hereof on a pro forma basis; provided further that, in the case of any such Investment in which the aggregate amount to be invested is greater than $100,000,000, (A) during the Temporary Revised Covenant Period, the Leverage Ratio shall not be more than 3.50 to 1.00 on a pro forma basis and (B) the Borrower shall deliver to the Administrative Agent at least 3 Business Days (or such shorter 

period as may be agreed to by the Administrative Agent) prior to such Investment a certificate confirming such pro forma compliance required under this clause (o);
; and (y) replacing clause (q) thereof in its entirety as follows:
(q) Investments, not otherwise permitted under clauses (a)-(p), of the Borrower and its Restricted Subsidiaries; provided that the Borrower shall be in pro forma compliance with Section 6.18 hereof and, in the case of any Investment  in excess of $100,000,000, (i) during the Temporary Revised Covenant Period, the Leverage Ratio shall not be more than 3.50 to 1.00 on a pro forma basis and (ii) the Borrower shall deliver to the Administrative Agent at least 3 Business Days (or such shorter period as may be agreed to by the Administrative Agent) prior to such Investment a certificate confirming such pro forma compliance required under this clause (q).
(c)    The following new definitions are added to Section 1.01 of the Credit Agreement in the appropriate place in alphabetical order:
“Balance Sheet Leverage Ratio” means, at any time the same is to be determined, the ratio of Total Funded Debt to Total Capitalization, each determined as of such time.
“Hybrid Securities” means any trust preferred security, deferrable interest subordinated debt security, mandatory convertible debt security or other hybrid debt security issued by the Borrower or any of its Restricted Subsidiaries (or a trust or other entity formed by the Borrower or any of its Restricted Subsidiaries) that (a) is accorded at least some equity treatment by S&P and/or Moody’s at the time of issuance thereof, (b) if issued by any Loan Party, is expressly subordinate in right of payment to the Obligations, and (c) by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable) does not mature (excluding any maturity as the result of an optional redemption by the issuer thereof) and is not mandatorily redeemable or subject to any mandatory repurchase requirement (except for any redemption or mandatory repurchase as the result of a change in control or event of default) at any time prior to the date that is six months after the Termination Date.
“Second Amendment Effective Date” means February 8, 2013.
“Tangible Net Worth” means, at any time the same is to be determined, Net Worth at such time less, to the extent reflected therein, the net amount of intangible assets which would appear on the balance sheet of the Borrower and its Restricted Subsidiaries determined on a consolidated basis in accordance with GAAP.
“Temporary Pricing Period” means the period beginning on the Second Amendment Effective Date and ending on the date on which the officer’s certificate referenced in Section 6.01(c) is delivered for the quarter ended March 31, 2013 (inclusive).

“Temporary Revised Covenant Period” means the period beginning on the Second Amendment Effective Date and ending on the earlier of (a) December 31, 2013 (inclusive) and (b) the date on which the Agent receives a notice from the Borrower providing that it desires to terminate the Temporary Revised Covenant Period.
“Total Capitalization” means, at any time the same is to be determined, the sum of Total Funded Debt and Net Worth.
(d)    Section 1.01(a) of the Credit Agreement is amended by deleting the definitions of “2013 PP Notes”, “Acquisition Indebtedness” and “Transition Period” in their entirety.
(e)    The Credit Agreement is amended by adding a new Section 1.05 as set forth below:
Section 1.05. Hybrid Securities. For purposes of determining Total Funded Debt and Net Worth, Hybrid Securities shall be accorded the same capital treatment as given to such Hybrid Securities by either S&P or Moody’s (whichever gives the lower treatment) at the time of issuance thereof; provided, however, that the maximum amount of Hybrid Securities that may be included in Net Worth and excluded from Total Funded Debt shall not at any time exceed 15% of the sum of Total Funded Debt plus Net Worth, in each case including such Hybrid Securities in accordance with their capital treatment by either S&P or Moody’s (whichever is used in accordance with this paragraph).
(f)    Section 6.12(j) of the Credit Agreement is amended to read in its entirety as set forth below:
(j) Indebtedness of Non-Guarantor Subsidiaries not otherwise permitted by this Section; provided that the aggregate amount at any time outstanding of all such Indebtedness plus Indebtedness of the Borrower and all Restricted Subsidiaries secured by Liens shall not exceed (i) during the Temporary Revised Covenant Period, 5% of consolidated total assets of the Borrower and its Restricted Subsidiaries as measured as of the end of the most recently completed fiscal quarter prior to the incurrence of such Indebtedness and (ii) at all other times, 10% of consolidated total assets of the Borrower and its Restricted Subsidiaries as measured as of the end of the most recently completed fiscal quarter prior to the incurrence of such Indebtedness;
(g)    Section 6.13(k) of the Credit Agreement is amended to read in its entirety as set forth below:
(k) Liens securing Indebtedness; provided that the aggregate amount of such secured Indebtedness at any time outstanding plus the Indebtedness of Non-Guarantor Subsidiaries under Section 6.12(j), without duplication, shall not exceed (i) during the Temporary Revised Covenant Period, 5% 

of consolidated total assets of the Borrower and its Restricted Subsidiaries as measured as of the end of the most recently completed fiscal quarter prior to the incurrence of such Indebtedness and (ii) at all other times, 10% of consolidated total assets of the Borrower and its Restricted Subsidiaries as measured as of the end of the most recently completed fiscal quarter prior to the incurrence of such Indebtedness.
(h)    Section 6.16 of the Credit Agreement is amended to read in its entirety as set forth below:
6.16. Dividends and Certain Other Restricted Payments. (a) After the occurrence and during the continuation of a Default or an Event of Default, the Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, (i) declare or pay any dividends on or make any other distributions in respect of any class or series of its capital stock or other equity interests (other than a dividend payable solely in stock or other equity interests) or (ii) directly or indirectly purchase, redeem, or otherwise acquire or retire any of its capital stock or other equity interests or any warrants, options, or similar instruments to acquire the same; provided, however, that the foregoing shall not operate to prevent the making of dividends or distributions (x) by any Restricted Subsidiary of the Borrower to its parent corporation or (y) previously declared by the Borrower if at the declaration date such payment was permitted by the foregoing.
(b) During the Temporary Revised Covenant Period and subject to Section 6.16(a), the aggregate amount of dividends and distributions referred to in clause (i) of Section 6.16(a) shall not exceed $0.3125 per common share in any fiscal quarter, unless after giving effect to any such dividend or distribution, the Leverage Ratio is not more than 3.50 to 1.00 on a pro forma basis.
(i)    Section 6.18(a) of the Credit Agreement is amended to read in its entirety as set forth below:
(a) (i) Maximum Ratio of Total Funded Debt to EBITDA. Except during the Temporary Revised Covenant Period, the Borrower shall not, as of the last day of each fiscal quarter of the Borrower, permit the Leverage Ratio to be more than 3.50 to 1.00.
(ii) Temporary Revised Covenant Period. During the Temporary Revised Covenant Period, the Borrower shall not, as of the last day of each fiscal quarter of the Borrower, permit (x) the Balance Sheet Leverage Ratio to be more than 52.5% or (y) Tangible Net Worth to be less than $4,621,000,000.
SECTION 3.     Representations of Company. The Borrower represents and warrants that (i) each of the representations and warranties of the Loan Parties set forth 

in the Credit Agreement and in the other Loan Documents will be true and correct in all material respects on and as of the Amendment Effective Date (except to the extent the same expressly relate to an earlier date with respect to which such representations and warranties shall be true and correct in all material respects as to such earlier date) and (ii) no Default or Event of Default will have occurred and be continuing on such date.
SECTION 4.     Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.
SECTION 5.     Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed signature page of this Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.
SECTION 6.     Effectiveness. This Amendment shall become effective on the date (“Amendment Effective Date”) when the Administrative Agent shall have received:
(a)    from each of the Borrower and Lenders comprising the Required Lenders a counterpart hereof signed by such party; and
(b)    an amendment fee for the account of each Lender in the amount heretofore mutually agreed.
[Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.
	
		
	CLIFFS NATURAL RESOURCES INC.

	By:
	/s/  Terrance M. Paradie

	Name:   Terrance M. Paradie

	Title:   Senior Vice President and Chief Financial Officer

	 

	By:
	/s/  Matthew C. Bittner

	Name:   Matthew C. Bittner

	Title:   Vice President and Treasurer

	
		
	JPMORGAN CHASE BANK, N.A.

	By:
	/s/  Peter S. Predun

	Name:   Peter S. Predun

	Title:   Executive Director

	
		
	BANK OF AMERICA, N.A.

	By:
	/s/  James K.G. Campbell

	Name:   James K.G. Campbell

	Title:   Director

	
		
	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

	By:
	/s/  Robert Grillo

	Name:   Robert Grillo

	Title:   Director

	 

	
		
	Bank of Montreal, Chicago Branch

	By:
	/s/  Yacouba Kane

	Name:   Yacouba Kane

	Title:   Vice president

	
		
	CIBC Inc.

	By:
	/s/  Dominic Sorresso

	Name:   Dominic Sorresso

	Title:   Authorized Signatory

	By:
	/s/  Eoin Roche

	Name:   Eoin Roche

	Title:   Authorized Signatory

	
		
	Citibank, N.A.

	By:
	/s/  Raymond G. Dunning

	Name:   Raymond G. Dunning

	Title:   Vice President

	
		
	COMERICA BANK,

	By:
	/s/  Brandon Welling

	Name:   Brandon Welling

	Title:   Vice President

	
		
	COMMONWEALTH BANK OF AUSTRALIA

	By:
	/s/  Nick Rees

	Name:   Nick Rees

	Title:   Vice President

	
		
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

	By:
	/s/  Blake Wright

	Name:   Blake Wright

	Title:   Managing Director

	By:
	/s/  James Austin

	Name:   James Austin

	Title:   Vice President

	
		
	DEUTSCHE BANK AG NEW YORK BRANCH

	By:
	/s/  Virginia Cosenza

	Name:   Virginia Cosenza

	Title:   Vice President

	By:
	/s/  Yvonne Tilden

	Name:   Yvonne Tilden

	Title:   Director

	
		
	FIFTH THIRD BANK

	By:
	/s/  Eric Welsch

	Name:   Eric Welsch

	Title:   Vice President

	
		
	First Commonwealth Bank

	By:
	/s/  Stephen J. Orban

	Name:   Stephen J. Orban

	Title:   Senior Vice President

	
		
	FIRSTMERIT BANK, N.A.

	By:
	/s/  Laura C. Redinger

	Name:   Laura C. Redinger

	Title:   Vice President

	
		
	KEYBANK NATIONAL ASSOCIATION

	By:
	/s/  Suzannah Valdivia

	Name:   Suzannah Valdivia

	Title:   Vice President

	
		
	Mizuho Corporate Bank (USA)

	By:
	/s/  Leon Mo

	Name:   Leon Mo

	Title:   Senior Vice President

	
		
	National Australia Bank Limited

	By:
	/s/  Marcia Bockol

	Name:   Marcia Bockol

	Title:   Director

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

	
		
	CLIFFS NATURAL RESOURCES INC.

	By:
	 

	Name:   

	Title:   

	 

	By:
	 

	Name:   

	Title:   

	
		
	JPMORGAN CHASE BANK, N.A.

	By:
	 

	Name:   

	Title:   

	
		
	PNC BANK, NATIONAL ASSOCIATION

	By:
	/s/  Joseph G. Moran

	Name:   Joseph G. Moran

	Title:   Senior Vice President

	
		
	RBS Citizens, N.A.

	By:
	/s/  Curtis C. Hunter III

	Name:   Curtis C. Hunter III

	Title:   Senior Vice President

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

	
		
	CLIFFS NATURAL RESOURCES INC.

	By:
	 

	Name:   

	Title:   

	 

	By:
	 

	Name:   

	Title:   

	
		
	JPMORGAN CHASE BANK, N.A.

	By:
	 

	Name:   

	Title:   

	
		
	Sumitomo Mitsui Banking Corporation

	By:
	/s/  Shuji Yabe

	Name:   Shuji Yabe

	Title:   Managing Director

	
		
	The Bank of Nova Scotia

	By:
	/s/  Rafael Tobon

	Name:   Rafael Tobon

	Title:   Director

	
		
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

	By:
	/s/  Thomas Danielson

	Name:   Thomas Danielson

	Title:   Authorized Signatory

	
		
	Toronto Dominion (New York) LLC

	By:
	/s/  Debbi L. Brito

	Name:   Debbi L. Brito

	Title:   Authorized Signatory

	
		
	Union Bank, N.A.

	By:
	/s/  Yangling Joanne Si

	Name:   Yangling Joanne Si

	Title:   Vice President

	
		
	U.S. Bank National Association

	By:
	/s/  Mark Irey

	Name:   Mark Irey

	Title:   AVP

	
		
	Wells Fargo Bank, N.A.

	By:
	/s/  Leanne S. Phillips

	Name:   Leanne S. Phillips

	Title:   Director

	
		
	WESTPAC BANKING CORPORATION

	By:
	/s/  David Brumby

	Name:   David Brumby

	Title:   Executive Director
             Westpac Americasex-10.htm

 

Exhibit 10.1

 

 

First Amendment to the

 

 

Technology License and Escrow Agreement

 

This First Amendment to the Technology License and Escrow Agreement (“First Amendment”), is entered into as of February 6, 2013 (“Effective Date”), by and between Cbr Systems Inc., a Delaware corporation (“CBR’) and ThermoGenesis Corp., a Delaware corporation (“ThermoGenesis”).

 

BACKGROUND

 

	
A.  

	
The parties entered into a Technology License and Escrow Agreement dated June 15, 2010 (the “License and Escrow Agreement”) to license and make available to CBR certain technical information for the limited purpose of allowing CBR to manufacture, upon a default of ThermoGenesis under the License and Escrow Agreement, certain products currently being sold to CBR.

 

	
B.  

	
Under Section 3 of the License and Escrow Agreement, a Default occurs if ThermoGenesis fails to meet certain financial covenants.  In the event of a Default, the Escrow Agent will release the Deposit Materials to CBR.

 

	
C.  

	
The parties have agreed to amend Section 3 of the License and Escrow Agreement to alter the financial covenants that will cause Default, and to add an additional section to provide to CBR an additional remedy in the event of a Default.

 

NOW THEREFORE, in consideration of the mutual promises set forth below, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

	
1.  

	
Amendments

 

	
a.  

	
Section 3 (a) is amended to read: Cash flow positive for the month ended December 31, 2010, calculated as the average of cash flows from the preceding three months, and all subsequent month-end three-month rolling averages, as confirmed by ThermoGenesis Management within 20 days following any month end, unless ThermoGenesis is in compliance with provisions (b) and (c) below, in which case there shall not be a Default; provided, however, that at any month-end where the three-month rolling average of negative cash flow to otherwise allowed under section, such cash flow amount multiplied by negative six must not exceed the cash balance and short-term investment net of debt or borrowed funds; or

 

	
b.  

	
Section 3(b) is amended to read: Cash balance and short-term investments net of debt or borrowed funds of not less than Four Million Dollars ($4,000,000) at any month end, as confirmed by ThermoGenesis Management within 20 days following any month end through June 30, 2013. Thereafter, the minimum cash balance and short-term investments net of debt or borrowed funds will not be less than Six Million Dollars ($6,000,000) at any month end; or

 

	
c.  

	
Section 3(c) is amended to read: Quick ratio of not less than 1.75:1 at any month end, as confirmed by ThermoGenesis Management within 20 days following any month end.

 

	
d.  

	
Section 13 is added to read: “Right to Purchase Processing Sets.  In the event of a Default by ThermoGenesis, ThermoGenesis agrees that CBR has the perpetual, irrevocable right to purchase Processing Sets directly from any manufacturer or sub-manufacturer of Processing Sets (“Manufacturer”).  ThermoGenesis agrees to support this purchase and provide any information or assistance reasonably required to give effect to this Section 13.

 

	
e.  

	
ThermoGenesis agrees to supplement the Deposit Materials as set forth in Section 1(b) with the following materials related to the Products:

 

	
i.  

	
Copy of 510(k) as originally submitted to the FDA,

	
ii.  

	
A complete FOI copy of the 510(k) requested by the seller (copies requested by 510(k) owners are not redacted),

	
iii.  

	
Copies of all correspondence to and from the FDA concerning the 510(k) during the FDA review process,

	
iv.  

	
Copies of all change orders for changes made to the device since FDA cleared the device,

	
v.  

	
Copies of all letters to file and completed safety and effectiveness assessments including FDA decision tree assessment forms for each change, and

	
vi.  

	
A copy of the Design History File.

 

	
2.  

	
Miscellaneous

 

	
a.  

	
Definitions.  All terms not otherwise defined herein shall have the definitions set forth in the License and Escrow Agreement.

 

	
b.  

	
Ratification.  The License and Escrow Agreement as amended hereby, is hereby ratified, confirmed and deemed in full force and effect in accordance with its terms.  Except as set forth in this First Amendment, no other terms are changed or amended.  Specifically, the addition of Section 13 in no way waives or limits CBR’s rights under Sections 1, 2, 4, 5, 7, 8, 10, 11 and 12 of the License and Escrow Agreement. Each party represents to the other that such party (a) is currently not in default under the License and Escrow Agreement; and (b) has full power and authority to execute and deliver this First Amendment and this First Amendment represents a valid and binding obligation of such party enforceable in accordance with its terms.

 

 

 [Signature page follows]

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to the License and Escrow Agreement to be duly executed as of the day and year first above written.

 

 

	  	
THERMOGENESIS CORP

	  
	  	  	  
	  	
/s/ Matthew T. Plavan

	  
	  	
Matthew T. Plavan

Chief Executive Officer

	  
	  	  	  
	  	  	  
	  	
CBR

	  
	  	  	  
	  	
/s/ Michael L. Johnson

	  
	  	
Michael L. Johnson 

Chief Financial Officer

	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	  	  

 

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