Document:

Exhibit 10.1

 

EXECUTION VERSION

 

SECOND AMENDMENT TO FIRST LIEN CREDIT AGREEMENT

 

This SECOND AMENDMENT TO FIRST LIEN CREDIT AGREEMENT is dated as of June 7, 2017 (this “Amendment”) and is entered into by and among GYP HOLDINGS III CORP., a Delaware corporation (the “Borrower”), GYP HOLDINGS II CORP., a Delaware corporation (“Holdings”), CREDIT SUISSE AG, as administrative agent (in such capacity, the “Administrative Agent”) and as 2017 Incremental First Lien Lender (as defined below), and, for purposes of Section 12 hereof, each other Loan Party party hereto.

 

PRELIMINARY STATEMENTS

 

The Borrower, Holdings, the lenders party thereto from time to time (the “Lenders”), the Administrative Agent and the other parties thereto have entered into that certain First Lien Credit Agreement, dated as of April 1, 2014 (as amended by that certain Incremental First Lien Term Commitments Amendment dated as of September 27, 2016 and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement;” the Credit Agreement, as amended by this Amendment and as may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time after the date hereof, is herein referred to as the “Amended Credit Agreement”; capitalized terms used (including in the preamble and preliminary statements hereto) but not defined herein shall have the meanings assigned to such terms in the Credit Agreement).

 

Pursuant to and in accordance with Section 2.12 of the Credit Agreement, the Borrower may request from time to time Incremental First Lien Term Commitments.  The Borrower has notified the Administrative Agent of its request for an Incremental First Lien Term Commitment in an aggregate principal amount equal to $577,615,812.50 on the terms set forth in this Amendment.  The Administrative Agent and the Borrower have determined that the Incremental First Lien Term Commitments Effective Date with respect to such Incremental First Lien Term Commitment shall be the Second Amendment Effective Date (as defined below).

 

Pursuant to Section 2.12(d) of the Credit Agreement, an Incremental First Lien Term Commitments Amendment may, without the consent of any other Lenders, effect such amendments to any Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of Section 2.12 of the Credit Agreement.

 

In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

SECTION 1.                            2017 Incremental First Lien Lender, 2017 Incremental First Lien Term Commitment and 2017 Incremental First Lien Term Loan.  Pursuant to and in accordance with Section 2.12 of the Credit Agreement and subject to the satisfaction of the conditions precedent set forth in Section 3:

 

(a)                                 Credit Suisse AG, as an Incremental First Lien Lender (in such capacity, the “2017 Incremental First Lien Lender”), hereby agrees to provide an Incremental First Lien Term Commitment to the Borrower in an aggregate principal amount equal to $577,615,812.50 (the “2017 Incremental First Lien Term Commitment”) and to make a 

 

 

single term loan in respect thereof (the “2017 Incremental First Lien Term Loan”) to the  Borrower on the Second Amendment Effective Date in an aggregate principal amount not to exceed the 2017 Incremental First Lien Term Commitment.

 

(b)                                 The Borrower is incurring the 2017 Incremental First Lien Term Commitment pursuant to clause (y) of the second proviso of Section 2.12(a) of the Credit Agreement.

 

(c)                                  The 2017 Incremental First Lien Term Commitment and the 2017 Incremental First Lien Term Loan shall constitute an Incremental First Lien Term Loan Tranche separate from the existing Term Loans outstanding on the Second Amendment Effective Date immediately prior to giving effect to this Amendment (the “Existing Term Loans”) and shall have the terms set forth in Section 1(d).

 

(d)                                 The 2017 Incremental First Lien Term Commitment and the 2017 Incremental First Lien Term Loan shall have the following terms:

 

(i)                                     Subject to the terms and conditions set forth herein, the 2017 Incremental First Lien Lender agrees to make a 2017 Incremental First Lien Term Loan to the Borrower on the Second Amendment Effective Date in an amount not to exceed the 2017 Incremental First Lien Term Commitment.  Amounts borrowed under this Section 1(d)(i) and subsequently repaid or prepaid may not be reborrowed.  The 2017 Incremental First Lien Term Loan may be a Base Rate Loan or a Eurodollar Rate Loan as provided in the Amended Credit Agreement.  The 2017 Incremental First Lien Term Commitment shall be automatically and permanently reduced to zero after the making of the Borrowing of the 2017 Incremental First Lien Term Loan on the Second Amendment Effective Date.

 

(ii)                                  The 2017 Incremental First Lien Term Loan shall (A) mature on the Maturity Date set forth in the Amended Credit Agreement, (B) be repaid as set forth in Section 2.05(a) of the Amended Credit Agreement, (C) share in any prepayments and be subject to a premium in connection with a Repricing Transaction, in each case, as set forth in Section 2.03 of the Amended Credit Agreement, (D) be borrowed as a Eurodollar Rate Loan with an Interest Period ending on July 31, 2017 (in accordance with the last sentence of the definition of Interest Period) and (E) accrue interest at the rate set forth in Section 2.06 of the Amended Credit Agreement.

 

(iii)                               Except as set forth in Section 1(d)(ii) above, the 2017 Incremental First Lien Term Loan shall have terms substantially the same as those of the Existing Term Loans, as set forth in the Amended Credit Agreement, and shall be subject to the provisions of the Amended Credit Agreement and the other Loan Documents.

 

(e)                                  The proceeds of the 2017 Incremental First Lien Term Loan will be (i) used immediately upon receipt of such proceeds by the Borrower, to prepay in full pursuant to and in accordance with Section 2.03(a)(i) of the Credit Agreement the aggregate principal amount of all Existing Term Loans on the Second Amendment Effective Date (the “Refinancing”), (ii) applied promptly, but in no event later than June 

 

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8, 2017, to the repayment of ABL Loans outstanding on the Second Amendment Effective Date and to pay fees and expenses incurred in connection with the Second Amendment and (iii)  thereafter, for working capital, capital expenditures and other general corporate purposes (including any actions permitted by Article VII of the Amended Credit Agreement, including permitted Restricted Payments) of the Borrower and its Restricted Subsidiaries.

 

(f)                                   The Administrative Agent will record the 2017 Incremental First Lien Term Commitment and the 2017 Incremental First Lien Term Loan in the Register in accordance with the Amended Credit Agreement.

 

SECTION 2.                            Amendments to Credit Agreement.  Holdings, the Borrower, the 2017 Incremental First Lien Lender and the Administrative Agent hereby agree that, upon the satisfaction of the conditions precedent set forth in Section 3 and immediately after giving effect to this Amendment, the Credit Agreement shall be amended as follows:

 

(a)                                 Section 1.01 thereof shall be amended by adding the following definitions in appropriate alphabetical order:

 

“Second Amendment” means the Second Amendment to First Lien Credit Agreement, dated as of June 7, 2017, among Holdings, the Borrower, the 2017 Incremental First Lien Lender (as defined therein), the Administrative Agent and the other parties thereto.

 

“Second Amendment Effective Date” means June 7, 2017.

 

(b)                                 The definition of “Applicable Rate” in Section 1.01 thereof shall be amended and restated in its entirety as follows:

 

a percentage per annum equal to 3.00% per annum for Eurodollar Rate Loans, and 2.00% per annum for Base Rate Loans.

 

(c)                                  The definition of “Maturity Date” in Section 1.01 thereof shall be amended and restated in its entirety as follows:

 

“Maturity Date” means: the earliest of (i) April 1, 2023 and (ii) the date that the Term Loans are declared due and payable pursuant to Section 8.02.

 

(d)                                 The definition of “Term Commitment” in Section 1.01 thereof shall be amended by (i) replacing the reference to “ $481,225,000” therein with “$577,615,812.50”, (ii) replacing the reference to “New Incremental First Lien Term Commitments Effective Date” therein with “Second Amendment Effective Date” and (iii) adding the following new sentence at the end thereof:

 

From and after the Second Amendment Effective Date, the 2017 Incremental First Lien Term Commitment (as defined in the Second Amendment) shall constitute a Term Commitment for all purposes hereof and of the other Loan Documents.

 

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(e)                                  The definition of “Term Facility” in Section 1.01 thereof shall be amended by replacing the reference to “ New Incremental First Lien Term Commitments Effective Date” in clause (a) thereof with “Second Amendment Effective Date.”

 

(f)                                   The definition of “Term Lender” in Section 1.01 thereof shall be amended by replacing the references to “ New Incremental First Lien Term Commitments Effective Date” in each of clauses (a) and (b) thereof with “Second Amendment Effective Date.”

 

(g)                                  The definition of “Term Loan” in Section 1.01 thereof shall be amended by adding the following new sentence at the end thereof:

 

From and after the Second Amendment Effective Date, the 2017 Incremental First Lien Term Loan (as defined in the Second Amendment) shall constitute a Term Loan for all purposes hereof and of the other Loan Documents.

 

(h)                                 Section 2.01 thereof shall be amended and restated in its entirety as follows:

 

Subject to the terms and conditions set forth herein, the 2017 Incremental First Lien Lender (as defined in the Second Amendment), in its capacity as a Term Lender, agrees to make a single term loan denominated in Dollars to the Borrower on the Second Amendment Effective Date in an amount not to exceed the 2017 Incremental First Lien Lender’s Term Commitment.  The Term Borrowing shall consist of a Term Loan made by the 2017 Incremental First Lien Lender in accordance with its Term Commitment.  Amounts borrowed under this Section 2.01 and subsequently repaid or prepaid may not be reborrowed.  Term Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.

 

(i)                                     Subclause (A) of Section 2.02(a) thereof shall be amended by replacing each reference to “ New Incremental First Lien Term Commitments Effective Date” therein with “Second Amendment Effective Date.”

 

(j)                                    Section 2.03(d) thereof shall be amended by replacing the reference to “the date that is six months following the New Incremental First Lien Term Commitments Effective Date” with “the date that is six months following the Second Amendment Effective Date.”

 

(k)                                 Each of Sections 2.04(b) and 2.05(a) thereof shall be amended by replacing the reference to “ New Incremental First Lien Term Commitments Effective Date.” therein with “Second Amendment Effective Date.”

 

(l)                                     Section 2.05(a) thereof shall be amended by replacing the table therein its entirety with the following:

 

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Date
    	
 
    	
Term Loan Principal Amortization
   Payment
    	
 
    
	
7/31/2017
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
10/31/2017
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
1/31/2018
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
4/30/2018
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
7/31/2018
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
10/31/2018
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
1/31/2019
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
4/30/2019
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
7/31/2019
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
10/31/2019
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
1/31/2020
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
4/30/2020
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
7/31/2020
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
10/31/2020
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
1/31/2021
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
4/30/2021
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
7/31/2021
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
10/31/2021
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
1/31/2022
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
4/30/2022
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
7/31/2022
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
10/31/2022
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
1/31/2023
    	
 
    	
$
    	
1,444,039.53
    	
 
    
	
Maturity Date of the Term Facility
    	
 
    	
Remaining Balance
    	
 
    

 

(m)                             Section 6.11 thereof shall be amended and restated in its entirety as follows:

 

Use the proceeds of the Term Borrowing (x) on the Closing Date solely to finance the Acquisition and the Refinancing and to pay Transaction Costs in connection therewith, (y) on the New Incremental First Lien Term Commitments Effective Date, (A) immediately upon receipt of such proceeds by the Borrower, to prepay in full the aggregate principal amount of all Existing Term Loans (as defined in the New Incremental First Lien Term Commitments Amendment) on the New Incremental First Lien Term Commitments Effective Date, (B) promptly after receipt of the proceeds of the New Incremental First Lien Term Loans (as defined in the New Incremental First Lien Term Commitments Amendment), but in no event later than October 3, 2016, to repay a portion of the ABL Loans outstanding on the date of such repayment and (C) to pay fees and expenses incurred in connection with the New Incremental First Lien Term Commitments Amendment and (D) thereafter, for working capital, capital expenditures and other general 

 

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corporate purposes (including any actions permitted by Article VII, including permitted Restricted Payments) of the Borrower and its Restricted Subsidiaries and (z) on the Second Amendment Effective Date, (A) immediately upon receipt of such proceeds by the Borrower, to prepay in full the aggregate principal amount of all Existing Term Loans (as defined in the Second Amendment) on the Second Amendment Effective Date, (B) promptly after receipt of the proceeds of the 2017 Incremental First Lien Term Loans (as defined in the Second Amendment), but in no event later than June 8, 2017, to repay a portion of the ABL Loans outstanding on the date of such repayment and (C) to pay fees and expenses incurred in  connection with the Second Amendment and (D) thereafter, for working capital, capital expenditures and other general corporate purposes (including any actions permitted by Article VII, including permitted Restricted Payments) of the Borrower and its Restricted Subsidiaries.

 

SECTION 3.                            Conditions Precedent to Effectiveness.  This Amendment (including the agreements in Section 1 and the amendments to the Credit Agreement contained in Section 2) shall become effective on the date on which the following conditions precedent shall be satisfied (such date, the “Second Amendment Effective Date”):

 

(a)                                 the Administrative Agent shall have received each of the following, each of which shall be originals or facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party and, in the case of clause (i) below, by the 2017 Incremental First Lien Lender, each dated as of the Second Amendment Effective Date (or, in the case of certificates of governmental officials, a recent date before the Second Amendment Effective Date) and each in form and substance reasonably satisfactory to the Administrative Agent (and, in the case of clause (vii) below, the Collateral Agent):

 

(i)                                     executed counterparts of this Amendment;

 

(ii)                                  resolutions or authorizations of each Loan Party authorizing the execution, delivery and performance of this Amendment and, in the case of the Borrower, the borrowings hereunder, and a certification of a Responsible Officer of each Loan Party that such resolutions have not been modified, rescinded or amended and are in full force and effect;

 

(iii)                               either the Organization Documents of each Loan Party or a certification by a Responsible Officer of each Loan Party that there have been no changes to the Organization Documents of such Loan Party since the Closing Date;

 

(iv)                              either incumbency certificates of each Loan Party or a certification by a Responsible Officer of each Loan Party that there have been no changes to the Responsible Officers set forth on the incumbency certificates of such Loan Party delivered on the Closing Date;

 

(v)                                 good standing certificates evidencing that each Loan Party is duly organized or formed and that each Loan Party is validly existing and in good standing;

 

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(vi)                              a favorable opinion of (x) Fried, Frank, Harris, Shriver & Jacobson LLP, counsel to the Loan Parties and (y) Eversheds Sutherland (US) LLP, special Georgia counsel to the Loan Parties, in each case dated the Second Amendment Effective Date, addressed to the Administrative Agent, the Collateral Agent, the 2017 Incremental First Lien Lender and the Lenders, in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent;

 

(vii)                           a customary certificate, substantially in the form of Exhibit J to the Credit Agreement from the chief financial officer of Holdings, certifying that Holdings and  its Subsidiaries, on a consolidated basis after giving effect to the 2017 Incremental First Lien Term Commitment, the 2017 Incremental First Lien Term Loan and the other transactions contemplated hereby, are Solvent; and

 

(viii)                        a certificate, dated as of the Second Amendment Effective Date, duly executed by a Responsible Officer of Holdings (A) certifying that the conditions precedent set forth in Sections 3(b), 3(c) and 3(d) have been satisfied as of the Second Amendment Effective Date and (B) setting forth calculations in reasonable detail demonstrating compliance with the First Lien Leverage Ratio set forth in Section 2.12(a) of the Credit Agreement, after giving effect on a Pro Forma Basis to the incurrence of the 2017 Incremental First Lien Term Commitment;

 

(ix)                              a notice of prepayment in full of the Existing Term Loans pursuant to and in accordance with Section 2.03(a)(i) of the Credit Agreement; and

 

(x)                                 a Committed Loan Notice with respect to the 2017 Incremental First Lien Term Loan, not later than 10:00 a.m. (New York City time) one (1) Business Day prior to the Second Amendment Effective Date;

 

(b)                                 the conditions precedent set forth in Section 4.02 of the Credit Agreement shall have been satisfied both before and after giving effect to this Amendment and the additional credit extensions provided hereby;

 

(c)                                  the representations and warranties of the Loan Parties contained in Section 4 shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) on and as of the Second Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) as of such earlier date;

 

(d)                                 at the time of the Borrower’s request for the 2017 Incremental First Lien Term Commitment, upon the effectiveness of this Amendment and at the time that the 2017 Incremental First Lien Term Loan is made (and after giving effect thereto) no Default or Event of Default shall exist;

 

(e)                                  the Borrower shall have applied, concurrently with the making of the 2017 Incremental First Lien Term Loan, the proceeds of the 2017 Incremental First Lien Term

 

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Loan to prepay in full the aggregate principal amount of all Existing Term Loans outstanding on the Second Amendment Effective Date;

 

(f)                                   the Administrative Agent shall have received:

 

(i)                                     at least three Business Days prior to the Second Amendment Effective Date, all documentation and other information about the Loan Parties as shall have been reasonably requested in writing prior to the Second Amendment Effective Date by the Lenders that they shall have reasonably determined is required by regulatory  authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT Act; and

 

(ii)                                  for the account of each Lender (as defined in the Credit Agreement) with an Existing Term Loan (A)  all interest accrued but unpaid on the Existing Term Loans through the Second Amendment Effective Date and (B)  unless waived by such Lender, any loss, cost or expense due to such Lender under Section 3.05 of the Credit Agreement;

 

(iii)                               for the account of the 2017 Incremental First Lien Lender, a fee in an amount equal to 0.25% of the 2017 Incremental First Lien Term Loan (which in the case of any portion of the 2017 Incremental First Lien Term Loan that exceeds the Existing Term Loans shall be structured as original issue discount);

 

(g)                                  there shall have been paid (i) to the Administrative Agent, for the account of the Administrative Agent and the Lenders (including the 2017 Incremental First Lien Lender), as applicable, all fees and, to the extent required by Section 10.04 of the Credit Agreement, expenses (including reasonable out-of-pocket fees, charges and disbursements of counsel) that are due and payable on or before the Second Amendment Effective Date and (ii) to the Administrative Agent or an Affiliate thereof, all other compensation separately agreed to be paid on the Second Amendment Effective Date.

 

SECTION 4.                            Representations and Warranties. To induce the other parties hereto to enter into this Amendment, each of Holdings and the Borrower represents and warrants to the Administrative Agent, the Collateral Agent, the 2017 Incremental First Lien Lender and the other Lenders that, as of the Second Amendment Effective Date and immediately after giving effect to the transactions and amendments to occur on the Second Amendment Effective Date:

 

(a)                                 each Loan Party and each of its Subsidiaries has all requisite power and authority to execute and deliver this Amendment and perform its obligations under this Amendment and the Amended Credit Agreement;

 

(b)                                 this Amendment has been duly executed and delivered by each Loan Party that is party hereto and constitutes a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party hereto in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws affecting creditors’ rights generally and by general principles of equity;

 

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(c)                                  the execution and delivery by each Loan Party of this Amendment and the performance by each Loan Party of this Amendment and the Amended Credit Agreement, and the consummation of the transactions contemplated by this Amendment, are within such Loan Party’s corporate or other powers, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (i) contravene the terms of any of such Person’s Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than any Lien to secure the Secured Obligations pursuant to the Collateral Documents), or require any payment (except  for the prepayment of all Existing Term Loans and ABL Loans on the Second Amendment Effective Date) to be made under (A) the ABL Facility, (B) any other Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (C) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject or (iii) violate any Law; except with respect to any breach or contravention or payment referred to in clause (ii)(B) and (ii)(C), to the extent that such conflict, breach, contravention or payment could not reasonably be expected to have a Material Adverse Effect;

 

(d)                                 no approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (i) the execution or delivery by any Loan Party of this Amendment or the performance by any Loan Party of this Amendment or the Amended Credit Agreement, or enforcement against, any Loan Party of this Amendment or the Amended Credit Agreement or for the consummation of the transactions contemplated hereby or (ii) the exercise by an Agent or any Lender (including the 2017 Incremental First Lien Lender) of its rights under this Amendment or the Amended Credit Agreement, except for the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect and those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect;

 

(e)                                  neither Holdings nor any Restricted Subsidiary of Holdings is in default under or with respect to, or a party to, any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and

 

(f)                                   the representations and warranties of each Loan Party set forth in any Loan Document to which it is a party are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) on and as of the Second Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) as of such earlier date.

 

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SECTION 5.                            Post-Effectiveness Covenants.

 

(a)                                 Each Loan Party warrants, covenants and agrees with the Administrative Agent and the Lenders that each Loan Party will execute and deliver the documents and complete the tasks set forth on Schedule A hereto, in each case within the time limits specified on such Schedule (or such longer period as the Administrative Agent may agree in its sole discretion); and

 

(b)                                 On or before June 8, 2017, the Borrower shall repay the ABL Loans in an amount equal to the lesser of (i) the aggregate amount of ABL Loans outstanding on the date of such repayment and (ii) the amount of net cash proceeds of the 2017 Incremental First Lien Term Loan received by the Borrower on the Second Amendment Effective Date after giving effect to the Refinancing and the payment of fees and expenses incurred in connection therewith; provided that a breach of this Section 5(b) shall constitute an immediate Event of Default under the Amended Credit Agreement.

 

SECTION 6.                            Effect on Loan Documents.  Except as specifically amended hereby, all Loan Documents shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  Without limiting the generality of the foregoing:

 

(a)                                 the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent, the Collateral Agent or any Lender under any Loan Document, nor constitute a waiver of any provision of any Loan Document or in any way limit, impair or otherwise affect the rights and remedies of the Administrative Agent, the Collateral Agent and the Lenders under any Loan Document;

 

(b)                                 on and after the Second Amendment Effective Date, each reference in the Amended Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import referring to the Credit Agreement and each reference in any other Loan Document to “the Credit Agreement,” “thereunder,” “thereof,” “therein” or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Credit Agreement, and this Amendment and the Amended Credit Agreement shall be read together and construed as a single instrument;

 

(c)                                  nothing herein shall be deemed to entitle any Loan Party to a further amendment to, or a consent, waiver, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Amended Credit Agreement or any other Loan Document in similar or different circumstances;

 

(d)                                 on the Second Amendment Effective Date, the 2017 Incremental First Lien Lender shall (i) become a “Lender” and a “Term Lender” for all purposes of the Amended Credit Agreement and the other Loan Documents, (ii) have the 2017 Incremental First Lien Term Commitment which shall become a “Commitment” under the Amended Credit Agreement and (iii) make the 2017 Incremental First Lien Term Loan to the Borrower in a principal amount up to the 2017 Incremental First Lien Term Commitment, and the 2017 Incremental First Lien Term Loan shall be a “Term Loan” for all purposes of the Amended Credit Agreement and the other Loan Documents; and

 

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(e)                                  each of the parties hereto hereby acknowledges and agrees that (i) this Amendment shall constitute a Loan Document for all purposes of the Amended Credit Agreement and the other Loan Documents and (ii) the terms of this Amendment do not constitute a novation but, rather, an amendment of the terms of certain pre-existing Indebtedness and the Credit Agreement, as evidenced by the Amended Credit Agreement. For the avoidance of doubt, each representation and warranty in the Credit Agreement with regard to the Loan Documents shall be deemed a representation and warranty with regard to this Amendment.

 

SECTION 7.                            Expenses.  The Borrower agrees to pay all reasonable out-of-pocket costs and expenses incurred by the Administrative Agent and the Collateral Agent in connection with this Amendment and any other documents prepared in connection herewith and the consummation and administration of the transactions contemplated hereby, in each case to the extent required by Section 10.04 of the Amended Credit Agreement.  The Borrower hereby confirms that the indemnification provisions set forth in Section 10.05 of the Amended Credit Agreement shall apply to this Amendment and any other documents prepared in connection herewith and the consummation and administration of the transactions contemplated hereby, and such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs (including settlement costs) expenses and disbursements (including fees, disbursements and charges of counsel) (as more fully set forth therein as applicable) which may arise herefrom or in connection herewith.

 

SECTION 8.                            [Reserved].

 

SECTION 9.                            Consent to Assignments.  For purposes of Section 10.07(b) of the Amended Credit Agreement, the Borrower hereby consents to any assignment by the 2017 Incremental First Lien Lender or any of its Affiliates of all or any portion of the 2017 Incremental First Lien Term Loan in connection with the initial syndication of the 2017 Incremental First Lien Term Loan to any assignee disclosed by Credit Suisse Securities (USA) LLC to, and approved by, the Borrower prior to the Second Amendment Effective Date.

 

SECTION 10.                     Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

SECTION 11.                     Amendments; Execution in Counterparts; Severability; Interpretative Provisions.

 

(a)                                 No amendment or waiver of any provision of this Amendment, and no consent to any departure by the Borrower or any other Loan Party herefrom, shall be effective unless in writing signed by the Administrative Agent, the 2017 Incremental First Lien Lender and Holdings and the Borrower or the applicable Loan Party, as the case may be, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

(b)                                 This Amendment may be executed in one or more counterparts (and by different parties hereto in different counterparts), each of which shall be deemed an

 

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original, but all of which together shall constitute one and the same instrument.  Delivery by telecopier or other electronic transmission of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart of this Amendment.

 

(c)                                  If any provision of this Amendment is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

(d)                                 The rules of construction specified in Sections 1.02 through and including 1.07 of the Credit Agreement also apply to this Amendment.

 

SECTION 12.                     Acknowledgment and Reaffirmation.  Each Loan Party hereby:

 

(a)                                 (i) acknowledges that it has reviewed the terms and provisions of this Amendment (including, without limitation, Section 6), (ii) consents to the amendment of the Credit Agreement effected pursuant to this Amendment, (iii) reaffirms and confirms that each Loan Document to which it is a party or is otherwise bound, each Lien granted by it to the Collateral Agent for the benefit of the Secured Parties (including the 2017 Incremental First Lien Lender) pursuant to any such Loan Document and all Collateral encumbered thereby continues to guarantee or secure, as the case may be, to the fullest extent possible in accordance with the Loan Documents the payment and performance of all “Obligations”, “Guaranteed Obligations” or “Secured Obligations”, as applicable, under each Loan Document to which is a party (in each case as such terms are defined in the applicable Loan Document), and hereby ratifies the security interests in the Collateral (as defined in the Credit Agreement) granted by it pursuant to the Collateral Documents and, without limiting the foregoing, does hereby grant a security interest in such Collateral as security for the Secured Obligations (including, for the avoidance of doubt, the obligations in respect of the 2017 Incremental First Lien Term Loan), and (iv) acknowledges and affirms that the 2017 Incremental First Lien Term Commitment and any 2017 Incremental First Lien Term Loan made or deemed made pursuant to this Amendment or the 2017 Incremental First Lien Term Commitment constitute “Obligations”, “Secured Obligations” or “Guaranteed Obligations” and similar defined terms used in the Loan Documents, as applicable;

 

(b)                                 acknowledges and agrees that (i) each Loan Document to which it is a party or otherwise bound shall continue and remain in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment, (ii) notwithstanding the conditions to effectiveness set forth in this Amendment, no consent by any Loan Party (other than Holdings and the Borrower) is required by the terms of the Credit Agreement or any other Loan Document to the amendments to the Credit Agreement effected pursuant to this Amendment and (iii) nothing in the Amended Credit Agreement, this Amendment or any other Loan Document shall be deemed to require its consent to any

 

12

 

future amendments to the Credit Agreement, except to the extent expressly set forth in Section 10.01 of the Amended Credit Agreement;

 

(c)                                  agrees that the First Lien Obligations or Secured Obligations, as applicable, include, among other things and without limitation, the prompt and complete payment and performance by the Borrower when due and payable (whether at the stated maturity, by acceleration or otherwise) of principal and interest on, and premium (if any) on, the 2017 Incremental First Lien Term Loan under the Amended Credit Agreement; and

 

(d)                                 acknowledges and agrees that nothing in this Amendment shall be deemed to be a novation of any obligations under the Credit Agreement or any other Loan Document.

 

SECTION 13.                     Treatment of Amendment Under FATCA. For purposes of determining withholding Taxes imposed under FATCA, from and after the Second Amendment Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Amended Credit Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

13

 

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

 

 

	
 
    	
GYP HOLDINGS II CORP.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    
	
 
    	
 
    	
/s/   H. Douglas Goforth
    
	
 
    	
 
    	
Name:   H. Douglas Goforth
    
	
 
    	
 
    	
Title: Vice President, Chief Financial Officer and   Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GYP HOLDINGS III CORP.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    
	
 
    	
 
    	
/s/   H. Douglas Goforth
    
	
 
    	
 
    	
Name:   H. Douglas Goforth
    
	
 
    	
 
    	
Title: Vice President, Chief Financial Officer and   Treasurer
    

 

[GMS Second Amendment (2017)]

 

 

	
 
    	
COASTAL INTERIOR PRODUCTS, INC.
    
	
 
    	
PIONEER MATERIALS WEST, INC.
    
	
 
    	
STATE LINE BUILDING SUPPLY, INC.
    
	
 
    	
GATOR GYPSUM, INC.
    
	
 
    	
CAPITOL INTERIOR PRODUCTS, INC.
    
	
 
    	
CAPITOL MATERIALS OF SAVANNAH, INC.
    
	
 
    	
CAPITOL MATERIALS, INCORPORATED
    
	
 
    	
GMS STRATEGIC SOLUTIONS, INC.
    
	
 
    	
GYPSUM MANAGEMENT AND SUPPLY, INC.
    
	
 
    	
ROCKET INSTALLATION, INC.
    
	
 
    	
SUN VALLEY INTERIOR SUPPLY, INC.
    
	
 
    	
TOOL SOURCE WAREHOUSE, INC.
    
	
 
    	
TUCKER ACOUSTICAL PRODUCTS, INC.
    
	
 
    	
TUCKER MATERIALS, INC.
    
	
 
    	
CHICAGO   GYPSUM SUPPLY, INC.
    
	
 
    	
NEW ENGLAND   GYPSUM SUPPLY, INC.
    
	
 
    	
OHIO   VALLEY SUPPLY, INC.
    
	
 
    	
PACIFIC   GYPSUM SUPPLY, INC.
    
	
 
    	
GYPSUM   SUPPLY COMPANY
    
	
 
    	
PIONEER MATERIALS, INC.
    
	
 
    	
TAMARACK MATERIALS, INC.
    
	
 
    	
MISSOURI DRYWALL SUPPLY, INC.
    
	
 
    	
WILDCAT MATERIALS, INC.
    
	
 
    	
COLONIAL MATERIALS, INC.
    
	
 
    	
CHAPARRAL MATERIALS, INC.
    
	
 
    	
CHEROKEE BUILDING MATERIALS OF OKC, INC.
    
	
 
    	
CHEROKEE BUILDING MATERIALS, INC.
    
	
 
    	
CARTER HARDWARE COMPANY
    
	
 
    	
ROCKY TOP MATERIALS, INC.
    
	
 
    	
COWTOWN MATERIALS, INC.
    
	
 
    	
EASTEX MATERIALS, INC.
    
	
 
    	
HILL COUNTRY MATERIALS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    
	
 
    	
 
    	
/s/   H. Douglas Goforth
    
	
 
    	
 
    	
Name:   H. Douglas Goforth
    
	
 
    	
 
    	
Title:   Assistant Treasurer
    

 

[GMS Second Amendment (2017)]

 

 

	
 
    	
LONE STAR MATERIALS, INC.
    
	
 
    	
RIO GRANDE BUILDING MATERIALS, INC.
    
	
 
    	
TEJAS MATERIALS, INC.
    
	
 
    	
CAPITOL BUILDING SUPPLY, INC.
    
	
 
    	
COMMONWEALTH BUILDING MATERIALS, INC.
    
	
 
    	
GTS DRYWALL SUPPLY COMPANY
    
	
 
    	
FLORIDA GYPSUM SUPPLY, INC.
    
	
 
    	
PENNSYLVANIA GYPSUM, INC.
    
	
 
    	
REDMILL, INC.
    
	
 
    	
OLYMPIA BUILDING SUPPLIES, LLC
    
	
 
    	
 
    
	
 
    	
By:
    
	
 
    	
 
    	
/s/   H. Douglas Goforth
    
	
 
    	
 
    	
Name:   H. Douglas Goforth
    
	
 
    	
 
    	
Title:   Assistant Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GYPSUM   SUPPLY INSTALLED INSULATION, LLC
    
	
 
    	
By:   GYPSUM SUPPLY COMPANY, its Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    
	
 
    	
 
    	
/s/   H. Douglas Goforth
    
	
 
    	
 
    	
Name:   H. Douglas Goforth
    
	
 
    	
 
    	
Title:   Assistant Treasurer
    

 

[GMS Second Amendment (2017)]

 

 

	
 
    	
CREDIT   SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent and 2017 Incremental First Lien Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    
	
 
    	
 
    	
/s/   Judith E. Smith
    
	
 
    	
 
    	
Name:   Judith E. Smith
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    
	
 
    	
 
    	
/s/   D. Andrew Maletta
    
	
 
    	
 
    	
Name:   D. Andrew Maletta
    
	
 
    	
 
    	
Title:   Authorized Signatory
    

 

[GMS Second Amendment (2017)]

 

 

Schedule A

to Incremental First Lien Term Commitments Amendment

 

POST-EFFECTIVENESS MATTERS

 

1.              REAL ESTATE DELIVERABLES

 

The Loan Parties shall deliver, or cause to be delivered, to the Administrative Agent no later than the date occurring sixty (60) days after the Second Amendment Effective Date (or such later date as may be acceptable to the Administrative Agent in its reasonable discretion), to the extent determined by the Administrative Agent to be reasonably necessary or desirable, each of the following items:

 

(i)                                     to the extent reasonably necessary, fully executed and notarized mortgage modifications (each, a “Mortgage Modification”), in proper form for recording in all appropriate places in all applicable jurisdictions, encumbering each applicable Mortgaged Property;

 

(ii)                                  an opinion of counsel (which counsel shall be reasonably satisfactory to the Administrative Agent) in each state in which a Mortgaged Property for which a Mortgage Modification is required, is located with respect to the enforceability of such Mortgage as modified by the applicable Mortgage Modification, and such other customary matters with regards to each such Mortgage Modification as the Administrative Agent may reasonably request, in each case in form and substance reasonably satisfactory to the Administrative Agent;

 

(iii)                               with respect to the lender’s title insurance policy insuring each Mortgaged Property for which a Mortgage Modification is required, a mortgage modification endorsement with respect to such Mortgaged Property, issued by a title company reasonably satisfactory to the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent, insuring, to the extent that such coverage is available by endorsement in the applicable jurisdiction, that the validity, enforceability and priority of the applicable Mortgage, and the effectiveness of such title policy, shall remain unchanged following recordation of the related Mortgage Modification; and

 

(iv)                              (a) an updated Flood Determination Form with respect to each Mortgaged Property; (b) if it is a Flood Hazard Property, a Borrower Notice; (c) the Borrower’s written acknowledgment of receipt of the Borrower Notice from the Administrative Agent as to the fact that such Mortgaged Property is a Flood Hazard Property and as to whether the community in which each such Flood Hazard Property is located is participating in the NFIP; and (d) if the Borrower Notice is required to be given and flood insurance is available in the community in which the applicable Mortgaged Property is located, Evidence of Flood Insurance.EX-10.40

 Exhibit 10.40 

CHANGE ORDER FORM 

Process Flare Provisional Sum Closeout 
  

			
	 PROJECT NAME: Sabine Pass LNG Liquefaction Facility
  

OWNER: Sabine Pass Liquefaction, LLC
  

CONTRACTOR: Bechtel Oil, Gas and Chemicals, Inc.
  

DATE OF AGREEMENT: November 11, 2011
  
	  	 CHANGE ORDER NUMBER: CO-00057

 
 DATE OF CHANGE ORDER: April 4, 2017

  
 The Agreement
between the Parties listed above is changed as follows: (attach additional documentation if necessary)  
  

	 	1.	The previous value of the Process Flare Provisional Sum incorporated into the Agreement in Change Order CO-00052, dated September 1, 2016, was U.S. $9,707,319. Parties now
agree to close this Provisional Sum. Actual Cost for the Process Flare through February 26, 2017 was $8,063,510. The contract price will be decreased by $1,643,809 which reflects the closure of the provisional sum. The remaining scope will be
performed under Stage 2. 

  

	 	2.	All equipment, piping, and other materials needed for the Stage 1 Provisional Sum Process Flare Modification Work has been procured. In order to facilitate Final Completion of the Stage 1 Agreement, which requires all
Provisional Sums to be closed, parties will close this Provisional Sum and transfer the job hours needed to complete the HPAA compressor installation to a future Stage 2 Change Order.

 

	 	3.	The Provisional Sum breakdown is described as follows: 

  

	 	a.	The previous Process Flare Provisional Sum in Article 2 of Attachment EE, Schedule EE-2, of the Agreement was Nine Million, Seven Hundred Seven Thousand, Three Hundred Nineteen
U.S. Dollars (U.S. $9,707,319). This Change Order will reduce of the Process Flare Provisional Sum by (U.S. $9,707,319) and the value will be $0. 

  

	 	b.	The Parties agree to adjust the Aggregate Provisional Sum specified in Article 7.1A of the Agreement which prior to this Change Order was One Hundred Seventy-Nine Million, Seven Hundred Seventeen Thousand, Four Hundred Seventy-Two U.S. Dollars (U.S. $179,717,472) after adjustments to CO-00055 and CO-00056. This Change Order will decrease the Aggregate
Provisional Sum amount by Nine Million, Seven Hundred Seven Thousand, Three Hundred Nineteen U.S. Dollars ($9,707,319) and the new Aggregate Provisional Sum value shall be One Hundred Seventy Million, Ten Thousand, One Hundred Fifty-Three U.S.
Dollars ($170,010,153). 

  

	 	4.	Schedule C-1 (Milestone Payment Schedule) of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit A of this Change Order.

  
  

Adjustment to Contract Price 
  

					
	 The original Contract Price was
	  	$	3,900,000,000	 
	 Net change by previously authorized Change Orders (#00001-00056)
	  	$	215,493,286	 
	 The Contract Price prior to this Change Order was
	  	$	4,115,493,286	 
	 The Contract Price will be decreased by this Change Order in the amount of
	  	$	(1,643,809	) 
	 The new Contract Price including this Change Order will be
	  	$	4,113,849,477	 

 Adjustment to dates in Project Schedule 

The following dates are modified (list all dates modified; insert N/A if no dates modified): N/A 

Adjustment to other Changed Criteria (insert N/A if no changes or impact; attach additional documentation if necessary) N/A 

 Adjustment to Payment Schedule: Yes – See Exhibit A of this Change Order  

Adjustment to Minimum Acceptance Criteria: N/A 

Adjustment to Performance Guarantees: N/A 
 Adjustment to
Design Basis: N/A 
 Other adjustments to liability or obligation of Contractor or Owner under the Agreement: N/A 

Select either A or B: 
 [A] This Change Order shall
constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change. Initials: /s/
BT Contractor /s/ EL Owner 
 [B] This Change Order shall not constitute a full and final settlement and accord and satisfaction
of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change. Initials: ___ Contractor ___ Owner

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement
without exception or qualification, unless noted in this Change Order. Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect. This Change Order is
executed by each of the Parties’ duly authorized representatives. 
  

					
	 /s/ Ed Lehotsky
	  		  	 /s/ Bhupesh Thakkar

	Owner	  		  	Contractor
			
	 Ed Lehotsky
	  		  	 Bhupesh Thakkar

	Name	  		  	Name
			
	 SVP E+C
	  		  	 Senior Project Manager

	Title	  		  	Title
			
	 April 24, 2017
	  		  	 April 6, 2017

	Date of Signing	  		  	Date of Signing

 CHANGE ORDER FORM 

Louisiana Sales and Use Tax Provisional Sum Closeout 
  

			
	PROJECT NAME: Sabine Pass LNG Liquefaction Facility	  	CHANGE ORDER NUMBER: CO-00058
		
		  	DATE OF CHANGE ORDER: May 4, 2017
		
	OWNER: Sabine Pass Liquefaction, LLC	  	
		
	CONTRACTOR: Bechtel Oil, Gas and Chemicals, Inc.	  	
		
	DATE OF AGREEMENT: November 11, 2011	  	

  
  

The Agreement between the Parties listed above is changed as follows: (attach additional documentation if necessary) 

 

	 	1.	The previous value of the Louisiana Sales and Use Tax Provisional Sum incorporated into the Agreement in Change Order CO-00039, dated February 12, 2015, was U.S. $62,276,785.
Parties now agree to close this Provisional Sum. Actual Cost for the Louisiana Sales and Use Tax through April 2017 was $57,399,857. The contract price will be decreased by $4,876,928 which reflects the closure of the provisional sum.

  

	 	2.	Any variance to the Stage 1 final tax numbers will be reconciled under the Stage 2 Agreement’s Louisiana Sales and Use Tax Provisional Sum. 

 

	 	3.	The Provisional Sum breakdown is described as follows: 

  

	 	a.	The previous Louisiana Sales and Use Tax Provisional Sum in Article 2.5 of Attachment EE, Schedule EE-2, of the Agreement was Sixty-Two
Million, Two Hundred Seventy-Six Thousand, Seven Hundred Eighty-Five U.S. Dollars (U.S. $62,276,785). This Change Order will reduce the Louisiana Sales and Use Tax Provisional Sum by (U.S. $62,276,785) and the
value will be $0. 

  

	 	b.	The Parties agree to adjust the Aggregate Provisional Sum specified in Article 7.1A of the Agreement which prior to this Change Order was One Hundred Seventy Million, Ten Thousand, One Hundred Fifty-Three U.S. Dollars
(U.S. $170,010,153). This Change Order will decrease the Aggregate Provisional Sum amount by Sixty-Two Million, Two Hundred Seventy-Six Thousand, Seven Hundred
Eighty-Five U.S. Dollars (U.S. $62,276,785) and the new Aggregate Provisional Sum value shall be One Hundred Seven Million, Seven Hundred Thirty-Three Thousand, Three Hundred Sixty-Eight U.S. Dollars (U.S. $107,733,368). 

 

	 	4.	Schedule C-1 (Milestone Payment Schedule) of Attachment C of the Agreement will be amended by including the milestone(s) listed in Exhibit A of this Change Order.

  
  

Adjustment to Contract Price 
  

					
	 The original Contract Price was
	  	$	3,900,000,000	 
	 Net change by previously authorized Change Orders (#00001-00057)
	  	$	213,849,477	 
	 The Contract Price prior to this Change Order was
	  	$	4,113,849,477	 
	 The Contract Price will be decreased by this Change Order in the amount of
	  	$	(4,876,928	) 
	 The new Contract Price including this Change Order will be
	  	$	4,108,972,549	 

 Adjustment to dates in Project Schedule 

The following dates are modified (list all dates modified; insert N/A if no dates modified): N/A 

Adjustment to other Changed Criteria (insert N/A if no changes or impact; attach additional documentation if necessary) N/A 

 Adjustment to Payment Schedule: Yes – See Exhibit A of this Change Order 

Adjustment to Minimum Acceptance Criteria: N/A 

Adjustment to Performance Guarantees: N/A 
 Adjustment to
Design Basis: N/A 
 Other adjustments to liability or obligation of Contractor or Owner under the Agreement: N/A 

Select either A or B: 
 [A]    This
Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such
change. Initials: /s/ BT Contractor /s/ EL Owner 
 “[B] This Change Order shall not constitute a full and final
settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change. Initials:
         Contractor          Owner” 

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement
without exception or qualification, unless noted in this Change Order. Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect. This Change Order is
executed by each of the Parties’ duly authorized representatives. 
  

					
	 /s/ Ed Lehotsky

Owner
	  		  	 /s/ Bhupesh Thakkar

Contractor

			
	 Ed Lehotsky

Name
	  		  	 Bhupesh Thakkar

Name

			
	 SVP E+C

Title
	  		  	 Senior Project Manager

Title

			
	 May 23, 2017

Date of Signing
	  		  	 May 4, 2017

Date of Signing

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