Document:

Fourth Amendment to Amended and Restated Receivables Purchase Agreement

 Exhibit 10.1 
 FOURTH AMENDMENT TO AMENDED AND RESTATED 
 RECEIVABLES PURCHASE AGREEMENT 
 THIS FOURTH AMENDMENT TO AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT (this “Amendment”) dated as of September
23, 2009 is entered into among AGC FUNDING CORPORATION (the “Seller”), AMERICAN GREETINGS CORPORATION, in its capacity as servicer (in such capacity, together with its successors and permitted assigns in such capacity, the
“Servicer”), PNC BANK, NATIONAL ASSOCIATION (in its individual capacity, “PNC”), as purchaser agent for Market Street Funding LLC, as Administrator for each Purchaser Group (in such capacity, the
“Administrator”) and as issuer of Letters of Credit (in such capacity, together with its successors and permitted assigns in such capacity, the “LC Bank”) and MARKET STREET FUNDING LLC (in its individual capacity,
“Market Street”), as a Conduit Purchaser and as a Related Committed Purchaser. 
 RECITALS 
 1. The Seller, the Servicer, the Administrator, PNC, Market Street and the LC Bank are parties to the Amended and Restated Receivables
Purchase Agreement dated as of October 24, 2006 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”); and 
 2. The parties hereto desire to amend the Agreement as set forth herein. 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1. Certain Defined Terms. Capitalized terms that are used herein without definition and that are defined in Exhibit I to the Agreement shall have the same meanings herein as therein
defined. 
 2. Amendments to Agreement. 
 (a) Section 1.2 of the Agreement is hereby amended by inserting in the appropriate order the following new
clause (h): 
 (h) At any time and from time to time upon at least ten (10) Business Days written
notice to the Administrator, the Seller may repurchase the Purchased Interest in any Triggered Receivables on the terms hereinafter set forth. Upon deposit to the applicable Lock-Box Account of an amount equal to the purchase price or other payment
for such Triggered Receivables paid by the Credit Protection Provider pursuant to the applicable Credit Protection Agreement and satisfaction of the terms and conditions set forth herein, the Agent (on behalf of the Purchasers) shall be deemed to
have reconveyed all of its right, title and interest in, to and under the Purchased Interest in such Triggered Receivables to the Seller without recourse, representation or warranty of any kind (except for a representation that the Purchased
Interest in such Triggered Receivables assigned 

 
is (or concurrently with receipt by the Administrator of evidence that such purchase price or other payment has been deposited to the applicable Lock-Box
Account shall become) free of any Adverse Claim created by the Administrator for itself and on behalf of the Purchasers), and the security interest of the Administrator (for itself and on behalf of the Purchasers) in the affected Triggered
Receivables and any Related Security, Collections and proceeds with respect thereto shall be automatically released, all without further action of the Administrator, the Purchasers or any other Person; provided, that the Administrator shall,
if requested, execute and deliver, at the Seller’s expense, to the Seller such documents and instruments as are reasonably requested and authorize the filing of such UCC-3 termination or amendment statements as are appropriate to release its
interest (for itself and on behalf of the Purchasers) in the affected Triggered Receivables and any Related Security, Collections and proceeds with respect thereto. 
 (b) Clause third of Section 1.4(d)(ii) of the Agreement is hereby amended and restated in its entirety as
follows: 
 third to each Purchaser Agent ratably according to the aggregate of the Investment of each Purchaser in
each such Purchaser Agent’s Purchaser Group (for the benefit of the relevant Purchasers within such Purchaser Agent’s Purchaser Group) in payment in full of each Purchaser’s Investment (or, if such day is not a Termination Day, the
amount necessary to reduce the Purchased Interest to 100%) (determined as if such Collections had been applied to reduce the Aggregate Investment); it being understood that each Purchaser Agent shall distribute the amounts described in the second
and third clauses of this Section 1.4(d)(ii) to the Purchasers within its Purchaser Group ratably according to Discount and Investment, respectively, 
 (c) Clause fourth of Section 1.4(d)(ii) of the Agreement is hereby amended and restated in its entirety as
follows: 
 fourth to the LC Collateral Account for the benefit of the LC Bank, until the amount of cash collateral
held in such LC Collateral Account equals the aggregate outstanding amount of the LC Amount (or, if such day is not a Termination Day, the amount necessary to reduce the Purchased Interest to 100%) (determined as if such Collections had been applied
to reduce the aggregate outstanding amount of the LC Amount), 
 (d) Clause (b) of Section 1.12 of
the Agreement is hereby amended and restated in its entirety as follows: 
 (b) Each Letter of Credit shall, among other
things, (i) provide for the payment of sight drafts or other written demands for payment when presented for honor thereunder in accordance with the terms thereof and when accompanied by the documents described therein and (ii) have an
expiry date not later than twelve (12) months after such Letter of Credit’s date of issuance, extension or renewal, as the case may be, and in no event later than twelve (12) months after the Facility Termination Date. Each 

  

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Letter of Credit shall be subject either to the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce
Publication No. 600, and any amendments or revisions thereof adhered to by the LC Bank or the International Standby Practices (ISP98-International Chamber of Commerce Publication Number 590), and any amendments or revisions thereof adhered to
by the LC Bank, as determined by the LC Bank. 
 (e) Section 4.2 of the Agreement is hereby
amended by inserting, in the appropriate order, the following new clause (d): 
 (d) To effect the
sale, assignment or other transfer of Triggered Receivables, Seller hereby grants to Servicer a power of attorney to execute in the name of Seller any writing or instrument in connection with any assignment of Triggered Receivables permitted herein
to a Credit Protection Provider, including without limitation any sale, assignment or transfer agreements on behalf of Seller. 
 (f) The amount specified as the “Commitment” with respect to Market Street in its capacity as a Related Committed Purchaser and as set forth below its Purchaser Agent’s signature to the Agreement is
hereby amended and restated in its entirety as set forth below its Purchaser Agent’s signature hereto. 
 (g) The amount specified as the “Commitment” for PNC Bank, National Association in its capacity as LC Bank and as set forth below its signature in such capacity to the Agreement is hereby amended and restated in its entirety as
set forth below its signature in such capacity hereto. 
 (h) Exhibit I to the Agreement is hereby
amended by inserting in the appropriate order the following new definitions: 
 “Adjusted LC
Amount” means, at any time, the LC Amount less the amount of cash collateral held in the LC Collateral Account at such time. 
 “Credit Protection Agreement” means, with respect to an Obligor listed on Schedule IV hereto (as such Schedule IV may be updated from time to time in accordance with clause
(o) of Section 1 of Exhibit IV), any trade put agreement, credit default swap, credit insurance arrangement or other arrangement entered into by an Originator and a third party credit protection provider (the
“Credit Protection Provider”) pursuant to which (a) such Originator has obtained credit protection with respect to all or a portion of the Receivables of such Obligor and has assigned its rights with respect thereto to the
Seller and (b) the terms thereof require the Receivables of such Obligor to be assigned to the applicable Credit Protection Provider against payment for such Receivables upon the occurrence of a credit event or other triggering event set forth
therein, in each case in form and substance reasonably satisfactory to the Administrator. 
 “Credit
Protection Provider” has the meaning set forth in the definition of “Credit Protection Agreement”. 
  

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 “Excluded Obligor” means any Obligor with respect to
which any Receivable has become a Triggered Receivable. 
 “Triggered Receivable” means any
Receivable that is subject to a Credit Protection Agreement approved in writing by the Administrator (which approval shall not be unreasonably withheld or delayed) and for which (a) a credit event or other triggering event (in each case, as
defined therein) has occurred under the related Credit Protection Agreement and (b) the Servicer, on behalf of the Seller, has exercised its right to require the Credit Protection Provider to make payment against the assignment of such
Receivable. 
 (i) The definition of “Concentration Percentage” set forth in Exhibit I to
the Agreement is hereby amended and restated in its entirety as follows: 
 “Concentration
Percentage” means, at any time, the percentages set forth below: 
  

			
	 Obligor
	  	Concentration
Percentage
	 Target Corporation, so long as it is a Group A Obligor
	  	40.0%
		
	 Any Group A Obligor other than Target
	  	23.0%
		
	 Any Group B Obligor
	  	11.5%
		
	 Any Group C Obligor
	  	  8.0%
		
	 Sum of the five (5) largest Group D Obligors
	  	23.0%
		
	 Any other Group D Obligor
	  	  5.0%

 (j) The definition of “Dilution Reserve Percentage” set
forth in Exhibit I to the Agreement is hereby amended by deleting the number “2.0” therein and substituting the number “2.25” therefor. 
 (k) Clause (a) of the definition of “Eligible Receivables” set forth in Exhibit I to the
Agreement is hereby amended by renumbering sub-clause (iii) as “(iv)” and by inserting, immediately prior to the word “and” prior to the renumbered sub-clause (iv), the following new sub-clause (iii):

 (iii) not an Excluded Obligor 
 (l) Clause (ii) of the definition of “Excess Concentration” set forth in Exhibit I to the
Agreement is hereby amended and restated in its entirety as follows: 
 (ii) the amount by which the
Outstanding Balance of all Eligible Receivables of the largest Group D Obligor exceeds 40% of the sum of the Outstanding Balance of all Eligible Receivables of the five largest Group D Obligors (in each case after taking into account any deduction
for amounts relating to clause (i) of this definition), plus 
  

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 (m) Clause (a) of the definition of “Facility Termination Date” set
forth in Exhibit I to the Agreement is hereby amended by deleting the date “October 23, 2009” therein and substituting the date “September 21, 2012” therefor. 
 (n) The parenthetical in clause (d) of the definition of “Facility Termination Date” set forth in Exhibit I
to the Agreement is hereby deleted in its entirety. 
 (o) The definition of “ISP98 Rules” set forth in Exhibit
I to the Agreement is hereby deleted in its entirety. 
 (p) The definition of “Loss Reserve Percentage” set
forth in Exhibit I to the Agreement is hereby amended by deleting the percentage “15%” therein and substituting the percentage “23%” therefor. 
 (q) The definition of “Market Street Yield Rate” set forth in Exhibit I to the Agreement is hereby amended and restated
in its entirety as follows: 
 “Market Street Yield Rate” for any Yield Period for any Portion of Investment
of the Purchased Interest in the case of Market Street or any Purchaser in its Purchaser Group, means an interest rate per annum equal to, at the option of Market Street or any such Purchaser: (a) the rate set forth as the “Applicable
Margin” in the Purchaser Group Fee Letter relating to Market Street above the Euro-Rate for such Yield Period, or (b) the Base Rate for such Yield Period; provided, that the “Market Street Yield Rate” for any day while a
Termination Event exists shall be an interest rate equal to the greater of (i) 2% per annum above the applicable Base Rate in effect on such day and (ii) the “Market Street Yield Rate” as calculated in clause
(a) above. 
 (r) The definition of “Purchase Limit” set forth in Exhibit I to the Agreement is
hereby amended by deleting the amount “$90,000,000” therein and substituting the amount “$80,000,000” therefor. 
 (s) The definition of “Purchased Interest” set forth in Exhibit I to the Agreement is hereby amended by deleting the reference to “LC Amount” therein and substituting a reference to “Adjusted LC Amount”
therefor. 
 (t) The definition of “Receivables” set forth in Exhibit I to the Agreement is hereby amended
by inserting at the end thereof the following new sentence: 
 Notwithstanding the foregoing, once any Receivable of an
Obligor becomes a Triggered Receivable pursuant to Section 1.2(h), then, on and after the date that any such Triggered Receivable shall have been assigned to a Credit Protection Provider, all Receivables of such Obligor (whether
Triggered Receivables or not) shall no longer constitute Receivables hereunder. 
 (u) The definition of “Receivables
Based Loss Reserve Percentage” set forth in Exhibit I to the Agreement is hereby amended by deleting the number “2.0” therein and substituting the number “2.25” therefor. 
  

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 (v) The definition of “Sales Based Loss Reserve Percentage” set
forth in Exhibit I to the Agreement is hereby amended by deleting the number “2.0” therein and substituting the number “2.25” therefor. 
 (w) Clause (e) of Section 1 of Exhibit IV to the Agreement is hereby amended by inserting,
immediately prior to the period at the end of such clause, the following phrase: 
 ; provided, that,
subject to Section 1.2(h), the Servicer, on behalf of the Seller, may sell or otherwise assign Triggered Receivables and the Related Security, Collections and proceeds with respect thereto in accordance with a Credit Protection
Agreement. 
 (x) Clause (o) of Section 1 of Exhibit IV to the Agreement is
hereby amended and restated in its entirety as follows: 
 (o) The Seller shall not purchase any Receivable
that is the subject of a Credit Protection Agreement unless the Administrator shall have approved in writing the form and substance of such Credit Protection Agreement (such approval not to be unreasonably withheld or delayed). Upon any such
approval, the Servicer shall promptly deliver to the Administrator a revised Schedule IV which sets forth each Obligor the Receivables of which are subject to a Credit Protection Agreement that has been so approved by the Administrator.

 (y) Clause (c) of Section 3 of Exhibit IV to the Agreement is hereby
amended and restated in its entirety as follows: 
 (c) Not less than one member of the Seller’s Board
of Directors shall be an individual (i) who has (A) prior experience as an Independent Director for a corporation or limited liability company whose charter documents require the unanimous consent of all Independent Directors thereof
before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and
(B) at least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance
instruments, agreements or securities, (ii) who is reasonably acceptable to the Administrator and each Purchaser Agent as evidenced in a writing executed by the Administrator and each Purchaser Agent and (iii) who is not, and has not been
for a period of five years prior to his or her appointment as an Independent Director of the Seller: (A) a direct, indirect or beneficial stockholder, affiliate, associate, customer, advisor or supplier of Greetings or any of its Affiliates
(provided that indirect stock ownership of Greetings or of any Affiliate thereof by any person through a mutual fund or similar diversified investment pool shall not disqualify such person from being an Independent Director of the Seller
unless such person maintains direct or indirect control of the investment decisions of such mutual fund or similar diversified investment pool), (B) a director, officer, employee, partner, attorney or 

  

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consultant of Greetings or any of its Affiliates (other than the Seller) (Greetings and its Affiliates (other than the Seller) being hereinafter referred to
as the “Parent Group”), (C) a person related to any person referred to in clauses (iii)(A) and (B) above, (D) a person controlling or under common control with any stockholder, partner, officer,
director, employee, affiliate, associate, customer, advisor or supplier of Greetings or any of its Affiliates (other than, in the case of a director, officer, employee or partner, the Seller) or (E) a trustee, conservator or receiver for any
member of the Parent Group (such an individual meeting the requirements set forth above, the “Independent Director”). The certificate of incorporation of the Seller shall provide that: (i) at least one member of the
Seller’s Board of Directors shall be an Independent Director, (ii) the Seller’s Board of Directors shall not approve, or take any other action to cause the filing of, a voluntary bankruptcy petition with respect to the Seller unless
the Independent Director shall approve the taking of such action in writing before the taking of such action, (iii) the Seller’s Board of Directors shall not vote on any matter requiring the vote of its Independent Director under its
certificate of incorporation unless and until at least one Independent Director is then serving on the Seller’s Board of Directors, and (iv) the provisions requiring an Independent Director and the provisions described in clauses
(ii) and (iii) of this sentence cannot be amended without the prior written consent of each Independent Director. As used in this clause (c), “control” means the possession directly or indirectly of the power to
direct or cause the direction of management policies or activities of a person or entity whether through ownership of voting securities, by contract or otherwise. 
 (z) The Agreement is hereby amended by inserting in the appropriate order a new Schedule IV as Schedule IV
attached hereto. 
 3. Representations and Warranties. Each of the Seller and the Servicer hereby represents
and warrants to each Purchaser and the Administrator as follows: 
 (a) Representations and
Warranties. The representations and warranties of such Person contained in Exhibit III of the Agreement are true and correct in all material respects as of the date hereof (except to the extent that such representations and
warranties relate expressly to an earlier date, and in which case such representations and warranties shall be true and correct in all material respects as of such earlier date). 
 (b) Enforceability. The execution and delivery by such Person of this Amendment, and the performance of each of
its obligations under this Amendment and the Agreement, as amended hereby, are within each of its organizational powers and have been duly authorized by all necessary organizational action on its part. This Amendment and the Agreement, as amended
hereby, are such Person’s valid and legally binding obligations, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws from time to time in effect
affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
  

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 (c) No Default. Both before and immediately after giving effect to
this Amendment and the transactions contemplated hereby, no Termination Event or Unmatured Termination Event exists or shall exist. 
 4. Effect of Amendment. All provisions of the Agreement, as expressly amended and modified by this Amendment, shall remain in full force and effect. After this Amendment becomes effective, all references in the Agreement (or
in any other Transaction Document) to “this Agreement”, “hereof”, “herein” or words of similar effect referring to the Agreement shall be deemed to be references to the Agreement as amended by this Amendment. This
Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Agreement other than as set forth herein. 
 5. Effectiveness. This Amendment shall become effective as of the date hereof upon receipt by the Administrator of (i) counterparts of this Amendment executed by each of the other parties hereto,
(ii) counterparts of that certain amended and restated Purchaser Group Fee Letter, dated as of the date hereof, executed by the Seller, the Servicer, PNC and Market Street and (iii) executed copies of that certain amendment to the
Seller’s certificate of incorporation, dated as of the date hereof, in each case in form and substance satisfactory to the Administrator in its sole discretion. 
 6. Counterparts. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed shall be deemed to be
an original and all of which when taken together shall constitute but one and the same instrument. Delivery of an executed counterpart hereof by facsimile or by email of a .pdf copy thereof shall be effective as delivery of an originally executed
counterpart hereof. 
 7. Governing Law. This Amendment shall be governed by, and construed in accordance with,
the internal laws of the State of New York (including for such purpose Sections 5-1401 and 5-1402 of the general obligations law of the State of New York). 
 8. Section Headings. The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Agreement or
any provision hereof or thereof. 
 (continued on following page) 
  

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

  

			
	AGC FUNDING CORPORATION, as Seller
		
	 By:
	 	/s/ Gregory M. Steinberg
	 Name: Gregory M. Steinberg
 Title:    Vice President and Treasurer

	
	AMERICAN GREETINGS CORPORATION, as Servicer
		
	 By:
	 	/s/ Gregory M. Steinberg
	 Name: Gregory M. Steinberg
 Title:    Treasurer

  

					
		 	S-1	 	

			
	PNC BANK, NATIONAL ASSOCIATION, as Administrator
		
	 By:
	 	/s/ William P. Falcon
	 Name: William P. Falcon
 Title:    Vice President

	
	PNC BANK, NATIONAL ASSOCIATION, as Purchaser Agent for Market Street Funding LLC
		
	 By:
	 	/s/ William P. Falcon
	 Name: William P. Falcon
 Title:    Vice President

	
	Commitment: $80,000,000
	
	PNC BANK, NATIONAL ASSOCIATION, as LC Bank
		
	 By:
	 	/s/ Joseph G. Moran
	 Name: Joseph G. Moran
 Title:    Senior Vice President

	
	Commitment: $80,000,000

  

					
		 	S-2	 	

			
	MARKET STREET FUNDING LLC, as a Conduit Purchaser and as a Related Committed Purchaser
		
	 By:
	 	/s/ Doris J. Hearn
	 Name: Doris J. Hearn
 Title:    Vice President

  

					
		 	S-3	 	

 SCHEDULE IV 
 TRIGGERED RECEIVABLE OBLIGORS AND RELATED CREDIT 
 PROTECTION AGREEMENTS 
 None 
  
  
  
  
  
  

					
		 	IV-1Limited Waiver and Amendment to Credit Agreement

 Exhibit 10.1 
 Execution Version 
 LIMITED WAIVER AND AMENDMENT TO CREDIT AGREEMENT 
 This LIMITED WAIVER AND AMENDMENT TO CREDIT AGREEMENT, dated as of September 22, 2009 (this “Waiver and Amendment”), is entered
into by MOMENTIVE PERFORMANCE MATERIALS HOLDINGS INC., a Delaware corporation (“Holdings”), MOMENTIVE PERFORMANCE MATERIALS INC., a Delaware corporation (“Intermediate Holdings”), MOMENTIVE PERFORMANCE MATERIALS USA
INC., a Delaware corporation (the “U.S. Borrower”), MOMENTIVE PERFORMANCE MATERIALS GMBH (formerly known as BLITZ 06-103 GMBH), a company organized under the laws of Germany (the “German Borrower” and, together with
the U.S. Borrower, the “Borrowers”), each Subsidiary Loan Party party hereto, the Lenders signatory hereto (the “Consenting Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the
“Administrative Agent”). 
 W I T N E S S E T H: 
 WHEREAS, Holdings, Intermediate Holdings, the Borrowers, the Administrative Agent, the Lenders and the other parties thereto have entered into that
certain Credit Agreement dated as of December 4, 2006 (as amended, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”); 
 WHEREAS, the Borrowers have requested that the Revolving Facility Lenders agree to amend and waive certain provisions of the Credit Agreement as set
forth herein; 
 WHEREAS, the Consenting Lenders, constituting at least the Majority Lenders under the Revolving Credit Facility, are willing
to amend and waive certain provisions of the Credit Agreement on the terms and subject to the conditions set forth herein; and 
 NOW,
THEREFORE, in consideration of the mutual execution hereof and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Defined Terms. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Credit Agreement. 
 2. Amendments. The Credit Agreement is hereby amended, effective as of the Waiver and Amendment Effective Date (as defined below), as follows:

 (a) Section 1.01 of the Credit Agreement is hereby amended by adding the following new definitions in proper alphabetical sequence:

 “Limited Waiver and Amendment” shall mean that certain Limited Waiver and Amendment to Credit Agreement, dated as of
September 22, 2009, among Holdings, Intermediate Holdings, the Borrowers, each Subsidiary Loan Party party thereto, the Administrative Agent and the Lenders party thereto. 
 “Waiver and Amendment Effective Date” shall mean the date on which the Limited Waiver and Amendment becomes effective in accordance with
its terms. 
 (b) Section 1.01 of the Credit Agreement is hereby amended by adding at the end of the definition of “Pricing
Grid” the following: 

 “Notwithstanding the foregoing or anything else in this Agreement or any other Loan Document, on and
after the Waiver and Amendment Effective Date, the Applicable Margin with respect to Revolving Facility Loans and Swingline Loans shall for all purposes be the otherwise Applicable Margin from time to time with respect to Revolving Facility Loans
and Swingline Loans plus an additional 1.25% per annum.” 
 3. Limited Waiver. (a) On the terms and subject to the
conditions set forth herein (including, without limitation, the conditions set forth in Section 4(b) hereof) and in reliance on the representations and warranties set forth herein, the Consenting Lenders, constituting the Majority Lenders under
the Revolving Credit Facility, hereby permanently (unless revoked pursuant to Section 4(b) hereof) waive compliance by Intermediate Holdings and its Subsidiaries with the Senior Secured Leverage Ratio test set forth in Section 6.11 of the
Credit Agreement with respect to the fiscal quarters ending September 27, 2009 and December 31, 2009 (the “Waiver”). 
 (b) The Waiver is effective solely for the purposes set forth herein and shall be limited precisely as written and shall not in any event be deemed, except as expressly provided herein, (i) to be a waiver or modification of any term or
condition of the Credit Agreement or any other Loan Document or (ii) to prejudice any right or remedy that the Administrative Agent or the Lenders may have at any time under or in connection with the Credit Agreement and the other Loan
Documents. 
 4. Effectiveness. (a) This Waiver and Amendment will become effective on the date (the “Waiver and
Amendment Effective Date”) on which the following conditions are first satisfied: 
 (i) Execution and delivery of this Waiver and
Amendment, and receipt by the Administrative Agent of counterparts of this Waiver and Amendment (or photocopies thereof sent by fax, pdf or other electronic means, each of which shall be enforceable with the same effect as a signed original)
executed and delivered by, Holdings, Intermediate Holdings, the U.S. Borrower, the German Borrower, each domestic Subsidiary Loan Party, each foreign Subsidiary Loan Party as to which a signature can reasonably be obtained by September 22,
2009, and the Majority Lenders under the Revolving Credit Facility. 
 (ii) Receipt by the Administrative Agent in immediately available
funds, for the pro rata benefit of each Revolving Facility Lender that has executed and delivered a counterpart signature page approving this Waiver and Amendment not later than 12:00 p.m., New York City time, on September 22, 2009, of a cash
fee in an amount equal to 0.25% of each such Lender’s aggregate Revolving Facility Commitment as of September 22, 2009. 
 (iii)
Receipt by the Administrative Agent in immediately available funds, to the extent invoiced at least one day prior to the otherwise applicable Waiver and Amendment Effective Date, of payment of all reasonable out-of-pocket expenses, including the
fees and expenses of counsel, incurred by the Administrative Agent in connection with this Waiver and Amendment. 
 (iv)(i) Each of the
representations and warranties made by Holdings, Intermediate Holdings, each of the Borrowers, and each Subsidiary Loan Party in Section 5 below shall be true and correct in all material respects on and as of the Waiver and Amendment Effective
Date as if made on and as of such date, except to the extent that such representations and warranties refer to an earlier date, in which case they were true in all material respects as of such earlier date and (ii) both before and after giving
effect this Waiver and Amendment, no Default or Event of Default shall have occurred and be continuing. 
  

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 (b) Notwithstanding anything contained herein or in any other Loan Document, the continuing effectiveness
of the Waiver shall be subject to the following condition (it being understood and agreed that, in the event the following condition shall at any time fail to be satisfied, the Waiver shall immediately and automatically be revoked and shall no
longer be effective for any purpose whatsoever and each of Intermediate Holdings and its Subsidiaries, including each Borrower, shall be required to comply with the Financial Performance Covenant set forth in Section 6.11 of the Credit
Agreement with respect to the fiscal quarters ending September 27, 2009 and December 31, 2009): from and after the Waiver and Amendment Effective Date and until the delivery of the financial statements and related certificate for the
fiscal quarter ending March 28, 2010 required by Sections 5.04(c) and (d) of the Credit Agreement, each of Holdings, Intermediate Holdings and each Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly
and whether or not permitted by the Credit Agreement or any other Loan Document, (i) make any Restricted Payment, other than Restricted Payments expressly permitted under Sections 6.06(a), (b) (other than clause (iv) thereof to the
extent such Restricted Payment is for the purpose of directly or indirectly funding any payment restricted pursuant to the immediately following clause (ii) of this paragraph 4(b)), (c), (d), (f), (g), and (i) of the Credit Agreement as
such clauses exist as of the Waiver and Amendment Effective Date or (ii) make any payment, whether in cash, property, securities or a combination thereof, pursuant to Sections 6.07(b)(v) (to the extent such payment is made directly or
indirectly to the Fund or any Fund Affiliate), (ix), (xi) (to the extent such payment is made directly or indirectly to the Fund or any Fund Affiliate), (xii) (other than the payment of reasonable out-of-pocket costs and indemnities to the
Fund or any Fund Affiliate thereunder in the ordinary course of business) or (xiv) of the Credit Agreement or pursuant to any other clause in Section 6.07(b) of the Credit Agreement if such clause is amended, waived or otherwise modified
after the Waiver and Amendment Effective Date so as to allow such a payment to be made to the Fund or any Fund Affiliate that was not permitted under such clause as of the Waiver and Amendment Effective Date. For the avoidance of doubt, the
preceding condition shall not restrict payments expressly permitted under Sections 6.07(b)(iv) of the Credit Agreement as such clause exists as of the Waiver and Amendment Effective Date. 
 5. Representation and Warranties. Each of Holdings, Intermediate Holdings, each Borrower, and each Subsidiary Loan Party hereby represents and
warrants to the Administrative Agent and each Lender that: 
 (a) Authorization; No Conflicts. The execution, delivery and performance
by each of the Loan Parties of this Waiver and Amendment (a) has been duly authorized by all corporate, stockholder, partnership or limited liability company action required to be obtained by such Loan Parties and (b) will not
(i) violate (A) any provision of law, statute, rule or regulation, or of the certificate or articles of incorporation or other constitutive documents (including any partnership, limited liability company or operating agreements) or by-laws
of any such Loan Party, (B) any applicable order of any court or any rule, regulation or order of any Governmental Authority or (C) any provision of any indenture, certificate of designation for preferred stock, agreement or other
instrument to which any such Loan Party is a party of by which any of them or any of their property is or may be bound, (ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default
under, give rise to a right of or result in any cancellation or acceleration of any right of obligation (including any payment) or to a loss of a material benefit under any such indenture, certificate of designation for preferred stock, agreement or
other instrument, where any such conflict, violation, breach or default referred to in clause (i) or (ii) of this clause (b), would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or
(iii) result in the creation of imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by any such Loan Party, other than Permitted Liens. 
  

 3 

 (b) Enforceability. This Waiver and Amendment has been duly executed and delivered by each Loan
Party that is party hereto and thereto and constitutes a legal, valid and binding obligation of such Loan Party enforceable against such Loan Party in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, moratorium,
reorganization, fraudulent conveyance or other similar laws affecting creditor’s rights generally, (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity of law) and
(iii) implied covenants of good faith and fair dealing. Neither the execution, delivery or performance of this Waiver and Amendment, nor the performance of the transactions contemplated hereby, will adversely affect the validity, perfection or
priority of the Administrative Agent’s Lien on any of the Collateral or its ability to realize thereon. 
 (c) Approvals. No
action, consent or approval of, registration or filing with or any other action by any Governmental Authority or third party is or will be required in connection with the execution, delivery or performance by each Loan Party of this Waiver and
Amendment or the consummation of the transactions contemplated hereby, except for such actions, consents and approvals as have been made or obtained and are in full force and effect. 
 (d) Incorporation of Representations and Warranties from the Credit Agreement. Each of the representations and warranties made by Holdings,
Intermediate Holdings and each of the Borrowers in Article III of the Credit Agreement are true in all material respects on and as of the date hereof as if made on and as of such date, except to the extent that such representations and warranties
refer to an earlier date, in which case they were true in all material respects as of such earlier date. 
 (e) No Default. Both
before and after giving effect to this Waiver and Amendment, no Default or Event of Default has occurred and is continuing. 
 6.
Acknowledgement and Consent. Each Loan Party hereby acknowledges that it has reviewed the terms and provisions of the Credit Agreement and this Waiver and Amendment and consents to the waiver and amendment effected pursuant to this Waiver and
Amendment. Each Loan Party hereby confirms that each Loan Document to which it is a party or otherwise bound and all Collateral encumbered thereby will continue 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” under each of the Loan Documents to which it is a party (in each case as such terms are defined in the applicable Loan Document). Each Loan Party acknowledges and
agrees that, except as expressly set forth herein, each of the Loan Documents to which it is a party or otherwise bound shall continue in full force and effect and that, except as expressly set forth herein, all of its obligations thereunder shall
be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Waiver and Amendment. Each Loan Party (other than Holdings, Intermediate Holdings and the Borrowers) acknowledges and agrees that
(i) notwithstanding the conditions to effectiveness set forth in this Waiver and Amendment, such Loan Party is not required by the terms of the Credit Agreement or any other Loan Document to consent to the waiver and amendment effected through
this Waiver and Amendment and (ii) nothing in the Credit Agreement, this Waiver and Amendment or any other Loan Document shall be deemed to require the consent of such Loan Party to any future amendments or waivers to the Credit Agreement.

 7. Foreign Subsidiary Loan Parties. Each of Intermediate Holdings and each of the Borrowers hereby covenants and agrees that any
foreign Subsidiary Loan Party that has not executed the Waiver and Amendment as of the Waiver and Amendment Effective Date shall execute and deliver to the Administrative Agent a counterpart signature page, in the form and manner set forth under
Section 4(a) hereof, approving this Waiver and Amendment as soon as reasonably practicable and in any event not later than 5:00 p.m., New York City time, on October 15, 2009 (unless the Administrative Agent agrees to extend or waive such
date in its sole discretion). 
  

 4 

 8. Continuing Effect of the Credit Agreement. 
 (a) This Waiver and Amendment is limited solely to the matters expressly set forth herein and does not constitute a waiver or amendment of any Loan
Document, except as specifically waived or amended herein, or any agreement to consent to or waive any future action or event. As waived and amended hereby, the Credit Agreement remains in full force and effect. Upon the effectiveness of this Waiver
and Amendment, each reference in the Credit Agreement and in any exhibits attached thereto to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the
Credit Agreement as amended and waived hereby. 
 (b) Except as expressly set forth herein, this Waiver and Amendment shall not by
implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document and, except as expressly set forth herein,
shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall
continue in full force and effect. Nothing herein shall be deemed to entitle any Loan Party to a further consent to, or any waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements
contained in the Credit Agreement or any other Loan Document in similar or different circumstances. 
 9. Applicable Law. THIS WAIVER
AND AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 10. Miscellaneous. This
Waiver and Amendment shall constitute a Loan Document and shall be administered and construed pursuant to the Credit Agreement. The provisions of Sections 9.11 through 9.15 of the Credit Agreement shall apply with like effect to this Waiver and
Amendment. 
 [remainder of page intentionally left blank] 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Waiver and Amendment to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written. 
  

			
	MOMENTIVE PERFORMANCE MATERIALS HOLDINGS INC.
		
	By:	 	/s/ Jonathan D. Rich
		 	 Name: Jonathan D. Rich
 Title: President &
CEO

  

			
	MOMENTIVE PERFORMANCE MATERIALS INC.
		
	By:	 	/s/ Jonathan D. Rich
		 	 Name: Jonathan D. Rich
 Title: President &
CEO

  

			
	MOMENTIVE PERFORMANCE MATERIALS USA INC.
		
	By:	 	/s/ Anthony S. Colatrella
		 	 Name: Anthony S. Colatrella
 Title: Chief Financial
Officer

  

			
	MOMENTIVE PERFORMANCE MATERIALS GMBH (formerly known as BLITZ 06-103 GMBH)
		
	By:	 	/s/ Anthony S. Colatrella
		 	 Name: Anthony S. Colatrella
 Title: Chief Financial
Officer & Managing
 Director

 Signature Page to Limited Waiver and Amendment to Credit Agreement 

			
	MOMENTIVE PERFORMANCE MATERIALS WORLDWIDE INC.
		
	By:	 	/s/ Gregory P. Rustowicz
		 	 Name: Gregory P. Rustowicz
 Title:
Treasurer

  

			
	MOMENTIVE PERFORMANCE MATERIALS CHINA SPV INC.
		
	By:	 	/s/ Gregory P. Rustowicz
		 	 Name: Gregory P. Rustowicz
 Title:
Treasurer

  

			
	MOMENTIVE PERFORMANCE MATERIALS SOUTH AMERICA INC.
		
	By:	 	/s/ Gregory P. Rustowicz
		 	 Name: Gregory P. Rustowicz
 Title:
Treasurer

  

			
	 MPM SILICONES, LLC
 By its sole member
MOMENTIVE PERFORMANCE MATERIALS USA INC.

		
	By:	 	/s/ Gregory P. Rustowicz
		 	 Name: Gregory P. Rustowicz
 Title:
Treasurer

 Signature Page to Limited Waiver and Amendment to Credit Agreement 
  

			
	 JUNIPER BOND HOLDINGS I LLC
 By its sole
member MOMENTIVE PERFORMANCE MATERIALS USA INC.

		
	By:	 	/s/ Gregory P. Rustowicz
		 	 Name: Gregory P. Rustowicz
 Title:
Treasurer

  

			
	 JUNIPER BOND HOLDINGS II LLC
 By its sole
member MOMENTIVE PERFORMANCE MATERIALS USA INC.

		
	By:	 	/s/ Gregory P. Rustowicz
		 	 Name: Gregory P. Rustowicz
 Title:
Treasurer

  

			
	 JUNIPER BOND HOLDINGS III LLC
 By its sole
member MOMENTIVE PERFORMANCE MATERIALS USA INC.

		
	By:	 	/s/ Gregory P. Rustowicz
		 	 Name: Gregory P. Rustowicz
 Title:
Treasurer

  

			
	 JUNIPER BOND HOLDINGS IV LLC
 By its sole
member MOMENTIVE PERFORMANCE MATERIALS USA INC.

		
	By:	 	/s/ Gregory P. Rustowicz
		 	 Name: Gregory P. Rustowicz
 Title:
Treasurer

 Signature Page to Limited Waiver and Amendment to Credit Agreement 
  

			
	MOMENTIVE PERFORMANCE MATERIALS QUARTZ, INC.
		
	By:	 	/s/ Douglas A. Johns
		 	 Name: Douglas A. Johns
 Title: Secretary &
General Counsel

  

			
	MOMENTIVE PERFORMANCE MATERIALS CANADA ULC
		
	By:	 	/s/ Douglas A. Johns
		 	 Name: Douglas A. Johns
 Title: Secretary &
General Counsel

 Signature Page to Limited Waiver and Amendment to Credit Agreement 
  

			
	MOMENTIVE PERFORMANCE MATERIALS HOLDING GMBH
		
	By:	 	/s/ Dr. Ian R. Moore
		 	 Name: Dr. Ian R. Moore
 Title:
Geschäftsführer/General Manager

		
	By:	 	/s/ Dr. Michael Immenkeppel
		 	 Name: Dr. Michael Immenkeppel
 Title:
Geschäftsführer/General Manager

  

			
	MOMENTIVE PERFORMANCE MATERIALS QUARTZ GMBH
		
	By:	 	/s/ Dr. Michael Immenkeppel
		 	 Name: Dr. Michael Immenkeppel
 Title:
Geschäftsführer/General Manager

		
	By:	 	/s/ Wolf U. Lehmann
		 	 Name: Wolf U. Lehman
 Title: Chief Financial
Officer/Managing Director

  

			
	MOMENTIVE PERFORMANCE MATERIALS SUISSE SARL
		
	By:	 	/s/ Dr. Ian R. Moore
		 	 Name: Dr. Ian R. Moore
 Title:
Geschäftsführer/General Manager

 Signature Page to Limited Waiver and Amendment to Credit Agreement 
  

			
	MOMENTIVE PERFORMANCE MATERIALS JAPAN LLC
		
	By:	 	/s/ John C. Dandolph
		 	 Name: John C. Dandolph
 Title: CFO – Asia Pacific

  

			
	NAUTILUS PACIFIC FOUR PTE LTD
		
	By:	 	/s/ John C. Dandolph
		 	 Name: John C. Dandolph
 Title: CFO – Asia Pacific

  

			
	NAUTILUS PACIFIC TWO PTE LTD
		
	By:	 	/s/ John C. Dandolph
		 	 Name: John C. Dandolph
 Title: CFO – Asia Pacific

  

			
	MOMENTIVE PERFORMANCE MATERIALS ASIA PACIFIC PTE LTD
		
	By:	 	/s/ John C. Dandolph
		 	 Name: John C. Dandolph
 Title: CFO – Asia Pacific

 Signature Page to Limited Waiver and Amendment to Credit Agreement 
  

			
	MOMENTIVE PERFORMANCE MATERIALS PTE LTD
		
	By:	 	/s/ John C. Dandolph
		 	 Name: John C. Dandolph
 Title: CFO – Asia Pacific

  

			
	MOMENTIVE PERFORMANCE MATERIALS SINGAPORE PTE LTD
		
	By:	 	/s/ John C. Dandolph
		 	 Name: John C. Dandolph
 Title: CFO – Asia Pacific

  

			
	TA HOLDING PTE LTD
		
	By:	 	/s/ John C. Dandolph
		 	 Name: John C. Dandolph
 Title: CFO – Asia Pacific

  

			
	MOMENTIVE PERFORMANCE MATERIALS HONG KONG LTD
		
	By:	 	/s/ John C. Dandolph
		 	 Name: John C. Dandolph
 Title: CFO – Asia Pacific

 Signature Page to Limited Waiver and Amendment to Credit Agreement 

			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By:	 	/s/ Stacey Haimes
		 	 Name: Stacey Haimes
 Title: Executive
Director

 Signature Page to Limited Waiver and Amendment to Credit Agreement 
  

 SIGNATURE PAGE TO 
 LIMITED WAIVER AND AMENDMENT 
 DATED AS OF SEPTEMBER 22, 2009 
 TO THE MOMENTIVE PERFORMANCE MATERIALS 
 CREDIT
AGREEMENT DATED AS OF DECEMBER 4, 2006 
 To approve the Limited Waiver and Amendment: 
  

			
	 General Electric Capital Corporation
 as a Lender

		
	By:	 	/s/ Garrett T. Hall
		 	 Name: Garrett T. Hall
 Title: Duly Authorized
Signatory

 Signature Page to Limited Waiver and Amendment to Credit Agreement 

 SIGNATURE PAGE TO 
 LIMITED WAIVER AND AMENDMENT 
 DATED AS OF SEPTEMBER 22, 2009 
 TO THE MOMENTIVE PERFORMANCE MATERIALS 
 CREDIT
AGREEMENT DATED AS OF DECEMBER 4, 2006 
 To approve the Limited Waiver and Amendment: 
  

			
	 ABN AMRO Bank N.V.
 as a Lender

		
	By:	 	/s/ Neil J. Bivona
		 	 Name: Neil J. Bivona
 Title: Senior Vice President

		
	By:	 	/s/ Parker H. Douglas
		 	 Name: Parker H. Douglas
 Title: Senior Vice President

 Signature Page to Limited Waiver and Amendment to Credit Agreement 
  

 SIGNATURE PAGE TO 
 LIMITED WAIVER AND AMENDMENT 
 DATED AS OF SEPTEMBER 22, 2009 
 TO THE MOMENTIVE PERFORMANCE MATERIALS 
 CREDIT
AGREEMENT DATED AS OF DECEMBER 4, 2006 
 To approve the Limited Waiver and Amendment: 
  

			
	 Royal Bank of Canada
 as a Lender

		
	By:	 	/s/ William J. Caggiano
		 	 Name: William J. Caggiano
 Title: Authorized Signatory

 Signature Page to Limited Waiver and Amendment to Credit Agreement 
  

 SIGNATURE PAGE TO 
 LIMITED WAIVER AND AMENDMENT 
 DATED AS OF SEPTEMBER 22, 2009 
 TO THE MOMENTIVE PERFORMANCE MATERIALS 
 CREDIT
AGREEMENT DATED AS OF DECEMBER 4, 2006 
 To approve the Limited Waiver and Amendment: 
  

			
	 Sumitomo Mitsui Banking Corporation
 as a Lender

		
	By:	 	/s/ Yoshihiro Hyakutome
		 	 Name: Yoshihiro Hyakutome
 Title: General
Manager

 Signature Page to Limited Waiver and Amendment to Credit Agreement 
  

 SIGNATURE PAGE TO 
 LIMITED WAIVER AND AMENDMENT 
 DATED AS OF SEPTEMBER 22, 2009 
 TO THE MOMENTIVE PERFORMANCE MATERIALS 
 CREDIT
AGREEMENT DATED AS OF DECEMBER 4, 2006 
 To approve the Limited Waiver and Amendment: 
  

			
	 JPMORGAN CHASE BANK, N.A.
 as a Lender

		
	By:	 	/s/ Stacey Haimes
		 	 Name: Stacey Haimes
 Title: Executive
Director

 Signature Page to Limited Waiver and Amendment to Credit Agreement 

 SIGNATURE PAGE TO 
 LIMITED WAIVER AND AMENDMENT 
 DATED AS OF SEPTEMBER 22, 2009 
 TO THE MOMENTIVE PERFORMANCE MATERIALS 
 CREDIT
AGREEMENT DATED AS OF DECEMBER 4, 2006 
 To approve the Limited Waiver and Amendment: 
  

			
	 UBS Loan Finance LLC
 as a Lender

		
	By:	 	/s/ Marie Haddad
		 	 Name: Marie Haddad
 Title: Associate
Director

		
	By:	 	/s/ Irja R. Otsa
		 	 Name: Irja R. Otsa
 Title: Associate
Director

 Signature Page to Limited Waiver and Amendment to Credit Agreement 

 SIGNATURE PAGE TO 
 LIMITED WAIVER AND AMENDMENT 
 DATED AS OF SEPTEMBER 22, 2009 
 TO THE MOMENTIVE PERFORMANCE MATERIALS 
 CREDIT
AGREEMENT DATED AS OF DECEMBER 4, 2006 
 To approve the Limited Waiver and Amendment: 
  

			
	 STYX PARTNERS, L.P.
 as a Lender

	By:	 	Styx Associates LLC, its General Partner
		
	By:	 	/s/ Kevin Genda
		 	 Name: Kevin Genda
 Title: Senior Managing Director

 Signature Page to Limited Waiver and Amendment to Credit Agreement

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