Document:

Exhibit

EXHIBIT 4-A-1

EXCEPT AS OTHERWISE PROVIDED HEREIN, THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A COMMON DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN SUCH COMMON DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.
UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, AS NOMINEE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS COMMON DEPOSITARY FOR EUROCLEAR BANK, S.A./N. V.  (“EUROCLEAR”) AND CLEARSTREAM BANKING S.A. (“CLEARSTREAM,” AND, TOGETHER WITH EUROCLEAR, THE “DEPOSITORY”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS COMMON DEPOSITARY FOR THE DEPOSITORY (AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS COMMON DEPOSITARY FOR THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK MELLON, LONDON BRANCH, HAS AN INTEREST HEREIN.
TRANSFERS OF THIS NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE COMMON DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

FORD MOTOR CREDIT COMPANY LLC
FIXED RATE 
EURO MEDIUM-TERM NOTES 
DUE NINE MONTHS OR MORE FROM THE DATE OF ISSUE
    
No. R-________________    

FORD MOTOR CREDIT COMPANY LLC, a limited liability company, duly formed and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any successor company under the Indenture hereinafter referred to), for value received, hereby promises to pay to THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, as nominee of The Bank of New York Mellon, London Branch, a common depositary for Euroclear and Clearstream, or registered assigns, the principal sum outstanding hereunder up to an aggregate of €5,250,000,000 Euros (or its equivalent in other currencies) less the principal amount outstanding under the Ford Motor Credit Company LLC Euro Floating Rate Note Due Nine Months or More from the Date of Issue dated as of even date herewith and the Ford Motor Credit Company LLC Medium-Term Notes Due Nine Months or More from the Date of Issue - Series B and to pay interest on the principal amount outstanding hereunder at the rate per annum in accordance with the terms of the Pricing Supplements attached hereto commencing on the date specified in the attached Pricing Supplements (each such date an “Interest Payment Date”) at the rate specified in the attached Pricing Supplements, until the principal hereof is paid or made available for payment.  If the Interest Payment Date is not a Business Day, the Interest Payment Date will be postponed to the next Business Day.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this global Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the 15th day next preceding such Interest Payment Date (whether or not a Business Day) unless otherwise specified in a Pricing Supplement.  

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Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder hereof on such Regular Record Date and may either be paid to the Person in whose name this global Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to the Holder of this global Security not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities evidenced by this global Security may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. The Pricing Supplement may also contain such other additional terms as are not otherwise inconsistent with the terms of this Security or the Indenture.   As used herein, unless otherwise defined in the Pricing Supplement, the term “Business Day” shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banks are authorized or required by law, regulation or executive order to close in London or The City of New York.  

Payment of the principal of and any interest on this global Security will be made by The Bank of New York Mellon, London Branch, as Paying Agent, and will be made in the currency specified in the attached Pricing Supplements (the “Applicable Currency”), and all payments of principal of, the redemption price (if any), and interest and additional amounts (if any), on this global Security, will be payable in the Applicable Currency, provided, that if the Applicable Currency is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the Applicable Currency is no longer being used or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of this global Security will be made in U.S. dollars until the Applicable Currency is again available to the Company or so used. The amount payable on any date in the Applicable Currency will be converted into U.S. dollars at the rate mandated by the Board of Governors of the Federal Reserve System as of the close of business on the second Business Day prior to the relevant payment date or, in the event the Board of Governors of the Federal Reserve System has not mandated a rate of conversion, on the basis of the most recent U.S. dollar / Applicable Currency exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published such exchange rate, the rate will be determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the Applicable Currency. Any payment in respect of this global Security so made in U.S. dollars will not constitute an event of default under this global Security or the Indenture. Neither the Trustee nor The Bank of New York Mellon, London Branch shall have any responsibility for any calculation or conversion in connection with the foregoing.
This global Security is a global security evidencing a portion of a duly authorized issuance of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of March 16, 2015 (herein called the “Indenture”), between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This global Security represents a portion of the series designated as the Company’s Euro Medium-Term Notes Due Nine Months or More from the Date of Issue (herein called the “Notes”). 
Notices with respect to this global Security will be published in a newspaper in The City of New York.  It is expected that publication will be made in The Wall Street Journal.  Any such notice shall be deemed to have been given on the date of such publication or, if published more than once, on the date of the first such publication.
This global Security is subject to redemption, as set forth hereunder and in the Pricing Supplements.
This global Security is only subject to redemption in accordance with the attached Pricing Supplements, upon not less than 30 nor more than 60 days’ prior notice given in the manner provided in the Indenture, at a redemption price specified in such Pricing Supplement, together with any accrued and unpaid interest to such redemption date.
All payments of principal and interest in respect of this Security will be made free and clear of, and without deduction or withholding for or on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature required to be deducted or withheld by the United States or any political subdivision or taxing authority of or in the United States, unless such withholding or deduction is required by law.
If an Event of Default with respect to the Notes shall occur and be continuing, the principal of such Notes may be declared due and payable in the manner and with the effect provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of a particular series 

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to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this global Security shall be conclusive and binding upon such Holder and upon all future Holders of this global Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this global Security.
No reference herein to the Indenture and no provision of this global Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this global Security at the times, place and rate, and in the coin or currency, herein prescribed.
If at any time the Depository notifies the Company that it is unwilling or unable to continue as Depository for the Securities evidenced hereby and a successor Depository is not appointed by the Company within 90 days after the Company receives such notice, the Company shall execute, and the Trustee shall authenticate and deliver, Securities in definitive registered form without coupons, in denominations of €100,000 (or its equivalent in other currencies) or any amount in excess thereof which is an integral multiple of €1,000 (or its equivalent in other currencies), unless otherwise specified in a Pricing Supplement, (such denominations referred to herein as “authorized denominations”), of like tenor and in an aggregate principal amount equal to the principal amount of this global Security in exchange for this global Security.  In addition, the Company may at any time determine that the Securities evidenced hereby shall no longer be represented by a global security.  Notes (including Notes denominated in pounds sterling) in respect of which the issue proceeds are to be accepted in the United Kingdom or which issue otherwise constitutes a contravention of Section 19 of the Financial Services and Markets Act 2000 and which have a maturity of less than one year shall have a minimum denomination and redemption value of £100,000 (or if the Notes are denominated in a currency other than pounds sterling, as specified in the Pricing Supplement, at least the equivalent thereof in such currency using the spot rate as of the date of issue). In such event, the Company shall execute and the Trustee, upon receipt of an Officers’ Certificate evidencing such determination by the Company, shall authenticate and deliver Securities in definitive registered form without coupons, in authorized denominations, and of like tenor and in an aggregate principal amount equal to the principal amount of this global Security in exchange for this global Security.  Upon the exchange of this global Security for such Securities in definitive registered form without coupons, in authorized denominations, this global Security shall be cancelled by the Trustee.  Securities in definitive registered form issued in exchange for this global Security shall be registered in such names and in such authorized denominations as the Depository, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee.  The Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered.
As provided in the Indenture and subject to certain limitations set forth therein, the transfer of a Security may be registered on the Security Register upon surrender of such Security for registration of transfer at the corporate trust office of the Trustee or at such other office in The City of New York or another city as the Company may designate where the principal of and interest on such Security are payable, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of authorized denominations, and of like tenor and in the same aggregate principal amount shall be issued to the designated transferee or transferees.  No service charge shall be charged for any registration of transfer or exchange of a Security, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange; provided, however, that for so long as any Securities are evidenced by this global Security, this global Security may be transferred in whole but not in part, only to another nominee of the Depository or to a successor Depository selected or approved by the Company or to a nominee of such successor Depository.
Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner hereof for all purposes, whether or not such Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
All terms used in this global Security that are defined in the Indenture and not herein otherwise defined shall have the meanings assigned to them therein.
Unless the certificate of authentication hereon has been executed by the Trustee, directly or through an Authenticating Agent, by manual signature of an authorized signatory, this global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, Ford Motor Credit Company LLC has caused this instrument to be signed by its Chairman of the Board, or its President, or one of its Vice Presidents, and by its Treasurer or one of its Assistant Treasurers, manually or in facsimile, and its corporate seal to be imprinted hereon.

	
		
	Dated:  February 17, 2017
	FORD MOTOR CREDIT COMPANY LLC

	 
	 

	 
	By: 
      Chairman of the Board

	 
	 

	[COMPANY SEAL]
	 

	 
	By:
     Chief Financial Officer and Treasurer

Attest: 

By:  ________________________
        Assistant Secretary

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the global Securities of the series designated herein referred to in the within-mentioned Indenture.

THE BANK OF NEW YORK MELLON
   As Trustee,

By:  _________________________
        Authorized Officer

Dated:  February 17, 2017

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
______________________________________________________________________

______________________________________________________________________
(Print or Type Name and Address including Zip Code of Assignee)

the within global Security, and all rights thereunder, hereby irrevocably constituting and appointing 
________________________________________________________________attorney to transfer said global Security on the books of the Company, with full power of substitution in the premises.

Dated__________________

NOTE:  The signature to this assignment must correspond with the name as written upon the face of the within global Security in every particular without alteration or enlargement or any change whatsoever and must be guaranteed by a commercial bank or trust company having its principal office or correspondent in The City of New York or by a member of the New York Stock Exchange.

NOTE: Medallion Guarantee Stamp - We cannot complete the transfer if this stamp is not affixed to this assignment.  This stamp can be obtained from a financial institution that is a member of the Securities Transfer Association Medallion Program, New York Exchange Medallion Program or Global Note Exchange Medallion Program.Exhibit 10.1

 

FORBEARANCE AND LIMITED WAIVER TO CREDIT AGREEMENT

 

This Forbearance and Limited Waiver to Credit Agreement (this “Forbearance and Limited Waiver”) is entered into as of June 14, 2019 by and between Monitronics International, Inc., a Texas corporation (the “Borrower”), each other Loan Party to the Credit Agreement (as defined herein), Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and certain Lenders party hereto.

 

RECITALS

 

A.            The Borrower is a party to that certain Credit Agreement dated as of March 23, 2012, by and among the Borrower, the Administrative Agent, and the Lenders from time to time party thereto, as amended by Amendment No. 1 to Credit Agreement and Consent dated as of November 7, 2012, Amendment No. 2 to Credit Agreement dated as of March 25, 2013, Amendment No. 3 to the Credit Agreement and Amendment No. 1 to Guaranty Agreement dated as of August 16, 2013, Amendment No. 4 to Credit Agreement dated as of February 17, 2015, Amendment No. 5 to Credit Agreement dated as of April 9, 2015, Amendment No. 6 to Credit Agreement dated as of September 30, 2016, and Amendment No. 7 to Credit Agreement dated as of December 29, 2016 (as so amended, the “Credit Agreement”).

 

B.            As of April 1, 2019, the Specified Defaults (as defined in Section 4 hereof) have occurred and are continuing. The Borrower has requested that the Required Revolving Lenders agree, during the Forbearance and Waiver Period (as defined in Section 4 hereof), to (a) continue to provide Credit Extensions under the Credit Agreement notwithstanding the existence of the Specified Defaults, and (b) temporarily forbear on enforcement of the Specified Defaults, subject to the terms and conditions contained in this Forbearance and Limited Waiver.

 

Now, therefore, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the Administrative Agent and the Borrower hereby acknowledge, agree and consent to the following:

 

1.             Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall have the meanings, if any, assigned to such terms in the Credit Agreement.

 

2.             Interpretation. The rules of interpretation set forth in Section 1.02 of the Credit Agreement shall be applicable to this Forbearance and Limited Waiver and are incorporated herein by this reference.

 

3.             Acknowledgment by the Borrower.

 

(a)           The Borrower hereby acknowledges and agrees that (i) as of April 1, 2019, the Specified Defaults have occurred and are continuing; and (ii) should any Specified Defaults constitute or mature into, after the expiration of any applicable grace period under the Credit Agreement, an Event of Default, all Obligations under the Loan Documents could be declared immediately due and payable, and each of the Administrative Agent and the Lenders would have full legal right to exercise any and all of their respective rights and remedies under the Loan Documents or otherwise available at law and in equity with respect thereto.

 

(b)           Each Loan Party acknowledges and agrees that this Forbearance and Limited Waiver shall not in any manner limit or restrict any rights or remedies available to the Administrative Agent or the Lenders under the Credit Agreement or the other Loan Documents,

 

 

as amended hereby, or under applicable law as a result of any Default or Event of Default now or hereafter existing other than solely with respect to the Forbearance and Limited Waiver of Conditions Precedent set forth in Section 4 hereof, with respect to the Specified Defaults during the Forbearance and Waiver Period. The Borrower agrees that its Obligations to the Administrative Agent and the Lenders as evidenced by or otherwise arising under the Credit Agreement and the other Loan Documents, except as expressly modified in this Forbearance and Limited Waiver upon the terms set forth herein, are, by the Borrower’s execution of this Forbearance and Limited Waiver, ratified and confirmed in all respects and the Borrower confirms that its Obligations under the Loan Documents are not subject to any claims or defenses whatsoever.

 

(c)          Each Loan Party acknowledges and agrees that this Forbearance and Limited Waiver is limited in time and scope and is subject to the terms and conditions set forth herein. Each Loan Party further acknowledges and agrees that on the Forbearance and Waiver Termination Date all of the conditions precedent to Credit Extensions contained in the Credit Agreement with respect to the absence of the Specified Defaults shall be reinstated automatically, ab initio, without further action by the Administrative Agent or any of the Lenders.

 

(d)         Other than solely with respect to the Forbearance and Limited Waiver of Conditions Precedent set forth in Section 4 hereof, each Loan Party acknowledges and agrees that no waiver or forbearance with respect to the Specified Defaults is granted or made pursuant to this Forbearance and Limited Waiver and the Administrative Agent and the Lenders reserve and shall be entitled to exercise all rights and remedies in respect thereof under the Credit Agreement, the other Loan Documents and applicable law.

 

4.           Forbearance and Limited Waiver of Conditions Precedent. During the period (the “Forbearance and Waiver Period”) commencing on the Forbearance and Limited Waiver Effective Date (as defined herein) and ending on the date (the “Forbearance and Waiver Termination Date”) which is the earliest to occur of (a) July 3, 2019 or (b) the occurrence of a Forbearance and Limited Waiver Termination Event (as defined herein), the Revolving Lenders hereby agree, with reference to Section 10.01(b) of the Credit Agreement, to (i) forbear from exercising their rights and remedies under the Credit Agreement and the other Loan Documents with respect to the Specified Defaults (the “Forbearance”) and (ii) waive the condition to Credit Extensions consisting of Revolving Credit Loans and Letters of Credit set forth in Section 4.02(b) of the Credit Agreement (the “Limited Waiver of Conditions Precedent”) solely to the extent that such condition would not be satisfied due to the occurrence and continuance of the following Defaults and Events of Default:

 

(a)         any Default or Event of Default arising due to the failure of the Borrower to satisfy the requirement of Section 6.01(a) of the Credit Agreement that the report and opinion of Ernst & Young, KPMG or another independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders delivered with respect to the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of the fiscal year ended December 31, 2018, and the related consolidated statement of income or operations, and consolidated statement of changes in shareholders’ equity, and cash flows for such fiscal year, not include an explanatory paragraph expressing substantial doubt about the ability of the Borrower or any Loan Party to continue as a going concern or any qualification or exception as to the scope of such audit;

 

(b)         any Default or Event of Default under Section 8.01(b) of the Credit Agreement, resulting from the Consolidated Senior Secured Eligible RMR Leverage Ratio exceeding the limit

 

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specified in Section 7.11(c) of the Credit Agreement as of the fiscal quarter ended March 31, 2019; and

 

(c)             any Default or Event of Default under Section 8.01(e) of the Credit Agreement, resulting from the Borrower’s failure to make the interest payment due on April 1, 2019 under the Senior Unsecured Notes

 

(the Defaults and Events of Default set forth in clauses (a) through (c) referred to herein, collectively, as the “Specified Defaults”).

 

As used herein, “Forbearance and Limited Waiver Termination Event” means: (i) the occurrence of any Default or Event of Default under the Credit Agreement other than the Specified Defaults; (ii) the failure of the Borrower to comply with any of the terms and requirements of this Forbearance and Limited Waiver; (iii) the acceleration of the 9.125% Senior Notes due 2020 (the “Notes”) issued pursuant to that certain Indenture dated as of March 23, 2012 (the “Notes Indenture”) by and among the Borrower, the guarantors party thereto, and U.S. Bank National Association, as trustee (in such capacity, the “Notes Trustee”); (iv) any action by the Notes Trustee and/or any holder of the Notes to exercise rights or remedies pursuant to the Notes Indenture after an Event of Default (as defined in the Notes Indenture); (v) any direction by the Required Lenders that the Administrative Agent exercise any rights or remedies pursuant to Section 8.02 of the Credit Agreement; (vi) any action by any Loan Party, or any of their officers, directors, shareholders or affiliates of the Borrower to assert any claim against the Administrative Agent or the Lenders; (vii) the termination of that certain Restructuring Support Agreement dated as of May 20, 2019 (the “RSA”) for any reason; or (viii) any modification to the RSA that materially and adversely impacts the proposed treatment of the Revolving Credit Lenders or the legal or equitable rights of the Revolving Credit Lenders.

 

Upon the Forbearance and Waiver Termination Date, (i) the Forbearance and Limited Waiver of Conditions Precedent shall terminate automatically and be of no further force or effect, and (ii) subject to the terms of the Loan Documents and applicable law, the Administrative Agent and each Lender shall be free in its sole and absolute discretion, without limitation, to proceed to enforce any or all of its rights and remedies set forth in the Credit Agreement, the other Loan Documents and applicable law. In furtherance of the foregoing each Loan Party acknowledges and confirms that, subject to the Forbearance and Limited Waiver of Conditions Precedent, all rights and remedies of the Administrative Agent and the Lenders under the Loan Documents and applicable law with respect to the Borrower or any other Loan Party shall continue to be available to the Administrative Agent and the Lenders. For the avoidance of doubt, each Loan Party acknowledges and confirms that the agreement of the Administrative Agent and the Lenders signatory hereto temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including, without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. The parties hereto agree that the running of all statutes of limitation and the doctrine of laches applicable to all claims or causes of action that the Administrative Agent or any Lender may be entitled to take or bring in order to enforce its rights and remedies against the Borrower or any other Loan Party are, to the fullest extent permitted by law, tolled and suspended during the Forbearance Period. For the avoidance of doubt, no grace period or period required for a Default to mature or become an Event of Default shall be tolled or suspended by this Forbearance.

 

5.                Conditions Precedent to Effectiveness. This Forbearance and Limited Waiver shall become effective on the date (the “Forbearance and Limited Waiver Effective Date”) upon which each of the conditions precedent set forth below have been satisfied:

 

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(a)             the Administrative Agent (or its counsel) shall have received a counterpart of this Forbearance and Limited Waiver signed by each of the Borrower, the Administrative Agent and the Required Revolving Lenders;

 

(b)             except with respect to the Specified Defaults, the representations and warranties of the Borrower contained in Article V of the Credit Agreement or any other Loan Document are true and correct in all material respects (or with respect to representations and warranties qualified by materiality, in all respects) on and as of the Forbearance and Limited Waiver 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 as of such earlier date in all material respects (or with respect to representations and warranties qualified by materiality, in all respects), except that the representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b) of the Credit Agreement, respectively;

 

(c)             payment in full of all reasonable and documented outstanding fees and expenses of advisors to the Administrative Agent (including Morgan, Lewis & Bockius LLP, Winstead PC and Getzler Henrich & Associates LLC) invoiced at least two (2) Business Days prior to the date hereof; and

 

(d)             receipt by the Administrative Agent, for the pro rata benefit of each Lender executing and delivering its signature page to this Forbearance and Limited Waiver to the Administrative Agent or its counsel on or prior to 5:00 p.m., New York time, on June 11, 2019, of a fee in the amount of $368,750.

 

6.                Agreements of the Loan Parties. The Loan Parties acknowledge and agree that the Limited Waiver of Conditions Precedent and Forbearance are of immediate and material benefit, financial and otherwise, to the Loan Parties, and that neither the Administrative Agent nor the Required Revolving Lenders were or are under any obligation to enter into this Forbearance and Limited Waiver. In consideration of the Administrative Agent’s and the Required Revolving Lenders’ willingness to provide the Limited Waiver of Conditions Precedent and the Forbearance on the terms and conditions herein, the Loan Parties agree that, from and after the date hereof, notwithstanding anything to the contrary in the Credit Agreement and notwithstanding any termination or expiration of the Forbearance and Waiver Period: the Administrative Agent shall be entitled, either directly or indirectly through its counsel, to retain a financial advisor for the benefit of the Administrative Agent and the Revolving Lenders who are not also Term B-2 Lenders, with the Loan Parties agreeing to cooperate with and provide financial information to such financial advisor and to reimburse the Administrative Agent, upon demand therefor, for the reasonable and documented fees and expenses of such financial advisor (it being acknowledged and agreed that all such reasonable and documented fees and expenses of the Administrative Agent’s counsel and any such financial advisor shall constitute Obligations under the Credit Agreement and the other Loan Documents).

 

7.                Additional Covenants. The Borrower (a) agrees that the maximum principal amount of outstanding Revolving Credit Borrowings and L/C Borrowings shall not, at any time during the Forbearance and Waiver Period, exceed $195,000,000 without the prior written consent of the Required Revolving Lenders, (b) agrees that, from and after April 1, 2019, no Revolving Credit Loans shall be made as, converted to, or continued at the end of the relevant Interest Period as, Eurodollar Rate Loans but shall instead only be made as, converted to, or continued as, Base Rate Loans, (c) covenants and agrees that it shall fully cooperate with the Administrative Agent and the Lenders and shall promptly provide all information, reports and statements reasonably requested by the Administrative Agent or any Lender other than reports, information or other materials that are subject to attorney-client privilege or

 

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similar privilege or constitutes attorney work product, (d) hereby authorizes and directs its financial advisors, including Moelis & Company LLC and FTI Consulting Inc. (collectively, the “Financial Advisors”) to provide the Administrative Agent and Lenders with copies of reports and other information or materials prepared or reviewed by the Financial Advisors as the Administrative Agent or any Lender may reasonably request other than reports, information or other materials that are subject to attorney-client privilege or similar privilege or constitutes attorney work product, and (e) hereby consents to the advisors to the Term B-2 Lenders providing information to the Revolving Credit Lenders; provided further that any reports, information or other materials provided under clauses (c), (d) and (e) shall constitute “Information” and shall be subject to the confidentiality provisions of Section 10.07 of the Credit Agreement.

 

8.                Reference to and Effect Upon the Credit Agreement. The Credit Agreement and the other Loan Documents shall remain in full force and effect, and are hereby ratified and confirmed, except, in each case, as expressly modified by this Forbearance and Limited Waiver. Nothing in this Forbearance and Limited Waiver shall be interpreted as, or deemed to entitle any Loan Party to, any other waiver, consent, amendment or other modification of any of the terms, conditions, representations, warranties or covenants contained in the Credit Agreement or any other Loan Document in similar or different circumstances. This Forbearance and Limited Waiver shall constitute a Loan Document for all purposes as of the Forbearance and Limited Waiver Effective Date and all references to the Credit Agreement in any Loan Document and all references in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement, shall, unless expressly provided otherwise, shall mean and be a reference to the Credit Agreement, after giving effect to this Forbearance and Limited Waiver.

 

9.                Effect and Construction of Forbearance and Limited Waiver. Except as otherwise expressly provided herein, the Credit Agreement and the other Loan Documents shall remain in full force and effect in accordance with their respective terms, and neither this Forbearance and Limited Waiver nor the making of any Loans or other Credit Extensions simultaneously herewith or subsequent hereto shall be construed to: (i) impair the validity, perfection or priority of any lien or security interest securing the Obligations; (ii) waive or impair any rights, powers or remedies of the Administrative Agent or the Lenders under the Credit Agreement and the other Loan Documents upon the Forbearance and Waiver Termination Date, with respect to the Specified Defaults or otherwise; (iii) constitute an agreement by the Administrative Agent or the Lenders or require the Administrative Agent or the Lenders to extend the Forbearance and Waiver Period or further forbear from exercising its rights and remedies under the Credit Agreement, the Loan Documents or applicable law, extend the term of the Credit Agreement or the time for payment of any of the Obligations; (iv) amend or modify, beyond the Limited Waiver of Conditions Precedent, the conditions precedent to any Credit Extension contained in the Credit Agreement; (v) require the Administrative Agent or the Lenders to make any Loans or other Credit Extensions to the Borrower after the occurrence of the Forbearance and Waiver Termination Date, other than in the Administrative Agent’s and the Lenders’ sole and absolute discretion; or (vi) constitute a waiver of any right of the Administrative Agent’s or the Lenders to insist on strict compliance by the Borrower with each and every term, condition and covenant of this Forbearance and Limited Waiver and the Loan Documents, except as expressly otherwise provided herein.

 

10.              Representations, Warranties, Covenants and Acknowledgments; Release. To induce the Administrative Agent and Lenders to enter into this Agreement:

 

(a)              Each Loan Party represents and warrants that, upon and after giving effect to this Forbearance and Limited Waiver, (i) except for the Specified Defaults, each of the representations and warranties made by it under the Loan Documents, other than representations and warranties that speak as of an earlier specified date, are true and correct in all material respects (other than to the extent that any

 

5

 

representation and warranty is already qualified as to “materiality” or “Material Adverse Effect”, in which case, such representation and warranty shall be true and correct in all respects), (ii) it has the power and authority and is duly authorized to enter into, deliver and perform this Forbearance and Limited Waiver, (iii) this Forbearance and Limited Waiver, the Credit Agreement and each of the other Loan Documents to which it is a party is the legal, valid and binding obligation thereof, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in equity or in law), (iv) the execution, delivery and performance of this Forbearance and Limited Waiver in accordance with its terms do not and will not, with the passage of time, the giving of notice or otherwise: (A) require approval of any Governmental Authority or violate any applicable law relating thereto; (B) conflict with, result in a breach of or constitute a default under (1) the articles or certificate of incorporation or organization or by-laws or operating agreement thereof; (2) any indenture, material agreement or other material instrument to which it is a party or by which any of its properties may be bound, or (3) any approval of a Governmental Authority relating thereto; or (C) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by it other than Permitted Liens and (v) there exists no Default or Event of Default (other than the Specified Defaults);

 

(b)             Each Loan Party (i) agrees that this Forbearance and Limited Waiver is not intended to be, and is not, a novation of any of the Loan Documents or any of the Obligations thereunder and does hereby ratify, confirm and reaffirm each of the agreements, covenants, and undertakings made by it under the Credit Agreement and each and every other Loan Document executed by it in connection therewith or pursuant thereto, in each case, as modified by this Forbearance and Limited Waiver, as if such Loan Party were making said agreements, covenants and undertakings on the effective date hereof, except with respect to such agreements, covenants and undertakings which, by their express terms, are applicable only to a prior specified date, (ii) ratifies and confirms all of its Obligations to the Administrative Agent and the Lenders and (iii) confirms that the Obligations are and remain secured pursuant to the Collateral Documents and pursuant to all other instruments and documents executed and/or delivered by the Loan Parties, as security for the Obligations; and

 

(c)             On and as of the date of this Forbearance and Limited Waiver, and as a material inducement to the Administrative Agent and Required Revolving Lenders entering into this Forbearance and Limited Waiver, each Loan Party, on behalf of itself and its respective successors and assigns and legal representatives, hereby forever releases and discharges the Administrative Agent and each of the Lenders and any and all of the Administrative Agent’s and such Lender’s attorneys, agents, servants, predecessors, successors, assigns and assignors, officers, directors and shareholders, jointly and severally, from any and all claims, rights of offset, defenses, counterclaims, objections, demands, controversies, actions, causes of actions, obligations, liabilities, costs, expenses, attorneys’ fees and damages of whatsoever nature and kind, in law or in equity, past or present, known or unknown, suspected or unsuspected, from the beginning of time to the date hereof, pertaining to this Forbearance and Limited Waiver, the Credit Agreement, the Collateral Documents, and the Obligations.

 

11.            Costs and Expenses.         The Borrower hereby affirms its obligation under Section 10.04 of the Credit Agreement to reimburse the Administrative Agent for all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates in connection with the preparation, negotiation, execution and delivery of this Forbearance and Limited Waiver, including but not limited to the reasonable fees, charges and disbursements of counsel for the Administrative Agent with respect thereto.

 

12.            Governing Law; etc. This Forbearance and Limited Waiver shall be governed by, and construed in accordance with, the law of the State of New York. This Forbearance and Limited Waiver is subject to the provisions of Sections 10.14 and 10.15 of the Credit Agreement relating to submission to

 

6

 

jurisdiction, venue, service of process and waiver of right to trial by jury, the provisions which are by this reference incorporated herein in full.

 

13.            Headings. Section headings herein are included for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.

 

14.            Counterparts. This Forbearance and Limited Waiver may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Forbearance and Limited Waiver by telecopy or other electronic imaging means (including “.pdf”) shall be effective as delivery of a manually executed counterpart of this Forbearance and Limited Waiver.

 

15.            Severability. If any provision of this Forbearance and Limited Waiver or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Forbearance and Limited Waiver and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

16.            Entire Agreement. This Forbearance and Limited Waiver sets forth the entire agreement and understanding of the parties with respect to the waivers to the Credit Agreement set forth herein and supersedes all prior understandings and agreements, whether written or oral, between the parties hereto relating to such waivers. No representation, promise, inducement or statement of intention has been made by any party that is not embodied in this Forbearance and Limited Waiver, and no party shall be bound by or liable for any alleged representation, promise, inducement or statement of intention not set forth herein.

 

[signature pages follow]

 

7

 

IN WITNESS WHEREOF, the parties have executed this Forbearance and Limited Waiver as of the date and year first above written.

 

 

	
 
    	
MONITRONICS   INTERNATIONAL, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ William E. Niles
    
	
 
    	
 
    	
Name: William E. Niles
    
	
 
    	
 
    	
Title: Executive Vice President   and Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MIBU SERVICER INC.
    
	
 
    	
By:
    	
/s/ William E. Niles
    
	
 
    	
 
    	
Name: William E. Niles
    
	
 
    	
 
    	
Title: Vice President   and Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MONITRONICS   CANADA, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ William E. Niles
    
	
 
    	
 
    	
Name: William E. Niles
    
	
 
    	
 
    	
Title: Vice President   and Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PLATINUM SECURITY   SOLUTIONS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ William E. Niles
    
	
 
    	
 
    	
Name: William E. Niles
    
	
 
    	
 
    	
Title: Vice President   and Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MI SERVICER LP, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ William E. Niles
    
	
 
    	
 
    	
Name: William E. Niles
    
	
 
    	
 
    	
Title: Vice President   and Secretary
    

 

[Monitronics Forbearance and Limited Waiver — Signature page]

 

 

	
 
    	
LIVEWATCH SECURITY, LLC
    
	
 
    	
By:
    	
/s/ William E. Niles
    
	
 
    	
 
    	
Name: William E. Niles
    
	
 
    	
 
    	
Title: Vice President   and Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MONITRONICS FUNDING LP
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ William E. Niles
    
	
 
    	
 
    	
Name: William E. Niles
    
	
 
    	
 
    	
Title: Vice President   and Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MONITRONICS SECURITY LP
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ William E. Niles
    
	
 
    	
 
    	
Name: William E. Niles
    
	
 
    	
 
    	
Title: Vice President   and Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SECURITY NETWORKS LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ William E. Niles
    
	
 
    	
 
    	
Name: William E. Niles
    
	
 
    	
 
    	
Title: Vice President   and Secretary
    

 

[Monitronics Forbearance and Limited Waiver — Signature page]

 

 

[BANK OF AMERICA N.A., As Administrative Agent]

 

[Monitronics Forbearance and Limited Waiver — Signature page]

 

 

[FORBEARING LENDER]

 

[Monitronics Forbearance and Limited Waiver — Signature page]

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