Document:

HPP Outperformance Award Agreement

HUDSON PACIFIC PROPERTIES, INC. AND HUDSON PACIFIC PROPERTIES, L.P. 
2010 INCENTIVE AWARD PLAN 
 
2012 OUTPERFORMANCE AWARD AGREEMENT

In consideration of the mutual agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Hudson Pacific Properties, Inc., a Maryland corporation (the “Company”), hereby grants to [_____] (the “Participant”), as of January 1, 2012 (the “Grant Date”), this Outperformance Incentive Award (the “Award”) under the Company’s 2010 Incentive Award Plan (as amended from time to time, the “Plan”). This Award, together with all other Awards granted pursuant to this 2012 Outperformance Award Agreement, shall constitute the Company’s 2012 Outperformance Program (the “2012 OPP”) under the Plan.
ARTICLE I. 
DEFINITIONS
The capitalized terms below shall have the following meanings for purposes of this Agreement.  Capitalized terms that are used but not defined herein shall have the meanings provided in the Plan.
		
	1.1
	“2012 OPP” shall have the meaning set forth in the preamble. 

		
	1.2
	“Absolute TSR Component” means, as of any given date, an amount equal to the product of (i) four percent (4%), times (ii) the difference obtained by subtracting (A) the Aggregate Market Capitalization as of such date, minus (B) the Aggregate Absolute TSR Threshold as of such date, provided, however, that in no event shall the Absolute TSR Component exceed ten million dollars ($10,000,000) under any circumstances.  If the calculation of the Absolute TSR Component results in a negative number for any given date, then the Absolute TSR Component as of such date shall equal zero for purposes of such calculation.

		
	1.3
	“Aggregate Absolute TSR Threshold” means, as of any given date, the sum of the Per Share Absolute TSR Threshold determined for all Shares that are or were outstanding during the Performance Period through such date. 

		
	1.4
	“Aggregate Baseline Capitalization Value” means, as of any given date, the sum of the Per Share Baseline Capitalization Value determined for all Shares that are or were outstanding during the Performance Period through such date.

		
	1.5
	“Aggregate Market Capitalization” means, as of any given date, an amount equal to the sum of (i) the aggregate Per Share Market Capitalization determined for all Shares that are or were outstanding during the Performance Period through such date, plus (ii) the sum of all dividends (including special dividends) declared by the Company with respect to the Common Stock during the period beginning on (and including) the Grant Date and ending on (and including) such date.  

		
	1.6
	“Agreement” means this 2012 Outperformance Award Agreement.

		
	1.7
	“Award” shall have the meaning set forth in the preamble. 

		
	1.8
	“Award Value” shall have the meaning set forth in Section 2.1(a) hereof.

		
	1.9
	“Bonus Pool” means a dollar-denominated bonus pool determined in accordance with this Agreement.

		
	1.10
	“Bonus Pool Interest” means the Bonus Pool Interest granted hereunder in accordance with 

Section 2.1(a) hereof.
		
	1.11
	“Cause” shall have the meaning provided in an applicable employment or other service agreement between the Company (or an Affiliate) and the Participant or, if no such agreement exists or such agreement does not contain a “cause” definition, then Cause shall mean the occurrence of any one or more of the following events:

		
	(a)
	The Participant’s willful and continued failure to substantially perform the Participant’s duties with the Company (other than any such failure resulting from Disability);

		
	(b)
	The Participant’s commission of an act of fraud or dishonesty resulting in reputational, economic or financial injury to the Company or an Affiliate;

		
	(c)
	The Participant’s commission of, or entry by the Participant of a guilty or no contest plea to, a felony or a crime involving moral turpitude;  

		
	(d)
	A breach by the Participant of the Participant’s fiduciary duty to the Company or any Affiliate which results in reputational, economic or other injury to the Company or any Affiliate; or the Participant’s willful and material breach of the Participant’s obligations under a written agreement between the Company (or an Affiliate) and the Participant.

		
	1.12
	“Change in Control” means the occurrence of any of the following events:

(a)    A transaction or series of transactions (other than an offering of shares of Common Stock to the general public through a registration statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, the Services Company, the Partnership or any Subsidiary, an employee benefit plan maintained by any of the foregoing entities or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than fifty percent (50%) of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or
(b)    During any period of two (2) consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in Section 1.12(a) or Section 1.12(c) hereof) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the two (2)-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof (the transactions contemplated by this Section 1.12(b), a “Non-Transactional Change in Control”); or
(c)    The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or 

substantially all of the Company’s assets or (z) the acquisition of assets or stock of another entity, in each case, other than a transaction:
		
	(i)
	Which results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 

		
	(ii)
	After which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this Section 1.12(c)(ii) as beneficially owning 50% or more of combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction.

Notwithstanding the foregoing, to the extent required to avoid the imposition of additional taxes under Section 409A, no transaction shall constitute a Change in Control unless such transaction also constitutes a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5). 
		
	1.13
	“Company” shall have the meaning set forth in the preamble.

		
	1.14
	“Determination Date” means the date on which the Performance Period ends (whether on December 31, 2014 or earlier upon a Change in Control) and by reference to which the Final Bonus Pool is determined.

		
	1.15
	“Determination Date Per Share Value” means the Common Stock’s highest ten (10) trading-day average market closing price over the one hundred twenty (120)-day period ending on the Determination Date.

		
	1.16
	“Disability” means that the Participant has become “disabled” within the meaning of Section 409A.

		
	1.17
	“Final Bonus Pool” means, as of any given date, a Bonus Pool equal to the sum of (i) the Absolute TSR Component as of such date, plus (ii) the Relative TSR Component as of such date (the latter of which, for the avoidance of doubt, may be a negative number), provided, however, that in no event shall the Final Bonus Pool (i) be greater than ten million dollars ($10,000,000), (ii) be less than zero, or (iii) be less than the dollar amount necessary to result in the issuance to Participants under the 2012 OPP of a number of shares of Common Stock and Restricted Stock Units which, taken in the aggregate, equals the sum of (A) the Year 1 Bonus Pool Number, and (B) the Year 2 Bonus Pool Number (in each case, if applicable in the context of a Change in Control based on the timing of the Change in Control).  Notwithstanding the foregoing or anything contained herein to the contrary, if the application of clause (iii) of this definition would result in a Final Bonus Pool value in excess of ten million dollars ($10,000,000) (absent the application of this sentence), then clause (i) of this definition shall control and the Final Bonus Pool shall be limited 

to ten million dollars ($10,000,000).
		
	1.18
	“Good Reason” shall have the meaning provided in an applicable employment or other service agreement between the Company (or an Affiliate) and the Participant or, if no such agreement exists or such agreement does not contain a “good reason” definition, then Good Reason shall mean the occurrence of any one or more of the following events without the Participant’s prior written consent, subject to the cure provisions described below:

		
	(a)
	The assignment to the Participant of any duties that constitute a material diminution in the Participant’s authority, duties or responsibilities, excluding for this purpose any isolated, insubstantial or inadvertent actions not taken in bad faith and which are remedied by the Company promptly after receipt of notice thereof given by the Participant;

		
	(b)
	A material reduction of the Participant’s base salary as in effect on the date hereof or as the same may be increased from time to time;

		
	(c)
	A material change in the geographic location of the Participant’s principal work location which shall, in any event, include only a relocation of the Participant’s principal work location by more than thirty (30) miles from its existing location.

Notwithstanding the foregoing, the Participant will not be deemed to have resigned for Good Reason unless (1) the Participant provides the Company with written notice setting forth in reasonable detail the facts and circumstances claimed by the Participant to constitute Good Reason within sixty (60) days after the date of the occurrence of any event that the Participant knows or should reasonably have known to constitute Good Reason, (2) the Company fails to cure such acts or omissions within thirty (30) days following its receipt of such notice, and (3) the effective date of the Participant’s termination for Good Reason occurs no later than thirty (30) days after the expiration of the cure period.
		
	1.19
	“Grant Date” shall have the meaning set forth in the preamble. 

		
	1.20
	“Index Return Percentage” means, as of any given date, the total shareholder return for the SNL Equity REIT Index (or any successor or replacement index thereto or therefor or, in the event there is no successor or replacement index, the MSCI US REIT Index) from the Grant Date through such given date, expressed as a percentage and calculated in a manner consistent with TSR calculations under this Agreement.  

		
	1.21
	“Initial Per Share Value” means the Common Stock’s five (5) trading-day trailing average market closing price over the period ending on January 1, 2012. 

		
	1.22
	“Non-Transactional Change in Control” shall have the meaning set forth in Section 1.12(b) hereof.

		
	1.23
	 “Participant” shall have the meaning set forth in the preamble. 

		
	1.24
	“Per Share Absolute TSR Threshold” means, as of any given date, with respect to each Share that is or was outstanding during the Performance Period, an amount equal to the product obtained by multiplying (i) the Per Share Baseline Capitalization Value for such Share, times (ii) a percentage equal to the sum of (A) 100 plus (B) the product of 27 times (X / 1,096), where “X” 

equals the number of days in the Performance Period (including the date of measurement) during which such Share has been (or was, as applicable), outstanding.
		
	1.25
	“Per Share Baseline Capitalization Value” means, (i) with respect to each Share that is issued and outstanding as of the Grant Date, the Initial Per Share Value, or (ii) with respect to each Share that is first issued or sold and becomes outstanding during the Performance Period (if any), the Fair Market Value of the Common Stock on the date on which such Share is issued or sold and becomes outstanding.  

		
	1.26
	“Per Share Market Capitalization” means, as of any given date: (i) with respect to each Share outstanding on such date, the Common Stock’s highest ten (10) trading-day average market closing price over the one hundred twenty (120)-day period ending on such date, or (ii) with respect to each Share that was repurchased or redeemed by the Company and which ceased to be outstanding during the Performance Period (and prior to such date), the price per Share at which such Share was repurchased or redeemed by the Company, provided, however, that notwithstanding the foregoing, for purposes of determining Per Share Market Capitalization when calculating the Final Bonus Pool (and all components thereof) in connection with a Change in Control (other than a Non-Transactional Change in Control) (and, for the avoidance of doubt, not for purposes of calculating any Year 1 and/or Year 2 Bonus Pool Numbers for any date prior to such Change in Control), the Transaction Price shall be used for the Shares described in clause (i) above which are outstanding on such date in lieu of the Common Stock’s highest ten (10) trading-day average market closing price over the one hundred twenty (120)-day period ending on the date of the consummation of such Change in Control.

		
	1.27
	“Performance Period” means the period beginning on January 1, 2012 and ending on December 31, 2014, unless terminated earlier in connection with a Change in Control, as provided herein.

		
	1.28
	“Performance Period Dividend Equivalent” shall have the meaning set forth in Section 2.4 hereof.

		
	1.29
	“Plan” shall have the meaning set forth in the preamble. 

		
	1.30
	“Pro Rata Vesting Ratio” means a fraction, (i) the numerator of which equals the number of days elapsed in the Performance Period through the date of a Participant’s termination of Employee status by the Company without Cause or by the Participant for Good Reason, and (ii) the denominator of which equals the total number of days in the Performance Period through the Determination Date.

		
	1.31
	“Qualifying Termination” means a termination of the Participant’s Employee status by the Company without Cause, by the Participant for Good Reason or due to the Participant’s death or Disability.

		
	1.32
	“Relative Per Share Value” means the Common Stock’s highest ten (10) trading-day average market closing price over the one hundred twenty (120)-day period ending on the date on which the Relative TSR Component is being calculated.

		
	1.33
	“Relative TSR Component” means, as of any given date, a dollar amount equal to the product obtained by multiplying (i) a percentage equal to the difference obtained by subtracting (A) the Relative TSR Percentage as of such date minus (B) the Index Return Percentage as of such date, times (ii) the Aggregate Market Capitalization as of such date, times (iii) four percent (4%), provided, however, that in no event shall the Relative TSR Component exceed ten million dollars ($10,000,000) under any circumstances; and provided, further, that if, as of such date, the 

difference obtained by subtracting the Index Return Percentage minus the Relative TSR Percentage equals an amount, expressed as a percentage, that is greater than the product obtained by multiplying (a) nine percent (9%) times (b) (X / 1096) where “X” equals the number of days elapsed in the Performance Period as of such date, the Relative TSR Component shall instead equal the Relative TSR Underperformance Component as of such date.  In addition, notwithstanding the foregoing, if, on the date with respect to which the Relative TSR Component is being measured, the Relative TSR Component does not equal the Relative TSR Underperformance Component, but the Relative Per Share Value exceeds the Initial Per Share Value by less than the percentage obtained by multiplying (A) twenty-one percent (21%) times (B) (X / 1,096) where “X” equals the number of days elapsed in the Performance Period as of such date, then the Relative TSR Component determined in accordance with the immediately preceding sentence shall be reduced for purposes of such measurement by multiplying the Relative TSR Component determined in accordance with the preceding sentence by a fraction, (I) the numerator of which equals the product of 100 times the difference obtained by subtracting (A) the ratio of the Relative Per Share Value on such date to the Initial Per Share Value on such date, minus (B) one (1), and (II) the denominator of which equals the product of (A) twenty-one (21) times (B) (X / 1,096) where “X” equals the number of days elapsed in the Performance Period as of such date, provided, however, that if the Aggregate Market Capitalization is equal to or less than the Aggregate Baseline Capitalization Value on the given date, then the Relative TSR Component for such date shall equal the lesser of the Relative TSR Underperformance Component as of such date or zero.  
		
	1.34
	“Relative TSR Percentage” means, as of any given date, the result, expressed as a percentage, determined by subtracting (i) the quotient obtained by dividing (A) the Aggregate Market Capitalization as of such date, by (B) the Aggregate Baseline Capitalization Value as of such date, minus (ii) one (1), provided, however, that if the Aggregate Baseline Capitalization Value equals or exceeds the Aggregate Market Capitalization on such date, the Relative TSR Percentage as of such date shall equal the lesser of the Relative TSR Underperformance Component as of such date or zero.

		
	1.35
	“Relative TSR Underperformance Component” means, as of any given date, a negative dollar amount equal to the product obtained by multiplying (A) four percent (4%), times (B) the amount, expressed as a percentage, by which (I) (a) the Index Return Percentage as of such date, minus (b) the Relative TSR Percentage as of such date, exceeds (II) the product obtained by multiplying (a) nine percent (9%) times (b) (X / 1096) where “X” equals the number of days elapsed in the Performance Period as of such date, times (C) the Aggregate Market Capitalization as of such date.

		
	1.36
	“Section 409A” means Code Section 409A and the Treasury Regulations and other official guidance promulgated thereunder.

		
	1.37
	“Share” means any share of Common Stock or Partnership common unit.

		
	1.38
	“Successor Entity” shall have the meaning set forth in Section 1.12(c)(i) hereof.

		
	1.39
	“Transaction Price” means the final, publicly announced, price per share of Common Stock paid by an acquirer in connection with a Change in Control (other than a Non-Transactional Change in Control), provided, however, that the Administrator may, in its sole discretion, discount the value of any earn-out, escrow or other deferred or contingent consideration (in each case, to zero) as it deems appropriate. 

		
	1.40
	“TSR” means the Company’s total shareholder return, as determined in accordance with the Absolute TSR Component and Relative TSR Component metrics described herein.

		
	1.41
	“Year 1 Bonus Pool Number” means the quotient obtained by dividing (i) a hypothetical Bonus Pool, calculated as of December 31, 2012, based on the Absolute TSR Component and the Relative TSR Component, each as determined as of December 31, 2012, but in no event more than two million dollars ($2,000,000) (such dollar amount, the “Year 1 Hypothetical Amount”), by (ii) the Common Stock’s highest ten (10) trading-day average market closing price over the one hundred twenty (120)-day period ending on December 31, 2012.  For the avoidance of doubt, the Year 1 Bonus Pool Number shall apply only for purposes of calculating the Final Bonus Pool and shall not create or confer any payment right other than that arising under the Final Bonus Pool (if any).

		
	1.42
	“Year 2 Bonus Pool Number” means the quotient obtained by dividing (i) the difference between (A) a hypothetical Bonus Pool, calculated as of December 31, 2013, based on the Absolute TSR Component and the Relative TSR Component, each as determined as of December 31, 2013, but in no event more than four million dollars ($4,000,000), minus (B) the Year 1 Hypothetical Amount, by (ii) the Common Stock’s highest ten (10) trading-day average market closing price over the one hundred twenty (120)-day period ending on December 31, 2013. For the avoidance of doubt, the Year 2 Bonus Pool Number shall apply only for purposes of calculating the Final Bonus Pool and shall not create or confer any payment right other than that arising under the Final Bonus Pool (if any).

ARTICLE II.
TERMS OF AWARD
This Award represents the rights to: (i) participate in, and receive payment of a portion of, a Bonus Pool determined by reference to the Company’s absolute TSR performance and relative TSR performance over the Performance Period, and (ii) receive a cash payment equal to the dividends declared by the Company during the Performance Period with respect to a number of shares of Common Stock determined by reference to the Award Value, in each case, subject to the performance, vesting, payment, forfeiture and other terms and conditions set forth in this Agreement.  
2.1    Bonus Pool Interest.  
(a)    Grant of Bonus Pool Interest. The Company hereby grants to the Participant a [__] percent ([__]%) interest in the Final Bonus Pool (the “Bonus Pool Interest”), subject to the terms and conditions of this Agreement.  To the extent that a Final Bonus Pool is created based on the Company’s TSR performance during the Performance Period and the Award vests and/or becomes payable, in each case, in accordance herewith, the amount of the Award will be determined by multiplying the Participant’s Bonus Pool Interest (as may be reduced in accordance with Section 2.1(b) hereof) by the dollar value of the Final Bonus Pool (the “Award Value”).
(b)    Excess Grants of Bonus Pool Interests. To the extent (if any) that the sum of all Bonus Pool Interests granted under the 2012 OPP exceeds one hundred percent (100%) on the Determination Date, then all Bonus Pool Interests that vest and are outstanding under the 2012 OPP on the Determination Date (including any such Bonus Pool Interests granted in excess of one hundred percent (100%)) shall be reduced pro rata on the Determination Date such that the sum of all vested Bonus Pool Interests outstanding under 2012 OPP Awards on the Determination Date shall equal one hundred percent (100%) (and any Bonus 

Pool Interests that are forfeited on or prior to the Determination Date will be disregarded for purposes of this allocation).  If the sum of all Bonus Pool Interests is less than one hundred percent (100%) on the Determination Date, no Bonus Pool Interest (including the Participant’s Bonus Pool Interest) shall be increased as a result thereof.  
2.2    Timing of Final Bonus Pool Determination. The Administrator shall determine the Final Bonus Pool, calculated as of the last day of the Performance Period: (i) if the Performance Period ends on December 31, 2014 or upon a Non-Transactional Change in Control occurring prior to December 31, 2014, within thirty (30) days following the Determination Date, or (ii) if the Performance Period ends upon a Change in Control occurring prior to December 31, 2014 (other than a Non-Transactional Change in Control), on or prior to the Change in Control.
2.3    Vesting and Payment of Award.  Notwithstanding any accelerated vesting provisions contained in any other agreement between the Company and the Participant, including without limitation that certain Employment Agreement dated [_____] between the Company and the Participant, which accelerated vesting provisions are hereby expressly superseded and replaced with respect to this Award, the following provisions, as applicable, shall govern the vesting and payment of the Award.
(a)    Three-Year Performance Period, No Qualifying Termination. Except as otherwise provided in Sections 2.3(b) through 2.3(e) hereof, if the Determination Date occurs on December 31, 2014 (and no Change in Control is consummated prior to such date), subject to the Participant’s continued service as an Employee through such Determination Date, then: 
(i)    50% of the Award Value will vest on the Determination Date and be paid, as soon as practicable after January 1, 2015, but in no event later than March 15, 2015, in a number of fully vested shares of Common Stock determined by dividing the dollar amount of such vested portion of the Award Value by the Determination Date Per Share Value; and
(ii)    50% of the Award Value will remain unvested on the Determination Date, but will be distributed, as soon as practicable after the Determination Date, in no event later than March 15, 2015, in a number of unvested Restricted Stock Units (rounded down to the nearest integer) determined by dividing the dollar amount of the unvested portion of the Award Value by the Determination Date Per Share Value. Fifty percent (50%) of the Restricted Stock Units will vest on the first anniversary of the Determination Date and the remaining fifty percent (50%) of the Restricted Stock Units will vest on the second anniversary of the Determination Date, subject, in each case, to (A) the Participant’s continued service as an Employee through the applicable vesting date and (B) accelerated vesting under Sections 2.3(c) and 2.3(e) hereof.  Additional terms and conditions of the Restricted Stock Units are set out in Section 2.5 hereof.  
(b)    Qualifying Termination During Performance Period.  Subject to Section 2.1(b) hereof, if the Participant’s service as an Employee is terminated during the Performance Period: 
(i)    By the Company without Cause or by the Participant for Good Reason, then a portion of the Participant’s Bonus Pool Interest determined by multiplying such Bonus Pool Interest by the Pro Rata Vesting Ratio will time-vest immediately prior to such termination and remain eligible for payment of the Award Value following the Determination Date, and any portion of the Bonus Pool Interest which does not vest in accordance with this Section 2.3(b)(i) will be forfeited upon such termination and will not be eligible for any payout; or 
(ii)    Due to the Participant’s death or Disability, then the Participant’s entire 

Bonus Pool Interest will time-vest immediately prior to such termination and remain eligible for payment of the Award Value following the Determination Date (determined with respect to the Participant’s entire Bonus Pool Interest).  
Any Award Value that becomes payable in respect of Bonus Pool Interests that vest under this Section 2.3(b) will be paid in a number of fully vested shares of Common Stock (rounded down to the nearest whole share) determined by dividing the dollar amount of the applicable Award Value (if any) by the Determination Date Per Share Value, with any such shares of Common Stock paid to the Participant on or about the date that vested shares of Common Stock are delivered to Participants in the 2012 OPP generally in respect of Award Value vesting on the Determination Date but in any event, no later than fifteenth (15th) day of the third (3rd) month following the Determination Date, provided, however, that if the Determination Date occurs upon the consummation of a Change in Control (other than a Non-Transactional Change in Control), then the Transaction Price shall be used in lieu of the Determination Date Per Share Value for purposes of calculating the number of vested shares of Common Stock paid pursuant to this paragraph.  
(c)    Qualifying Termination After Performance Period. If a Participant experiences a Qualifying Termination after the Performance Period, then any Restricted Stock Units granted pursuant to Section 2.3(a) hereof which remain unvested shall vest in full immediately prior to such Qualifying Termination.
(d)    Change in Control That Ends Performance Period.  If the Performance Period ends prior to December 31, 2014 upon a Change in Control, then (i) if the Participant remains in service as an Employee through such Change in Control, the Participant shall vest in full in the Participant’s Bonus Pool Interest and shall be paid the applicable Award Value, and (ii) if the Participant experienced a Qualifying Termination prior to such Change in Control, the Participant shall receive a payment of the Participant’s pro rata Award Value determined in accordance with Section 2.3(b) hereof.  Payments under this Section 2.3(d) will be made immediately prior to the consummation of the Change in Control in a number of fully vested shares of Common Stock determined by dividing the dollar amount of the applicable Award Value (if any) by the Transaction Price, provided, however, that if the Change in Control is a Non-Transactional Change in Control, then (A) the Determination Date Per Share Value shall be used in lieu of a Transaction Price for purposes of calculating the number of vested shares of Common Stock paid pursuant to this Section 2.3(d), and (B) the payments will be made as soon as practicable after the Determination Date, but in no event later than the fifteenth (15th) day of the third (3rd) month following the month in which the Determination Date occurs.  Any shares of Common Stock issued pursuant to this Section 2.3(d) shall be subject to the terms and conditions of the definitive Change in Control documents applicable to the Common Stock generally, if any, including without limitation any such terms and conditions of an applicable purchase agreement, and the Participant hereby consents and agrees to be bound by any and all such terms and conditions with respect to any shares of Common Stock paid hereunder. 
(e)    Change in Control After Performance Period Ends.  If a Change in Control occurs after the Performance Period ends on December 31, 2014, then, subject to the Participant’s continued service as an Employee through such Change in Control, any Restricted Stock Units granted to the Participant pursuant to Section 2.3(a) hereof which remain unvested shall vest in full immediately prior to such Change in Control.
2.4    Performance Period Dividend Equivalent Payment.  In addition to any shares of Common Stock and/or Restricted Stock Units that become payable in accordance with Section 2.3 hereof, the Participant shall be entitled to a cash payment, payable as soon as practicable after the Determination Date, 

but in no event later than the fifteenth (15th) day of the third (3rd) month following the Determination Date, in an amount equal to the aggregate dividends declared by the Company during the Performance Period (including both ordinary and extraordinary dividends) in respect of a number of shares of Common Stock determined by dividing the dollar amount of the Participant’s actual Award Value by the Determination Date Per Share Value (the “Performance Period Dividend Equivalent”), provided, however, that if the Determination Date occurs upon the consummation of a Change in Control (other than a Non-Transactional Change in Control), then the Transaction Price shall be used in lieu of the Determination Date Per Share Value for purposes of calculating the number of shares of Common Stock pursuant to this paragraph.  The Performance Period Dividend Equivalent, if any, shall be paid without regard to whether the Participant remains in service as an Employee through the Determination Date.  If the Participant’s Award Value is zero on the Determination Date, then the Participant shall not be entitled to any payment under this Section 2.4.  
2.5    Additional Terms of Restricted Stock Units; Dividend Equivalents. Each Restricted Stock Unit granted pursuant to Section 2.3(a) hereof (if any) will be granted pursuant to a Restricted Stock Unit agreement in a form prescribed by the Company, which agreement shall, subject to the express conditions of this Article II, dictate the terms and conditions applicable to the Restricted Stock Units. Restricted Stock Units will be paid in fully vested shares of Common Stock (unless otherwise provided by the Administrator) as soon as practicable after vesting, but in any event, within forty-five (45) days thereafter, subject to Section 3.3(b) hereof. Each Restricted Stock Unit will be granted in tandem with a Dividend Equivalent that entitles the Participant to receive any dividends or other distributions declared with respect to the share of Common Stock underlying the Restricted Stock Unit between the Determination Date and the date on which the Restricted Stock Unit is either paid out or forfeited, and such dividends or other distributions shall be payable as and when paid to holders of Common Stock, without regard to the vested status of the Restricted Stock Unit.  Dividend Equivalents and any amounts that may become distributable in respect thereof shall be treated separately from the Restricted Stock Units and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A.
2.6    Forfeiture. Upon the earliest to occur of (i) the Participant’s termination of service as an Employee prior to the Determination Date for any reason other than a Qualifying Termination, or (ii) the Administrator’s determination that the Final Bonus Pool equals zero, the Participant shall forfeit all rights and interests under this Agreement and the 2012 OPP without further action on the part of the Company or the Participant and without payment of consideration therefor, which forfeiture shall include, without limitation, any rights or interest in any Award Value and/or any Performance Period Dividend Equivalent.  
ARTICLE III.
MISCELLANEOUS
3.1    Tax Withholding.  The Company and its Affiliates shall be entitled to require a cash payment (or other form of payment determined in accordance with Section 11.2 of the Plan) by or on behalf of the Participant and/or to deduct from other compensation payable to the Participant any sums required by federal, state or local tax law to be withheld with respect to the grant, vesting and/or payment of the Award. The Company shall have no obligation to make any payment in any form under this Agreement or under any Restricted Stock Unit issued in accordance herewith unless and until such tax obligations have been satisfied.  To the extent that any Federal Insurance Contributions Act tax withholding obligations arise in connection with the Award prior to the Determination Date, the Administrator shall accelerate the payment of a portion of the Award Value sufficient to satisfy (but not in excess of) such tax withholding obligations and any tax withholding obligations associated with any such accelerated payment, and the Administrator shall withhold such amounts in satisfaction of such withholding obligations.   Any amounts accelerated and withheld in accordance with the preceding sentence shall reduce the Participant’s Award Value on the Determination 

Date on a dollar-for-dollar basis. 
3.2    Conditions to Delivery of Shares.  Any shares of Common Stock deliverable under this Award may be either previously authorized but unissued shares of Common Stock or issued shares of Common Stock which have then been reacquired by the Company.  Such shares of Common Stock shall be fully paid and nonassessable.  The Company shall not be required to issue or deliver any shares of Common Stock under this Agreement or under any Restricted Stock Unit issued in accordance herewith prior to fulfillment of all of the following conditions:
(i)    The admission of such shares of Common Stock to listing on all stock exchanges on which the Common Stock is then listed; 
(ii)    The completion of any registration or other qualification of such shares of Common Stock under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable; 
(iii)    The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable; 
(iv)    The lapse of such reasonable period of time as the Administrator may from time to time establish for reasons of administrative convenience.
Notwithstanding the foregoing, the issuance of such shares of Common Stock shall not be delayed to the extent that such delay would result in a violation of Section 409A.  In the event that the Company delays the issuance of any shares of Common Stock because it reasonably determines that the issuance of such shares of Common Stock will violate federal securities laws or other applicable law, such issuance shall be made at the earliest date at which the Administrator reasonably determines that issuing such shares of Common Stock will not cause such violation, as required by Treasury Regulation Section 1.409A-2(b)(7)(ii).  
3.3    Section 409A. 
(a)    General. To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A.  Notwithstanding any provision of this Agreement to the contrary, if the Company determines that any compensation or benefits payable under this Agreement may be subject to Section 409A, the Company may adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, provided, however, that this Section 3.3 shall not create an obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action, nor shall the Company have any liability for failing to do so.
(b)    Potential Six-Month Delay.  Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the Participant under this Agreement or any Restricted Stock Unit Agreement issued in accordance herewith during the six (6)-month period following the Participant’s 

“separation from service” to the extent that the Administrator determines that the Participant is a “specified employee” (each within the meaning of Section 409A) at the time of such separation from service and that paying such amounts at the time or times indicated in this Agreement and/or the applicable Restricted Stock Unit agreement would be a prohibited distribution under Code Section 409A(a)(2)(b)(i).  If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Section 409A without being subject to such additional taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have otherwise been payable to the Participant during such six (6)-month period under this Agreement (or any Restricted Stock Unit agreement issued in accordance herewith).
(c)    RSU Dividend Equivalents.  Any Dividend Equivalents granted in connection with any Restricted Stock Units issued in accordance herewith, and any amounts that may become distributable in respect thereof, shall be treated separately from such Restricted Stock Units and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A.
3.4    Award Not Transferable.  Neither this Award nor any interest or right herein or part hereof shall be liable for the debts, contracts or engagements of the Participant or the Participant’s successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition hereof shall be null and void and of no effect; provided, however, that this Section 3.4 notwithstanding, with the written consent of the Administrator, the Award may be transferred to certain persons or entities related to the Participant, including but not limited to members of the Participant’s family, charitable institutions or trusts or other entities whose beneficiaries or beneficial owners are members of the Participant’s family or to such other persons or entities as may be expressly approved by the Administrator, pursuant to any such conditions and procedures the Administrator may require.
3.5    No Rights as Stockholder.  Except as otherwise expressly provided herein, unless and until shares of Common Stock are issued in payment of this Award and/or any Restricted Stock Units issued in accordance herewith, this Award shall not confer any stockholder rights upon the Participant. 
3.6    Not a Contract of Employment.  Nothing in this Agreement, the 2012 OPP or the Plan shall confer upon the Participant any right to continue to serve as an Employee or other service provider of the Company or any of its Affiliates or shall interfere with or restrict in any way the rights of the Company and its Affiliates, which rights are hereby expressly reserved, to discharge or terminate the services of the Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided to the contrary in a written agreement between the Company or an Affiliate, on the one hand, and the Participant on the other.
3.7    Governing Law.  The laws of the State of Maryland shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.
3.8    Incorporation of Terms of Plan; Authority of Administrator.  The 2012 OPP and this Agreement are subject to the terms and conditions of the Plan, which are incorporated herein by reference, including without limitation Section 13.2 of the Plan.  In the event of any inconsistency between the Plan 

and this Agreement and/or the 2012 OPP generally, the terms of the Plan shall control.  In accordance with the Plan (and not in limitation of any other provision), the Administrator shall make all determinations under this Agreement in its sole and absolute discretion and all interested parties shall be bound by such determinations. 
3.9    Decimals.  Except as expressly provided herein with respect to rounding, to the extent that any calculations hereunder result in decimals, all such decimals shall be carried out and rounded to the nearest one hundred thousandth (.00001).
3.10    Consideration to the Company.  In consideration of the grant of the Award by the Company, the Participant agrees to render faithful and efficient services to the Company or any Affiliate.  
3.11    Conformity to Securities Laws.  The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, as well as all applicable state securities laws and regulations.  Notwithstanding anything herein to the contrary, the Plan and the 2012 OPP shall be administered, and the Award is granted, only in such a manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law, the Plan, the 2012 OPP and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.
3.12    Amendment, Suspension and Termination.  To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board, provided, however, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Award in any material way without the prior written consent of the Participant.
3.13    Other Performance Award; Performance-Based Compensation. This Award shall constitute an Other Performance Award for purposes of the Plan.  In addition, this Award is intended to constitute Performance-Based Compensation within the meaning of the Plan. 
3.14    Notices.  Notices required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail by certified mail, with postage and fees prepaid, addressed to the Participant to his address shown in the Company records, and to the Company at its principal executive office.
3.15    Successors and Assigns.  The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns.
3.16    Limitations Applicable to Section 16 Persons.  Notwithstanding any other provision of the Plan or this Agreement, if the Participant is subject to Section 16 of the Exchange Act, then the Plan, the Award and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule.  To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive 

rule.
3.17    Entire Agreement.  The Plan and this Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof. Without limiting the generality of the foregoing, the parties acknowledge and agree that this Agreement embodies their final intent and understanding with respect to the implementation of the 2012 OPP and the grant of the Award, and supersedes all previous descriptions, discussions, agreements or other materials relating to the 2012 OPP.
3.18    Limitation on the Participant’s Rights.  Participation in the Plan confers no rights or interests other than as herein provided.  This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust.  The Plan, in and of itself, has no assets.  The Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the shares of Common Stock and/or Restricted Stock Units issuable hereunder.

By his or her signature and the Company’s signature below, the Participant agrees to be bound by the terms and conditions of the Plan, the 2012 OPP and this Agreement.  The Participant has reviewed this Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of this Agreement and the Plan.  The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator of the Plan upon any questions arising under the Plan and/or this Agreement.  In addition, by signing below, the Participant acknowledges that the Company, in its sole discretion, may satisfy any withholding obligations arising under this Agreement by (i) withholding shares of Common Stock otherwise issuable to the Participant under this Agreement, (ii) instructing a broker on the Participant’s behalf to sell shares of Common Stock otherwise issuable to the Participant and to submit the proceeds of such sale to the Company, and/or (iii) any other method permitted under the Plan.  If the Participant is married, his or her spouse has signed the Consent of Spouse attached to hereto as Exhibit A.

	
		
	HUDSON PACIFIC PROPERTIES:    HOLDER:
	PARTICIPANT:

	By:
	By:

	Print Name:
	Print Name:

	Title:
	 

	Address:
	Address:

	 
	 

EXHIBIT A 
TO OUTPERFORMANCE AWARD AGREEMENT 
 
CONSENT OF SPOUSE
I, ____________________, spouse of _______________, have read and approve the foregoing Agreement.  In consideration of issuing to my spouse the shares of the common stock of Hudson Pacific Properties, Inc. set forth in the Agreement, I hereby appoint my spouse as my attorney-in-fact in respect to the exercise of any rights under the Agreement and agree to be bound by the provisions of the Agreement insofar as I may have any rights in said Agreement or any shares of the common stock of Hudson Pacific Properties, Inc. issued pursuant thereto under the community property laws or similar laws relating to marital property in effect in the state of our residence as of the date of the signing of the foregoing Agreement.
		
	Dated: _______________, _____
	     
Signature of Spouseex10_1.htm

EXHIBIT 10.1

 

EXECUTION VERSION

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of the 6th day
of January, 2012 (this “First Amendment”), is entered into among The Brink’s Company, a Virginia corporation (the “Parent Borrower”), the Subsidiary Borrowers party hereto, the lenders party hereto designated as “Continuing Lenders” on its signature page (the “Continuing Lenders”), the lenders party hereto designated as “Exiting Lenders” on its signature page (the
“Exiting Lenders”), the lenders party hereto designated as “New Lenders” on its signature page (the “New Lenders” and collectively with the Continuing Lenders, the “Lenders”), and Wells Fargo Bank, National Association, as administrative agent for the Lenders (the “Administrative
Agent”).

 

RECITALS

 

A.           The Parent Borrower, the Subsidiary Borrowers party thereto, the lenders party thereto and the Administrative Agent are parties to that certain Credit Agreement dated as of July 16, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”).  Capitalized terms used herein without definition shall have the meanings given to them in the Credit Agreement as they may be amended pursuant to this First Amendment.

 

B.           The Borrowers, the Administrative Agent and the Lenders have agreed to make certain amendments to the Credit Agreement on the terms and conditions set forth herein.

 

STATEMENT OF AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

 

ARTICLE I

 

AMENDMENTS TO CREDIT AGREEMENT

 

1.1           Amendments to Section 1.01 Consisting of New Definitions.  The following definitions are hereby added to Section 1.01 of the Credit Agreement in appropriate alphabetical order:

 

““FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof.”

 

“‘First Amendment’ shall mean the First Amendment to Credit Agreement, dated as of January 6, 2012, among the Parent Borrower, the Lenders party thereto, and the Administrative Agent.”

 

 

 

 

 

 

“‘First Amendment Effective Date’ has the meaning given to such term in Article III to the First Amendment.”

 

“‘First Amendment Fee Letters” means the letter agreement (a) from Wells Fargo and Wells Fargo Securities, LLC to the Parent Borrower and (b) from Bank of America, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated to the Parent Borrower, in each case dated as of November 29, 2011 and relating to certain fees payable by the Parent Borrower in respect of the transactions contemplated by this Agreement and the other Loan Documents,
as amended, modified, restated or supplemented from time to time.”

 

1.2           Amendments to Section 1.01 Consisting of Modifications to Existing Definitions.  The following definitions in Section 1.01 of the Credit Agreement are hereby amended in their entirety as follows:

 

““Aggregate Revolving A Commitment” means the aggregate Revolving A Commitment of all Revolving A Lenders to make Revolving A Credit Loans and participate in Revolving A Letters of Credit and Swingline Loans, as such amount may be reduced or increased at any time or from time to time pursuant to the terms hereof.  The Aggregate Revolving A Commitment on the First Amendment Effective Date shall be $250,000,000.”

 

““Aggregate Revolving B Commitment” means the aggregate Revolving B Commitment of all Revolving B Lenders to make Revolving B Credit Loans and participate in Revolving B Letters of Credit, as such amount may be reduced or increased at any time or from time to time pursuant to the terms hereof.  The Aggregate Revolving B Commitment on the First Amendment Effective Date shall be $230,000,000.”

 

““Applicable LT Rating” means (i) as to Moody’s, its rating of the Parent Borrower’s senior, unsecured, long-term bank credit facility and (ii) as to S&P, its corporate credit rating of the Parent Borrower’s senior, unsecured, long-term, non-credit-enhanced debt for borrowed money.”

 

““Arrangers” means Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, in their capacity as joint lead arrangers and joint bookrunners under this Agreement.”

 

““Lender” means each Person executing the First Amendment as a Lender as set forth on the signature pages thereto and each Person that hereafter becomes a party to this Agreement as a Lender pursuant to Sections 2.9, 2.10,
4.7.6 or 13.8.2, other than any Lender party hereto that ceases to be a Lender party hereto pursuant to any Assignment and Assumption; provided, that unless the context otherwise requires, each reference herein to the Lenders shall be deemed to include any Conduit Lender, each Issuing Lender and the Swingline Lender, in each case in such capacity.”

 

 

 

2

 

 

““Loan Documents” means, collectively, this Agreement, the First Amendment, the Notes, the L/C Applications, any Guarantor Joinder Agreement, any Foreign Subsidiary Borrower Joinder Agreement, the Fee Letter, the First Amendment Fee Letters and each other document, instrument and agreement executed and delivered by any Credit Party for the benefit of the Administrative Agent or any Lender in connection with this Agreement.

 

““Revolving A Commitment” means as to any Lender, the obligation of such Lender to make Revolving A Credit Loans for the account of the Revolving A Borrowers and participate in Revolving A Letters of Credit and Swingline Loans made under the Revolving A Credit Facility in an aggregate principal and/or stated amount at any time outstanding not to exceed the amount set forth under “Revolving A Commitment” opposite such Lender’s name
on Schedule 1.2 to the First Amendment as such amount may be increased, reduced or modified at any time or from time to time pursuant to the terms hereof.”

 

““Revolving B Commitment” means as to any Lender, the obligation of such Lender to make Revolving B Credit Loans for the account of the Revolving B Borrowers and participate in Revolving B Letters of Credit in an aggregate principal and/or stated amount at any time outstanding not to exceed the amount set forth under “Revolving B Commitment” opposite such Lender’s name on Schedule 1.2 to the First Amendment as such amount may be
increased, reduced or modified at any time or from time to time pursuant to the terms hereof.”

 

““Specified Maturity Date” means January 6, 2017.”

 

1.3           Amendments to Pricing Grid.  Section 1.01 of the Credit Agreement is hereby further amended by deleting the chart contained in the definition of “Applicable Percentage” and substituting the following therefor:

 

	
 

 

Pricing 

Level

	
 

 

Applicable 

LT Rating

	
 

 

LIBOR Rate 

Loan

	
 

Alternate 

Base Rate 

Loans

	
 

 

Facility 

Fee

	
I

	
    A/A2 or above

	
    0.90%

	
    0.00%

	
    0.10%

	
II

	
    A-/A3

	
    1.00%

	
    0.00%

	
    0.125%

	
III

	
    BBB+/Baal

	
    1.10%

	
    0.10%

	
    0.15%

	
IV

	
    BBB/Baa2

	
    1.20%

	
    0.20%

	
    0.175%

	
V

	
    BBB-/Baa3

	
    1.40%

	
    0.40%

	
    0.225%

	
VI

	
    BB+/Ba1 or below

	
    1.575%

	
    0.575%

	
    0.30%

 

 

 

3

 

 

 

1.4           Amendment to Section 1.4 (Accounting Terms).  Section 1.4 is hereby amended in its entirety as follows:

 

“1.4         Accounting Terms.  Except as otherwise expressly provided herein, all accounting terms used herein shall be interpreted, and all financial statements and certificates and reports as to financial matters required to be delivered to the Administrative Agent or the Lenders hereunder shall be prepared, in accordance with GAAP applied on a consistent basis (except for changes concurred by Parent
Borrower’s independent public accountants and disclosed in writing to the Administrative Agent).  All calculations made for the purposes of determining compliance with this Agreement shall (except as otherwise expressly provided herein) be made by application of GAAP applied on a basis consistent (except for changes concurred by Parent Borrower’s independent public accountants and disclosed in writing to the Administrative Agent) with the most recent annual or quarterly financial statements delivered pursuant to Section 7.1 (or, prior to the delivery of the first financial statements pursuant to Section 7.1, consistent (except for changes concurred by Parent Borrower’s independent public accountants and disclosed in writing to the Administrative Agent) with the annual audited financial statements referenced in Section 6.1.7); provided, however, if (a) the
Parent Borrower shall object to determining such compliance on such basis at the time of delivery of such financial statements due to any change in GAAP, the rules promulgated with respect thereto or to any change in the application of GAAP concurred by Parent Borrower’s independent public accountants or (b) the Administrative Agent or the Required Lenders shall so object in writing within 60 days after delivery of such financial statements or object to any change in the application of GAAP concurred by Parent Borrower’s independent public accountants, then (i) such calculations shall be made on a basis consistent with the most recent financial statements delivered by the Parent Borrower to the Administrative Agent or the Lenders as to which no such objection shall have been made and (ii) the Administrative Agent and the Parent Borrower shall negotiate in good faith to amend
such ratio or requirement as to which objections shall have been made (subject to the approval of the Required Lenders) to preserve the original intent thereof in light of such change in GAAP.  Notwithstanding the foregoing, for purposes of determining compliance with any covenant contained herein (including, without limitation, any financial covenant), any election by the Parent Borrower or any Subsidiary to measure an item of Indebtedness using fair value (as permitted by FASB ASC 825 or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made.”

 

1.5           Amendments to Section 2.1.1 (Description of Facilities).  Section 2.1.1 is hereby amended by deleting the references to “four-year” in subsections (a) and (b) thereof and substituting therefor “five –year”.

 

 

 

4

 

 

1.6           Amendments to Section 2.1.3 (Lender Agreement).  Section 2.1.3 is hereby amended by deleting the references “Closing Date” therein and substituting therefor the references “First Amendment Effective Date.”

 

1.7           Amendments to Section 2.5 (Competitive Bid Loans and Procedures).  Section 2.5 is hereby amended by adding a new Section 2.5.3 thereto as follows:

 

“2.5.3   No Further Competitive Bid Loans.  Notwithstanding anything to the contrary herein, after the First Amendment Effective Date, no Borrower shall request, and no Lender shall make, any Competitive Bid Loans.”

 

1.8           Amendments to Section 2.9 (Commitment Increase).  Section 2.9 is hereby amended by adding a new Section 2.9.5 thereto as follows:

 

“2.9.5    Notwithstanding anything to the contrary herein, prior to the effectiveness of any increase in the Commitments pursuant to this Section 2.9, the Administrative Agent shall have received a certificate of the secretary or assistant secretary of the Parent Borrower (or such other Person as is reasonably acceptable to the Administrative Agent) certifying that attached thereto is a true, correct and complete
copy of the resolutions duly adopted by the Board of Directors or comparable governing body of each Credit Party authorizing or consenting to such increased Commitments, in each case to the extent such resolutions have not previously been delivered to the Administrative Agent.”

 

1.9           Amendments to Section 4.7.3 (Increased Costs).  The first paragraph of Section 4.7.3 of the Credit Agreement is hereby amended in its entirety as follows:

 

“4.7.3   Increased Costs.  If, after the First Amendment Effective Date, the introduction of, or any change in, any Applicable Law, or in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive
(whether or not having the force of law) issued after the First Amendment Effective Date of such Governmental Authority, provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be issued after the First Amendment Effective Date, regardless of the date enacted, adopted or
issued:”

 

1.10        Amendments to Section 4.9 (Capital Requirements).  Section 4.9 of the Credit Agreement is hereby amended in its entirety as follows:

 

“4.9     Capital Requirements.  If either (a) the introduction of, or any change or proposed change in, or in the interpretation of, any Applicable Law, or
(b) 

 

 

 

5

 

 

compliance with any guideline or request issued after the First Amendment Effective Date hereof from any central bank or comparable agency or other Governmental Authority (whether or not having the force of law) (provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or
issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be issued after the First Amendment Effective Date), regardless of the date enacted, adopted or issued, has or would have the effect of reducing the rate of return on the capital of (other than by reason of the imposition of Taxes covered by Section 4.10), or has affected or would affect the amount of capital required to be maintained by, any Lender or any corporation controlling such Lender as a consequence of,
or with reference to any Lender’s Commitment and other commitments of this type, below the rate which the Lender or such other corporation could have achieved but for such introduction, change or compliance by an amount such Lender deems material, the Parent Borrower shall pay to such Lender from time to time as specified by such Lender additional amounts sufficient to compensate such Lender or other corporation for such reduction; provided, however, that to the extent any reduction in the rate of return on such Lender’s capital results both from its obligations hereunder and from developments in its business or
financial position not related to this Agreement, such Lender shall, in determining the amount necessary to compensate it under this Section, attempt in good faith to take account of the relative contributions of such obligations hereunder and such other developments or change in its financial position to such reduction.  A certificate of such Lender setting forth in reasonable detail the basis for determining such amounts necessary to compensate such Lender shall be forwarded to the Parent Borrower through the Administrative Agent and shall be conclusively presumed to be correct save for manifest error.  The applicable Borrower shall pay the Administrative Agent for the account of such Lender the amount shown as due on any such certificate within five Business Days after receipt thereof.”

 

1.11           Amendment to Section 4.10 (Taxes).

 

    (a)   Section 4.10.1 is hereby amended in its entirety as follows:

 

“4.10.1   Payments Free and Clear.  Any and all payments by any Credit Party under any Loan Document or under the Letters of Credit shall be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholding, and all liabilities with respect thereto, excluding (i) in the case of each Lender and the Administrative
Agent, income, franchise or similar taxes imposed on (or measured by) its income imposed by any Governmental Authority, (ii) in the case of each Lender, any withholding taxes payable with respect to payments hereunder or under the other 

 

 

 

6

 

 

Loan Documents under Applicable Laws (including, without limitation, any statute, treaty, ruling, determination or regulation) in effect on the Closing Date for such Lender (or such later date on which such Lender becomes a Lender hereunder) or on the date, if any, on which such Lender changes any applicable Lending Office by designating a different applicable Lending Office (other than pursuant to Section 4.10.7), but not excluding any withholding taxes payable solely as a result of (1) any change in such laws occurring after the Closing Date (or such later date on which such Lender becomes a
Lender hereunder) or after the date of designation of such new Lending Office, as the case may be, or (2) the addition of any Foreign Subsidiary Borrower pursuant to Section 2.11.1(a), (iii) any branch profits tax imposed by the United States of America or any similar tax imposed by any other jurisdiction, and (iv) any U.S. federal withholding taxes imposed under FATCA (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as “Taxes”).  If any Credit Party shall be required by law to deduct any Taxes from or in respect of any sum payable under any Loan Document or under any Letter of Credit to any Lender or the Administrative Agent, (A) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable
under this Section 4.10) such Lender or the Administrative Agent (as the case may be) receives an amount equal to the amount such party would have received had no such deductions been made, (B) such Credit Party shall make such deductions, (C) such Credit Party shall pay the full amount deducted to the relevant taxing authority or other authority in accordance with Applicable Law, and (D) such Credit Party shall deliver to the Administrative Agent evidence of such payment to the relevant taxing authority or other authority in the manner provided in Section 4.10.5.  A Credit Party shall not, however, be required to pay any amounts pursuant to clause (A) of the preceding sentence to any Lender or the Administrative Agent not organized under the laws of the United States of America or a state thereof (or the District of Columbia) if such Lender or the Administrative Agent fails
to comply with the requirements of Section 4.10.6.  Notwithstanding anything to the contrary in this Section 4.10.1, a Credit Party incorporated in France shall not be required to make any increased payments in respect of any tax deduction on account of tax imposed by France on a payment made to a Lender if such tax deduction is imposed solely because this payment is made to an account opened in the name of or for the benefit of that Lender in a financial institution situated in a Non-Cooperative Jurisdiction.”

 

(b)           Section 4.10.6(b) is hereby amended by (i) deleting the “and” at the end of Section 4.10.6(b)(ii)(V), (ii) deleting the period at the end of Section 4.10.6(b)(iii) and replacing it with “; and”, and (iii) adding a new Section 4.10.6(b)(iv) as follows:

 

“(iv)           if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Parent Borrower and the  

 

 

 

7

 

 

Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Parent Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Parent Borrower or the Administrative Agent as may be necessary for the Parent Borrower and the
Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (iv), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.”

 

1.12           Amendment to Section 6.1.6 (Subsidiaries).  Section 6.1.6 is hereby amended by deleting the reference “Closing Date” therein and substituting therefor the reference “First Amendment Effective Date.”

 

1.13          Amendment to Section 7.1 (Financial Statements).

 

    (a)   Section 7.1.1(a) is hereby amended by deleting the reference “consolidated statements of operations, comprehensive income, shareholders’ equity and cash flow” therein and substituting therefor the reference “consolidated statements of income, comprehensive income, shareholders’ equity and cash flows.”

 

    (b)   Section 7.1.1(b) is hereby amended by deleting the reference “consolidated statements of operations, shareholders’ equity” therein and substituting therefor the reference “consolidated statements of income, shareholders’ equity.”

 

1.14           Amendment to Section 8.1 (Payment of Taxes).  Section 8.1 is hereby amended in its entirety as follows:

 

“Pay and discharge, and cause each Restricted Subsidiary to pay and discharge, all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any properties belonging to it, prior to the date on which penalties attach thereto (other than penalties in the nature of interest), and all lawful claims which, if unpaid, might become a lien or charge upon any properties of the Parent Borrower or any Restricted Subsidiary;
provided, however, that neither the Parent Borrower nor any Restricted Subsidiary shall be required to pay any such tax, assessment, charge, levy or claim if (i) the amount, applicability or validity thereof is contested in good faith and by proper proceedings and against which it is maintaining adequate reserves in accordance with GAAP or (ii) the nonpayment of all such taxes, assessments, charges, levies and claims in the aggregate would not reasonably be expected to have a Material Adverse Effect.”

 

1.15           Amendment to Section 9.2 (Limitation on Liens).  Clause (a) of Section 9.2 is hereby amended by deleting the reference “Closing Date” therein and substituting therefor the reference “First Amendment Effective Date.”

 

 

 

8

 

 

 

1.16           Amendment to Schedules.  Schedule 1.1(a), Schedule 1.1(b), Schedule 1.1(d), Schedule 6.1.6 and Schedule 9.2 to the Credit Agreement are hereby amended in their entirety in the forms attached to the First Amendment.

 

 

ARTICLE II

 

ASSIGNMENTS AND ASSUMPTIONS

 

2.1           Each of the parties hereto acknowledges and agrees that (i) the Exiting Lenders desire to sell and assign their Commitments to the New Lenders and to certain of the Continuing Lenders and to be relieved of their obligations under the Credit Agreement, (ii) certain of the Continuing Lenders desire to purchase and assume portions of the Commitments of the Exiting Lenders and/or increase their existing Commitments and (iii) the New Lenders desire to purchase and assume portions of the Commitments of the Exiting Lenders
and/or provide new Commitments and to become parties to the Credit Agreement.  As an administrative convenience and to avoid the necessity that each Lender enter into separate Assignment and Assumptions, the parties hereto acknowledge and agree that effective as of the First Amendment Effective Date, each Exiting Lender shall be deemed to have sold and assigned to the Continuing Lenders and the New Lenders its Commitment and Revolving Credit Loans which are outstanding on the First Amendment Effective Date and the New Lenders making Commitments and the Continuing Lenders increasing their Commitments shall be deemed to have purchased and assumed the Commitments and Revolving Credit Loans of the Exiting Lenders, in each case in amounts such that the Commitments of the Lenders after giving effect thereto shall be as reflected on
Schedule 1.1(a) attached hereto.

 

2.2           Effective on the First Amendment Effective Date, (i) each New Lender shall be deemed to be a party to and a “Lender” under the Credit Agreement and shall be bound by all of the terms and provisions applicable to Lenders under the Credit Agreement, (ii) each New Lender shall deliver to the Administrative Agent cash in an amount equal to such New Lender’s Revolving A Ratable Share and Revolving B Ratable Share, as the case may be, of the aggregate Revolving Credit Loans outstanding on the First Amendment
Effective Date, (iii) each Continuing Lender whose Revolving A Ratable Share and Revolving B Ratable Share, as the case may be, will increase as a result of the operation of Section 2.1 shall deliver to the Administrative Agent cash in an amount sufficient to provide for such Continuing Lender to hold its increased Revolving A Ratable Share and Revolving B Ratable Share, as the case may be, of the aggregate Revolving Credit Loans outstanding on the First Amendment Effective Date and (iv) the Administrative Agent shall distribute on the First Amendment Effective Date the cash delivered by the New Lenders pursuant to clause (ii) and by the Continuing Lenders pursuant to clause (iii) to the Exiting Lenders and any Continuing Lender whose Revolving A Ratable Share and Revolving B Ratable Share, as the case may be, decreases as a result of the First Amendment, in each
case in amounts sufficient to fully repay the principal amount of Revolving Credit Loans owing to such Exiting Lenders and Continuing Lenders as of the First Amendment Effective Date.

 

2.3           Upon the Administrative Agent’s receipt of the interest and Facility Fees required to be paid on the First Amendment Effective Date, the Administrative Agent shall distribute to each of the Continuing Lenders and Exiting Lenders their respective Revolving A Ratable Share 

 

 

 

9

 

 

and Revolving B Ratable Share (prior to giving effect to this First Amendment), as the case may be, of such interest and Facility Fees.

 

2.4           Each Exiting Lender hereby (i) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it pursuant to Section 2.1 free and clear of any adverse claim created by such Exiting Lender and that its Commitment, and the outstanding balances of its Revolving Credit Loans, in each case without giving effect to assignments thereof which have not become effective, are as set forth on
Schedule 2.4 attached hereto, and (ii) except as set forth in clause (i), makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Credit Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement, any other Loan Document or any other instrument or document furnished pursuant thereto, or the financial condition of the Borrowers or any Subsidiary or the performance or observance by the Borrowers or any Subsidiary of any of its obligations under the Credit Agreement, any other Loan Document or any other instrument or document furnished pursuant thereto.

 

2.5           Each New Lender and Continuing Lender whose Commitment will increase as a result of the operation of Section 2.1 (i) represents and warrants that it is legally authorized to enter into this First Amendment and to consummate the transactions contemplated by Section 2.1, (ii) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements referred to in Section 6.1.7 thereof or delivered pursuant to Section 7.1 thereof and such other documents and
information as it has deemed appropriate to make it owns credit analysis and decision to enter into this First Amendment and the transactions contemplated by Section 2.1, (iii) will independently and without reliance upon the Administrative Agent, any of the Exiting Lenders or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, (iv) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement as delegated to the Administrative Agent, by the terms thereof, together with such powers as are reasonably incidental thereto and (v) agrees that it will perform in accordance with their terms all the obligations which by the terms of the Credit Agreement are
required to be performed by it as a Lender.

 

2.6           The execution and delivery of this First Amendment shall be deemed a several representation by each New Lender and each Continuing Lender as to the matters set forth in Section 2.1.3 of the Credit Agreement.

 

2.7           Notwithstanding anything to the contrary contained in the Credit Agreement, the parties acknowledge and agree that this Article II shall be deemed to satisfy all requirements set forth in Section 13.8 of the Credit Agreement for the assignment and assumption of the Commitments and related rights and obligations being sold and assigned pursuant hereto, including without limitation, the requirement that a separate Assignment and Assumption be entered into in connection with each such sale and assignment.

 

2.8           Effective on the First Amendment Effective Date, the participations in the Letters of Credit under the Credit Agreement shall be adjusted to give effect to any change in the 

 

 

10

 

 

Revolving A Ratable Share and Revolving B Ratable Share, as the case may be, of any Lender as a result of this First Amendment.

 

2.9           THE PARTIES FURTHER ACKNOWLEDGE AND AGREE THAT THE EXITING LENDERS ARE ENTERING INTO THIS FIRST AMENDMENT SOLELY FOR THE PURPOSES OF THIS ARTICLE II AND SHALL NOT BE DEEMED TO BE BOUND BY ANY TERM OR PROVISION OF THIS FIRST AMENDMENT OTHER THAN THIS ARTICLE II.

 

 

ARTICLE III

 

CONDITIONS OF EFFECTIVENESS

 

This First Amendment shall become effective as of the date (such date being referred to as the “First Amendment Effective Date”) when, and only when, each of the following conditions precedent shall have been satisfied:

 

(a)           The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this First Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent and the Parent Borrower (which may include facsimile or other electronic image scan transmission of a signed signature page of this First Amendment) that such party has signed a counterpart of this First Amendment.

 

(b)           The Administrative Agent shall have received a certificate from a Responsible Officer (or such other Person as is reasonably acceptable to the Administrative Agent), in form and substance reasonably satisfactory to the Administrative Agent, to the effect that all representations and warranties of the Parent Borrower contained in the Credit Agreement, this First Amendment and the other Loan Documents are true and correct in all material respects as of the First Amendment Effective Date, except for any representation and warranty
made as of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date and except that the representations and warranties contained in subsections (a) and (b) of Section 6.1.7 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 7.1.1 of the Credit Agreement; that the Parent Borrower is not in violation of any of the covenants contained in the Credit Agreement and the other Loan Documents; that, after giving effect to the transactions contemplated by this First Amendment, no Default or Event of Default has occurred and is continuing; and that each of the conditions in this Article III has been satisfied or waived (assuming satisfaction of the Administrative Agent where not advised otherwise).

 

(c)           The Administrative Agent shall have received a certificate of the secretary, assistant secretary or general counsel of each Credit Party (or such other Person as is reasonably acceptable to the Administrative Agent) certifying as to the incumbency and genuineness of the signature of each officer of such Credit Party executing this First Amendment and certifying that attached thereto is a true, correct and complete copy of
(A) the articles of incorporation or comparable organizational documents, if any, of such Credit Party and all amendments thereto, certified as of a recent date (1) in the case of Credit Parties (other than Foreign Subsidiary Borrowers), by the appropriate Governmental Authority in its jurisdiction of incorporation for 

 

 

 

11

 

 

such Credit Parties and (2) in the case of each Foreign Subsidiary Borrower, by such Foreign Subsidiary Borrower, (B) the bylaws or comparable organizational documents, if any, of such Credit Party as in effect on the date of such certifications,
and (C) resolutions duly adopted by the Board of Directors or comparable governing body of such Credit Party authorizing, as applicable, the borrowings contemplated under the Credit Agreement (as modified by this First Amendment) and the execution, delivery and performance of this First Amendment and the other Loan Documents to which it is a party.

 

(d)           The Administrative Agent shall have received long-form certificates as of a recent date of the good standing or active status, as applicable, of the Credit Parties (other than the Foreign Subsidiary Borrowers) under the laws of their respective jurisdictions of organization and short-form certificates as of a recent date of the good standing of the Parent Borrower under the laws of each other jurisdiction where the Parent Borrower is qualified to do business and where a failure to be so qualified would have a Material Adverse
Effect.

 

(e)           The Administrative Agent shall have received opinions in form and substance reasonably satisfactory to the Administrative Agent of (i) the General Counsel or Assistant General Counsel of the Parent Borrower, (ii) Hunton & Williams LLP, special counsel to the domestic Credit Parties, and (iii) local foreign counsel to the applicable Credit Parties in the jurisdiction of organization of each Foreign Subsidiary Borrower, addressed to the Administrative Agent and the Lenders, all in form and substance reasonably satisfactory to
the Administrative Agent.

 

(f)           Since December 31, 2010, nothing shall have occurred (and neither the Administrative Agent nor the Lenders shall have become aware of any facts or conditions not previously known) which has had a Material Adverse Effect.

 

(g)           The representations and warranties of the Parent Borrower set forth in Article IV hereto shall be true and correct on and as of the First Amendment Effective Date (except as otherwise set forth in such representations and warranties).

 

(h)           Except as set forth in the Current SEC Reports, as of the First Amendment Effective Date, there shall be no actions, suits or proceedings pending or, to the knowledge of a Responsible Officer, threatened (i) with respect to the Credit Agreement, this First Amendment or any other Loan Document or
(ii) which the Administrative Agent or the Required Lenders shall reasonably determine would have a Material Adverse Effect.

 

(i)           The Parent Borrower shall have paid (i) all accrued and unpaid fees and interest due under the Credit Agreement and owing to the Exiting Lenders and Continuing Lenders as of the First Amendment Effective Date and (ii) all accrued and unpaid fees or commissions due under the Credit Agreement (including, without limitation, reasonable legal fees and out-of-pocket expenses for which invoices have been presented) to the Administrative Agent and Lenders, and to any other Person such amount as may be due thereto in connection with the
transactions contemplated hereby, including all taxes, fees and other charges in connection with the execution, delivery, recording, filing and registration of any of the Loan Documents.

 

(j)           The Parent Borrower shall have delivered to the Administrative Agent all documentation and other information requested by the Administrative Agent that is required to 

 

 

 

12

 

 

satisfy applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the USA Patriot Act.

 

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES

 

To induce the Administrative Agent, the Issuing Lenders and the Lenders to enter into this First Amendment, the Parent Borrower hereby represents and warrants to the Administrative Agent and Lenders that:

 

4.1           Each Credit Party has the requisite power and authority to execute and deliver and to perform its obligations under this First Amendment and, in the case of the Borrowers, to obtain Extensions of Credit under the Credit Agreement as amended by this First Amendment.

 

4.2           The execution, delivery, and performance by each of the Credit Parties of this First Amendment has been duly authorized by all necessary corporate, limited liability or other business entity action.

 

4.3           No authorization, consent, approval, license, exemption of, or filing or registration with, or any other action in respect of any Governmental Authority (other than any filings or reports required under the federal securities laws) is or will be necessary for the valid execution, delivery or performance by any Credit Party of this First Amendment.

 

4.4           This First Amendment has been duly executed and delivered by each Credit Party. This First Amendment constitutes the legal, valid and binding obligation of the Credit Parties enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Debtor Relief Laws from time to time in effect which affect the enforcement of creditors' rights in general and the availability of equitable remedies.

 

4.5           The  representations and warranties of the Parent Borrower contained in the Credit Agreement, this First Amendment and the other Loan Documents are true and correct in all material respects as of the First Amendment Effective Date, except for any representation and warranty made as of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date and except that the representations and warranties contained in subsections (a) and (b) of Section 6.1.7 of the
Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 7.1.1 of the Credit Agreement.

 

4.6           Both before and after giving effect to the transactions contemplated by this First Amendment, no Default or Event of Default has occurred and is continuing.

 

 

 

13

 

 

ARTICLE V

 

ACKNOWLEDGEMENT AND CONFIRMATION OF THE BORROWERS

 

Each Borrower hereby confirms and agrees that after giving effect to this First Amendment, the Credit Agreement and the other Loan Documents remain in full force and effect and enforceable against each Borrower in accordance with their respective terms and shall not be discharged, diminished, limited or otherwise affected in any respect, and the amendments contained herein shall not, in any manner, be construed to constitute payment of, or impair, limit, cancel or extinguish, or constitute a novation in respect of, the Obligations of any Borrower evidenced by or arising under the Credit
Agreement and the other Loan Documents, which shall not in any manner be impaired, limited, terminated, waived or released, but shall continue in full force and effect.  The Parent Borrower represents and warrants to the Lenders on behalf of itself and the Subsidiary Borrowers that it has no knowledge of any claims, counterclaims, offsets, or defenses to or with respect to its obligations under the Loan Documents, or if any Borrower has any such claims, counterclaims, offsets, or defenses to the Loan Documents or any transaction related to the Loan Documents, the same are hereby waived, relinquished, and released in consideration of the execution of this First Amendment.  This acknowledgement and confirmation by the Parent Borrower is made and delivered to induce the Administrative Agent and the Lenders to enter into this First Amendment, and the Parent Borrower
acknowledges that the Administrative Agent and the Lenders would not enter into this First Amendment in the absence of the acknowledgement and confirmation contained herein.

 

 

ARTICLE VI

 

ACKNOWLEDGMENT AND CONSENT OF GUARANTORS

 

Each of the Guarantors hereby (a) consents to the transactions contemplated by this First Amendment and (b) acknowledges and agrees that the guarantee made by such party contained in the Credit Agreement is, and shall remain, in full force and effect after giving effect to this First Amendment.

 

 

ARTICLE VII

 

MISCELLANEOUS

 

7.1           Governing Law.  This First Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York.

 

7.2           Full Force and Effect.  Except as expressly amended hereby, the Credit Agreement shall continue in full force and effect in accordance with the provisions thereof on the date hereof.  As used in the Credit Agreement, “hereinafter,” “hereto,” “hereof,” and words of similar import shall, unless the context otherwise requires, mean the Credit
Agreement after amendment by this First Amendment.  Any reference to the Credit Agreement or any of the other Loan Documents herein or in any such documents shall refer to the Credit Agreement and Loan Documents as amended hereby.  This First Amendment is limited as specified and shall not 

 

 

 

14

 

 

constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Credit Agreement except as expressly set forth herein.  This First Amendment shall constitute a Loan Document under the terms of the Credit Agreement.

 

7.3           Expenses.  The Parent Borrower agrees (i) to pay all reasonable and documented fees and expenses of counsel to the Administrative Agent, and (ii) to reimburse the Administrative Agent for all reasonable and documented out-of-pocket expenses, in each case, in connection with the preparation, negotiation, execution and delivery of this First Amendment and the other Loan Documents delivered in
connection herewith.

 

7.4           Severability.  To the extent any provision of this First Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in any such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this First Amendment
in any jurisdiction.

 

7.5           Successors and Assigns.  This First Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto.

 

7.6           Construction.  The headings of the various sections and subsections of this First Amendment have been inserted for convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof.

 

7.7           Counterparts.  This First Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this First Amendment by telecopy or by
electronic mail in a .pdf or similar file shall be effective as delivery of a manually executed counterpart of this First Amendment.  A complete set of counterparts shall be lodged with the Parent Borrower and the Administrative Agent.

  

15

  

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

 

 

	 	
PARENT BORROWER AND AS A 

GUARANTOR:

	 
	 	 	 	 
	 	THE BRINK’S COMPANY, a Virginia corporation	 
	 	 	 	 
	 	By:	/s/ Jonathan A. Leon	 
	 	Name:	Jonathan A. Leon	 
	 	Title:	Treasurer	 
	 	 	 	 
	 	 	 	 
	 	SUBSIDIARY BORROWERS:	 
	 	 	 	 
	 	BRINK’S INTERNATIONAL, C.V.	 
	 	 	 	 
	 	By: 	/s/ Jonathan A. Leon	 
	 	Name:	Jonathan A. Leon	 
	 	Title:	Treasurer	 
	 	 	 	 
	 	 	 	 
	 	BRINK’S CANADA LIMITED	 
	 	 	 	 
	 	By:	/s/ Jonathan A. Leon	 
	 	Name:	Jonathan A. Leon	 
	 	Title:	Treasurer	 
	 	 	 	 
	 	 	 	 
	 	BRINK’S INTERNATIONAL HOLDINGS AG
	 	 	 	 
	 	By:	/s/ Jonathan A. Leon	 
	 	Name:	Jonathan A. Leon	 
	 	Title:	Chairman	 

 

 

 

 

 

 

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BRINK’S GLOBAL SERVICES, LTD.

	 
	 	 	 	 
	 	By:	/s/ Jonathan A. Leon	 
	 	Name:	Jonathan A. Leon	 
	 	Title:	Authorized Representative	 
	 	 	 	 
	 	 	 	 
	 	
BRINK’S FRANCE SAS

	 
	 	 	 	 
	 	By: 	/s/ Jonathan A. Leon	 
	 	Name:	Jonathan A. Leon	 
	 	Title:	Authorized Representative	 
	 	 	 	 
	 	 	 	 
	 	BRINK'S LIMITED
	 	 	 	 
	 	By: 	/s/ Jonathan A. Leon	 
	 	Name:	Jonathan A. Leon	 
	 	Title:	Authorized Representative	 
	 	 	 	 
	 	 	 	 
	 	BRINK’S LUXEMBOURG S.A.
	 	 	 	 
	 	By:	/s/ Jonathan A. Leon	 
	 	Name:	Jonathan A. Leon	 
	 	Title:	Authorized Representative	 
	 	 	 	 
	 	 	 	 
	 	BRINK’S ASIA PACIFIC LIMITED	 
	 	 	 	 
	 	By:	/s/ Jonathan A. Leon	 
	 	Name:	Jonathan A. Leon	 
	 	Title:	Authorized Representative	 

 

 

 

 

 

 

 

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BRINK’S DUTCH HOLDINGS, B.V.

	 
	 	 	 	 
	 	By:	/s/ Jonathan A. Leon	 
	 	Name:	Jonathan A. Leon	 
	 	Title:	Attorney-in-fact	 
	 	 	 	 
	 	 	 	 
	 	
BRINK’S HONG KONG LIMITED

	 
	 	 	 	 
	 	By: 	/s/ Jonathan A. Leon	 
	 	Name:	Jonathan A. Leon	 
	 	Title:	Authorized Representative	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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GUARANTORS:

	 
	 	 	 	 
	 	
PITTSTON SERVICES GROUP INC., a Virginia

corporation

	 	 	 	 
	 	By:	/s/ Jonathan A. Leon	 
	 	Name:	Jonathan A. Leon	 
	 	Title:	Treasurer	 
	 	 	 	 
	 	Notice Address:	 
	 	c/o The Brink’s Company	 
	 	1801 Bayberry Court	 
	 	P.O. Box 18100	 
	 	Richmond, Virginia  23226-8100	 
	 	Attn:  Treasurer	 
	 	Facsimile:  (804) 289-9760	 
	 	 	 	 
	 	
BRINK’S HOLDING COMPANY, a Delaware 

corporation

	 	 	 	 
	 	By: 	/s/ Jonathan A. Leon	 
	 	Name:	Jonathan A. Leon	 
	 	Title:	Treasurer	 
	 	 	 	 
	 	Notice Address:	 
	 	c/o The Brink’s Company	 
	 	1801 Bayberry Court	 
	 	P.O. Box 18100	 
	 	Richmond, Virginia  23226-8100	 
	 	Attn:  Treasurer	 
	 	Facsimile:  (804) 289-9760	 
	 	 	 	 
	 	BRINK’S, INCORPORATED, a Delaware corporation
	 	 	 	 
	 	By:	/s/ Jonathan A. Leon	 
	 	Name:	Jonathan A. Leon	 
	 	Title:	Treasurer	 
	 	 	 	 
	 	Notice Address:	 
	 	c/o The Brink’s Company	 
	 	1801 Bayberry Court	 
	 	P.O. Box 18100	 
	 	Richmond, Virginia  23226-8100	 
	 	Attn:  Treasurer	 
	 	Facsimile:  (804) 289-9760	 

 

 

 

 

 

 

 

 

 

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CONTINUING LENDERS AND NEW LENDERS:

	 	 	 	 
	 	
WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Administrative Agent, an 

Issuing Lender, Swingline Lender, a Continuing 

Lender and a Revolving A Lender

	 	 	 	 
	 	By:	/s/ Kathleen Reedy	 
	 	Name:	Kathleen Reedy	 
	 	Title:	Managing Director	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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BANK OF AMERICA, N.A., as Syndication Agent, 

a Continuing Lender and a Revolving A Lender

	 	 	 	 
	 	By:	/s/ Chris Burns	 
	 	Name:	Chris Burns	 
	 	Title:	Vice President	 

 

 

 

 

 

 

 

 

 

 

 

 

 

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THE BANK OF TOKYO-MITSUBISHI UFJ, 

LTD., as a Co-Documentation Agent, a Continuing 

Lender and a Revolving A Lender

	 	 	 	 
	 	By:	/s/ Joanne Nasuti	 
	 	Name:	Joanne Nasuti	 
	 	Title:	Vice President	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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CIBC INC., as a Co-Documentation Agent, a 

Continuing Lender and a Revolving B Lender

	 	 	 	 
	 	By:	/s/ Dominic J. Sorresso	 
	 	Name:	Dominic J. Sorresso	 
	 	Title:	Executive Director	 
	 	 	 	 
	 	By:	/s/ Eoin Roche	 
	 	Name:	Eoin Roche	 
	 	Title:	Executive Director	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SOVEREIGN BANK, as a Co-Documentation 

Agent, a New Lender and a Revolving A Lender

	 	 	 	 
	 	By:	/s/ Carlos A. Calixto	 
	 	Name:	Carlos A. Calixto	 
	 	Title:	Vice President	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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U.S. BANK NATIONAL ASSOCIATION, as a Co-

Documentation Agent, a New Lender and a 

Revolving B Lender

	 	 	 	 
	 	By:	/s/ John M. Eyerman	 
	 	Name:	John M. Eyerman	 
	 	Title:	Vice President	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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HSBC BANK USA, NATIONAL ASSOCIATION, 

as a New Lender and a Revolving B Lender

	 	 	 	 
	 	By:	/s/ Reed R. Menefee	 
	 	Name:	Reed R. Menefee	 
	 	Title:	Vice President	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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MORGAN STANLEY SENIOR FUNDING, INC., 

as a New Lender and a Revolving B Lender

	 	 	 	 
	 	By:	/s/ Michael King	 
	 	Name:	Michael King	 
	 	Title:	Vice President	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

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PNC BANK N.A., as a Continuing Lender and a 

Revolving B Lender

	 	 	 	 
	 	By:	/s/ D. Jermaine Johnson	 
	 	Name:	D. Jermaine Johnson	 
	 	Title:	Senior Vice President	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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EXITING LENDERS:  The following Exiting 

Lenders are signing solely for purposes of Article II 

hereof:

	 	 	 
	 	
JPMORGAN CHASE BANK, N.A., as an Exiting 

Lender

	 	 	 	 
	 	By:	/s/ Philip A. Mousin	 
	 	Name:	Philip A. Mousin	 
	 	Title:	Credit Executive	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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MORGAN STANLEY BANK INTERNATIONAL

LIMITED, as an Exiting Lender

	 	 	 	 
	 	By:	/s/ Eric Jenkins	 
	 	Name:	Eric Jenkins	 
	 	Title:	Authorized Signatory	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIGNATURE PAGE TO 

FIRST AMENDMENT TO CREDIT AGREEMENT

  

  

  

 

 

	 	
SOCIETE GENERALE, as an Exiting Lender

	 
	 	 	 	 
	 	By:	/s/ Linda Tam	 
	 	Name:	Linda Tam	 
	 	Title:	Director	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIGNATURE PAGE TO 

FIRST AMENDMENT TO CREDIT AGREEMENT

  

  

  

 

 

	 	
BANCO SANTANDER, S.A., NEW YORK 

BRANCH, as an Exiting Lender

	 	 	 	 
	 	By:	/s/ Ritz Walz-Cuccioli    1/4/12	 
	 	Name:	Ritz Walz-Cuccioli	 
	 	Title:	Executive Director	 
	 	 	 	 
	 	By:	/s/ Terence Corcoran    1/4/12	 
	 	Name:	Terence Corcoran	 
	 	Title:	Senior Vice President	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIGNATURE PAGE TO 

FIRST AMENDMENT TO CREDIT AGREEMENT

  

  

  

Schedule 1.1(a)

 

Commitments

 

 

 

	
 

Revolving A Lenders

 

	
 

Revolving A 

Commitment

 

	
Wells Fargo Bank, National 

Association

	
$70,000,000

	
Bank of America, N.A.

	
$70,000,000

	
Bank of Tokyo-Mitsubishi UFJ, Ltd.

	
$55,000,000

	
Sovereign Bank (Santander Group)

	
$55,000,000

	
 

Total

	
 

$250,000,000.00

 

 

	
 

Revolving B Lenders

 

	
 

Revolving B 

Commitment

 

	
CIBC Inc.

	
$55,000,000

	
U.S. Bank, National Association

	
$55,000,000

	
HSBC Bank USA, National 

Association

	
$40,000,000

	
Morgan Stanley Senior Funding, Inc.

	
$40,000,000

	
PNC Bank N.A.

	
$40,000,000

	
 

Total

	
 

$230,000,000.00

 

 

	
 

 

Swingline Lender

 

	
 

Swingline 

Commitment

	
Wells Fargo Bank, National 

Association

	
$50,000,000

	
 

Total

	
 

$50,000,000

 

 

 

 

  

  

  

Schedule 1.1(b)

 

Subsidiary Borrowers

 

	
Revolving A Borrowers

	
Jurisdiction of 

Domicile

	
Revolving A Optional 

Currency

(Note: All Revolving A 

Borrowers can borrow in Dollars, 

Euros and Sterling)

	
BRINK’S INTERNATIONAL, C.V.

	
Netherlands

	
None

	
BRINK’S INTERNATIONAL HOLDINGS AG

	
Switzerland

	
Swiss Francs

	
BRINK’S DUTCH HOLDINGS, B.V.

	
Netherlands

	
None

	
BRINK’S LIMITED

	
United Kingdom

	
None

	
BRINK’S GLOBAL SERVICES, LTD.

	
United Kingdom

	
None

	
BRINK’S CANADA LIMITED

	
Canada

	
Canadian Dollars

	
BRINK’S LUXEMBOURG S.A.

	
Luxembourg

	
None

	
BRINK’S FRANCE SAS

	
France

	
None

	
BRINK’S ASIA PACIFIC LIMITED

	
Hong Kong

	
Hong Kong Dollars

	
BRINK’S HONG KONG LIMITED

	
Hong Kong

	
Hong Kong Dollars

 

 

	
Revolving B Borrowers

	
Jurisdiction of 

Domicile

	
Revolving B Optional 

Currency

(Note: All Revolving B 

Borrowers can borrow in Dollars, 

Euros and Sterling)

	
BRINK’S INTERNATIONAL, C.V.

	
Netherlands

	
None

	
BRINK’S INTERNATIONAL HOLDINGS AG

	
Switzerland

	
Swiss Francs

	
BRINK’S DUTCH HOLDINGS, B.V.

	
Netherlands

	
None

	
BRINK’S LIMITED

	
United Kingdom

	
None

	
BRINK’S GLOBAL SERVICES, LTD.

	
United Kingdom

	
None

	
BRINK’S CANADA LIMITED

	
Canada

	
Canadian Dollars

	
BRINK’S LUXEMBOURG S.A.

	
Luxembourg

	
None

 

 

 

  

  

  

Schedule 1.1(d)

 

Mandatory Costs Rate

 

	
1.  

	
The Mandatory Cost Rate is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Bank of England and/or the Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank.

 

	
2.  

	
On the first day of each Interest Period (or as soon as possible thereafter) the Administrative Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”) for each Lender, in accordance with the paragraphs set out below.  The Mandatory Cost Rate will be calculated by the Administrative Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the percentage participation of each Lender in the relevant Loan) and will be expressed as a percentage rate per annum.

 

	
3.  

	
The Additional Cost Rate for any Lender lending from a Lending Office in a Participating Member State will be the percentage notified by that Lender to the Administrative Agent.  This percentage will be certified by that Lender in its notice to the Administrative Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in all Loans made from that Lending Office) of complying with the minimum reserve requirements of the European Central Bank in respect of Loans made from that Lending Office.

 

	
4.  

	
The Additional Cost Rate for any Lender lending from a Lending Office in the United Kingdom will be calculated by the Administrative Agent as follows:

 

	
(a)  

	
in relation to a Sterling Loan:   

 

	 	 AB + C(B - D) + E x 0.01	 per cent. per annum
	 	100 - (A + C)	 

 

	
(b)  

	
in relation to a Loan in any currency other than Sterling:

 

	 	 E x 0.01	 per cent. per annum.
	 	300	 

 

  Where:

 

	
  

	
A

	
is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time to time required to maintain as an interest free cash ratio deposit with the Bank of England to comply with cash ratio requirements.

 

	
  

	
B

	
is the percentage rate of interest (excluding the Applicable Percentage, the Mandatory Cost Rate and the additional rate of interest specified in Section 4.1.3, if applicable) payable for the relevant Interest Period on the Loan.

 

 

  

  

  

 

	
  

	
C

	
is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time to maintain as interest bearing Special Deposits with the Bank of England.

 

	
  

	
D

	
is the percentage rate per annum payable by the Bank of England to the Administrative Agent on interest bearing Special Deposits.

 

	
  

	
E

	
is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Administrative Agent as being the average of the most recent rates of charge supplied by the Reference Banks to the Administrative Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000.

 

	
5.  

	
For the purposes of this Schedule:

 

	 	
(a)  

	
“Reference Banks” means Wells Fargo Bank, National Association or such other comparable banks as may be appointed by the Administrative Agent in consultation with the Parent Borrower.

 

	 	
(b)  

	
“Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by the Bank of England;

 

	 	
(c)  

	
“Fees Rules” means the rules on periodic fees contained in the Financial Services Authority Fees Manual or such other law or regulation as may be in force from time to time in respect of the payment of fees for the acceptance of deposits;

 

	 	
(d)  

	
“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant to the Fees Rules but taking into account any applicable discount rate); and

 

	 	
(e)  

	
“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules.

 

	
6.  

	
In application of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e. 5 per cent. will be included in the formula as 5 and not as 0.05).  A negative result obtained by subtracting D from B shall be taken as zero.  The resulting figures shall be rounded to four decimal places.

 

	
7.  

	
If requested by the Administrative Agent, the Reference Banks shall, as soon as practicable after publication by the Financial Services Authority, supply to the Administrative Agent, the rate of charge payable by that Reference Bank to the Financial Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by that Reference Bank as being the average of the Fee Tariffs applicable to that Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank.

 

 

  

  

  

 

 

	
8.  

	
Each Lender shall supply any information required by the Administrative Agent for the purpose of calculating its Additional Cost Rate.  In particular, but without limitation, each Lender shall supply the following information on or prior to the date on which it becomes a Lender:

 

	 	
(a)  

	
the jurisdiction of its Lending Office; and

 

	 	
(b)  

	
any other information that the Administrative Agent may reasonably require for such purpose.

 

Each Lender shall promptly notify the Administrative Agent of any change to the information provided by it pursuant to this paragraph.

 

	
9.  

	
The percentages of each Lender for the purpose of A and C above and the rates of charge of each Reference Bank for the purpose of E above shall be determined by the Administrative Agent based upon the information supplied to it pursuant to paragraphs 7 and 8 above and on the assumption that, unless a Lender notifies the Administrative Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits and Special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a Lending Office in the same jurisdiction as its Lending Office.

 

	
10.  

	
The Administrative Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall be entitled to assume that the information provided by any Lender or Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects.

 

	
11.  

	
The Administrative Agent shall distribute the additional amounts received as a result of the Mandatory Cost Rate to the Lenders on the basis of the Additional Cost Rate for each Lender based on the information provided by each Lender and each Reference Bank pursuant to paragraphs 3, 7 and 8 above.

 

	
12.  

	
Any determination by the Administrative Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost Rate, an Additional Cost Rate or any amount payable to a Lender shall, in the absence of manifest error, be conclusive and binding on all parties hereto.

 

	
13.  

	
The Administrative Agent may from time to time, after consultation with the Parent Borrower and the Lenders, determine and notify to all parties any amendments which are required to be made to this Schedule in order to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any case, any other authority which replaces all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all such parties.

 

 

 

  

  

  

 

Schedule 6.1.6

 

[see attached]

 

 

  

  

  

 

SUBSIDIARIES OF THE BRINK’S COMPANY

AS OF JANUARY 6, 2012

 

(The subsidiaries listed below are owned 100%, directly or indirectly, by The Brink’s Company unless otherwise noted.)

 

	  	
Jurisdiction

	
Company

	
of Incorporation

	  	  
	
The Pittston Company

	
    Delaware

	
Glen Allen Development, Inc.

	
Delaware

	
Liberty National Development Company, LLC (32.5%)

	
Delaware

	
New Liberty Residential Urban Renewal Company, LLC (17.5%)

	
New Jersey

	
Pittston Services Group Inc.

	
Virginia

	
Brink’s Holding Company

	
Delaware

	
Brink’s, Incorporated (“BI”)

	
Delaware

	
Brink’s Delaware, LLC

	
Delaware

	
Brink’s Express Company

	
Illinois

	
Security Services (Brink’s Jordan) Company Ltd (95%)

	
Jordan

	
Servicio Pan Americano de Protección S.A. de C.V. (“Serpaprosa”) (by Trust,

	  
	
  BI is Settlor of Trust) (99.75%)

	
Mexico

	
Aeroflash Mensajeria, S.A. de C.V. (99.75%)

	
Mexico

	
Inmobiliaria, A.J., S.A. de C.V. (99.75%)

	
Mexico

	
Operadora Especializada de Transportes, S.A. de C.V. (99.75%)

	
Mexico

	
Procesos Integrales en Distribución y Logística, S.A. de C.V. (99.75%)

	
Mexico

	
Productos Panamericanos de Proteccion, S.A. de C.V. (99.75%)

	
Mexico

	
Brink’s St. Lucia Ltd. (26%)

	
St. Lucia

	
Brink’s Security International, Inc. (“BSI”)

	
Delaware

	
Brink’s Brokerage Company, Incorporated

	
Delaware

	
Brink’s C.l.S., Inc.

	
Delaware

	
Brink’s Global Services International, Inc.

	
Delaware

	
Brink’s Global Services KL, Inc.

	
Delaware

	
Brink’s Global Services USA, Inc.

	
Delaware

	
Brink’s International Management Group, Inc.

	
Delaware

	
Brink’s Network, Incorporated

	
Delaware

	
Brink’s Vietnam, Incorporated

	
Delaware

	
Brink’s Philippines, Inc.

	
Delaware

	
Brink’s Ukraine, Inc.

	
Delaware

	
Brink’s Argentina S.A.

	
Argentina

	
Brink’s Seguridad Corporativa S.A. (95%)

	
Argentina

	
Brink’s Asia Pacific Limited

	
Hong Kong

	
Brink’s Australia Pty Ltd

	
Australia

	
A.C.N. 081 163 108 Pty Ltd

	
Australia

	
Brink’s Belgium S.A.

	
Belgium

	
Cavalier Insurance Company Ltd.

	
Bermuda

	
Brink’s Global Services FZE

	
Dubai (UAE)

	
Brink’s EMEA SAS

	
France

	
Brink’s Beteiligungsgesellschaft mbH

	
Germany

	
Brink’s Transport & Service GmbH

	
Germany

	
Brink’s Deutschland Cash Services GmbH

	
Germany

	
Brink’s Deutschland GmbH

	
Germany

	
Brink’s Sicherheit GmbH

	
Germany

	
Brink’s Far East Limited

	
Hong Kong

	
Brink’s Arya India Private Limited (78%)

	
India

	
Brink’s Ireland Limited

	
Ireland

	
Brink’s Security Services Ireland Limited

	
Ireland

	
Brink’s Holdings Limited

	
Israel

	
Brink’s (Israel) Limited (70%)

	
Israel

	
Brink’s Diamond & Jewellery Services (International) (1993) Ltd.

	
Israel

	
Brink’s Global Services S.r.L.

	
Italy

	
Brink’s Japan Limited

	
Japan

	
Brink’s Luxembourg S.A.

	
Luxembourg

	
Brink’s Security Luxembourg S.A.

	
Luxembourg

 

 

  

  

  

 

 

	 	 Jurisdiction
	Company	 of Incorporation
	 	 
	
BK Services S.a.r.l.

	
Luxembourg

	
Brink’s Global Services S.A. de C.V.

	
Mexico

	
Brink’s International, C.V. (“BICV”, BSI is General Partner)

	
Netherlands

	
Brink’s Chile, S.A. (74%, BICV is beneficial owner)

	
Chile

	
Organismo Tecnico de Capacitacion Brink’s SpA (74%)

	
Chile

	
Brink’s de Colombia S.A. (58%, BICV is beneficial owner)

	
Colombia

	
Domesa de Colombia S.A. (59%)

	
Colombia

	
Procesos & Canje S.A. (58%)

	
Colombia

	
Sistema Integrado Multiple de Pago Electronicos S.A.

	  
	
 (“SIMPLE S.A.”)(14.5%)

	
Colombia

	
Brink’s Canada Holdings, B.V. (BICV is beneficial owner)

	
Netherlands

	
Brink’s Canada Limited

	
Canada

	
Threshold Financial Technologies Inc.

	
Canada

	
Brink’s Security Services, B.V.

	
Netherlands

	
Centro Americana de Inversiones Balboa, C.A. (BICV is beneficial owner)

	
Panama

	
Hermes Transporte Blindados S.A. (36%)

	
Peru

	
Brink’s Dutch Holdings, B.V. (BICV is beneficial owner)

	
Netherlands

	
Brink’s Hellenic Holdings, B.V. (“BHH”)

	
Netherlands

	
Athena Marathon Holdings, B.V. (“AMH”)

	
Netherlands

	
Apollo Acropolis Holdings, B.V. (“AAH”)

	
Netherlands

	
Brink’s Bolivia S.A.

	
Bolivia

	
Hermes Delphi Holdings, B.V, (“HDH”)

	
Netherlands

	
Zeus Oedipus Holdings, B.V. (“ZOH”)

	
Netherlands

	
Brink’s Hellas Commercial S.A. – Information Technology Services

	  
	
  (“Brink’s Hellas SA”) (14.3% each BHH, AMH, AAH, HDH, ZOH,

	  
	
     Brink’s Dutch Holdings, B.V., Brink’s Canada Holdings, B.V.)

	
Greece

	
Brink’s Hermes Cash & Valuable Services S.A.

	  
	
  (“Brink’s Cash & Valuable Services SA”)

	
Greece

	
Brink’s Hermes Security Services SA (“Brink’s Security

	  
	
  Services S.A.”)

	
Greece

	
Brink’s Hermes Aviation Security Services S.A.

	  
	
  (“Brink’s Aviation Security Services S.A.”) (70%)

	
Greece

	
Hellenic Central Station SA - Reception & Processing

	  
	
  Centre of Electronic Signals (“Hellenic Central Station”)

	  
	
  (10%)

	
Greece

	
Brink’s C.L. Polska Sp.zo.o

	
Poland

	
Brink’s C.L. Hungaria Limited

	
Hungary

	
Brink’s RUS Holding B.V. (70%)

	
Netherlands

	
Limited Liability Company Brink’s Management (70%)

	
Russian Federation

	
Limited Liability Company Brink’s (70%)

	
Russian Federation

	
Non Banking Credit Organization BRINKS (Limited Liability

	
Russian

	
  Company) (70%)

	
Federation

	
Servicio Pan Americano de Proteccion C.A. (61%, BICV is beneficial owner)

	
Venezuela

	
Aeropanamericano, C.A. (61%)

	
Venezuela

	
Aero Sky Panama, S.A. (61%)

	
Panama

	
Artes Graficas Avanzadas 98, C.A. (61%)

	
Venezuela

	
Blindados de Zulia Occidente, C.A. (61%)

	
Venezuela

	
Blindados de Oriente, S.A. (61%)

	
Venezuela

	
Blindados Panamericanos, S.A. (61%)

	
Venezuela

	
Blindados Centro Occidente, S.A. (61%)

	
Venezuela

	
Documentos Mercantiles, S.A. (61%)

	
Venezuela

	
Instituto Panamericano, C.A. (61%)

	
Venezuela

	
Intergraficas Panama, S.A. (61%)

	
Panama

	
Panamericana de Vigilancia, S.A. (61%)

	
Venezuela

	
Transportes Expresos, C.A. (61%)

	
Venezuela

	
Brink’s Panama S.A.

	
Panama

	
Inmobiliaria Brink’s Panama S.A.

	
Panama

	
Brink's Poland Security Services Sp.zo.o.

	
Poland

	
Brink’s Puerto Rico, Inc.

	
Puerto Rico

 

 

  

2

  

 

 

 

	 	 Jurisdiction
	Company	 of Incorporation
	 	 
	
Brink’s International Holdings AG

	
Switzerland

	
Bolivar Business S.A. (61%)

	
Panama

	
Domesa Courier Corporation (61%)

	
Florida

	
Panamerican Protective Service Sint Maarten, N.V. (61%)

	
Sint Maarten

	
Radio Llamadas Panamá, S.A. (61%)

	
Panama

	
Servicio Panamericano de Protección Curacao, N.V. (61%)

	
Curacao

	
Domesa Curacao, N.V. (61%)

	
Curacao

	
Domesa Servicio Pan Americano de Proteccion

	  
	
  Brink’s Aruba, N.V. (61%)

	
Aruba

	
Servicio Panamericano de Vigilancia Curacao, N.V. (61%)

	
Curacao

	
Brink’s France SAS

	
France

	
Altair Securite

	
France

	
Brink’s (Mauritius) Ltd

	
Mauritius

	
Brink’s Antilles Guyane S.A.R.L.

	
Guadeloupe

	
Brink’s Contrôle Sécurité Réunion S.A.R.L.

	
St. Denis

	
Brink’s Évolution S.A.R.L.

	
France

	
Est Valeurs SAS

	
France

	
Brink’s Formation S.A.R.L.

	
France

	
Brink's Guarding Maroc S.A.S.

	
Morocco

	
Brink’s Madagascar S.A. (60%)

	
Madagascar

	
Brink’s Maroc S.A.

	
Morocco

	
Brink’s Qatar L.L.C. (49%)

	
Qatar

	
Brink’s Réunion S.A.R.L.

	
St. Denis

	
Brink’s Security Services SAS

	
France

	
Brink’s Teleservices SAS

	
France

	
Cyrasa Servicios de Control SA

	
Spain

	
Maartenval NV

	
Sint Maarten

	
Protecval S.A.R.L.

	
France

	
Security & Risk Management Training Centre Ltd

	
Mauritius

	
Brink’s Global Services Antwerp

	
Belgium

	
Brink’s Kenya Limited

	
Kenya

	
Brink’s Switzerland Ltd.

	
Switzerland

	
Brink’s Diamond & Jewelry Services BVBA

	
Belgium

	
Transpar – Brink’s ATM Ltda.

	
Brazil

	
BGS – Agenciamento de Carga e Despacho Aduaneiro Ltda.

	
Brazil

	
Brink’s-Seguranca e Transporte de Valores Ltda.

	
Brazil

	
BVA-Brink’s Valores Agregados Ltda.

	
Brazil

	
Brink’s Hong Kong Limited

	
Hong Kong

	
Brink’s (Shanghai) Finance Equipment Technology Services Co. Ltd.

	
China

	
Brink’s Diamond (Shanghai) Company Limited

	
China

	
Brink’s Finance Equipment (Shenzhen) Limited

	
China

	
Brink’s Jewellery Trading (Shanghai) Company Limited

	
China

	
Brink’s Security Transportation (Shanghai) Company Limited

	
China

	
Brink’s Global Services Korea Limited – Yunan Hoesa Brink’s Global (80%)

	
Korea

	
Brink’s Nederland B.V.

	
Netherlands

	
Brink’s Geldverwerking B.V.

	
Netherlands

	
Brink’s Houten B.V.

	
Netherlands

	
Brink’s Singapore Pte Ltd

	
Singapore

	
Brinks (Southern Africa) (Proprietary) Limited

	
South Africa

	
Brinks Armoured Security Services (Proprietary) Limited

	
South Africa

	
ePago International Inc.

	
Panama

	
Brink’s e-Pago Tecnologia Ltda.

	
Brazil

	
Corporación ePago de Venezuela, C.A.

	
Venezuela

	
e-Pago de Colombia S.A. (75%)

	
Colombia

	
Brink’s ePago S.A. de C.V.

	
Mexico

	
Brink’s Global Services (BGS) Botswana (Proprietary) Limited

	
Botswana

	
ICD Limited (55%)

	
China

	
Asia Security Products Limited (55%)

	
Hong Kong

	
ICD Americas, Inc. (55%)

	
Florida

	
ICD Engineering (Beijing) Co., Ltd. (55%)

	
China

	
ICD Systems (Shanghai) Ltd. (55%)

	
China

	
ICD Security Solutions (HK) Limited (55%)

	
Hong Kong

 

 

  

3

  

 

 

 

	 	 Jurisdiction
	Company	 of Incorporation
	 	 
	
ICD Security Solutions (India) Private Ltd. (55%)

	
India

	
ICD Security Solutions Pte. Ltd. (55%)

	
Singapore

	
Brink’s Macau Limited

	
Macao

	
Brink’s Taiwan Security Limited

	
Taiwan

	
Brink’s (Thailand) Limited (40%)

	
Thailand

	
Brink’s Global Technology Limited

	
Thailand

	
Brink’s Guvenlik Hizmetleri Anonim Sirketi

	
Turkey

	
Brink’s Europe Limited

	
U.K.

	
Brink’s (UK) Limited

	
U.K.

	
Brink’s Commercial Services Limited

	
U.K.

	
Brink’s Diamond & Jewellery Services Limited

	
U.K.

	
Brink’s Limited

	
U.K.

	
Brink’s (Scotland) Limited

	
U.K.

	
Brinks Limited W.L.L.

	
Bahrain

	
Brink’s Security Limited

	
U.K.

	
Quarrycast Commercial Limited

	
U.K.

	
Brink’s Global Services, Ltd.

	
U.K.

	
Tepuy Inmobiliaria VII, C.A.

	
Venezuela

	
BAX Holding Company

	
Virginia

	
Brink’s Administrative Services Inc.

	
Delaware

	
Pittston Minerals Group Inc.

	
Virginia

	
      Pittston Coal Company

	
Delaware

	
Heartland Coal Company

	
Delaware

	
Maxxim Rebuild Company, Inc.

	
Delaware

	
Pittston Forest Products, Inc.

	
Virginia

	
Addington, Inc.

	
Kentucky

	
Appalachian Mining, Inc.

	
West Virginia

	
Molloy Mining, Inc.

	
West Virginia

	
Vandalia Resources, Inc.

	
West Virginia

	
Pittston Coal Management Company

	
Virginia

	
Pittston Coal Terminal Corporation

	
Virginia

	
Pyxis Resources Company

	
Virginia

	
HICA Corporation

	
Kentucky

	
Holston Mining, Inc.

	
West Virginia

	
Motivation Coal Company

	
Virginia

	
Paramont Coal Corporation

	
Delaware

	
Sheridan-Wyoming Coal Company, Incorporated

	
Delaware

	
Thames Development Ltd.

	
Virginia

	
Buffalo Mining Company

	
West Virginia

	
Clinchfield Coal Company

	
Virginia

	
Dante Coal Company

	
Virginia

	
Eastern Coal Corporation

	
West Virginia

	
Elkay Mining Company

	
West Virginia

	
Jewell Ridge Coal Corporation

	
Virginia

	
Kentland-Elkhorn Coal Corporation

	
Kentucky

	
Meadow River Coal Company

	
Kentucky

	
Pittston Coal Group, Inc.

	
Virginia

	
Ranger Fuel Corporation

	
West Virginia

	
Sea “B” Mining Company

	
Virginia

	
Pittston Mineral Ventures Company

	
Delaware

	
           PMV Gold Company

	
Delaware

	
Pittston Mineral Ventures International Ltd.

	
Delaware

	
Mineral Ventures of Australia Pty Ltd.

	
Australia

 

 

 

 

NOTE:  Subsidiaries that are not majority owned do not constitute “Subsidiaries” for the purposes of this Schedule.  They have been left on the Schedule so as to make the ownership structure clear.

  

4

  

Schedule 9.2

 

Liens Existing on the First Amendment Effective Date

 

Liens on facilities and equipment of the Parent Borrower and certain of its Restricted Subsidiaries representing Capital Lease Obligations in the aggregate amount of approximately $102,000,000.

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