Document:

axr8k123112amendmt.htm

EXHIBIT 10.1

 

SECOND AMENDMENT AND JOINDER TO

REVOLVING CREDIT AND SECURITY AGREEMENT

 

This Second Amendment and Joinder to Revolving Credit and Security Agreement (the “Amendment”) is made as of this 31st day of December, 2012 by and among Kable Media Services, Inc., a corporation organized under the laws of the State of Delaware (“Kable”), Kable Distribution Services, Inc., a corporation organized under the laws of the State of Delaware (“Kable Distribution”), Kable Product Services, Inc., a corporation organized under the laws of the State of Delaware (“Kable Product”), Kable News Company, Inc., a corporation organized under the laws of the State of Illinois (“Kable News”), Palm Coast Data Holdco, Inc., a corporation organized under the laws of the State of Delaware (“Palm Holding”), Kable Staffing Resources LLC, a limited liability company organized under the laws of the State of Delaware (“Kable Staffing”), Kable Specialty Packaging Services LLC, a limited liability company organized under the laws of the State of Delaware (“Kable Specialty”), Kable News International, Inc., a corporation organized under the laws of the State of Delaware (“Kable International”), Palm Coast Data LLC, a limited liability company organized under the laws of the State of Delaware (“Palm Coast”, together with Kable, Kable Distribution, Kable Product, Kable News, Palm Holding, Kable Staffing, Kable Specialty, and  Kable International, collectively, the “Existing Borrowers”, and each an “Existing Borrower”), FC PURCHASE, LLC, a Delaware limited liability company (“Joining Borrower” and, together with Existing Borrowers and any other Person joined as a borrower to the Loan Agreement (as defined below) from time to time, collectively, the “Borrowers”, and each a “Borrower”), the financial institutions which are now or which hereafter become a party to the Loan Agreement (collectively, the “Lenders” and each individually a “Lender”) and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for Lenders (PNC, in such capacity, the “Agent”) and as a Lender.

 

BACKGROUND

 

A.           On May 13, 2010, Existing Borrowers and PNC as a Lender and Agent entered into that certain Revolving Credit and Security Agreement (as same has been or may be amended, restated, modified, renewed, extended, replaced or substituted from time to time, including, without limitation, as amended by certain modifications and/or waivers contained in that certain (i) Consent Letter dated September 27, 2010, (ii) Consent Letter dated December 29, 2011, (iii) Waiver and Amendment dated July 18, 2012, and (iv) First Amendment to Revolving Credit and Security Agreement dated as of October 1, 2012, the “Loan Agreement”) to reflect certain financing arrangements between the parties thereto.  The Loan Agreement and all other documents executed in connection therewith to the date hereof are collectively referred to as the “Existing Financing Agreements.”  All capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Loan Agreement.

 

B.           Borrowers have requested that Agent and Lenders modify certain definitions, terms and conditions in the Loan Agreement and Agent and Lenders are willing to do so on the terms and conditions hereafter set forth.

 

NOW THEREFORE, with the foregoing background hereinafter deemed incorporated by reference herein and made part hereof, the parties hereto, intending to be legally bound, promise and agree as follows:

 

  

-1-

  

  

	
Section 1  

	
Joinder

 

(a) Upon the Effective Date (as defined below), Joining Borrower joins in as, assumes the obligations and liabilities of, adopts the obligations, liabilities and role of, and becomes, a Borrower under the Loan Agreement and the Other Documents (including the Subordination Agreement).  All references to Borrower or Borrowers contained in the Loan Agreement and Other Documents are hereby deemed for all purposes to also refer to and include Joining Borrower as a Borrower and Joining Borrower hereby agrees to comply with all terms and conditions of the Loan Agreement and the Other Documents as if Joining Borrower were an original signatory thereto.

 

(b) Without limiting the generality of the provisions of Section 1(a) above, Joining Borrower hereby becomes liable on a joint and several basis, along with all other Borrowers, for all Advances made by Lenders under the Loan Agreement and the Other Documents and all Obligations thereunder.

 

	
Section 2  

	
Consent

 

(a) Asset Purchase Agreement.  In reliance upon the documentation and information provided to Agent in connection with Joining Borrower’s intended acquisition (the “Acquisition”) of certain of the assets of FulCircle, Inc., a Colorado corporation (the “Seller”) under the terms and conditions set forth in the Asset Purchase Agreement (the “Asset Purchase Agreement”), dated on or about the date hereof, by and among Joining Borrower, Seller, Samuel E. Kimbriel (“Kimbriel”) and The Samuel E. Kimbriel Business Trust (together with Kimbriel and Seller, collectively the “Seller Parties” and each a “Seller Party”), and notwithstanding anything to the contrary contained in the Loan Agreement, upon satisfaction of the conditions set forth in Section 7 below, Agent and Lenders hereby consent to the Acquisition and agree that (i) the execution of the Asset Purchase Agreement and the use of Advances to pay the purchase price for the Acquisition shall not constitute an Event of Default under the Loan Agreement or any Other Document and (ii) the payment of the purchase price for the Acquisition shall not be deemed a Capital Expenditure.

 

(b) General.  The consents contained in the foregoing paragraphs of this Section 2 (together, the “Consents”) shall not be deemed consent to the breach by Borrowers of any other covenants or agreements contained in the Loan Agreement or any Other Documents with respect to any other transaction or matter.  Borrowers agree that the Consents shall not be deemed (i) to be consent to, or any waiver or modification of, any other term or condition of the Loan Agreement or any Other Document, or (ii) to prejudice any right or remedy that Agent or Lenders may now have or may in the future have under or in connection with the Loan Agreement or any Other Document other than with respect to the matters for which the foregoing Consents have been provided.  The Consents shall not alter, affect, release or prejudice in any way any of the Obligations under the Loan Agreement.  The Consents shall not be construed as establishing a course of conduct on the part of Agent or Lenders upon which the Borrowers may rely at any time in the future. Borrowers expressly waive any right to assert any claim to such effect at any time.

 

	
Section 3  

	
Amendments to Loan Agreement

 

(a)   On the Effective Date, new definitions of  “Earn Out Reserve”, “Earn Out Payment” and “FulCircle Receivables” shall be inserted in Section 1.2 of the Loan Agreement in the appropriate alphabetical sequence as follows:

 

“Earn Out Reserve” shall mean, as of any date of determination, a reserve in an amount equal to $500,000.00 on account of the Earn Out Payment, such reserve to be reduced on a dollar by dollar basis by the amount of any Earn Out Payments made by Borrowers until the reserve amount is $0; provided however that upon satisfaction or termination of Borrowers’ obligation (and delivery of evidence satisfactory to Agent of such satisfaction or termination) to make any additional Earn Out Payments, such reserve shall automatically be reduced to $0.

 

  

-2-

  

  

“Earn Out Payment” shall mean any payments made pursuant to Section 2.06 of the Asset Purchase Agreement as in effect on the date hereof.

 

“FulCircle Receivables” shall mean Receivables of FC Purchase, LLC.

 

(b)   On the Effective Date, the following definition of “Fixed Charge Coverage Ratio” shall be deleted in its entirety and replaced as follows:

 

“Fixed Charge Coverage Ratio” shall mean and include, with respect to any fiscal period, the ratio of (a) EBITDA, plus stock based compensation paid to employees during such period to the extent deducted in calculating EBITDA, plus Restructuring Charges paid during such period to the extent such Restructuring Charges were included in the Restructuring Reserve prior to being paid and were deducted in calculating EBITDA, minus Unfunded Capital Expenditures made during such period, minus distributions (including tax distributions) and dividends to the extent paid in cash during such period to (b) the sum of all Debt Payments made during such period, plus all cash payments made on account of Borrowers’ pension obligations during such period to the extent such payments were not deducted in calculating EBITDA (but excluding up to $2,300,000 of such payments during the period commencing on May 1, 2012 through January 31, 2013), plus payments made to the State of Florida on account of the obligations owing to the State of Florida under the award agreement between Palm Coast and the State of Florida (but excluding such payments made during the period commencing on May 1, 2012 through January 31, 2013 up to the initial amount of the Florida Reserve), plus  any Earn Out Payments made by Borrowers in excess of $500,000 in the aggregate.

 

(c)   On the Effective Date, clause (iv) of Section 2.1(a)(z) shall be amended and restated in its entirety as follows:

 

(iv)           the Earn Out Reserve, minus

 

(d)        On the Effective Date, the following shall be inserted as a new Section 2.1(e) of the Loan Agreement:

 

(e) Sublimit for Revolving Advances made against FulCircle Receivables. The aggregate amount of Revolving Advances at any time outstanding made to Borrowers against FulCircle Receivables constituting Eligible Receivables shall not exceed $650,000; provided, that, such limit shall no longer apply upon and after receipt by Agent of a satisfactory field examination of the FulCircle Receivables.

 

 

  

-3-

  

  

	
Section 4  

	
Schedules.

 

Attached hereto as Exhibit A are supplemental disclosure schedules to the Credit Agreement for Joining Borrower necessary to make the representations and warranties contained in the Loan Agreement true and correct with respect to Joining Borrower as of the date first written above.

 

	
Section 5  

	
Security Grant. 

 

To secure the prompt payment and performance to Agent and each Lender of the Obligations:  (i) each Existing Borrower reconfirms the prior assignment, pledge and grant pursuant to Article IV of the Loan Agreement of a continuing security interest in and Lien on all of such Existing Borrower’s Collateral, whether now owned or existing or hereafter acquired or arising and wherever located; and (ii) Joining Borrower hereby assigns, pledges and grants to Agent for the ratable benefit of each Lender, a continuing first priority, perfected lien and security interest in and upon the Collateral of Joining Borrower, whether now owned or hereafter acquired or arising and wherever located, in each case, subject to the terms, provisions and limitations set forth in the Loan Agreement.

 

	
Section 6  

	
Representations, Warranties and Covenants of Borrowers

 

Each Borrower hereby represents and warrants to and covenants with the Agent and the Lenders that:

 

(a)  such Borrower reaffirms all representations and warranties made to Agent and Lenders under the Loan Agreement and all of the other Existing Financing Agreements and confirms that after giving effect to this Amendment all are true and correct in all material respects as of the date hereof (except to the extent any such representations and warranties specifically relate to a specific date, in which case such representations and warranties were true and correct in all material respects on and as of such other specific date);

 

(b)     from and after the Effective Date, such Borrower reaffirms all of the covenants contained in the Loan Agreement (as amended hereby), covenants to abide thereby until all Advances, Obligations and other liabilities of Borrowers to Agent and Lenders under the Loan Agreement of whatever nature and whenever incurred, are satisfied and/or released by Agent and Lenders;

 

(c)     after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing under any of the Existing Financing Agreements;

 

(d)  such Borrower has the authority and legal right to execute, deliver and carry out the terms of this Amendment, that such actions were duly authorized by all necessary limited liability company or corporate action, as applicable, and that the officer executing this Amendment on its behalf was similarly authorized and empowered, and that this Amendment does not contravene any provisions of its certificate of incorporation or formation, operating agreement, bylaws, or other formation documents, as applicable, or of any material contract or agreement to which it is a party or by which any of its properties are bound; and

 

(e)  this Amendment and all assignments, instruments, documents, and agreements executed and delivered in connection herewith, are valid, binding and enforceable in accordance with their respective terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally.

 

	
Section 7  

	
Conditions Precedent/Effectiveness Conditions

 

This Amendment shall be effective upon the date of satisfaction of all of the following conditions precedent (the “Effective Date”).

 

(a)     Agent shall have received this Amendment fully executed by the Borrowers;

 

 

  

-4-

  

  

(b)  Agent shall have received an amended and restated Revolving Credit Note fully executed by the Borrowers;

 

(c)  Agent shall have received a collateral assignment of the Asset Purchase Agreement, together with consents thereto from the Seller Parties;

 

(d)  Agent shall have received resolutions of Joining Borrower evidencing such Joining Borrower’s authorization to execute this amendment and setting forth authorized signers on behalf such Joining Borrower;

 

(e)  Agent shall have received certified copies of Joining Borrower’s Articles of Organization and Operating Agreement;

 

(f)  Agent shall have received a non-refundable amendment fee in an amount equal to $10,000, which Borrowers acknowledge Agent shall have earned in full as of the date hereof and which shall not be subject to proration;

 

(g)  Agent shall have received a pledge agreement duly executed by the owner(s) of one hundred percent (100%) of the equity of Joining Borrower, together with such documents and instruments as may be required thereunder;

 

(h)  Agent shall have received the fully executed Asset Purchase Agreement together with all schedules and exhibits thereto and all documents, instruments and agreements executed in connection therewith;

 

(i)   All documents, instruments and information required to be delivered hereunder shall be in form and substance reasonably satisfactory to Agent and Agent’s counsel);

 

(j)   Agent shall have received such other documents as Agent or counsel to Agent may reasonably request; and

 

(k)  No Default or Event of Default shall have occurred and be continuing, both prior and after giving effect to the terms of this Amendment.

 

 

	
Section 8  

	
Condition Subsequent.

 

(a) Within sixty (60) days following the date of this Amendment (or such later date as determined by the Agent in its sole discretion), Borrowers shall cause Furniture Row COLO, LLC to execute and deliver to Agent a lien waiver agreement in form and substance reasonably satisfactory to Agent for Joining Borrower’s location generally known as 13333 E. 37th Avenue in Denver, Colorado.

 

(b) Within thirty (30) days following the date of this Amendment, Borrowers shall deliver amended and restated disclosure schedules to the Credit Agreement with respect to all Borrowers necessary to make the representations and warranties contained in the Loan Agreement true and correct with respect to all Borrowers as of the date of delivery thereof.

 

 

	
Section 9  

	
Further Assurances

 

Each Borrower hereby agrees to take all such actions and to execute and/or deliver to Agent and Lenders all such documents, assignments, financing statements and other documents, as Agent and Lenders may reasonably require from time to time, to effectuate and implement the purposes of this Amendment.

 

 

  

-5-

  

  

	
Section 10  

	
Payment of Expenses

 

Borrowers shall pay or reimburse Agent and Lenders for their reasonable attorneys’ fees and expenses in connection with the preparation, negotiation and execution of this Amendment and the documents provided for herein or related hereto.

 

	
Section 11  

	
Reaffirmation of Loan Agreement

 

Except as modified by the terms hereof, all of the terms and conditions of the Loan Agreement, as amended, and all other of the Existing Financing Agreements are hereby reaffirmed and shall continue in full force and effect as therein written.

 

	
Section 12  

	
Reaffirmation of Subordination Agreement.

 

By execution of this Amendment, American Republic Investment Co., a Delaware corporation, hereby covenants and agrees that its Amended and Restated Subordination Agreement dated October 1, 2012 shall remain in full force and effect and that Joining Borrower shall be deemed a Borrower thereunder.

 

	
Section 13  

	
Confirmation of Indebtedness

 

Borrowers confirm and acknowledge that as of the close of business on December 28, 2012, Borrowers were indebted to Lenders for the Advances under the Loan Agreement without any deduction, defense, setoff, claim or counterclaim, of any nature, in the aggregate principal amount of Zero Dollars and Zero Cents ($0.00) due on account of Revolving Advances, and Two Hundred Thirty Three Thousand Five Hundred Thirty Three Dollars and Zero Cents ($233,533.00) on account of undrawn Letters of Credit, plus all fees, costs and expenses incurred to date in connection with the Loan Agreement and the Other Documents.

 

	
Section 14  

	
Miscellaneous

 

(a)  Third Party Rights.  No rights are intended to be created hereunder for the benefit of any third party donee, creditor, or incidental beneficiary.

 

(b)  Headings.  The headings of any paragraph of this Amendment are for convenience only and shall not be used to interpret any provision hereof.

 

(c)  Modifications.  No modification hereof or any agreement referred to herein shall be binding or enforceable unless in writing and signed on behalf of the party against whom enforcement is sought.

 

(d)  Governing Law.  The terms and conditions of this Amendment shall be governed by the laws of the Commonwealth of Pennsylvania.

 

(e)     Counterparts.  This Amendment may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement.  Any signature delivered by a party by facsimile or pdf transmission shall be deemed to be an original signature hereto.

 

[SIGNATURE PAGES TO FOLLOW]

 

  

-6-

  

  

 

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

 

 

 

	
EXISTING BORROWERS:

 

KABLE MEDIA SERVICES, INC.

	
KABLE DISTRIBUTION SERVICES, INC.

	
KABLE PRODUCT SERVICES, INC.

	
KABLE NEWS COMPANY, INC.

	
PALM COAST DATA HOLDCO, INC.

	
KABLE STAFFING RESOURCES LLC

	
KABLE SPECIALTY PACKAGING SERVICES LLC

	
KABLE NEWS INTERNATIONAL, INC.

	
PALM COAST DATA LLC

	  

By:     /s/ Michael P. Duloc                

Michael P. Duloc as President of

Kable News Company, Inc. and Kable

News International, Inc. and

President

and Chief Executive Officer of the

remaining Borrowers

 

JOINING BORROWER

 

FC PURCHASE, LLC

 

By:      /s/  Michael P. Duloc                     

Name: Michael P. Duloc

Title: President and Chief Executive Officer

 

AMERICAN REPUBLIC INVESTMENT CO.

 

By:      /s/  Michael P. Duloc                    

Name:  Michael P. Duloc

Title:           President

 

[SIGNATURE PAGE TO SECOND AMENDMENT AND JOINDER]

S-1

  

  

  

  

 

	 	
PNC BANK, NATIONAL ASSOCIATION

as Lender and as Agent

	 	 	 
	 	By:  /s/ Jacqueline MacKenzie.                      
	 	Name: Jacqueline MacKenzie
	 	Title: Vice President
	 

 

 

 

 

 

 

 

 

 

 

 

[SIGNATURE PAGE TO SECOND AMENDMENT AND JOINDER]

S-2Waiver

Execution Version
LETTER WAIVER
Dated as of December 29, 2012
To the holders of the Notes
(collectively, “you” or the “Holders”)
issued pursuant to the Note Purchase Agreement referred to below

Ladies and Gentlemen:

We refer to the Note Purchase Agreement, dated as of November 23, 2010, as amended by that certain First Amendment to Note Purchase Agreement, dated as of August 15, 2012 (the “Note Purchase Agreement”), among Avon Products, Inc., a New York corporation (“us” or “API”), and each of the Purchasers.  Capitalized terms not otherwise defined in this Letter Waiver have the same meanings as specified in the Note Purchase Agreement.  
We hereby request that you temporarily waive until January 31, 2013, and by executing this Letter Waiver you hereby temporarily waive until January 31, 2013, any Default or Event of Default that may arise as of December 31, 2012 as a result of API's inability to comply with the Interest Coverage Ratio set forth in Section 10.1 of the Note Purchase Agreement.
This Letter Waiver shall become effective as of the date first above written when (i) each Holder shall have received from API payment in respect of the waiver contemplated hereby, on or before December 31, 2012, in an amount equal to 0.125% (12.5 basis points) of the principal amount of Notes held by such Holder, and (ii) Bingham McCutchen LLP, on behalf of each Holder, shall have received counterparts of this Letter Waiver executed by API, reaffirmed by the Subsidiary Guarantor and executed by Holders constituting the Required Holders.
In consideration of the payment to the Holders pursuant to this Letter Waiver (and so long as same are paid), API and the Holders agree that, for all purposes of Section 10.8(a) of the Note Purchase Agreement, payments of fees, except to the extent in excess of 12.5 basis points (0.125%) expressed as a percentage of the outstanding principal amount (in the case of term loans) or commitments (in the case of revolving commitments), may be paid substantially concurrently herewith in connection with amendments to the Principal Credit Facilities outstanding on the date hereof without requiring any payment of fees to Holders pursuant to Section 10.8(a) (and for purposes thereof such fees, except to the extent in excess of 12.5 basis points (0.125%) as described above, shall be ignored).  
In consideration of the Holders entering into this Letter Waiver, API agrees that,  prior to January 31, 2013 (a) it shall not enter into or give effect to a refinancing or other voluntary repayment, repurchase or material reduction of amounts outstanding in respect of its term loan agreement dated as of June 29, 2012, as amended, and (b) if a Responsible Officer becomes aware of any event or occurrence which would constitute a Default or Event of Default in respect of the Interest Coverage Ratio set forth in Section 10.1 of the Note Purchase Agreement (for this purpose, determined as if the waiver evidenced hereby was not in effect), it shall promptly (and in any event within five Business Days following a Responsible Officer becoming aware of same) provide Bingham McCutchen LLP on behalf of the Holders notice thereof.
The Note Purchase Agreement, the Subsidiary Guaranty and the Notes, except to the extent of the waiver specifically provided above, are and shall continue to be in full force and effect and are hereby 

in all respects ratified and confirmed.  Except as expressly provided herein, the execution, delivery and effectiveness of this Letter Waiver shall not operate as a waiver of any right, power or remedy of any Holder under the Note Purchase Agreement, the Subsidiary Guaranty or the Notes, or constitute a waiver of any provision of the Note Purchase Agreement, the Subsidiary Guaranty or the Notes except as and for the period specified herein.  The entry into this Letter Waiver for the benefit of API shall not be construed to imply that any future amendment, consent or waiver will be granted by the Holders; the Holders reserve all of their rights and remedies under the Note Purchase Agreement, the Subsidiary Guaranty and the Notes, whether pursuant to contract, at law or in equity.
API and the Subsidiary Guarantor represent and warrant that no Default or Event of Default has occurred and is continuing under the Note Purchase Agreement as of the date hereof and after giving effect to this Letter Waiver.
If you agree to the terms and provisions of this Letter Waiver, please evidence such agreement by executing and returning a counterpart of this Letter Waiver to Scott A. Falk, Bingham McCutchen LLP, One State Street, Hartford, CT 06103-3178  (E-mail: scott.falk@bingham.com) via physical or electronic delivery.
This Letter Waiver may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Letter Waiver by telecopier or other electronic means shall be effective as delivery of a manually executed counterpart of this Letter Waiver.

    

This Letter Waiver shall be governed by, and construed in accordance with, the laws of the State of New York, excluding choice-of-law principles of the law of such State that would prohibit the application of the laws of a jurisdiction other than such State.

Very truly yours,

	
					
	 
	 
	AVON PRODUCTS, INC.

	 
	 
	By:
	/s/ Shalabh Gupta

	 
	 
	 
	Name: Shalabh Gupta

	 
	 
	 
	Title: Vice President and Treasurer

	
					
	 
	 
	AVON CAPITAL CORPORATION

	 
	 
	By:
	/s/ Shalabh Gupta

	 
	 
	 
	Name: Shalabh Gupta

	 
	 
	 
	Title: Vice President and Treasurer

Agreed as of the date first above written:   
	
					
	 
	 
	METROPOLITAN LIFE INSURANCE COMPANY

	 
	 
	on behalf of itself and as investment manager of:

	 
	 
	 

	 
	 
	METLIFE INSURANCE COMPANY OF CONNECTICUT

	 
	 
	 

	 
	 
	MISSOURI REINSURANCE, INC. (F/K/A MISSOURI

	 
	 
	REINSURANCE (BARBADOS), INC.

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Ronald D. Nirenberg
	 

	 
	 
	 
	Name: Ronald D. Nirenberg
	 

	 
	 
	 
	Title: Director

[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:  

	
					
	 
	 
	GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY

	 
	 
	 

	 
	 
	By:
	/s/ Eve Hampton
	 

	 
	 
	 
	Name: Eve Hampton

	 
	 
	 
	Title: Vice President, Investments

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Ward Argust
	 

	 
	 
	 
	Name: Ward Argust

	 
	 
	 
	Title: Manager, Investments

	 
	 
	 
	 
	 

	 
	 
	THE GREAT-WEST LIFE ASSURANCE COMPANY

	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 

	 
	 
	 
	Name:

	 
	 
	 
	Title:

	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 

	 
	 
	 
	Name:

	 
	 
	 
	Title:

[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:  

	
					
	 
	 
	GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY

	 
	 
	 

	 
	 
	By:
	 
	 

	 
	 
	 
	Name: 

	 
	 
	 
	Title: 

	 
	 
	 
	 
	 

	 
	 
	By:
	

	 

	 
	 
	 
	Name: 

	 
	 
	 
	Title: 

	 
	 
	 
	 
	 

	 
	 
	THE GREAT-WEST LIFE ASSURANCE COMPANY

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ B.R. Allison
	 

	 
	 
	 
	Name: B.R. Allison

	 
	 
	 
	Title: Executive Vice-President

	 
	 
	 
	          Chief Investment Officer
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ D.B. E. Ayers
	 

	 
	 
	 
	Name: D.B. E. Ayers

	 
	 
	 
	Title: Director

	 
	 
	 
	          Bond Investments
	 

[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:  

	
					
	 
	 
	NEW YORK LIFE INSURANCE COMPANY

	 
	 
	 

	 
	 
	By:
	/s/ A. Post Howland
	 

	 
	 
	 
	Name: A. Post Howland

	 
	 
	 
	Title: Corporate Vice President

	 
	 
	 
	 
	 

	 
	 
	NEW YORK LIFE INSURANCE AND ANNUITY

	 
	 
	CORPORATION
	 

	 
	 
	 
	 
	 

	 
	 
	 
	By:  New York Life Investment Management

	 
	 
	 
	LLC, Its Investment Manager
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ A. Post Howland
	 

	 
	 
	 
	Name: A. Post Howland

	 
	 
	 
	Title: Senior Director

	 
	 
	 
	 
	 

	 
	 
	NEW YORK LIFE INSURANCE AND ANNUITY

	 
	 
	CORPORATION INSTITUTIONALLY OWNED LIFE

	 
	 
	INSURANCE SEPARATE ACCOUNT (BOLI 30C)

	 
	 
	 
	 
	 

	 
	 
	 
	By:  New York Life Investment Management

	 
	 
	 
	LLC, Its Investment Manager
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ A. Post Howland
	 

	 
	 
	 
	Name: A. Post Howland

	 
	 
	 
	Title: Senior Director

	 
	 
	 
	 
	 

	 
	 
	NEW YORK LIFE INSURANCE AND ANNUITY

	 
	 
	CORPORATION INSTITUTIONALLY OWNED LIFE

	 
	 
	INSURANCE SEPARATE ACCOUNT (BOLI 30E)

	 
	 
	 
	 
	 

	 
	 
	 
	By:  New York Life Investment Management

	 
	 
	 
	LLC, Its Investment Manager
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ A. Post Howland
	 

	 
	 
	 
	Name: A. Post Howland

	 
	 
	 
	Title: Senior Director

  
[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:  

	
					
	 
	 
	FORETHOUGHT LIFE INSURANCE COMPANY

	 
	 
	 

	 
	 
	By:
	Prudential Private Placement Investors,

	 
	 
	 
	L.P. (as Investment Advisor)

	 
	 
	 
	 

	 
	 
	By:
	Prudential Private Placement Investors,

	 
	 
	 
	Inc. (as its General Partner)

	 
	 
	 
	 
	 

	 
	 
	By:
	

	 

	 
	 
	 
	Name: 

	 
	 
	 
	Title: 

[SIGNATURE PAGE FOR LETTER WAIVER]

 

Agreed as of the date first above written:  

	
					
	 
	 
	RGA REINSURANCE COMPANY, a Missouri 

	 
	 
	corporation

	 
	 
	 

	 
	 
	By:   Principal Global Investors, LLC, a Delaware

	 
	 
	 
	limited liability company, its authorized

	 
	 
	 
	signatory
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Alan P. Kress
	 

	 
	 
	 
	Name: Alan P. Kress

	 
	 
	 
	Title: Counsel

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Clint Woods
	 

	 
	 
	 
	Name: Clint Woods

	 
	 
	 
	Title: Assistant General Counsel

	 
	 
	 
	 
	 

	 
	 
	SYMETRA LIFE INSURANCE COMPANY, a Washington

	 
	 
	corporation

	 
	 
	 

	 
	 
	By:  Principal Global Investors, LLC, a Delaware

	 
	 
	limited liability company, its authorized signatory

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Alan P. Kress
	 

	 
	 
	 
	Name: Alan P. Kress

	 
	 
	 
	Title: Counsel

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Clint Woods
	 

	 
	 
	 
	Name: Clint Woods

	 
	 
	 
	Title: Assistant General Counsel

  

[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:  

	
					
	 
	 
	NATIONWIDE LIFE INSURANCE COMPANY

	 
	 
	 
	 
	 

	 
	 
	By:
	

	 

	 
	 
	 
	Name: 

	 
	 
	 
	Title: 

  

[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:  

	
					
	 
	 
	MASSACHUSETTS MUTUAL LIFE INSURANCE 

	 
	 
	COMPANY

	 
	 
	 

	 
	 
	 
	By: Babson Capital Management LLC, as Investment Advisor

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Elisabeth A. Perenick
	 

	 
	 
	 
	Name: Elisabeth A. Perenick

	 
	 
	 
	Title: Managing Director

[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:  

	
					
	 
	 
	MONY LIFE INSURANCE COMPANY

	 
	 
	 

	 
	 
	By:
	

	 

	 
	 
	 
	Name: 

	 
	 
	 
	Title: 

	 
	 
	 

	 
	 
	AXA EQUITABLE LIFE INSURANCE COMPANY

	 
	 
	 

	 
	 
	By:
	

	 

	 
	 
	 
	Name: 

	 
	 
	 
	Title:

 

[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:  

	
					
	 
	 
	UNITED OF OMAHA LIFE INSURANCE COMPANY

	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Justin P. Kavan
	 

	 
	 
	 
	Name: Justin P. Kavan

	 
	 
	 
	Title: Vice President

[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:  

	
					
	 
	 
	THE OHIO NATIONAL LIFE INSURANCE COMPANY

	 
	 
	 

	 
	 
	By:
	

	 

	 
	 
	 
	Name: 

	 
	 
	 
	Title: 

	 
	 
	 

	 
	 
	OHIO NATIONAL LIFE ASSURANCE CORPORATION

	 
	 
	 
	 
	 

	 
	 
	By:
	

	 

	 
	 
	 
	Name: 

	 
	 
	 
	Title: 

[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:  

	
					
	 
	 
	TRANSAMAERICA LIFE INSURANCE COMPANY

	 
	 
	By: AEGON USA INVESTMENT MANAGEMENT,

	 
	 
	LLC, ITS INVESTMENT MANAGER

	 
	 
	 

	 
	 
	By:
	

	 

	 
	 
	 
	Name: 

	 
	 
	 
	Title: 

	 
	 
	 
	 
	 

	 
	 
	TRANSAMERICA PACIFIC INSURANCE COMPANY LTD

	 
	 
	By: AEGON USA INVESTMENT MANAGEMENT,

	 
	 
	LLC, ITS INVESTMENT MANAGER

	 
	 
	 
	 
	 

	 
	 
	By:
	

	 

	 
	 
	 
	Name: 

	 
	 
	 
	Title: 

  

[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:    

	
					
	 
	 
	CONNECTICUT GENERAL LIFE INSURANCE COMPANY

	 
	 
	 

	 
	 
	 
	By: CIGNA Investments, Inc. (authorized agent)

	 
	 
	 
	 
	 

	 
	 
	By:
	

	 

	 
	 
	 
	Name: 

	 
	 
	 
	Title: 

	 
	 
	 
	 
	 

	 
	 
	LIFE INSURANCE COMPANY OF NORTH AMERICA

	 
	 
	

	 
	 
	 
	By: CIGNA Investments, Inc. (authorized agent)

	 
	 
	 
	 
	 

	 
	 
	By:
	

	 

	 
	 
	 
	Name: 

	 
	 
	 
	Title: 

[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:  

	
					
	 
	 
	ENSIGN PEAK ADVISORS, INC.

	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Matthew D. Dall
	 

	 
	 
	 
	Name: Matthew D. Dall

	 
	 
	 
	Title: Senior Portfolio Manager

[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:  

	
					
	 
	 
	AMERITAS LIFE INSURANCE CORP.

	 
	 
	ACACIA LIFE INSURANCE COMPANY

	 
	 
	THE UNION CENTRAL LIFE INSURANCE COMPANY

	 
	 
	 

	 
	 
	By: Summit Investment Advisors Inc., as Agent

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Andrew S. White
	 

	 
	 
	 
	Name: Andrew S. White

	 
	 
	 
	Title: Managing Director - Private Placements

[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:  

	
					
	 
	 
	FARM BUREAU LIFE INSURANCE COMPANY

	 
	 
	 

	 
	 
	By:
	/s/ Herman L. Riva
	 

	 
	 
	 
	Name: Herman L. Riva

	 
	 
	 
	Title: Securities Vice President

	 
	 
	 
	 
	 

	 
	 
	EQUITRUST LIFE INSURANCE COMPANY

	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 

	 
	 
	 
	Name:

	 
	 
	 
	Title:

[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:  

	
					
	 
	 
	S.A.C. CAPITAL ASSOCIATES, LLC

	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	

	 

	 
	 
	 
	Name:

	 
	 
	 
	Title: 

[SIGNATURE PAGE FOR LETTER WAIVER]

Agreed as of the date first above written:  
	
					
	 
	 
	CIG & CO.

	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	

	 

	 
	 
	 
	Name:

	 
	 
	 
	Title: 

[SIGNATURE PAGE FOR LETTER WAIVER]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00211-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00211-of-00352.parquet"}]]