Document:

EX-10.1

 Exhibit 10.1 

I’m writing to confirm the agreement we have reached on behalf of (a) Vantage Deepwater Company (“VDEEP”) and Vantage Deepwater Drilling,
Inc. (“VDDI”) (collectively, “Vantage”) on the one hand, and (b) Petrobras America Inc. (“PAI”), Petrobras Venezuela Investments & Services, BV (“PVIS”), and Petróleo Brasileiro
S.A.—Petrobras (“Petrobras Brazil”) (collectively, “Petrobras”) on the other hand (collectively, the “Parties,” and each individually a “Party”).

This agreement is with respect to (1) the award issued on June 29, 2018, in the arbitration between the Parties administered by the International
Centre for Dispute Resolution as Case No. 01-15-0004-8503 (the “Award”); (2) the final judgment (the “US Judgment”) entered on May 22,
2019, in the United States District Court in the Southern District of Texas in Civil Action No. 4:18-CV-2246 (the “US Enforcement Action”); (3) certain liens
obtained by Vantage against Petrobras in Louisiana pertaining to invoices issued for the payment of work with respect to the Chinook campaign (the “Louisiana Liens”); (4) certain pre-judgment
attachments levied by Vantage on August 27, 2018, over certain Petrobras assets in the Netherlands (the “Dutch Attachments”) with respect to a proceeding that Vantage initiated in the Amsterdam District Court in the Netherlands;
(5) the action for recognition and enforcement of the Award in the Netherlands initiated by Vantage on November 15, 2018, in The Hague Court of Appeal (the “Dutch Enforcement Action”); (6) US$562 million deposited by PAI on
May 1, 2019, in a bank account subject to the US Court’s jurisdiction pursuant to a stipulation between Vantage and Petrobras in the US Enforcement Action (the “US Deposit”); and (7) the notice of appeal filed by Petrobras
on June 19, 2019 in the US Enforcement Action (the “US Appeal”).
 Specifically, the Parties hereby agree as follows: 

 

	 	1.	 Payment. On or before June 21, 2019, at 4:00 P.M. Eastern Time, by wire transfer in accordance with
the instructions below, at Paragraph 8, PVIS shall pay to VDEEP the sum of US$690,810,875.21, and PAI shall pay to VDDI the sum of US$10,128,564.79 (collectively, the “Payments”). 

 

	 	2.	 Satisfaction of the Award and US Judgment. The Parties acknowledge and agree that the actual deposit in
the VDEEP account designated below of the entire US$690,810,875.21 paid by PVIS and the actual deposit in the VDDI account designated below of the entire US$10,128,564.79 paid by PAI (together, the “Receipt of Payments”) is intended by
Petrobras and shall be accepted and acknowledged by Vantage to be in full satisfaction and payment of (i) the Award and (ii) the US Judgment. 

  

	 	3.	 US Deposit, Dutch Attachments, and Louisiana Liens. Upon VDEEP’s and VDDI’s Receipt of
Payments, the Parties will take the steps necessary to eliminate the restrictions imposed on the US Deposit, to lift the Dutch Attachments, and to cancel the Louisiana Liens, including by (a) the Parties promptly filing the Agreed Stipulation
and Order Regarding Account Maintained By Petrobras America Inc. and Vantage executing the Satisfaction of Arbitral Award and Final Judgment in substantially the forms attached hereto, and (b) Vantage promptly submitting a letter to bailiff in
the Netherlands in substantially the form attached hereto. 

  

	 	4.	 Stay of Dutch Enforcement Action. Upon VDEEP’s and VDDI’s Receipt of Payments, the Parties
agree to a stay of the Dutch Enforcement Action until such time as there is a final, non-appealable judgment in the US Enforcement Action or until such time as Petrobras contends that a claim for reimbursement
of all or any part of the Payments has accrued, whichever is earlier, and the Parties will cooperate in good faith to petition the Dutch Court to enter such a stay in accordance with this agreement, including by promptly submitting a letter to The
Hague Court of Appeals in substantially the form attached hereto. 

  
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	 	5.	 Waiver of claims in connection with the Dutch Attachments. In connection with the lifting of the Dutch
Attachments, PAI, PVIS, and Petrobras Brazil, on behalf of themselves and on behalf of their subsidiaries and affiliates, forever release, relinquish, waive, and forever discharge any and all claims which they asserted or could have asserted arising
out of the Dutch Attachments, against VDEEP, VDDI, Vantage Drilling International, and any other subsidiary or affiliate of Vantage Drilling International, as well as their respective owners, officers, predecessors, present or former affiliates,
successors, and assigns. Likewise, VDEEP, VDDI, Vantage Drilling International, on behalf of themselves and on behalf of their subsidiaries and affiliates, forever release, relinquish, waive, and forever discharge any and all claims which they
asserted or could have asserted against PAI, PVIS, and Petrobras Brazil arising out of the Dutch Attachments. For the avoidance of doubt, the foregoing does not waive or release any rights or obligations that arise independently of the Dutch
Attachments. 

  

	 	6.	 No Release or Waiver of Rights. Except as provided in Section 5 hereof, neither Vantage nor
Petrobras are generally releasing the other with respect to any rights or liabilities that may currently exist as between or among any of them. Moreover, other than as expressly provided in this Agreement, none of the Parties waives or modifies
any rights it may have with respect to the Award or the US Judgment, including any right Petrobras has to pursue the US Appeal from the US Judgment and Vantage’s right to oppose such appeal, except on the ground that the entry into and
performance of this agreement renders such appeal moot. The Parties acknowledge and agree that in the event a final decision by the Fifth Circuit gives rise to a claim for recovery by Petrobras of all or any portion of the Payments, no
prejudgment interest on such a claim will commence running until after such decision. The Parties further acknowledge and agree that nothing contained herein shall limit or condition VDEEP’s and VDDI’s use of their respective shares
of the Payments, and Petrobras shall not have any right to challenge such use. Without limiting the foregoing, Petrobras acknowledges that VDEEP and VDDI may use their respective shares of the Payments for general corporate purposes, including
satisfaction of debt. For the avoidance of doubt, nothing is stated herein as to Brazilian improbity action, which means it proceeds unchanged. This email and its attachments constitute the entire agreement and understanding among the Parties
regarding these matters, and all prior negotiations, proposals, and understandings among the Parties as to these matters are expressly merged into and superseded by this agreement and its attachments. The Parties expressly disclaim any reliance
on any representation, statement, or omission made by any person including, but not limited to, any other Party or any agent, attorney, or representative of any other Party relating in any way to this agreement. 

 

	 	7.	 Dispute Resolution. Any dispute involving this agreement, shall be submitted to the exclusive
jurisdiction of the court that heard the US Enforcement Action, and the Parties agree that any order, process, notice of motion, or other application to or by such court on the Parties by hand delivery, email (with delivery confirmation), or
certified mail (return receipt requested). 

  

	 	8.	 Wire Instruction. The Payments set out in Paragraphs 1 and 2 shall be directed as follows:

 Wiring instructions for VDEEP: 

[        ] 

Wiring instructions for VDDI: 

[        ] 

  
 -2-Exhibit 10.1

 

Execution Version

 

FIRST INCREMENTAL AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

This FIRST INCREMENTAL AMENDMENT TO REVOLVING CREDIT AGREEMENT (this “Amendment”) is entered into as of June 20, 2019, by and among VENATOR MATERIALS PLC, a public limited company incorporated in England and Wales with company number 10747130 (“Holdings”), each Borrower as of the date hereof, the other Loan Parties as of the date hereof, the Lenders and Issuing Banks party hereto, JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”), as a Swingline Lender (in such capacity, the “Swingline Lender”), and as an Issuing Bank, JPMORGAN CHASE BANK, N.A. as collateral agent (in such capacity, the “Collateral Agent”), each Incremental Lender party hereto and each other Lender party hereto collectively constituting the Required Lenders.  Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Revolving Credit Agreement (as defined below).

 

RECITALS

 

WHEREAS, Holdings, the Borrowers, the Administrative Agent, the Collateral Agent and each Lender and Issuing Bank from time to time party thereto have entered into that certain Revolving Credit Agreement, dated as of August 8, 2017 (as amended, restated, amended and restated, supplemented and/or otherwise modified prior to the date hereof, the “Revolving Credit Agreement”);

 

WHEREAS, in accordance with the provisions of Section 2.21(1) of the Revolving Credit Agreement, the Borrowers have notified the Administrative Agent of their request for an Incremental Revolving Facility Increase in an aggregate principal amount of $50,000,000;

 

WHEREAS, in accordance with the provisions of Section 2.21 and Section 10.08(4) of the Revolving Credit Agreement and the terms and conditions set forth herein, the Borrowers, the undersigned Incremental Lenders and the Administrative Agent wish to enter into an Incremental Facility Amendment as provided in this Amendment to effect the abovementioned Incremental Revolving Facility Increase; and

 

WHEREAS, subject to the terms and conditions of this Amendment, the parties hereto also wish to amend certain other provisions of the Revolving Credit Agreement as herein provided;

 

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

 

 

SECTION 1                            Terms of the Incremental Revolving Facility Increase.

 

(a)                                 Pursuant to Section 2.21(6)(a) of the Revolving Credit Agreement and subject to the satisfaction (or waiver) of the conditions set forth in Section 9 hereof, each of the Incremental Lenders party hereto severally (and not jointly) agrees to provide to the Borrowers an Incremental Commitment equal to the amount set forth opposite its name on Annex I attached hereto, which Incremental Commitments shall be in an aggregate principal amount equal to $50,000,000 (consisting of a $5,000,000 increase in French Revolving Facility Commitments and a $45,000,000 increase in European Revolving Facility Commitments) (collectively, the “Incremental Commitments”) and shall be added to and constitute a part of the Revolving Facility Commitments existing under the Revolving Credit Agreement immediately prior to giving effect to this Amendment.

 

(b)                                 All Borrowings and Letters of Credit outstanding immediately prior to giving effect to this Amendment on the First Incremental Amendment Effective Date shall remain outstanding immediately thereafter; provided, however, that if after giving effect to this Amendment on such date any Revolving Lender’s Revolving Facility Percentage, French Revolving Facility Percentage and/or European Revolving Facility Percentage, as applicable, has changed, then the applicable Borrower shall incur such new Revolving Loans and/or repay such then outstanding Revolving Loans so that, after giving effect thereto, each Revolving Lender shall have (i) outstanding Revolving Loans in an amount equal to such Revolving Lender’s Revolving Facility Percentage of all outstanding Revolving Loans, (ii) outstanding French Revolving Loans in an amount equal to such Revolving Lenders’ French Revolving Facility Percentage of all outstanding French Revolving Loans and (iii) outstanding European Revolving Loans in an amount equal to such Revolving Lender’s European Revolving Facility Percentage of all outstanding European Revolving Loans, as applicable on the First Incremental Amendment Effective Date after giving effect to the actions required by this Section 1(b).  It is understood that all new Revolving Loans made on the First Incremental Effective Date in accordance with the immediately preceding proviso shall be proportionately added to each then outstanding Borrowing, so that each Revolving Lender will have outstanding Revolving Loans, French Revolving Loans and European Revolving Loans, as applicable, comprising each Borrowing in an amount equal to its Revolving Facility Percentage, French Revolving Facility Percentage and/or European Revolving Facility Percentage thereof, as applicable.  For the avoidance of doubt, each incurrence of Revolving Loans made pursuant to this paragraph shall be subject to the same Interest Periods applicable to the outstanding Revolving Loans the same Adjusted LIBOR Rate applicable to the outstanding Revolving Loans for such Interest Periods.  All actions required pursuant to this Section 1(b) shall be taken to the reasonable satisfaction of the Administrative Agent.

 

SECTION 2                            Amendments to Revolving Credit Agreement.  The Revolving Credit Agreement is hereby further amended as follows:

 

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

 

““Dividing Person” has the meaning assigned to it in the definition of “Division”.”

 

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““Division” means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive.”

 

““Division Successor” means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division.  A Dividing Person which retains any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division.”

 

““First Incremental Amendment” shall mean that certain First Incremental Amendment to this Agreement, dated as of June 20, 2019.”

 

““First Incremental Amendment Effective Date” shall have the meaning assigned to such term in the First Incremental Amendment.”

 

(b)                                 The definition of “Commitment” appearing in Section 1.01 of the Revolving Credit Agreement is hereby amended by deleting the last sentence thereof and inserting the following new sentence in lieu thereof:

 

“On the First Incremental Amendment Effective Date, the aggregate amount of Commitments is $350.0 million.”

 

(c)                                  The definition of “Covenant Trigger Event” appearing in Section 1.01 of the Revolving Credit Agreement is hereby amended by replacing both occurrences of “$22.5 million” set forth therein with “26 million”.

 

(d)                                 Paragraph (1) of the definition of “Eligible Accounts” appearing in Section 1.01 of the Revolving Credit Agreement is hereby amended and restated as follows:

 

“(1)  such Account (i) has a scheduled due date that is more than 90 days after the date of the original invoice (provided that this clause (i) shall not prevent Accounts of Account Debtors addressed pursuant to clause (ii)(x) of this clause (1) to constitute Eligible Accounts) or (ii) has been outstanding for more than (x) 180 days after the original invoice date or more than 60 days after the original due date relating to such invoice in an amount not to exceed $10 million (after giving effect to any advance rate) or (y) with respect to all other Accounts, 90 days after the original invoice date or more than 60 days after the original due date relating to such invoice, provided that in determining the aggregate amount from the same Account Debtor that is unpaid hereunder such amount shall be the gross amount due in respect of the applicable Accounts without giving effect to any net credit balances;”

 

(e)                                  Paragraph (10) of the definition of “Eligible Inventory” appearing in Section 1.01 of the Revolving Credit Agreement is hereby amended by inserting the following at the end thereof:

 

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“provided, that, notwithstanding the foregoing, up to $5 million in the aggregate (after giving effect to any advance rate) of Inventory that is the subject of a consignment by a Loan Party shall qualify as Eligible Inventory, so long as the applicable Loan Party shall use commercially reasonable efforts to deliver a Collateral Access Agreement to the Collateral Agent or similar letter acknowledging the applicable Loan Party’s ownership of such Inventory as to such applicable location.”

 

(f)                                   The definition of “European Revolving Facility Commitment” appearing in Section 1.01 of the Revolving Credit Agreement is hereby amended by deleting the last sentence thereof and inserting the following new sentence in lieu thereof:

 

“The aggregate amount of the Lenders’ European Revolving Facility Commitment on the First Incremental Amendment Effective Date is $205 million.”

 

(g)                                  The definition of “French Revolving Facility Commitment” appearing in Section 1.01 of the Revolving Credit Agreement is hereby amended by deleting the last sentence thereof and inserting the following new sentence in lieu thereof:

 

“The aggregate amount of the Lenders’ French Revolving Facility Commitment on the First Incremental Amendment Effective Date is $25 million.”

 

(h)                                 The definition of “Liquidity Condition” appearing in Section 1.01 of the Revolving Credit Agreement is hereby amended by replacing both occurrences of “$30 million” set forth therein with “35 million”.

 

(i)                                     The definition of “Payment Conditions” appearing in Section 1.01 of the Revolving Credit Agreement is hereby amended by replacing (i) “$37.5 million” set forth therein with “$43.5 million” and (ii) “$52.5 million” set forth therein with “$61.0 million”.

 

(j)                                    The definition of “Revolving Facility Commitment” appearing in Section 1.01 of the Revolving Credit Agreement is hereby amended by deleting the last sentence thereof and inserting the following new sentence in lieu thereof:

 

“The aggregate principal amount of the Lenders’ Revolving Facility Commitments on the First Incremental Amendment Effective Date is $350.0 million.”

 

(k)                                 Sections 5.07(2) and (3) of the Revolving Credit Agreement are hereby amended by replacing each occurrence of “$37.5 million” set forth therein with “$43.5 million”.

 

(l)                                     Section 6.01(18) of the Revolving Credit Agreement is hereby amended by replacing “the $30 million” set forth therein with “$70 million”.

 

(m)                             The parenthetical in the first paragraph of Section 6.04 of the Revolving Credit Agreement is hereby amended and replaced in its entirety as follows:

 

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“(including pursuant to any merger, consolidation or amalgamation with, or as a Division Successor pursuant to the Division of, a Person that is not a Wholly Owned Subsidiary immediately prior to such merger, consolidation, amalgamation or Division)”.

 

(n)                                 Section 6.04(25) of the Revolving Credit Agreement is hereby amended by replacing “$30 million” set forth therein with “$70 million”.

 

(o)                                 All references to “merger, consolidation or amalgamation” and “merger, amalgamation or consolidation” in Section 6.05, Section 6.06 and Section 6.07 of the Revolving Credit Agreement are amended and replaced in their entirety as follows:

 

“merger, consolidation, amalgamation or Division”.

 

(p)                                 Section 6.05(8) of the Revolving Credit Agreement is hereby amended by replacing “$30 million” set forth therein with “$70 million”.

 

(q)                                 The reference to “merger, consolidation, amalgamation or other business combination” in Section 6.06(8) is hereby amended and replaced in its entirety as follows:

 

“merger, consolidation, amalgamation, Division or other business combination”.

 

SECTION 3                            Reaffirmation of Guarantee and Security.

 

(a)                                 Each Loan Party, by its signature below, hereby (i) agrees that after giving effect to this Amendment, the Security Documents shall continue to be in full force and effect, (ii) affirms and confirms all of its obligations and liabilities under (A) the Revolving Credit Agreement, (B) the Guaranty, (C) the Security Documents and (D) each other Loan Document, in each case after giving effect to this Amendment, including its guarantee of the Secured Obligations and the pledge of and/or grant of a security interest in its assets as Collateral pursuant to the Security Documents to secure such Obligations, all as provided in the Security Documents as originally executed, and acknowledges and agrees that such obligations, liabilities, guarantee, pledge and grant continue in full force and effect in respect of, and to secure, the Obligations under the Revolving Credit Agreement and the other Loan Documents, in each case after giving effect to this Amendment and (iii) confirms that after giving effect to this Amendment, each Lien granted by it to the Collateral Agent for the benefit of the Secured Parties under each of the Loan Documents to which it is a party shall (A) continue in full force and effect and (B) continue to secure the Obligations, in each case on and subject to the terms and conditions set forth in the Revolving Credit Agreement, the Collateral Agreement, the Guaranty Agreement and the other Loan Documents.

 

(b)                                 In addition to paragraph (a) above, the Loan Parties acknowledge and agree that each reference in the “Whereas” section of each of the French Security Documents to “an aggregate principal amount” is intended to refer to an “initial aggregate principal amount” but it is further acknowledged by all of the parties that the definition of “Secured Liabilities” in each French Security Document remains unchanged.

 

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(c)                                  For the avoidance of doubt, such reaffirmation, ratification, confirmation and acknowledgment in paragraph (a) above shall not constitute the creation of new Liens in respect of any Collateral governed by English law and shall merely constitute a confirmation that such Collateral remains in full force and effect and extends to the Obligations as amended pursuant to this Amendment.

 

SECTION 4                            Representations and Warranties.  Each Loan Party hereby represents and warrants that:

 

(a)                                 no Default or Event of Default has occurred and is continuing immediately prior to the First Incremental Amendment Effective Date, or would exist immediately after giving effect to this Amendment, including the incurrence of the Incremental Revolving Facility contemplated hereunder;

 

(b)                                 all of the representations and warranties contained in the Loan Documents are true and correct in all material respects (except for representations and warranties that are already qualified by materiality or “Material Adverse Effect”, which representations and warranties are true and correct in all respects) immediately prior to the First Incremental Amendment Effective Date and immediately after giving effect to this Amendment, including the incurrence of the Incremental Revolving Facility Increase contemplated hereunder; and

 

(c)                                  this Amendment has been duly authorized, executed and delivered by each Loan Party and each of this Amendment and the Revolving Credit Agreement, as amended hereby, constitutes a legal, valid and binding obligation, enforceable against each Loan Party in accordance with its terms.

 

SECTION 5                            Reference to and Effect upon the Revolving Credit Agreement.

 

(a)                                 From and after the First Incremental Amendment Effective Date, (i) the terms “Agreement,” “hereunder,” “hereof” or words of like import in the Revolving Credit Agreement, and all references to the Revolving Credit Agreement in any other Loan Document, shall mean the Revolving Credit Agreement as modified hereby and (ii) this Amendment shall constitute a Loan Document for all purposes of the Revolving Credit Agreement and the other Loan Documents.

 

(b)                                 The Revolving Credit Agreement and each of the other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  Without limiting the generality of the foregoing, the Security Documents and all Collateral described therein do and shall continue to secure the payment of all obligations of the Loan Parties under the Loan Documents, in each case, as amended by this Amendment.

 

(c)                                  This Amendment is limited as specified herein and shall not constitute a modification, acceptance or waiver of any other provision of the Revolving Credit Agreement or any other Loan Document.

 

SECTION 6                            Counterparts, Etc.  This Amendment may be executed in one or more counterparts, each of which, when executed and delivered, shall be deemed to be an original and

 

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all of which counterparts, taken together, shall constitute but one and the same document with the same force and effect as if the signatures of all of the parties were on a single counterpart, and it shall not be necessary in making proof of this Amendment to produce more than one such counterpart.  Delivery of an executed signature page to this Amendment by telecopy or electronic (pdf) transmission shall be deemed to constitute delivery of an originally executed signature page hereto.

 

SECTION 7                            Governing Law. THIS AMENDMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (EXCEPT FOR CONFLICTS OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION FO THE LAWS OF ANOTHER JURISDICTION).

 

SECTION 8                            Consent to Jurisdiction; WAIVER OF JURY TRIAL. SECTION 10.11 AND SECTION 10.15 OF THE REVOLVING CREDIT AGREEMENT ARE HEREBY INCORPORATED HEREIN BY REFERENCE AS IF FULLY SET FORTH HEREIN, MUTATIS MUTANDIS.

 

SECTION 9                            Effectiveness.  This Amendment shall become effective at the time (the “First Incremental Amendment Effective Date”) when each of the following conditions has been satisfied (or waived):

 

(a)                                 the Administrative Agent (or its counsel) shall have received counterparts of this Amendment that, when taken together, bear the signatures of (i) Holdings, (ii) the Borrowers, (iii) the other Loan Parties, (iv) the Administrative Agent, (v) Lenders constituting Required Lenders and (vi) the Incremental Lenders;

 

(b)                                 no Default or Event of Default has occurred and is continuing immediately prior to the effectiveness of this Amendment, or would exist immediately after giving effect to this Amendment, including the incurrence of the Incremental Revolving Facility Increase Contemplated hereunder;

 

(c)                                  all of the representations and warranties contained in the Loan Documents are true and correct in all material respects (except for representations and warranties that are already qualified by materiality or “Material Adverse Effect”, which representations and warranties are true and correct in all respects) immediately prior to the effectiveness of this Amendment and immediately after giving effect to this Amendment, including the incurrence of the Incremental Revolving Facility Increase contemplated hereunder;

 

(d)                                 the Administrative Agent shall have received:

 

(i)                                     a certificate of a Responsible Officer of each Loan Party (other than a German Loan Party or a French Loan Party) dated the First Incremental Amendment Effective Date, certifying (A) that there have been no changes to the charter or other similar organizational document of such Loan Party since the

 

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Closing Date or that attached thereto is a true and complete copy of the charter or other similar organizational document of such Loan Party, including all amendments thereto, certified, if applicable, as of a recent date by the Secretary of State of the state of its organization, (B) that there have been no changes to the by-laws or operating agreement (or limited liability company) agreement of such Loan Party since the Closing Date or that attached thereto is a true and complete copy of the by-laws or operating agreement (or limited liability company) agreement of such Loan Party as in effect on the First Amendment Effective Date, (C) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or equivalent governing body) of such Loan Party authorizing the execution, delivery and performance of the Amendment (duly notarized, in relation to any Loan Party incorporated in Spain in case such resolutions contain any empowerment to sign the Amendment, the Spanish Amendment and Ratification Documents or any related documentation) (or, in the case of Holdings, a true copy of an extract of resolutions duly adopted by the board of directors of Holdings approving a delegation of authority to certain officers of Holdings and a copy of such delegation of authority, in each case, in the form provided to the Administrative Agent prior to the date hereof) and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (D) as to the incumbency (if applicable) and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Loan Party (together with a certificate of another officer as to the incumbency and specimen signature of the Responsible Officer executing the certificate required by this clause (i)) or confirming that there have been no changes to such incumbency and specimen signatures since the Closing Date and (E) with respect to Venator Finance S.à r.l., a private limited liability company (société à responsabilité limitée) organized under the laws of Luxembourg, having its registered office at 180, route de Longwy, L-1940 Luxembourg and registered with the Luxembourg Register of Commerce and Companies (R.C.S. Luxembourg) under number B 215641 (the “Lux Parent”) only, attaching an electronic copy of an excerpt (extrait) and a negative certificate (certificat de non-inscription d’une décision judiciaire) issued by the Luxembourg Register of Commerce and Companies one Business Day prior to the First Incremental Amendment Effective Date;;

 

(e)                                  a copy of the constitutional documents for each Loan Party incorporated under the laws of the Federal Republic of Germany (each, a “German Loan Party”), which shall consist of:

 

(i)                                     an online excerpt from the commercial register (Handelsregister) at the relevant local court (Amtsgericht) (not older than 14 calendar days);

 

(ii)                                  a copy of the articles of association (Gesellschaftsvertrag) of most recent date, as filed with the competent commercial register;

 

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(iii)                               (to the extent applicable) an up-to-date copy of the list of shareholders (Gesellschafterliste) as filed with the competent commercial register; and

 

(iv)                              (to the extent applicable) copies of the procedural orders (Geschäftsordnung) of any supervisory board (Aufsichtsrat), advisory board (Beirat) and/or management board (Geschäftsführung).

 

(f)                                   where required or appropriate under local law, in each case in relation to the relevant German Loan Party, a copy of a resolution of the board of directors or equivalent body, of all holders of the issued shares, of the supervisory board and/or of the advisory board (in each case to the extent applicable):

 

(i)                                     approving the terms of, and the transactions contemplated by, the Amendment and related documents to which it is a party and resolving that it or, as applicable, Holdings as its agent, execute the Amendment and related documents to which it is a party;

 

(ii)                                  authorising a specified person or persons or (in the case of a German Loan Party) to instruct the managing director(s) to execute on its behalf the Amendment and related documents to which it is a party; and

 

(iii)                               authorising a specified person or persons or (in the case of a German Loan Party) to instruct the managing director(s), on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any utilisation request) to be signed and/or despatched by it under or in connection with the Amendment and related documents to which it is a party.

 

(g)                                  a copy of the constitutional documents for each Loan Party incorporated under the laws of the France (each, a “French Loan Party”), which shall consist of:

 

(i)                                     the up-to-date articles of association (statuts) of each French Loan Party; and

 

(ii)                                  a copy of a K-bis extract (extrait K-bis), an insolvency certificate (certificat de non-faillite) and lien searches (état des privilèges et nantissements) dated no more than 30 days prior to the date of this Amendment relating to each French Loan Party.

 

(h)                                 for each French Loan Party, a certificate of the legal representative or an authorized signatory of each French Loan Party certifying:

 

(i)                                     that attached thereto is a true and complete copy of resolutions duly adopted by the relevant body of each French Loan Party:

 

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(A)                               approving the terms of, and the transactions contemplated by, the Amendment and related documents to which it is a party and resolving that it or, as applicable, Holdings as its agent, execute the Amendment and related documents to which it is a party;

 

(B)                               authorising a specified person or persons to execute on its behalf the Amendment and related documents to which it is a party; and

 

(C)                               authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any utilisation request) to be signed and/or despatched by it under or in connection with the Amendment and related documents to which it is a party;

 

(ii)                                  if applicable, that attached thereto is a true and complete copy of the power of attorney granted by the legal representative of each French Loan Party authorizing one or several persons to execute, deliver and perform the Amendment and any related documents to which it is a party or any other document delivered in connection herewith and certifying that such power of attorney has not been modified, rescinded or amended and is in full force and effect; and

 

(iii)                               that attached thereto are specimen signatures of the persons authorized to execute the Amendment and any related documents to which the each French Loan Party is a party on behalf of each French Loan Party.

 

(i)                                     the Administrative Agent shall have delivered to the relevant French Loan Party acting as borrower, a TEG Letter which shall have been countersigned by such French Loan Party;

 

(j)                                    to the extent available in the relevant jurisdiction, a certificate as to the good standing of each Loan Party (in so-called “long-form” if available) as of a recent date, from the applicable secretary of state (or equivalent office);

 

(k)                                 a certificate, dated the First Incremental Amendment Effective Date and signed by a Responsible Officer of Holdings on behalf of the Borrowers, confirming that the representations and warranties contained in Section 4 of this Amendment are true and correct as of the First Incremental Amendment Effective Date;

 

(l)                                     a solvency certificate substantially in the form attached as Exhibit C to the Revolving Credit Agreement;

 

(m)                             the Administrative Agent shall have received at least three Business Days prior to the First Incremental Amendment Effective Date all documentation and other information about the Loan Parties as has been reasonably requested in writing at least 10 days

 

10

 

prior to the First Incremental Amendment Effective Date that they reasonably determine is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT Act and the Proceeds of Crime Act;

 

(n)           at least three Business Days prior to the First Incremental Amendment Effective Date, if any Borrower qualifies as a “legal entity customer” under 31 C.F.R. § 1010.230 (the “Beneficial Ownership Regulation”), such Borrower shall deliver, to each Lender (including any Incremental Lender as of the First Incremental Amendment Effective Date) that so requests, a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation in relation to such Borrower in a form reasonably acceptable to such Lender (including any such Incremental Lender as of the First Incremental Amendment Effective Date);

 

(o)           the Administrative Agent shall have received a customary legal opinion from Latham & Watkins LLP, New York and Delaware counsel to the Loan Parties;

 

(p)           the Administrative Agent shall have received for each Mortgaged Property a completed “life-of-loan” Federal Emergency Management Agency standard flood hazard determination and if such property is located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area, a notice about special flood hazard area status and flood disaster assistance duly executed by Holdings and evidence of flood insurance as required by the Revolving Credit Agreement; and

 

(q)           the Borrowers shall have paid to the Administrative Agent and the Incremental Lenders all fees, costs and expenses (including, without limitation, reasonable legal fees and expenses) payable to the Administrative Agent and the Incremental Lenders to the extent then invoiced and due.

 

SECTION 10       Post-Closing Covenants.  The Loan Parties shall  take each of the actions set forth on Schedule 1 within the time period prescribed therefor on such schedule (as such time period may be extended by the Administrative Agent in its reasonably discretion).

 

[Signature Pages to follow]

 

11

 

	
 
    	
VENATOR   MATERIALS PLC,
    
	
 
    	
as   Holdings
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Russ   R. Stolle
    
	
 
    	
Name:
    	
Russ R.   Stolle
    
	
 
    	
Title:
    	
Executive   Vice President, General Counsel and Chief Compliance Officer
    
	
 
    	
 
    	
 
    
	
 
    	
VENATOR   MATERIALS LLC
    
	
 
    	
VENATOR   AMERICAS LLC
    
	
 
    	
VENATOR CHEMICALS   LLC,
    
	
 
    	
as U.S.   Borrowers
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kurt   Ogden
    
	
 
    	
Name:
    	
Kurt   Ogden
    
	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
VENATOR   AMERICAS HOLDINGS LLC,
    
	
 
    	
as U.S.   Loan Party
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kurt   Ogden
    
	
 
    	
Name:
    	
Kurt   Ogden
    
	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    

 

12

 

	
 
    	
VENATOR   GROUP CANADA INC.,
    
	
 
    	
as   Canadian Borrower
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Russ   R. Stolle
    
	
 
    	
Name:
    	
Russ R.   Stolle
    
	
 
    	
Title:
    	
Executive   Vice President, General Counsel and Chief Compliance Officer
    

 

13

 

	
 
    	
VENATOR   FINANCE S.À R.L.,
    
	
 
    	
as   Luxembourg Loan Party
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Russ   R. Stolle
    
	
 
    	
Name:
    	
Russ R.   Stolle
    
	
 
    	
Title:
    	
Executive   Vice President, General Counsel and Chief Compliance Officer
    

 

14

 

	
 
    	
VENATOR   PIGMENTS UK LIMITED
    
	
 
    	
VENATOR   MATERIALS UK LIMITED,
    
	
 
    	
as U.K.   Borrowers
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Russ   R. Stolle
    
	
 
    	
Name:
    	
Russ R. Stolle
    
	
 
    	
Title:
    	
Executive   Vice President, General Counsel and Chief Compliance Officer
    
	
 
    	
 
    	
 
    
	
 
    	
VENATOR   INTERNATIONAL HOLDINGS UK LIMITED
    
	
 
    	
VENATOR   MATERIALS INTERNATIONAL UK LIMITED
    
	
 
    	
VENATOR   P&A HOLDINGS UK LIMITED
    
	
 
    	
CREAMBAY   LIMITED
    
	
 
    	
VENATOR   GROUP
    
	
 
    	
VENATOR   INVESTMENTS UK LIMITED,
    
	
 
    	
as U.K.   Loan Parties
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Russ   R. Stolle
    
	
 
    	
Name:
    	
Russ R.   Stolle
    
	
 
    	
Title:
    	
Executive   Vice President, General Counsel and Chief Compliance Officer
    

 

15

 

	
 
    	
VENATOR   GERMANY GMBH
    
	
 
    	
VENATOR   UERDINGEN GMBH
    
	
 
    	
VENATOR   WASSERCHEMIE GMBH,
    
	
 
    	
as German   Borrowers
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Russ   R. Stolle
    
	
 
    	
Name:
    	
Russ R.   Stolle
    
	
 
    	
Title:
    	
Executive   Vice President, General Counsel and Chief Compliance Officer
    

 

	
 
    	
VENATOR   PIGMENTS GMBH & CO. KG,
    
	
 
    	
as German   Borrower
    
	
 
    	
 
    
	
 
    	
By:    Venator Pigments Holding GmbH,
    
	
 
    	
 
    	
its   General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Russ   R. Stolle
    
	
 
    	
Name:
    	
Russ R.   Stolle
    
	
 
    	
Title:
    	
Executive   Vice President, General Counsel and Chief Compliance Officer
    

 

	
 
    	
VENATOR   HOLDINGS GERMANY GMBH
    
	
 
    	
SILO   PIGMENTE GMBH
    
	
 
    	
VENATOR   PIGMENTS HOLDING GMBH
    
	
 
    	
VENATOR   WASSERCHEMIE HOLDING GMBH,
    
	
 
    	
as German   Loan Parties
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Russ   R. Stolle
    
	
 
    	
Name:
    	
Russ R.   Stolle
    
	
 
    	
Title:
    	
Executive   Vice President, General Counsel and Chief Compliance Officer
    

 

16

 

	
 
    	
VENATOR   SPAIN S.L.U.,
    
	
 
    	
as   Spanish Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Russ   R. Stolle
    
	
 
    	
Name:
    	
Russ R.   Stolle
    
	
 
    	
Title:
    	
Executive   Vice President, General Counsel and Chief Compliance Officer
    

 

17

 

	
 
    	
VENATOR   FRANCE SAS,
    
	
 
    	
as French   Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Russ   R. Stolle
    
	
 
    	
Name:
    	
Russ R.   Stolle
    
	
 
    	
Title:
    	
Executive   Vice President, General Counsel and Chief Compliance Officer
    

 

	
 
    	
VENATOR   CHEMICALS FRANCE SAS
    
	
 
    	
VENATOR   INTERNATIONAL FRANCE SAS
    
	
 
    	
VENATOR   PIGMENTS FRANCE SAS,
    
	
 
    	
as French   Loan Parties
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Russ   R. Stolle
    
	
 
    	
Name:
    	
Russ R.   Stolle
    
	
 
    	
Title:
    	
Executive   Vice President, General Counsel and Chief Compliance Officer
    

 

18

 

	
 
    	
JPMORGAN   CHASE BANK, N.A., as Administrative Agent, Collateral Agent, an Issuing Bank,   a Swingline Lender, a Lender and an Incremental Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Peter   S. Predun
    
	
 
    	
Name:
    	
Peter S.   Predun
    
	
 
    	
Title:
    	
Executive   Director
    

 

19

 

	
 
    	
J.P.   MORGAN SECURITIES PLC, as a Lender and Incremental Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Matthew Sparkes
    
	
 
    	
Name:
    	
Matthew   Sparkes
    
	
 
    	
Title:
    	
Authorised   Officer
    

 

20

 

	
 
    	
BANK OF   AMERICA MERRILL LYNCH, DESIGNATED ACTIVITY COMPANY, as a Lender and   Incremental Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Paula   Langride
    
	
 
    	
Name:
    	
Paula   Langride
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

21

 

	
 
    	
BANK OF   AMERICA, N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   William DiCicco
    
	
 
    	
Name:
    	
William   DiCicco
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

22

 

	
 
    	
BANK OF   AMERICA, N.A. (acting through its Canada Branch), as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sylwia Durkiewicz
    
	
 
    	
Name:   Sylwia Durkiewicz
    
	
 
    	
Title:   Vice President
    

 

23

 

	
 
    	
BARCLAYS   BANK PLC, as a Lender and Incremental Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sydney G. Dennis
    
	
 
    	
Name:   Sydney G. Dennis
    
	
 
    	
Title:   Director
    

 

24

 

	
 
    	
CITIBANK,   N.A., as a Lender and Incremental Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Christopher Marino
    
	
 
    	
Name:   Christopher Marino
    
	
 
    	
Title:   Vice President and Director
    

 

25

 

	
 
    	
CITIBANK EUROPE   PLC, as a Lender and Incremental Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Milos   Stefanone
    
	
 
    	
Name:   Milos Stefanone
    
	
 
    	
Title:   Managing Director
    

 

26

 

	
 
    	
GOLDMAN   SACHS BANK USA, as a Lender and Incremental Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ryan   Durkin
    
	
 
    	
Name:   Ryan Durkin
    
	
 
    	
Title:   Authorized Signatory
    

 

27

 

	
 
    	
HSBC BANK   USA, NATIONAL ASSOCIATION, as a Lender and Incremental Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Lauren Steiner
    
	
 
    	
Name:   Lauren Steiner
    
	
 
    	
Title:   Vice President
    

 

28

 

	
 
    	
PNC BANK,   NATIONAL ASSOCIATION, as a Lender and Incremental Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Brett   Schweikle
    
	
 
    	
Name:   Brett Schweikle
    
	
 
    	
Title:   Senior Vice President
    

 

29

 

	
 
    	
ROYAL   BANK OF CANADA, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stuart Coulter
    
	
 
    	
Name:   Stuart Coulter
    
	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ John   Bruzzese
    
	
 
    	
Name:   John Bruzzese
    
	
 
    	
Title: Authorized   Signatory
    

 

30

 

Annex I

 

	
Incremental Lender
    	
 
    	
European Revolving Facility
   Commitments
    	
 
    	
French Revolving Facility
   Commitments
    	
 
    
	
JPMorgan Chase Bank,  N.A.(1)
    	
 
    	
$
    	
8,437,500
    	
 
    	
$
    	
2,500,000
    	
 
    
	
Citibank Europe PLC
    	
 
    	
$
    	
8,437,500
    	
 
    	
$
    	
2,500,000
    	
 
    
	
Bank of America Merrill  Lynch, Designated Activity Company(2)
    	
 
    	
$
    	
7,031,250
    	
 
    	
—
    	
 
    
	
Barclays Bank Plc
    	
 
    	
$
    	
7,031,250
    	
 
    	
—
    	
 
    
	
HSBC Bank USA, National  Association
    	
 
    	
$
    	
7,031,250
    	
 
    	
—
    	
 
    
	
Goldman Sachs Bank USA
    	
 
    	
$
    	
7,031,250
    	
 
    	
—
    	
 
    
	
Total:
    	
 
    	
$
    	
45,000,000
    	
 
    	
$
    	
5,000,000
    	
 
    

 

(1)  Commitments may be provided by J.P. Morgan Securities PLC.

 

(2)  Commitments may be provided by Bank of America, N.A. and/or Bank of America, N.A., (acting through its Canadian Branch).

 

31

 

SCHEDULE 1

 

Post-Closing Obligations

 

	
Deliverable
    	
 
    	
Time for Delivery
    
	
(i)  Execute before a Spanish Notary Public, an amendment   agreement to the existing Security Documents governed by Spanish law   (including a ratification of the irrevocable power of attorney) so that these   cover the new liabilities under the Revolving Credit Agreement as amended by   this Amendment; and

    (ii) to deliver to the Administrative Agent   an up-to-date complete literal certificate (certificación   literal completa) issued by the relevant Commercial Registry dated   no earlier than twenty (20) Business Days and (if applicable) a copy of any   documents which should be registered with the Commercial Registry and are   pending to be registered, if any, regarding Venator Spain, S.L.U.
    	
 
    	
20 Business Days (provided that the Secured   Parties have taken all relevant steps for such execution)
    
	
 
    	
 
    	
 
    
	
Deliver to the Administrative Agent:
    
    (i) an amendment to each existing Mortgage (each, a “Mortgage   Amendment”) to which a Loan Party is then party duly executed and   acknowledged by the applicable Loan Party, and in form for recording in the   recording office where the respective Mortgage was recorded, together with   such certificates or affidavits, as shall be required in connection with the   recording or filing thereof under applicable law, in each case in form and   substance reasonably satisfactory to the Administrative Agent;

    (ii) executed legal opinions in form and substance reasonably   acceptable to the Administrative Agent;

    (iii) with respect to the Mortgaged Property located in Los   Angeles County, California, a date-down title insurance endorsement to the   policy of title insurance insuring the Lien of the Mortgage encumbering such   property (x) insuring that such Mortgage, as amended by such Mortgage   Amendment is a valid and enforceable lien on such property in favor of the   Administrative Agent for the benefit of the Secured Parties free and clear of   all Liens except Permitted Liens and (y) otherwise in form and substance   reasonably 
    	
 
    	
90 days
    

 

32

 

	
satisfactory to the Administrative Agent (the “Title   Endorsements”);

    (iv) with respect to the Mortgaged Property located in Richmond   County, Georgia, a title search showing that (x) the Mortgage   encumbering such property, as amended by the respective Mortgage Amendment,   is a lien on such property, free and clear of all Liens except Permitted   Liens and (y) otherwise in form and substance reasonably satisfactory to   the Administrative Agent;

    (v) evidence reasonably acceptable to the Administrative Agent   of payment by Borrower of all premiums, search and examination charges,   escrow charges and related charges, mortgage recording taxes, fees, charges,   costs and expenses required for the recording of the Mortgage Amendments and   issuance of the Title Endorsements; and

    (vi) such affidavits, certificates, information and   instruments of indemnification (including a so-called “gap” indemnification)   as shall be reasonably required to induce the title insurer to issue the   Title Endorsements.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Deliver a copy of each of the following confirmation   and amendment agreements (including, as applicable, subsequent-ranking   pledges) in relation to the transaction security documents governed by German   law, in each case duly executed and delivered by the relevant parties   thereto:

(i)                  one   or more confirmation agreements in relation to certain German law governed   share pledge agreements relating to the shares and partnership interests (and   any rights relating thereto) in Venator Holdings Germany GmbH, Venator   Germany GmbH, Venator Pigments Holding GmbH, Venator Wasserchemie Holding   GmbH, Silo Pigmente GmbH, Venator Uerdingen GmbH, Venator Wasserchemie GmbH   and Venator Pigments GmbH & Co. KG; and
    	
 
    	
90 days
    

 

33

 

	
(ii)               a   confirmation agreement in relation to (i) certain German law governed   account pledge agreements between Venator Pigments GmbH & Co. KG,   Venator Holdings Germany GmbH, Venator Germany GmbH, Venator Pigments Holding   GmbH and Silo Pigmente GmbH as relevant pledgor and the Collateral Agent as   pledgee relating to certain bank accounts held by the pledgors from time to time,   (ii) a German law governed assignment agreement between Venator Germany   GmbH as assignor and the Collateral Agent as assignee relating to present and   future receivables of Venator Germany GmbH including, without limitation,   intercompany receivables (in particular, but not limited to, intragroup   loans), insurance receivables and receivables originating from selling goods   or providing services and (iii) a German law governed security transfer   agreement between, Venator Germany GmbH as transferor and the Collateral   Agent as transferee relating to moveable assets
    	
 
    	
 
    

 

34

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