Document:

TPGI EX-10.74 (9.30.12)

Exhibit 10.74
TENTH AMENDMENT TO
SECOND AMENDED AND RESTATED OPERATING AGREEMENT
OF
TPG/CALSTRS, LLC

THIS TENTH AMENDMENT TO SECOND AMENDED AND RESTATED OPERATING AGREEMENT OF TPG/CALSTRS, LLC (this "Amendment"), is entered              into as of August 15, 20 12 (the "Effective Date"), by and between CALIFORNIA STATE TEACHERS' RETIREMENT SYSTEM, a public entity ("Investor"), and THOMAS PROPERTIES GROUP, L.P., a Maryland limited partnership ("Operator"). 
RECITALS 
A.    Investor and Operator, as the sole members of TPG/CalSTRS, LLC, a Delaware limited liability company (the "Company"), entered into that certain Second Amended and Restated Operating Agreement of TPG/CalSTRS, LLC, dated as of October 13, 2004 (the "Original Agreement"), as amended by that certain First Amendment to Second Amended and Restated Operating Agreement of TPG/CalSTRS, LLC, dated as of June 8, 2006, that certain Second Amendment to Second Amended and Restated Operating Agreement of TPG/CalSTRS, LLC, dated as of May 25, 2007, that certain Third Amendment to Second Amended and Restated Operating Agreement of TPG/CalSTRS, LLC, dated as of February 1, 2008, that certain Fourth Amendment to Second Amended and Restated Operating Agreement dated as of November 5, 2008, that certain Fifth Amendment to Second Amended and Restated Operating Agreement dated as of October 30, 2009, that certain Amended and Restated Sixth Amendment to Second Amended and Restated Operating Agreement dated as of February 19, 2010, that certain Seventh Amendment to Second Amended and Restated Operating Agreement dated as of May 6, 2010, that certain Eighth Amendment to Second Amended and Restated Operating Agreement dated as of July 6, 2010, and that certain Ninth Amendment to Second Amended and Restated Operating Agreement dated as of October 19, 2010 (collectively with the Original Agreement, the "Agreement"). All capitalized terms not otherwise defined herein shall have the meanings set forth in the Agreement. 
B.     Investor and Operator wish to further amend the Agreement as set forth herein.

AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Investor and Operator agree as follows:

1.     Special Consultants. Anything contained in the Agreement notwithstanding, Investor may, at its election, engage or cause the Company to engage the services of one or more Special Consultants to assist and to advise the Company and/or Investor in connection with the Company's business and affairs and/or Investor's rights and duties with respect to the Company. The provisions of this Amendment shall

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supersede all provisions in the Agreement relating to any Investor Consultants and/or Operations Auditors, if applicable. Whether engaged by Investor or directly by the Company, the ongoing fees and expenses of the Special Consultants shall be Company expenses and shall be paid directly by the Company or reimbursed to Investor by the Company if paid by Investor.

2.     Additional Operator Representations and Warranties. The following representations and warranties are made by Operator as of the Effective Date and are added as new Sections 12.01(a)(xi), (xii) and (xiii) of the Agreement: 

"(xi)     Communication with Investor's Board. Neither Operator, nor any Operator Executive, nor other of Operator's Constituents (excluding any Persons solely to the extent that such Persons are shareholders of TPGI, but not otherwise (the "Excluded Persons")) has communicated with any member of Investor's governing Board concerning any matters related to the transactions contemplated by this Agreement, or such Board's evaluation thereof; notwithstanding the foregoing, Operator and/or any Operator Executive may meet with and communicate with members of Investor's governing Board with regard to the Company or the assets owned by the Company, but only in response to inquiries about the Company or its portfolio by such Board members, or otherwise at the request of Investor's staff, and provided that such communications comply with California Education Code section 22364 and the policies of the Teachers' Retirement Board.

(xii)    Gifts and Campaign Contributions. Neither Operator, nor any Operator Executive, nor any other of Operator's Constituents (excluding the Excluded Persons) has made any gifts or campaign contributions to any member of Investor's governing Board or candidates for the Board, or to the Governor, Controller, Treasurer or Superintendent of Public Instruction of California, or any person seeking any of those offices, during the twelve (12) month period preceding the initial offering to Investor of the investment represented by this Agreement or subsequently.

(xiii)    No Placements or Solicitations. No third party, which may include placement, solicitation, referral, promotion, introduction or matchmaker agents, has been used to assist Operator in connection with Investor's investment in the Company."

3.    Communications, Contributions and Gifts Policy. Section 14.22 of the Agreement and all exhibits referenced in such Section are hereby deleted and replaced in their entirety by the following:

"14.22  Communications, Contributions and Gifts Policy.

(a)    Investor requires any party who engages in business with Investor for gain to periodically provide certain disclosures relating to communications, contributions and gifts. Operator has reviewed and is familiar with Section 600 of the CalSTRS Policy Manual (as the same may be revised from time to time, and including all applicable rules and regulations pursuant thereto, provided that Operator has received notice from Investor of any such revisions, rules and regulations, individually and collectively,

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"Section 600 "). The CalSTRS Key Persom1el covered by Section 600 are listed on the
CalSTRS website (http://CalSTRS.com; search "Key Personnel"), as it may be updated from time to time. The information to be provided by Operator to Investor pursuant to Section 600 shall be provided by all Key Individuals, and by any other Constituent of Operator reasonably designated in writing by Investor to Operator (excluding all Excluded Persons), and any Constituent of Operator (excluding all Excluded Persons) who now or hereafter submits, or is requested by Investor or otherwise required by Section 600 to submit, Form 600-H (Disclosure of Contributions and Gifts) or Form 600- J (Disclosure of Placement Agent Relationships) to Investor (such persons are individually and collectively the "Reporting Persons ").

(b)     Unless notified by Investor that Section 600 is no longer applicable, Operator agrees to provide the information required of Operator and the Reporting Persons by Section 600. Investor shall provide prompt notice to Operator of any revision to Section 600, and shall cooperate in good faith with Operator to explore reasonable means of avoiding a violation of Section 600 prior to its occurrence.

(c)    Without limiting the obligation of Operator to make inquiry of the Reporting Persons, in the event Operator or any Reporting Person inadvertently failed to disclose any information that was required to be disclosed pursuant to Section 600, then Operator shall have thirty (30) days from the date Operator or such Reporting Person first became aware of such failure to remedy such breach of Section 600.

(d)    The reasonable cost of attendance at meetings of the Management Committee, annual or other periodic meetings of the Members or site visits to Projects or potential Projects borne by CalSTRS Key Personnel or by the Company, including but not limited to the reasonable cost of any travel, accommodations, materials, meals, or refreshments, shall not be deemed to violate Section 600 or require any notice by Operator pursuant to Section 600.

(e)    Operator has reviewed and agrees that Operator and the Reporting Persons shall comply with Investor's Investment Relationship and Campaign Contributions regulations, codified at California Code of Regulations, Title 5, Division 3, Chapter 1, Article 14, Section 24010 et seq., available at http://www.oal.ca.gov/CCR.htm (as the same may be revised from time to time pursuant to the California Administrative Procedure Act, the "Regulations ").

(f)    (i) In the event that ( 1) Operator or any Reporting Person fails to timely provide the information required by Section 600, or (2) there is a violation of Section 600 by Operator or any Reporting Person, in either case subject to Operator's cure right pursuant to subsection (c) above; or (ii) in the event that there is a violation of the Regulations by Operator or any Reporting Person that falls outside the safe harbor of Section 24012(d) of the Regulations; then in any such case (A) Investor may elect to terminate the Investment Period with respect to any and all new Projects that have not then received Initial Certification, and (B) Investor may, at its option, disqualify Operator, the Reporting Persons and their respective Affiliates from entering into any future transactions with Investor or its Affiliates for a period of up to two (2) years."

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4.    Added Definitions. The following defined terms are hereby added to Exhibit A of the Agreement:
"CalSTRS Key Personnel" means those persons listed at                            http://www .calstrs. com/ About% 20CalSTRS/Teachers% 20Retirement% 20 Board/ calstrs_key personnel.pdf. 
"CalSTRS Policy Manual" means the California State Teachers' Retirement Board Policy Manual available on CalSTRS' website              (http://CalSTRS.com, search "Policy Manual"; or go to                               http://www.calstrs.com/About%20CalSTRS/Teachers%20Retirement%20 Board/BoardPolicyManual.pdf).
"Excluded Persons" is defined in Section 12.0 1(a) (xi).
"Operator Executive(s) " means all or any one of James A. Thomas, John R. Sischo, Paul S. Rutter, Diana Laing, Randall L. Scott and Thomas Ricci.
"Regulations" is defined in Section 14.22( e).
"Section 600" is defined in Section 14.22(a).
"Special Consultants" means, individually and collectively, such fiduciaries, auditors, valuation or debt consultants, or other advisors, consultants or professionals, including, without limitation, any Investor Consultants and/or Operations Auditors, if applicable, as may be designated by Investor, from time to time, to serve as such.
5.     Deleted Definitions. The definition of "Policy" is hereby deleted in its entirety from Exhibit A of the Agreement.
6.     Appraisals. Section 1.04 of Exhibit E to the Agreement is hereby deleted and replaced in its entirety by the following:
"1.04   Appraisals.
          (a)     Effective as of January 1, 2012, the Manager shall cause all of the Projects to be (i) valued by the Manager internally (subject to approval by Investor) at the expense of the Manager (except for any fees of the Special Consultants which shall be Company expenses), for each calendar quarter for which an appraisal by a Qualified Appraiser is not being conducted pursuant to the provisions below, and (ii) appraised on an annual basis by a Qualified Appraiser at the expense of the Company. Effective as of January 1, 2012, the Projects shall be appraised and valued in the manners specified in this Agreement on a rolling basis, such that each Project shall be appraised by a Qualified Appraiser within the first year following its acquisition by the Company and not less frequently than once every year thereafter, unless less frequent appraisals by a Qualified Appraiser for particular Projects are approved by Investor. Each annual appraisal by a

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Qualified Appraiser shall be finalized no later than two (2) weeks prior to the end of the calendar quarter in which such appraisal is being conducted, and shall reflect a valuation as of the last business day of such calendar quarter. Completed drafts of Manager's internal valuations shall be submitted to Investor and Investor's valuation consultant on or before the first day of the last month of each applicable calendar quarter, and shall reflect a valuation as of the last business day of such calendar quarter.

          (b)    Investor may require an appraisal of any or all Projects more often than the frequency set forth above if necessary or appropriate to satisfy the policies and procedures of Investor. All appraisals and valuations shall be conducted in compliance with Investor's then-applicable standards and requirements for real estate appraisals, including without limitation the requirements of Investor's valuation consultant (currently RERC), and shall include any reports or supporting documentation such valuation consultant may require. Investor's current standards for real estate appraisals and valuations are the Real Estate Information Standards (REIS) and the Global Investment Performance Standards (GIPS), and accordingly all Projects must be valued in accordance with such standards including without limitation the definition of 'Fair Value' as described by GIPS. For so long as Investor's standards and requirements for real estate appraisals require compliance with REIS and GIPS, Manager shall periodically review REIS and GIPS and any updates thereto to verify that appraisals and valuations are being conducted in accordance with the process and frequency required thereunder."

7.    Reporting Requirements. Exhibit E to the Agreement is hereby amended to include the following:

"The Manager shall prepare and deliver to the Members such reports, covering such periods, within such time, and in such form and content as Investor may require from time to time, including, but not limited to, the reports required by Section 1.01 of this Exhibit E. The Manager shall deliver all reports in electronic or paper form as required by Investor, which may include submission by computer files utilizing software acceptable to Investor and compatible with the software utilized by Investor. A summary of the reports and the frequency, timing for delivery, recipient and delivery instructions for each of such reports currently required by Investor is set forth in the chart attached as Schedule 1 to this Exhibit E."

8.    Reports and Appraisals Exhibit. The exhibit attached hereto as Schedule 1 shall be incorporated into the Agreement as Schedule 1 to Exhibit E as if the same was originally attached thereto.

9.    Insurance Requirements. The provisions of Exhibit L of the Agreement are hereby deleted, and the provisions of Schedule 2 hereto are attached in lieu thereof.

10.     Credit Facilities. Investor is evaluating its policies regarding the use of third party credit facilities and the possibility of providing subscription facilities to the Company. 

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11.     No Other Revisions. Except as expressly provided in this Amendment, all of the terms and provisions of the Agreement remain unmodified and in full force and effect.

12.    Representations. Each individual executing this Amendment on behalf of an entity hereby represents and warrants to the other party or parties to this Amendment that (a) such individual has been duly and validly authorized to execute and deliver this Amendment on behalf of such entity, and (b) this Amendment is and will be duly authorized, executed and delivered by such entity and are and will be legal, valid and binding obligations of such entity.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK, SIGNATURES
COMMENCE ON FOLLOWING PAGE]

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IN WITNESS WHEREOF, Investor and Operator have executed this Amendment as of the day and year first above written.

 
	
			
	"Investor"
	CALIFORNIA STATE TEACHERS' 

	 
	RETIREMENT SYSTEM, a public entity

	 
	By:
	/s/Michelle Cunningham

	 
	

	Michelle Cunningham, CFA

	 
	

	Deputy Chief Investment Officer

	 
	 
	(Acting)

	 
	 
	(Print Name and Title)

	 
	 
	 

	"Operator"
	THOMAS PROPERTIES GROUP, LP., a Maryland limited partnership

	 
	

	 
	By:
	THOMAS PROPERTIES GROUP, INC., a Delaware corporation, its General Partner

	 
	 
	 

	 
	By:
	/s/ James A. Thomas

	 
	

	James A. Thomas, CEO

	 
	 
	 

	[END OF SIGNATURES]

 

SCHEDULE 1

SHCEDULE 1 TO EXHIBIT E

CARSTRS JOINT VENTURE REPORTING REQUIREMENTS

	
				
	Report
	Calendar Days after (before) period end
	Recipient
	Delivery

	Flash Report-Monthly
	5
	CalSTRS Real Estate Staff
	RECalstrs@calstrs.com;

GTavarez@ calstrs.com

	Financial Statements - Quarterly - Financial
	20
	CalSTRS Real Estate Staff
	RECalstrs@calstrs.com;

GTavarez@ calstrs.com

	Quarterly Report - Complete 

(Financial and Narrative)

	30
	CalSTRS Real Estate Staff
	RECalstrs@calstrs.com;

GTavarez@ calstrs.com

Hard copy delivered to CalSTRS Attn: Gina  Tavarez 

Appendixes delivered in Excel format only to: RECalstrs @ calstrs.com 

	PrivateEdge QDIF -  Quarterly
	25
	PrivateEdge

CalSTRS Real Estate Staff
	PrivatcEdge-calstrs-    re@ statestreet. com

RECalstrs@ calstrs.com

	NCREIF information - Quarterly
	20
	NCREIF
	 

	Cash Flow/ Debt Summary - Quarterly
	2nd Friday following quarter end
	CalSTRS Real Estate Staff
	dclark@calstrs.com

	RERC Data Input - Quarterly 
	(30)
	RERC
	 

	JV and Debt Data - Quarterly
	30
	CalSTRS Real Estate Staff
	myager@calstrs.com

Schedule 1 - Page 1

SCHEDULE 2
EXHIBIT L
INSURANCE REQUIREMENTS
1.01     Company Policies . The Manager shall purchase and maintain the following policies of insurance on behalf of, and at the expense of, the Company: 
(a)     Commercial General Liability. Coverage shall be written on an    occurrence form including all premises, operations, products and completed operations coverage, personal and advertising injury coverage, fire damage legal liability coverage, broad form contractual coverage (written and oral), broad form property damage liability coverage (including completed operations), host liquor liability coverage and hired auto and non-owned auto liability coverage. Claims made coverage is not acceptable. The minimum limits are as follows:
(i)     General liability limits of One Million Dollars ($1,000,000) each occurrence/Two Million Dollars ($2,000,000) annual aggregate per location (if available at commercially reasonable rates), including products and completed operations coverage and personal and advertising injury coverage.
(ii)     Hired auto and non-owned auto liability of One Million Dollars ($1,000,000) per occurrence with no annual aggregate. 
(iii)     Fire damage liability coverage of One Hundred Thousand Dollars ($100,000) for any one fire.
(b)    Umbrella Liability Coverage: Umbrella or excess liability coverage at least as broad as the commercial general liability policy. Claims made coverage is not   acceptable. The minimum limit shall be One Hundred Fifty Million Dollars ($150,000,000) each occurrence and annual aggregate per location (if available at commercially reasonable rates).
(c)    Property Insurance. Comprehensive "all risk" insurance on the buildings and time element (i) in an amount equal to one hundred percent ( 100%) of the full replacement cost plus twelve (12) months of rental income, (ii) containing an agreed amount endorsement or co-insurance waiver or, in the alternative, a no co-insurance policy with respect to the improvements and personal property, (iii) providing for no deductible in excess of Fifty Thousand Dollars ($50,000) for all such insurance coverage, (iv) including contingent liability coverage from Operation of Building Laws, Demolition Costs and Increased Cost of Construction Endorsements, which shall apply to both building and time element (business interruption / rental income) coverages, (v) including Rental Income coverage with at least 365 days Extended Period of Indemnity, and (vi) including Boiler and Machinery perils (which may be written on a separate insurance policy) with a limit not less than 20% of the total insurable value (replacement cost of the building and contents plus twelve months of business  interruption/rental income) of the building in the portfolio with the highest insurable value 

Schedule 2 - Page 1

(notwithstanding the above, with regards to City National Plaza, the maximum limit is One Hundred Fifty Million Dollars ($150,000,000) per accident).
(d)    Earthquake Hazards. Earthquake insurance in a form reasonably satisfactory to Investor in the amount of two times the Probable Maximum Loss ("PML"), as determined by a seismic assessment conducted by an acceptable seismic engineering firm, multiplied by the estimated replacement cost of the building plus twelve months of business interruption / rental income (notwithstanding the above, with regards to City National Plaza, it is agreed that the current limit of Two Hundred Million Dollars ($200,000,000) is acceptable as of the date of the Tenth Amendment to Second Amended and Restated Operating Agreement of TPG/CalSTRS, LLC, and that this limit will be reviewed by the management committee every second year). The PML means the aggregate damage or loss expected as the result of a 500 year earthquake at the subject location evaluated as a percentage of the building reconstruction cost. The PML shall be estimated at a 90% confidence level. Notwithstanding the above requirement, limits will not be required in excess of 25% of the replacement cost of the building plus twelve months of business interruption / rental income. Coverage shall include contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction Endorsements, and shall apply to both building and time element (business interruption / rental income) coverages.
(e)    Flood Hazards. A limit of at least One Hundred Million Dollars ($100,000,000) per occurrence and annual aggregate for all locations, provided such coverage is commercially available and at a reasonable cost for comparable properties in the same geographic area as the Property. For properties in Flood Zones A or V, Flood insurance shall be purchased in an amount equal to the maximum amount of insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended.
(f)    Tier One Wind. A limit equal to the PML for Tier 1 Wind exposed properties generally, Gulf Coast, Florida, Coastal areas of SE U.S., and Hawaii. The deductible shall not exceed 5% of values in wind areas.
(g)    Terrorism Insurance (as respects Property Insurance).
(i)    coverage for "Certified Acts of Terrorism" as defined by TRIA (Terrorism Risk and Insurance Act) or successive legislation with a limit not less than Two Hundred and Fifty Million Dollars ($250,000,000) per occurrence and annual aggregate
(ii)     coverage for non-certified acts of terrorism with a limit not less than One Hundred and Fifty Million Dollars ($150,000,000) per occurrence and annual aggregate.
(h)    Environmental Liability. Clean-up and Third-party bodily injury and property damage liability, including "mold", with limits of Ten Million Dollars ($10,000,000) per occurrence and Twenty Million Dollars ($20,000,000) policy aggregate. 
(i)     General Requirements. The following requirements apply to the policies required by this Section:

Schedule 2 - Page 2

(i)    The Company and each title-holding entity shall be a "named insured" and each Member shall be an "additional insured."
(ii)    Policies are to be underwritten by insurance companies with "Best's Key Rating Guide" rating of A- or better and financial size of VII or greater.
(j)    Maintenance and Evidence of Insurance. Immediately upon execution of this Agreement, at all times during the term of the Company, and following the termination of the Company, the Manager shall maintain and provide the Members with current certificates of insurance evidencing current policies of insurance to be in place for all insurance required to be carried under this Section. The Manager shall endeavor to provide certificates of insurance to the Members upon renewal, cancellation, termination or material change in coverage. The     Manager shall immediately notify the Members in writing if it receives a notice of cancellation under any policy of insurance called for in this Section. The Manager shall provide certified copies to the Members on request of all insurance policies called for hereunder. 
1.02    Manager Policies. The Manager shall, at its own expense, carry the following policies. Upon request, the Manager shall provide to the Management Committee a current certificate of insurance evidencing that such insurance is in effect. 
(a)    Workers Compensation Coverage as required by Law on all of its employees. Such coverage shall be maintained as required by applicable statutes and shall include employer's liability coverage of at least One Million Dollars ($1,000,000).
(b)    Employment Practices Liability, with limits of Ten Million Dollars ($10,000,000) per claim and annual aggregate and a deductible of not more than One Hundred Thousand Dollars ($100,000). The policy shall be extended to include Third Party Liability.
(c)    Real Estate Professional Liability (Errors and Omissions), with limits of Ten Million Dollars ($10,000,000) per claim and annual aggregate and a deductible of not more than One Hundred Thousand Dollars ($100,000).
(d)    Comprehensive Crime: Coverage with a per claim limit of Two Million Dollars ($2,000,000) aggregate and a deductible of no more than One Hundred Fifty Thousand Dollars ($150,000).
1.03    Contractors' Policies. The Manager shall require each Project's general contractor to obtain and maintain at all times during performance of ground up development and/or ground up construction work for the Company an occurrence form commercial general liability policy on a primary and non-contributing basis with a minimum of Thirty Million Dollars ($30,000,000) per occurrence, on which the Company is named as an additional insured for both ongoing and completed operations. The Manager shall also require that each Project's subcontractors obtain and maintain at all times during performance of work for the Company an occurrence form commercial general liability policy on a primary and non-contributing basis with a minimum of Two Million Dollars ($2,000,000) per occurrence, on which the Company is named as an additional insured for both ongoing and completed operations. In addition, the Manager shall require that each Project's general contractor and all subcontractors carry workers compensation coverage as required by Law.

Schedule 2 - Page 3

1.04    Project Services Agreements Policies . The Manager shall, at its own expense, or at the expense of the applicable entity providing the services under the following Project Services Agreements, carry or cause to be carried the following policies (the limits and requirements are applicable to each Project, on a Project by Project basis):
(a)    Construction Services Agreement:
(i)    Professional Liability (Errors and Omissions) with limits of One Million Dollars ($ 1 ,000,000) per occurrence and annual aggregate from each construction manager, architect, engineer and other design professionals for each Project.
(ii)    For any ground-up construction project with construction costs in excess of Fifty Million Dollars an Owner's Protective Professional Liability (OPPL) policy with limits of Five Million Dollars ($5,000,000).
The following requirements apply to the policies required by this Section 1.04 (a): (1) the applicable Title Holding Subsidiary shall be a "named insured" on any policy provided under (a)(ii) on a form acceptable to the applicable Title Holding Subsidiary; (2) a maximum deductible of not more than Fifty Thousand Dollars ($50,000) unless approved by the management committee; and (3) policies are to be underwritten by insurance companies with "Best's Key Rating Guide" rating of A- or better and financial size of VII or greater. At all times during the term of this Agreement, and following the termination of this Agreement, Manager shall maintain and provide the applicable Title Holding Subsidiary with certificates of insurance evidencing current policies of insurance to be in place for all insurance required to be carried under this Section 1.04(a). The Property Manager shall request from the insurance carrier an endorsement as evidence of notice of cancellation and provide to the certificate holder. The Manager shall immediately notify the Investor in writing if it receives a notice of cancellation under any policy of insurance called for in this Section. Certified copies of all insurance policies called for hereunder shall be provided by Manager to Investor upon request.
(b)    Property Management Agreement. The following shall apply to each property Manager under the Property Management Agreement unless Thomas Properties Group is not the Property Manager in which case the limits shall be Two Million Dollars ($2,000,000) each for Property Management Errors & Omissions and Employment Practices Liability:
               (i)           The insurance coverages listed in Section 1.02(a), (b) and (c) of this Exhibit.
              (ii)            General Liability Insurance and Automobile liability Insurance, each with limits of Two Million Dollars ($2,000,000) each occurrence / Two Million Dollars ($2,000,000) annual aggregate. The applicable Title Holding Subsidiary shall be an "additional insured" pursuant to an ISO form acceptable to the applicable Title Holding Subsidiary; the following language or its equivalent shall appear in the policy: "It is hereby understood and agreed that this policy is primary and noncontributing with any other valid and collectible insurance."

Schedule 2 - Page 4

                 The following requirements apply to the policies required by this Section 1.04(b): Policies are to be underwritten by insurance companies with "Best's Key Rating Guide" rating of A- or better and financial size of VII or greater. At all times during the term of this Agreement, and following the termination of this Agreement, Manager shall maintain and endeavor to provide the applicable Title Holding Subsidiary with certificates of insurance evidencing current policies of insurance to be in place for all insurance required to be carried under this Section 1.04(b ). The Property Manager shall request from the insurance carrier an endorsement as evidence of notice of cancellation and provide to the certificate holder. The Manager shall immediately notify the Investor in writing if it receives a notice of cancellation under any policy of insurance called for in this Section. Certified copies of all insurance policies called for hereunder shall be provided by Manager to Investor upon request.
(c)    Leasing Agreement and/or Exclusive Sale Agreement. The following shall apply to each leasing agent under the Leasing Agreement: 
(i)    Professional Liability (Errors and Omissions) with limits of Five Million Dollars ($5,000,000) per occurrence and annual aggregate. 
(ii) General Liability Insurance and Automobile liability Insurance, each with limits of Two Million Dollars ($2,000,000) each occurrence / Two Million Dollars ($2,000,000) annual aggregate. The applicable Title Holding Subsidiary shall be an "additional insured" pursuant to an ISO form acceptable to the applicable Title Holding Subsidiary; the following language or its equivalent shall appear in the policy: "It is hereby understood and agreed that this policy is primary and noncontributing with any other valid and collectible insurance."
The following requirements apply to the policies required by this Section 1.04(c): Policies are to be underwritten by insurance companies with "Best's Key   Rating Guide" rating of A- or better and financial size of VII or greater. At all times during the term of this Agreement, and following the termination of this Agreement, Manager shall maintain and endeavor to provide the applicable Title Holding Subsidiary with certificates of insurance evidencing current policies of insurance to be in place for all insurance required to be carried under this Section 1.04(c). The Property Manager shall request from the insurance  carrier an endorsement as evidence of notice of cancellation and provide to the certificate holder. The Manager shall immediately notify the Investor in writing if it receives a notice of cancellation under any policy of insurance called for in this Section. Certified copies of all insurance policies called for hereunder shall be provided by Manager to Investor upon request.

    

Schedule 2 - Page 5exhibit4-1.htm

 

Exhibit 4.1

 

EXECUTION VERSION

 

AMENDMENT NO. 2 TO CREDIT AGREEMENT

This Amendment No. 2 to Credit Agreement, dated as of September 21, 2012 (this “Amendment”), is entered into by and among Ply Gem Industries, Inc. (the “Specified U.S. Borrower”), Ply Gem Canada, Inc. (the “Canadian Borrower”), Ply Gem Holdings, Inc. (“Holdings”), the other Guarantors listed on the signature pages hereto, the Lenders signatory hereto, UBS AG, Stamford Branch, as U.S. Administrative Agent (in such capacity, the “U.S. Administrative Agent”), UBS AG Canada Branch, as Canadian Administrative Agent (in such capacity, the “Canadian Administrative Agent” and together with the U.S. Administrative Agent, the “Administrative Agents”).

 

RECITALS

 

A. The Specified U.S. Borrower, the Canadian Borrower, Holdings, the U.S. Administrative Agent, the Canadian Administrative Agent, UBS AG, Stamford Branch, as U.S. Collateral Agent and a U.S. L/C Issuer, Wells Fargo Capital Finance, LLC, as Co-Collateral Agent, UBS Loan Finance LLC, as U.S. Swing Line Lender, Wells Fargo Bank, National Association, as a U.S. L/C Issuer, UBS AG Canada Branch, as Canadian Collateral Agent, Canadian Swing Line Lender and a Canadian L/C Issuer, Credit Suisse AG, Cayman Islands Branch, as a U.S. L/C Issuer, Credit Suisse AG, Toronto Branch, as a Canadian L/C Issuer, and the Lenders are parties to that certain Credit Agreement, dated as of January 26, 2011 (as amended hereby, and as it may have been and be from time to time hereafter amended, restated or otherwise modified from time to time, the “Credit Agreement”).

 

B. The Borrowers have requested that the Administrative Agents and Lenders agree to certain amendments to the Credit Agreement, all as and to the extent set forth in this Amendment and subject to the terms and conditions set forth in this Amendment.

 

C. The Administrative Agents and Lenders are willing to so amend the Credit Agreement as and to the extent, and subject to the terms and conditions, set forth in this Amendment.

 

D. This Amendment shall constitute a Loan Document and these Recitals shall be construed as part of this Amendment.

 

NOW THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, and of the Loans and other extensions of credit heretofore, now or hereafter made to, or for the benefit of, the Borrowers by the Lenders, the Borrowers, the other Loan Parties, the Administrative Agents and the Lenders hereby agree as follows:

 

1. Definitions.  Except to the extent otherwise specified herein, capitalized terms used in this Amendment shall have the same meanings ascribed to them in the Credit Agreement (as amended hereby).

 

2. Amendments. Subject to the terms and conditions hereof, the Credit Agreement is hereby amended as follows:

 

2.1. Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by inserting the following new defined term in the appropriate alphabetical order:

 

“Permitted Senior Unsecured Refinancing Indebtedness” means any refinancing of the 2014 Senior Subordinated Notes that complies with each of the conditions set forth in the definition of “Permitted Refinancing” other than clause (c) thereof.

2.2. Section 6.16 (Designation as Senior Debt) of the Credit Agreement is hereby amended by amending and restating it in its entirety as follows:

 

Designate all Obligations as “Designated Senior Debt” or the equivalent designation under, and as defined in, all Junior Financing Documentation (other than under documentation governing Permitted Senior Unsecured Refinancing Indebtedness).

2.3. Section 7.03 (Indebtedness) of the Credit Agreement is hereby amended by amending and restating subsection (a) thereof in its entirety as follows:

 

(a) in the case of the Specified U.S. Borrower and the U.S. Subsidiary Guarantors, (i) (x) the 2014 Senior Subordinated Notes and (y) any Permitted Senior Unsecured Refinancing Indebtedness and (ii) any Permitted Refinancings thereof (including any Indebtedness resulting from capitalization or accrual of interest, payment of interest in kind, or accretion of discount), so long as immediately before and immediately after giving effect to such Permitted Refinancing,

 

  

  

  

 

(A) Excess Availability shall be more than 25% of the lesser of the Total Borrowing Base and the Aggregate Commitments; and

 

(B) subject to the proviso below, the amount of interest payable in cash (and not in kind or otherwise capitalized or accrued) with respect to the 2014 Senior Subordinated Notes or Permitted Senior Unsecured Refinancing Indebtedness, as applicable, and such Permitted Refinancing Indebtedness in any twelve-month period shall not exceed, in the aggregate, taking into account all interest payable in cash with respect to the 2014 Senior Subordinated Notes or Permitted Senior Unsecured Refinancing Indebtedness (but excluding any defaulted interest pursuant to the 2014 Senior Subordinated Notes Indenture or documentation governing the Permitted Senior Unsecured Refinancing Indebtedness), as applicable, and any Permitted Refinancing Indebtedness (but excluding any defaulted interest at a rate not in excess of 2.0% per annum) permitted under this clause (ii), $32,400,000; provided that, if at any time (x) the Specified U.S. Borrower shall be in compliance with clause (A) above, calculated on an average basis for the thirty (30) days ended on the date of such payment and on a pro forma basis after giving effect to the making of such payment, (y) the Consolidated Fixed Charge Coverage Ratio as of the end of the most recently completed Measurement Period of Holdings for which financial statements have been delivered pursuant to Section 6.01, calculated on a pro forma basis after giving effect to the making of such payment,  shall be equal to or greater than 1.0:1.0, and (z) no Default shall have occurred and be continuing or would result therefrom, this clause (B) shall not limit the payment of interest in cash with respect to any Permitted Refinancing Indebtedness to the extent that such interest would otherwise be payable in kind or otherwise capitalized or accrued and added to the principal balance thereof;

 

2.4           Section 7.07 (Change in Nature of Business) of the Credit Agreement is hereby amended by amending and restating subsection (a) thereof in its entirety as follows:

(a) In respect of Holdings, engage in any business activities or have any assets or liabilities other than its ownership of the Equity Interests of the Specified U.S. Borrower and liabilities incidental thereto, including its liabilities as a Guarantor pursuant to the U.S. Guaranty, the Senior Secured Notes Documents and the 2014 Senior Subordinated Notes Indenture, any Permitted Senior Unsecured Refinancing Indebtedness and any other Permitted Indebtedness.

 

2.5           Section 7.14 (Prepayments, Etc. of Indebtedness) of the Credit Agreement is hereby amended by amending and restating it in its entirety as follows:

(b) (i) Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner any of the Senior Secured Notes, the 2014 Senior Subordinated Notes, Permitted Senior Unsecured Refinancing Indebtedness, Permitted Seller Notes and any Permitted Subordinated Indebtedness (collectively, “Junior Financing”) or make any payment in violation of any subordination terms of any Junior Financing Documentation, except so long as no Default shall have occurred and is continuing or would result therefrom (i) the prepayment, redemption, purchase or defeasance of any such Junior Financing with the net cash proceeds of, or the exchange of such Junior Financing into, any Permitted Senior Unsecured Refinancing Indebtedness, Permitted Refinancing, Permitted Subordinated Indebtedness, or Permitted Equity Issuance to the extent that such proceeds were received within 180 days prior to the date of such prepayment, redemption, purchase or defeasance and held in a segregated account pending application pursuant to this Section 7.14, (ii) the conversion of any Junior Financing to Equity Interests (other than Disqualified Equity Interests) and (iii) the prepayment, redemption, purchase or defeasance of any such Junior Financing, so long as immediately before and immediately after giving effect thereto (A) no Default shall have occurred and be continuing or would result therefrom, (B) Excess Availability shall be at least 25% of the lesser of the Total Borrowing Base and the Aggregate Commitments and (C) the Specified U.S. Borrower would be in pro forma compliance with the covenant set forth in Section 7.11 (whether or not such covenant is otherwise applicable at such time), provided that in each case such payment is also permitted under the Senior Secured Notes Indenture or (b) amend, modify or change in any manner materially adverse to the interests of the Administrative Agent or the Lenders any term or condition of any Junior Financing Documentation.

 

3. Representations and Warranties of the Loan Parties.  Each Loan Party hereby represents and warrants to the Administrative Agents and the Lenders, as of the date hereof, that:

 

3.1. The execution, delivery and performance by each Loan Party of this Amendment are within such Loan Party’s corporate or other powers, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents, (b) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by Section 7.01 of the Credit Agreement), or require any payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law; except with respect to any conflict, breach or contravention or payment (but not creation of Liens) referred to in clause (b)(i), to the extent that such conflict, breach, contravention or payment could not reasonably be expected to have a Material Adverse Effect.

 

  

2

  

 

3.2. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Amendment, except for the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect.

 

3.3. This Amendment has been duly executed and delivered by each Loan Party.  This Amendment constitutes, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws affecting creditors’ rights generally and by general principles of equity.

 

3.4. No Default or Event of Default has occurred and is continuing under the Credit Agreement or any other Loan Document or will occur and be continuing as a result of the execution, delivery and performance of this Amendment or the consummation of any of the other actions contemplated hereby.

 

4. Conditions Precedent to Effectiveness.  The effectiveness of the amendments and other agreements set forth in this Amendment are subject in each instance to the satisfaction of each of the following conditions precedent, each in a manner reasonably satisfactory to the Administrative Agents:

 

4.1. Amendment.  This Amendment shall have been duly executed and delivered by each Loan Party, the Administrative Agents and Required Lenders.

 

4.2. Other.  The U.S. Administrative Agent shall have received such other documents, agreements or certificates which the U.S. Administrative Agent may reasonably request relating to this Amendment.

 

5. Reference to and Effect Upon the Credit Agreement and other Loan Documents.

 

5.1. Full Force and Effect.  Each Loan Party hereby consents to this Amendment and hereby confirms and agrees that (a) each Loan Document to which it is a party is, and shall continue to be, in full force and effect and each is hereby ratified and confirmed in all respects, and (b) the Liens granted by such Loan Party on all Collateral of such Loan Party continue to secure the payment of all of the U.S. Obligations and/or Canadian Obligations (as applicable).

 

5.2. No Waiver.  The execution, delivery and effect of this Amendment shall be limited precisely as written and shall not, except as specifically provided herein be deemed to (a) be a consent to any waiver of any term or condition, or to any amendment or modification of any term or condition of the Credit Agreement or any other Loan Document or (b) prejudice any right, power or remedy which any Agent or any Lender now has or may have in the future under or in connection with the Credit Agreement or any other Loan Document.

 

5.3. Certain Terms.  Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or any other word or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby, and each reference in any other Loan Document to the Credit Agreement or any word or words of similar import shall be and mean a reference to the Credit Agreement as amended hereby.

 

6. Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed an original but all such counterparts shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by telecopier or “pdf” shall be as effective as delivery of a manually executed counterpart signature page to this Amendment.

 

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

 

8. Successors.  The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

9. GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

10. Costs and Expenses.  As provided in Section 10.04 of the Credit Agreement, the Borrowers shall pay the reasonable out-of-pocket expenses incurred by the Administrative Agents in connection with the preparation, execution and delivery of this Amendment.

 

  

3

  

 

11. Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

 

 

[Signature Pages Follow]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

4

  

IN WITNESS WHEREOF, this Amendment has been duly executed as of the date first written above.

	  	
PLY GEM INDUSTRIES, INC.

	  	  
	  	
by

	  	
/s/ Shawn K. Poe                      

	  	
Name:  Shawn K. Poe

	  	
Title:    Vice President

	  	  
	  	  
	  	
PLY GEM CANADA, INC.

	  	  
	  	
by

	  	
/s/ Shawn K. Poe                    

	  	
Name:  Shawn K. Poe

	  	
Title:    Vice President

	  	  
	  	  
	  	
PLY GEM HOLDINGS, INC.

	  	  
	  	
by

	  	
/s/ Shawn K. Poe                   

	  	
Name:  Shawn K. Poe

	  	
Title:    Vice President

	  	  
	  	  
	  	
EACH OF THE SUBSIDIARIES LISTED

	  	
ON SCHEDULE I HERETO

	  	  
	  	
by

	  	
/s/ Shawn K. Poe                  

	  	
Name:  Shawn K. Poe

	  	
Title:    Vice President

	  	  
	  	  
	  	
NEW ALENCO EXTRUSION, LTD.

	  	  
	  	
By:  Alenco Extrusion Management, L.L.C.,

	  	
Its General Partner,

	  	  
	  	
by

	  	
/s/ Shawn K. Poe                  

	  	
Name:  Shawn K. Poe

	  	
Title:    Vice President

	  	  

 

 

 

 

 

 

 

 

 

 

 

 

 

[AMENDMENT NO. 2 TO PLY GEM CREDIT AGREEMENT]

 

  

  

  

 

 

	  	  
	  	
NEW ALENCO WINDOW, LTD.

	  	  
	  	
By:  Alenco Building Products Management,

	  	
L.L.C., its General Partner,

	  	  
	  	
by

	  	
/s/ Shawn K. Poe                     

	  	
Name:  Shawn K. Poe

	  	
Title:    Vice President

	  	  
	  	  
	  	
NEW GLAZING INDUSTRIES, LTD.

	  	  
	  	
By:  Glazing Industries Management, L.L.C.,

	  	
Its General Partner,

	  	  
	  	
by

	  	
/s/ Shawn K. Poe                       

	  	
Name:  Shawn K. Poe

	  	
Title:    Vice President

	  	  
	  	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[AMENDMENT NO. 2 TO PLY GEM CREDIT AGREEMENT]

 

  

  

  

	  	
UBS AG, STAMFORD BRANCH, as U.S.

	  	
Administrative Agent

	  	  
	  	
By:     /s/ Irja R. Otsa                         

	  	
Name:  Irja R. Otsa

	  	
Title:    Associate Director, Banking Products Services, US

	  	  
	  	  
	  	
By:     /s/ David Urban                        

	  	
Name:  David Urban

	  	
Title:    Associate Director, Banking Products Services, US

	  	  
	  	  
	  	
UBS LOAN FINANCE LLC, as a U.S. Lender

	  	  
	  	
By:     /s/ Irja R. Otsa                        

	  	
Name:  Irja R. Otsa

	  	
Title:    Associate Director, Banking Products Services, US

	  	  
	  	  
	  	
By:     /s/ David Urban                      

	  	
Name:  David Urban

	  	
Title:    Associate Director, Banking Products Services, US

	  	  
	  	  
	  	
UBS AG CANADA BRANCH, as Canadian

	  	
Administrative Agent and a Canadian Lender

	  	  
	  	
By:     /s/ Irja R. Otsa                        

	  	
Name:  Irja R. Otsa

	  	
Title:    Attorney-in-Fact

	  	  
	  	  
	  	
By:     /s/ David Urban                       

	  	
Name:  David Urban

	  	
Title:    Attorney-in-Fact

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[AMENDMENT NO. 2 TO PLY GEM CREDIT AGREEMENT]

  

  

  

	  	
WELLS FARGO BANK, NATIONAL ASSOCIATION,

	  	
as a U.S. Lender

	  	  
	  	
by

	  	
/s/ Dennis J. Rebman              

	  	
Name:  Dennis J. Rebman

	  	
Title:    Vice President

	  	  
	  	  
	  	
WELLS FARGO CAPITAL FINANCE CORPORATION CANADA,

	  	
as a Canadian Lender

	  	  
	  	
by

	  	
/s/ Raymond Eghobamien       

	  	
Name:  Raymond Eghobamien

	  	
Title:    Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[AMENDMENT NO. 2 TO PLY GEM CREDIT AGREEMENT]

  

  

  

	  	
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

	  	
as a U.S. Lender

	  	  
	  	
by

	  	
/s/ Ari Bruger                           

	  	
Name:  Ari Bruger

	  	
Title:    Vice President

	  	  
	 	by 
	 	          /s/ Patrick L. Freytag                 
	 	          Name:  Patrick L. Freytag
	 	          Title:    Associate
	  	  
	 	 
	  	
CREDIT SUISSE AG, TORONTO BRANCH,

	  	
as a Canadian Lender

	  	  
	  	
by

	  	
/s/ Alain Daoust                          

	  	
Name:  Alain Daoust

	  	
Title:    Director

	 	 
	 	by 
	 	           /s/ Chris Gage                               
	 	           Name:  Chris Gage
	 	           Title:    Vice President, Product Control

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[AMENDMENT NO. 2 TO PLY GEM CREDIT AGREEMENT]

  

  

  

	  	
JPMORGAN CHASE BANK, N.A.,

	  	
as a U.S. Lender and a Canadian Lender

	  	  
	  	
by

	  	
/s/ Peter S. Fredun                 

	  	
Name:  Peter S. Fredun

	  	
Title:    Executive Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[AMENDMENT NO. 2 TO PLY GEM CREDIT AGREEMENT]

  

  

  

	  	
ROYAL BANK OF CANADA,

	  	
as a U.S. Lender and a Canadian Lender

	  	  
	  	
by

	  	
/s/ Stuart Cemiltar               

	  	
Name:  Stuart Cemiltar

	  	
Title:    Attorney-in-Fact

	 	 
	 	by 
	 	            /s/ Guilldume Lessard        
	 	            Name:  Guilldume Lessard
	 	            Title:    Attorney-in-Fact

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[AMENDMENT NO. 2 TO PLY GEM CREDIT AGREEMENT]

  

  

  

	  	
GOLDMAN SACHS BANK USA,

	  	
as a U.S. Lender

	  	  
	  	
by

	  	
/s/ Ashwin Ramakrishna         

	  	
Name:  Ashwin Ramakrishna

	  	
Title:    Authorized Signatory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[AMENDMENT NO. 2 TO PLY GEM CREDIT AGREEMENT]

  

  

  

Schedule I

 

	  	
Alenco Building Products Management, L.L.C.

	  
	  	
Alenco Extrusion GA, L.L.C.

	  
	  	
Alenco Extrusion Management, L.L.C.

	  
	  	
Alenco Holding Corporation

	  
	  	
Alenco Interests, L.L.C.

	  
	  	
Alenco Trans, Inc.

	  
	  	
Alenco Window GA, L.L.C.

	  
	  	
Aluminum Scrap Recycle, L.L.C.

	  
	  	
AWC Arizona, Inc.

	  
	  	
AWC Holding Company

	  
	  	
Glazing Industries Management, L.L.C.

	  
	  	
Great Lakes Window, Inc.

	  
	  	
Kroy Building Products, Inc.

	  
	  	
Mastic Home Exteriors, Inc.

	  
	  	
MW Manufacturers Inc.

	  
	  	
MWM Holdings, Inc.

	  
	  	
Napco, Inc.

	  
	  	
Ply Gem Pacific Windows Corporation

	  
	  	
Variform, Inc.

	  
	  	
Foundation Labs by Ply Gem, LLC

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